Document:

Exhibit 10.3

 

FORM OF DOCUMENT CUSTODY AGREEMENT

 

TRIPLEPOINT PRIVATE VENTURE CREDIT INC.

Company

 

each wholly-owned subsidiary of the Company
that has executed a Joinder

each, a Subsidiary

 

and

 

U.S. BANK NATIONAL ASSOCIATION

Document Custodian

 

Dated as of

 

June [●], 2020

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Certain Definitions	1
	 	 	 
	Section 2.	Appointment of the Document Custodian	5
	 	 	 
	Section 3.	Delivery of Collateral Files	5
	 	 	 
	Section 4.	Document Custodian’s Acceptance of Collateral Files	6
	 	 	 
	Section 5.	Document Custodian Certification	6
	 	 	 
	Section 6.	Release of Collateral Files	6
	 	 	 
	Section 7.	Further Obligations of the Document Custodian	7
	 	 	 
	Section 8.	Proper Instructions	7
	 	 	 
	Section 9.	Transmission of Collateral Files	8
	 	 	 
	Section 10.	Fees of the Document Custodian	9
	 	 	 
	Section 11.	Resignation or Removal of Document Custodian; Termination of Agreement	9
	 	 	 
	Section 12.	Representations	11
	 	 	 
	Section 13.	Notices	11
	 	 	 
	Section 14.	Concerning the Document Custodian	11
	 	 	 
	Section 15.	Force Majeure	14
	 	 	 
	Section 16.	Indemnification	14
	 	 	 
	Section 17.	Amendments	14
	 	 	 
	Section 18.	Effective Waiver	15
	 	 	 
	Section 19.	Severability	15
	 	 	 
	Section 20.	Binding Effect; Governing Law	15
	 	 	 
	Section 21.	Successors and Assigns; Third Party Benefit	15
	 	 	 
	Section 22.	Entire Agreement; Counterparts	16
	 	 	 
	Section 23.	Other Business	16
	 	 	 
	Section 24.	Reproduction of Documents	16
	 	 	 
	Section 25.	Confidentiality	16
	 	 	 
	Section 26.	Actions Necessary to Preserve Rights under Collateral Documents	16
	 	 	 
	Section 27.	SUBMISSION TO JURISDICTION; WAIVERS	17
	 	 	 
	Section 28.	Compliance with Applicable Law	18
	 	 	 
	Section 29.	Electronic Signatures	18

 

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	SCHEDULE I	RECOMMENDED DATA FILE CRITERIA	 
	 	 	 
	EXHIBIT A	FORM OF DOCUMENT CUSTODIAN CERTIFICATION	 
	 	 	 
	EXHIBIT B	AUTHORIZED REPRESENTATIVES	 
	 	 	 
	EXHIBIT C	FORM OF REQUEST FOR RELEASE	 
	 	 	 
	EXHIBIT D	FORM OF JOINDER	 

 

    ii

     

    

 

 

DOCUMENT CUSTODY AGREEMENT

 

This DOCUMENT CUSTODY
AGREEMENT (the “Agreement”) is made and entered into as of June [●], 2020, by and between
TriplePoint Private Venture Credit Inc. (the “Company”), a corporation organized under the laws of the State
of Maryland, and each wholly-owned subsidiary of the Company that has executed a Joinder (as defined below) (each, a “Subsidiary”)
and U.S. Bank National Association, a national banking association, organized under the laws of the United States, as document
custodian (the “Document Custodian”).

 

WHEREAS, the Company
is a closed-end management investment company, which has elected to do business as a business development company under the Investment
Company Act of 1940, as amended (the “1940 Act”), and is authorized to issue shares of common and preferred
stock;

 

WHEREAS, the Company
and its Subsidiaries are and from time to time may become the respective owners of certain assets (the “Collateral”);
and

 

WHEREAS, the Company
desires to have the Document Custodian take possession of certain documents relating to such Collateral as specified herein, as
the document custodian for the Company and each Subsidiary in accordance with the terms and conditions hereof; and

 

WHEREAS, the Document
Custodian has agreed to act as document custodian for the Company and each Subsidiary, on the terms and conditions hereof;

 

NOW, THEREFORE, the
parties to this Agreement hereby agree as follows:

 

Section 1.            Certain
Definitions. (a) The words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision;
and Section references refer to Sections of this Agreement. For the purposes of this Agreement, the following terms shall
have the indicated meanings unless the context or use indicates another or different meaning and intent, and the definitions of
such terms are equally applicable to the singular and the plural forms of such terms.

 

“1940 Act”
has the meaning set forth in the preamble hereto.

 

“Agreement”
means this Document Custody Agreement and the schedules and Exhibits hereto, as supplemented or amended from time to time.

 

“Authorized
Representative” has the meaning set forth in Section 8(b) hereof.

 

“Business
Day” means any day other than (i) a Saturday or Sunday, (ii) any day that is a legal holiday under the laws
of the State of New York, or the city or state in which the Document Custodian’s offices are located or (iii) any day
on which commercial banks in the State of New York or the city or state in which the Document Custodian’s offices are located
are closed or authorized or permitted to close.

 

“Collateral”
has the meaning set forth in the preamble hereto.

 

    

     

    

 

“Collateral
Documents” means, with respect to any Collateral, the documents comprising the Collateral File for such Collateral (including
any Required Loan Documents), received by the Document Custodian pursuant to this Agreement.

 

“Collateral
File” means a file delivered to the Document Custodian by the Company (on behalf of itself or a Subsidiary) pursuant
to Section 3, containing the Collateral Documents relating to the Collateral, as set forth on the Collateral Schedule delivered
to the Document Custodian.

 

“Collateral
File Checklist” means a checklist attached to each Collateral File containing a listing of Collateral Documents contained
in the specific Collateral File.

 

“Collateral
List” means, in the case of each Collateral File held by the Document Custodian for the benefit of the Company, a computer-readable
transmission containing the following information (and such other data as may be mutually agreed upon in writing by the Company
and the Document Custodian), which shall be delivered by the Document Custodian to the Company pursuant to this Agreement: Loan
Number, Borrower Name, Original Loan Principal Amount.

 

“Collateral
Schedule” means a listing of Collateral Files in computer readable standardized text formats, delivered or caused to
be delivered by the Company to the Document Custodian, incorporating the fields listed on Schedule I hereto and such other
information and fields as may be mutually agreed upon by the Company and the Document Custodian and in a form satisfactory to the
Company and the Document Custodian.

 

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

 

“Document
Custodian Certification” has the meaning set forth in Section 3(b) hereof.

 

“Delivery
of Collateral Files” means actual receipt by the Document Custodian at its designated office of the (i) Collateral
Files and (ii) Collateral Schedule relating to such Collateral Files.

 

“Exception
Report” has the meaning set forth in Section 3(b) hereof.

 

“Joinder”
means a written undertaking to be bound by the terms and conditions of this Agreement made by and between a Subsidiary and the
Document Custodian and substantially in the form of Exhibit D.

 

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

 

“Noteless
Loan” means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute
and deliver a promissory note to evidence the indebtedness created under such Loan and (ii) no promissory notes executed by
the obligor are outstanding with respect to the portion of the Loan transferred by the issuer or the prior holder of record.

 

    	 	2	 

     

    

 

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

 

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

 

“Proper Instructions”
means the meaning set forth in Section 8(a) hereof.

 

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

 

“Required
Loan Documents” means, for each Loan:

 

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

 

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

 

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

 

(d)            a
copy of the Collateral File Checklist.

 

“Responsible
Officer” means, with respect to the Document Custodian, any officer, including any managing director, principal, vice
president, assistant vice president, assistant treasurer, assistant secretary, trust officer or any other officer of the Document
Custodian customarily performing functions similar to those performed by any of the above designated officers, and also, with respect
to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject, in each case, having direct responsibility for the administration of this Agreement.

 

“Subsidiary”
has the meaning set forth in the preamble hereto.

 

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

 

    	 	3	 

     

    

 

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

 

(b)            In
this Agreement unless the contrary intention appears:

 

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

 

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

 

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

 

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

 

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

 

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

 

		(vii)	a reference to the term “including” means “including, without limitation”;

 

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

 

		(ix)	any reference to “execute”, “executed”, “sign”, “signed”,
 “signature” or any other like term hereunder shall include execution by electronic signature (including, without limitation,
any .pdf file, .jpeg file, or any other electronic or image file, or any “electronic signature” as defined under the
U.S. Electronic Signatures in Global and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures
and Records Act (“ESRA”), which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign,
or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Document
Custodian), except to the extent the Document Custodian requests otherwise. Any such electronic signatures shall be valid, effective
and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly
delivered for all purposes hereunder.

 

(c)            Headings
are inserted for convenience and do not affect the interpretation of this Agreement

 

    	 	4	 

     

    

 

Section 2.            Appointment
of the Document Custodian. The Company hereby appoints the Document Custodian, and the Document Custodian hereby accepts its
appointment, to act as the document custodian for the Company and each Subsidiary, to provide the services set forth in this Agreement,
upon the terms and conditions set forth in this Agreement.

 

The Document Custodian
acknowledges and agrees that it will hold possession of all Collateral Files delivered to it in accordance with this Agreement
for the benefit of the Company or a Subsidiary, as applicable.

 

Section 3.            Delivery
of Collateral Files.

 

(a)            The
Company (on behalf of itself or a Subsidiary) shall from time to time deliver or cause to be delivered Collateral Files, including
each of the related Collateral Documents, to the Document Custodian to be held hereunder. With respect to each Delivery of Collateral
Files, the Company shall provide or cause to be provided a related Collateral Schedule (in a form acceptable to the Company
and the Document Custodian) to the Document Custodian with respect to such Collateral Files that are being delivered.

 

(b)            In
receiving any Collateral Files hereunder, and in maintaining any listing or providing any report or communication with respect
to the Collateral Files or Collateral Documents held hereunder, the Document Custodian shall be required only to review the face
of each document received to determine whether it appears regular on its face and appears to relate to the related Collateral.
Upon Delivery of Collateral Files in accordance with the preceding sentence, within three (3) Business Days (provided however
that if more than fifty (50) Collateral Files are delivered at one time to the Document Custodian, additional time as agreed to
among the parties in writing, may be taken by the Document Custodian) the Document Custodian shall execute and deliver to the Company
a certification more fully described in Section 5 (a “Document Custodian Certification”) substantially
in the form attached hereto as Exhibit A, including an attached exception report (an “Exception Report”),
listing any Collateral Document not included in the related Collateral File after review against the Collateral File Checklist (which
Exception Report shall include any document that does not, on its face, appear regular and/or related to such Collateral). For
the avoidance of doubt, such review will not commence in accordance with this Section 3(b) until both the Collateral
Files, including the Collateral File Checklist, and the Collateral Schedule have been delivered to the Document Custodian.

 

(c)            The
Document Custodian shall not otherwise be under any duty to review, inspect, examine or certify the Collateral Files or related
Collateral Documents; and without limiting the foregoing, the Document Custodian shall be entitled to assume the genuineness of
each such document and the genuineness and due authority of any signatures appearing thereon, shall be entitled to assume that
each such document is what it purports to be. The Document Custodian shall have no liability for or obligation with respect to,
and shall not be construed or obliged to make any representation or warranty as to: (i) the validity, sufficiency, marketability,
genuineness, value, contents or enforceability of any Collateral Document; (ii) the validity, adequacy or perfection of any
lien upon or security interest purported to be evidenced or created thereby; or (iii) to determine that the contents of any
Collateral Document are appropriate for the represented purpose or that any Collateral Document has actually been recorded or filed,
as maybe applicable, or that any Collateral Document is other than what it purports on its face to be.

 

    	 	5	 

     

    

 

(d)            With
respect to each Subsidiary, such Collateral Files shall be held in safekeeping by the Document Custodian, individually segregated
and marked so as to clearly identify them as the property of such Subsidiary as set forth in this Agreement.

 

(e)            The
parties hereto agree that (i) any Subsidiary shall have the same rights and obligations as the Company under this Agreement
and (ii) the Company shall notify the Document Custodian in writing as to the establishment of any Subsidiary as to which
the Company request that the Document Custodian provide services hereunder on behalf of the Subsidiary and request that the Document
Custodian execute a Joinder with respect to such Subsidiary

 

Section 4.            Document
Custodian’s Acceptance of Collateral Files.

 

(a)            The
Document Custodian shall accept the documents received by the Document Custodian pursuant to Section 3 hereunder. With respect
to each Collateral File listed on a given Collateral Schedule, the Document Custodian shall issue a Collateral List (in addition
to the Document Custodian Certification) upon review of the Collateral Files. If upon delivery of such Collateral Files, any Collateral
File listed on the Collateral Schedule has not been received by the Document Custodian, the Document Custodian shall identify
such Collateral File as pending on the related Collateral List.

 

(b)            Any
Collateral List or Document Custodian Certification delivered to the Company by the Document Custodian shall supersede, cancel
and replace the previously delivered Collateral List or Document Custodian Certification, as applicable, and shall, in each case,
control and be binding on the parties hereto.

 

Section 5.            Document
Custodian Certification. (a) The Document Custodian shall, in each Document Custodian
Certification, certify and confirm as to each Collateral File listed on the Collateral Schedule that, except as noted on the
Exception Report attached to such Document Custodian Certification:

 

		(i)	all documents required to be delivered to it pursuant to Section 3 as listed on the related
Collateral File Checklist are in the Document Custodian’s possession as part of the Collateral File for such Collateral (other
than those released pursuant to Section 6 below and listed on the related Exception Report); and

 

		(ii)	all documents contained in the Collateral File as described on the attached Schedule I have
been reviewed by the Document Custodian and appear regular on their face and relate to such applicable Collateral File.

 

Section 6.            Release
of Collateral Files.

 

(a)            In
the event that any Collateral File is needed by the Company or a Subsidiary for the purpose of correction of errors therein or
for one of the other purposes set forth in a Request for Release, the Company shall send or cause to be sent to the Document Custodian
a Request for Release. The Document Custodian shall release such Collateral Files within three (3) Business Days of its receipt
of such completed Request for Release. Any request for release by the Company (on behalf of itself or a Subsidiary) shall be in
the form of the Request for Release.

 

    	 	6	 

     

    

 

(b)            The
Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests
for Release submitted in the form attached hereto as Exhibit C (or as otherwise agreed between the Document Custodian and
the Company).

 

Section 7.            Further
Obligations of the Document Custodian.

 

(a)            Maintenance
of Facility. The Document Custodian shall segregate and identify the Collateral Files on its automated data system and maintain
custody of all Collateral Files received by it in secure and fire resistant facilities, all in accordance with customary standards
for such custody and in a manner consistent with Rule 17f-1 under the 1940 Act, as determined by the Company.

 

(b)            Insurance.
The Document Custodian shall, at its own expense, maintain at all times during the existence of this Agreement and keep in full
force and effect insurance in amounts, with standard coverage and subject to deductibles, all as customary for insurance typically
maintained by banks that act as document custodian. Upon written request from the Company, the Document Custodian shall provide
evidence (which evidence may be in the form of a certificate of the respective insurer) that such insurance is in full force and
effect.

 

(c)            Examination.
The Document Custodian shall upon not less than three (3) Business Days prior written notice permit (a) inspection during
regular business hours of the Document Custodian (and subject to its usual charges for such access) by the Company (or by its auditors
or agents when requested by the Company) of the Collateral Files, at such place or places where the related Collateral Files are
deposited, and (b) the Company (or its auditors or agents when requested by the Company) to make copies of the Collateral
Files. The Company shall be responsible for any expenses in connection with such inspection and copying. Any such inspection and
copying shall be subject to the procedures of the Document Custodian. In addition, and not in limitation of the foregoing, the
Company shall indemnify and hold the Document Custodian harmless from all claims, costs, expenses, losses and damages incurred
by the Document Custodian as a result of the damage, loss or misplacement of any Collateral Files or Collateral Documents or other
papers contained in the Collateral Files while in the possession of the Company (or its auditors or agents).

 

Section 8.            Proper
Instructions.

 

(a)            Any
instruction or direction delivered to the Document Custodian from the Company (on behalf of itself or a Subsidiary) shall be in
writing and executed by an Authorized Representative and shall be delivered in accordance with Section 13 hereof. The Document
Custodian and the Company may agree from time to time to accept other forms of instruction or direction. Any such instruction or
direction delivered pursuant to this Section 8(a) shall be considered “Proper Instructions.” The Company
acknowledges and agrees to provide all Proper Instructions on behalf of any Subsidiary and the Document Custodian shall be entitled
to rely on such Proper Instruction given to it with respect to any Subsidiary.

 

    	 	7	 

     

    

 

(b)            Any
of the persons whose signatures and titles appear on Exhibit B (an “Authorized Representative”) are authorized,
acting singly, to act for the Company (on behalf of itself or a Subsidiary) under this Agreement. The specimen signature for each
such Authorized Representative of the Company initially authorized hereunder is set forth on Exhibit B. From time to time,
the Company may, by delivering to the Document Custodian a revised exhibit, change the information previously given, but the Document
Custodian shall be entitled to rely conclusively on the then current Exhibit until receipt of a superseding exhibit. Any electronically
signed document delivered via electronic mail from a person purporting to be an Authorized Representative shall be considered signed
or executed by such Authorized Representative on behalf of the applicable Person. The Custodian shall have no duty to inquire into
or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on
any such electronic signature without any liability with respect thereto.

 

(c)            The
Document Custodian shall have no obligation to act in accordance with purported instructions to the extent that they conflict with
applicable law or regulations. The Document Custodian shall not be liable for any loss resulting from a delay while it obtains
clarification of any Proper Instructions.

 

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

 

Section 9.            Transmission
of Collateral Files. Prior to any shipment of any Collateral Files or Collateral Documents
hereunder pursuant to the request of the Company (on behalf of itself or a Subsidiary), the Company shall deliver to the Document
Custodian written instructions as to the method of shipment and shipper(s) the Document Custodian is to utilize in connection
with the transmission of Collateral Files or Collateral Documents in the performance of the Document Custodian’s duties hereunder
(which instruction shall include, if requested by the Document Custodian, billing account numbers maintained by the Company with
such shipper(s) to allow for direct billing of the related charges to the Company). The Company shall arrange for the provision
of such services at its sole cost and expense (or, at the Document Custodian’s option, reimburse the Document Custodian for
all costs and expenses incurred by the Document Custodian consistent with such instructions) and will maintain such insurance against
loss or damage to Collateral Files or other loan documents as the Company deems appropriate.

 

Notwithstanding the
foregoing, it is hereby expressly agreed that in the absence of express written instruction from the Company pursuant to the preceding
terms, shipment may be made by the Document Custodian in any instance by means of any recognized overnight delivery or shipping
service (it being hereby expressly acknowledged that United Parcel Service is one such recognized service, without implied limitation).
All costs and risks of shipment shall be borne by the Company, and it is hereby expressly agreed that in no event shall the Document
Custodian have any liability for any losses or damages to any Person, arising out of actions of the Document Custodian consistent
with the instructions of the Company (on behalf of itself or a Subsidiary). Any costs of shipment that may be incurred or paid
by the Document Custodian from time to time may be billed by the Document Custodian to the Company on a monthly basis and shall
be due and payable when billed.

 

    	 	8	 

     

    

 

Section 10.           Fees
of the Document Custodian. It is understood that the Document Custodian will charge such
fees for its services under this Agreement as are set forth in a separate agreement (the “Fee Schedule”) between
the Document Custodian and the Company, the payment of which, together with the Document Custodian’s reasonable expenses
(as described below) in connection herewith, shall be solely the obligation of the Company. The final form of such Fee Schedule (as
amended or modified by the parties) shall be binding upon the parties, whether or not such Fee Schedule has been executed
by the parties.

 

The Company agrees
to pay or reimburse to the Document Custodian upon its request from time to time, any and all reasonable costs, disbursements,
advances, and expenses and indemnification amounts (including reasonable fees and expenses of legal counsel, agents and experts)
paid or incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed
settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like) by the Document
Custodian, in connection with (i) the preparation or execution of this Agreement, (ii) the transactions contemplated
hereby, (iii) the administration of this Agreement, (iv) in accordance with Section 16 herein, defending itself
(including the reasonable fees and expenses of counsel, agents and experts) against any claim (whether brought by or involving
the Company or any third party) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
(v) the performance by the Document Custodian of its duties and services under this Agreement and (vi) the enforcement
by the Document Custodian of this Agreement and its indemnification rights hereunder, from time to time (including costs and expenses
of any legal or other action deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement).

 

Any such fees, expenses
and indemnification amounts payable pursuant to this Section 10 shall be due and payable within thirty (30) days of request
by the Document Custodian to the Company. If such fees, expenses and indemnification amounts are not paid within 60 days from request
by the Document Custodian, the Document Custodian may resign effective immediately, and shall ship all Collateral Files (in accordance
with Section 9) then held by the Document Custodian on behalf of the Company to the Company at its address as provided in
Section 13.

 

The obligations of
the Company under this Section 10 and such separate agreement shall survive the termination of this Agreement and the resignation
or removal of the Document Custodian.

 

    	 	9	 

     

    

 

Section 11.           Resignation
or Removal of Document Custodian; Termination of Agreement.

 

(a)            The
Document Custodian may terminate its obligations under this Agreement upon sixty (60) days’ prior written notice to the Company.
In the event of such termination, (i) the Company shall appoint, by written instrument, a successor document custodian and
(ii) the Document Custodian, promptly upon receipt of payment of any unpaid fees, expenses and indemnification amounts (in
accordance with Section 16 herein) owing to it, shall transfer to the successor document custodian, as directed, all Collateral
Files being held by the Document Custodian under this Agreement. The Document Custodian’s sole responsibility after the termination
of its obligations as aforesaid shall be to safely maintain all of the Collateral Files and to deliver the same to a successor
document custodian; provided, that if a successor document custodian has not accepted custodial responsibilities within the period
set forth in the first sentence of this Section 11(a), the Document Custodian may, at the expense of the Company, either (i) deliver
all Collateral Files to the Company or its designee, or (ii) petition any court of competent jurisdiction to name a successor
document custodian. The Document Custodian shall not be responsible for the fees and expenses of any successor document custodian.
Upon delivery of the Collateral Files to any successor document custodian or to the Company or its designee as provided in this
paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all costs and expenses
relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the sole responsibility
of the Company.

 

(b)            The
Company may at any time and without cause remove and discharge the Document Custodian from the performance of its duties under
this Agreement upon at least sixty (60) days’ written notice to from the Company to the Document Custodian. Such removal
shall take effect upon (i) the appointment of a successor document custodian by the Company, and (ii) delivery of all
the Collateral Files to the successor document custodian, the Company or its designee, which delivery shall be subject to, and
shall be made promptly after, payment to the Document Custodian of any unpaid fees, expenses and indemnification amounts (in accordance
with Section 16 herein) owing to it. The payment of such successor document custodian’s fees and expenses and all costs
and expenses in connection with such transfer shall be the sole responsibility of the Company. If a successor document custodian
is not appointed by the Company within the aforementioned sixty (60) days, the Document Custodian may, at the expense of the Company,
deliver all the Collateral Files to the Company or its designee. Upon delivery of the Collateral Files to the Company or its designee
as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all
costs and expenses relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the
sole responsibility of the Company.

 

(c)            This
Agreement shall terminate on the date on which the Company notifies the Document Custodian in writing that the Agreement is terminated.
Upon the Document Custodian’s receipt of both such written termination and the payment of any due and unpaid fees, expenses
and indemnification amounts, the Document Custodian shall, within a reasonable time, deliver any remaining Collateral Files to
the Company or its designee, as directed by the Company and at the Company’s expense (including any shipping costs)

 

(d)            In
the event of any resignation or removal of the Document Custodian, the Document Custodian shall provide the Company a complete
final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

 

    	 	10	 

     

    

 

Section 12.           Representations.

 

(a)            The
Company hereby represents and warrants to the Document Custodian that it has the power and authority to enter into and perform
its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and
binding obligation.

 

(b)            The
Document Custodian hereby represents and warrants to the Company that it is qualified to act as custodian pursuant to Section 26(a)(1) of
the 1940 Act, it has the power and authority to enter into and perform its obligations under this Agreement, it has duly authorized
and executed this Agreement so as to constitute its valid and binding obligations, and it maintains business continuity policies
and standards that include data file backup and recovery procedures that comply with all applicable regulatory requirements.

 

Section 13.            Notices.

 

(a)            Except
as otherwise expressly provided herein, all Proper Instructions, notices or any other communications hereunder shall be in writing
and shall be sent (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service or (iii) facsimile,
..pdf transmission or electronic mail, to the Company, a Subsidiary or the Document Custodian at the following address, as applicable
(or such other address as either party may designate by written notice to the other party):

 

If to the Company or any Subsidiary,
to:

 

TriplePoint Private Venture Credit Inc.

2755 Sand Hill Road, Suite 150

Menlo Park, California 94025

Attention: Christopher Mathieu

Phone: (650) 854-2090

Fax: (650) 854-2094

Email:cmathieu@triplepointcapital.com

 

If to the Document Custodian,
to:

 

U.S. Bank National Association

1719 Otis Way

Florence, South Carolina 29501

Ref: TriplePoint Private Venture
Credit Inc.

Attention: Steven Garrett

Fax: (843) 676-8901

Email: steven.garrett@usbank.com

 

Section 14.           Concerning
the Document Custodian. The acceptance by the Document Custodian of its appointment hereunder
is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement
(whether or not so stated therein or herein).

 

    	 	11	 

     

    

 

(a)            The
Document Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Collateral
Files or the Collateral Documents except for such duties, obligations or responsibilities as are expressly and specifically set
forth in this Agreement as duties obligations or responsibilities on its part to be performed, and the duties obligations and responsibilities
of the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations
or responsibilities shall be read into this Agreement against, or on the part of, the Document Custodian, including any responsibilities
for the Company’s compliance with the 1940 Act. Any permissive right of the Document Custodian to take any action hereunder
shall not be construed as a duty.

 

(b)            The
Document Custodian makes no representations as to and shall not be responsible for or required to verify (A) the validity,
legality, enforceability, due authorization, effectiveness, recordability, insurability, sufficiency, value, form, substance, or
genuineness of any of the documents contained in any Collateral File or (B) the collectability, validity, transferability,
insurability, value, effectiveness, perfection, priority or suitability of any Collateral File or any document contained therein.

 

(c)            The
Document Custodian shall have no responsibilities or duties with respect to any Collateral File while such Collateral File is not
in its possession.

 

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

 

(e)            Neither
the Document Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or
for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake
of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes
gross negligence, willful misconduct or bad faith of the Document Custodian.

 

(f)            The
Document Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers
conferred upon it, or taken by it pursuant to Proper Instructions, or omitted to be taken by it by reason of the lack of Proper
Instructions required hereby for such action.

 

    	 	12	 

     

    

 

 

(g)            The
Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith, with respect to any question
as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by the
Document Custodian in good faith in accordance with the advice or opinion of such counsel. The reasonable costs and expenses of
such advice or opinion shall be reimbursed by the Company pursuant to Section 10 hereof.

 

(h)            No
provision of this Agreement shall require the Document Custodian to expend or risk its own funds, take any action hereunder (or
omit to take any action) or otherwise incur any financial liability in the performance of its duties under this Agreement if it
shall have grounds for believing that repayment of such funds or indemnity satisfactory is not assured to it.

 

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

 

(j)            If
the Document Custodian shall request instructions from the Company with respect to any act, action or failure to act in connection
with this Agreement, the Document Custodian shall be entitled to refrain from taking such action and continue to refrain from acting
unless and until the Document Custodian shall have received written instructions from the Company without incurring any liability
therefor to the Company, or any other Person.

 

(k)            In
no event shall the Document Custodian or its directors, affiliates, officers, agents and employees be held liable for any lost
profits or exemplary, punitive, special, indirect or consequential damages of any kind (including lost profits or diminution in
value) resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised
of the possibility of such damages.

 

(l)            The
Document Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by
a Responsible Officer of the Document Custodian or unless (and then only to the extent received) in writing by the Document Custodian
in accordance with Section 13 herein and specifically referencing this Agreement. Any other provision of this Agreement to
the contrary notwithstanding, the Document Custodian shall have no notice of and shall not be bound by any of the terms and conditions
of any other document or agreement unless the Document Custodian is a signatory party to that document or agreement.

 

(m)            The
Document Custodian shall not be responsible for the preparation or filing of any reports or returns relating to federal, state
or local income taxes with respect to this Agreement, other than in respect of the Document Custodian’s compensation or for
reimbursement of expenses; shall be under no obligation to verify the authenticity of any signature on any of the documents received
or examined by it in connection with this Agreement or the authority or capacity of any person to execute or issue such document,
except as provided in Section 8 of this Agreement with respect to Authorized Representatives; shall have no duty to ascertain
whether or not any cash amount or payment has been received by the Company, a Subsidiary or any third person and shall not be required
to perform any cash movement functions in relation to this Agreement; and shall not be required to value or produce a report detailing
the value of the Collateral Files.

 

    	13 

     

    

 

(n)            Nothing
in this Agreement shall be deemed to impose on the Document Custodian any duty to qualify to do business in any jurisdiction, other
than (i) any jurisdiction where any Collateral File is or may be held by the Document Custodian from time to time hereunder,
and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure
to qualify could have a material adverse effect on the Document Custodian or its property or business or on the ability of the
Document Custodian to perform its duties hereunder.

 

The provisions of this
Section 14 shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

 

Section 15.     Force
Majeure. In no event shall any party hereto be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, events, circumstances
or forces beyond its control, including, nationalization, expropriation, currency restrictions, the interruption, disruption or
suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological
failures or interruptions, computer viruses or the like, loss or malfunctions of utilities, communications or computer (software
and hardware) services, fires, floods, earthquakes or other natural disasters, civil or military disturbance, acts of war or terrorism,
riots, revolution, acts of God, work stoppages, strikes, accidents, national disasters of any kind, nuclear or natural catastrophes,
or other similar events or acts; errors by the Company (including any Authorized Representative) in its instructions to the Document
Custodian; or changes in applicable law, regulation or orders.

 

Section 16.     Indemnification.
The Company agrees to indemnify and hold harmless the Document Custodian and its respective
directors, officers, employees, agents, designees, successors and assigns from and against any and all liabilities, obligations,
damages, penalties, claims, actions, judgments, suits, disbursements, losses, costs and expenses of any kind or nature, including
reasonable fees and expenses of legal counsel, court costs and costs of appeal arising from or connected with, the Document Custodian’s
execution and performance of this Agreement, its participation in any transaction contemplated hereby, or the relationship between
the Document Custodian and the Company (including any Subsidiary) created hereby, including but not limited to the claims of any
third parties against the Document Custodian, except to the extent such loss, liability or expense results from the gross negligence,
bad faith or willful misconduct on the part of the Document Custodian.

 

The foregoing indemnifications
shall survive the termination of this Agreement and the resignation or removal of the Document Custodian hereunder.

 

Section 17.     Amendments.

 

(a)            No
amendment or waiver of any provision of this Agreement and no consent to any departure herefrom shall in any event be effective
unless the same shall be in writing (including a writing evidenced by a facsimile transmission, PDF or electronic mail) and signed
(whether by manual, facsimile, .pdf transmission or other electronic signature) by the parties hereto. However, with respect to
any change in review procedure, this Agreement may be amended by mutual agreement between the parties hereto in the form of consent
via electronic mail. Any such email shall reference this Agreement and shall specify that it is an amendment to the review procedures.

 

    	14 

     

    

 

(b)            From
time to time, the Company may request that a wholly-owned subsidiary of the Company join in this Agreement and have all the rights
and obligations as any other Subsidiary. It shall be within the Document Custodian’s sole discretion to agree to such a joinder.
The Company agrees to cause the Subsidiary to deliver to the Document Custodian a Joinder and such other documentation as the Document
Custodian may require. Such Joinder shall not be effective until agreed to and executed by the Document Custodian.

 

Section 18.     Effective
Waiver. In no instance shall any delay or failure to act be deemed to be or effective
as a waiver by any party of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an
expressly written instrument signed by the party against whom it is to be charged.

 

Section 19.     Severability.
If any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.

 

Section 20.     Binding
Effect; Governing Law. This Agreement shall be binding and inure to the benefit of the
parties hereto and their respective successors and assigns. This Agreement shall be construed in accordance with, and governed
by the law of the State of New York, without giving effect to the conflict of law principles thereof.

 

Section 21.     Successors
and Assigns; Third Party Benefit.

 

(a)            The
covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective
successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written
consent of the other party.

 

(b)            Any
Person into which the Document Custodian may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which the Document Custodian shall be a party, or any Person to which all or substantially
all of the corporate trust business of the Document Custodian may be sold or otherwise transferred, shall without the execution
or filing of any paper or further act on the part of any parties hereto become the successor Document Custodian hereunder (including,
without the prior written consent of the Company).

 

(c)            This
Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied
upon or enforced by any third parties (other than successors and permitted assigns pursuant to this Section 21.

 

    	15 

     

    

 

Section 22.     Entire
Agreement; Counterparts. This Agreement, together with the exhibits, schedules, Joinders,
and other writings referred to herein or delivered pursuant hereto, constitutes the entire agreement and understanding of the parties
with respect to the matters and transactions contemplated by this Agreement and supersedes any prior agreement and understandings
with respect to those matters and transactions. This Agreement may be executed in counterparts, each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement (and by facsimile,
electronic mail, or .pdf or other electronic transmission, which facsimile, electronic mail or .pdf or other electronic transmission
signatures shall be considered original executed counterparts).

 

Section 23.     Other
Business. Nothing herein shall prevent the Document Custodian or any of its affiliates
from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving
fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall
constitute the Company and/or the Document Custodian (and/or any other Person) as members of any partnership, joint venture, association,
syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established
by this Agreement.

 

Section 24.     Reproduction
of Documents. This Agreement and all schedules, exhibits, Joinders, attachments and amendment
hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic, facsimile, .pdf, electronic
mail or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the
original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall
likewise be admissible in evidence.

 

Section 25.     Confidentiality.
The parties hereto agree that they and their advisors, including legal counsel, shall
not disclose to any other Person and shall keep confidential the terms and conditions of this Agreement (including fee arrangements)
and any amendment, supplement, Schedule or Exhibit hereto (“Confidential Information”). In the event
that any party hereto or its advisors breaches any provision of this section, then, in addition to any other rights and remedies
available to the non-breaching party, a non-breaching party shall be entitled to temporary and permanent injunctive relief against
the breaching party without the necessity of proving actual damages. Notwithstanding the foregoing, Confidential Information may
be disclosed by a party to the extent that (i) such party reasonably deems necessary to do so in working with taxing authorities
or other governmental agencies or regulatory bodies or in order to comply with any applicable laws, (ii) any portion of the
Confidential Information is required by law or requested by judicial or regulatory or supervisory process to be disclosed, or (iii) such
disclosure is necessary to establish, make effective or enforce the Company’s rights in the Collateral contained in the related
Collateral File held by the Document Custodian pursuant to this Agreement.

 

    	16 

     

    

 

Section 26.     Actions
Necessary to Preserve Rights under Collateral Documents. Notwithstanding the delivery
of Collateral Files to the Document Custodian, the Company and each Subsidiary acknowledge that the Document Custodian shall have
no obligation to (i) collect or enforce any Collateral Document, (ii) take action to preserve or maintain the obligations
of any party obligated under any Collateral Document, (iii) take action to protect, preserve or safeguard the rights of the
Company of a Subsidiary against any Person under the Collateral Documents, or (iv) take action to obtain, preserve, safeguard,
continue, perpetuate or enforce rights against any collateral which may secure repayment of any Collateral. The Company and each
Subsidiary hereby expressly release the Document Custodian from the obligation to take any such action except such express actions
that the Company has directed the Document Custodian to take pursuant to Proper Instruction from the Company (on behalf of itself
or a Subsidiary) received at least three (3) Business Days prior to the date on which such action is to be taken, subject
to the terms of this Agreement.

 

Section 27.     SUBMISSION
TO JURISDICTION; WAIVERS. EACH OF THE COMPANY AND THE DOCUMENT CUSTODIAN HEREBY IRREVOCABLY
AND UNCONDITIONALLY:

 

		A.	SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT,
OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF
NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW
YORK, AND APPELLATE COURTS FROM ANY THEREOF;

 

		B.	CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT
PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

 

		C.	AGREES THAT, SOLELY WITH RESPECT TO THE COMPANY, SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING
MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL),
POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 13 HEREIN OR AT SUCH OTHER ADDRESS OF WHICH EACH OTHER PARTY HERETO SHALL
HAVE BEEN NOTIFIED IN WRITING;

 

		D.	AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND

 

		E.	WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	17 

     

    

 

Section 28.     Compliance
with Applicable Law. (a) In order to comply with laws, rules, regulations and executive
orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities
and money laundering (“Applicable Law”), the Document Custodian is required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Document Custodian. Accordingly,
the Company agrees to provide to the Document Custodian upon its request from time to time such identifying information and documentation
as may be available for such party in order to enable the Document Custodian to comply with Applicable Law.

 

(b)            The
Company hereby acknowledges receipt of the following notice:

 

“IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT

 

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

 

Section 29.     Electronic
Signatures . By executing this Agreement, the Company hereby acknowledges and agrees,
and directs the Document Custodian to acknowledge and agree and the Document Custodian does hereby acknowledge and agree, that
execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the
Document Custodian in connection with this Agreement, by electronic signatures (including, without limitation, any .pdf file, .jpeg
file, or any other electronic or image file, or any “electronic signature” as defined under E-SIGN or ESRA, which includes
any electronic signature provided using Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably
available at no undue burden or expense to the Document Custodian) shall be permitted hereunder notwithstanding anything to the
contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures.
Any electronically signed document delivered via electronic mail from a person purporting to be an Authorized Representative shall
be considered signed or executed by such Authorized Representative on behalf of the Company. The Company also hereby acknowledges
that the Document Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic
signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

 

[SIGNATURES APPEAR ON NEXT PAGE.]

 

    	18 

     

    

 

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

 

	 	TRIPLEPOINT PRIVATE VENTURE CREDIT INC., as Company
	 
	 	By:	              
	
	 	Name:	 
	
	 	Title:	 

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Document Custodian
	 
	 	By:	              
	
	 	Name:	 
	
	 	Title:	 

 

    	

     

    

 

SCHEDULE I

 

Recommended Data File Criteria

 

Each of the items listed below must be in its own cell within
either a CSV or Excel spreadsheet.

 

Data files should be sent electronically
via email to your collateral review specialist at U.S. Bank.

 

	·Asset Number
	·Asset Name 
	·Growth Capital Loan and Security Agreement
	·Warrant Agreement
	·IP Security Agreement
	·Notice of Recordation; Trademark
	·Notice of Recordation; Patent
	·Pledge Agreement
	·Stock Powers
	·<Bank> Deposit Account Control Agreement
	·<Bank> Securities Account Control Agreement
	·Collateral Agency Agreement
	·UCC1 # (Reference Number)
	·Promissory Note(s)
	·Advance Request(s)
	·Subordination Agreement (Bank Lender)
	·Subordination Agreement (Convertible Debt)
	·Managerial Assistance Acknowledgement Letter
	·LL Waiver
	·Certificates of Insurance
	·ACH Form
	·Certificate of Perfection
	·Certificate of Compliance (Quarterly)
	·Certificate of Secretary and Resolutions (Officer’s Certificate)
	·Good Standing Certificate(s)
	·Legal Opinion Letter
	·Advance Requests (Revolver Loan Only)
	·Joinder Agreement
	·Debenture (UK)
	·Registration of a Charge (with above)
	·Stock Transfer Form
	·Secured Guaranty
	·Charge Over Shares

 

		«	Please remember that the shipment of Collateral Files must

come to U.S. Bank in the same order as the data file.

 

Schedule II-1 

 

    	

     

    

 

EXHIBIT A

 

FORM OF DOCUMENT CUSTODIAN CERTIFICATION

 

[Date]

 

TriplePoint Private Venture Credit Inc. 

2755 Sand Hill Road, Suite 150 

Menlo Park, California 94025 

Attention: Christopher Mathieu 

Phone: (650) 854-2090 

Fax: (650) 854-2094 

Email:cmathieu@triplepointcapital.com

 

Re:     Document
Custody Agreement, dated as of June [●], 2020 (the “Agreement”), between TriplePoint Private
Venture Credit Inc. (the “Company”) and U.S. Bank National Association, as document custodian (the “Document
Custodian”)

 

Ladies and Gentlemen:

 

In accordance with
the provisions of Section 3(b) of the above-referenced Agreement, the undersigned, as Document Custodian, hereby certifies
and confirms that with respect to each of the Collateral listed on the Collateral Schedule annexed hereto as Schedule I, except
as noted on the Exception Report attached hereto as Exhibit 1;

 

		(i)	all documents required to be delivered to the Document Custodian pursuant to Section 3 of
the Agreement as listed on the related Collateral File Checklist are in the Document Custodian’s possession as part of the
Collateral File for such Collateral (other than those released pursuant to Section 6 of the Agreement and listed on the Exception
Report)

 

		(ii)	all Collateral Documents contained in the Collateral File related to each such Collateral have
been reviewed by the Document Custodian and appear regular on their face and relate to such applicable Collateral File.

 

The Document Custodian
shall have no liability for or obligation with respect to, and shall not be construed or obliged to make any representation or
warranty as to: (i) the validity, sufficiency, marketability, genuineness, value, contents or enforceability of any Collateral
Document; (ii) the validity, adequacy or perfection of any lien upon or security interest purported to be evidenced or created
thereby; or (iii) to determine that the contents of any Collateral Document are appropriate for the represented purpose or
that any Collateral Document has actually been recorded or filed, as maybe applicable, or that any Collateral Document is other
than what it purports on its face to be.

 

Exhitbit A-1

 

    	

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, 

as Document Custodian
	 
	 	By:	              
	
	 	Name:	 
	
	 	Title:	 

 

Exhibit A-2

 

    	

     

    

 

SCHEDULE I 

to Document Custodian Certification

 

COLLATERAL SCHEDULE

 

Exhibit A-3

 

    	

     

    

 

EXHIBIT 1 

to Document Custodian Certification

 

EXCEPTION REPORT

 

Exhibit A-4

 

    	

     

    

 

EXHIBIT B

 

AUTHORIZED REPRESENTATIVES

 

Any of the following
persons shall be an Authorized Representative (as this list may be subsequently modified by the Company from time to time by delivery
of a replacement list to the Document Custodian):

 

Authorized Representatives of the Company

 

	NAME	TITLE	SIGNATURE
	James P. Labe	Chair and Chief Executive Officer	 
	Sajal K. Srivastava	President	 
	Christopher M. Mathieu 	Chief Financial Officer 	 
	Kevin Thorne	Senior V.P., Compliance & Legal Administration	 

 

Exhibit B-1

 

    	

     

    

 

Request
for Release of Documents

 

EXHIBIT C

 

FORM OF REQUEST FOR RELEASE

 

(attached)

 

Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location.

If applicable,
please indicate if the request is a “Rush” in the subject line. Please fax the form if you do not have access
to email.

 

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

 

Exhibit C-1

 

    	

     

    

 

		Request for Release of Documents	 

 

	
        U.S. Bank Global Corporate Trust Services

        [Address]

         
	
        Attention: Document Custody Services

        Receiving Unit

        Email: dcs@usbank.com

        Fax: (651) 695-6100 or (651) 695-6101

 

RE: Document Custody Agreement,
dated as of June [●], 2020 (the “Document Custody Agreement”) between TriplePoint Venture Credit
Inc. (the “Company”) and U.S. Bank National Association, as document custodian (the “Document Custodian”)

 

Pursuant
to Section 6 of the Document Custody Agreement, we request the release of the Collateral Files relating to the Collateral
listed on the attached Excel spreadsheet for the reason indicated below:

  

Reason for Requesting Documents
(Check One):

 

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

 

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

 

	File Delivery Instructions – Address Needed
	
         

         

         

         

         

         

         

 

Upon Completion of Request, for Release,
please scan and email the request to the appropriate DCS Vault Location.

If applicable, please indicate if the request is a “Rush” in the subject line. Please fax the form if you do not have
access to email.

 

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

 

Exhibit
C-2

 

    	

     

    

 

EXHIBIT D

 

FORM OF JOINDER

 

(attached)

 

    	

     

    

 

JOINDER TO DOCUMENT CUSTODY AGREEMENT

 

Reference is hereby made to that certain
Document Custody Agreement (“Agreement”) dated as of June [●], 2020 by and among TriplePoint
Private Venture Credit Inc. (the “Company”), each Subsidiary (as defined in the Agreement) and U.S. Bank National
Association (“Document Custodian”). Capitalized terms used herein but not defined herein shall have the meanings
set forth in the Agreement. This joinder is being delivered to the Document Custodian by the undersigned pursuant to the Agreement.

 

WHEREAS, the Company has requested that
the undersigned wholly-owned subsidiary of the Company be given the rights and obligations of “Subsidiary” under the
Agreement;

 

WHEREAS, in order for the undersigned subsidiary
of the Company to join in the rights and obligations under the Agreement, it must execute this joinder (the “Joinder”)
in accordance with the Agreement;

 

WHEREAS, the undersigned subsidiary of the
Company agrees that by executing and delivering this Joinder, it will be deemed to have made and expressed the representations
and warranties of the Company contained in the Agreement as of the date hereof.

 

WHEREAS, the Document Custodian, in its
sole discretion, may accept this Joinder; and

 

NOW, THEREFORE, in consideration of the
mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Joinder hereby agree as follows:

 

By executing below, the Company hereby represents
and warrants to the Document Custodian that it has the power and authority to enter into and perform its obligations under Joinder
and the Agreement on behalf of the undersigned Subsidiary, and the Company and Subsidiary have duly authorized and executed this
Joinder so as to constitute its valid and binding obligation.

 

Upon execution of this Joinder by the Document
Custodian, the undersigned subsidiary of the Company hereby agrees to become a party to the Agreement and to be fully bound by,
and subject to, all of the covenants, terms and conditions of the Agreement and shall be deemed a Subsidiary for all purposes thereof.

 

Exhibit
D-2

 

    	

     

    

 

Executed this ___ day of __________________,
____.

 

	 	[Name of Subsidiary]
	 
	 	[By: TriplePoint Private Venture Credit Inc., its sole [member]]
	
	 
	 	By:	             
	
	 	Name:
	
	 	Title:

 

	 	TRIPLEPOINT PRIVATE VENTURE CREDIT INC., as Company
	 
	 	By:	            
	
	 	Name:
	
	 	Title:

 

	ACCEPTED AND AGREED TO:
	 
	U.S. BANK NATIONAL ASSOCIATION, as Document Custodian
	 
	By:	           	 
	
	Name:
	
	Title:

 

Exhibit
D-1Exhibit
10.4

 

 

MONEYPORT®

CLIENT AGREEMENT

 

SHAREHOLDER
INFORMATION:

 

MUFG
Union Bank, N.A. (“Bank”)  ̈ IS
authorized x IS
NOT authorized to disclose upon request to companies
whose securities are held in the Account established hereunder (a) Client's and/or Bank's name and address and (b) holdings in
the Account of securities issued by such companies. If Client does not object to such disclosure above, Bank is required by law
to provide such information upon request.

 

This
MoneyPort Client Agreement (“Agreement”) covers each of the Client’s affiliated entities listed on Schedule
S to this Agreement (each of which shall be separately referred to in this Agreement as “Client”). All Client
rights and obligations under this Agreement will be considered the separate and independent undertakings of each entity listed
in Schedule S. Each entity shall complete a separate Schedule A to this Agreement and provide any
other information reasonably required by Bank in connection with this Agreement.

 

		1.	Appointment
                                         as Agent and Custodian; Establishment of Account

 

Client
hereby appoints Bank as its agent and custodian for and with respect to (i) such classes of shares of or other interests (collectively,
 “Shares”) in those money market mutual funds as Bank may from time to time make available for purchase by clients
utilizing its institutional money market portal (“Portal”) and as may be acquired for Client pursuant to this
Agreement (the “Portal Funds”), (ii) such cash or other good funds as may be remitted to Bank by or at the
direction of Client for the purpose of purchasing such Shares or for the purpose of making deposits into Bank’s Institutional
Trust Deposit Account (“ITDA”) or into MUFG Bank Interest Deposit Accounts (“MUFG Bank IDA”)
with branches or subsidiaries of MUFG Bank, Ltd., Ltd. (“MUFG Bank”), or as may be received by Bank as distributions
or redemption proceeds of such Shares or withdrawals from ITDA or MUFG Bank IDA from time to time (“Cash Items”),
and (iii) such bond mutual funds, including ultra short bond mutual funds, as Bank may from time to time make available for purchase
by clients utilizing the Portal and as may be acquired for Client pursuant to this Agreement (collectively “Bond Funds”),
and (iv) such other assets, if any, as Bank may from time to time agree to maintain in the Account (“Other Assets”).
Shares of Portal Funds, Cash Items, Bond Funds, and Other Assets are referred to collectively herein as the “Property”.
Client may request that Bank maintain Other Assets in the Account by providing Bank with a written request. Client shall provide
a written directive identifying such Other Assets and providing such other information relating to such Other Assets as Bank may
request. All Property shall be credited to and maintained in the above-referenced account that is hereby established for Client
by Bank (such account, together with any and all successors thereto, irrespective of whether such successors have a different
account number, the “Account”). Bank shall have no duties or responsibilities with respect to the Property
or the Account except as expressly set forth in this Agreement.

 

Client
must deliver a properly completed and signed applicable tax certification to Bank prior to investing funds in the Account. In
the case of a person that is a “United States person” within the meaning of Section 7701(a)(30) of the Code, an Internal
Revenue Service Form W-9 (or applicable successor form). In the case of a person that is not a “United States person”
within the meaning of Section 7701(a)(30) of the Code, the applicable Internal Revenue Service Form W-8 (or applicable successor
form), which needs to be an original. The applicable Internal Revenue Service Form W-8 expires every three (3) years and will
need to be replaced with another properly completed and signed original sent to Global Trust Services – Liquidity Portal
Team, MUFG Union Bank, N.A., 350 California Street, Suite 2018, San Francisco, CA 94104. A new original Form W-8 and the applicable
account number must be received by Bank prior to December 31, three (3) years from the date of the previously submitted form,
or as applicable by law. Tax withholding may occur absent proper tax documentation.

 

		2.	Instructions
                                         Regarding the Account

 

All
instructions, directions, and other Notices from Client to Bank in connection with the Account or this Agreement meeting the requirements
of this Section 2 (“Instructions”), except as otherwise provided herein, shall be in writing, shall be binding
on Client when given, and shall continue in force until revoked or modified by subsequent Instructions. As used herein, Instructions
given in writing includes Instructions which may be electronically
executed pursuant to the Federal Electronic Signatures in Global and National Commerce Act (ACT) delivered via: (a) e-mail instructions/communications
with an affixed Adobe Digital Signature mark, (b) facsimile transmission or email with an imaged or scanned attachment (in portable
document or similar format or other similar electronic transmission (receipt confirmed), or (c) secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys issued by the Bank, or another method or system
specified by the Bank, as available for use in connection with its services hereunder (“Electronic Means”); provided,
however, that Client shall provide to the Bank an incumbency certificate listing officers with the authority to provide such Instructions
(“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate
shall be amended by Client , whenever a person is to be added or deleted from the listing. If Client elects to give the Bank Instructions
using Electronic Means and the Bank in its discretion elects to act upon such Instructions, the Bank’s understanding of
such Instructions shall be deemed controlling. Client understands and agrees that the Bank cannot determine the identity of the
actual sender of such Instructions and that the Bank shall conclusively presume that directions that purport to have been sent
by an Authorized Officer listed on the incumbency certificate provided to the Bank have been sent by such Authorized Officer.
Client shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Bank and that Client
and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization
codes, passwords and/or authentication keys upon receipt by Client. Pending receipt of written authority, Bank may in its absolute
discretion at any time, accept orally transmitted instructions from Client provided Bank believes in good faith that the instructions
are genuine and in such circumstance, Client shall promptly confirm such instructions in writing or by Electronic Means. Client
will hold Bank harmless for the failure of Client to send confirmation in writing, the failure of such confirmation to conform
to the telephone instructions received or Bank's failure to produce such confirmation at any subsequent time. Only those individuals
as may be designated as described above are authorized to give instructions as described in this Agreement.

 

     

    Page 2 of 10

    

 

Bank
is hereby authorized to accept Instructions concerning Client’s Account, or Property in the Account, through the Portal,
without inquiry or investigation, including, but not limited to, orders for purchase, exchange or sale of Property. All orders
must be placed, and purchases and sales made, in accordance with procedures established by Bank from time to time. Bank will not
be required to act on any Instructions, including any orders for purchase, exchange or sale of Property, that are not completed
in accordance with Bank’s requirements as to the content, the manner, and timeliness of delivery or that are not consistent
with any applicable prospectus requirements.

 

Upon
receipt of Instructions regarding the purchase, exchange or sale of Property, Bank will transmit such orders to the appropriate
Providers and may, without liability, hold orders for purchase, exchange or sale transactions of Property with Providers, including
Portal Funds and Bond Funds, that calculate their net asset values daily or at various times during the day for processing at
the end of the Bank’s business day on which the information is input by Client. If Bank is notified by telephone of any
errors in such information before transmission of an order to a Portal Fund or Bond Fund, Bank shall use its best efforts to correct
such errors, in the manner directed by Client.

 

Client
is solely responsible for monitoring the status of its orders. Orders that are transmitted and have a pending status are not considered
accepted and confirmed.

 

Once
an order is transmitted, Bank will use its best efforts to accommodate requests via telephone to cancel an order but does not
guarantee that any such request will be honored by the participating Portal Fund or Bond Fund. Client acknowledges that any request
to cancel an order will not be considered effective until it receives a confirmation from Bank. Client is responsible for the
original order if Bank is unable to process a cancellation.

Any
future-dated trade Instructions are subject to the following additional requirements and conditions:

 

		(a)	Any
                                         future-dated purchase transaction must be fully funded no later than 3:00 p.m. Pacific
                                         Time on the intended settlement date of the purchase (the “Funding Deadline”);
	 	 	 

		(b)	Any
                                         amounts wired to fund a future-dated purchase transaction must be received by Bank prior
                                         to the Funding Deadline;
	 	 	 

		(c)	Bank
                                         assumes no obligations to fund any purchase price shortfalls as of the Funding Deadline
                                         in order to facilitate any future-dated trade; and
	 	 	 

		(d)	Bank
                                         is authorized to cancel, without liability, any future-dated trade that is not fully
                                         funded by the Funding Deadline.

 

     

    Page 3 of 10

    

 

In
order for Bank to process purchases and sales of Shares of Portal Funds that constitute offshore funds denominated in EUR or GBP,
Client shall enter all trades one (1) business day in advance of settlement on or before the cutoff time. Execution of the trade
and any redemption proceeds will be completed and sent on the second (2nd) succeeding business day.

 

Business
Day 1-Trade Entered by Client

Client
enters future dated trade on business day 1, by 2 PM PT (California).

 

Business
Day 2-Trade Completed by Bank

Trade
will be processed at the Portal Fund before cutoff time and/or redemption proceeds will be sent to Client once received from the
Portal

Fund.

 

If
Client does not enter such trade by the cutoff time, Bank will use its best efforts to process the trade but does not guarantee
that the trade will settle as Client has requested. If Bank is unable to complete such trade request, Bank will contact Client.

 

Bank
may assume that any Instructions received in accordance with this Agreement are consistent with the provisions of organizational
documents of the Client or of any vote, resolution or proceeding of the Client’s board of directors or the Client’s
shareholders, unless and until Bank receives written instructions to the contrary. The Bank shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Bank’s reliance upon and compliance with such Instructions notwithstanding
such directions conflict or are inconsistent with a subsequent written instruction. Client agrees: (i) to assume all risks arising
out of the use of Electronic Means to submit Instructions to the Bank, including without limitation the risk of the Bank acting
on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the
protections and risks associated with the various methods of transmitting Instructions to the Bank and that there may be more
secure methods of transmitting Instructions than the method(s) selected by Client ; (iii) that the security procedures (if any)
to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection
in light of its particular needs and circumstances; and (iv) to notify the Bank immediately upon learning of any compromise or
unauthorized use of the security procedures. Bank is authorized to accept and rely upon all Instructions, notices, or other communications
required under this Agreement from Client via the Portal. Client may give, and Bank may accept, oral Instructions on an exception
basis. Bank, without liability, may rely upon and act in accordance with any Instruction that Bank, using ordinary care, believes
has been given by Client. Bank will incur no liability to Client or otherwise as a result of any act or omission by Bank in accordance
with Instructions on which Bank is authorized to rely pursuant to the provisions of this paragraph. Bank may at any time request
Instructions from Client and may await such Instructions without incurring liability. Bank has no obligation to act in the absence
of such requested Instructions, but may without liability take any action that it deems appropriate to carry out the purposes
of this Agreement. All Instructions are effective upon their receipt by Bank at the address set forth in this Agreement.

 

		3.	Execution
                                         of Property Transactions; Maintenance of Financial Assets

 

3.1   
Purchase and Redemption of Shares or Other Property. Subject to the terms and conditions hereof, Bank will execute on behalf
of Client, and will credit or debit the Account for, purchases, exchanges, withdrawals, redemptions and other dispositions of
Property promptly following receipt by Bank of Instructions from Client directing Bank to do so. Bank shall have no obligation
to execute any transaction for the Account unless it receives Instructions from Client to do so. Without limitation of the foregoing,
Bank shall have no obligation to execute any purchase or exchange transaction unless the Account contains good funds sufficient
to cover the requested transaction, and Bank shall have no obligation to distribute to Client any or all of the proceeds of any
redemption or other disposition unless good funds representing such proceeds have been credited to the Account.

 

3.2   
Account Non-Discretionary. Client shall have sole responsibility for all investment decisions with respect to the Shares and
any and all other Property held in the Account. Bank shall have no duty or obligation to review, or to make recommendations for,
the investment and reinvestment of any of the Property held in this Account, including uninvested cash.

 

3.3   
Use of Nominees and Securities Depositories. Bank may hold all Property credited to the Account in the name of its nominee
and may maintain financial assets corresponding to such Property with any securities depository in which such Property is eligible
to be deposited or with other intermediaries regularly utilized by Bank for such purpose in accordance with reasonable commercial
standards. Bank may also maintain financial assets corresponding to Shares in one or more omnibus accounts directly maintained
by Bank for its clients with the issuing Portal Funds or Bond Funds and may maintain deposits in ITDA or MUFG Bank IDA in omnibus
accounts in the name of the Bank for the benefit of its customers.

 

     

    Page 4 of 10

    

 

		4.	Collections

 

4.1     
Payments of Income and Principal. Bank will make commercially reasonable efforts to collect all payments of dividends, interest
or other distributions on the Property and all returns of principal or capital when paid. All such amounts shall be credited to
the Account on the date actually received by Bank.

 

4.2     
Limitation on Collection Obligations. Bank shall be under no obligation or duty to take any action to effect collection of
any amount payable with respect to any Property if such payment is in default or is refused after due demand.

 

		5.	Charges
                                         and Credits to the Account

 

5.1   
Charging the Account. Bank is authorized to charge the Account for any and all expenses incurred by Bank in administering
the Account, as well as for the funds necessary for Bank to execute or settle any transaction in or for the Account, including
without limitation any purchase, exchange, redemption or otherdisposition of Portal Fund Shares, Bond Fund Shares, or other
Property. Bank shall have no duty to make any purchases, exchanges, or disbursements, or to incur any expenses, unless good funds
in the amounts necessary to effect such transactions are available in the Account. Notwithstanding the foregoing, however, in
the event that Bank incurs any liability, loss, fees, costs or expenses due to the insufficiency of available funds in the Account,
Client shall reimburse Bank for the amount thereof immediately upon demand by Bank.

 

5.2
Provisional Credits to Account. Bank may, in its sole discretion, whether as a matter of bookkeeping convenience or otherwise,
credit the Account with Portal Fund Shares, Bond Fund Shares, or other Property prior to the Bank’s actual receipt thereof
and may credit the Account with the proceeds from any sale, redemption or other disposition of Property or for any interest, dividends
or other distributions payable (or believed by Bank to be payable) in respect of Property prior to Bank’s actual receipt
of final payment therefore or Bank may make an overpayment to an Account due to valuation variances with a Portal Fund or Bond
Fund. All such credits shall be provisional until the Bank’s actual receipt of such Shares or other Property or final payment
and may be reversed by Bank at any time to the extent that Shares or other Property or final payment has not been received by
Bank or a final valuation varies from the valuation used by Bank. Payment with respect to a transaction will not be final until
Bank shall have received immediately available funds that, under applicable law, rule and/or practice, are irreversible and not
subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. In the
event that Bank permits any amount provisionally credited to the Account to be withdrawn, Client shall repay any such withdrawn
amount immediately upon demand by Bank.

 

5.3     
Advance of Funds. Bank may in its sole discretion advance funds to or for the benefit of the Account in connection with the
settlement of securities transactions or if there is an overdraft in an Account for any reason, including without limitation,
overdrafts incurred in connection with the settlement of Property in the Account including transactions, maturity or income payments
or funds transfers or if an overpayment shall have been made to an Account due to valuation variances. Client agrees to reimburse
Bank immediately upon demand for the amount of the advance or overdraft or overpayment and any related expenses and, if applicable,
any fees in effect at the time of the overdraft.

 

5.4     
Liability of Client; Obligation to Repay Provisional Credits and Advances. Client acknowledges and agrees that Client will
be personally liable to Bank for any amounts chargeable to the Account or payable or reimbursable to Bank in connection with the
Account or under this Agreement (including without limitation any deficiency in the Account whether due to the reversal of provisional
credits or otherwise), together with interest on any such amounts from the date such payment or reimbursement is due (or in the
case of any advance of funds pursuant to Section 5.3, from the date of such advance) until fully paid at the overdraft rate ordinarily
charged by Bank to its institutional clients, as such rate may be adjusted from time to time.

 

5.5     
Security Interest. As security for the payment of all liabilities or indebtedness presently outstanding or to be incurred
in connection with the Account or under this Agreement, Client grants Bank a security interest in the Account and any and all
Property now or hereafter credited thereto. In enforcing such security interest, Bank shall have the discretion to determine the
amount, order and manner of Property to be sold and shall have all the rights and remedies available to a secured party under
the Uniform Commercial Code in the State of California (“UCC”). Without Bank’s prior written consent,
Client will not cause or allow any of the Property to be or become subject to any liens, security interests or other encumbrances
of any nature other than those in favor of Bank. Without limitation of the foregoing, Bank shall also have the right to utilize
any cash or other Property in the Account in order to obtain reimbursement hereunder and to setoff Bank’s obligations with
respect to any deposits or credit balances in the Account against any obligation of Client hereunder.

 

     

    Page 5 of 10

    

 

		6.	Proxies
                                         and Corporate Literature; Fund Disclosure Documents

 

6.1     
Proxies and Corporate Literature. Bank shall forward to Client at its notice address as provided below all proxies and
accompanying material issued by any Portal Fund or Bond Fund and actually received by Bank. Bank shall have no duty to forward
or to retain any other corporate material received in connection with the Account unless Bank is required to do so by law.

 

6.2    
Electronic Delivery. Client consents to the delivery of all prospectuses and statements of additional information for the
Portal Funds and Bond Funds, and all updates and supplements thereto via the Portal.

 

		7.	Statements
                                         and Confirmations

 

7.1     
Statements. Account statements will be available to Client on Bank’s Online Trust & Custody (“OTC”)
product. Statements are available to Client online electronically on a monthly basis. Such statements will show all income and
principal transactions, cash positions, and a list of assets showing market values, if such values are readily available from
a nationally recognized pricing service regularly utilized by the Bank; otherwise assets will be reflected at such nominal value
as Bank shall determine using its customary procedures. Bank shall have the right to rely on the prices quoted by its pricing
services, and shall have no obligation to question the accuracy of the valuation provided by any such service. Client may object
to any such statement within seven (7) days of its receipt, and if no written objections are received within the seven (7) day
period, such statement of Account shall be deemed approved. Client acknowledges and agrees that paper statements will not be mailed
and that Bank’s online statements and other related online communications will satisfy all of Bank’s existing legal
and contractual obligations to provide statements, reports, and confirmations with respect to this Account.

 

7.2     
Confirmations. Client trade confirmations will be available on the Portal with respect to Account transactions in the Account.
Written confirms are available upon request at no additional cost

 

		8.	Disclosures
                                         Relating to Portal Funds, Bond Funds, ITDA, and MUFG Bank IDA

 

8.1  
Trade Restrictions and Other Terms Applicable to Portal Funds and Bond Funds. Portal Funds or Bond Funds may reserve the right
at any time to reject or cancel any purchase order in whole or in part and, in the case of Portal Funds, may impose redemption
fees, liquidity fees and redemption gates. Portal Funds or Bond Funds also may at any time impose restrictions or conditions on
short-term trading or on purchases or exchanges or redemptions that the Portal Fund or Bond Fund considers to be disruptive or
excessive as stated in the fund’s prospectus. Client acknowledges and agrees to the foregoing and that Bank is not responsible
for any losses, transaction failures, fees or other charges imposed by or resulting from any restrictions or conditions imposed
by any Portal Fund or Bond Fund, or from any other decision or action by a Portal Fund or Bond Fund, including a Portal Fund’s
or Bond Fund’s decision to reject or cancel any purchase, exchange or sale order in whole or in part, and in the case of
a Portal Fund, also including a Portal Fund’s deduction of liquidity fees or implementation of redemption gates.

 

Client
acknowledges that an offshore Portal Fund may take action to stabilize its net asset value when its net investment income on any
business day is negative. Such action could result in Client experiencing a reduction in the value of its holdings in the Portal
Fund. For example, a Portal Fund could cancel a portion of outstanding shares, in which case a Client holding shares of that Portal
Fund would own fewer shares without receiving any redemption proceeds relating to that reduction. Client could continue to suffer
losses as long as a negative yield persists.

 

Client
acknowledges that certain Portal Funds with variable net asset values certain Bond Funds and may impose liquidity fees and redemption
gates. Client acknowledges that investment in Portal Funds with variable net asset values and certain Bond Funds may result in
capital gains or losses, that liquidity fees reduce redemption proceeds, and that redemption gates restrict access to certain
Portal Fund and Bond Fund Shares. Client acknowledges that certain Portal Funds with variable net asset values and certain Bond
Funds will calculate the net asset value of their Shares multiple times each day, and that Bank may not be able to transmit orders
received from Client to a Portal Fund or Bond Fund before the next calculation of net asset value. Client acknowledges that Bank
will act at a Portal Fund’s of Bond Fund’s direction with respect to liquidity fees and/or redemption gates, and that
such direction may include requiring the rejection or re-confirmation of certain trades-Client acknowledges that Bank may not
be able to give Client notice that an order is subject to a liquidity fee and/or redemption gate before an order is processed.

 

     

    Page 6 of 10

    

 

8.2      
Terms and Conditions of MUFG Bank IDA. Additional terms and conditions are set forth in the MUFG Bank IDA Disclosure available
on the Portal, which are incorporated herein by reference. Client acknowledges and agrees to the foregoing and that Bank is not
responsible for any losses, transaction failures, fees or other charges imposed by or resulting from any restrictions or conditions
imposed by MUFG Bank on any deposit to or withdrawal from MUFG Bank IDA or from any other decision or action by MUFG Bank with
respect to MUFG Bank IDA. Client acknowledges that the MUFG Bank IDA is not insured by the FDIC, CDIC, or any other governmental
or private program.

 

		9.	Compensation
                                         As Agent

 

Bank
shall receive no direct compensation from Client for acting as agent and custodian with respect to the Portal Funds and Bond Funds
held in the Account or with respect to amounts deposited into ITDA or MUFG Bank IDA. However, Bank will be entitled to receive
compensation with respect to any other Property held in the Account in accordance with such fee schedule as Bank may provide to
Client in connection with any agreement by Bank to hold such other Property in the Account.

 

		10.	Mutual
                                         Fund and MUFG Bank IDA Disclosure Statement

 

10.1     
Bank Servicing Agreements. Bank has entered into agreements with certain of the Portal Funds and Bond Funds under which Bank
may perform shareholder sub-accounting or other services and pursuant to which Bank may be paid a portion of the management fee
collected by the funds. Bank may be paid compensation up to fifty (50) basis points per annum of the average daily fund balance
held by the fund, as further described in each fund’s prospectus or statements of additional information. Of this maximum
amount, compensation under 12b-1 plans and shareholder servicing arrangements does not exceed twenty five (25) basis points, excluding
that received for the following types of services which are not subject to the twenty five (25) basis point cap: (i) transfer
agent or sub-transfer agent services; (ii) aggregating and processing purchase and redemption orders; (iii) providing account
statements showing transactions and fund positions; (iv) processing dividend payments; (v) providing sub-accounting services;
(vi) forwarding fund communications, including proxies, shareholder reports, dividend and tax notices, and updated prospectuses;
and (vii) receiving, tabulating and transmitting proxies. In addition, the Bank may receive compensation for its services from
a fund distributor or fund affiliate out of its own resources, as further described in each fund’s prospectus.

 

Bank's
ultimate parent company, Mitsubishi UFJ Financial Group, Inc. ("MUFG") beneficially owns up to 24.9% of the common
stock of Morgan Stanley and is represented by two (2) seats on the Morgan Stanley Board of Directors. Funds offered by Morgan
Stanley are among the funds Bank makes available to its clients. By directing Bank to use a Morgan Stanley fund there may be some
indirect benefit to MUFG.

 

10.2     
Arrangements with MUFG Bank. The Bank, through its holding company, MUFG Americas Holdings Corporation, is a wholly-owned
subsidiary of MUFG Bank. MUFG Bank has agreed to pay compensation to the Bank based on the aggregate amount of deposits held in
the MUFG Bank IDA account. Such compensation does not affect the rate of interest paid by MUFG Bank to Client on MUFG Bank IDA
deposits.

 

10.3     
Client Consent and Acknowledgment. Client consents to and acknowledges the Bank's receipt of the fees described in Sections
10.1 and 10.2. Client acknowledges having read the foregoing, and understands that the Bank will rely on such consent and on the
enabling statutes and regulations which govern the Account in the use of Portal Funds and Bond Funds paying the Bank fees for
its services and compensation paid by MUFG Bank with respect to MUFG Bank IDA deposits.

 

     

    Page 7 of 10

    

 

		11.	Sanctioned
                                         Persons

 

11.1     Client
hereby represents and warrants that neither it nor any of its subsidiaries nor, to the knowledge of Client any affiliate or any
director, officer, agent or other Person acting on behalf of Client (i) is a Sanctioned Person,

 

(ii)  
has any business affiliation or commercial dealings with, or investments in, any Sanctioned Country or Sanctioned Person or (iii)
is the subject of any action or investigation under any Sanctions Laws or Anti-Money Laundering Laws. In addition, Neither Client
nor any of its subsidiaries nor, to the knowledge of Client, any affiliate or any director, officer, agent or other Person acting
on behalf of Client has taken any action, directly or indirectly, that would result in a violation by such persons of Anti-Corruption
Laws; and Client has instituted and maintains policies and procedures designed to ensure continued compliance therewith.

 

11.2    
For the purpose of the foregoing: “Sanctioned Person” means, at any time, any Person (a) that is listed on the
Specially Designated Nationals and Blocked Persons list or the Consolidated Sanctions list maintained by OFAC, or any similar
list maintained by OFAC, the U.S. Department of State or the United Nations Security Council; (b) that is fifty-percent or more
owned, directly or indirectly, in the aggregate by one or more Persons described in clause (a) above; (c) that is operating, organized
or resident in a Sanctioned Country or (d) with whom a U.S. Person is otherwise prohibited or restricted by Sanctions Laws from
engaging in trade, business or other activities, “Sanctions Laws” means the laws, rules, regulations and executive
orders promulgated or administered to implement economic sanctions or anti-terrorism programs by (a) any U.S. Governmental Authority
(including, without limitation, OFAC), including Executive Order 13224, the Patriot Act, the Trading with the Enemy Act , the
International Emergency Economic Powers Act and the laws, regulations, rules and/or executive orders relating to restrictive measures
against Iran; and (b) the United Nations Security Council or any other legislative body of the United Nations. “Sanctioned
Country” means a country or territory that is or whose government is subject to a U.S. sanctions program that broadly prohibits
dealings with that country, territory or government and “Anti-Corruption Laws” means the Foreign Corrupt Practices
Act of 1977, the UK Bribery Act of 2010, and the rules and regulations promulgated thereunder, and all other laws, rules, and
regulations of any jurisdiction applicable to Client or any of its subsidiaries concerning or relating to bribery or corruption.

 

		12.	Limited
                                         Power of Attorney

 

Bank
is hereby granted a limited power of attorney by Client to execute on Client's behalf any declarations, endorsements, assignments,
stock or bond powers, affidavits, certificates of ownership, or other documents required

 

(1)
to effect the sale, transfer, or other disposition of Property held in the Account, (2) to obtain payment with respect to Property
held in the Account, or (3) to take any other action required with respect to the Property held in the Account, and in the Bank's
own name to guarantee as Client's signature any signature so affixed.

 

		13.	Notices

 

13.1   
Mailing of Notices. Except as otherwise provided herein, all notices, requests, demands, and other communications under this
Agreement shall be signed and in writing, may be delivered by personal service or U.S. first class mail postage prepaid or via
fax, email with an imaged or scanned attachment (such as a PDF) or similar electronic transmission, and shall be deemed as having
been duly given on the date of service, if served personally on the party to whom notice is to be given, or on the fifth (5th)
day after mailing, if mailed to the party to whom notice is to be given and properly addressed as indicated in Schedule
A. Signatures delivered via fax, email or similar electronic transmission shall be effective as original signatures in
binding the parties and shall be effective upon receipt. For purposes of providing the notices contemplated by this Section, the
following information must be utilized:

 

	Client:	Bank:
	Fax:	                           	Fax:
    619-230-7608

	Email Address	sks@triplepointcapital.com    	Email Address: mmportal@unionbank.com 

 

13.2  
Change of Address. Any party may change the address at which notice may be given by giving ten (10) days prior written notice
of such change to the other party. Change of address should be sent to Bank at the address indicated below.

 

MUFG
Union Bank, N.A.

Global
Trust Services – Liquidity Custody Services 350 California Street, 17th Floor

San
Francisco, CA 94104

 

     

    Page 8 of 10

    

 

		14.	Limitation
                                         on Liability of Bank; Indemnification

 

14.1     
Limitation of Liability. Bank shall not be liable for any losses, costs, damages, liabilities, demands, claims expenses, attorneys’
fees or taxes (collectively, “Losses”) incurred by or asserted against the Client, except those Losses resulting
solely from Bank’s own gross negligence or willful misconduct. Bank shall have no liability whatsoever for the action or
inaction of any nominee or securities depository or MUFG Bank in connection with MUFG Bank IDA deposits, except in each such case
to the extent such action or inaction is a direct result of the Bank’s failure to fulfill its duties hereunder. Client is
solely responsible for all commands, limits, and Instructions issued or established through the Compliance Module (as defined
in Section 25) and the Dual Auth Module (as defined in Section 26). Client acknowledges and assumes all risk and Losses arising
out of its use and performance of the Compliance and Dual Auth Modules and acknowledges that all commands and Instructions issued
by Client are at its sole risk. Client acknowledges and understands the limits of the Compliance and Dual Auth Modules described
in the consent agreement in the legal section on the about Union Bank MoneyPort page at www.unionbank.com. Client assumes
all responsibility for any unauthorized use of Compliance Module and of the Dual Auth Module and any unauthorized approvals submitted
via the Dual Auth Module. Bank has no liability or responsibility for Losses relating to any of Client’s direct or
indirect uses of the Compliance Module, including, but not limited to, investment decisions, regulatory filings, or other uses
made in reliance upon the Compliance Module by Client. For purposes of this Section 14.1, “Client” shall mean Client,
its agents, consultants, subcontractors, and others who have access to information derived or generated from the Compliance Module.
In no event shall Bank be liable to the Client or any third party for special, indirect or consequential damages, or lost profits
arising in connection with this Agreement, nor shall Bank be liable for: (i) acting in accordance with Instructions actually received
by Bank and reasonably believed by Bank to be given by an Authorized Person; (ii) the insolvency of any nominee or securities
depository, or (iii) any action taken by or upon the instruction of a Portal Fund or Bond Fund.

 

14.2     
Indemnification. As additional consideration for the Bank's acceptance of the Account and Bank’s agreement to act as
Client’s custodian and agent, Client agrees to indemnify, and hold Bank, its officers, directors, employees, agents, successors,
and assigns harmless from and against any and all Losses (other than those based on Bank's net income) arising out of or in connection
with this Agreement, or out of any actions of Client, or Client's agents including, without limitation, any and all transactions
effected by Bank hereunder including without limitation purchases, redemptions or other disposition of Portal Fund or Bond Fund
Shares; any investment or deposit in or withdrawal of funds from ITDA or MUFG Bank IDA; any debits, provisional credits, advances,
charges, fees or other obligations in the Account; all actions, commands, limits and Instructions related to the use of the Compliance
Module and/or the Dual Auth module; and Bank’s acting in accordance with any payment Instructions provided by Client or
Client’s agents, that are not determined to have been caused by Bank's gross negligence or willful misconduct.

 

14.3     
Force Majeure. Bank shall not be required to maintain any special insurance for the benefit of Client and shall not be liable
or responsible for any loss, damage, expense, failure to perform, or delay caused by accidents, strikes, fire, flood, war, riot,
terrorist act, electrical or communication line or facility failures, acts of third parties (including, without limitation, any
messenger, telephone, or delivery services), acts of God, government action, civil commotion, earthquake, or other casualty or
disaster or any other cause or causes that are beyond Bank’s reasonable control.

 

14.4     
Survival of Provisions. The provisions of this Section 14 shall survive the termination of this Agreement and shall be binding
upon each party's successors, assigns, heirs, and personal representatives.

 

		15.	Amendment
                                         and Termination of Agreement

 

15.1  
Amendment. This Agreement may be amended only by a written agreement executed by Bank and Client. Bank may from time to time
amend service provisions under separate notice within thirty (30) days of written notice. Client will be deemed to accept terms
if no written objection is received by Bank within the 30-day period.

 

15.2  
Termination. This Agreement may be terminated upon thirty (30) days written notice from one party to the other. Upon termination,
Bank shall have a reasonable amount of time to transfer the Property held in the Account in accordance with the written instructions
of Client or the person or entity legally entitled to receive such Property. Bank's fees and costs related to termination, including
without limitations, costs for shipping securities and other Property held in the Account, and costs of re-registering securities,
generating reports, and accounting for disposition of cash shall be charged to the Account.

 

     

    Page 9 of 10

    

 

		16.	Entire
                                         Agreement

 

This
Agreement constitutes the entire Agreement among the parties. All previous agreements and instructions whether written or oral,
between the Bank and Client are hereby superseded. In the event of a conflict between the terms and conditions of this Agreement
and any Schedule attached hereto, the terms and conditions of this Agreement will control.

 

		17.	Governing
                                         Law

 

This
Agreement shall be governed by, and construed under, the laws of the State of California.

 

		18.	Confidentiality

 

All
non-public information and advice furnished by either party to the other shall be treated as confidential and will not be disclosed
to third parties unless required by law, except Bank may disclose (a) the identity of Client as a client or client reference of
Bank; (b) any information to any government regulator of Bank or its affiliated entities and (c) any information to Bank’s
affiliated entities and product and service providers to the extent necessary to provide the financial products and services under
this Agreement.

 

		19.	Effective
                                         Date

 

This
Agreement shall be effective upon the date it is accepted by Bank as indicated below.

 

		20.	Severability

 

In
case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected thereby.

 

		21.	Assignment

 

This
Agreement shall extend to and shall be binding upon the parties hereto and their respective successors and permitted assigns;
provided, however, that this Agreement shall not be assignable by Client without the prior written consent of Bank.

 

		22.	Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute only one instrument.

 

		23.	Wire
                                         Transfer

 

All
electronic funds transfers in connection with this Agreement (including those made using Fed wire or any other funds transfer
system and internal and international funds transfers) into and out of the Account are subject to the terms set forth in the Master
Funds Transfer Agreement and Security Procedures Form 02491-TR and Schedule A hereto. Client may add or delete Authorized Persons
by sending a properly authorized written notice to Bank. Bank will act on Client’s request within a reasonable time after
receiving that notice.

 

		24.	Online
                                         Trust & Custody

 

The
Client may utilize the Bank’s OTC product to access online account statements and other account information through the
Bank’s web site located at www.unionbank.com subject to the terms and conditions contained at said website.

 

		25.	Investment
                                         Monitoring Compliance Module

 

Client
hereby accepts Bank’s investment monitoring compliance module (the “Compliance Module”) functionality.
The Compliance Module will permit Client to monitor and impose limitations on investment activity within its Portal Account and
establish corresponding actions in connection with violations of any imposed limitations. Client has the sole responsibility to
establish all limits and corresponding actions. Bank agrees to provide the Compliance Module to Client under the terms set forth
in the consent agreement in the legal section on the about Union Bank MoneyPort page at www.unionbank.com.

 

     

    Page 10 of 10

    

 

		26.	Dual
                                         Authorization Module

 

Client
hereby accepts Bank’s dual authorization module (the “Dual Auth Module”) functionality. The Dual Auth
Module will permit Client to allow for a second approval before a trade can be forwarded for processing to the Portal Account.
Client has the sole responsibility to establish all necessary Traders and Authorized Persons as indicated on Schedule A.
Bank agrees to provide the Dual Auth Module to Client under the terms set forth in the consent agreement in the legal section
on the about Union Bank MoneyPort page at www.unionbank.com.

 

		27.	Unlawful
                                         Internet Gambling Enforcement Act of 2006

 

The
Unlawful Internet Gambling Enforcement Act of 2006 (“UIGEA”) prohibits the transfer of funds from a financial
institution to an internet gambling site. The UIGEA defines restricted transactions as those prohibited under applicable federal,
state, or tribal gambling laws. Restricted transactions are prohibited from being processed through Client’s account or
relationship.

 

Please
select one of the following options:

 

xClient
is not an internet business and does not process payments for third parties. As such, there is very minimal risk that Client is
or will ever be involved in internet gambling, whether lawful or unlawful.

 ̈Client
conducts the business(es) selected below:

 ̈Internet
business

 ̈Gaming

 ̈Gambling
related entities

 ̈Entertainment
(including, but not limited to hotels and motels, amusement parks,recreational facilities, and entertainment and production
     companies)

 ̈3rd
party payment processors, including ACH payment processors and payment senders

 

EXECUTION
OF AGREEMENT:

 

Client
Entity:

 

		 	 
	TriplePoint
    Global Venture Credit, LLC	 	 
	Organization
    Name	 	 
	/s/
    Sajal K. Srivastava	 	4/10/2020
	Authorized
    Client Signature	 	Date
	 	 	 
	 	 	
	Authorized
    Client Signature	 	Date

 

	ACCEPTED:	 	 
	MUFG Union Bank, N.A.	 	 
	 	 	 	 
	By:	/s/
    Ching Yi Low	 	4/14/20
	 	Relationship
    Manager	 	Date
	 	 	 	 
	 	 	 	 
	By:	/s/
    Tiffany Stizza	 	4/14/20
	 	Vice
    President	 	Date

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