Document:

Exhibit 10.2

 

EXECUTION VERSION

 

 

 

PURCHASE AND CONTRIBUTION AGREEMENT

 

Dated as of December 20, 2022

 

Between

 

MC INCOME
PLUS FINANCING SPV II LLC

 

as Buyer

 

and

 

MONROE
CAPITAL INCOME PLUS CORPORATION

 

as Seller

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I GENERAL	1
	 	 	 
	Section 1.1	Certain Defined Terms	1
	Section 1.2	Other Definitional Provisions	2
	 	 	 
	ARTICLE II SALE AND CONVEYANCE	3
	 	 	 
	Section 2.1	Sale	3
	Section 2.2	Assignments, Etc.	4
	 	 	 
	ARTICLE III PURCHASE PRICE AND PAYMENT; MONTHLY REPORT	4
	 	 	 
	Section 3.1	Purchase Price	4
	Section 3.2	Payment of Purchase Price	4
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	5
	 	 	 
	Section 4.1	Seller’s Representations and Warranties	5
	Section 4.2	Representations and Warranties of the Buyer	8
	 	 	 
	ARTICLE V COVENANTS	9
	 	 	 
	Section 5.1	Seller Covenants	9
	 	 	 
	ARTICLE VI REPURCHASE AND SUBSTITUTION OF LOANS	12
	 	 	 
	Section 6.1	Mandatory Repurchase of Warranty Loans	12
	Section 6.2	Optional Substitutions	12
	Section 6.3	Limitations on Substitutions and Repurchases	14
	 	 	 
	ARTICLE VII CONDITIONS PRECEDENT	14
	 	 	 
	Section 7.1	Conditions to the Buyer’s Obligations Regarding Loans	14
	 	 	 
	ARTICLE VIII INDEMNIFICATION	15
	 	 	 
	Section 8.1	Indemnification by the Seller	15
	 	 	 
	ARTICLE IX TERM AND TERMINATION	16
	 	 	 
	Section 9.1	Termination	16
	 	 	 
	ARTICLE X MISCELLANEOUS PROVISIONS	17
	 	 	 
	Section 10.1	Amendment	17
	Section 10.2	Governing Law	17
	Section 10.3	Notices	17
	Section 10.4	Severability of Provisions	18
	Section 10.5	Assignment	18
	Section 10.6	Further Assurances	19
	Section 10.7	No Waiver; Cumulative Remedies	19
	Section 10.8	Counterparts	19
	Section 10.9	Binding Effect; Third-Party Beneficiaries	19
	Section 10.10	Merger and Integration	19
	Section 10.11	Headings	20
	Section 10.12	Schedules and Exhibits	20
	Section 10.13	Recourse Against Certain Parties	20
	Section 10.14	Bankruptcy Non-Petition and Limited Recourse; Claims	21
	Section 10.15	Waiver of Setoff	21
	Section 10.16	Survival of Certain Provisions	22

 

	SCHEDULES
	 	 	 
	Schedule I	Loan List	 

 

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PURCHASE
AND CONTRIBUTION AGREEMENT

 

PURCHASE
AND CONTRIBUTION AGREEMENT, dated as of December 20, 2022 by and between MONROE CAPITAL INCOME
PLUS CORPORATION, a Maryland corporation, as seller (the “Seller”), and MC
INCOME PLUS FINANCING SPV II LLC, a Delaware limited liability company, as buyer (the “Buyer”).

 

W
I T N E S S E T H:

 

WHEREAS, the Buyer desires
to purchase from the Seller and the Seller desires to sell and/or contribute to the Buyer certain loans originated or purchased by the
Seller in its normal course of business, together with, among other things, the related rights of payment thereunder and the interest
of the Seller in the related property and other interests securing the payments to be made under such loans.

 

NOW, THEREFORE, it is hereby
agreed by and between the Buyer and the Seller as follows:

 

ARTICLE I

GENERAL

 

Section 1.1     Certain
Defined Terms.

 

Certain capitalized terms
used throughout this Agreement are defined above or in this Section 1.1. In addition, capitalized terms used but not defined
herein have the meanings given to such terms in the Credit Agreement.

 

“Agreement”:
This Purchase and Contribution Agreement, as the same shall be amended, supplemented, restated or modified from time to time.

 

“Credit Agreement”:
The Term Credit and Security Agreement, dated as of December 20, 2022, by and among the Buyer, as Borrower thereunder, Monroe Capital
Income Plus Corporation, as the Collateral Manager, the Lenders from time to time party thereto, KeyBank National Association, as Administrative
Agent, U.S. Bank National Association, as Document Custodian, and U.S. Bank Trust Company, National Association, as Collateral Agent and
as Collateral Administrator, as the same may be amended, supplemented, restated or modified from time to time.

 

“Indemnified Person”:
Defined in Section 8.1(a).

 

“Loan List”:
Defined in Section 2.1(b).

 

“Losses”:
Defined in Section 8.1(a).

 

“Purchase”:
Any transfer made hereunder pursuant to Section 2.1.

 

“Purchase Date”:
Defined in Section 2.1(a).

 

     

     

    

 

“Purchase Price”:
Defined in Section 3.1.

 

“Related Party”
Defined in Section 8.1(a).

 

“Repurchase Price”:
For any Transferred Loan repurchased by the Seller pursuant to Section 6.1, an amount equal to (x) the original Purchase
Price in respect of such Transferred Loan plus (y) all accrued and unpaid interest on such Transferred Loan minus (z) all
Collections received by the Buyer (or its assigns) in respect of such Transferred Loan.

 

“Sale Documents”:
Defined in Section 4.1(c).

 

“Substitute Loan”:
Defined in Section 6.2(a).

 

“Transferred Collateral”:
Defined in Section 2.1(a).

 

“Transferred Loans”:
The Loans and related interests and property transferred and conveyed by the Seller to the Buyer from time to time pursuant to Section 2.1(a) and
identified on the Loan List.

 

“Warranty Loan”:
Defined in Section 6.1.

 

Section 1.2     Other
Definitional Provisions.

 

The words “hereof,”
 “herein” and “hereunder” and words of similar import when used in this Agreement or any Sale Document shall refer
to this Agreement as a whole and not to any particular provision of this Agreement; and Section, Subsection, Schedule and Exhibit references
contained in this Agreement are references to Sections, Subsections, Schedules and Exhibits in or to this Agreement unless otherwise specified.

 

In the event that any term
or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Credit Agreement, the
terms and provisions contained herein shall govern with respect to this Agreement.

 

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ARTICLE II

SALE AND CONVEYANCE

 

Section 2.1     Sale.

 

(a)            On
each date a Loan is acquired (each, a “Purchase Date”), the Seller will sell, transfer, assign and set over and otherwise
convey to the Buyer and the Buyer will purchase from the Seller, without recourse, all right, title and interest of the Seller in, to
and under the following property, whether now existing or hereafter created or acquired (all of the property described in this Section 2.1(a) being
collectively referred to herein as the “Transferred Collateral”):

 

(i)            the
Loans identified on the applicable Loan List delivered by the Seller to the Buyer on or before the requested Purchase Date, together with
all monies due or to become due in payment of such Loans on and after such Purchase Date;

 

(ii)            the
Related Documents related to such Loans;

 

(iii)            all
interest, dividends, stock dividends, stock splits, distributions and other money or property of any kind distributed in respect of such
Loans on or after such Purchase Date, which the Seller is entitled to receive, including all Collections in respect of such Loans distributed
on or after such Purchase Date;

 

(iv)            all
security interests, liens, collateral, property, guaranties, supporting obligations, insurance and other agreements or arrangements of
whatever character from time to time supporting or securing payment of the assets, investments and properties described above; and

 

(v)            all
Proceeds of any and all of the foregoing.

 

(b)            The
Seller further agrees to deliver to the Buyer a computer file containing a true and complete list of all Transferred Loans as of each
Purchase Date (as supplemented or modified from time to time in accordance with the provisions hereof, the “Loan List”).
Such file or list shall be marked as Schedule I to this Agreement, shall be delivered to the Buyer as confidential and proprietary, and
is hereby incorporated into and made a part of this Agreement.

 

(c)            In
connection with the sale of the Transferred Loans, the Seller further agrees that it will, at its own expense, indicate clearly and unambiguously
in its computer files, on or prior to the related Purchase Date, that such Transferred Loans have been sold to the Buyer pursuant to this
Agreement.

 

(d)            It
is the intention of the parties hereto that the conveyance of the Transferred Loans by the Seller to the Buyer as provided in this Section 2.1
be, and be construed as, an absolute sale, without recourse, of the Transferred Loans by the Seller to the Buyer. Furthermore, it is not
intended that such conveyance be deemed a pledge of the Transferred Loans by the Seller to the Buyer to secure a debt or other obligation
of the Seller. If, however, notwithstanding the intention of the parties, the conveyance provided for in this Section 2.1
is determined, for any reason, not to be an absolute sale, then the parties intend that this Agreement shall be deemed to be a “security
agreement” within the meaning of Article 9 of the UCC and the Seller hereby grants to the Buyer a “security interest”
within the meaning of Article 9 of the UCC in all of the Seller’s right, title and interest in and to the Transferred Collateral,
now existing and hereafter created, to secure a loan in an amount equal to the aggregate Purchase Price and each of the Seller’s
other payment obligations under this Agreement; provided, however, the Buyer shall have no recourse to the Seller or any of its property
or assets other than the Transferred Collateral for the repayment of such loan, any interest or other amounts thereon or, except as expressly
provided in Section 6.1(a) and/or 8.1, any other obligation hereunder.

 

(e)            Upon
each contribution or sale of one or more Transferred Loans from the Seller to the Buyer, the Seller shall Deliver such Transferred Loan
to the Buyer, who hereby directs that such Transferred Loan be Delivered to the Collateral Agent (or the Custodian on its behalf, as applicable)
as set forth in the Credit Agreement; provided, that, notwithstanding the foregoing, the Related Documents identified on the Loan
Checklist and the Loan Checklist may be delivered within ten (10) Business Days of the contribution or acquisition.

 

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Section 2.2     Assignments,
Etc.

 

(a)            From
and after each Purchase Date, the Loans transferred and conveyed by the Seller to the Buyer on such Purchase Date identified on the Loan
List and related interests and property shall be deemed to be part of the Transferred Loans hereunder.

 

(b)            Covenants
of the Seller In Connection With Sales. On or before any Purchase Date with respect to any Transferred Loans to be acquired by the
Buyer, the Seller shall:

 

(i)            note
in its files that such Transferred Loans have been sold to the Buyer and deliver to the Buyer a list of such Transferred Loans, identified
by account number, which computer file or microfiche list shall be as of such date incorporated into and made a part of this Agreement;
and

 

(ii)            ensure
that all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions to perfect Buyer’s ownership interest in the Transferred Loans have been duly filed.

 

(c)            The
Seller and the Buyer acknowledge and agree that, solely for administrative convenience, any transfer document or assignment agreement
(or, in the case of any Underlying Note, any chain of endorsement) required to be executed and delivered in connection with the transfer
of a Loan in accordance with the terms of the Related Documents may reflect that the Seller (or any third party from whom the Seller or
the Buyer may purchase a Loan) is assigning such Loan directly to the Buyer. Nothing in any such transfer document or assignment agreement
(or, in the case of any Underlying Note, nothing in such chain of endorsement) shall be deemed to impair the sales, conveyances and transfers
of the Loans by the Seller to the Buyer in accordance with the terms of this Agreement.

 

ARTICLE III

PURCHASE PRICE AND PAYMENT; MONTHLY REPORT

 

Section 3.1     Purchase
Price.

 

The purchase price for each
Transferred Loan sold to the Buyer by the Seller under this Agreement (the “Purchase Price”) shall be the fair market
value for such Transferred Loan as determined from time to time by the Seller and the Buyer.

 

Section 3.2     Payment
of Purchase Price.

 

(a)            The
Purchase Price shall be paid by the Buyer on each related Purchase Date in cash or, at the option of the Seller, if the Buyer does not
have sufficient cash to pay the full amount of the Purchase Price, by means of a capital contribution by the Seller to the Buyer.

 

(b)            All
cash payments in respect of the Purchase Price of any Transferred Loan sold hereunder shall be made not later than 5:00 p.m. (Chicago, Illinois
time) on the date specified therefor in lawful money of the United States in same day funds by depositing such amounts in the bank account
designated in writing by the Seller to the Buyer.

 

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(c)            Notwithstanding
any provision herein to the contrary, the Seller may on any Purchase Date elect to designate all or a portion of the Transferred Loans
proposed to be transferred by it to the Buyer on such date as a capital contribution to the Buyer. In such event, the cash portion of
the Purchase Price payable with respect to such transfer shall be reduced by that portion of the Purchase Price of the Purchased Assets
that was so contributed.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.1     Seller’s
Representations and Warranties.

 

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

 

(a)            Organization
and Good Standing. The Seller is a corporation duly organized and validly existing in good standing under the laws of the jurisdiction
of its formation and has full power, authority and legal right to own its properties and conduct its business as such properties are presently
owned and as such business is presently conducted, except where the failure to be in good standing or have such power, authority or right
would not have a Material Adverse Effect.

 

(b)            Due
Qualification. The Seller is duly qualified to do business and is in good standing as a corporation under the laws of the jurisdiction
of its formation and has obtained all necessary licenses and approvals as required under the laws of all jurisdictions in which the ownership
or lease of its property and or the conduct of its business requires such qualification, standing, license or approval, except to the
extent that the failure to so qualify, maintain such standing or be so licensed or approved would not have a Material Adverse Effect.

 

(c)            Due
Authorization. The execution and delivery of and performance under this Agreement and each other document or instrument to be delivered
by the Seller hereunder (collectively, the “Sale Documents”), and the consummation of the transactions provided for
herein and therein have been duly authorized by the Seller by all necessary corporate action on the part of the Seller.

 

(d)            No
Conflict. The execution and delivery of this Agreement and each of the Sale Documents, the performance of the transactions contemplated
hereby and thereby and the fulfillment of the terms hereof and thereof, will not conflict with, result in any breach of any of the material
terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any material indenture, Loan,
agreement, mortgage, deed of trust, or other instrument to which the Seller is a party or by which it or any of its property is bound,
except where such conflict, contravention, breach, violation or default would not have a Material Adverse Effect.

 

(e)            No
Proceedings. There are no proceedings or investigations pending or, to the best knowledge of the Seller, threatened against the Seller,
before any Governmental Authority (i) asserting the invalidity of this Agreement or any of the Sale Documents, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Sale Documents, or (iii) seeking
any determination or ruling which would, if adversely determined, materially and adversely affect the performance by the Seller of its
obligations under this Agreement or any of the Sale Documents.

 

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(f)            All
Consents Required. All material approvals, authorizations, consents, orders or other actions of any Person or of any Governmental
Authority required in connection with the execution, delivery and performance by the Seller of this Agreement and the Sale Documents have
been obtained.

 

(g)            Solvency.
The transactions contemplated under this Agreement and the Sale Documents do not and will not render the Seller not Solvent.

 

(h)            Agreements
Enforceable. This Agreement and each other Sale Document constitutes a legal, valid and binding obligation of the Seller, enforceable
against the Seller in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally, (ii) general principles of equity,
regardless of whether considered in a proceeding in equity or at law or (iii) implied covenants of good faith and fair dealing.

 

(i)            Quality
of Title. Each Transferred Loan is, immediately prior to the sale hereunder to the Buyer, owned by the Seller free and clear of any
Lien (other than Permitted Liens), and upon the sale, transfer or assignment hereunder, the Buyer shall acquire title to and ownership
of each such Transferred Loan, free and clear of any lien (other than Permitted Liens).

 

(j)            Security
Interest. As described in Section 2.1(d) hereof, it is the intention of the parties hereto that the conveyance of
the Transferred Collateral by the Seller to the Buyer be, and be construed as, an absolute sale without recourse. If, however, notwithstanding
the intention of the parties, such conveyance is determined for any reason not to be an absolute sale, the Seller grants a security interest
(as defined in the UCC) to the Buyer in the Transferred Collateral, which is enforceable in accordance with the UCC upon execution and
delivery of this Agreement. Upon the filing of a UCC-1 financing statement with the Maryland Department of Assessments & Taxation,
naming the Buyer as purchaser/secured party and the Seller as seller/debtor and describing the Transferred Collateral as collateral, the
Buyer shall have a first priority perfected security interest in the Transferred Collateral (subject to Permitted Liens) which security
interest may be perfected by the filing of a financing statement under the UCC.

 

(k)            Location
of Offices. The Seller’s jurisdiction of organization, principal place of business and chief executive office and the office
where the Seller keeps all its books and records is located at the address of the Seller referred to in Section 10.3 hereof
(or at such other locations as to which the notice and other requirements specified in Section 5.1(g) shall have been
satisfied).

 

(l)            Value
Given. The cash payments and/or corresponding increase in the Seller’s equity interest in the Buyer received by the Seller in
respect of the purchase price of all Transferred Loans conveyed under this Agreement constitutes reasonably equivalent value therefor
and the transfer by the Seller thereof to the Buyer was not made for or on account of an antecedent debt owed by the Seller to the Buyer,
and such transfer was not and is not voidable or subject to avoidance under any section of the Bankruptcy Code.

 

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(m)            Intent
of the Seller. The Seller has not conveyed any interest in any Transferred Loans related thereto to the Buyer with any intent to hinder,
delay or defraud any of the Seller’s creditors.

 

(n)            Separate
Entity. The Seller is operated as an entity with assets and liabilities distinct from those of the Buyer and any Affiliates thereof,
and the Seller hereby acknowledges that the Collateral Agent and the Secured Parties under the Credit Agreement are entering into the
transactions contemplated by the Credit Agreement in reliance upon the Seller’s identity as a separate legal entity from the Buyer
and from each such Affiliate of the Buyer.

 

(o)            Eligibility
of Loans. As of the Closing Date and each subsequent Purchase Date, each Loan transferred on such date is an Eligible Loan.

 

(p)            Qualified
Purchaser. As of the date hereof and as of each date on which the Credit Agreement is in full force and effect, the Seller is and
will be a Qualified Purchaser.

 

(q)            Notice
to Agents and Obligors. The Seller has directed all Obligors (or related paying agents) to pay all Collections directly to the Collection
Account.

 

(r)            USA
PATRIOT Act. Neither the Seller nor any Affiliate of the Seller is (i) a country, territory, organization, person or entity named
on an Office of Foreign Asset Control (OFAC) list, (ii) a Person that resides or has a place of business in a country or territory
named on such lists or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money
Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank”
within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not
affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity
that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections
311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns.

 

(s)            Security
Interest. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Transferred Collateral
in favor of the Buyer, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against
creditors of and purchasers from the Seller.

 

(t)            Investment
Company Act. The Seller is an “investment company” that has elected to be regulated as a “business development company”
within the meaning of the Investment Company Act.

 

(u)            Taxes.
The Seller has filed all federal income tax returns and all other material tax returns which are required to be filed by it, if any, and
has paid all taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person, other
than any such taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate
reserves in accordance with GAAP have been established.

 

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(v)            ERISA.
The Seller does not maintain or sponsor any Plan, and Seller has not incurred nor does Seller expect to incur any direct liability with
respect to a Plan maintained or sponsored by a member of its ERISA Group.

 

The representations and warranties
set forth in this Section 4.1 shall survive the sale, transfer and assignment of the Transferred Loans to the Buyer. Upon
discovery by the Seller or the Buyer of a breach of any of the foregoing representations and warranties, the party discovering such breach
shall give prompt written notice thereof to the other immediately upon obtaining knowledge of such breach.

 

Section 4.2     Representations
and Warranties of the Buyer.

 

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

 

(a)            Organization
and Good Standing. The Buyer is a Delaware limited liability company duly organized, validly existing, and in good standing under
the laws of the jurisdiction of its formation, and has full power, authority and legal right to own or lease its properties and conduct
its business as such business is presently conducted, except where the failure to be in good standing or have such power, authority or
right would not have a Material Adverse Effect.

 

(b)            Due
Qualification. The Buyer is duly qualified to do business and is in good standing as a limited liability company, and has obtained
or will obtain all necessary licenses and approvals, in each jurisdiction in which the nature of its business requires it to be so qualified,
except to the extent the failure to so qualify, maintain such standing or be so licensed or approved would not have a Material Adverse
Effect.

 

(c)            Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been
duly authorized by the Buyer by all necessary action on the part of the Buyer.

 

(d)            No
Conflict. The execution and delivery of this Agreement, the performance by the Buyer of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with or result in any breach of any of the terms and provisions of, and will not constitute
(with or without notice or lapse of time or both) a default under, the Buyer’s limited liability company agreement, unless such
conflict, contravention, breach, violation or default would not have a Material Adverse Effect.

 

(e)            No
Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any material respect, any requirements of laws applicable to the Buyer, except
where such conflict or violation would not have a Material Adverse Effect.

 

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ARTICLE V

COVENANTS

 

Section 5.1     Seller
Covenants.

 

The Seller hereby covenants
that:

 

(a)            Compliance
with Laws and Agreements. The Seller will (i) duly observe, comply with all Applicable Laws relative to the conduct of its business
or to its assets, (ii) comply with the terms and conditions of its articles of incorporation and bylaws and each Related Document
to which it is a party and (iii) obtain, maintain and keep in full force and effect all approvals, authorizations, consents, orders
or other actions of any Person or of any Governmental Authority which are necessary or appropriate to properly carry out its business
and the transactions contemplated to be performed by it under the Sale Documents, its articles of incorporation and bylaws and the Related
Documents to which it is a party, in each case, except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

(b)            Preservation
of Corporate Existence. The Seller will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction
of its formation, and qualify and remain qualified in good standing in each jurisdiction where the failure to maintain such existence,
rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a material adverse effect on its ability
to perform its obligations hereunder or under the Sale Documents.

 

(c)            Security
Interests. Except for the transfers hereunder, the Seller will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any lien on any Transferred Loan (other than Permitted Liens), whether now existing or hereafter
transferred hereunder, or any interest therein. The Seller will immediately notify the Buyer of the existence of any lien on any Transferred
Loan (other than Permitted Liens); and the Seller shall defend the right, title and interest of the Buyer and its assignees in, to and
under the Transferred Loans, against all claims of third parties.

 

(d)            Delivery
of Collections. Consistent with the Buyer’s ownership of the Transferred Loans, in the event the Seller shall receive any Collections
in respect of any Transferred Loans after the Purchase Date therefor, the Seller agrees to promptly pay to the Buyer, or an account designated
by the Buyer, (but in no event later than one (1) Business Day after receipt) such Collections. Further, the Seller shall instruct
any paying agent or administrative agent for any Transferred Loan to remit all payments and collections with respect to such Transferred
Loan and, if applicable, to instruct the related Obligor with respect to such Transferred Loan to remit all payments and collections with
respect to such Transferred Loan directly to the applicable Collection Account.

 

(e)            Change
in Payment Instructions to Obligor. The Seller shall not make any change in its instructions to Obligors (or related paying or administrative
agents) regarding payments to be made to any Collection Account, unless (i) such instructions are to deposit such payments to another
existing Collection Account or (ii) the Administrative Agent shall have given its prior written consent to such change.

 

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(f)            Nonconsolidation.
The Seller shall take all actions required to maintain the Buyer’s status as a separate legal entity, including, without limitation,
(i) not holding the Buyer out to third parties as an entity other than an entity with assets and liabilities distinct from the Seller
and the Seller’s other subsidiaries; provided that the assets of the Buyer may be consolidated into the assets of the Seller
for tax and accounting purposes and may be included in the publicly-filed financial statements of the Seller; (ii) not holding itself
out to be responsible for any indebtedness or other liability of the Buyer or, other than by reason of owning equity interests of the
Buyer, for any decisions or actions relating to the Buyer; (iii) taking such other actions as are necessary on its part to ensure
that all material corporate or limited liability company procedures, as applicable, required by its and the Buyer’s respective constituent
documents are duly and validly taken; (v) keeping correct and complete (in all material respects) records and books of account and
minutes; and (vi) not acting in any manner that could foreseeably mislead others with respect to the Buyer’s separate identity.
In addition to the foregoing, the Seller shall take the following actions:

 

(1)            The
Seller shall maintain corporate records and books of account separate from those of the Buyer.

 

(2)            The
Seller shall maintain an arm’s-length relationship with the Buyer and shall not hold itself out as being liable for any indebtedness
of the Buyer.

 

(3)            The
Seller shall keep its assets and its liabilities wholly separate from those of the Buyer; provided that the assets of the Buyer
may be consolidated into the assets of the Seller for tax and accounting purposes.

 

(4)            The
Seller shall take or refrain from taking, as applicable, each of the activities specified or assumed in the non-consolidation opinion
of Winston & Strawn LLP delivered on the Closing Date, upon which the conclusions expressed therein are based.

 

(g)            Location
of Seller, Records; Instruments. The Seller (x) shall not change its name or jurisdiction of incorporation, without 10 days’
prior written notice to the Buyer and the Administrative Agent and (y) will promptly take all actions required (including, but not
limited to, all filings and other acts necessary or advisable under the UCC or other applicable law) of each relevant jurisdiction in
order to continue, in accordance with Section 4.1(k), the ownership and security interest of the Buyer in all Loans transferred
hereunder.

 

(h)            Further
Assurances. It shall promptly upon the reasonable request of the Buyer, the Collateral Agent, or the Administrative Agent, at the
Seller’s expense, execute and deliver such further instruments and take such further action as may be necessary in order to maintain
and protect the Buyer’s first priority perfected security interest in the Transferred Collateral pledged by the Seller hereunder
free and clear of any Liens (other than Permitted Liens). At the reasonable request of the Buyer, either Agent or the Required Lenders
(through the Administrative Agent), the Seller shall promptly take, at the Seller’s expense, such further action as may be necessary
in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of
the Buyer in the Transferred Collateral, including all actions which are necessary to (x) enable Buyer to enforce its rights and
remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the
terms of, the Facility Documents. Without limiting its obligation to maintain and protect the Buyer’s first priority security interest
in the Transferred Collateral, the Seller authorizes the Buyer, the Collateral Manager, or the Collateral Agent to file or record financing
statements and other filing or recording documents or instruments with respect to the Transferred Collateral in such form and in such
offices as appropriate to perfect the security interests of the Buyer under this Agreement, provided, that none of the Buyer, the
Collateral Manager, or the Collateral Agent assumes any obligation of the Seller to maintain and protect its security interest hereunder.

 

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Subject to the foregoing,
the Seller will, and, upon the reasonable request of the Buyer or either Agent shall, at the Seller’s expense, take such other action
(including executing and delivering or authorizing for filing any required UCC financing statements) as shall be necessary to create and
perfect a valid and enforceable first priority security interest on all Transferred Collateral acquired by the Buyer and will in connection
therewith deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as the Buyer, either
Agent or the Required Lenders (through the Administrative Agent) shall have reasonably requested.

 

(i)            Costs
and Expenses. The Seller shall pay all reasonable, documented costs and disbursements in connection with this Agreement and the performance
of its obligations hereunder.

 

(j)            [Reserved].

 

(k)            Information.
The Seller will cooperate with the Buyer and the Collateral Manager in providing such information documents, records or reports respecting
the Transferred Collateral that the Buyer or the Collateral Manager may reasonably request in order to comply with the terms of the Facility
Documents.

 

(l)            Access
to Records and Documents. The Seller shall cooperate with the Buyer, the Administrative Agent and each Lender (or any Person designated
by the Administrative Agent or such Lender) to enable the Buyer to comply with its obligations under Sections 5.01(e) and (g) of
the Credit Agreement.

 

(m)            Enforcement.
It shall not take any action in the name or on behalf of the Buyer with respect to the Transferred Collateral which would cause the Buyer
to violate its obligations under Section 5.01(b) of the Credit Agreement.

 

(n)            Validity
of this Agreement. It shall not (i) take any action to permit the validity or effectiveness of this Agreement or any grant of
Transferred Collateral hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated
or discharged, or take any actions to permit any Person to be released from any covenants or obligations with respect to this Agreement
(except in accordance with its terms) and (ii) except as permitted by this Agreement, take any action that would permit the Lien
of this Agreement not to constitute a valid first priority security interest in the Transferred Collateral (subject to Permitted Liens).

 

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(o)            Special
Purpose Entity. The Seller agrees that, for a period of one year and one day after the Final Maturity Date, the Seller will not cause
the Buyer to file a voluntary petition or institute, or cause to be instituted or join in any involuntary petition or proceeding against
Buyer under the Bankruptcy Code or any other bankruptcy or insolvency laws.

 

(p)            Accounting
Treatment. The Seller shall note in a footnote to its consolidated financial statements that include the Buyer that the Buyer owns
the legal title in the Transferred Collateral.

 

ARTICLE VI

REPURCHASE AND SUBSTITUTION OF LOANS

 

Section 6.1     Mandatory
Repurchase of Warranty Loans.

 

(a)            In
the event any Transferred Loan transferred hereunder is not an Eligible Loan immediately prior to its sale to the Buyer hereunder or the
Seller breaches any representation, warranty or covenant with respect to any Transferred Loan immediately prior to its sale to the Buyer
hereunder in any material respect (each such Transferred Loan, a “Warranty Loan”), no later than 30 days after the
earlier of (i) knowledge of such breach on the part of the Seller and (ii) receipt by the Seller of written notice thereof given
by the Buyer, the Seller shall either (a) repurchase each such Warranty Loan, or (b) substitute for such Warranty Loan a Substitute
Loan; provided, however, that no such repurchase shall be required to be made with respect to such Warranty Loan (and such
Loan shall cease to be an Warranty Loan) if, on or before the expiration of such 30-day period, the representations and warranties in
Section 4.1 with respect to such Warranty Loan shall be made true and correct in all material respects with respect to such
Warranty Loan as if such Warranty Loan had been transferred to the Buyer on such day.

 

(b)            Upon
the Buyer’s receipt of the Repurchase Price or a Substitute Loan, as applicable, for a Warranty Loan, the Buyer shall automatically
and without further action be deemed to transfer, assign and set-over to the Seller all the right, title and interest of the Buyer in,
to and under such Warranty Loan and all monies due or to become due with respect thereto, all proceeds thereof and all rights to security
for any such Warranty Loan, and all proceeds and products of the foregoing, free and clear of any Lien created pursuant to this Agreement
or the Credit Agreement, all of the Buyer’s right, title and interest in such Warranty Loan.

 

(c)            The
Buyer shall, at the sole expense of the Seller, execute such documents and instruments of transfer as may be prepared by the Seller and
take such other actions as shall reasonably be requested by the Seller to effect the transfer of such Warranty Loan pursuant to this Section 6.1.

 

Section 6.2     Optional
Substitutions

 

(a)            Optional
Substitutions. The Buyer may replace any Transferred Loan with another Transferred Loan (a “Substitute Loan”),
subject to the satisfaction of the conditions set forth below and in Section 6.3:

 

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(i)            each
Substitute Loan is an Eligible Loan on the date of substitution;

 

(ii)            after
giving effect to any such substitution, each Coverage Test and each Portfolio Quality Test is satisfied (or if any such Coverage
Test or any such Portfolio Quality Test is not satisfied, such test is maintained or improved after giving effect to such substitution);

 

(iii)            100%
of the proceeds from the sale of the Transferred Loan(s) to be replaced in connection with such substitution are either applied to
acquire the Substitute Loan(s) or deposited in the Principal Collection Subaccount;

 

(iv)            no
Default or Event of Default has occurred and is continuing (before or after giving effect to such substitution);

 

(v)            the
Concentration Limitations are satisfied (or if there is any Excess Concentration Amount, such Excess Concentration Amount is maintained
or decreased after giving effect to such sale);

 

(vi)            the
Buyer or the Collateral Manager (on behalf of the Buyer) shall agree to pay the legal fees and expenses of the Administrative Agent and
the Collateral Agent in connection with any such substitution (including, but not limited to, expenses incurred in connection with the
release of the Lien of the Collateral Agent on behalf of the Secured Parties under the Credit Agreement in connection with such sale,
substitution or repurchase);

 

(vii)            the
Buyer shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any such substitution
and shall deliver to the Custodian the Related Documents for any Substitute Loans;

 

(viii)            there
is no adverse selection impacting the interest of the Secured Parties by the Seller with regard to such Transferred Loans to be substituted
or the Substitute Loans; and

 

(ix)            the
Buyer shall deliver to the Administrative Agent on the date of such substitution a certificate of a Responsible Officer certifying that
each of the foregoing is true and correct as of such date.

 

Upon confirmation of the delivery of a Substitute
Loan for each applicable Collateral Loan being substituted for (the date of such confirmation or delivery, the “Retransfer
Date”), each applicable Transferred Loan being substituted for shall be transferred to the Seller and the applicable
Substitute Loan(s) shall be transferred to the Buyer. On the Retransfer Date of a Transferred Loan, the Buyer shall automatically
and without further action be deemed to release and transfer to the Seller, without recourse, representation or warranty, all the right,
title and interest of the Buyer in, to and under such Transferred Loan being substituted for. The Buyer shall execute such documents and
instruments of transfer as may be prepared by the Collateral Manager, on behalf of the Buyer, and take other such actions as shall reasonably
be requested by the Seller to effect the transfer of such Transferred Loan pursuant to this Section 6.2(a).

 

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Section 6.3     Limitations
on Substitutions and Repurchases.

 

(a)            Any
repurchase of any Transferred Loan from the Buyer to the Seller and any substitution effected pursuant to Section 6.2(a) shall
be conducted on an arm’s length basis and shall be on material terms no less favorable to the Buyer than would be the case if the
Seller were not an Affiliate of the Buyer or as otherwise expressly permitted in this Agreement.

 

(b)            The
Aggregate Principal Balance of the Transferred Loan(s) held by the Buyer which are sold to the Seller or any other Affiliate of the
Buyer or substituted pursuant to Section 6.2(a), together with the sum of the Aggregate Principal Balance of all Transferred
Loans sold to the Seller or any other Affiliate of the Buyer or substituted in the 12 month period preceding the proposed date of sale
or substitution (or such lesser number of months as shall have elapsed since the Closing Date) shall not exceed 20% of the highest Aggregate
Collateral Balance during such period; provided that, the sum of the Aggregate Principal Balance of all Defaulted Loans sold to
Affiliates or substituted in the 12 month period preceding the proposed date of sale or substitution (or such lesser number of months
as shall have elapsed since the Closing Date) shall not exceed 10% of the highest Aggregate Collateral Balance during such period. For
the avoidance of doubt, the foregoing limitations shall not apply (x) to Warranty Loans or (y) where Transferred Loans are sold
by the Buyer in connection with a Permitted Securitization.

 

ARTICLE VII

CONDITIONS PRECEDENT

 

Section 7.1     Conditions
to the Buyer’s Obligations Regarding Loans.

 

The obligations of the Buyer
to purchase Transferred Collateral from the Seller on any Purchase Date shall be subject to the satisfaction of the following conditions:

 

(a)            all
representations and warranties of the Seller contained in Section 4.1 shall be true and correct in all material respects on
and as of such day as though made on and as of such date (other than any representation and warranty that is made as of a specific date,
which shall be true and correct in all material respects on and as of such date);

 

(b)            no
event has occurred and is continuing, or would result from such purchase that constitutes an Event of Default;

 

(c)            no
law or regulation shall prohibit, and no order, judgment or decree of any federal, state or local court or governmental body, agency or
instrumentality shall prohibit or enjoin, the making of any such purchase by the Buyer in accordance with the provisions hereof; and

 

(d)            all
corporate and legal proceedings and all instruments in connection with the transactions contemplated by this Agreement shall be satisfactory
in form and substance to the Buyer and its assignees, and the Buyer shall have received from the Seller copies of all documents (including,
without limitation, records of corporate proceedings, approvals and opinions) relevant to the transactions herein contemplated as the
Buyer may reasonably have requested.

 

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ARTICLE VIII

INDEMNIFICATION

 

Section 8.1     Indemnification
by the Seller

 

(a)            The
Seller hereby agrees to indemnify and hold harmless the Administrative Agent, its affiliates, the Lenders, and their respective affiliates
and their respective directors, officers, employees, agents, representatives, legal counsel, and consultants (each, an “Indemnified
Person”) against, and to reimburse each Indemnified Person upon its demand for, any losses, claims, damages, liabilities or
other expenses (“Losses”) incurred by such Indemnified Person or asserted against such Indemnified Person by the Seller,
any of its subsidiaries or any other person or party insofar as such Losses arise out of or in connection with this Agreement, or any
claim, litigation, investigation or proceeding relating to any of the foregoing, and to reimburse each Indemnified Person upon demand
for any reasonable legal or other expenses incurred in connection with investigating or defending any of the foregoing, whether or not
such Indemnified Person is a party to any such proceeding, including, without limitation, the following:

 

(i)            any
representation or warranty made or deemed made by the Seller under or in connection with this Agreement or any other Facility Document,
which shall have been false, incorrect or misleading in any material respect when made or deemed made or delivered;

 

(ii)            the
failure of any Loan acquired hereunder to be an Eligible Loan as of the related Purchase Date;

 

(iii)            the
failure by the Seller to comply with any term, provision or covenant contained in this Agreement with respect to any Transferred Collateral;

 

(iv)            the
failure to vest in the Buyer as of the related Purchase Date an undivided ownership interest in the Transferred Collateral free and clear
of any Lien (other than Permitted Liens); and

 

(v)            the
preparation for a defense of any investigation, litigation or proceeding arising out of or as a result of or related to this Agreement
or the transactions contemplated hereby;

 

provided,
however, that such indemnity shall not, as to any Indemnified Person, be available to the extent that such Losses (x) (1) are
determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, bad faith,
fraud or willful misconduct of such Indemnified Person or (2) arise out of a claim or counterclaim brought by the Seller or any of
its subsidiaries or affiliates against an Indemnified Person for a material breach of such Indemnified Person’s obligations under
this Agreement, if the Seller or such other subsidiary or affiliate has obtained a final and non-appealable judgment in its favor on such
claim or counterclaim as determined by a court of competent jurisdiction, (y) arise from disputes solely between or among the Indemnified
Persons not relating to or in connection with acts or omissions by the Company, any of its subsidiaries or any of their respective affiliates
(it being understood that in the event of such dispute relating to or in connection with acts or omissions by the Seller, any of its subsidiaries
or any of their respective affiliates involving a claim or proceeding brought against the Administrative Agent or any of their respective
affiliates, directors, officers, employees, partners, representatives, advisors and agents and each of their respective heirs, successors
and assigns (each, a “Related Party” and, in each case, acting in its capacity as such) by the other Indemnified Persons,
the Administrative Agent or such Related Party, as applicable, shall be entitled (subject to the other limitations and exceptions set
forth in this proviso) to the benefit of such indemnification), or (z) have the effect of recourse (except as otherwise provided
herein) for uncollectible Transferred Loans or otherwise arise solely due to the deterioration in the credit quality or market value of
the Collateral Loans or other Transferred Collateral (or the underlying Obligors thereunder).

 

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(b)            If
the Seller has made any indemnity payment pursuant to this Section 8.1 and such payment fully indemnified the recipient thereof
and the recipient thereafter collects any payments from others in respect of such Losses, then the recipient shall repay to the Seller
an amount equal to the amount it has collected from others in respect of such Losses.

 

(c)            The
Seller shall not, without the prior written consent of any Indemnified Person (which consent shall not be unreasonably withheld), effect
any settlement of any pending or threatened proceeding in respect of which such Indemnified Person is a party and indemnity has been sought
hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability
on claims that are the subject matter of such indemnity.  No Indemnified Person seeking indemnification hereunder shall, without
the prior written consent of the Company (which consent shall not be unreasonably withheld), effect any settlement of any pending or threatened
proceeding in respect of which such Indemnified Person is a party and indemnity has been sought hereunder by such Indemnified Person.

 

(d)            The
Seller and each Indemnified Person also agrees that (i) neither the Seller, on one hand nor (ii) any Indemnified Person, on
the other hand, shall have any liability (whether in contract or tort or otherwise) to one another (or any of its respective equity holders,
subsidiaries, affiliates or creditors or any other person or entity asserting claims on behalf of or in right of the Seller or such Indemnified
Person, as applicable) related to or arising out of this Agreement or the performance by the Seller of its obligations hereunder for special,
indirect, consequential or punitive damages, even if advised of the possibility thereof.

 

(e)            The
reimbursement, indemnity, and hold harmless provisions provided for under this Section 8.1 shall survive the termination of
this Agreement.

 

ARTICLE IX

TERM AND TERMINATION

 

Section 9.1     Termination.

 

This Agreement shall commence
as of the date of execution and delivery hereof and shall continue in full force and effect until the later of (i) the termination
the Credit Agreement or (ii) the date specified by either party upon 90 days’ prior written notice to the other party and the
Administrative Agent as the termination date; provided, however, that the termination of this Agreement pursuant to this
Section 9.1 shall not discharge any Person from obligations incurred prior to any such termination of this Agreement, including,
without limitation, any obligations to repurchase Loans sold prior to such termination pursuant to Section 6.1 hereof.

 

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ARTICLE X

MISCELLANEOUS PROVISIONS

 

Section 10.1     Amendment.

 

This Agreement and the rights
and obligations of the parties hereunder may not be amended, waived or changed orally, but only by an instrument in writing signed by
the Administrative Agent, the Buyer and the Seller. The Buyer shall provide not less than ten (10) Business Days prior written notice
of any such amendment to the Administrative Agent.

 

Section 10.2     Governing
Law.

 

THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT THE CONFLICT OF LAWS PRINCIPLES THEREOF WHICH
WOULD HAVE THE EFFECT OF APPLYING THE LAWS OF ANY OTHER JURISDICTION. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION OF
ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS,
AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH
LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

 

Section 10.3     Notices.

 

All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing (including telex communication and communication by facsimile
copy) and mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth below or at such other address
as shall be designated by such party in a written notice to the other party hereto. All such notices and communications shall be effective
upon receipt, or in the case of (a) notice by mail, five days after being deposited in the United States mail, first class postage
prepaid, (b) notice by telex, when telexed against receipt of answer back, or (c) notice by facsimile copy, when verbal communication
of receipt is obtained.

 

(a)            In
the case of notice to the Buyer, to:

 

MC Income Plus Financing SPV II LLC

c/o Monroe Capital Income Plus Corporation

126 East 56th Street, 32nd Floor

New York, New York 10022

Attn: Dina Kook

Telephone No: (646) 386-2420

Facsimile No.: (312) 258-8350

E-mail: dkook@monroecap.com

 

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(b)            In
the case of notice to the Seller, to:

 

Monroe Capital Income Plus Corporation

126 East 56th Street, 32nd Floor

New York, New York 10022

Attn: Dina Kook

Telephone No: (646) 386-2420

Facsimile No.: (312) 258-8350

E-mail: dkook@monroecap.com

 

(c)            In
the case of notice to the Administrative Agent, to:

 

KeyBank National Association

1000 McCaslin Boulevard

Superior, Colorado 80027

Attn: Richard Andersen

Telephone No: (720) 304-1247

Facsimile No.: (216) 370-9166

E-mail: LAS.OPERATIONS.KEF@key.com

 

Section 10.4     Severability
of Provisions.

 

If any one or more of the
covenants, agreements, provisions or terms of this Agreement or any of the Sale Documents shall for any reason whatsoever be held invalid,
then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions,
or terms of this Agreement and the Sale Documents and shall in no way affect the validity or enforceability of the other provisions of
this Agreement or any of the Sale Documents.

 

Section 10.5     Assignment.

 

Notwithstanding anything to
the contrary contained herein, this Agreement may not be assigned by the Buyer or the Seller except as permitted by this Section 10.5.
Simultaneously with the execution and delivery of this Agreement, the Buyer shall assign all of its right, title and interest herein (including
any right to indemnification) to the Collateral Agent as agent for the Secured Parties under the Credit Agreement as provided in the Credit
Agreement, to which assignment the Seller hereby expressly consents. The Seller agrees that the Collateral Agent, as agent for the Secured
Parties under the Credit Agreement, shall be a third party beneficiary hereof. The Collateral Agent as agent for the Secured Parties under
the Credit Agreement may enforce the provisions of this Agreement, exercise the rights of the Buyer and enforce the obligations of the
Seller hereunder following an Event of Default and as provided in the Credit Agreement.

 

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Section 10.6     Further
Assurances.

 

(a)            The
Buyer and the Seller agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required
or reasonably requested by the other party more fully to effect the purposes of this Agreement and the Sale Documents, including, without
limitation, the execution of any financing statements, continuation statements, termination statements, releases or equivalent documents
relating to the Transferred Collateral for filing under the provisions of the UCC or other applicable laws of any applicable jurisdiction.

 

(b)            If
the Seller fails to perform any of its obligations hereunder, Buyer (or its assigns) may (but shall not be required to) perform, or cause
performance of, such obligation, and Buyer’s (or such assigns’) costs and expenses incurred in connection therewith shall
be payable by the Seller as provided in Section 10.13. The Seller irrevocably authorizes Buyer (and its assigns) at any time
and from time to time in the sole discretion of Buyer (or its assigns), and appoints Buyer (and its assigns) as its attorney(s)-in-fact,
to act on its behalf (i) to authorize on its behalf as debtor and to file financing statements necessary in Buyer’s (or its
assigns’) sole discretion to perfect and to maintain the perfection and priority of the interest of Buyer in the Transferred Collateral
and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Transferred
Collateral as a financing statement in such offices as Buyer (or its assigns) in their sole discretion deem necessary or desirable to
perfect and to maintain the perfection and priority of Buyer’s interests in the Transferred Collateral. This appointment is coupled
with an interest and is irrevocable.

 

Section 10.7     No
Waiver; Cumulative Remedies.

 

No failure to exercise and
no delay in exercising, on the part of the Buyer or the Seller, any right, remedy, power or privilege hereunder, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and privilege provided by law.

 

Section 10.8     Counterparts.

 

This Agreement may be executed
in two or more counterparts including facsimile or other electronic transmission thereof (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

Section 10.9     Binding
Effect; Third-Party Beneficiaries.

 

This Agreement shall inure
to the benefit of and the obligations thereunder shall be binding upon the parties hereto and their respective successors and permitted
assigns. Any permitted assigns of the Buyer shall be third-party beneficiaries of this Agreement.

 

Section 10.10     Merger
and Integration.

 

Except as specifically stated
otherwise herein, this Agreement, together with the Credit Agreement and the other Facility Documents, to the extent that a party is a
signatory thereto, sets forth the entire understanding of the parties relating to the subject matter hereof, there are no other agreements
between the parties for transactions relating to or similar to the transactions contemplated by this Agreement, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided
herein.

 

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Section 10.11     Headings.

 

The headings herein are for
purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

Section 10.12     Schedules
and Exhibits.

 

The schedules and exhibits
attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

 

Section 10.13     Recourse
Against Certain Parties.

 

(a)            No
recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Seller as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant
hereto or in connection herewith shall be had against any administrator of the Seller or any incorporator, officer, employee, equityholder,
director or shareholder of the Seller or of any such administrator, as such, by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Seller contained
in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith
are, in each case, solely the corporate obligations of the Seller, and that no personal liability whatsoever shall attach to or be incurred
by any administrator, advisor, incorporator, officer, employee, equityholder, director or shareholder of the Seller or of any such administrator,
as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Seller contained in this Agreement
or in any other such instruments, documents or agreements, or that are implied therefrom, and that any and all personal liability of every
such administrator, advisor, incorporator, officer, employee, equityholder, director or shareholder of the Seller or of any such administrator,
or any of them, for breaches by the Seller of any such obligations, covenants or agreements, which liability may arise either at common
law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the
execution of this Agreement.

 

(b)            No
recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Buyer as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant
hereto or in connection herewith shall be had against any administrator of the Buyer or any incorporator, officer, employee, equityholder,
director, manager or member of the Buyer or of any such administrator, as such, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the
Buyer contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in
connection herewith are, in each case, solely the corporate obligations of the Buyer, and that no personal liability whatsoever shall
attach to or be incurred by any administrator of the Buyer or any incorporator, officer, employee, equityholder, director, manager or
member of the Buyer or of any such administrator, as such, or any of them, under or by reason of any of the obligations, covenants or
agreements of the Buyer contained in this Agreement or in any other such instruments, documents or agreements, or that are implied therefrom,
and that any and all personal liability of every such administrator of the Buyer and each incorporator, officer, employee, equityholder,
director, manager or member of the Buyer or of any such administrator, or any of them, for breaches by the Buyer of any such obligations,
covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby
expressly waived as a condition of and in consideration for the execution of this Agreement.

 

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(c)            The
provisions of this Section 10.13 shall survive the termination of this Agreement.

 

Section 10.14     Bankruptcy
Non-Petition and Limited Recourse; Claims.

 

The Seller hereby agrees that
it will not institute against, or join any other Person in instituting against, the Buyer any bankruptcy proceeding so long as there shall
not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the date all Obligations due
and owing under the Credit Agreement have been paid in full. The Seller hereby acknowledges that (i) the Buyer has no assets other
than the Transferred Collateral, (ii) the Buyer shall, immediately upon Purchase hereunder, pledge its rights in the Transferred
Collateral to the Collateral Agent, on behalf of the Secured Parties pursuant to the Credit Agreement, and (iii) Collections generated
by the Transferred Collateral will be applied to payment of the Buyer’s obligations under the Credit Agreement. In addition, the
Seller shall have no recourse for any amounts payable or any other obligations arising under this Agreement against any officer, member,
director, employee, shareholder, Affiliate or security holder of the Buyer or any of its successors or assigns. The provisions of this
Section 10.14 shall survive the termination of this Agreement.

 

Section 10.15     Waiver
of Setoff.

 

(a)            The
Seller’s obligations under this Agreement shall not be affected by any right of setoff, counterclaim, recoupment, defense or other
right the Seller might have against the Buyer, the Administrative Agent, the Lenders, the Collateral Agent, the other Secured Parties
or any assignee of such Persons, all of which rights are hereby waived by the Seller.

 

(b)            The
Buyer shall have the right to set-off against the Seller any amounts to which the Seller may be entitled hereunder and to apply such amounts
to any claims the Buyer may have against the Seller from time to time under this Agreement. Upon any such set-off, the Buyer shall give
notice of the amount thereof and the reasons therefor to the Seller.

 

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Section 10.16     Survival
of Certain Provisions.

 

Notwithstanding any provision
contained herein to the contrary, the Seller’s and the Buyer’s representations, covenants and obligations set forth in Articles
IV, V, and VI, as applicable, create and constitute the continuing obligation of the parties hereto in accordance with
its terms, and shall remain in full force and effect until the date all Obligations due and owing under the Credit Agreement have been
paid in full; provided, that the rights and remedies with respect to any breach of any representation and warranty made or deemed
made by the Seller pursuant to Articles IV and VII and the provisions of Sections 6.1 and 6.2, the indemnification
provisions of Article VIII and the provisions of Sections 10.2, 10.9, 10.13, 10.14 and 10.15
shall be continuing and shall survive any termination of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    22

     

    

 

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

 

	 	SELLER:
	 	 
	 	Monroe
    Capital INCOME PLUS CORPORATION
	 	 
	 	By:	 
	 	 	Name: Theodore L. Koenig
	 	 	Title: Chief Executive Officer and President
	 	 
	 	BUYER:
	 	 
	 	MC
    INCOME PLUS FINANCING SPV II LLC
	 	 
	 	By: Monroe Capital Income Plus Corporation,
    as Designated Manager
	 	 
	 	By:	 
	 	 	Name: Theodore L. Koenig
	 	 	Title: Chief Executive Officer and President

 

Purchase and Contribution Agreement

 

     

     

    

 

SCHEDULE I

 

LOAN
LIST

 

See Attached

 

     

     

    

 

	Issuer	Asset Name	Principal Balance Moving
	95 Percent Buyer, LLC	Closing Date Term Loan	6,787,952.02
	Adept AG Holdings, LLC	Initial Term Loans	6,500,000.00
	Aperture Companies, LLC	Term Loan	7,070,783.35
	Argano, LLC	Initial Term Loans	4,267,939.02
	Argano, LLC	Delayed Draw Term Loan	3,225,294.00
	Ascent Midco, LLC	Term A Loan	1,056,802.63
	Avison Young (USA) Inc.	Fifth Amendment Incremental Term Loans	4,173,913.05
	Avison Young (USA) Inc.	First Lien Term Loan	1,929,824.54
	Born To Run, LLC	Initial Term Loans	4,221,038.59
	Brickell Bay Acquisition Corp.	Term Loan	1,339,231.25
	Calienger Holdings, L.L.C.	Initial Term Loan	5,000,000.00
	Chess.com, LLC	Term Loan	6,160,426.91
	Clydesdale Holdings, LLC	Term Loan	1,209,528.06
	EOS Finco S.A.R.L.	Tranche B-1 Term Loans	1,250,000.00
	Equine Network, LLC	First Amendment Term Loan	317,382.03
	Equine Network, LLC	Term Loan	699,934.53
	Fiasco Enterprises, LLC	Term Loan	6,982,500.00
	Fueled Digital Media, LLC	Closing Date Term Loan	6,960,000.00
	Golden State Buyer, Inc.	Initial Term Loans	4,986,817.91
	IF & P Holdings Company, LLC	Initial Term Loan	7,129,521.15
	Independence Buyer, Inc.	Initial Term Loan	5,861,151.91
	InsideRE, LLC	Closing Date Term Loans	3,536,617.28
	Lifted Trucks Holdings, LLC	Initial Term Loans	4,701,949.22
	MCP Shaw Acquisitionco, LLC	DDTL	784,061.13
	MCP Shaw Acquisitionco, LLC	Incremental Term Loan	1,132,148.71
	MCP Shaw Acquisitionco, LLC	Term Loan	3,708,351.49
	NQ PE Project Colosseum Midco Inc.	Initial Term Loan	6,716,000.00
	NTM Acquisition Corp.	First Lien Term Loan	4,463,273.75
	Quest Resource Management Group, LLC	Term A Loan	461,762.57
	Quest Resource Management Group, LLC	Term B Loan	1,067,602.72
	Quest Resource Management Group, LLC	Term C Loan	1,803,123.96
	Recycled Plastics Industries, LLC	Term Loan	2,579,523.58
	RS Acquisition, LLC	Initial Term Loans	7,453,780.80
	Simplicity Financial Marketing Group Holdings Inc.	Third Amendment Incremental Term Loan	5,008,084.80
	Spectrum Science Communications, LLC	Term A Loans	2,985,000.00
	StormTrap, LLC, et al	Term A Loan (03/2022)	2,492,522.43
	TCFIII Owl Buyer LLC	Term A Loan	2,110,519.30
	TCFIII Owl Buyer LLC	Term B Loan	5,425,998.48
	TCFIII Owl Buyer LLC	Term C Loan	2,312,735.39Exhibit 10.3

 

EXECUTION VERSION

 

 

December 20, 2022

 

MC INCOME PLUS FINANCING SPV II LLC,

as Pledgor

 

MONROE CAPITAL INCOME PLUS CORPORATION,

 

as Collateral Manager

 

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

as Secured Party

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Securities Intermediary

 

ACCOUNT CONTROL AGREEMENT

 

 

     

     

    

 

TABLE OF CONTENTS

 

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

 

    -i-

     

    

 

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

 

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

 

ARTICLE I

 

INTERPRETATION

 

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

 

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

 

     

     

    

 

ARTICLE II

 

APPOINTMENT
OF SECURITIES INTERMEDIARY

 

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

 

ARTICLE III

 

THE
SECURED ACCOUNTS

 

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

 

    -2-

     

    

 

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

 

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

 

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

 

    -3-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)            Transfer
Orders, Standing Instructions.

 

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

 

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

 

    -4-

     

    

 

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

 

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

 

ARTICLE IV

 

THE
SECURITIES INTERMEDIARY

 

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

 

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

 

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

 

    -5-

     

    

 

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

 

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

 

    -6-

     

    

 

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

 

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

 

    -7-

     

    

 

(h)            Successor
Securities Intermediary.

 

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

 

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

 

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

 

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

 

    -8-

     

    

 

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

 

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

 

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

 

    -9-

     

    

 

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

 

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

 

ARTICLE V

 

INDEMNITY;
LIMITATION ON DAMAGES; EXPENSES; FEES

 

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

 

    -10-

     

    

 

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

 

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

 

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

 

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

 

    -11-

     

    

 

ARTICLE VI

 

REPRESENTATIONS
AND AGREEMENTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -12-

     

    

 

ARTICLE VII

 

ADVERSE
CLAIMS

 

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

 

ARTICLE VIII

 

TRANSFER

 

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

 

ARTICLE IX

 

TERMINATION

 

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

 

    -13-

     

    

 

ARTICLE X

 

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

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

 

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

 

    -14-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    -15-

     

    

 

ARTICLE XI

 

NOTICES

 

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

 

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

 

ARTICLE XII

 

GOVERNING
LAW AND JURISDICTION

 

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

 

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

 

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

 

    -16-

     

    

 

ARTICLE XIII

 

DEFINITIONS

 

Section 13.     As
used in this Agreement:

 

“Agreement”
has the meaning specified in the Recitals.

 

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

 

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

 

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

 

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

 

“Pledgor”
has the meaning specified in the Recitals.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -17-

     

    

 

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

 

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

 

[Signature Page to Account Control Agreement]

 

     

     

    

 

	 	Secured Party:
	 	 
	 	U.S.
    BANK TRUST COMPANY,

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

 

[Signature Page to Account Control Agreement]

 

     

     

    

 

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

 

[Signature Page to Account Control Agreement]

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