Document:

Exhibit 10.3

 

FORM OF EXECUTION VERSION

 

PLEDGE AGREEMENT

 

PLEDGE AGREEMENT (as
may be amended, supplemented, or otherwise modified from time to time, this “Agreement”) dated as of July 15,
2020 made by TRIPLEPOINT PRIVATE VENTURE CREDIT INC., a Maryland corporation (the “Pledgor”) and TPGVC FUNDING
COMPANY LLC, a Maryland limited liability company (the “Borrower”) in favor of DEUTSCHE BANK AG, NEW YORK BRANCH,
as Facility Agent (in such capacity, the “Facility Agent”), for the benefit of the Secured Parties (as defined
in the RFA referred to below).

 

R E C I T A L S :

 

WHEREAS, the Borrower
and the Pledgor have entered into (i) the Receivables Financing Agreement, dated as of the date hereof (as amended, supplemented,
or otherwise modified from time to time, the “RFA”) between the Borrower, the Pledgor, individually and as collateral
manager, each of the lenders from time to time party thereto, the Facility Agent, Deutsche Bank AG, New York Branch and MUFG Union
Bank, N.A., as Joint Lead Arrangers, Deutsche Bank Trust Company Americas, as paying agent, U.S. Bank National Association, as
custodian, and Vervent Inc., as backup collateral manager, and (ii) the Sale and Contribution Agreement, dated as of the date
hereof (as amended, supplemented, or otherwise modified from time to time, the “Sale Agreement”) between the
Borrower, as purchaser and the Pledgor, as seller. Terms used herein as defined terms and not otherwise defined herein shall have
the meanings given thereto in the RFA;

 

WHEREAS, the Borrower
is a wholly-owned subsidiary of the Pledgor; and

 

WHEREAS, the obligations
of the Lenders to make Advances are conditioned on, among other things, the execution and delivery by the Pledgor of an agreement
in the form hereof.

 

Now,
therefore, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Grant
of Security Interests; Certain Definitions. As security for the payment in full when due of all of the obligations arising
under or in connection with Section 2.1 of the Sale Agreement (the “Sale Agreement Obligations”), the Pledgor
hereby pledges, assigns, transfers and grants to the Facility Agent and its successors and assigns, for the benefit of the Secured
Parties, a continuing lien on and security interest in the property and property rights listed on Schedule 1 hereto until
such time, if any, as such property and property rights are released from such lien and security interest pursuant to Section 19
hereof (hereinafter called the “Pledged Collateral”). For purposes of this Agreement, the term “Pledged
Documents” shall have the meanings given thereto in Schedule 1.

 

2.            Assurances;
Pledged Documents.

 

(a)            At
any time and from time to time, upon demand of the Facility Agent, at the Pledgor’s sole expense, the Pledgor will give,
execute, file and record, or cause the same to be done by other parties, any and all notices, financing statements, financing statement
amendments, continuation statements, instruments, documents or agreements that the Facility Agent may reasonably consider necessary
or desirable to create, confirm, preserve, maintain, continue, perfect or validate, or establish the priority of, the security
interest granted hereunder as a security interest having at least the perfection and priority described in Sections 3(a) and
(e) or to enable the Facility Agent to exercise or enforce its rights hereunder with respect to such lien and security
interest.

 

     

     

    

 

(b)            The
Pledgor has heretofore and/or contemporaneously herewith furnished the Facility Agent with true and correct copies of the Pledged
Documents (including originals of any certificates or other instruments evidencing or representing any of the Pledged Collateral
(each in transferable form, duly endorsed if required or accompanied by executed undated instruments of transfer)). Without in
any way impairing any applicable restrictions on the rights of any persons to in any way amend or modify any of the Pledged Documents,
the Pledgor agrees promptly to furnish the Facility Agent with a copy of any amendment to or other modification of any of the Pledged
Documents.

 

3.            Representations;
Warranties; Covenants. Each of the Pledgor and the Borrower hereby represents, warrants and covenants, solely with respect
to itself, to and with the Facility Agent that:

 

(a)            Except
in each case for Permitted Liens, the Pledgor (i) is and will at all times continue to be the direct owner, beneficially and
of record, of the Pledged Collateral hereunder, (ii) holds in the manner aforesaid the Pledged Collateral hereunder free and
clear of all Liens, and has not authorized and will not authorize the filing of any financing statement or other similar notice,
covering the Pledged Collateral or any part thereof, and (iii) will not make or suffer any assignment or pledge, or create
or suffer the creation of any Lien on the Pledged Collateral or any part thereof. The Pledgor is the owner of 100% of the membership
interests in the Borrower. The Pledgor is the only Person having management rights in respect of the Borrower under the Pledged
Documents and under Applicable Law. So long as this Agreement remains in effect, the Pledgor shall have no right to transfer or
assign its interest in the Pledged Collateral to any Person other than the Facility Agent or its transferee.

 

(b)            The
Borrower shall not permit or suffer (x) the interests in the Borrower to be represented by any certificates or otherwise become
 “certificated securities” within the meaning of the UCC or (y) any Person other than the Facility Agent to have
 “control” within the meaning of Article 8 of the UCC in respect of securities constituting Pledged Collateral.

 

(c)            The
Pledgor (i) has, and at all times will have, good right and legal authority to grant a security interest in the Pledged Collateral
in the manner hereby contemplated and (ii) will defend its and the Facility Agent’s title and interest thereto or therein,
against any and all Liens, however arising, of all persons whomsoever except with respect to Permitted Liens. The Pledgor is a
corporation duly formed, validly existing and in good standing under the laws of the State of Maryland. The Pledgor is duly qualified
to do business and is in good standing in every jurisdiction in which the failure to be so qualified and/or in good standing, individually
or in the aggregate, would have a material adverse effect on the Pledgor, the Borrower, the Pledged Collateral or any Secured Party.
The Pledgor has all corporate powers and all material governmental licenses, authorizations, consents and approvals required to
own its property and assets and carry on its business as now conducted or as presently proposed to be conducted.

 

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(d)            No
consent or approval of any Official Body is required for the validity of the grant of the security interest effected hereby, nor
does the entering into or performance hereunder by the Pledgor violate any provision of any material law, rule, regulation, order,
writ, decree or injunction of any Official Body to which the Pledgor or its assets, or the Borrower or its assets is subject, or
constitute a material default under the terms of any material indenture, agreement, instrument or document to which the Pledgor
or the Borrower is a party.

 

(e)            The
execution and delivery of this Agreement by the Pledgor is effective to vest in the Facility Agent the rights in the Pledged Collateral
as set forth herein. Without limiting the foregoing, upon execution and delivery hereof, the Facility Agent shall have a valid
and enforceable continuing security interest in the Pledged Collateral and, upon filing of appropriate UCC financing statements
with the office(s) specified in Schedule 2 hereto, such security interest shall be perfected and prior to all other
Liens on the Pledged Collateral except for Permitted Liens. This Agreement, when executed and delivered by the Pledgor and the
Borrower will constitute the legal, valid and binding obligation of the Pledgor and the Borrower, enforceable in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar laws affecting the rights of creditors generally and principles of equity (whether considered in a proceeding in equity
or at law).

 

(f)            The
Pledgor is not in default in the performance, observance or fulfillment of any of the material obligations applicable to it contained
in the Pledged Documents. There are no (i) calls or other required contributions (of cash or other property) or loans or letters
of credit or guaranties or other financial accommodations for or in respect of which the Pledgor is obligated, that have not been
fully paid, made, or provided in respect of the Pledgor’s interest in the Borrower, or (ii) except as provided in the
Transaction Documents, any arrangements involving the Borrower that would delay, take preference or priority over, or diminish
the percentage (from that in effect on the date hereof) or amount of, distributions (nonliquidating, liquidating or otherwise)
payable by the Borrower to the Pledgor. Except as provided in the Transaction Documents, the Pledgor hereby agrees not to postpone
or subordinate to any other claim or indebtedness any rights of the Pledgor to be repaid in respect of any obligation or liability
of the Borrower to the Pledgor.

 

(g)            All
necessary action on the part of the Pledgor and the Borrower to authorize the execution, delivery and performance of this Agreement,
and the creation and grant of the security interest hereunder in the Pledged Collateral, has been duly and properly taken and all
conditions to the effectiveness of such security interest have been met. Without limiting the foregoing, such security interest
is permitted under the relevant Pledged Documents and/or has been duly agreed to by all requisite action by the Borrower, free
of all rights of first offer, rights of first refusal, buy/sell arrangements or other rights of the Borrower, or any other restrictions.

 

(i)            There
are no actions, suits or proceedings pending or, to the knowledge of the Pledgor or the Borrower, threatened against or affecting
the Pledgor or the Borrower before or by any governmental authority, which involve or affect this Agreement, the RFA or any other
Transaction Document, or which could reasonably be expected to result in a material adverse effect on the Pledgor, the Borrower,
the Pledged Collateral or any Secured Party.

 

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(j)            The
Borrower is, and at all times has been, a limited liability company organized under the laws of the State of Maryland; the Pledgor
is, and at all times prior to the date hereof has been, a corporation organized under the laws of the State of Maryland; the name
and principal place of business of each of the above is, and at all times has been, the name and principal place of business set
forth on Schedule 3 hereto.

 

(k)            Each
person executing and delivering this Agreement in a representative capacity is duly authorized to act in such capacity on behalf
of the party represented.

 

(l)            The
Pledgor’s membership interest in the Borrower consists and shall consist entirely of “general intangibles” (as
defined in Section 9-102(a) of the Uniform Commercial Code in effect in any applicable jurisdiction (the “UCC”))
and, unless notice to the contrary is provided to the Facility Agent, none of the Pledged Collateral (i) is or shall be dealt
in or traded on securities exchanges or in securities markets, (ii) is or shall be by its terms expressly subject to Article 8
of the UCC, (iii) constitutes or shall constitute an investment company security (within the meaning of Section 8-103(b) of
the UCC) or (iv)  is or shall be credited to a securities account (within the meaning of Section 8-501(a) of the
UCC).

 

4.            Distributions;
Voting Rights; Obligations.

 

(a)            So
long as no Facility Termination Event has occurred and is continuing, the Pledgor shall be entitled to receive any payments and
distributions from the Borrower on account of the Pledged Collateral (to the extent permitted pursuant to the RFA). Following the
occurrence and during the continuation of a Facility Termination Event, or automatically, without notice, in the case of the occurrence
of and during the continuance of any Facility Termination Event under Section 14.1(d) of the RFA, in each such case until
the earlier to occur of (i) the cure or waiver of such Facility Termination Event in accordance with the RFA or (ii) the
date on which the Commitments are terminated in full and the Obligations are irrevocably paid in full, all rights of the Pledgor
to receive payments and distributions under the preceding sentence from the Borrower shall cease, and all such rights shall thereupon
become vested in the Facility Agent, which shall have the sole and exclusive right and authority to receive, retain and apply such
payments and distributions, it being further agreed that if any such distribution is in the form of property other than cash, the
Facility Agent may sell such property or any part thereof in accordance with Section 6 hereof and apply the proceeds
of sale in accordance with Section 7 hereof. Subject to the provisions of the RFA, the Facility Agent shall have the
sole and exclusive right to receive and retain any payment or distribution received by the Pledgor or paid or made after the Pledgor’s
rights to receive the same shall have ceased under the preceding sentence, all of which shall be applied by the Facility Agent
in accordance with Section 7 hereof. Any amounts paid or distributed to the Pledgor notwithstanding the two (2) immediately
preceding sentences of this paragraph shall forthwith be delivered to the Facility Agent in the form received (except for the appropriate
endorsement of any checks and except for any other appropriate instruments of transfer), and all such amounts distributed to the
Pledgor shall be received and held apart separately in trust for the benefit of the Facility Agent pending such delivery. The Pledgor
hereby authorizes the Facility Agent, at any time after the occurrence and during the continuation of a Facility Termination Event,
to give notice to the Borrower that all payments and distributions in respect of the membership interest of the Pledgor in the
Borrower, or otherwise in respect of the Pledged Collateral, are to be made directly to the Facility Agent pursuant to and in accordance
with this Agreement.

 

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(b)            So
long as no Facility Termination Event has occurred and is continuing, the Pledgor shall be entitled to exercise any and all voting,
consent and other membership rights, if any, pertaining to the Pledged Collateral or any part thereof subject to the applicable
provisions of the RFA; provided that the Pledgor shall not vote or exercise any right or prerogative as a member of the
Borrower in a manner materially detrimental to the security interest of the Facility Agent hereunder. Following the occurrence
and during the continuation of a Facility Termination Event, upon written notice from the Facility Agent to the Pledgor, or automatically,
without notice, in the case of any Facility Termination Event under Section 14.1(d) of the RFA, in each such case until
the earlier to occur of (i) the cure or waiver of such Facility Termination Event in accordance with the RFA or (ii) the
date on which the Commitments are terminated and the Obligations are irrevocably repaid in full, all rights of the Pledgor to exercise
the foregoing voting, consent or other membership rights, if any, pertaining to the Pledged Collateral that it would otherwise
be entitled to exercise pursuant to the preceding sentence shall cease, and all such voting, consent and other membership rights
shall thereupon, at the written election of the Facility Agent, be subject in each instance to the prior approval of the Facility
Agent; provided, however, that notwithstanding anything in this Agreement, the Borrower shall and hereby does retain
the right, independent of the Facility Agent, to exercise the Borrower’s rights pursuant to Sections 13.4 and 14.3 of the
RFA.

 

(c)            The
pledge of the Pledged Collateral to the Facility Agent shall not in any way be deemed to obligate the Facility Agent to assume
any of the Pledgor’s obligations, duties, expenses or liabilities in respect of the Pledged Collateral (collectively, “Pledged
Collateral Obligations”) unless the Facility Agent otherwise expressly agrees to assume any or all of said Pledged Collateral
Obligations in writing. The Pledgor agrees that it shall perform all its obligations as a member of the Borrower (except to the
extent that performance thereof would contravene the terms or provisions of any Transaction Document). In the event of a foreclosure
or other sale or disposition by the Facility Agent, the Pledgor shall remain bound and obligated to perform the Pledged Collateral
Obligations which have accrued prior to the foreclosure or other sale or disposition, and the Facility Agent shall not be deemed
to have assumed any of such Pledged Collateral Obligations except as provided in the first sentence of this clause (c).

 

5.            Additional
Covenants. The Pledgor hereby covenants and agrees:

 

(a)            that
it will not, without the prior written consent of the Facility Agent (which may be given or withheld in its sole discretion) vote
for or agree to any material amendment or modification to the Pledged Documents; and

 

(b)            that
the Pledgor will give the Facility Agent as soon as possible and in any event within ten (10) Business Days after the effective
date thereof, notice of any change of principal place of business, chief executive office, place where books and records covering
the Pledged Collateral are kept, name, identity, taxpayer identification number or change of jurisdiction or structure in respect
of itself or the Borrower, including, without limitation, notice of any merger or consolidation to which the Pledgor is a party,
or of any other event that, in each case, might result in an impairment of the effectiveness of any UCC filing in respect of the
Pledged Collateral.

 

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6.            Facility
Termination Event. (a) Upon the occurrence and during the continuation of a Facility Termination Event, the Facility Agent
may sell the Pledged Collateral, or any part thereof, in accordance with Applicable Law at a public or private sale for cash, or
upon credit or for future delivery, as the Facility Agent shall deem appropriate; provided that, so long as the Pledgor
is in compliance with the terms of this Agreement and its organizational documents, the Facility Agent shall not consummate the
sale of any Pledged Collateral until after the Facility Termination Date is declared or occurs automatically pursuant to Section 14.2(b) of
the RFA. The Facility Agent shall be authorized at any such sale (if it deems it advisable to do so) to restrict the prospective
bidders or purchasers, and upon consummation of any such sale the Facility Agent shall have the right to assign, transfer and deliver
to the purchaser or purchasers thereof such of the Pledged Collateral so sold. Each such purchaser at any such sale shall hold
the property sold absolutely, free from any claim or right on the part of the Borrower or the Pledgor, and the Pledgor hereby waives
(to the fullest extent permitted by law) all rights of redemption, stay and appraisal which the Pledgor now has or may at any time
in the future have under any rule of law or statute now existing or hereafter enacted. The Facility Agent shall deal with
Pledged Collateral in its possession in the same manner as it deals with similar property for its own account.

 

(b)            The
Facility Agent shall give the Pledgor at least ten (10) days’ prior written notice (or such lesser notice, if any, as
may be permitted or required by Applicable Law) of the Facility Agent’s intention to make any sale of any of the Pledged
Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale. Any such public sale shall
be held at such time or times within ordinary business hours and at such place or places as the Facility Agent may fix and state
in the notice of such sale. At any such sale, the Pledged Collateral, or portion thereof, to be sold may be sold in one lot as
an entirety or in separate parcels, as the Facility Agent may (in its sole and absolute discretion) determine. The Facility Agent
shall not be obligated to make any sale of the Pledged Collateral or any part thereof if it shall determine not to do so, regardless
of the fact that notice of sale of such of the Pledged Collateral shall have been given. The Facility Agent may, without notice
or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice (except to the extent notice is required by Applicable Law),
be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Pledged Collateral
is made on credit or for future delivery, the Pledged Collateral or any part thereof so sold may be retained by the Facility Agent
until the sale price is paid by the purchaser or purchasers thereof, but the Facility Agent shall not incur any liability in case
any such purchaser or purchasers shall fail to take up and pay for the Pledged Collateral or any part thereof so sold and, in case
of any such failure, such Pledged Collateral or any part thereof may be sold again upon like notice, and in no event shall any
portion of the proceeds of any such sale be credited against payment of the costs, expenses and obligations set forth in Section 7
hereof until cash payment for the Pledged Collateral or any part thereof so sold has been received by the Facility Agent. At any
public or, to the extent permitted by Section 9-610(c)(2) of the UCC, private sale of any of the Pledged Collateral,
the Facility Agent may bid for or purchase, free (to the fullest extent permitted by law) from any equity or right of redemption,
stay or appraisal on the part of the Pledgor with respect to the Pledged Collateral (all said rights being also hereby waived and
released to the fullest extent permitted by law), all of the Pledged Collateral or any part thereof offered for sale and may make
payment on account thereof by using any claim then due and payable to the Facility Agent in respect of any of the Sale Agreement
Obligations as a credit against the purchase price, and the Facility Agent may, upon compliance with the terms of sale, hold, retain
and dispose of such property without further accountability to the Pledgor therefor. As an alternative to exercising the power
of sale herein conferred upon it, the Facility Agent may proceed by a suit or suits at law or in equity to foreclose upon and to
sell the Pledged Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction
or pursuant to a proceeding by a court-appointed receiver. Each party hereto agrees that any sale pursuant to the provisions of
this Section 6 shall be deemed (as permitted by Section 9-603(a) of the UCC) to conform to the standards
of commercial reasonableness as provided in the UCC or other Applicable Law.

 

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7.              Application.
Notwithstanding Section 8.5 of the RFA, the proceeds of any sale of any of the Pledged Collateral pursuant to Section 6
hereof, any amounts received by the Facility Agent under Section 4(a), any other amounts received by the Facility Agent
in respect of the Pledged Collateral, as well as any Pledged Collateral consisting of cash, shall be applied by the Facility Agent
as follows:

 

FIRST, to the payment
of all reasonable costs and expenses incurred by the Facility Agent or any other Secured Party in connection with such sale or
otherwise in connection with this Agreement or any of the Sale Agreement Obligations, (including, but not limited to, all court
costs and the reasonable fees and expenses of its experts, agents and legal counsel including the reasonably allocated costs of
internal counsel), the repayment of all advances made by the Facility Agent or any other Secured Party on behalf of the Pledgor
or to protect the Pledged Collateral and/or the rights of the Facility Agent therein, and any other costs or expenses incurred
in connection with the reasonable exercise of any right or remedy hereunder;

 

SECOND, to the payment
in full of the Sale Agreement Obligations;

 

THIRD, to the Pledgor,
its successors or assigns, subject to any provision of law, or as a court of competent jurisdiction may otherwise direct.

 

Upon any sale of the
Pledged Collateral by the Facility Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding),
the receipt by the Facility Agent or by the officer making the sale shall be a sufficient discharge to the purchaser or purchasers
of the Pledged Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part
of the purchase money paid over to the Facility Agent or such officer or be answerable in any way for the misapplication thereof.

 

8.            Acknowledgment;
Waiver and Consent; Amendment; Registration; Additional Parties.

 

(a)            The
Pledgor hereby gives notice to the Borrower, and the Borrower acknowledges, that pursuant to this Agreement, the Pledgor is granting
to the Facility Agent, for the benefit of the Secured Parties, as collateral security for the payment and performance of the Sale
Agreement Obligations, a security interest in, and has pledged to the Facility Agent, for the benefit of the Secured Parties, the
Pledged Collateral.

 

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(b)            The
Borrower hereby waives, in favor of the Facility Agent, the Lenders, and the Pledgor, the application of any provisions of the
Pledged Documents restricting the assignment or other transfer of any interest in the Borrower or in the Pledged Collateral or
any similar or other restriction under the Pledged Documents or (to the fullest extent that the same may be waived) under Applicable
Law, in respect of, and hereby irrevocably consents in all respects to (i) the transfers by the Pledgor to the Facility Agent
for the benefit of the Secured Parties constituted by the grants of the security interests in the Pledged Collateral under this
Agreement and the pledges of the interests of the Pledgor in the Borrower, and any action taken by the Pledgor or the Facility
Agent to effect or perfect such security interests and pledges; (ii) any change in the composition of the Lenders or other
Secured Parties under the RFA by assignment, participation or otherwise in accordance with the RFA; (iii) any assignment by
the Facility Agent to any successor(s) in such capacity in accordance with the RFA; and (iv) subject to Applicable Law,
any transfer of any Pledged Collateral to any Secured Party or Affiliate thereof effected to enable such Secured Party or Affiliate
to hold, protect, preserve, or realize upon the Pledged Collateral upon the occurrence and during the continuance of a Facility
Termination Event or as a transferee upon any foreclosure or other sale or disposition of any of the Pledged Collateral in accordance
with this Agreement. The Borrower further consents in all respects, in favor of the Secured Parties and the Pledgor to (i) any
subsequent sale, assignment, or other transfer by the Facility Agent, or any other Secured Party or Affiliate thereof, of all or
any of the Pledged Collateral acquired by such Secured Party or Affiliate thereof pursuant to any foreclosure or other sale or
disposition of any of the Pledged Collateral in accordance with this Agreement and Applicable Law, and (ii) the admission
to the Borrower as a member of the Borrower in accordance with Section 11(b)(ii) hereof, of any Person or Persons
becoming the owner of the Pledged Collateral after the Facility Termination Date is declared or occurs automatically pursuant to
Section 14.2(b) of the RFA, such consent to be deemed given by the Borrower for all purposes of the Pledged Documents.

 

(c)            The
Borrower and the Facility Agent each agrees that this Agreement shall automatically (without any further act by any Person) constitute
an amendment to the Pledged Documents for the benefit of the Secured Parties and the Pledgor, which Pledged Documents shall hereby
be amended to the extent that any term or provision thereof (including, without limitation, any provision of the Pledged Documents
that purports to restrict or impose conditions upon the transfer of any interests in the Borrower or the time of effectiveness
thereof) would otherwise in any way be inconsistent with any term or provision of, or right or remedy of the Facility Agent or
the other Secured Parties under this Agreement. The Borrower further agrees to execute confirmatory instruments of amendment to
reflect the same if so requested from time to time by the Facility Agent (and to file the same if any inconsistency between this
Agreement and any Pledged Document relates to a filed instrument), as promptly as possible. The amendments of the Pledged Documents
effected hereby shall constitute properly approved amendments and are deemed upon execution and delivery hereof to be properly
attached to and made a part of the Pledged Documents and kept as part of the official records of the Borrower.

 

(d)            This
Agreement constitutes (i) part of the books and records of the Borrower, and (ii) the instruction of the Pledgor to the
Borrower to effect the registration on the books and records of the Borrower of the pledges and security interests under this Agreement.
The Borrower agrees to so register such pledges and security interests.

 

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9.            Certain
Distributions. It is agreed that the Borrower shall be entitled to, until written notice referred to in Section 4(a) hereof
from the Facility Agent, remit to the Pledgor all distributions and other payments permitted to be made by the Borrower to the
Pledgor in accordance with the RFA, and give effect to all voting and other rights of the Pledgor on account of the Pledged Collateral;
provided that at all times when and as required by this Agreement, amounts distributable or payable to the Pledgor under
the Pledged Documents that are required under this Agreement to be paid to the Facility Agent thereunder shall be remitted directly
to the Facility Agent to be applied in accordance with the terms of this Agreement; and provided further that this Section 9
is in all respects subject to Section 10 hereof.

 

10.          Notice
From Facility Agent. The Borrower agrees that, in accordance with Section 4(a), upon written notice from the Facility
Agent that there has occurred and is continuing a Facility Termination Event, all payments and distributions in respect of the
Pledged Collateral shall be remitted directly to the Facility Agent (or as the Facility Agent shall otherwise direct in such notice)
until the earlier to occur of (i) the cure or waiver of such Facility Termination Event in accordance with the RFA or (ii) the
date on which all Commitments are terminated and the Sale Agreement Obligations are irrevocably repaid in full. The Pledgor hereby
irrevocably directs the Borrower to make payment directly to the Facility Agent (or as the Facility Agent shall otherwise direct)
pursuant to any such written notice, and agrees that the Borrower shall not have any liability to the Pledgor for honoring any
such written notice from the Facility Agent, whether or not the Pledgor may claim, or subsequently establish, that, in respect
of the Pledgor, the Facility Agent was not entitled to give such notice.

 

11.          No
Liability; Information; Admission; Amendments.

 

(a)            The
Borrower (i) acknowledges and agrees that as a consequence of any term or provision of this Agreement or of any security agreement,
neither the Facility Agent nor any other Secured Party has assumed, and that neither the Facility Agent nor any other Secured Party
shall assume, or be deemed to have assumed, any obligation or liability of the Borrower, whether arising under any Pledged Documents
or under any other agreement, or under Applicable Law, and whether to any creditor of the Borrower or to any other Person, and
(ii) agrees that neither the Facility Agent nor any other Secured Party shall, by virtue of the possession or exercise of
any rights hereunder, be obligated as a member in the Borrower to the Borrower, or any creditor of the Borrower, or to any other
Person, for any contribution of cash or other property, or in respect of any liability of the Borrower or member of the Borrower
(whether by way of indemnity, contribution or otherwise), or to provide any credit to the Borrower or any accommodation thereof
(unless and until the Facility Agent or any such Secured Party or other Person is admitted as a member of the Borrower, in which
case such obligations, if any, in respect of the Borrower shall arise upon such terms and conditions as shall be applicable pursuant
to the then effective Pledged Documents and/or pursuant to such other instruments and agreements as shall be executed by the Facility
Agent or such other Secured Party or other Person in connection with its becoming a member thereof).

 

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(b)            The
Borrower agrees that:

 

(i)            the
Facility Agent shall receive copies of all amendments to the Pledged Documents;

 

(ii)           upon
the occurrence and during the continuation of a Facility Termination Event, the Facility Agent, on behalf of the Secured Parties,
shall have, in addition to and not in limitation of the rights under the preceding clause (i), all rights to information pertaining
to the Borrower and its members as would be provided to a member of a limited liability company under Applicable Law in circumstances
under which the governing limited liability company agreement, as amended as of the date hereof, is silent as to such rights; and

 

(iii)          without
the prior written consent of the Facility Agent hereunder, (A) no new equity security or interest in the Borrower having any
equity feature shall be created and (B) no other action shall be taken or any event or circumstance suffered to take place
(unless permitted by the RFA) if such action, event, or circumstance referred to in this clause (B) would be reasonably likely
to have a dilutive effect on the interest of the Pledgor in the Borrower.

 

12.          Facilitation
of Benefits. The Borrower further agrees to facilitate the ability of the Facility Agent for the benefit of the Secured Parties
to realize upon the Pledged Collateral in accordance with this Agreement in an expeditious manner.

 

13.          [RESERVED].

 

14.          Attorney
in Fact. The Pledgor and the Borrower hereby appoint the Facility Agent the attorney-in-fact of the Pledgor and the Borrower
respectively (which power of attorney shall be exercised only during such time as the Facility Agent is permitted to take any related
action under and in accordance with this Agreement) for the purpose of carrying out the provisions of this Agreement and taking
any action and executing any instrument that the Facility Agent may deem necessary or advisable to accomplish the purposes hereof,
which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, only during such
time as the Facility Agent is expressly permitted to take the related action in accordance with this Agreement, shall the Facility
Agent have the right, with full power of substitution either in the Facility Agent’s name or in the name of the Pledgor or
the Borrower, to execute, acknowledge, deliver, and record or file all documents, instruments, agreements, financing statements
and schedules or exhibits thereto in order to preserve and perfect the security interest granted hereunder, to exercise all rights
and privileges to the same extent the Pledgor shall have been entitled under the Pledged Documents and in accordance with Applicable
Law, including without limitation, after notice to the Pledgor, all voting rights of the Pledgor as the sole member of the Borrower,
and to ask for, demand, sue for, collect, receive, receipt and give acquittance for any and all monies due or to become due under
and by virtue of any of the Pledged Collateral, to endorse checks, drafts, orders and other instruments for the payment of money
payable to the Pledgor representing any distribution or other amount payable in respect of the Pledged Collateral or any part thereof
or on account thereof and to give full discharge for the same, to settle, compromise, prosecute or defend any action, claim or
proceeding with respect thereto, and to sell, assign, endorse, pledge, transfer and make any agreement respecting, or otherwise
deal with, the same; provided, however, that nothing contained in this Agreement shall be construed as requiring or obligating
the Facility Agent to make any payment to any party in respect of the Pledged Collateral, or to make any inquiry as to the nature
or sufficiency of any payment received by the Facility Agent, or to present or file any claim or notice, or to take any action
with respect to the Pledged Collateral (or any other collateral for or any guarantee in respect of any of the Obligations) or any
part thereof or the monies due or to become due in respect thereof or any property covered thereby, or to extend any credit or
accommodation thereof to any party, and no action taken by the Facility Agent or omitted to be taken with respect to the Pledged
Collateral (or any other collateral for any of the Obligations) or any part thereof in accordance with this Agreement shall give
rise to any defense, counterclaim or offset in favor of the Borrower or the Pledgor or to any claim or action against the Facility
Agent, in the absence of the gross negligence or willful misconduct of the Facility Agent. The Pledgor’s and the Borrower’s
appointment of the Facility Agent as attorney-in-fact, and the Facility Agent’s right to execute, acknowledge, perform, deliver,
record, or file documents, (including the making of UCC financing statement filings without the signature of the Pledgor) and to
endorse checks, drafts, orders and other instruments for the payment of money payable to the Pledgor representing any distribution
or other amount payable in respect of the Pledged Collateral or any part thereof or on account thereof, shall commence on the date
hereof (which power of attorney shall be exercised only during such time as the Facility Agent is expressly permitted to take the
related action in accordance with this Agreement).

 

    10

     

    

 

15.          No
Obligation of Facility Agent. The powers conferred on the Facility Agent hereunder are solely to protect its interest in the
Pledged Collateral and shall not impose any duty upon it to exercise any such powers. The Facility Agent may, in its sole and absolute
discretion, but with no obligation whatsoever to do so, expend or invest monies to cure a default by the Pledgor as the sole member
of the Borrower or otherwise protect the Pledged Collateral. Except for the exercise of reasonable care in the custody of any Pledged
Collateral in its possession and the accounting for monies actually received by it hereunder, the Facility Agent shall have no
duty as to any Pledged Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other
rights pertaining to any Pledged Collateral. The Facility Agent shall be entitled to all of the protections, privileges, limitations
on liability, rights of reimbursement and indemnities that the Facility Agent is entitled to under the RFA in the performance of
its duties under this Agreement.

 

16.          Cumulative
Remedies. All rights and remedies of the Facility Agent hereunder are cumulative and are not exclusive of any other rights
or remedies provided by law or otherwise.

 

17.          Securities
Act and Related Matters. The Pledgor understands and acknowledges that compliance with certain prohibitions contained in the
Securities Act of 1933, as amended, and applicable state securities laws, might very strictly limit the course of conduct of the
Facility Agent if the Facility Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit
the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same (including,
without limitation, to limit purchasers to those who agree to acquire the Pledged Collateral for their own account, for investment
and not with a view to the resale or distribution thereof). The Pledgor acknowledges that any such sales may be at prices and on
terms less favorable to the Facility Agent than might be achieved through a public sale without restrictions (including in a public
offering through a registration statement) and the Pledgor agrees that any such private sale made in accordance with Applicable
Law shall not be deemed to have not been made in a commercially reasonable manner solely due to the failure to effect such registration
(whether or not available unless required under Applicable Law) or otherwise offer the Pledged Collateral at a public sale. The
Pledgor confirms that, subject to the requirements of Section 6 hereof, the Facility Agent shall have sole and absolute
discretion in determining the type and conduct of all public and private sales of the Pledged Collateral (or any part thereof),
in any manner and under any circumstances the Facility Agent may choose; and the Pledgor clearly understands that neither the Facility
Agent nor any agent of the Facility Agent is to have any such general duty or obligation to the Pledgor, except as required under
Applicable Law, and the Pledgor will not attempt to hold the Facility Agent or any agent of the Facility Agent responsible for
the sale of all or any part of the Pledged Collateral at an inadequate price, even if the Facility Agent shall accept the first
offer received or fail to approach more than one possible purchaser so long as all aspects of such sale are conducted in a commercially
reasonable manner. Without limiting the generality of the foregoing, the provisions of this Section would apply if, for example,
the Facility Agent were to place, in accordance with Applicable Law, all or any part of the Pledged Collateral for private placement
by an investment banking firm, or if such investment banking firm purchased all or any part of the Pledged Collateral for its own
account, or if the Facility Agent placed all or any part of the Pledged Collateral privately with a purchaser or purchasers (including
a customer of the Facility Agent). The provisions of this Section will apply notwithstanding the existence of a public or
private market upon which the quotations of sales prices may exceed substantially the price at which the Facility Agent sells.

 

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18.          Further
Waivers. The Pledgor hereby waives presentment, demand, and protest (to the fullest extent permitted by Applicable Law) of
any kind in connection with this Agreement or any Pledged Collateral. Except notices which are expressly provided for herein or
in any other Transaction Document or required by Applicable Law, the Pledgor hereby waives notice (to the fullest extent permitted
by Applicable Law) of any kind in connection with this Agreement. To the fullest extent permitted by Applicable Law, the Pledgor
hereby further waives any claims of any nature whatsoever against the Facility Agent (and its directors, shareholders or controlling
persons, officers, employees, agents, nominees, counsel and each of them) arising out of or related to the sale or transfer of
the Pledged Collateral in accordance with this Agreement and Applicable Law (including that all aspects of the sale are conducted
in a commercially reasonable manner), notwithstanding that such sale or transfer occurred at such time or in such a manner as to
directly or indirectly decrease the purchase price required to be paid for the Pledged Collateral, other than any claims arising
out of or related to the gross negligence or willful misconduct of the Facility Agent (or its directors, shareholders or controlling
persons, officers, employees, agents, nominees or counsel).

 

19.          Termination
and Release. This Agreement and the security interest in the Pledged Collateral created hereby shall terminate on the date
the Commitments are terminated and the Sale Agreement Obligations are irrevocably paid in full, at which time the Facility Agent
shall reassign and deliver to the Pledgor or to such Person or Persons as the Pledgor shall designate (subject to any provision
of the law, or as a court of competent jurisdiction may otherwise direct), against receipt, such of the Pledged Collateral (if
any) as shall not have been sold or otherwise applied by the Facility Agent pursuant to the terms hereof and shall still be held
by it hereunder, together with appropriate instruments of reassignment and release; provided, however, that all indemnities
of the Pledgor and obligations to reimburse expenses to the Facility Agent contained in this Agreement shall survive, and remain
operative and in full force and effect regardless of, the termination of this Agreement. Any such reassignment shall be without
recourse to or representation or warranty by the Facility Agent and solely at the expense of the Pledgor. The Facility Agent will
release the security interest hereunder in any Pledged Collateral as to which such release is required by the terms of, and in
the manner provided by, the RFA.

 

    12

     

    

 

20.          [RESERVED].

 

21.          Amendments;
Waivers. No failure on the part of the Facility Agent to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by the Facility
Agent preclude any other or further exercise thereof or the exercise of any other right, power or remedy. No amendment or waiver
of any provision of this Agreement, nor consent to any departure by the Pledgor therefrom, shall in any event be effective unless
the same shall be in writing and signed by the Facility Agent. Any such waiver, consent or approval shall be effective only in
the specific instance and for the purpose for which given. No notice to or demand on the Pledgor in any case shall entitle the
Pledgor to any other or further notice or demand in the same, similar or other circumstances except as expressly required by this
Agreement or any other Transaction Document. No waiver by the Facility Agent of any breach or default of or by the Pledgor under
this Agreement shall be deemed a waiver of any other previous breach or default or any thereafter occurring.

 

22.          Reliance;
Survival; Severability. (a) All covenants, agreements, representations and warranties made by the Pledgor herein and in
the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Transaction
Document shall be considered to have been relied upon by the Facility Agent and the Secured Parties and shall survive the making
of the Advance, regardless of any investigation made by the Facility Agent or any Secured Party or on its behalf, and (except for
any representations or warranties made as of a specific date) shall continue in full force and effect as long as the RFA is in
effect or the principal of or any accrued interest on any Advance or any other fee or amount payable under this Agreement or any
other Transaction Document is outstanding and unpaid.

 

(b)            Any
provision of this Agreement that is illegal, invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such illegality, invalidity or unenforceability without invalidating the remaining provisions hereof or affecting
the legality, validity or enforceability of such provisions in any other jurisdiction. The parties hereto agree to negotiate in
good faith to replace any illegal, invalid or unenforceable provision of this Agreement with a legal, valid and enforceable provision
that, to the extent possible, will preserve the lien and security interest in the Pledged Collateral of the Facility Agent for
the benefit of the Secured Parties and the other rights of the Facility Agent pursuant to this Agreement, or to otherwise amend
this Agreement to achieve such result.

 

23.          Successors
and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include
the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Pledgor or the Facility
Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. The
Pledgor may not assign or transfer any of its rights or obligations hereunder or any interest herein or in the Pledged Collateral
except as expressly contemplated by this Agreement or the other Transaction Documents (and any such attempted assignment shall
be void).

 

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24.          GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

25.          Headings.
Any section headings in this Agreement are for convenience only and shall not affect the construction hereof.

 

26.          Notices.
All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication
by facsimile copy) and mailed, emailed, faxed, transmitted or delivered, as to each party hereto, at its address set forth on its
signature page to this Agreement or at such other address as shall be designated by such party in a written notice to the
other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by
mail, five (5) days after being deposited in the United States mail, first class postage prepaid, (b) notice by email,
when verbal or electronic communication of receipt is obtained, or (c) notice by facsimile copy, when verbal communication
of receipt is obtained.

 

27.          Expenses;
Indemnification. (a) The Pledgor agrees to pay all reasonable expenses incurred by Facility Agent (including the reasonable
fees, charges and disbursements of any counsel for the Facility Agent) in connection with the enforcement or protection of its
rights and remedies under or in connection with this Agreement, including its rights under this Section.

 

(b)            Without
limitation of its indemnification obligations under the other Transaction Documents, the Pledgor agrees to indemnify the Facility
Agent, the other Secured Parties, and their respective officers, directors, employees, agents, and advisors (all of the foregoing,
collectively, the “Indemnitees”) against, and hold each of them harmless from, any and all actual losses, claims,
actual damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any
Indemnitee, incurred by or asserted against any of them arising out of, in connection with, or as a result of, the execution, delivery
or performance of this Agreement or any claim, litigation, investigation or proceeding relating hereto or to the Pledged Collateral,
whether or not any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to
the extent that such losses, claims, damages, liabilities or related expenses have resulted from the gross negligence or willful
misconduct of such Indemnitee.

 

(c)            Any
amounts payable as provided hereunder shall be obligations of the Pledgor and secured hereby. The provisions of this Section 27
shall remain operative and in full force and effect regardless of the termination of this Agreement, the consummation of the transactions
contemplated hereby, the repayment of any of the Sale Agreement Obligations, the invalidity or unenforceability of any term or
provision of this Agreement or any other Transaction Document or any investigation made by or on behalf of the Facility Agent.
All amounts due under this Section 27 shall be payable on written demand therefor and shall bear interest at the default
rate (as provided in the RFA).

 

28.          Counterparts;
Electronic Execution. This Agreement may be executed in separate counterparts (telecopy of any executed counterpart having
the same effect as manual delivery thereof), each of which shall constitute an original, but all of which, when taken together,
shall constitute but one Agreement. The parties agree that this Agreement may be executed and delivered by electronic signatures
and that the signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility.

 

    14

     

    

 

29.          Integration;
Submission to Jurisdiction; Consent to Service. (a) Except as expressly herein provided, this Agreement and the other
Transaction Documents, along with any agreements or letters (including fee letters) executed in connection therewith constitute
the entire agreement among the parties relating to the subject matter hereof. Any previous agreement among the parties with respect
to the transactions contemplated hereunder is superseded by this Agreement, the other Transaction Documents and any other agreements
or letters (including fee letters) executed in connection therewith. Except as expressly provided herein or in the other Transaction
Documents and any other agreements or letters (including fee letters) executed in connection therewith, nothing in this Agreement
or in any other Transaction Document and any other agreements or letters (including fee letters) executed in connection therewith,
expressed or implied, is intended to confer upon any party, other than the parties hereto, any rights, remedies, obligations or
liabilities under or by reason of this Agreement or such other Transaction Documents or such other agreements or letters (including
fee letters) executed in connection therewith.

 

(b)            Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Facility Agent may otherwise have to bring any action or proceeding relating
to this Agreement against the Pledgor or its properties in the courts of any jurisdiction.

 

(c)            Each
of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in the preceding paragraph. Each of the parties hereto hereby irrevocably waives, to
the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.

 

(d)            Each
of the parties hereto irrevocably consents to service of process in the manner provided for notices in Section 26.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by
law.

 

30.          WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 30.

 

    15

     

    

 

31.          Injunctive
Relief. The parties hereto agree that certain of the rights of the Facility Agent hereunder are of a nature such that an action
for damages in connection with the breach thereof by the Pledgor or the Borrower would not provide an adequate remedy for the Facility
Agent, and the Pledgor and the Borrower each agrees that the Facility Agent shall be entitled to injunctive relief and specific
performance in the case of a breach or attempted breach of any of the provisions hereof.

 

32.          Limited
Recourse. Notwithstanding any other provision of this Agreement, each of the parties hereto hereby agrees that any obligations
of the Pledgor and the Borrower under this Agreement are limited recourse obligations of such Person, payable solely from the Pledged
Collateral in accordance with the terms of this Agreement, and following realization of the Pledged Collateral, all obligations
of the Pledgor and the Borrower under this Agreement and any claims of a party hereto shall be extinguished and shall not thereafter
revive. The provisions of this Section 32 shall survive the termination of this Agreement.

 

33.          Non-Petition.
Each party hereto agrees that it shall not file, or join in the filing of, any petition in bankruptcy, reorganization, arrangement,
receivership, insolvency or liquidation proceedings or similar proceedings under any Applicable Law against the Borrower for the
nonpayment of any amounts due hereunder until the payment in full of the Advances made under the RFA and the expiration of a period
equal to the applicable preference period under the Bankruptcy Code plus ten (10) days following said payment. The provisions
of this Section 33 shall survive termination of this Agreement.

 

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

 

    16

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers as of the day and
year first above written.

 

	Address:	PLEDGOR:
	 	 
	2755 Sand Hill Road, Suite 150	TRIPLEPOINT PRIVATE VENTURE CREDIT INC.
	Menlo Park,California 94025	 
	Attention: Sajal Srivastava	 
	Facsimile No.: (650) 854-2092	 
	Email:  sks@triplepointcapital.com  	 

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Address:	BORROWER:
	 	 
	2755 Sand Hill Road, Suite 150	TPGVC FUNDING COMPANY LLC
	Menlo Park, California 94025	 
	Attention: Sajal Srivastava	 
	Facsimile No.: (650) 854-2092	 
	Email:  sks@triplepointcapital.com	By:	           

	 	 	Name:
	 	 	Title:

 

Signature Page to Pledge Agreement

 

    

     

    

 

	Address:	DEUTSCHE BANK AG, NEW YORK BRANCH., as Facility Agent
	 	 
	Deutsche Bank AG, New York Branch	 
	60 Wall Street 	 
	New York, New York 10005 	By: 	                                                              
	Attn: Asset Finance Department 	 	Name:
	Facsimile: (212) 797-5160	 	Title: 
	Email: amit.patel@db.com	 

 

	 	By:	 
	 	Name:
	Title:

 

Signature Page to Pledge AgreementCNL Strategic Capital, LLC 8-K

 

Exhibit 10.1

 

AMENDED
AND RESTATED LOAN AGREEMENT

THIS
AMENDED AND RESTATED LOAN AGREEMENT (this “Agreement”) is made as of July 15, 2020 by and between CNL
STRATEGIC CAPITAL B, INC., a Delaware corporation having an address of 450 South Orange Avenue, Suite 1400, Orlando, Florida
32801 (“Borrower”) and UNITED COMMUNITY BANK DBA SEASIDE BANK AND TRUST, whose address is 201 South
Orange Avenue, Suite 1350, Orlando, FL 32801 (the “Lender”).

RECITALS

WHEREAS,
Lender has made available to Borrower a confirmed guidance line of credit loan in the original principal amount of Twenty
Million and No/100 Dollars ($20,000,000.00) (the “Loan”); and

WHEREAS,
Borrower and Lender entered into that certain Loan Agreement dated June 27, 2019 and amended by that certain First Amendment
to Loan Agreement dated July 1, 2019 (as so amended, the “Original Loan Agreement”); and

WHEREAS,
Borrower and Lender wish to amend, restate and replace the Original Loan Agreement with this Agreement; and

WHEREAS,
the Loan is evidenced by that certain Amended and Restated Promissory Note in the amount of $20,000,000 of even date herewith
made by Borrower to Lender (the “Note”); and

WHEREAS,
CNL Strategic Capital, LLC, a Delaware limited liability company (the “Guarantor”) has agreed to provide
an amended and restated unconditional guaranty of Borrower’s obligations under the Note (the “Guaranty”);
and

WHEREAS,
Guarantor has entered into an Amended and Restated Assignment and Pledge of Deposit Account (the “Pledge Agreement”)
in favor of Lender with respect to Guarantor’s Account No. 3000060420 with Lender (the “Pledged Account”),
to secure its obligations under the Guaranty; and

WHEREAS,
 Borrower will use the proceeds of the Loan for commercial purposes; and

WHEREAS,
Lender has agreed to make the Loan, but only pursuant to the terms and conditions hereinafter set forth.

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

1.       INCORPORATION
OF RECITALS. The foregoing Recitals are hereby incorporated as if fully set forth herein. For the purposes hereof, the term
“Loan Documents” shall mean the Note, this Agreement, the Guaranty, the Pledge Agreement and any other loan
document executed by Borrower and/or the Guarantor in favor of Lender in connection with the Note and dated on or about of even
date herewith.

    - 1 -

     

    

2.             REPRESENTATIONS.
Borrower represents that from the date of this Agreement and until final payment in full of the Obligations:

(a)         
Good Standing. Borrower is a corporation, duly organized, validly existing and in good standing under the laws of the State
of Delaware.

(b)          Place
of Business. The location of each principal executive office or other material place of business of Borrower and Guarantor
is set out in the Note with respect to the Borrower and the Guaranty with respect to the Guarantor. The books and
records of Borrower and each Guarantor are located at such identified location.

(c)         
Accurate Information. All information now and hereafter furnished to Lender is and will be true, correct and complete in
all material respects. Any such information relating to Borrower's financial condition will accurately reflect Borrower's financial
condition as of the date(s) thereof, (including all contingent liabilities of every type), and Borrower further represents that
when submitting such documents, if its financial condition has changed materially or adversely since the date(s) of such documents,
Borrower will advise Lender at the time of submission.

(d)          Authorization;
Non-Contravention. The execution, delivery and performance by Borrower and Guarantor of this Agreement and other Loan Documents
to which each is a party are within its power, have been duly authorized as may be required and, if necessary, by making appropriate
filings with any governmental agency or unit and are the legal, binding, valid and enforceable obligations of Borrower and any
Guarantor; and do not (i) to Borrower’s knowledge, contravene, or constitute (with or without the giving of notice or lapse
of time or both) a violation of any provision of applicable law, a violation of the organizational documents of Borrower or Guarantor,
or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting Borrower or
Guarantor, (ii) result in the creation or imposition of any lien (other than the lien(s) created by the Loan Documents) on Borrower's
or Guarantor's assets, or (iii) give cause for the acceleration of any obligations of Borrower or Guarantor to any other creditor.

(e)         
 Discharge of Liens and Taxes. Borrower has duly filed, paid and/or discharged all taxes or other claims (to the extent
due and owing) that may become a lien on any of its property or assets, except to the extent that such items are being appropriately
contested in good faith and an adequate reserve for the payment thereof is being maintained.

(f)          
Sufficiency of Capital. Borrower is not, and after consummation of this Agreement and after giving effect to all indebtedness
incurred and liens created by Borrower in connection with the Note and any other Loan Documents, will not be, insolvent within
the meaning of 11 U.S.C. § 101, as in effect from time to time.

    - 2 -

     

    

(g)       
Compliance with Laws.

(i)           
Borrower, any direct subsidiary of Borrower and Guarantor are in compliance in all material respects with all federal, state and
local laws, rules and regulations applicable to its properties, operations, business, and finances, including, without limitation,
any federal or state laws relating to liquor (including 18 U.S.C. § 3617, et seq.) or narcotics (including 21 U.S.C. §
801, et seq.) and/or any commercial crimes; all applicable federal, state and local laws and regulations intended to protect the
environment; and the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), if applicable.

(ii)         
To Borrower’s knowledge, none of Borrower, or any direct subsidiary or direct affiliate of Borrower or Guarantor is a Sanctioned
Person or has any of its assets in a Sanctioned Country or does business in or with, or derives any of its operating income from
investments in or transactions with, Sanctioned Persons or Sanctioned Countries in violation of economic sanctions administered
by OFAC. The proceeds from the Loan will not be used to fund any operations in, finance any investments or activities in, or make
any payments to, a Sanctioned Person or a Sanctioned Country. “OFAC” means the U.S. Department of the Treasury’s
Office of Foreign Assets Control. “Sanctioned Country” means a country subject to a sanctions program identified on
the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs/, or as otherwise published
from time to time. “Sanctioned Person” means (i) a person named on the list of Specially Designated Nationals or Blocked
Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/, or as otherwise published from time
to time, or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country,
or (C) a person resident in a Sanctioned Country to the extent subject to a sanctions program administered by OFAC.

(h)        
Organization and Authority. Each corporation, partnership or limited liability company Borrower or Guarantor, as applicable,
is duly created, validly existing and in good standing under the laws of the state of its organization, and has all powers, governmental
licenses, authorizations, consents and approvals required to operate its business as now conducted. Each corporation, partnership
or limited liability company Borrower and/or Guarantor, as applicable, is duly qualified, licensed and in good standing in each
jurisdiction where qualification or licensing is required by the nature of its business or the character and location of its property,
business or customers, and in which the failure to so qualify or be licensed, as the case may be, in the aggregate, could have
a material adverse effect on the business, financial position, results of operations, properties or prospects of Borrower or Guarantor.

    - 3 -

     

    

(i)        
Litigation.

(i)       Neither
Borrower nor Guarantor nor any of their respective direct subsidiaries is subject to, or has knowledge of the threat of, (i) any
litigation involving Borrower, Guarantor or any direct subsidiary or any assets of Borrower, Guarantor or any direct subsidiary
that either individually or in the aggregate, if determined adversely, would have a Material Adverse Effect, or (ii) any pending
or, to the knowledge of Borrower, asserted or threatened claims for liability arising out of products sold or services rendered
on or prior to the date hereof that either individually or in the aggregate, if determined adversely, create a Material Adverse
Effect. For purposes hereof, Material Adverse Effect means any circumstance or event that, individually or collectively
with other circumstances or events, may reasonably be expected to result in (a) a material impairment of the ability of Borrower
or Guarantor to perform its payment or other material obligations under any Loan Document, (b) a material impairment of the ability
of Lender to enforce its rights or remedies, or Borrower’s or Guarantor’s material obligations, under the Loan Documents,
(c) a material and adverse effect on the business, income, operations, assets, liabilities, property or condition (financial or
otherwise) of Borrower, or Guarantor, as represented to Lender in the initial financial statements delivered to Lender (or as
otherwise disclosed to Lender), or (d) a material and adverse effect on the collateral taken as a whole.

(ii)      There
are no outstanding judgments, orders, injunctions, decrees, citations, stipulations or awards (whether rendered by a court, administrative
agency, arbitral body or governmental authority) against or pertaining to Borrower, Guarantor or any direct subsidiary or any
assets of Borrower or Guarantor which create a Material Adverse Effect.

(j)        Solvency.
Borrower and its direct subsidiaries, taken together on a consolidated basis, are solvent prior to, and after giving effect
to, the transactions contemplated hereby. No transfer of property is being made and no obligation is being incurred in connection
with such transactions with actual intent to hinder, delay or defraud any present or future creditors of either Borrower and/or
Guarantor.

Borrower
will indemnify Lender and its affiliates from and against any losses, liabilities, claims, damages, penalties or fines imposed
upon, asserted or assessed against or incurred by Lender arising out of the inaccuracy or breach of any of the representations
contained in this Agreement or any other Loan Documents.

3.           
COMMITMENT FEE AND LOAN FEE. Borrower agrees to pay Lender a commitment fee of $60,000 in connection with the execution
of this Agreement. Further, Borrower will pay an advance fee to Lender with each advance under the Loan in an amount equal to
5 basis points of the amount of the advance; provided, however, that the cumulative amount of advance fees paid by Borrower shall
not exceed $20,000 during any 364 day Term of the Loan.

4.           
LOAN ADVANCES.

(a)         
The “Term” of this Loan for the purpose of requesting advances shall commence on the date first set forth above and
expire 364 days thereafter. Lender shall make advances available to Borrower under the Loan during the Term or any renewal thereof.

    - 4 -

     

    

(b)        Borrower acknowledges that advances of Loan funds are expressly conditioned upon Lender’s prior approval of Borrower’s
intended use of such funds. When Borrower identifies an investment Target, Borrower shall submit an initial draw request in writing
to Lender not less than ten (10) business days prior to the date of the requested draw, using the form attached hereto as Exhibit
A (the “Initial Draw Request”). Each Initial Draw Request shall be accompanied by supportive materials
as to the intended use of the requested Loan funds to enable Lender’s underwriting department to assess the request.

Once
an Initial Draw Request is approved by Lender, Borrower has up to forty-five (45) days to access up to the amount of the approved
draw in the Initial Draw Request by submitting to the Lender, not less than two (2) business days prior to the date of the intended
draw, a draw funding request, using the form attached hereto as Exhibit B, which shall include the date of the requested
draw funding and an affirmation that the material provided in connection with the Initial Draw Request remain accurate and no
material and adverse changes have taken place or material and adverse information has been obtained by the Borrower or Guarantor
with respect to the target entity.

5.           
AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full of the Obligations, unless
Lender shall otherwise consent in writing, Borrower will:

(a)        Access to Books and Records. Allow Lender, or its agents, during normal business hours, access to the books, records and
such other documents of Borrower as Lender shall reasonably require, and allow Lender, at Borrower’s expense, to inspect,
audit and examine the same and to make extracts therefrom and to make copies thereof; provided, however, that Lender shall not
charge Borrower with the expense of such inspection, audit or examination more than once a calendar year.

(b)        Business
Continuity. Conduct its business in substantially the same manner as such business is now and has previously been conducted.

(c)       
Compliance with Other Agreements. Comply with all terms and conditions contained in this Agreement, and any other Loan
Documents, and swap agreements, if applicable, as defined in 11 U.S.C. § 101, as in effect from time to time.

(d)        Estoppel
Certificate. Furnish, within 15 days after request by Lender, a written statement duly acknowledged of the amount due under
the Loan and whether offsets or defenses exist against the Obligations.

(e)       
Notice of Default and Other Notices.

(i)         Notice
of Default. Furnish to Lender immediately upon becoming aware of the existence of any condition or event which constitutes
a Default (as defined in the Loan Documents) or any event which, upon the giving of notice or lapse of time or both, may become
a Default, written notice specifying the nature and period of existence thereof and the action which Borrower is taking or proposes
to take with respect thereto.

    - 5 -

     

    

(ii)         
Other Notices. Promptly notify Lender in writing of (i) any material adverse change in its financial condition or its business;
(ii) any default under any material agreement, contract or other instrument to which it is a party; (iii) any payment default
on any indebtedness owing by Borrower; (iv) any non-monetary default resulting in the acceleration of the maturity of any indebtedness
owing by Borrower; (v) any material adverse claim against or affecting Borrower; (vi) the commencement of, and any material determination
in, any material litigation that has a reasonable likelihood of success with any third party or any proceeding before any governmental
agency or unit affecting Borrower within five (5) days of Borrower’s receipt of the same; and (vi) at least 30 days prior
thereto, any change in Borrower's name or address as shown above, and/or any change in Borrower's structure.

(f)        
Other Financial Information. Deliver promptly such other information regarding the operation, business affairs, and financial
condition of Borrower which Lender may reasonably request.

(g)       
Payment of Debts. Pay and discharge when due, and before subject to penalty or further charge, and otherwise satisfy before
maturity or delinquency, all obligations, debts, taxes, and liabilities of whatever nature or amount, except those which Borrower
in good faith disputes.

(h)       
Reports and Proxies. Deliver to Lender, promptly, a copy of all financial statements, reports, notices, and proxy statements,
sent by Borrower to stockholders, and all regular or periodic reports required to be filed by Borrower with any governmental agency
or authority.

(i)         
Subscription Agreement Funds. Borrower shall direct, or shall cause Guarantor to direct, any transfer agent receiving Subscription
Agreements Funds on behalf of Borrower or Guarantor to transfer any funds held by such transfer agent into the Pledged Account
with Lender no later than five (5) business following Guarantor’s monthly sweep date. “Subscription Agreement Funds”
is defined for this and all Loan Documents associated with the Loan to mean any and all capital raised from investors for the
benefit of Guarantor, less amounts retained by transfer agents, paid to placement agents, or similar amounts deducted in the ordinary
course of such transactions.

(j)        
Mandatory Prepayments. Pursuant to the Pledge Agreement, Borrower shall or shall cause Guarantor to direct Lender to apply
any Subscription Agreement Funds (net of fees paid to placement agents and amounts necessary to maintain a minimum Borrower cash
reserve of $2,500,000) towards reduction of the principal amount owing under the Note. Borrower acknowledges that all principal
reductions shall be applied with priority given to full repayment of the oldest outstanding draw and then forward from the oldest
draw to the most recent draw, with the most recent draw repaid last.

    - 6 -

     

    

6.            
NEGATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full of the Obligations, unless
Lender shall otherwise consent in writing, Borrower will not:

(a)       Change
in Fiscal Year. Change its fiscal year.

(b)       Change
of Control. Make or suffer a change of ownership or management that effectively changes control of the Borrower or any Guarantor
from current ownership and management.

(c)       Government
Intervention. Permit the assertion or making of any seizure, vesting or intervention by or under authority of any governmental
entity, as a result of which the management of Borrower or Guarantor is displaced of its authority in the conduct of its respective
business or such business is curtailed or materially impaired.

(d)       Judgment
Entered. Permit the entry of any material monetary judgment or the material assessment against, the filing of any material
tax lien against, or the issuance of any writ of garnishment or attachment against any property of Borrower or debts due that
is not satisfied or dismissed within ninety (90) days thereafter.

(e)       Loans,
Advances, and Investments. Neither Borrower nor Guarantor may (i) incur additional indebtedness, (ii) grant any lien, or (iii)
provide any negative pledge.

(f)        Sale
of Assets. Neither Borrower nor Guarantor may sell, assign, lease, transfer, or otherwise dispose of any of its assets (including
but not limited to any equity securities of any person that are held by such Borrower or Guarantor), other than (a) dispositions,
winding up and liquidating subsidiaries, and (b) dispositions of equity securities and other assets, provided in the case of dispositions
to third parties, including (without limitation) dispositions of equity securities to employees or affiliates of the Borrower
as part of compensation packages.

(g)       Transactions
with Affiliates. Neither Borrower nor Guarantor may enter into any material transaction with any of its or any other Borrower’s
or Guarantor’s officers, directors, equity holders or any of their respective affiliates other than transactions in the
ordinary course of business, which the parties acknowledge includes merger, consolidation, dissolution or liquidation of any of
its investment funds or their respective advisor or manager entities, which are upon fair and reasonable terms not materially
less favorable than such Borrower or Guarantor could obtain or could become entitled to in an arm’s-length transaction with
a person that is not one of such Borrower’s or Guarantor’s officers, directors, or equity holders.

(h)       Additional
Pledges. Grant, create, assume or permit any other mortgage, lien, encumbrance, right of first offer, right of first refusal,
option or other rights with respect to the funds placed or to be placed in the Pledged Account.

    - 7 -

     

    

(i)           
Maintain Transfer Agent. Borrower shall not, and shall not permit Guarantor to alter its current transfer agent or add
any additional transfer agents, without Lender’s prior written consent.

7.           
FINANCIAL REPORTING. Borrowers agree to maintain a system of accounting books and records in accordance with sound accounting
principals consistently applied. Borrowers shall provide, and shall cause Guarantor to provide, the Lender with any financial
information reasonably requested by the Lender. On a regular basis, Borrower shall, or shall cause Guarantor, as applicable, to
provide the following financial reports:

(a)    
Promptly after filing, a copy of Guarantor’s Annual Report Form 10K and Quarterly Report Form 10Q filings with the Securities
and Exchange Commission.

(b)    
Within five (5) business days following the deposit of any funds into the Pledged Account, Borrower or Guarantor shall provide
Lender with a Pledged Account Deposit Certificate in the form attached hereto as Exhibit C, certified as true and correct
by Borrower’s or Guarantor’s chief financial officer or chief accounting officer, directing Lender how to disburse
Subscription Agreement Funds.

8.           
COSTS. Borrower agrees to pay all of Lender’s reasonable costs and expenses related to the Loan, including but not
limited to the cost of any appraisals, public records searches, attorney’s fees and costs, documentary stamp taxes, intangible
taxes or other governmental impositions.

9.           
INDEMNIFICATION.

(a)         
Borrower hereby indemnifies and agrees to defend and hold harmless Lender, its officers, employees and agents, from and against
any and all losses, damages, or liabilities and from any suits, claims or demands, including reasonable attorneys’ fees
incurred in investigating or defending such claim, suffered by any of them and caused by, arising out of, or in any way connected
with the Loan Documents or the transactions contemplated therein (unless determined by a final judgment of a court of competent
jurisdiction to have been caused solely by the gross negligence or willful misconduct of any of the indemnified parties) including,
without limitation: (i) any untrue statement of a material fact contained in information submitted to Lender by Borrower or the
omission of any material fact necessary to be stated therein in order to make such statement not misleading or incomplete; and
(ii) the failure of Borrower or Guarantor to perform any obligations herein required to be performed by Borrower or Guarantor.

(b)          In case any action shall be brought against Lender, its officers, employees or agents, in respect to which indemnity may be sought
against Borrower, Lender or such other party shall promptly notify Borrower and Borrower shall assume the defense thereof, including
the employment of counsel selected by Borrower and satisfactory to Lender, the payment of all costs and expenses and the right
to negotiate and consent to settlement. Lender shall have the right, at its sole option, to employ separate counsel in any such
action and to participate in the defense thereof, all at Borrower’s sole cost and expense. Borrower shall not be liable
for any settlement of any such action effected without its consent (unless Borrower fails to defend such claim), but if settled
with Borrower’s consent, or if there be a final judgment for the claimant in any such action, Borrower agrees to indemnify
and hold harmless Lender from and against any loss or liability by reason of such settlement or judgment.

    - 8 -

     

    

(c)         
The provisions of this Section shall survive the repayment or other satisfaction of the Note.

10.         
DEFAULT. If the Borrower fails to pay any amount owing under the Note or this Agreement within ten (10) days of the same
becoming due, or if Borrower otherwise fails to perform according to the terms of the Note or if the Borrower shall fail, neglect
or refuse to perform any of Borrower’s promises or agreements hereunder or breach any promise, covenant, warranty or agreement
made in the Loan Documents and fails to remedy such failure within thirty (30) days of receiving notice of the same, or if Borrower
or Guarantor shall become insolvent, or if there is filed a voluntary or involuntary petition in bankruptcy of either Borrowers
or Guarantor, or an assignment for the benefit of creditors is made by either Borrower or Guarantor, then and in any such event
the Borrower shall be considered in default hereunder and the Lender may, at its option, without prejudice to any other right
or remedy Lender may have as a matter of law, declare all sums evidenced by the Note and all sums due hereunder to be immediately
due and payable. Notwithstanding the foregoing, if either Borrower or Guarantor is in Default for failure to meet any of the reporting
requirements set forth in any of the Loan Documents, or if either Borrower or Guarantor requests a waiver with respect to a Default
with respect to one or more financial covenant set forth in the Loan Documents, Lender may, in its sole and absolute discretion,
impose a penalty or charge a waiver fee in lieu of declaring Borrower in Default hereunder.

11.          
MISCELLANEOUS.

(a)         
Disclosure of Financial Information and Confidentiality. Lender is hereby authorized to disclose any financial or other
information about Borrower to any regulatory body or agency having jurisdiction over Lender or required by applicable law, and
to any present, future or prospective participant or successor in interest in any loan or other financial accommodation made by
Lender to Borrower; provided that any such present, future or prospective participant or successor in interest agrees to be bound
by the confidentiality provisions set forth herein. The information provided may include, without limitation, amounts, terms,
balances, payment history, return item history and any financial or other information about Borrower that is required by law to
be disclosed. Lender covenants and agrees to keep confidential, and shall require any present, future or prospective participant
or successor in interest to keep confidential, any information disclosed by Borrower or Guarantor to Lender which is material
and not know to the general public.

(b)          Integration. This Agreement and the other Loan Documents constitute the sole agreement of the parties with respect to the
transaction contemplated hereby and supersede all oral negotiations and prior writings with respect thereto.

    - 9 -

     

    

(c)         
No Implied Waiver. Lender shall not be deemed to have modified or waived any of its rights or remedies hereunder unless
such modification or waiver is in writing and signed by Lender, and then only to the extent specifically set forth therein. A
waiver in one event shall not be construed as continuing or as a waiver of or bar to such right or remedy in a subsequent event.
After any acceleration of, or the entry of any judgment on, this Note, the acceptance by Lender of any payments by or on behalf
of Borrower on account of the indebtedness evidenced by this Note shall not cure or be deemed to cure any Event of Default or
reinstate or be deemed to reinstate the terms of this Note absent an express written agreement duly executed by Lender and Borrower.

(d)          No Usurious Amounts. Anything contained herein or in the Note to the contrary notwithstanding, it is the intent of the
parties that Borrower shall not be obligated to pay interest hereunder at a rate which is in excess of the maximum rate permitted
by law. If by the terms of the Note, Borrower is at any time required to pay interest at a rate in excess of such maximum rate,
the rate of interest under this Note shall be deemed to be immediately reduced to such maximum legal rate and the portion of all
prior interest payments in excess of such maximum legal rate shall be applied to and shall be deemed to have been payments in
reduction of the outstanding principal balance, unless Borrower shall notify Lender in writing, that Borrower elects to have such
excess sum returned to it forthwith. Borrower agrees that in determining whether or not any interest payable under this Note exceeds
the highest rate permitted by law, any non-principal payment, including without limitation, late charges, shall be deemed to the
extent permitted by law to be an expense, fee or premium rather than interest. In addition, Lender may, in determining the maximum
rate of interest allowed under applicable law, as amended from time to time, take advantage of: (i) the rate of interest permitted
by Section 687.12 Florida Statutes (“Interest rates; parity among licensed lenders or creditors”) and 12 United States
Code, Sections 85 and 86, and (ii) any other law, rule or regulation in effect from time to time, available to Lender which exempts
Lender from any limit upon the rate of interest it may charge or grants to Lender the right to charge a higher rate of interest
than allowed by Florida Statutes, Chapter 687.

(e)         
Partial Invalidity. The invalidity or unenforceability of any one or more provisions of this Agreement shall not render
any other provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically
a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.

(f)          
Binding Effect. The covenants, conditions, waivers, releases and agreements contained in this Agreement and the Loan Documents
shall bind, and the benefits thereof shall inure to, the parties hereto and their respective heirs, executors, administrators,
successors and assigns; provided, however, that the Loan cannot be assigned by Borrower without the prior written consent of Lender,
and any such assignment or attempted assignment by Borrower shall be void and of no effect with respect to Lender.

    - 10 -

     

    

(g)         
Modifications. This Agreement may not be supplemented, extended, modified or terminated except by an agreement in writing
signed by the party against whom enforcement of any such waiver, change, modification or discharge is sought.

(h)         
Sales or Participations. Lender may from time to time sell or assign, in whole or in part, or grant participations in,
the Loan, the Note and/or the obligations evidenced thereby. The holder of any such sale, assignment or participation, if the
applicable agreement between Lender and such holder so provides, shall be: (a) entitled to all of the rights, obligations and
benefits of Lender; and (b) deemed to hold Lender’s lien with respect to any and all obligations of such holder to Borrower,
in each case as fully as though Borrower was directly indebted to such holder. Lender may in its discretion give notice to Borrower
of such sale, assignment or participation; however, the failure to give such notice shall not affect any of Lender’s or
such holder’s rights hereunder.

(i)           Jurisdiction.
Borrower irrevocably appoints each and every owner, partner and/or officer of the Borrower as its attorney upon whom may be served,
by regular or certified mail at the address set forth below, any notice, process or pleading in any action or proceeding against
it arising out of or in connection with this Note or any other Loan Document; and Borrower hereby consents that any action or
proceeding against it be commenced and maintained in any court within the State of Florida by service of process on any such owner,
partner and/or officer; and Borrower agrees that the courts of such State shall have jurisdiction with respect to the subject
matter hereof and the person of Borrower. Borrower agrees not to assert any defense to any action or proceeding initiated by Lender
based upon improper venue or inconvenient forum.

(j)          
Notices. All notices and communications under this Note shall be in writing and shall be given by either (a) hand-delivery,
(b) first class mail (postage prepaid), or (c) reliable overnight commercial courier (charges prepaid), to the addresses first
set forth above. Notice shall be deemed to have been given and received: (i) if by hand delivery, upon delivery; (ii) if by mail,
three (3) calendar days after the date first deposited in the United States mail; and (iii) if by overnight courier, on the date
scheduled for delivery. A party may change its address by giving written notice to the other party as specified herein. Notwithstanding
the foregoing, financial reports may be provided electronically if sent to the appropriate Client Advisor with Lender.

(k)          Continuing
Enforcement. If, after receipt of any payment of all or any part of the Loan, Lender is compelled or agrees, for settlement
purposes, to surrender such payment to any person or entity for any reason (including, without limitation, a determination that
such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds),
then the Note and the other Loan Documents shall continue in full force and effect or be reinstated, as the case may be, and Borrower
shall be liable for, and shall indemnify, defend and hold harmless Lender with respect to, the full amount so surrendered. The
provisions of this Section shall survive the cancellation or termination of the Note and this Agreement, and shall remain effective
notwithstanding the payment of the obligations evidenced hereby, the release of any security interest, lien or encumbrance securing
the Note or any other action which Lender may have taken in reliance upon its receipt of such payment. Any cancellation, release
or other such action shall be deemed to have been conditioned upon any payment of the obligations evidenced hereby having become
final and irrevocable.

    - 11 -

     

    

(l)           
Waiver of Jury Trial. BORROWER AND LENDER AGREE THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING,
WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR BORROWER, ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND BORROWER
EACH HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO
THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, BORROWER
WAIVES ANY RIGHT THEY MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE,
CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS SECTION
IS A SPECIFIC AND MATERIAL ASPECT OF THIS NOTE AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN
THIS SECTION WERE NOT A PART OF THIS NOTE.

(m)          Amendment
and Restatement. This Agreement amends, restates and replaces the Original Loan Amendment in its entirety.

[Signatures
Commence on Following Page]

    - 12 -

     

    

IN
WITNESS WHEREOF, Borrower and Lender, on the day and year first written above, have caused this Agreement to be duly executed
under seal.

	 	BORROWER:
	 	 	 
	 	CNL STRATEGIC CAPITAL B, INC.,
    a
	 	Delaware corporation
	 	 	 
	 	By:	/s/
    Tammy J. Tipton
	 	Name:  Tammy J. Tipton
	 	Title: Chief Financial Officer and
    Treasurer

 

STATE
OF FLORIDA   

COUNTY
OF ORANGE  

Sworn
to and subscribed before me ___ in person ___
by remote online notary the ____ day of July, 2020, by Tammy J. Tipton, as Chief Financial Officer and Treasurer of CNL STRATEGIC
CAPITAL B, INC., a Delaware corporation in such capacity on behalf of the corporation. She is personally known to me or produced
driver’s license as identification.

	(NOTARY
    SEAL)	 	 	 
	 	Notary Public Signature
	 	 	 	 
	 	(Name typed, printed or stamped)
	 	Notary Public, State of Florida
	 	Commission No.:	 
	 	My Commission Expires:	 

 

    - 13 -

     

    

	 	LENDER:
	 	 	 	 	 
	 	UNITED COMMUNITY BANK DBA SEASIDE
	 	BANK AND TRUST
	 	 	 	 	 	 
	 	By:	/s/
    David C. Wooten
	 	Name:	David
    C. Wooten	 
	 	Title:	Client
    Advisor	 

    - 14 -

     

    

EXHIBIT
A

 

INITIAL
DRAW REQUEST #___

 

DATE
OF DRAW REQUEST:

 

AMOUNT:

 

COMMITMENT
FEE:

 

INTEREST
RATE: Greater of (a) 30-day LIBOR plus two and three-quarters percent (2.75%) and (b) three percent

 

PURPOSE:

 

	 	CERTIFIED AS TRUE AND CORRECT:
	 	 	 	 	 
	 	CNL STRATEGIC CAPITAL B, INC.,
    a
	 	Delaware corporation
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 	 	 
	 	UNITED COMMUNITY BANK DBA SEASIDE
	 	BANK AND TRUST
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 	 	 

    - 15 -

     

    

EXHIBIT
B

 

FINAL
DRAW FUNDING REQUEST #___

 

DATE
OF DRAW FUNDING REQUEST:

 

REQUESTED
DISBURSEMENT DATE:

 

AMOUNT:

 

COMMITMENT
FEE:

 

INTEREST
RATE: Greater of (a) 30-day LIBOR plus two and three-quarters percent (2.75%) and (b) three percent

 

PURPOSE:

 

DEPOSIT
TO:

 

THE
UNDERSIGNED BORROWER HEREBY CERTIFIES AND AFFIRMS THAT ALL INFORMATION AND REPRESENTATIONS PROVIDED TO LENDER IN CONNECTION WITH
THE INITIAL DRAW REQUEST REMAINS ACCURATE AND NO MATERIAL AND ADVERSE CHANGES HAVE TAKEN PLACE OR MATERIAL AND ADVERSE INFORMATION
HAS BEEN OBTAINED BY BORROWER OR GUARANTOR WITH RESPECT TO THE TARGET ENTITY.

 

	 	CERTIFIED AS TRUE AND CORRECT:
	 	 	 	 	 
	 	CNL STRATEGIC CAPITAL B, INC.,
    a
	 	Delaware corporation
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 	 	 
	 	UNITED COMMUNITY BANK DBA SEASIDE
	 	BANK AND TRUST
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 	 	 

    - 16 -

     

    

EXHIBIT
C

 

PLEDGED
ACCOUNT DEPOSIT CERTIFICATE

 

United
Community Bank DBA Seaside Bank and Trust

201
S. Orange Avenue

Suite
1350

Orlando,
FL 32801

Attn: Loan
Operations

 

The
undersigned, CNL Strategic Capital, B, Inc. (the “Borrower”) along with CNL Strategic Capital, LLC (the “Guarantor”),
pursuant to the Amended and Restated Loan Agreement dated July __, 2020, by and between Borrower and United Community Bank DBA
Seaside Bank and Trust (the “Lender”), hereby delivers this Pledged Account Deposit Certificate.

 

I
hereby certify that for the previous month, the following is accurate:

	 	 	 
	 	1.) 	Gross Subscription Funds
    raised on behalf of CNL Strategic Capital, LLC in prior month:	 
	 	 	 
	 	2.) 	minus fees due to placement agents (commissions):	 
	 	 	 
	 	3.) 	=Net Subscription Funds Raised prior month:	 
	 	 	 
	 	4.) 	Required Cash Reserve Minimum:	$2,500,000.00
	 	 	 
	 	5.) 	minus Current Cash Balance:	 
	 	 	 
	 	6.) 	=Amount required to maintain agreed upon
    Cash Reserve Minimum (to be deposited into a non-pledged account with Lender):	 
	 	 	 
	 	7.) 	Net Subscription Funds Raised (3) minus
    Amount required to maintain Cash Reserve Minimum (6) which will be applied to principal reduction on outstanding loan balance(s)*
    as set forth in the Loan Agreement:	 

 

*In
the event there is no outstanding principal balance drawn under the subject Confirmed Guidance Line of Credit at the time the
Pledge Account Deposit Certificate is submitted, all Subscription Funds raised will be placed in the non-pledged account with
Lender.

 

	CNL Strategic Capital, B, Inc.	 	CNL Strategic Capital, LLC
	 	 	 	 	 	 	 
	By:	 	 	 	By:	 	 
	Name:	 	 	 	Name:	 	 
	Title:	 	 	 	Title:	 	 

 

    - 17 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]