ADMINISTRATION AGREEMENT





      AGREEMENT, dated September 29, 2006, between BlackRock Senior Floating

Rate Fund, Inc. (the "Fund"), a Maryland corporation and BlackRock Advisors, LLC

(the "Administrator"), a Delaware limited liability company.



      WHEREAS, the Administrator has agreed to furnish administration services

to the Fund, a continuously offered, closed-end investment company registered

under the Investment Company Act of 1940, as amended (the "1940 Act");



      WHEREAS, the Fund is one of the "feeder" funds for and invests all of its

assets in Master Senior Floating Rate Trust, which serves as the "master"

portfolio and has the same investment objective and policies as the Fund;



      WHEREAS, this Agreement has been approved in accordance with the

provisions of the 1940 Act, and the Administrator is willing to furnish such

services upon the terms and conditions herein set forth;



      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 Administrator agrees, all as more fully set forth

herein, to act as administrator to the Fund and to supervise and arrange for the

day to day operations of the Fund.



      2. Duties and Obligations of Administrator with Respect to the

Administration of the Fund. The Administrator agrees to furnish office

facilities and equipment and clerical, bookkeeping and administrative services

(other than such services, if any, provided by the Fund's Custodian, Transfer

Agent and Dividend Disbursing Agent and other service providers) for the Fund.

To the extent requested by the Fund, the Administrator agrees to provide the

following administrative services:



            (a) Oversee the determination and publication of the Fund's net

asset value in accordance with the Fund's policy as adopted from time to time by

the Board of Directors;



            (b) Oversee the maintenance by the Fund's Custodian and Transfer

Agent and Dividend Disbursing Agent of certain books and records of the Fund as

required under Rule 31a1(b)(4) of the 1940 Act and maintain (or oversee

maintenance by such other persons as approved by the Board of Directors) such

other books and records required by law or for the proper operation of the Fund;



            (c) Oversee the preparation and filing of the Fund's federal, state

and local income tax returns and any other required tax returns;



{PAGE}



            (d) Review the appropriateness of and arrange for payment of the

Fund's expenses;



            (e) Coordinate tender offers for the Fund's shares and the

implementation of any other share purchase programs authorized by the Board of

Directors;



            (f) Prepare for review and approval by officers of the Fund

financial information for the Fund's semiannual and annual reports, proxy

statements and other communications with shareholders required or otherwise to

be sent to Fund shareholders, and arrange for the printing and dissemination of

such reports and communications to shareholders;



            (g) Prepare for review by an officer of the Fund the Fund's periodic

financial reports required to be filed with the Securities and Exchange

Commission ("SEC") on Form NSAR, Form NCSR, Form NPX, Form NQ, and such other

reports, forms and filings, as may be mutually agreed upon;



            (h) Prepare such reports relating to the business and affairs of the

Fund as may be mutually agreed upon and not otherwise appropriately prepared by

the Fund's custodian, counsel or auditors;



            (i) Make such reports and recommendations to the Board of Directors

concerning the performance of the independent accountants as the Board of

Directors may reasonably request or deems appropriate;



            (j) Make such reports and recommendations to the Board of Directors

concerning the performance and fees of the Fund's Custodian and Transfer and

Dividend Disbursing Agent as the Board of Directors may reasonably request or

deems appropriate;

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