Document:

EX-10.1

 Exhibit 10.1 

INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 INVESTCORP US
INSTITUTIONAL PRIVATE CREDIT FUND 
 AND 

CM INVESTMENT PARTNERS LLC 

This INVESTMENT ADVISORY AGREEMENT, dated as of _________ __, 2022 (this “Agreement”), is by and between Investcorp US
Institutional Private Credit Fund, a Delaware Statutory Trust (the “Fund”), and CM Investment Partners LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Fund is
a non-diversified, closed-end 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”); 
 WHEREAS, the Adviser is an investment adviser that is registered under the Investment
Advisers Act of 1940, as amended (the “Advisers Act”); and 
 WHEREAS, the Fund desires to retain the Adviser to furnish
investment advisory services to the Fund on the terms and conditions hereinafter set forth, and the Adviser desires to be retained to provide such services. 

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt
of which is hereby acknowledged, it is agreed by and between the parties hereto as follows: 
 1. In General. The Adviser
agrees, all as more fully set forth herein, to act as investment adviser to the Fund with respect to the investment of the Fund’s assets and to supervise and arrange for
the day-to-day operations of the Fund and the purchase of assets for and the sale of assets held in the investment portfolio of the Fund. 

2. Duties and Obligations of the Adviser with Respect to Investment of Assets of the Fund. 

(a) Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Fund’s board of trustees (the
“Board of Trustees”), the Adviser shall act as the investment adviser to the Company and shall manage the investment and reinvestment of the assets of the Company. Without limiting the generality of the foregoing, the Adviser
shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify,
evaluate and negotiate the structure of the investments made by the Fund; (iii) execute, close, service and monitor the investments that the Fund makes; (iv) determine the securities and other assets that the Fund will purchase, retain or
sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of
its funds. Nothing contained herein shall be construed to restrict the Fund’s right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the
net asset value of the Fund’s shares. 

 (b) In the performance of its duties under this Agreement, the Adviser shall at all times
use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to
the Fund; (ii) any other applicable provision of law; (iii) the provisions of the Declaration of Trust and the Bylaws of the Corporation, as such documents may be amended from time to time; (iv) the investment objectives, policies and
restrictions applicable to the Fund as set forth in the Fund’s Registration Statement on Form 10 or Form N-2 filed with the Securities and Exchange Commission (“SEC”), as amended
from time to time by post-effective amendments thereto (the “Registration Statement”), and as such objectives, policies and restrictions may be amended from time to time by the Board of Trustees or stockholders of the Fund; and
(v) any policies and determinations of the Board of Trustees of the Fund and provided in writing to the Adviser. 
 (c) The Adviser
will seek to provide qualified personnel to fulfill its duties hereunder and, except as set forth in the following sentence, will bear all costs and expenses incurred in connection with its investment advisory duties hereunder. The Fund shall
reimburse the Adviser for all direct and indirect costs and expenses incurred by the Adviser for office space rental, office equipment, utilities and other non-compensation related overhead allocable
to performance of investment advisory services hereunder by the Adviser, including the costs and expenses of due diligence of potential investments, monitoring performance of the Fund’s investments, serving as directors and officers of
portfolio companies, providing managerial assistance to portfolio companies, enforcing the Fund’s rights in respect of its investments and disposing of investments. All allocations made pursuant to this paragraph (c) shall be made pursuant
to allocation guidelines approved from time to time by the Board of Trustees. The Fund shall also be responsible for the payment of all the Fund’s other expenses, including payment of the fees payable to the Adviser under Section 6 hereof;
organizational and offering expenses; expenses incurred in valuing the Fund’s assets and computing its net asset value per share (including the cost and expenses of any independent valuation firm); expenses incurred by the Adviser or payable to
third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Fund and in monitoring the Fund’s investments and performing due diligence on the Fund’s prospective portfolio companies or
otherwise related to, or associated with, evaluating and making investments; interest payable on debt, if any, incurred to finance the Fund’s investments and expenses related to unsuccessful portfolio acquisition efforts; offerings of the
Fund’s common shares of beneficial interest and other securities; investment advisory and management fees payable under this Agreement; administration fees; transfer agent and custody fees and expenses; federal and state registration fees; all
costs of registration and listing the Fund’s shares on any securities exchange; federal, state and local taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents required by the SEC or other
regulators; costs of any reports, proxy statements or other notices to stockholders, including printing costs; the costs associated with individual or group stockholders; the Fund’s allocable portion of the fidelity bond, directors and
officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent
auditors and outside legal costs; and all other non-investment advisory expenses incurred by the Fund or the Adviser in connection with the administering the Fund’s business. 

 (d) The Adviser shall give the Fund the benefit of its professional judgment and effort in
rendering services hereunder, but neither the Adviser nor any of its officers, directors, employees, agents or controlling persons shall be liable for any act or omission or for any loss sustained by the Fund in connection with the matters to which
this Agreement relates, provided, that the foregoing exculpation shall not apply to a loss resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations
and duties under this Agreement; provided further, however, that the foregoing shall not constitute a waiver of any rights which the Fund may have which may not be waived under applicable law. 

(e) The Adviser will place orders either directly with the issuer or with any broker or dealer. Subject to the other provisions of this
paragraph, in placing orders with brokers and dealers, the Adviser will attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Adviser will consider the experience and skill of the firm’s
securities traders as well as the firm’s financial responsibility and administrative efficiency. Consistent with this obligation, the Adviser may select brokers on the basis of the research, statistical and pricing services they provide to the
Fund and other clients of the Adviser. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Adviser hereunder. A commission paid to such brokers may be higher
than that which another qualified broker would have charged for effecting the same transaction, provided that the Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of
the Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term, subject to review by the Board of Trustees of the Fund from time to time
with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice. 

3. Services Not Exclusive. Nothing in this Agreement shall prevent the Adviser or any officer, employee or other affiliate thereof
from acting as investment adviser for any other person, firm or fund, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Adviser or any of its officers, employees or agents from buying, selling or trading
any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; provided, however, that the Adviser will not undertake, and will cause its employees not to undertake, activities
which, in its reasonable judgment, will adversely affect the performance of the Adviser’s obligations under this Agreement. 

4. Agency Cross Transactions. From time to time, the Adviser or brokers or dealers affiliated with it may find themselves in a
position to buy for certain of their brokerage clients (each an “Account”) securities which the Adviser’s investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory
clients wish to buy. Where one of the parties is an advisory client, the Adviser or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions
from one or both parties to the transaction without the advisory client’s consent. This is because in a situation where the Adviser is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and
the Adviser or an affiliate is receiving commissions from both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Adviser’s part regarding the advisory client. The SEC has

 
adopted a rule under the Advisers Act which permits the Adviser or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written
consent in advance. By execution of this Agreement, the Fund authorizes the Adviser or its affiliates to participate in agency cross transactions involving an Account. The Fund may revoke its consent at any time by written notice to the Adviser.

 5. Expenses. During the term of this Agreement, the Adviser will bear all compensation expense (including health insurance,
pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries or directors’ fees of any officers or directors of the Fund who are affiliated persons (as defined in the 1940
Act) of the Adviser. 
 6. Compensation of the Adviser. The Adviser, for its services to the Fund, will be entitled to receive a
management fee (the “Base Management Fee”) and an incentive fee (“Incentive Fee”) from the Fund. 
 (a)
The Base Management Fee will be calculated at an annual rate of 0.75% of the average value of the weighted average (based on the number of shares outstanding each day in the quarter) of the Fund’s net assets at the end of the two most recently
completed calendar quarters from the date of this Agreement (the “Commencement Date”). For the Company’s first calendar quarter, the Base Management Fee will be calculated based on the weighted average of the Company’s net
assets as of such quarter-end. The Base Management Fee will be payable quarterly in arrears. 
 (b)
The Incentive Fee will consist of two parts that are independent of each other, with the result that one component may be payable even if the other is not, as follows: 

(i) The first component of the Incentive Fee (the “Income-Based Incentive Fee”) will be calculated and payable
quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter for which such fees are being calculated and shall be payable promptly following the
filing of the Fund’s financial statements for such quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other
fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses for
the quarter (including the Base Management Fee, expenses payable under the Fund’s administration agreement (the “Administration Agreement”), any interest expense and any dividends paid on any issued and outstanding preferred
stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income not yet received in cash.
Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. 

 (ii) Pre-Incentive Fee Net
Investment Income, expressed as a rate of return on the value of the Fund’s net assets at the end of the calendar quarter for which such fees are being calculated, will be compared to a “hurdle rate” of 1.50% per quarter (6.00%
annualized). The Fund will pay the Adviser the Income-Based Fee with respect to the Fund’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: 

(1) no Income-Based Fee for any calendar quarter in which the Fund’s Pre-Incentive
Fee Net Investment Income does not exceed the hurdle rate; 
 (2) 100% of the Fund’s
Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any,
that exceeds the hurdle rate but is less than 1.714286% (6.86% annualized); and 
 (3) 12.5% of the amount of the Fund’s
Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any,
that exceeds 1.714286% (6.86% annualized). 
 (ii) The second part of the Incentive Fee (the “Capital Gains
Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), commencing with the calendar year ending on December 31, 2022, and is calculated at the end
of each applicable year by subtracting (1) the sum of the Fund’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Fund’s cumulative aggregate realized capital gains, in each
case calculated from the Commencement Date. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 12.5% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years; provided that
the Capital Gains Fee determined as of December 31, 2022 will be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital
depreciation for the period ending December 31, 2022. If such amount is negative, then no Capital Gains Fee will be payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date shall
be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee. 

7. Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this
Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings)
with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated
with the Adviser) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement)

 
incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the
Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding
sentence of this Section 7 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any
liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless
disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). 

8. Duration and Termination. 

(a) This Agreement shall become effective as of the first date above written. This Agreement may be terminated at any time, without the
payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Fund, (ii) by the vote of the Fund’s Trustees, or (iii) by the Adviser. The provisions of
Section 7 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of
this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 7 shall continue in force and effect and apply to the Adviser and its representatives
as and to the extent applicable. 
 (b) This Agreement shall continue in effect for two years from the Commencement Date and thereafter
shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board of Trustees, or by the vote of a majority of the outstanding voting securities of
the Fund and (B) the vote of a majority of the members of the Fund’s Board of Trustees who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such
party, in accordance with the requirements of the 1940 Act. 
 (c) This Agreement will automatically terminate in the event of its
“assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). 
 9. Notices. Any
notice under this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or
on the fourth day after the postmark if such notice is mailed first class postage prepaid. 
 10. Amendment of this Agreement.
This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in conformity with the requirements of the 1940 Act. 

 11. Entire Agreement; Governing Law. This Agreement contains the entire
agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and in
accordance with the applicable provisions of the 1940 Act. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control. 

12. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected
thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors. 

13. Counterparts. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original
counterpart, and all of which, together, shall constitute one Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers, all as of the day and the year first above written. 
  

			
	INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CM INVESTMENT PARTNERS LLC
		
	By:	 	  

	Name:	 	
	Title:EX-10.2

 Exhibit 10.2 

ADMINISTRATION AGREEMENT 

This ADMINISTRATION AGREEMENT (this “Agreement”), dated as of _________ __, 2022, is by and between Investcorp US
Institutional Private Credit Fund, a Delaware statutory trust (the “Fund”), and CM Investment Partners LLC, a Delaware limited liability company (the “Administrator”). 

WITNESSETH: 
 WHEREAS, the
Fund is a non-diversified, closed-end 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”); 
 WHEREAS, the Fund desires to retain the Administrator to provide administrative
services to the Fund in the manner and on the terms hereinafter set forth; and 
 WHEREAS, the Administrator is willing to provide
administrative services to the Fund on the terms and conditions hereafter set forth. 
 NOW, THEREFORE, in consideration of the premises and
the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Fund and the Administrator hereby agree as follows: 

1. Duties of the Administrator. 

(a) Employment of Administrator. The Fund hereby employs the Administrator to act as
administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Fund (the
“Board”), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to
assume the obligations herein set forth subject to the reimbursement of costs and expenses as provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall for all purposes herein be
deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed agents of the Fund. 

(b) Services. The Administrator shall perform (or oversee, or arrange for, the performance of)
the administrative services necessary for the operation of the Fund. Without limiting the generality of the foregoing, the Administrator shall provide the Fund with office facilities, equipment, clerical, bookkeeping and record keeping services at
such office facilities and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf
of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, 

 
attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall
make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be
desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator, provide any advice or recommendation relating to the securities
and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. The Administrator shall be responsible for the financial and other records that the Fund is required to maintain and shall prepare
all reports and other materials required to be filed with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority, including, but not limited to, current reports on
Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K and proxy or information
statements to stockholders. At the Fund’s request, the Administrator will provide on the Fund’s behalf significant managerial assistance to those portfolio companies to which the Fund is required to offer such assistance. In addition, the
Administrator will assist the Fund in determining and publishing the Fund’s net asset value, overseeing the preparation and filing of the Fund’s tax returns, and the printing and dissemination of reports to stockholders of the Fund, and
generally overseeing the payment of the Fund’s expenses and the performance of administrative and professional services rendered to the Fund by others. 

2. Records. The Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to
activities performed by the Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and records in accordance with such
statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains for the Fund shall at all times
remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records
which it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under
the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its
confidentiality obligations under this Agreement. The Administrator may engage one or more third parties to perform all or a portion of the foregoing services. 

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

 4. Compensation; Allocation of Costs and Expenses. 

(a) In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for
the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder, including the costs and expenses charged by
any sub-administrator that may be retained by the Administrator to provide services to the Fund or on the Administrator’s behalf. 

(b) The Fund will bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed
by the Fund’s investment adviser, pursuant to that certain Investment Advisory Agreement, dated as of [•], 2022, by and between the Fund and the Administrator, as investment adviser to the Company. Costs and expenses to be borne by the
Fund include, but are not limited to, those relating to: the Fund’s organization; calculating the Fund’s net asset value (including the cost and expenses of any independent valuation firms); expenses, including travel expense, incurred by
the Administrator or payable to third parties for monitoring the Fund’s investments and, if necessary, enforcing its rights; interest payable on debt, if any, incurred to finance the Fund’s investments; offerings of the Fund’s common
shares of beneficial interest and other securities, if any; investment advisory and management fees; distributions on the Fund’s shares; administration fees payable under this Agreement; the allocated costs incurred by the Administrator in
providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making investments; transfer agent and custodial fees; registration fees; listing fees; taxes;
independent director fees and expenses; preparing and filing reports or other documents with the SEC; preparation of any reports, proxy statements or other notices to the Fund’s stockholders, including printing costs; the Fund’s fidelity
bond; directors and officers/errors and omissions liability insurance, and any other insurance premiums; indemnification payments; expenses relating to the development and maintenance of the Fund’s website; direct costs and expenses of
administration, including audit and legal costs; and all other expenses reasonably incurred by the Fund or the Administrator in connection with administering the Fund’s business, such as the allocable portion of overhead under this Agreement.

 5. Limitation of Liability of the Administrator; Indemnification. The Administrator, its affiliates and their
respective directors, officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them shall not be liable to the Fund for any action taken or omitted to be taken by the
Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Fund, and the Fund shall indemnify, defend and protect the Administrator (and its officers, managers,
partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator (collectively, the “Indemnified Parties”), and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified 

 
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security
holders) arising out of or otherwise based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Fund. Notwithstanding the preceding sentence of this Section 5
to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security
holders to which the Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the
Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). 

6. Activities of the Administrator. The services of the Administrator to the Fund are not to be deemed to be exclusive, and
the Administrator and each other person providing services as arranged by the Administrator is free to render services to others. It is understood that directors, officers, employees and stockholders of the Fund are or may become interested in the
Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the
Administrator and its affiliates are or may become similarly interested in the Fund as officers, directors, stockholders or otherwise. 
 7.
Duration and Termination of this Agreement. 
 (a) This Agreement shall continue in effect for two years from
the date hereof and thereafter continue automatically for successive annual periods, but only so long as such continuance is specifically approved at least annually by (i) the Board and (ii) a majority of those members of the Board who are
not parties to this Agreement or “interested persons” (as defined by Section 2(a)(19) of the 1940 Act) of any such party. 

(b) This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the
Administrator, upon 60 days’ written notice to the other party. 
 (c) This Agreement may not be assigned by a
party without the consent of the other party. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this
Agreement. 
 8. Amendments of this Agreement. This Agreement may be amended pursuant to a written instrument
signed by each of the parties hereto. 
 9. Entire Agreement; Governing Law. This Agreement contains the entire
agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable
provisions of the 1940 Act, if any. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control. 

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

12. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of
the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.
This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors. 
 13.
Counterparts. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CM INVESTMENT PARTNERS LLC
		
	By:	 	  

	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]