Document:

Exhibit 10.2

 

Execution
Version

 

ADMINISTRATION AGREEMENT

 

This Agreement (“Agreement”)
is made as of October 19, 2021, by and between T Series Middle Market Loan Fund LLC, a Delaware limited liability company (the
 “Company”), and MS Private Credit Administrative Services LLC, a Delaware limited liability company (the “Administrator”).

 

W I T N E S S E T H:

 

WHEREAS, the Company is a
newly organized closed-end management investment company that has elected to be regulated as a business development company (“BDC”)
under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940 Act”);

 

WHEREAS, the Company desires
to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

 

WHEREAS, the Administrator
is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

 

NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the Company and the Administrator hereby agree as follows:

 

		1.	Duties of the Administrator

 

(a)           Engagement
of Administrator. The Company hereby retains the Administrator to act as administrator of the Company, and to furnish or arrange
for others to furnish the administrative services, personnel and facilities described below, subject to review by and the overall control
of the Board of Directors of the Company (the “Board”), for the period and on the terms and conditions set forth in
this Agreement. The Administrator hereby accepts such retention and agrees during such period to render, or arrange for the rendering
of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below.
The Administrator, and any others with whom the Administrator subcontracts to provide the services set forth herein, shall for all purposes
herein be deemed to be independent contractors of the Company and shall, unless otherwise expressly provided or authorized herein or
in another contract with the Company, have no authority to act for or represent the Company in any way or otherwise be deemed agents
of the Company.

 

     

     

    

 

(b)          Services.
The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation
of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities,
equipment, clerical, bookkeeping, compliance, and record keeping services at such facilities and such other services as the Administrator,
subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.
The Administrator shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, distribution
disbursing agents, other unitholder servicing agents, accountants, attorneys, corporate fiduciaries, insurers, banks, and other persons
in any other capacity deemed by the Administrator to be necessary or desirable. The Administrator shall make reports to the Board of
its performance of its obligations hereunder and shall furnish advice and recommendations with respect to such other aspects of the business
and affairs of the Company as it shall determine to be desirable; provided, however, nothing herein shall be construed
to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and
other assets that the Company should purchase, retain or sell or provide any other investment advisory services to the Company pursuant
to this Agreement. The Administrator shall be responsible for the financial and other records that the Company is required to maintain,
and under the 1940 Act, shall prepare, print and disseminate reports to unitholders, and reports and other materials filed with the Securities
and Exchange Commission (the “SEC”). In addition, the Administrator shall assist the Company in determining and publishing
the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing
the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by
others.

 

(c)          For
the avoidance of any doubt, the parties agree that the Administrator is authorized without the consent of any other person, to enter
into such sub-administration agreements as the Administrator may determine to be necessary or desirable in order to carry out the services
set forth in paragraph 1(b) of this Agreement.

 

		2.	Records

 

The Administrator agrees to
maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder
and shall maintain and keep such books, accounts and records in accordance with the 1940 Act. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property
of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this
Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant
to Rule 31a-1 under the 1940 Act shall be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such
records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall
have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

 

		3.	Confidentiality

 

The parties hereto agree that
each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential
information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P), shall be used
by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying
out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall
not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through
a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties
hereto, by judicial or administrative process, or otherwise by applicable law or regulation.

 

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		4.	Compensation; Allocation of Costs and Expenses

 

(a)          In
full consideration for the provision of the services provided by the Administrator under this Agreement, the parties acknowledge that
there shall be no separate fee paid in connection with the services provided, notwithstanding that the Company shall reimburse the Administrator,
as soon as practicable following the end of each fiscal quarter, for the Company’s allocable portion of certain expenses incurred
by the Administrator in performing its obligations under this Agreement as well as the actual cost of goods and services used for the
Company and obtained by the Administrator from entities not affiliated with the Company. The Administrator may also be reimbursed for
the administrative services necessary for the prudent operation of the Company performed by it on behalf of the Company; provided,
however, the reimbursement shall be an amount equal to the Administrator’s actual cost; and provided, further,
that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with
generally accepted accounting principles.

 

(b)         The
Company shall bear all costs and expenses that are incurred in its operation, administration and in the execution of its transactions
and are not specifically assumed by MS Capital Partners Adviser Inc., the Company’s investment adviser (the “Adviser”),
pursuant to that certain Investment Advisory Agreement, dated as of October 19, 2021 (as in effect from time to time, the “Investment
Advisory Agreement”), by and between the Company and the Adviser. Costs and expenses to be borne by the Company include, but
are not limited to, those relating to: the Company’s initial organizational costs and operating costs incurred prior to the filing
of its election to be regulated as a BDC; the costs associated with any offerings of the Company’s common units and any other securities
offerings; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any third-party
valuation services); out-of-pocket expenses, including travel expenses incurred by the Adviser, or members of its investment team, or
payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies,
including any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated
damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits
or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing the Company’s rights; the base management
fee and any incentive fees payable under the Investment Advisory Agreement; certain costs and expenses relating to distributions paid
by the Company; administration fees payable under this Agreement and any sub-administration agreements, including related expenses; arrangement,
debt service and other costs of borrowings, senior securities or other financing arrangements; the allocated costs incurred by the Adviser
or the Administrator in providing managerial assistance to those portfolio companies that request it; amounts payable to third parties
relating to, or associated with, sourcing, evaluating, making, holding, settling, clearing, monitoring, holding or disposing of prospective
or actual investments; the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation
equipment and services used in making or holding investments; and dues and expenses incurred in connection with membership in industry
or trade organizations; distribution payment agent, transfer agent and custodial fees and expenses; costs of derivatives and hedging;
federal, state and local registration fees; any fees payable to rating agencies; U.S. federal, state and local taxes; costs incurred
in connection with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes;
independent director fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing
tax returns, costs of compliance with the 1940 Act, the Sarbanes-Oxley Act of 2002, as amended, and applicable federal and state securities
laws, and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and
compliance costs, including the compensation of professionals responsible for the preparation or review of the foregoing; the costs of
any reports, proxy statements or other notices to the Company’s unitholders (including printing and mailing costs), the costs of
any unitholders’ meetings and the costs and expenses of preparation of the foregoing and related matters; the costs of specialty
and custom software expense for monitoring risk, compliance and overall investments; the Company’s fidelity bond; any necessary
insurance premiums; extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement
to provide indemnification entered into by the Company); direct fees and expenses associated with independent audits, agency, consulting
and legal costs; costs of winding up; and all other expenses incurred by either the Administrator or the Company in connection with administering
the Company’s business and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services
under this Agreement, including, but not limited to, the fees and expenses associated with performing compliance functions. The presence
of an item in or its absence from the foregoing list, on the one hand, and the list of Company expenses set forth in Section 2(b) of
Investment Advisory Agreement, on the other, shall in no way be construed to limit the responsibility of the Company for such expense
under either agreement.

 

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For avoidance of doubt, it is agreed and understood
that, from time to time, the Administrator or its affiliates may pay amounts or bear costs properly constituting Company expenses as set
forth herein or otherwise and that the Company shall reimburse the Administrator or its affiliates for all such costs and expenses that
have been paid by the Administrator or its affiliates on behalf of the Company. The Administrator shall have the right to elect to waive
all or a portion of the reimbursement of such costs and expenses as Administrator is entitled to be paid by the Company under this Agreement.

 

		5.	Limitation of Liability of the Administrator; Indemnification

 

(a)          Subject
to Section 5(c) below, the Administrator and each of its directors, trustees, officers, equityholders or members (and their
equityholders or members, including the owners of their equityholders or members), agents, employees, controlling persons (as determined
under the 1940 Act (“Controlling Persons”)), any other person or entity affiliated with the Administrator (including
its directors, trustees, officers, equityholders or members (and their equityholders or members, including the owners of their equityholders
or members), agents, employees or Controlling Persons) and any other person or entity acting on behalf of, the Administrator (each an
 “Indemnified Party” and, collectively, the “Indemnified Parties”) shall not be liable to the Company
or any unitholder thereof for any action taken or omitted to be taken by the Administrator in connection with the performance of any
of the Administrator’s duties or obligations under this Agreement or otherwise as administrator of the Company, and the Company
shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold
them harmless from and against all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts
reasonably paid in satisfaction of judgments, in compromises and settlement, as fines and penalties and legal or other costs and reasonable
expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or
unliquidated (“Losses”) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed
action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders)
arising out of or otherwise based upon the performance of any of the Indemnified Parties’ duties or obligations under this Agreement
or otherwise as an administrator of the Company to the extent such Losses are not fully reimbursed by insurance and otherwise to the
fullest extent such indemnification would not be inconsistent with the Company’s certificate of formation and limited liability
company agreement (as they may be amended from time to time), the 1940 Act, the laws of the State of New York and other applicable law.

 

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(b)          For
any claims indemnified by the Company under Section 5(a) above, to the fullest extent permitted by, and subject to the applicable
conditions of, law, the Company shall promptly pay expenses (including legal fees and expenses) incurred by any Indemnified Party in
appearing at, participating in or defending any action, suit, claim, demand or proceeding in advance of the final disposition of such
action, suit, claim, demand or proceeding, including appeals, within 30 days after receipt by the Company of a statement or statements
from the Indemnified Party requesting such advance or advances from time to time.  Each Indemnified Party hereby undertakes to repay
any amounts advanced on its behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not
entitled under this Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and accepted without reference
to the financial ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement
to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified Parties
other than the execution of this Agreement.

 

(c)          Notwithstanding
anything in provisions of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect any of
the Indemnified Parties against, or entitle or be deemed to entitle any of the Indemnified Parties to indemnification in respect of,
any Losses to the Company or its security holders to which the Indemnified Parties would otherwise be subject primarily attributable
to the willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the
reckless disregard of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall
be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

 

In addition, notwithstanding
any of the foregoing to the contrary, the provisions of this Section 5 shall not be construed so as to provide for the indemnification
of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose
liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation
of applicable law, but shall be construed so as to effectuate the provisions of this Section 5 to the fullest extent permitted by
law.

 

(d)          At
any time, the Administrator, and third parties providing such services for the benefit of the Company through arrangements with the Administrator
may apply to any officer of the Company or officer of the Company’s investment adviser for instructions and may consult with legal
counsel for the Company or its own outside legal counsel, at the expense of the Company with respect to any matter arising in connection
with the services to be performed by the Administrator or any third party appointed by the Administrator under this Agreement, and the
Administrator and such third parties shall not be liable and shall be indemnified by the Company for any action take or omitted by it
in good faith in reliance upon such instructions. In carrying out its duties hereunder, the Administrator and such third parties shall
be protected and indemnified in acting upon any paper or document believed by it to be genuine and to have been signed by the proper
person or persons and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof
from the Company.

 

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		6.	Activities of the Administrator

 

The services of the Administrator
to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It
is understood that directors, officers, employees and unitholders of the Company are or may become interested in the Administrator and
its affiliates, as directors, officers, members, managers, employees, partners, equityholders or otherwise, and that the Administrator
and directors, officers, members, managers, employees, partners and equityholders of the Administrator and its affiliates are or may become
similarly interested in the Company as equityholders or otherwise.

 

		7.	Duration and Termination of this Agreement

 

(a)          This
Agreement shall become effective as of the first date above written. The provisions of Section 5 of this Agreement shall remain
in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this
Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled
to any amounts owed under Section 4 through the date of termination or expiration, and Section 3 and Section 9 shall continue
in force and effect following such termination. This Agreement shall continue in effect for two years from the date hereof, and thereafter
shall continue automatically for successive annual periods, provided, that, such continuance is specifically approved at
least annually by:

 

(i)            the
vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company; and

 

(ii)           the
vote of a majority of the members of the Company’s Board who are not parties to this Agreement or “interested persons”
(as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party (the “Independent Directors”), in accordance
with the requirements of the 1940 Act.

 

(b)          The
Agreement may be terminated at any time, without the payment of any penalty, (i) by the Company upon 60 days’ prior written
notice to the Administrator: (A) by the vote of a majority of the outstanding voting securities of the Company (as “majority
of the outstanding voting securities” is defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote of the Independent
Directors; or (ii) by the Administrator upon not less than 90 days’ prior written notice to the Company.

 

(c)          This
Agreement may not be assigned by a party without the consent of the other party; provided, however, that (i) the rights
and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger
of the Company into, or conveyance of all of the assets of the Company to, such newly formed entity; provided further, however,
that the sole purpose of that merger or conveyance is to effect a mere change in the Company’s legal form into another limited
liability entity and (ii) the Administrator may, without the consent of any other party, assign the rights and obligations of the
Administrator under this Agreement to an affiliate of the Administrator.

 

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		8.	Amendments of this Agreement

 

This Agreement may be amended
pursuant to a written instrument by mutual consent of the parties.

 

		9.	Governing Law

 

Notwithstanding the place
where this Agreement may be executed by any of the parties hereto and the provisions of Section 5, this Agreement shall be construed
in accordance with the laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement
shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the extent the applicable laws
of the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act, the 1940 Act shall control.

 

		10.	Entire Agreement

 

This Agreement contains the
entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter
hereof.

 

		11.	Notices

 

Any notice under this Agreement
shall be given in writing, addressed and delivered, emailed or mailed, postage prepaid, to the other party at its principal office.

 

[Remainder of Page Intentionally Left
Blank]

 

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

 

	 	T Series Middle Market Loan Fund LLC
	 	 
	 	 
	 	By:	/s/ Orit Mizrachi
	 	 	Name: Orit Mizrachi
	 	 	Title: Chief Operating Officer and Secretary
	 	 
	 	 
	 	MS Private Credit Administrative Services LLC
	 	 
	 	 
	 	By:	 /s/ Orit Mizrachi
	 	 	Name: Orit Mizrachi
	 	 	Title: Vice President

 

[Signature Page to Administration
Agreement]Exhibit 10.3

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement
(the “Agreement”) is made and entered into this [●] day of [●], 2021, by and between T Series Middle
Market Loan Fund LLC, a Delaware limited liability company (the “Company,” which term shall include, where appropriate,
any Entity controlled directly or indirectly by the Company), and [●] (the “Indemnitee”).

 

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

 

WHEREAS, increased corporate
litigation has subjected directors and officers to litigation risks and expenses, and the limitations on the availability of directors
and officers liability insurance have made it increasingly difficult to attract and retain such persons;

 

WHEREAS, the Company’s
Amended and Restated Limited Liability Company Agreement provides that the Company may indemnify its directors and officers to the fullest
extent permitted by law;

 

WHEREAS, the Company desires
to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to full indemnification against litigation risks
and expenses; and

 

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

 

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

 

1.            Definitions.

 

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

 

(b)            “Corporate
Status” describes the status of a person who is serving or has served (i) as a director of the Company or (ii) as
a director of any other Entity at the request of the Company. For purposes of subsection (ii) of this Section 1(b), if Indemnitee
is serving or has served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of a Subsidiary
(as defined below), Indemnitee shall be deemed to be serving at the request of the Company. If Indemnitee is an officer of the Company,
Corporate Status shall not include actions taken by Indemnitee in any capacity other than as a director (except as provided in subsection
(ii) of this definition).

 

(c)            “Entity”
shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other
legal entity.

 

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

 

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(e)            “Indemnifiable
Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have the meanings
ascribed to those terms in Section 3(a).

 

(f)            “Liabilities”
shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

 

(g)            “Proceeding”
shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation,
administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether
formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 11 to enforce Indemnitee’s rights
hereunder.

 

(h)            “Subsidiary”
shall mean any Entity of which the Company owns (either directly or through or together with another Subsidiary of the Company) either
(i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting
capital equity interests of such Entity, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests
of such Entity.

 

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

 

3.            Agreement
to Indemnify. The Company agrees to indemnify Indemnitee as follows:

 

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

 

(b)            Proceedings
by or in the Right of the Company. Subject to the exceptions contained in Section 4(b) and in a manner consistent
with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by
or in the right of the Company by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against
all Indemnifiable Expenses. Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(b) for
liability which arose as a result of Indemnitee’s willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his or her office.

 

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(c)            Presumption
Regarding Standard of Care. In making any determination required to be made under Delaware law with respect to entitlement to indemnification
hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under
this Agreement if Indemnitee submitted a request therefor in accordance with Section 5, and the Company shall have the burden
of rebutting that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption
in a manner consistent with the 1940 Act.

 

4.            Exceptions
to Indemnification. Subject to Section 20, Indemnitee shall be entitled to indemnification under Sections 3(a) and
3(b) above in all circumstances and with respect to each and every specific claim, issue or matter involved in the Proceeding
out of which Indemnitee’s claim for indemnification has arisen, except as follows:

 

(a)            Proceedings
Other Than by or in the Right of the Company. If indemnification is requested under Section 3(a) and it has been
finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee
failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company, or, with respect to any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct
was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder to the extent that they arise out of
such claim, issue or matter.

 

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

 

(i)            it
has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee
failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder to the extent that they arise out
of such claim, issue or matter;

 

(ii)            it
has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to such specific
claim, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter
unless the district court or another court in which such Proceeding was brought shall determine upon application that, despite the adjudication
of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for
such Indemnifiable Expenses that such court shall deem proper; or

 

(iii)            it
has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company for an accounting of profits
made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder and amendments thereto or similar provisions
of any federal, state or local statutory law, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder.

 

(c)            Insurance
Proceeds. To the extent payment is actually made to Indemnitee under a valid and collectible insurance policy maintained at the expense
of the Company in respect of Indemnifiable Amounts in connection with such specific claim, issue or matter, Indemnitee shall not
be entitled to payment of Indemnifiable Amounts hereunder except in respect of any excess of such Indemnifiable Amounts beyond the amount
of payment under such insurance.

 

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5.            Procedure
for Payment of Indemnifiable Amounts. Indemnitee shall submit to the Company a written request specifying the Indemnifiable Amounts
for which Indemnitee seeks payment under Section 3 and the basis for the claim. The Company shall pay such Indemnifiable Amounts
to Indemnitee promptly, but in no event later than ten (10) calendar days after receipt of such request. At the request of the Company, Indemnitee
shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee
is entitled to indemnification hereunder.

 

6.            Indemnification
for Expenses of a Party Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee or on
Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such claim, issue or
matter.

 

7.            Effect
of Certain Resolutions. Neither the settlement nor termination of any Proceeding nor the failure of the Company to award indemnification
or to determine that indemnification is payable shall create a presumption that Indemnitee is not entitled to indemnification hereunder.
In addition, the termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent
shall not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

8.            Agreement
to Advance Expenses; Undertaking. In a manner consistent with applicable law, including the 1940 Act, the Company shall advance all
Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company,
in which Indemnitee is involved by reason of such Indemnitee’s Corporate Status within ten (10) calendar days after the receipt
by the Company of a written statement from Indemnitee requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s
ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions
of this Agreement. To the extent required by Delaware law and the 1940 Act, Indemnitee hereby undertakes to repay any and all of
the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee
is not entitled under this Agreement to indemnification with respect to such Expenses. This undertaking is an unlimited general obligation
of Indemnitee.

 

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

 

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

 

    4 

     

    

 

11.          Remedies
of Indemnitee.

 

(a)           Right
to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3 and 5
or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 and the Company fails to make
such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition the district court
to enforce the Company’s obligations under this Agreement.

 

(b)          Burden
of Proof. In any judicial proceeding brought under Section 11(a), the Company shall have the burden of proving that Indemnitee
is not entitled to payment of Indemnifiable Amounts hereunder.

 

(c)            Expenses.
In a manner consistent with applicable law, including the 1940 Act, the Company agrees to reimburse Indemnitee in full for any Expenses
incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee
under Section 11(a), or in connection with any claim or counterclaim brought by the Company in connection therewith, whether
or not Indemnitee is successful in whole or in part in connection with any such action, except to the extent that it has been finally
adjudicated by a court of competent jurisdiction that such reimbursement would be unlawful.

 

(d)          Failure
to Act Not a Defense. The failure of the Company (including its Board of Directors (“Board of Directors”) or any
committee thereof, independent legal counsel, or unitholders) to make a determination concerning the permissibility of the payment of
Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought
under Section 11(a), and shall not create a presumption that such payment or advancement is not permissible.

 

12.         Defense
of the Underlying Proceeding.

 

(a)            Notice
by Indemnitee. Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint,
indictment, information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the
advancement of Indemnifiable Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee
from the right, or otherwise affect in any manner any right of Indemnitee, to receive payments of Indemnifiable Amounts or advancements
of Indemnifiable Expenses unless the Company’s ability to defend in such Proceeding is materially and adversely prejudiced thereby.

 

(b)            Defense
by Company. Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c),
the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable Amounts hereunder;
provided, however that the Company shall notify Indemnitee of any such decision to defend within ten (10) calendar days of receipt
of notice of any such Proceeding under Section 12(a). The Company shall not, without the prior written consent of Indemnitee,
consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission
of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability
in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall
not apply to a Proceeding brought by Indemnitee under Section 11(a) or pursuant to Section 20.

 

    5 

     

    

 

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

 

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

 

(a)            Authority.
The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery
and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company.

 

(b)            Enforceability.
This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights
generally.

 

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

 

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

 

    6 

     

    

 

16.            Successors.
This Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of all or a substantial
portion of the business, equity interests and/or assets of the Company and any direct or indirect successor by merger or consolidation
or otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs, personal representatives, executors
and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives,
executors and administrators after Indemnitee has ceased to have Corporate Status.

 

17.            Subrogation.
In the event of any payment of Indemnifiable Amounts under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the
Company, all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights.

 

18.            Change
in Law. To the extent that a change in Delaware law or the 1940 Act (whether by statute or judicial decision) shall permit broader
indemnification or advancement of expenses than is provided under the terms of this Agreement, Indemnitee shall be entitled to such
broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent.

 

19.            Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal,
invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum
extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement
shall remain fully enforceable and binding on the parties.

 

20.            Indemnitee
as Plaintiff. Except as provided in Section 11(b), Indemnitee shall not be entitled to payment of Indemnifiable Amounts
or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Company, any Entity which it
controls, any director or officer thereof, or any third party, unless the Board of Directors has consented to the initiation of such Proceeding
or the Company provides indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

21.            Duration.
This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a
director of the Company or as a director of the Company and as a director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any other Entity that such person is or was serving in such capacity at the request of the Company and
(ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and
any Proceeding commenced by Indemnitee pursuant to this Agreement).

 

22.            Modifications
and Waivers; Counterparts. Except as provided in Section 18 with respect to changes in Delaware law which broaden the
right of Indemnitee to be indemnified by the Company or to receive advancements, no supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute
a continuing waiver. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

    7 

     

    

 

23.            General
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly
given (a) when delivered by hand, (b) when transmitted by facsimile or electronic mail and receipt is acknowledged during normal
business hours, and if not, the next business day after transmission, or (c) if mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed:

 

		(i)	If to Indemnitee, to:

 

[Indemnitee]

[●]

[●]

[●]

Facsimile:
[●]

 

		(ii)	If to the Company, to:

 

T Series Middle Market Loan Fund LLC

c/o MS
Capital Partners Adviser Inc.

1585
Broadway

New York, NY 10036

Attention: Jeffrey S. Levin

Email: jeff.levin@morganstanley.com

 

and

 

Dechert LLP

One International Place

40th Floor

100 Oliver Street

Boston, MA 02110

Attention: Thomas Friedmann

 

or to such other address as may have been furnished
in the same manner by any party to the others.

 

24.            Governing
Law; Consent to Jurisdiction; Service of Process. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware without regard to its rules of conflict of laws. Each of the Company and Indemnitee hereby irrevocably and
unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of Delaware and the courts of the United States
of America located in the State of Delaware (the “Delaware Courts”) for any litigation arising out of or relating to
this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto except in such courts),
waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware
Court that such litigation brought therein has been brought in an inconvenient forum. Each of the parties hereto agrees, (a) to the
extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State
of Delaware as such party’s agent for acceptance of legal process, and (b) that service of process may also be made on such
party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of
valid service. Service made pursuant to (a) or (b) above shall have the same legal force and effect as if served upon such party
personally within the State of Delaware. For purposes of implementing the parties’ agreement to appoint and maintain an agent for
service of process in the State of Delaware, each such party does hereby appoint The Corporation Trust Company, as such agent and each
such party hereby agrees to complete all actions necessary for such appointment.

 

    8 

     

    

 

25.            Joinders.
Subsidiaries of the Company may from time to time join this Agreement by signing a joinder to this Agreement. The Company and all Subsidiaries
that have joined this Agreement shall be jointly and severally liable for all obligations of the Company under this Agreement.

 

[The remainder of this page is intentionally
blank]

 

    9 

     

    

 

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

 

	 	T
Series Middle Market Loan Fund LLC

 

		By:	 

		Name:

		Title:

 

[Signature Page to Indemnification Agreement]

 

    

     

    

 

	 	INDEMNITEE

 

	 	 
	 	[●]

 

[Signature Page to Indemnification Agreement]

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