Document:

Exhibit 10.1

 

 

CUSTODY AGREEMENT

 

 

dated as of December
12, 2018

 

by and between

 

MONROE CAPITAL INCOME
PLUS CORPORATION

 

(“Company”)

 

and

 

U.S. BANK NATIONAL
ASSOCIATION

 

(“Custodian”
and “Document Custodian”)

 

    	 

     

    

 

TABLE OF CONTENTS

 

	1.	DEFINITIONS	2
	2.	APPOINTMENT OF CUSTODIAN	8
	3.	DUTIES OF CUSTODIAN	9
	4.	REPORTING	19
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	20
	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES	20
	7.	CERTAIN GENERAL TERMS	23
	8.	COMPENSATION OF CUSTODIAN	25
	9.	RESPONSIBILITY OF CUSTODIAN	25
	10.	SECURITY CODES	29
	11.	TAX LAW	29
	12.	EFFECTIVE PERIOD AND TERMINATION	30
	13.	REPRESENTATIONS AND WARRANTIES	31
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	31
	15.	NOTICES	31
	16.	CHOICE OF LAW AND JURISDICTION	32
	17.	ENTIRE AGREEMENT; COUNTERPARTS	32
	18.	AMENDMENT; WAIVER	33
	19.	SUCCESSOR AND ASSIGNS	33
	20.	SEVERABILITY	33
	21.	REQUEST FOR INSTRUCTIONS	33
	22.	OTHER BUSINESS	34
	23.	REPRODUCTION OF DOCUMENTS	34
	24.	MISCELLANEOUS	34

 

SCHEDULES

 

SCHEDULE A – Trade Confirmation

SCHEDULE B –
Initial Authorized Persons

 

    	 

     

    

 

This CUSTODY AGREEMENT (this “Agreement”)
is dated as of December 12, 2018 and is by and among MONROE CAPITAL INCOME PLUS CORPORATION (and any successor or permitted assign,
the “Company”), a Maryland corporation, having its principal place of business at 311 South Wacker Drive, Suite
6400, Chicago, Illinois 60606, and U.S. BANK NATIONAL ASSOCIATION, a national banking association having a place of business at
One Federal Street, Boston, Massachusetts 02110, as custodian (in such capacity, along with any successor or permitted assign
acting as custodian hereunder, the “Custodian”) and as document custodian (in such capacity, along with any
successor or permitted assign acting as custodian hereunder, the “Document Custodian”)

 

RECITALS

 

WHEREAS, the Company
and U.S. Bank National Association are parties to that certain Cash Custody Agreement dated as of June 27, 2018 (the “Cash
Custody Agreement”) pursuant to which U.S. Bank National Association provided cash custody services to the Company;

 

WHEREAS, the Company
and U.S. Bank National wish and agree to terminate the Cash Custody Agreement as of the date hereof;

 

WHEREAS, the Company
desires to retain U.S. Bank National Association to act as custodian and as document custodian for the Company and each Subsidiary
hereafter identified to the Custodian in accordance with the terms of this Agreement; and

 

WHEREAS, the Company
desires that the Company’s Securities (as defined below) and cash to be held and administered by the Custodian pursuant
to this Agreement in compliance with Section 17(f) of the 1940 Act (as defined below);

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

	1.	DEFINITIONS

 

1.1         Defined
Terms. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used
in this Agreement:

 

“1940 Act”
shall mean the Investment Company Act of 1940.

 

“Account” or
“Accounts” means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities
Account, and any additional account established pursuant to or as permitted under this Agreement, collectively.

 

“Agreement”
means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

 

“Authorized Person”
has the meaning set forth in Section 7.4.

 

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“Business Day”
means a day on which the Custodian or the relevant sub- custodian, including a Foreign Sub-custodian, is open for business in
the market or country in which a transaction is to take place.

 

“Cash Account”
or “Cash Accounts” means any or all of the segregated trust accounts to be established at the Custodian to
which the Custodian shall deposit or credit and hold any cash or Proceeds received by it from time to time from or with respect
to the Securities or the sale of the interests of the Company, as applicable, which trust accounts shall be designated the “Monroe
Capital Income Plus Corporation Interest Proceeds Account” and “Monroe Capital Income Plus Corporation Principal Proceeds
Account.”

 

“Company” has
the meaning set forth in the first paragraph of this Agreement.

 

“Confidential
Information” means any databases, computer programs, screen formats, screen designs, report formats, interactive design
techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant
to this Agreement.

 

“Custodian”
has the meaning set forth in the first paragraph of this Agreement.

 

“Document Custodian”
means the Custodian when acting in the role of a document custodian hereunder.

 

“Eligible Investment”
means any investment that at the time of its acquisition is one or more of the following:

 

		(a)	United States government
                                         and agency obligations;

 

		(b)	commercial paper
                                         having a rating assigned to such commercial paper by Standard & Poor’s Rating
                                         Services or Moody’s Investor Service, Inc. (or, if neither such organization shall
                                         rate such commercial paper at such time, by any nationally recognized rating organization
                                         in the United States of America) equal to one of the two highest ratings assigned by
                                         such organization, it being understood that as of the date hereof such ratings by Standard
                                         & Poor’s Rating Services are “A1+” and “A1” and such
                                         ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;

 

		(c)	interest bearing
                                         deposits in United States dollars in United States or Canadian banks with an unrestricted
                                         surplus of at least U.S. $250,000,000, maturing within one year; and

 

		(d)	money market funds
                                         (including funds of the bank serving as Custodian or its affiliates) or United States
                                         government securities funds designed to maintain a fixed share price and high liquidity.

 

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“Eligible Securities
Depository” has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“Federal Reserve Bank
Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve Bank of the United
States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

 

“Financing Documents”
has the meaning set forth in Section 3.3(b)(ii).

 

“Foreign Sub-custodian”
means and includes (i) any branch of a “U.S. Bank,” as that term is defined in Rule 17f-5 under the 1940 Act, (ii)
any “Eligible Foreign Custodian,” as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with
the Custodian in accordance with Section 6.6, which the Custodian has determined will provide reasonable care of assets of the
Company based on the standards specified in Section 6.7 below.

 

“Foreign Securities”
means Securities for which the primary market is outside the United States.

 

“Loan” means
any U.S. dollar or Canadian dollar denominated commercial loan, or Participation therein, made by a bank or other financial institution
that by its terms provides for payments of principal and/or interest, including discount obligations and payment- in-kind obligations,
acquired by the Company from time to time.

 

“Loan Checklist”
means a list delivered to the Document Custodian in connection with delivery of each Loan to the Custodian by the Company that
identifies the items contained in the related Loan File.

 

“Loan File”
means, with respect to each Loan delivered to the Document Custodian, each of the Required Loan Documents identified on the related
Loan Checklist.

 

“Noteless Loan”
means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying
Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion
of the Loan transferred to the Company.

 

“Participation”
means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

 

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“Person” means
any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including
any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

 

“Proceeds”
means, collectively, (i) (i) the net cash proceeds to the Company from an offering of any class of securities issued by the Company,
(ii) all cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary
Securities) by or on behalf of the issuer or obligor thereof, or applicable paying agent, (iii) the net cash proceeds of the sale
or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and
any Reinvestment Earnings from investment of the foregoing, as defined in Section 3.6(b) hereof) and (iv) the net cash proceeds
to the Company of any borrowing or other financing by the Company.

 

“Proper Instructions”
means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, or any
Person duly authorized by the Company in any of the following forms acceptable to the Custodian:

 

		(a)	in writing signed
                                         by an Authorized Person (and delivered by hand, by mail, by overnight courier, facsimile
                                         or by .pdf file);

 

		(b)	by electronic mail
                                         from an Authorized Person; or

 

		(c)	such other means
                                         as may be agreed upon from time to time by the Custodian and the party giving such instructions,
                                         including oral instructions.

 

“Reinvestment Earnings”
has the meaning set forth in Section 3.6(b).

 

“Request
for Release” means a request for release of any Required Loan Document (or other Underlying Loan Documents), which request
shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit A hereto or (ii) as otherwise
agreed to between the Document Custodian and the Company.

 

“Required Loan
Documents” means, for each Loan:

 

		(a)	other than in the case of a Participation,
                                         an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

 

		(b)	with the exception of Noteless Loans
                                         and Participations, the original executed Underlying Note endorsed by the issuer or the
                                         prior holder of record in blank or to the Company, as identified on the Loan Checklist;

 

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		(c)	(i) if the Company is the sole lender
                                         or if the Company or an affiliate of the Company acts as agent for the lenders (in each
                                         case as notified to the Document Custodian in the Loan Checklist), (A) an executed copy
                                         of the Underlying Loan Agreement (which may be included in the Underlying Note if so
                                         indicated in the Loan Checklist), together with a copy of all amendments and modifications
                                         thereto, as identified on the Loan Checklist, (B) a copy of each related security agreement
                                         (if any) signed by the applicable obligor(s), as identified on the Loan Checklist, and
                                         (C) a copy of each related guarantee (if any) then executed in connection with such Loan,
                                         as identified on the Loan Checklist, and (ii) in all other cases, such copies of the
                                         documents described in clauses (A), (B) and (C), which may not be executed copies, as
                                         are reasonably available to the Company, as identified on the Loan Checklist; and

 

		(d)	a copy of the Loan Checklist.

 

“Securities”
means, collectively, (i) the investments, including Loans, acquired by the Company and delivered to the Custodian by the Company
from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash
dividends) from the investments described in clause (i). For the avoidance of confusion, the term “securities” includes
stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments
representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests
therein, or in any property or assets).

 

“Securities Account”
means the segregated trust account to be established at the Custodian to which the Custodian shall deposit or credit and hold
the Securities (other than Loans) received by it pursuant to this Agreement, which account shall be designated the “Monroe
Capital Income Plus Corporation Securities Custody Account.”

 

“Securities Depository”
means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under
Section 17A of the Securities Exchange Act of 1934, as amended, which acts as a system for the central handling of securities
where all securities of any particular class or series of an issuer deposited within the system are treated as fungible and may
be transferred or pledged by bookkeeping entry without physical delivery of the securities.

 

“Securities System”
means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system
for the central handling of securities (including an Eligible Securities Depository.)

 

“Street Delivery Custom”
means a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination
to determine that the securities are in proper form.

 

“Street Name”
means the form of registration in which the securities are held by a broker who is delivering the securities to another broker
for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name
is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

 

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“Subsidiary”
means, collectively, any wholly owned subsidiary of the Company identified to the Custodian by the Company pursuant to Section
3.13(c).

 

“Subsidiary Cash
Account” shall have the meaning set forth in Section 3.13(b).

 

“Subsidiary Securities”
collectively, (i) the investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time
during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from
the investments described in clause (i).

 

“Subsidiary Securities
Account” shall have the meaning set forth in Section 3.13(a).

 

“Trade Confirmation”
means a confirmation to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable
information with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part
hereof, subject to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian
and the Company from time to time.

 

“UCC” shall
have the meaning set forth in Section 3.3(a).

 

“Underlying Loan Agreement”
means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which
such Loan is made.

 

“Underlying Loan Documents”
means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including
any Underlying Note) executed or delivered in connection therewith.

 

“Underlying Note”
means the one or more promissory notes executed by an obligor to evidence a Loan.

 

		1.2	Construction.
                                         In this Agreement unless the contrary intention appears:

 

		(a)	any reference to this Agreement or
                                         another agreement or instrument refers to such agreement or instrument as the same may
                                         be amended, modified or otherwise rewritten from time to time;

 

		(b)	a reference to a statute, ordinance,
                                         code or other law includes regulations and other instruments under it and consolidations,
                                         amendments, re- enactments or replacements of any of them;

 

		(c)	any term defined in the singular
                                         form may be used in, and shall include, the plural with the same meaning, and vice versa;

 

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		(d)	a reference to a Person includes
                                         a reference to the Person’s executors, custodians, successors and permitted assigns;

 

		(e)	an agreement, representation or warranty
                                         in favor of two or more Persons is for the benefit of them jointly and severally;

 

		(f)	an agreement, representation or warranty
                                         on the part of two or more Persons binds them jointly and severally;

 

		(g)	a reference to the term “including”
                                         means “including, without limitation,” and

 

		(h)	a reference to any accounting term
                                         is to be interpreted in accordance with generally accepted principles and practices in
                                         the United States, consistently applied, unless otherwise instructed by the Company.

 

		1.3	Headings. Headings
                                         are inserted for convenience and do not affect the interpretation of this Agreement.

 

	2.	APPOINTMENT OF CUSTODIAN

 

2.1         Appointment
and Acceptance. The Company hereby appoints the Custodian as custodian of all Securities and cash owned by the Company and the
Subsidiaries (as applicable) and delivered to the Custodian by the Company from time to time during the period of this Agreement,
on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated
herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services
and duties set forth in this Agreement with respect to it subject to and in accordance with the provisions hereof. All Required
Loan Documents and Securities in certificated form shall be maintained and held on behalf of the Company by the Custodian in its
vaults or the vaults of a sub-custodian.

 

2.2         Instructions.
The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions
and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to
enable the Custodian to perform its duties hereunder.

 

2.3         Company
Responsible For Directions. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals
from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility
for compliance with the 1940 Act, any restrictions, covenants, limitations or obligations to which the Company may be subject
or for which it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability for
the application of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing
all applicable payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing
the Custodian with respect to the allocation or application of all such deposits.

 

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	3.	DUTIES OF CUSTODIAN

 

3.1         Segregation.
All Securities and non-cash property held by the Custodian, as applicable, for the account of the Company (other than Securities
maintained in a Securities Depository or Securities System) shall be physically segregated from other Securities and non- cash
property in the possession of the Custodian (including the Securities and non-cash property of a Subsidiary) and shall be identified
as subject to this Agreement.

 

		3.2	Accounts.

 

		(a)	The Custodian shall open and maintain
                                         in its trust department the Cash Account to which the Custodian shall deposit or credit
                                         and hold any cash or Proceeds received by it from time to time from or with respect to
                                         the Securities or the sale of the interests of the Company, as applicable.

 

		(b)	The Custodian shall open and maintain
                                         in its trust department a segregated trust account in the name of the Company, subject
                                         only to order of the Custodian, in which the Custodian shall enter and carry, subject
                                         to Section 3.3(b), all Securities (other than Loans), cash and other investment assets
                                         of the Company which are delivered to it in accordance with this Agreement. For avoidance
                                         of doubt, the Custodian shall not be required to credit or deposit Loans in the Securities
                                         Account but shall instead maintain a register (in book-entry form or in such other form
                                         as it shall deem necessary or desirable) of such Loans, containing such information as
                                         the Company and the Custodian may reasonably agree.

 

		3.3	Delivery of Cash
                                         and Securities to Custodian.

 

		(a)	The Company shall deliver, or cause to be delivered, to the
                                                                                                  Custodian certain of the Company’s Securities, cash and other investment assets, including (a) payments of income,
                                                                                                  payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets
                                                                                                  owned by the Company at any time during the period of this Agreement, and (b) cash received by the Company for the issuance,
                                                                                                  at any time during such period, of other securities or in connection with a borrowing by the Company, except as permitted by
                                                                                                  the 1940 Act. With respect to Loans, the Required Loan Documents and other Underlying Loan Documents shall be delivered to
                                                                                                  the Custodian in its role as, and at the address identified for, the Document Custodian. With respect to assets other than
                                                                                                  Loans, such assets shall be delivered to the Custodian in its role as, and (where relevant) at the address identified for,
                                                                                                  the Custodian. Except to the extent otherwise expressly provided herein, delivery of Securities to the Custodian shall be in
                                                                                                  Street Name or other good delivery form. The Custodian shall not be responsible for such Securities, cash or other assets
                                                                                                  until actually delivered to, and received by it. With respect to Securities (other than Loan Assets and assets in the nature
                                                                                                  of “general intangibles” (as hereinafter defined) held by the Custodian in its capacity as “securities
                                                                                                  intermediary (as defined in Section 8-102 of the Uniform Commercial Code as in effect in the State of New York (the
                                                                                                  “UCC”)), the Custodian shall be obligated to exercise its due care in accordance with the
                                                                                                  reasonable commercial standards in discharging its duties as securities intermediary to obtain and maintain such
                                                                                                  securities.

 

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		(b)	(i) In connection with its acquisition
                                         of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver
                                         or cause to be delivered to the Custodian a properly completed Trade Confirmation containing
                                         such information in respect of such Loan as the Custodian may reasonably require in order
                                         to enable the Custodian to perform its duties hereunder in respect of such Loan on which
                                         the Custodian may conclusively rely without further inquiry or investigation, in such
                                         form and format as the Custodian reasonably may require.

 

		(ii)	Notwithstanding anything herein
                                         to the contrary, delivery of Loans acquired by the Company (or, if applicable, a Subsidiary
                                         thereof) which constitute Noteless Loans or Participations or which are otherwise not
                                         evidenced by a “security” or “instrument” as defined in Section
                                         8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to
                                         the Document Custodian of (i) in the case of a Noteless Loan, a copy of the loan register
                                         with respect to such Noteless Loan evidencing registration of such Loan on the books
                                         and records of the applicable obligor or bank agent to the name of the Company or, if
                                         applicable, a Subsidiary thereof (or, in either case, its nominee) or a copy (which may
                                         be a facsimile copy) of an assignment agreement in favor of the Company (or, if applicable,
                                         a Subsidiary) as assignee, and (ii) in the case of a Participation, a copy of the related
                                         participation agreement. Any duty on the part of the Custodian with respect to the custody
                                         of such Loans shall be limited to the exercise of reasonable care by the Custodian in
                                         the physical custody of any such documents delivered to it, and any related instrument,
                                         security, credit agreement, assignment agreement and/or other agreements or documents,
                                         if any (collectively, “Financing Documents”), that may be delivered
                                         to it. Nothing herein shall require the Custodian to credit to the Securities Account
                                         or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC)
                                         any such Loan or other 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.

 

		(iii)	The
                                         Custodian may assume the genuineness of any such Financing Document it may receive and
                                         the genuineness and due authority of any signatures appearing thereon, and shall be entitled
                                         to assume that each such Financing Document it may receive is what it purports to be.
                                         If an original “security” or “instrument” as defined in Section
                                         8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available
                                         with respect to any Loan to be held by the Custodian under this Agreement, it
                                         shall be the sole responsibility of the Company to make or cause delivery thereof to
                                         the Document Custodian, and the Custodian shall not be under any obligation at any time
                                         to determine whether any such original security or instrument has been or is required
                                         to be issued or made available in respect of any Loan or to compel or cause delivery
                                         thereof to the Custodian.

 

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		(iv)	Contemporaneously
                                         with the acquisition of any Loan, the Company shall (A) if requested by the Custodian,
                                         provide to the Custodian an amortization schedule of principal payments and a schedule
                                         of the interest payable date(s) identifying the amount and due dates of all scheduled
                                         principal and interest payments for such Loan; (B) take all actions necessary for the
                                         Company to acquire good title to such Loan; and (C) take all actions as may be necessary
                                         (including appropriate payment notices and instructions to bank agents or other applicable
                                         paying agents) to cause (1) all payments in respect of the Loan to be made to the Custodian
                                         and (2) all notices, solicitations and other communications in respect of such
                                         Loan to be directed to the Company. The Custodian shall have no liability for any delay
                                         or failure on the part of the Company to provide necessary information to the Custodian,
                                         or for any inaccuracy therein or incompleteness thereof, or for any delay or failure
                                         on the part of the Company to give such effective payment instruction to bank agents
                                         and other paying agents, in respect of the Loans. With respect to each such Loan, the
                                         Custodian shall be entitled to rely on any information and notices it may receive from
                                         time to time from the related bank agent, obligor or similar party with respect to the
                                         related Loan Asset, and shall be entitled to update its records (as it may deem necessary
                                         or appropriate), or from the Company, on the basis of such information or notices received,
                                         without any obligation on its part independently to verify, investigate or recalculate
                                         such information.

 

		3.4	Release of Securities.

 

		(a)	The
                                         Custodian or the Document Custodian, as applicable, shall release and ship for delivery,
                                         or direct its agents or sub-custodian to release and ship for delivery, as the case may
                                         be, Securities or Required Loan Documents (or other Underlying Loan Documents) their
                                         agents or sub-custodian from time to time upon receipt of Proper Instructions (which
                                         shall, among other things, specify the Securities or Required Loan Documents (or other
                                         Underlying Loan Documents) to be released, with such delivery and other information as
                                         may be necessary to enable the Custodian or Document Custodian, as applicable, to perform
                                         (including the delivery method)), which may be standing instructions (in form
                                         acceptable to the Custodian), in the following cases:

 

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		(i)	upon sale of such Securities by
                                         or on behalf of the Company, and such sale may, unless and except to the extent otherwise
                                         directed by Proper Instructions, be carried out by the Custodian or the Document Custodian,
                                         as applicable:

 

		(A)	in accordance with the customary
                                         or established practices and procedures in the jurisdiction or market where the transactions
                                         occur, including delivery to the purchaser thereof or to a dealer therefor (or an agent
                                         of such purchaser or dealer) against expectation of receiving later payment; or

 

		(B)	in the case of a sale effected through
                                         a Securities System, in accordance with the rules governing the operations of the Securities
                                         System;

 

		(ii)	upon the receipt of payment in
                                         connection with any repurchase agreement related to such Securities;

 

		(iii)	to a depositary agent in connection
                                         with tender or other similar offers for such Securities;

 

		(iv)	to the issuer thereof, or its
                                         agent, when such Securities are called, redeemed, retired or otherwise become payable
                                         (unless otherwise directed by Proper Instructions, the cash or other consideration is
                                         to be delivered to the Custodian, its agents or its sub-custodian);

 

		(v)	to an issuer thereof, or its agent,
                                         for transfer into the name of the Custodian or of any nominee of the Custodian or into
                                         the name of any of its agents or sub-custodian or their nominees, or for exchange for
                                         a different number of bonds, certificates or other evidence representing the same aggregate
                                         face amount or number of units;

 

		(vi)	to brokers, clearing banks or
                                         other clearing agents for examination in accordance with the Street Delivery Custom;

 

		(vii)	for exchange or conversion pursuant
                                         to any plan of merger, consolidation, recapitalization, reorganization or readjustment
                                         of the securities of the issuer of such securities, or pursuant to any deposit agreement
                                         (unless otherwise directed by Proper Instructions, the new securities and cash, if any,
                                         are to be delivered to the Custodian, the Document Custodian, their agents or sub- custodian);

 

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		(viii)	in the case of warrants, rights
                                         or similar securities, the surrender thereof in the exercise of such warrants, rights
                                         or similar securities or the surrender of interim receipts or temporary securities for
                                         definitive securities (unless otherwise directed by Proper Instructions, the new securities
                                         and cash, if any, are to be delivered to the Custodian, the Document Custodian, their
                                         agents or sub- custodian); and/or

 

		(ix)	for any other purpose, but only
                                         upon receipt of Proper Instructions and an officer’s certificate signed by an officer
                                         of the Company (which officer shall not have been the Authorized Person providing the
                                         Proper Instructions) stating (i) the specified securities to be delivered, (ii) the purpose
                                         for such delivery, (iii) that such purpose is a proper corporate purpose and (iv) naming
                                         the person or persons to whom delivery of such securities shall be made and attaching
                                         a certified copy of a resolution of the board of directors of the Company or an authorized
                                         committee thereof approving the delivery of such Proper Instructions.

 

3.5         Registration
of Securities. Securities held by the Custodian, its agents or its sub- custodian (other than bearer securities, securities held
in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the Company
or its nominee; or, at the option of the Custodian (if the Custodian determines it cannot hold such security in the name of the
Company), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodian
or their nominees; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents
and its sub-custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless
such Securities are in Street Name or other good deliverable form.

 

		3.6	Bank Accounts,
                                         and Management of Cash.

 

		(a)	Proceeds and other cash received
                                         by the Custodian from time to time shall be deposited or credited to the respective Cash
                                         Account as designated by the Company. All amounts deposited or credited to the designated
                                         Cash Account shall be subject to clearance and receipt of final payment by the Custodian.

 

		(b)	Amounts held in the respective Cash
                                         Account from time to time may be invested in Eligible Investments pursuant to specific
                                         written Proper Instructions (which may be standing instructions) received by the Custodian
                                         from an Authorized Person acting on behalf of the Company. Such investments shall be
                                         subject to availability and the Custodian’s then applicable transaction charges
                                         (which shall be at the Company’s expense). The Custodian shall have no liability
                                         for any loss incurred on any such investment. Absent receipt of such written instruction
                                         from the Company, the Custodian shall have no obligation to invest (or otherwise pay
                                         interest on) amounts on deposit in the respective Cash Account. In no instance will the
                                         Custodian have any obligation to provide investment advice to the Company. Any earnings
                                         from such investment of amounts held in the Cash Account from time to time (collectively,
                                         “Reinvestment Earnings”) shall be redeposited in the respective Cash
                                         Account (and may be reinvested at the written direction of the Company).

 

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		(c)	In the event that the Company shall
                                         at any time request a withdrawal of amounts from any of the Cash Accounts, the Custodian
                                         shall be entitled to liquidate, and shall have no liability for any loss incurred as
                                         a result of the liquidation of, any investment of the funds credited to such Cash Account
                                         as needed to provide necessary liquidity.

 

		(d)	The Company acknowledges that cash
                                         deposited or invested with any bank (including the bank acting as Custodian) may make
                                         a margin or generate banking income for which such bank shall not be required to account
                                         to the Company.

 

		(e)	The Custodian shall be authorized
                                         to open such additional accounts as may be necessary or convenient for administration
                                         of its duties hereunder.

 

		3.7	Foreign Exchange.

 

		(a)	Upon receipt of Proper Instructions,
                                         the Custodian, its agents or its sub- custodian may (but shall not be obligated to) enter
                                         into all types of contracts for foreign exchange on behalf of the Company, upon terms
                                         acceptable to the Custodian and the Company (in each case at the Company’s expense),
                                         including transactions entered into with the Custodian, its sub-custodians or any affiliates
                                         of the Custodian or the sub- custodians. The Custodian shall have no liability for any
                                         losses incurred in or resulting from the rates obtained in such foreign exchange transactions;
                                         absent specific Proper Instructions, the Custodian shall not be deemed to have any duty
                                         to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled
                                         at all times to comply with any legal or regulatory requirements applicable to currency
                                         or foreign exchange transactions.

 

		(b)	The Company acknowledges that the
                                         Custodian, any sub-custodian or any affiliates of the Custodian or any sub-custodian
                                         involved in any such foreign exchange transactions may make a margin or generate banking
                                         income from foreign exchange transactions entered into pursuant to this Section for which
                                         they shall not be required to account to the Company.

 

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3.8        Collection
of Income. The Custodian, its agents or its sub-custodian shall use reasonable efforts to collect on a timely basis all income
and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent
with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest
income, dividends and other payments with respect to registered domestic securities if, on the record date with respect to the
date of payment by the issuer, the Security is registered in the name of the Custodian or its nominee (or in the name of its agent
or sub- custodian, or their nominees); and interest income, dividends and other payments with respect to bearer domestic securities
if, on the date of payment by the issuer, such Securities are held by the Custodian or its sub-custodian or agent; provided, however,
that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect
income. In no event shall the Custodian’s agreement herein to collect income be construed to obligate the Custodian to commence,
undertake or prosecute any legal proceedings.

 

		3.9	Payment of Moneys.

 

		(a)	Upon receipt of Proper Instructions,
                                         which may be standing instructions, the Custodian shall pay out from the respective Cash
                                         Account designated by the Company (or remit to its agents or its sub-custodian, and direct
                                         them to pay out) moneys of the Company on deposit therein in the following cases:

 

		(i)	upon the purchase of Securities
                                         for the Company pursuant to such Proper Instruction; and such purchase may, unless and
                                         except to the extent otherwise directed by Proper Instructions, be carried out by the
                                         Custodian:

 

		(A)	in accordance with the customary
                                         or established practices and procedures in the jurisdiction or market where the transactions
                                         occur, including delivering money to the seller thereof or to a dealer therefor (or any
                                         agent for such seller or dealer) against expectation of receiving later delivery of such
                                         securities; or

 

		(B)	in the case of a purchase effected
                                         through a Securities System, in accordance with the rules governing the operation of
                                         such Securities System;

 

		(ii)	for the purchase or sale of foreign
                                         exchange or foreign exchange agreements for the account of the Company, including transactions
                                         executed with or through the Custodian, its agents or its sub- custodians, as contemplated
                                         by Section 3.7 above; and

 

		(iii)	for any other purpose directed
                                         by the Company, but only upon receipt of Proper Instructions specifying the amount of
                                         such payment, and naming the Person or Persons to whom such payment is to be made.

 

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		(b)	At
                                         any time or times, the Custodian shall be entitled to pay (i) itself from the Cash Account,
                                         whether or not in receipt of express direction or instruction from the Company, any amounts
                                         due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by
                                         Section 7.5, 9.4 or Section 12.5 below, provided, however, that in each case (i)
                                         the Custodian shall have first invoiced or billed the Company for such amounts and the
                                         Company shall have failed to pay such amounts within thirty (30) days after the date
                                         of such invoice or bill, and (ii) all such payments shall be accounted for to the Company.

 

3.10        Proxies.
The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by
the registered holder of such Securities proxies received by the Custodian from its agents or its sub-custodian or from issuers
of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon
receipt of Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices
relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not
received in a timely fashion, except to the extent otherwise expressly provided herein, the Custodian shall be under no duty to
act with regard to such proxies. Notwithstanding the above, neither the Custodian nor any nominee of the Custodian shall vote
any of the Securities held hereunder by or for the account of the Company except in accordance with Proper Instructions.

 

3.11        Communications
Relating to Securities. The Custodian shall transmit promptly to the Company all written information (including proxies, proxy
soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith)
received by the Custodian, from its agents or its sub-custodian or from issuers of the Securities being held for the Company.
The Custodian shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any
Securities unless and except to the extent it has received timely Proper Instruction from the Company in accordance with the next
sentence. The Custodian will not be liable for any untimely exercise of any right or power in connection with Securities at any
time held by the Custodian, its agents or sub-custodian unless:

 

		(i)	the Custodian has received Proper Instructions with regard
                                         to the exercise of any such right or power; and

 

		(ii)	the Custodian, or its agents or sub-custodian are in actual
                                         possession of such Securities,

 

in each case, at least three (3)
Business Days prior to the date on which such right or power is to be exercised. It will be the responsibility of the Company
to notify the Custodian of the Person to whom such communications must be forwarded under this Section.

 

3.12        Records.
The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect
to the Securities, cash or other property held for the Company under this Agreement. All such records shall during the regular
business hours of the Custodian be open for inspection by Authorized Persons, upon reasonable request and prior notice of 5 Business
Days at the Company’s expense. At the sole expense of the Company, upon reasonable request by the Company, the Custodian
agrees to provide in either hard copy or on a computer disc (which format is maintained by the Custodian) such records as required
to be maintained by the Custodian under this Agreement. The Custodian shall, at the Company’s request, supply the
Company with a tabulation of Securities owned by the Company and held by the Custodian and shall, when requested to do so by the
Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable,
the certificate numbers in such tabulations, to the extent such information is available to the Custodian.

 

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		3.13	Custody of Subsidiary
                                         Securities.

 

		(a)	With respect to each Subsidiary identified
                                         to the Custodian by the Company, there shall be established at the Custodian a segregated
                                         trust account to which the Custodian shall deposit and hold any Subsidiary Securities
                                         (other than Loans) received by it (and any Proceeds received by it in the form of dividends
                                         in kind) pursuant to this Agreement, which account shall be designated the “[INSERT
                                         NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).

 

		(b)	With respect to each Subsidiary identified
                                         to the Custodian by the Company, there shall be established at the Custodian a segregated
                                         trust account to which the Custodian shall deposit and hold any cash Proceeds received
                                         by it from time to time from or with respect to Subsidiary Securities or other Proceeds,
                                         which account shall be designated the “[INSERT NAME OF SUBSIDIARY] Cash Proceeds
                                         Account” (the “Subsidiary Cash Account”).

 

		(c)	To the maximum extent possible, the
                                         provisions of this Agreement regarding Securities of the Company, the Securities Account
                                         and the Cash Accounts shall be applicable to any Subsidiary Securities, Subsidiary Securities
                                         Account and Subsidiary Cash Account, respectively. The parties hereto agree that the
                                         Company shall notify the Custodian in writing as to the establishment of any Subsidiary
                                         as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement;
                                         and identify in writing any accounts the Custodian shall be required to establish for
                                         such Subsidiary as herein provided.

 

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		3.14	Access to Information.

 

		(a)	Each
                                         party shall keep confidential any non-public information relating to the other party’s
                                         business (“Confidential Information”). Confidential Information may
                                         include: (i) any data or information that is competitively sensitive material, and not
                                         generally known to the public, including, but not limited to, information about product
                                         plans, marketing strategies, finances, operations, customer relationships, customer profiles,
                                         customer lists, sales estimates, business plans, and internal performance results relation
                                         to the past, present or future business activities of the Company or the Custodian, their
                                         respective subsidiaries and affiliated companies; (ii) any scientific or technical information,
                                         design, process, procedure, formula, or improvement that is commercially valuable and
                                         secret in the sense that its confidentiality affords the Company or the Custodian
                                         a competitive advantage of its competitors; (iii) all confidential or proprietary concepts,
                                         documentation, reports, data, specifications, computer software, source code, object
                                         code, flow charts, databases, documentation, reports, data, specifications, computer
                                         software, source code, object code, flow charts, databases, inventions, know-how, and
                                         trade secrets, whether or not patentable or copyrightable; and (iv) anything designated
                                         as confidential. Confidential Information shall not include information which (i) is
                                         disclosed in a publication available to the public, is otherwise in the public domain
                                         at the time of disclosure, or becomes publicly known through no wrongful act on the part
                                         of the recipient, (ii) is obtained by the recipient in good faith from a third party
                                         source having the right to disclose such information, or (iii) was known by the receiving
                                         party, without any obligation of confidentiality, prior to the disclosure of such information.

 

		(b)	Notwithstanding the foregoing, the
                                         recipient may disclose Confidential Information (i) to regulatory authorities having
                                         jurisdiction over the Custodian, as required by law or regulation, and (ii) to the Custodian’s
                                         directors, officers, employees, attorneys, accountants, agents or advisors who have a
                                         need to know such information in the course of the performance of its duties hereunder.

 

		(c)	The recipient may disclose Confidential
                                         Information to the extent and as required by applicable law or regulation in connection
                                         with oral questions, interrogatories, requests for information or documents, subpoena,
                                         civil investigative demand, any informal or formal investigation by any governmental
                                         entity, or pursuant to a judicial, administrative or legal proceeding in which either
                                         party is involved; provided that the recipient will, to the extent permitted to
                                         do so, provide prompt notice to the other party of such request and give the other party
                                         the opportunity to contest such request or seek a protective order, as necessary, prior
                                         to disclosing such Confidential Information under this Section 3.14(c). In the event
                                         that no such protective order or other remedy is obtained, or in the absence of such
                                         protective order, other remedy or the waiver by the other party and where the receiving
                                         party has been advised by counsel that it is legally compelled to disclose the Confidential
                                         Information, the receiving party and/or its counsel will furnish only that portion of
                                         the Confidential Information that the receiving party is advised by its counsel is legally
                                         required.

 

(1)A.    DUTIES
OF DOCUMENT CUSTODIAN

 

		(a)	With
                                         respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be
                                         delivered to the Custodian in its role as, and at the address identified for, the Document
                                         Custodian. All Required Loan Documents shall be held in safekeeping by the Document Custodian,
                                         individually segregated from the securities and investments of any other Person
                                         and marked so as to clearly identify them as the property of the Company.

 

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		(b)	In
                                         connection with its acquisition of a Loan or other
                                         delivery of a Security constituting a Loan, the Company shall deliver or cause to be
                                         delivered to the Document Custodian the Required Loan Documents, including the Loan Checklist.

 

		(a)	The Document Custodian shall release
                                         and ship for delivery, or direct its agents or sub-custodian to release and ship for
                                         delivery, as the case may be, Required Loan Documents (or other Underlying Loan Documents)
                                         of the Company held by the Document Custodian, its agents or its sub- custodian from
                                         time to time upon receipt of a Request for Release (which shall, among other things,
                                         specify the Required Loan Documents (or other Underlying Loan Documents) to be released,
                                         with such delivery and other information as may be necessary to enable the Document Custodian
                                         to perform (including the delivery method)). Any request for release by the Company shall
                                         be in the form of the Request for Release. The Company is authorized to transmit and
                                         the Document Custodian is authorized to accept signed facsimile or email copies of Requests
                                         for Release submitted in the form attached hereto as Exhibit A (or as otherwise
                                         agreed between the Document Custodian and the Company).

 

		(b)	For the avoidance of doubt, the Document
                                         Custodian shall have no obligation to review or monitor any Required Loan Documents or
                                         other Underlying Loan Documents but shall only be required to hold those Required Loan
                                         Documents or other Underlying Loan Documents received by it in accordance with this Agreement.
                                         For the avoidance of doubt, all rights, protections, indemnities and immunities provided
                                         in this Agreement in favor of the Custodian shall also apply to the Document Custodian.

 

	4.	REPORTING

 

		(a)	If requested by the Company, the
                                         Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals
                                         from the Cash Account during the month, and the outstanding balance (as of the last day
                                         of the preceding monthly report and as of the last day of the subject month) and (ii)
                                         an itemized statement of the Securities held pursuant to this Agreement as of the end
                                         of each month, as well as a list of all Securities transactions that remain unsettled
                                         at that time, and (iii) such other matters as the parties may agree from time to time.

 

		(b)	For each Business Day, the Custodian
                                         shall render to the Company a daily report of (i) all deposits to and withdrawals from
                                         the Cash Account for such Business Day and the outstanding balance as of the end of such
                                         Business Day, and (ii) a report of settled trades of Securities for such Business Day.

 

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		(c)	The Custodian shall have no duty
                                         or obligation to undertake any market valuation of the Securities under any circumstance.

 

		(d)	The Custodian shall provide the
                                         Company with such reports as are reasonably available to it and as the Company may reasonably
                                         request from time to time, on the internal accounting controls and procedures for safeguarding
                                         securities, which are employed by the Custodian.

 

		(e)	At the reasonable request of the
                                         Company, the Custodian agrees to cooperate with the Company’s independent public
                                         accountants and shall provide requested information to the extent such information is
                                         reasonably available to the Custodian.

 

	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS

 

The Custodian may deposit and/or
maintain Securities in a Securities System within the United States in accordance with applicable Federal Reserve Board and Securities
and Exchange Commission rules and regulations and subject to the following provisions, including Rule 17f-4 under the 1940 Act:

 

		(a)	The
                                         Custodian may keep domestic Securities in a U.S. Securities System; provided
                                         that such Securities are represented in an account of the Custodian in the U.S. Securities
                                         System which shall not include any assets of the Custodian other than assets held by
                                         it as a fiduciary, custodian or otherwise for customers;

 

		(b)	The
                                         records of the Custodian with respect to Securities which are maintained in a U.S.
                                         Securities System shall identify by book-entry those Securities belonging to the Company;

 

		(c)	If requested by the Company, the
                                         Custodian shall provide to the Company copies of all notices received from the U.S. Securities
                                         System of transfers of Securities for the account of the Company; and

 

		(d)	Anything
                                         to the contrary in this Agreement notwithstanding, the Custodian shall not be liable
                                         to the Company for any direct loss, damage, cost, expense, liability or claim
                                         to the Company resulting from use of any U.S. Securities
                                         System (other than to the extent resulting from the gross negligence, misfeasance or
                                         misconduct of the Custodian itself, or from failure of the Custodian to enforce effectively
                                         such rights as it may have against the U.S. Securities System.)

 

	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES

 

6.1         Appointment
of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or
more Foreign Sub-custodians to act as Eligible Securities Depositories or as sub-custodian to hold the Securities and other assets
of the Company maintained outside the United States, subject to the Company’s approval in accordance with this Section.
If the Custodian wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will
so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian’s
eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The
Company shall at the meeting of its members next following receipt of such notice and information give a written approval or disapproval
of the proposed action.

 

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6.2         Assets
to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian
to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may
determine to be reasonably necessary to effect the Company’s transactions in such investments.

 

6.3         Omnibus
Accounts. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians or Eligible
Securities Depositories in each case in a single account with such Sub-custodian or Securities Depository that is identified as
belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect
to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry
those Securities and other property as belonging to the Company.

 

6.4         Reports
Concerning Foreign Sub-custodian. The Custodian will supply to the Company, upon request from time to time, statements in
respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the
Foreign Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

 

6.5         Transactions
in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities
received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary established
securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs,
including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against
a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer.

 

6.6         Foreign
Sub-custodian. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions
that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will
be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company’s
assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-custodian or
its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or
rights in favor of creditors of the Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial
ownership for the Company’s assets will be freely transferable without the payment of money or value other than for safe
custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or
as being held by a third party for the benefit of the Company; (v) that the Company’s independent public accountants will
be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic
reports with respect to the safekeeping of the Company’s assets, including notification of any transfer to or from
a Company’s account or a third party account containing assets held for the benefit of the Company. Such contract may contain,
in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in
their entirety, the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

 

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		6.7	Custodian’s Responsibility for Foreign Sub-custodian.

 

		(a)	With respect to its responsibilities
                                         under this Section 6, the Custodian agrees to exercise reasonable care, prudence and
                                         diligence such as a person having responsibility for the safekeeping of property of the
                                         Company would exercise. The Custodian further agrees that the Foreign Securities will
                                         be subject to reasonable care, based on the standards applicable to the Custodian in
                                         the relevant market, if maintained with each Foreign Sub-custodian, after considering
                                         all factors relevant to the safekeeping of such assets, including: (i) the Foreign Sub-custodian’s
                                         practices, procedures, and internal controls, including the physical protections available
                                         for certificated securities (if applicable), the method of keeping custodial records,
                                         and the security and data protection practices; (ii) whether the Foreign Sub-custodian
                                         has the requisite financial strength to provide reasonable care for Company assets; (iii)
                                         the Foreign Sub-custodian’s general reputation and standing and, in the case of
                                         Eligible Securities Depository, the Eligible Securities Depository’s operating
                                         history and number of participants; and (iv) whether the Company will have jurisdiction
                                         over and be able to enforce judgments against the Foreign Sub-custodian, such as by virtue
                                         of the existence of any offices of the Foreign Sub-custodian in the United States or
                                         the Sub- custodian’s consent to service of process in the United States.

 

		(b)	At the end of each calendar quarter,
                                         the Custodian shall provide written reports notifying the members of the Company as to
                                         the placement of the Foreign Securities and cash of the Company with a particular Foreign
                                         Sub-custodian and of any material changes in the Company’s foreign custody arrangements.
                                         The Custodian shall promptly take such steps as may be required to withdraw assets of
                                         the Company from any Foreign Sub-custodian that has ceased to meet the requirements of
                                         Rule 17f-5 under the 1940 Act.

 

		(c)	The Custodian shall establish a system
                                         to monitor the appropriateness of maintaining the Company’s assets with a particular
                                         Foreign Sub-custodian and the performance of the contract governing the Company’s
                                         arrangements with such Foreign Sub-custodian.

 

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		(d)	The
                                         Custodian’s responsibility with respect to the selection or appointment of a Foreign
                                         Sub-custodian shall be limited to a duty to exercise reasonable care in the selection
                                         or retention of such Foreign Intermediaries in light of prevailing settlement and securities
                                         handling practices, procedures and controls in the relevant market. With respect
                                         to any costs, expenses, damages, liabilities, or claims (including attorneys’ and
                                         accountants’ fees) incurred as a result of the acts or the failure to act by any
                                         Foreign Sub-custodian, the Custodian shall take reasonable action to recover such costs,
                                         expenses, damages, liabilities, or claims from such Foreign Sub-custodian; provided that
                                         the Custodian’s sole liability in that regard shall be limited to amounts actually
                                         received by it from such Foreign Intermediaries (exclusive of related costs and expenses
                                         incurred by the Custodian). The Custodian shall have no responsibility for any act or
                                         omission (or the insolvency of) any Securities System (including an Eligible Securities
                                         Depository). In the event the Company incurs a loss due to the negligence, willful misconduct,
                                         or insolvency of a Securities System (including an Eligible Securities Depository), the
                                         Custodian shall make reasonable endeavors, in its discretion, to seek recovery from the
                                         Eligible Securities Depository.

 

	7.	CERTAIN GENERAL TERMS

 

7.1       No
Duty to Examine Underlying Instruments. Nothing herein shall obligate the Custodian to review or examine the terms of any underlying
instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing
or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security (and shall have
no responsibility for the genuineness or completeness thereof), or otherwise.

 

7.2       Resolution
of Discrepancies. In the event of any discrepancy between the information set forth in any report provided by the Custodian to
the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian
thereof and the parties shall cooperate to diligently resolve the discrepancy.

 

7.3       Improper
Instructions. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear
from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or
applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

 

    	23

     

    

 

		7.4	Proper Instructions.

 

		(a)	The
                                         Company will give a notice to the Custodian, in form acceptable to the Custodian, specifying
                                         the names and specimen signatures of persons authorized to give Proper Instructions (collectively,
                                         “Authorized Persons” and each is an “Authorized Person”)
                                         which notice shall be signed by an Authorized Person previously certified to the Custodian.
                                         The Custodian shall be entitled to rely upon the identity and authority of such persons
                                         until it receives written notice from an Authorized Person of the Company to the contrary.
                                         The initial Authorized Persons are set forth on Schedule B attached hereto and
                                         made a part hereof (as such Schedule B may be modified from time to time
                                         by written notice from the Company to the Custodian); and the Company hereby represents
                                         and warrants that the true and accurate specimen signatures of such initial Authorized
                                         Persons are set forth on Schedule B attached
                                         hereto and made a part hereof (as such Schedule B may be modified from time to
                                         time by written notice from the Company to the Custodian). If such persons elect to give
                                         the Custodian email or facsimile instructions (or instructions by a similar electronic
                                         method) and the Custodian in its discretion elects to act upon such instructions, the
                                         Custodian’s reasonable understanding of such instructions shall be deemed controlling.
                                         The Custodian shall not be liable for any losses, costs or expenses arising directly
                                         or indirectly from the Custodian’s reliance upon and compliance with such instruction.
                                         Any persons providing such instructions or directions agrees to assume all risks arising
                                         out of the use of such electronic methods to submit instructions and directions to the
                                         Custodian, including without limitation the risk of the Custodian acting on unauthorized
                                         instructions, and the risk of interception and misuse by third parties.

 

		(b)	The Custodian shall have no responsibility
                                         or liability to the Company (or any other person or entity), and shall be indemnified
                                         and held harmless by the Company, in the event that a subsequent written confirmation
                                         of an oral instruction fails to conform to the oral instructions received by the Custodian.
                                         The Custodian shall not have an obligation to act in accordance with purported instructions
                                         to the extent that they conflict with applicable law or regulations, local market practice
                                         or the Custodian’s operating policies and practices. The Custodian shall not be
                                         liable for any loss resulting from a delay while it obtains clarification of any Proper
                                         Instructions.

 

7.5         Actions
Permitted Without Express Authority.The Custodian may, at its discretion, without express authority from the Company:

 

		(a)	make
                                         payments to itself as described in or pursuant to Section 3.9(b), or to make payments
                                         to itself or others for minor expenses of handling securities or other similar items
                                         relating to its duties under this Agreement; provided that (i) the Custodian shall have
                                         first invoiced or billed the Company for such amounts and the Company shall have failed
                                         to pay such amounts within thirty (30) days after the date of such invoice or bill, and
                                         (ii) all such payments shall be accounted for to the Company;

 

		(b)	surrender Securities in temporary
                                         form for Securities in definitive form;

 

		(c)	endorse for collection cheques, drafts
                                         and other negotiable instruments; and

 

    	24

     

    

 

 

		(d)	in general attend to all nondiscretionary
                                         details in connection with the sale, exchange, substitution, purchase, transfer and other
                                         dealings with the securities and property of the Company.

 

7.6         Evidence
of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate, instrument
or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the
Company by an Authorized Person. The Custodian may receive and accept a certificate signed by any Authorized Person as conclusive
evidence of:

 

		(a)	the authority of any person to act
                                         in accordance with such certificate; or

 

		(b)	any determination or action by the
                                         Company as described in such certificate, and such certificate may be considered as in
                                         full force and effect until receipt by the Custodian of written notice to the contrary
                                         from an Authorized Person.

 

7.7         Receipt
of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern
time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to
have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a
Business Day the Custodian will use its best efforts to process such communications as soon as possible after receipt).

 

	8.	COMPENSATION OF CUSTODIAN

 

8.1         Fees.
The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated
as of December 4, 2018 between the Company and the Custodian.

 

8.2         Expenses.
The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements, advances,
and expenses (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including
any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item,
reclaimed payment or claw-back, or the like), in connection with the preparation or execution of this Agreement, or in connection
with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties
and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian
to collect any amounts owing to it under this Agreement).

 

	9.	RESPONSIBILITY OF CUSTODIAN

 

9.1         General
Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities
or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations
of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations
or responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

 

    	25

     

    

 

		9.2	Instructions.

 

		(a)	The Custodian shall be entitled to
                                         refrain from taking any action unless it has such instruction (in the form of Proper
                                         Instructions) from the Company as it reasonably deems necessary, and shall be entitled
                                         to require, upon notice to the Company, that Proper Instructions to it be in writing.
                                         The Custodian shall have no liability for any action (or forbearance from action) taken
                                         pursuant to the Proper Instruction of the Company.

 

		(b)	Whenever the Custodian is entitled
                                         or required to receive or obtain any communications or information pursuant to or as
                                         contemplated by this Agreement, it shall be entitled to receive the same in writing,
                                         in form, content and medium reasonably acceptable to it and otherwise in accordance with
                                         any applicable terms of this Agreement; and whenever any report or other information
                                         is required to be produced or distributed by the Custodian it shall be in form, content
                                         and medium reasonably acceptable to it and the Company, and otherwise in accordance with
                                         any applicable terms of this Agreement.

 

9.3         General
Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointment
hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this
Agreement (whether or not so stated therein):

 

		(a)	The Custodian may rely on (and shall
                                         be protected in acting or refraining from acting in reliance upon) any written notice,
                                         instruction, statement, certificate, request, waiver, consent, opinion, report, receipt
                                         or other paper or document furnished to it (including any of the foregoing provided to
                                         it by facsimile or other electronic means), not only as to its due execution and validity,
                                         but also as to the truth and accuracy of any information therein contained, which it
                                         in good faith believes to be genuine and signed or presented by the proper person (which
                                         in the case of any instruction from or on behalf of the Company shall be an Authorized
                                         Person); and the Custodian shall be entitled to presume the genuineness and due authority
                                         of any signature appearing thereon. The Custodian shall not be bound to make any independent
                                         investigation into the facts or matters stated in any such notice, instruction, statement,
                                         certificate, request, waiver, consent, opinion, report, receipt or other paper or document;
                                         provided, however, that, if the form thereof is specifically prescribed by the
                                         terms of this Agreement, the Custodian shall examine the same to determine whether it
                                         substantially conforms on its face to such requirements hereof.

 

    	26

     

    

 

		(b)	Neither the Custodian nor any of
                                         its directors, officers or employees shall be liable to anyone for any error of judgment,
                                         or for any act done or step taken or omitted to be taken by it (or any of its directors,
                                         officers of employees), or for any mistake of fact or law, or for anything which it may
                                         do or refrain from doing in connection herewith, unless such action or inaction constitutes
                                         gross negligence, willful misconduct or bad faith on its part and in breach of the terms
                                         of this Agreement. The Custodian shall not be liable for any action taken by it in good
                                         faith and reasonably believed by it to be within powers conferred upon it, or taken by
                                         it pursuant to any direction or instruction by which it is governed hereunder, or omitted
                                         to be taken by it by reason of the lack of direction or instruction required hereby for
                                         such action. The Custodian shall not be under any obligation at any time to ascertain
                                         whether the Company is in compliance with the 1940 Act, the regulations thereunder, or
                                         the Company’s investment objectives and policies then in effect.

 

		(c)	In no event shall the Custodian be
                                         liable for any indirect, special, punitive or consequential damages (including lost profits)
                                         whether or not it has been advised of the likelihood of such damages.

 

		(d)	The Custodian may consult with, and
                                         obtain advice from, legal counsel selected in good faith with respect to any question
                                         as to any of the provisions hereof or its duties hereunder, or any matter relating hereto,
                                         and the written opinion or advice of such counsel shall be full and complete authorization
                                         and protection in respect of any action taken, suffered or omitted by the Custodian in
                                         good faith in accordance with the opinion and directions of such counsel; the reasonable
                                         cost of such services shall be reimbursed pursuant to Section 8.2 above.

 

		(e)	The Custodian shall not be deemed
                                         to have notice of any fact, claim or demand with respect hereto unless actually known
                                         by an officer working in its Corporate Trust Services group and charged with responsibility
                                         for administering this Agreement or unless (and then only to the extent received) in
                                         writing by the Custodian at the applicable address(es) as set forth in Section 15 and
                                         specifically referencing this Agreement.

 

		(f)	No provision of this Agreement shall
                                         require the Custodian to expend or risk its own funds, or to take any action (or forbear
                                         from action) hereunder which might in its judgment involve any expense or any financial
                                         or other liability unless it shall be furnished with acceptable indemnification. Nothing
                                         herein shall obligate the Custodian to commence, prosecute or defend legal proceedings
                                         in any instance, whether on behalf of the Company or on its own behalf or otherwise,
                                         with respect to any matter arising hereunder, or relating to this Agreement or the services
                                         contemplated hereby.

 

    	27

     

    

 

		(g)	The permissive right of the Custodian
                                         to take any action hereunder shall not be construed as duty.

 

		(h)	The Custodian may act or exercise
                                         its duties or powers hereunder through agents or attorneys, and the Custodian shall not
                                         be liable or responsible for the actions or omissions of any such agent or attorney appointed
                                         with reasonable due care.

 

		(i)	All indemnifications contained in
                                         this Agreement in favor of the Custodian shall survive the termination of this Agreement.

 

		(j)	To the extent required under applicable
                                         law, each party shall have a duty to mitigate damages for which the other party may become
                                         responsible.

 

		9.4	Indemnification;
                                         Custodian’s Lien.

 

		(a)	The
                                         Company shall and does hereby indemnify and hold harmless each of the Custodian (any
                                         Foreign Sub-custodian appointed pursuant to Section 6.1 above) and the Document
                                         Custodian for and from any and all costs and expenses (including reasonable attorney’s
                                         fees and expenses), and any and all losses, damages, claims and liabilities, that may
                                         arise, be brought against or incurred by the Custodian or the Document Custodian, as
                                         applicable, whether direct, indirect or consequential, as a result of or arising from
                                         or in any way relating to any claim, demand, suit, action or proceeding (including any
                                         inquiry or investigation) by any person, including without limitation the Company or
                                         any Subsidiary, and any advances or disbursements made by the Custodian or the Document
                                         Custodian, as applicable (including in respect of any Account overdraft, returned deposit
                                         item, chargeback, provisional credit, settlement or assumed settlement, reclaimed payment,
                                         claw-back or the like), as a result of, relating to, or arising out of this Agreement,
                                         or the administration or performance of the Custodian’s duties hereunder, or the
                                         relationship between the Company (including, for the avoidance of doubt, any Subsidiary)
                                         and the Custodian and the Document Custodian, as applicable, created hereby, other than
                                         such liabilities, losses, damages, claims, costs and expenses as are directly caused
                                         by the Custodian’s own action or inaction constituting gross negligence or willful
                                         misconduct.

 

		(b)	Each of the Custodian and the Document
                                         shall have and is hereby granted a continuing lien upon and security interest in, and
                                         right of set-off against, the Account, and any funds (and investments in which such funds
                                         may be invested) held therein or credited thereto from time to time, whether now held
                                         or hereafter required, and all proceeds thereof, to secure the payment of any amounts
                                         that may be owing to the Custodian under or pursuant to the terms of this Agreement,
                                         whether now existing or hereafter arising.

 

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		(c)	If the Company requires the Custodian
                                         or the Document Custodian, or either of its affiliates, subsidiaries or agents, to advance
                                         cash or securities for any purpose (including but not limited to securities settlements,
                                         foreign exchange contracts and assumed settlement) or in the event that the Custodian
                                         or the Document Custodian, as applicable, or either of its nominee shall incur or be
                                         assessed any taxes, charges, expenses, assessments, claims or liabilities in connection
                                         with the performance of this Agreement, except such as may arise from its or its nominee’s
                                         own gross negligent action, grossly negligent failure to act or willful misconduct, or
                                         if the Company fails to compensate or pay the Custodian or the Document Custodian, as
                                         applicable, pursuant to Section 8.1 or Section 9.4 hereof, any cash at any time held
                                         for the account of the Company shall be security therefor and should the Company fail
                                         to repay the Custodian or the Document Custodian promptly (or, if specified, within the
                                         time frame provided herein), the Custodian and the Document Custodian, as applicable,
                                         shall be entitled to utilize available cash to the extent necessary to obtain reimbursement.

 

9.5         Force
Majeure. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for any
damage or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control including nationalization,
expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any
securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the
like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots,
revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; errors by the
Company (including any Authorized Person) in its instructions to the Custodian; or changes in applicable law, regulation or orders.

 

	10.	SECURITY CODES

 

If the Custodian issues to the
Company, security codes, passwords or test keys in order that it may verify that certain transmissions of information, including
Proper Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard
any security codes, passwords, test keys or other security devices which the Custodian shall make available.

 

	11.	TAX LAW

 

11.1       Domestic
Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or
the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision
thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes,
(but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement), withholding,
certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other
expenses (including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities
or Proceeds.

 

    	29

     

    

 

11.2       Foreign
Tax Law. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company, or the
Custodian as custodian of any Securities or related Proceeds, by the tax law of foreign (i.e., non-U.S.) jurisdictions, including
responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting.
The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the
Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided
such information.

 

	12.	EFFECTIVE PERIOD AND TERMINATION

 

12.1       Effective
Date. This Agreement shall become effective as of its due execution and delivery by each of the parties. This Agreement shall
continue in full force and effect until terminated as hereinafter provided. This Agreement may only be amended by mutual written
agreement of the parties hereto. This Agreement may be terminated by the Custodian or the Company pursuant to Section 12.2.

 

12.2       Termination.
This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written
notice of termination given by either party to the other not later than ninety (90) days prior to the effective date of termination
specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

12.3       Resignation.
The Custodian may at any time resign under this Agreement by giving not less than ninety (90) days advance written notice thereof
to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than ninety (90) days’
advance written notice thereof to the Custodian.

 

12.4       Successor.
Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the Custodian,
as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable.

 

12.5       Payment
of Fees, etc. Upon termination of this Agreement or resignation or removal of the Custodian, the Company shall pay to the Custodian
such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the
date of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under
this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

 

12.6       Final
Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete final
report or data file transfer of any Confidential Information as of the date of such resignation or removal.

 

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	13.	REPRESENTATIONS AND WARRANTIES

 

		13.1	Representations
                                         of the Company. The Company represents and warrants to the Custodian that:

 

		(a)	it has the power and authority to
                                         enter into and perform its obligations under this Agreement, and it has duly authorized
                                         and executed this Agreement so as to constitute its valid and binding obligation; and

 

		(b)	in giving any instructions which
                                         purport to be “Proper Instructions” under this Agreement, the Company will
                                         act in accordance with the provisions of its certificate of limited partnership and limited
                                         partnership agreement and any applicable laws and regulations.

 

		13.2	Representations
                                         of the Custodian. The Custodian hereby represents and warrants to the Company that:

 

		(a)	it has the power and authority to
                                         enter into and perform its obligations under this Agreement;

 

		(b)	it has duly authorized and executed
                                         this Agreement so as to constitute its valid and binding obligations;

 

		(c)	that it maintains business continuity
                                         policies and standards that include data file backup and recovery procedures that comply
                                         with all applicable regulatory requirements; and

 

		(d)	it is qualified to act as a custodian
                                         pursuant to Section 26(a)(1) of the 1940 Act.

 

	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

This Agreement is not intended
for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by
any third parties (other than successors and permitted assigns pursuant to Section 19).

 

	15.	NOTICES

 

Any Proper Instructions shall
be given to the following address (or such other address as either party may designate by written notice to the other party),
and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the
parties at the following address (or such other address as either of them may subsequently designate by notice to the other),
given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) confirmed facsimile
or electronic mail:

 

    	31

     

    

 

		(a)	if to the Company or any Subsidiary, to

 

Monroe Capital Income Plus Corporation

311 South Wacker Drive, Suite 6400

Chicago, Illinois 60606

Attention: Karina Stahl

Facsimile No.: (312) 258-8350

Email: operationsgroup@monroecap.com

 

With a copy
to

 

Monroe Capital Management Advisors LLC

311 South Wacker Drive, Suite 6400

Chicago, Illinois 60606

 

		(b)	if to the Custodian (other than in its role as Document Custodian),
                                         to

 

U.S. Bank National Association

 Global Corporate Trust
Services

 One Federal Street, 3rd Floor 

Boston, Massachusetts 02110

Ref: Monroe Capital Income Plus Corporation 

Attention:
Siu Man Luie

Email: siuman.luie@usbank.com

 Fax: (855) 791-2099

 

		(c)	if to the Custodian solely in its role as Document Custodian,
                                         to

 

U.S. Bank National Association

 1719 Otis Way

Florence, South Carolina 29501 

Mail Code: Ex - SC
- FLOR

Ref: Monroe Capital Income Plus Corporation

 Attention:         Heather
Perkins

E-mail:             heather.perkins@usbank.com

 Facsimile
No.:(843) 673-0162

 

	16.	CHOICE OF LAW AND JURISDICTION

 

This Agreement shall be construed,
and the provisions thereof interpreted under and in accordance with and governed by the laws of The Commonwealth of Massachusetts
for all purposes (without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal
securities laws, including the 1940 Act.

 

	17.	ENTIRE AGREEMENT; COUNTERPARTS

 

17.1       Complete
Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed
herein and supersedes and terminates as of the date hereof, all prior agreements or understandings, oral or written between the
parties to this Agreement relating to such matters.

 

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17.2       Counterparts.
This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one and the
same instrument.

 

17.3       Facsimile
Signatures. The exchange of copies of this Agreement and of signature pages by facsimile transmission or electronic transmission
of a .pdf file shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of
the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or .pdf file shall be deemed to be
their original signatures for all purposes.

 

	18.	AMENDMENT; WAIVER

 

18.1       Amendment.
This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodian.

 

18.2       Waiver.
In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder,
unless and except to the extent such waiver is set forth in an express written instrument signed by the party against whom it
is to be charged.

 

	19.	SUCCESSOR AND ASSIGNS

 

19.1       Successors
Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and
their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement
without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian
to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided
in this Agreement.

 

19.2       Merger
and Consolidation. Any corporation or association into which the Custodian may be merged or converted or with which it may be
consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian
shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate
trust business, shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of
the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

	20.	SEVERABILITY

 

The terms of this Agreement
are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination
shall not affect the remaining terms.

 

	21.	REQUEST FOR INSTRUCTIONS

 

If, in performing its duties
under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall
not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does
not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under
no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received
from the Company in response to such request after such two (2)- Business Day period except to the extent it has already taken,
or committed itself to take, action inconsistent with such instructions.

 

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	22.	OTHER BUSINESS

 

Nothing herein shall prevent
the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial
or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person.
Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members of
any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue
of the engagement or relationship established by this Agreement.

 

	23.	REPRODUCTION OF DOCUMENTS

 

This Agreement and all schedules,
exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature
photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence
as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or
not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production
shall likewise be admissible in evidence.

 

	24.	MISCELLANEOUS

 

The Company acknowledges receipt
of the following notice:

 

“IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

 

To help the government fight the funding
of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information
that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or
other legal entity the Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian
may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority
to represent the entity or other relevant documentation.”

 

[PAGE INTENTIONALLY ENDS HERE. SIGNATURES
APPEAR ON NEXT PAGE.]

 

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IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a
duly authorized officer, intending the same to take effect as of the date first above
written.

 

	 	MONROE CAPITAL INCOME PLUS CORPORATION
	 	 	 
	 	By:	/s/ Theodore M. Koenig
	 	 	Name: Theodore M. Koenig
	 	 	Title: President and CEO
	 	 	 
	 	U.S.  BANK NATIONAL ASSOCIATION, as
	 	Custodian
	 	 	 
	 	By:	/s/ Jon C. Warn
	 	 	Name: Jon C. Warn
	 	 	Title: Vice President
	 	 	 
	 	U.S.  BANK NATIONAL ASSOCIATION, as
	 	Document Custodian
	 	 	 
	 	By:	/s/ Kenneth Brandt
	 	 	Name: Kenneth Brandt
	 	 	Title: Assistant Vice President

 

[Signature Page to Custody Agreement]

 

     

     

    

 

SCHEDULE A

 

(Trade Confirmation)

 

ON FILE WITH CUSTODIAN

 

     

     

    

 

 

SCHEDULE B

 

Any of the following
persons (each acting singly) shall be an Authorized Person (as this list may subsequently be modified by the Company from time
to time by written notice to the Custodian):

 

	Name	Specimen Signature
	 	
	Theodore Koenig	 
	 	 
	Aaron Peck	 
	 	 
	Jeremy VanDerMeid	 
	 	 
	Karina Stahl	 
	 	 
	James Cassady	 
	 	 
	David Jacobson	 
	 	 

 

     

     

    

 

EXHIBIT A

 

FORM OF REQUEST FOR RELEASE

 

(attached)

 

     

     

    

 

 

 

Request
for Release of Documents 

 

	U.S. Bank Global Corporate Trust Services	Attention: Document Custody Services Receiving Unit
	1719 Otis Way	Email:      dcs@usbank.com
	Florence, South Carolina 29501	Fax:         (651) 695-6100 or (651) 695-6101

 

		RE:	Custody Agreement, dated as of [                         ],
                                                                                 2018 (the “Custody Agreement”) between Monroe Capital Income Plus Corporation (the “Company”) and
                                                                                 U.S. Bank National Association, as custodian and document custodian (the “Document Custodian”)

 

Pursuant to Section 3A of the Custody Agreement,
we request the release of the Required Loan Documents (or Underlying Loan Documents) relating to the Loans listed on the attached
Excel spreadsheet for the reason indicated below:

 

Reason for Requesting Documents (Check
One):

 

	 	1) Loan Paid in Full
	 	2) Loan being Substituted
	 	3) Loan being Liquidated by Company
	 	4) Other- Description Needed Below

 

	Company:	 
	Authorized
    Representative:	 
	Name
    (Printed):	 
	Title
    (Printed):	 
	Date:	 
	Phone:	 

 

	File
    Delivery Instructions – Address Needed
	 
	 
	 
	 
	 
	 

 

Upon Completion of Request, for
Release, please scan and email the request to the appropriate DCS Vault Location. If applicable, please indicate if the
request is a “Rush” in the subject line. Please fax the form if you do not have access to email.

 

	Florence:	dcsflorencescreleases@usbank.com
	Frederick:	electronic.release.requests@usbank.com
	Jacksonville:	dcsctsjacksonville.requests@usbank.com
	Saint Paul:	dcs@usbank.com
	St. Petersburg:	documentcustody.stpete@usbank.com
	Rocklin:	dcs-rocklin@usbank.com
	Tempe:	tempe.dcs.request@usbank.comExhibit 10.2

 

TRANSFER AGENT SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into as of the last date
on the signature block, by and Monroe Capital Income Plus Corporation, a Maryland corporation (the “Fund”),
and U.S. Bancorp Fund Services, LLC, d/b/a/ U.S. Bank Global Fund Services, a Wisconsin limited liability company
(“Fund Services”).

 

WHEREAS, the Fund is a closed-end management
investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as
amended (the “1940 Act” or the “Act”);

 

WHEREAS, the Fund is authorized to offer
and sell common stock in the Fund (collectively, the “Shares”);

 

WHEREAS, Fund Services is, among other
things, in the business of administering transfer agent functions for the benefit of its customers; and

 

WHEREAS, the Fund desires to retain Fund
Services to provide transfer agent services.

 

NOW, THEREFORE, in consideration of the
promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, do hereby agree as follows:

 

	1.	Appointment of Fund Services as Transfer Agent

 

The Fund hereby appoints Fund Services as transfer
agent of the Fund on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and
agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined
to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

 

	2.	Services and Duties of Fund Services

 

Fund Services shall provide the following transfer
agent services to the Fund:

 

		(1)	Receive and process orders for the purchase of Shares
in accordance with applicable rules under the 1940 Act and other applicable regulations, and as specified in the Fund’s
registration statement.

 

		(2)	Process subscription agreements received from prospective
holders of Shares (such holder of Shares, “Shareholders”).

 

		(3)	Process purchase orders with prompt delivery, where
appropriate, of payment and supporting documentation to the Fund’s custodian(s), and issue the appropriate number of uncertificated
Shares with such uncertificated Shares being held in the appropriate Shareholder account.

 

    	 

     

    

 

		(4)	Arrange for issuance of Shares obtained through transfers
of funds from Shareholders’ accounts at financial institutions.

 

		(5)	Process tender offers and related repurchase requests
received in good order and, where relevant, deliver appropriate documentation to the Fund.

 

		(6)	Pay monies upon receipt from the Fund where relevant,
in accordance with the instructions of redeeming Shareholders.

 

		(7)	Process transfers of Shares in accordance with the
Shareholder’s instructions and as permitted by the Fund’s registration statement.

 

		(8)	Prepare and transmit payments for distributions declared
by the Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance
with Shareholder instructions.

 

		(9)	Make changes to Shareholder records, including, but
not limited to, address changes.

 

		(10)	Prepare ad-hoc reports as necessary at prevailing
rates. Any such ad-hoc reporting to exceed $500 in cost to be explicitly approved by the Fund.

 

		(11)	Provide Shareholder account information upon Shareholder
or Fund request and prepare and mail confirmations and statements of account to Shareholders for all purchases, redemptions, and
other confirmable transactions as agreed upon with the Fund.

 

		(12)	Mail account statements and performance reports in
a form approved by the Fund to Shareholders on a monthly basis and shareholder reports on annual basis.

 

		(13)	Prepare and file U.S.
Treasury Department Forms 1099 and other appropriate information required with respect to dividends, distributions and repurchases
for all shareholders.

 

		(14)	Reimburse the Fund each month for
                                         all material losses resulting from “as of” processing errors for which Fund
                                         Services is responsible in accordance with the “as of” processing guidelines
                                         set forth on Exhibit A hereto.

 

		(16)	Answer correspondence from shareholders,
                                         securities brokers and others relating to Fund Services duties hereunder within required
                                         time periods established by applicable regulation.

 

		(17)	Provide service and support to financial
                                         intermediaries including but not limited to trade placements, settlements and corrections.

 

    	 

     

    

 

		(18)	Perform its duties hereunder in compliance with all
applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification
required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (“SOX Act”) or any rules or regulations promulgated
by the U.S. Securities and Exchange Commission (“SEC”) thereunder, provided the same shall not be deemed to change
Fund Services’ standard of care as set forth herein.

 

		(19)	In order to assist the Fund in satisfying the requirements
of Rule 38a-1 under the 1940 Act, Fund Services will provide the Fund’s Chief Compliance Officer with reasonable access
to Fund Services’ Fund records relating to the services provided by it under this Agreement, and will provide quarterly
compliance reports and related certifications regarding any Material Compliance Matter (as defined in the 1940 Act) involving
Fund Services that affect or could affect the Fund.

 

	3.	Lost Shareholder Due Diligence Searches and Servicing

 

The Fund hereby acknowledges that
Fund Services has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). Costs associated with such searches will be passed
through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in Exhibit B hereto. If a
shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17 search,
the Fund hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such
lost shareholder’s representative or executor) to conduct a more in-depth search in order to locate the lost shareholder
before the shareholder’s assets escheat to the applicable state. The Fund hereby acknowledges that Fund Services is not
a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements. Furthermore,
the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as compensation for its
efforts in locating the lost shareholder. Fund Services shall report, or arrange to have reported, to the Fund shareholder account
information where such accounts or funds have been turned over to applicable state authorities.

 

	4.	Anti-Money Laundering and Red Flag Identity Theft Prevention
Programs

 

The Fund acknowledges that it has had an opportunity
to review, consider and comment upon the written procedures provided by Fund Services describing various tools used by Fund Services
which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring
certain aspects of shareholder activity as well as written procedures for verifying a customer’s identity (collectively,
the “Procedures”). Further, the Fund and Fund Services have determined that the Procedures, as part of the Fund’s
overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to: (i) prevent
the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii)
to achieve compliance with the applicable provisions of the Bank Secrecy Act and the USA Patriot Act of 2001 and the implementing
regulations thereunder.

 

    	 

     

    

 

Based on this determination, the Fund hereby instructs
and directs Fund Services to implement the Procedures on the Fund’s behalf, as such may be amended or revised from time
to time. It is contemplated that these Procedures will be amended from time to time by the parties as additional regulations are
adopted and/or regulatory guidance is provided relating to the Fund’s anti-money laundering and identity theft responsibilities.

 

Fund Services agrees to provide to the Fund:

 

		(a)	Prompt written notification of any transaction or
combination of transactions that Fund Services believes, based on the Procedures, evidence money laundering, activity that may
warrant a suspicious activity report or identity theft activities in connection with the Fund or any shareholder of the Fund;

 

		(b)	Prompt written notification of any customer(s) that
Fund Services reasonably believes, based upon the Procedures, to be engaged in money laundering, activity that may warrant a suspicious
activity report or identity theft activities, provided that the Fund agrees not to communicate this information to such customer;

 

		(c)	Any reports received by Fund Services from any government
agency or applicable industry self-regulatory organization pertaining to Fund Services anti-money laundering monitoring or the
Red Flag Identity Theft Prevention Program on behalf of the Fund;

 

		(d)	Prompt written notification of any action taken in
response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c); and

 

		(e)	Certified quarterly reports of its monitoring and
customer identification activities on behalf of the Fund, including an annual certification that Fund Services has applied and
followed the Procedures during the relevant reporting period;

 

The Fund hereby directs, and Fund Services acknowledges,
that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and
relating to Fund Services implementation of the Procedures on behalf of the Fund, as it may request, and (ii) permit such federal
regulators to inspect Fund Services implementation of the Procedures on behalf of the Fund.

 

    	 

     

    

 

	5.	Compensation

 

Fund Services shall be compensated for providing
the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended
from time to time by consent of both parties to this agreement). Fund Services shall be compensated for such miscellaneous expenses
as are reasonably incurred by Fund Services in performing its duties hereunder and as are described in Exhibit B hereto.
Fund Services shall also be compensated for any increases in costs due to the adoption of any new or amended industry, regulatory
or other applicable rules. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt
of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify Fund Services in writing
within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay
such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid. With the
exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance
charge of 11⁄2% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to Fund
Services shall only be paid out of assets and property of the Fund involved.

 

	6.	Representations and Warranties

 

		A.	The Fund hereby represents and warrants to Fund Services,
which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

 

		(1)	The Fund is duly organized and existing under the
laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement
and to perform its obligations hereunder;

 

		(2)	This Agreement has been duly authorized, executed
and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the
Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting the rights and remedies of creditors and secured parties; and

 

		(3)	It is conducting its business in compliance in all
material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals
necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and
no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or
performance of this Agreement.

 

		B.	Fund Services hereby represents and warrants to the
Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

 

    	 

     

    

 

		(1)	It is duly organized and existing under the laws of
the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement
and to perform its obligations hereunder;

 

		(2)	This Agreement has been duly authorized, executed
and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation
of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting the rights and remedies of creditors and secured parties;

 

		(3)	It is conducting its business in compliance in all
material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals
necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and
no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or
performance of this Agreement; and

 

		(4)	It is a registered transfer agent under the Exchange
Act.

 

7.          Standard
of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall exercise reasonable care in the
performance of its duties under this Agreement. Fund Services shall not be liable for any error of judgment or mistake of law
or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical
breakdowns or the failure of communication or power supplies beyond Fund Services’ control, except a loss arising out of
or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence,
or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement,
if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify
and hold harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities of any and every
nature (including reasonable and documented attorneys' fees) that Fund Services may sustain or incur or that may be asserted against
Fund Services by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder
(i) in accordance with the foregoing standards, (ii) in reliance upon any written or oral instruction provided to Fund Services
by the Fund’s investment adviser or by any duly authorized officer of the Fund, as approved by the Board of Directors, except
for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services’ refusal
or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance
of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding
the termination of this Agreement. As used in this paragraph, the term “Fund Services” shall include Fund Services’
directors, officers and employees.

 

    	 

     

    

 

			Fund Services shall indemnify and hold the Fund harmless from and against any and all claims,
                                                                                  demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may
                                                                                  sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be
                                                                                  taken by Fund Services as a result of Fund Services’ refusal or failure to comply with the terms of this Agreement, bad
                                                                                  faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a
                                                                                  continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As
                                                                                  used in this paragraph, the term “Fund” shall include the Fund’s directors, officers and employees.

 

			Neither party to this Agreement shall be liable to the other party for consequential, special
                                                                                     or punitive damages under any provision of this Agreement.

 

			In the event of a mechanical breakdown or failure of communication or power supplies beyond
                                                                                its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such
                                                                                interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of
                                                                                any service interruption that materially impacts Fund Services’ services under this Agreement. Fund Services will make
                                                                                every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the
                                                                                expense of Fund Services as soon as practicable. Fund Services agrees that it shall, at all times, have reasonable
                                                                                business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for
                                                                                emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of
                                                                                the Fund shall be entitled to inspect Fund Services’ premises and operating capabilities, books and records maintained
                                                                                on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services.
                                                                                Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the
                                                                                Fund about the actions it intends to take to correct the error prior to taking such actions. A “material administrative
                                                                                error” means any error which the Fund’s management, including its Chief Compliance Officer, would reasonably need
                                                                                to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may
                                                                                reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund
                                                                                Services relating to the services provided by Fund Services under this Agreement.

 

			Notwithstanding the above, Fund Services reserves the right to reprocess and correct
                                                                                             administrative errors at its own expense.

 

    	 

     

    

 

		B.	In order that the indemnification provisions contained
in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee
harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and
it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation
that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option
to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so
elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee
shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section.
The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to
indemnify the indemnitee except with the indemnitor’s prior written consent.

 

		C.	The indemnity and defense provisions set forth in
this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement.

 

		D.	If Fund Services is acting in another capacity for
the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve Fund Services of any of its obligations in
such other capacity.

 

	8.	Data Necessary to Perform Services

 

The Fund or its agent shall
furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually
agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations
hereunder, Fund Services will coordinate with all other service providers of the Fund as may be requested and authorized by the
Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund,
nothing herein shall be deemed to relieve Fund Services of any of its obligations in such capacity.

 

    	 

     

    

 

	9.	Proprietary and Confidential Information

 

Fund Services agrees on behalf of itself and its
directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information
relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all
shareholder trading information, and not to use such records and information for any purpose other than the performance of its
responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval
shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings
for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent
permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund.
Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees,
agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the
Fund or its agent, shall not be subject to this paragraph. Further, Fund Services will adhere to the privacy policies adopted
by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, Fund Services
shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality
and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.
In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to
protect information relating to Shareholders (such information, “Personal Information”), which program includes sufficient
administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security
and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity
of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal
Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security
Program”). The Information Security Program complies and shall comply with reasonable information security practices within
the industry. Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of,
or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred
to individually and collectively for purposes of this provision as a “Security Breach”). Fund Services shall promptly
investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address
any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible
for such Security Breach.

 

In addition to, and without limiting the foregoing,
Fund Services will promptly cooperate with the Fund or any of their affiliates’ regulators at Fund Services expense (only
if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security
Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding
any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

 

Fund Services will provide the Transfer Agent with
certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to Fund Services CCO Portal (limited to two
persons) to the extent such reports are available and related to services performed or made available by Fund Services under this
Agreement. The Transfer Agent acknowledges and agrees that such reports are confidential and that it will not disclose such reports
except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable
to such reports.

 

Notwithstanding the foregoing, Fund Services will
not share any nonpublic personal information concerning any of the Fund’s shareholders to any third party unless specifically
directed by the Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act.

 

    	 

     

    

 

	10.	Records

 

Fund Services shall keep records relating to the
services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the
Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of
the 1940 Act and the rules thereunder. Fund Services agrees that all such records prepared or maintained by Fund Services relating
to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and
made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund
or their designee on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to
comply with the Fund’s disclosure controls and procedures and internal control over financial reporting adopted in accordance
with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Transfer Agent and
assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required
certifications and (ii) provide a report of management on the Fund’s internal control over financial reporting (as defined
in Sections 13a-15(f) or 15a-15(f) of the Exchange Act).

 

	11.	Compliance with Laws

 

The Fund has and retains primary responsibility for
all compliance matters relating to the Fund, including but not limited to compliance with the Act, the Internal Revenue Code of
1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments
as set forth in its registration statement. Fund Services’ services hereunder shall not relieve the Fund of its responsibilities
for assuring such compliance and oversight responsibility with respect thereto.

 

The foregoing shall not affect Fund Services’
responsibilities for compliance and related matters delegated to Fund Services by the Fund as expressly provided herein. Fund
Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement
any necessary modifications to the services prior to the deadline imposed, or extensions authorized by, the regulatory or other
governmental body having jurisdiction for such regulatory requirements.

 

	12.	Term of Agreement; Amendment

 

This Agreement shall become effective as of the date
last written in the signature block and will continue in effect for a period of three (3) years. This Agreement may be terminated
by either party upon giving ninety (90) days’ prior written notice to the other party or such shorter period as is mutually
agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the
other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach
to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund
Services and the Fund, and authorized or approved by the Board of Directors.

 

    	 

     

    

 

	13.	Duties in the Event of Termination

 

In the event that, in connection with termination,
a successor to any of Fund Services’ duties or responsibilities hereunder is designated by the Fund by written notice to
Fund Services, Fund Services will promptly, upon such termination and, except in the case of a material breach by Fund Services,
in which case all expenses shall be borne by Fund Services, at the expense of the Fund, transfer to such successor all relevant
books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably
acceptable to the Fund (if such form differs from the form in which Fund Services has maintained the same, the Fund shall pay
any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer
of such duties and responsibilities, including provision for assistance from Fund Services’ personnel in the establishment
of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data
shall be returned to the Fund.

 

	14.	Assignment

 

This Agreement shall extend to and be binding upon
the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable
by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied
by the authorization or approval of the Board of Directors.

 

	15.	Governing Law

 

This Agreement shall be construed in accordance with
the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the
State of New York, or any of the provisions herein, conflict with the applicable provisions of the Act, the latter shall control,
and nothing herein shall be construed in a manner inconsistent with the Act or any rule or order of the SEC thereunder.

 

	16.	Services not Exclusive

 

Nothing in this Agreement shall
limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services
provided hereunder.

 

	17.	No Agency Relationship

 

Nothing herein contained shall be deemed to authorize
or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the
account, of the other party to this Agreement.

 

    	 

     

    

 

	18.	Invalidity

 

Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

	19.	Notices

 

Any notice required or permitted to be given by either
party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service,
or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed
received by facsimile transmission to the other party’s address set forth below:

 

Notice to Fund Services shall be sent to:

 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

 

and notice to the Fund shall be sent to:

 

c/o Monroe Capital LLC

311 S. Wacker Drive, Suite 6400

Chicago, IL 60606

Telephone: (312) 523-2372

Fax: (312) 258-8350

Attention: Peter Gruszka, General Counsel & Managing
Director

PGruszka@monroecap.com and IR@monroecap.com

 

	20.	Multiple Originals

 

This Agreement may be executed on two or more counterparts,
each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and
the same instrument.

 

	21.	Entire Agreement

 

This Agreement, together with any exhibits, attachments,
appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the
date last written below.

 

	U.S. BANCORP FUND SERVICES, LLC	 
	 	 	 
	By: 	/s/ Brett Melli
	 	 	 
	Name:	Brett Melli
	 	 	 
	Title:	Senior Vice President
	 	 	 
	Date:	December 13, 2018	 

 

	MONROE CAPITAL INCOME PLUS CORPORATION	 
	 	 	 
	By:	/s/ Theodore M. Koenig	 
	 	 	 
	Name:	Theodore M. Koenig	 
	 	 	 
	Title:	President and CEO	 
	 	 	 
	Date:	December 13, 2018	 

 

    	 

     

    

 

Exhibit A to the Transfer
Agent Servicing Agreement

 

As Of Processing Policy

 

Fund Services will reimburse the Fund for
any Net Material Loss that may exist on the Fund’s books and for which Fund Services is responsible, at the end of each
calendar month. “Net Material Loss” shall be defined as any remaining loss, after netting losses against any gains,
which impacts the Fund’s net asset value per share by at least 1⁄2 cent. Gains and losses will be reflected on the
Fund’s daily share sheet, and the Fund will be reimbursed for any net material loss on a monthly basis. Fund Services will
reset the as of ledger each calendar month so that any losses which do not exceed the materiality threshold of 1⁄2 cent will
not be carried forward to the next succeeding month. Fund Services will notify the advisor to the Fund on the daily share sheet
of any losses for which the advisor may be held accountable. Fund Services will supply the Fund from time to time, as mutually
agreed upon, reports summarizing the as-of transactions identified pursuant this policy.

 

    	 

     

    

 

Exhibit B to the Transfer Agent Servicing
Agreement –

 

Investor Services/Stock Transfer Agency
Fee Schedule at December 2018

 

Annual Service Charges to the Fund*

 

	§	Base Fee Per CUSIP (Annual Income Distributions)	$20,000 per year
	§	Base Fee Per CUSIP (Monthly/Quarterly Income Distributions)   	$25,000 per year
	§	Open Accounts	$12.00 per open account
	§	Closed Accounts	$  3.00 per closed account

 

Private and Interval Funds*

 

	§	Base Fee Per CUSIP	$40,000 per year (first 12 months $30,000 per year)
	§	Open Accounts	$13.00 per open account
	§	Closed Accounts	$  3.00 per closed account

 

CUSIP Setup

 

	§	CUSIP
                                         Fee – $5,000 per CUSIP

 

Miscellaneous Expenses 

All other miscellaneous fees and expenses, including but not
limited to the following, will be separately billed as incurred:

brokerage fees, telephone toll-free lines, inbound calls, mailing,
sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention,
lost shareholder search, disaster recovery charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor statements,
tax, checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges,
return mail processing, travel, FATCA and other compliance mailings.

 

Additional Services 

Additional services not included above shall be mutually agreed
upon and documented on the Additional Services fee schedule: Available but not included above are the following services- client
Web data access, client dedicated line data access, programming charges, physical certificate processing, CUSIP setup and additional
services mutually agreed upon.

 

In addition to the fees described above, additional fees may
be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to
services provided (e.g., compliance with new liquidity risk management and reporting requirements).

 

*Subject to annual CPI increase – All Urban Consumers
– U.S. City Average.

Fees are calculated pro rata and billed monthly.

 

The monthly fee for an open account shall be charged in
the month during which an account is opened through the month in which such account is closed. The monthly fee for a closed account
shall be charged in the month following the month during which such account is closed.

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