Document:

Exhibit 4.2

 

NINTH SUPPLEMENTAL INDENTURE

 

Dated as of April 11, 2016

 

to

 

INDENTURE

 

Dated as of October 11, 2012

 

Between

 

AIR LEASE CORPORATION

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Trustee

 

 

3.375% Senior Notes due 2021

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE 1   DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.1.
    	
Definitions
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.2.
    	
Other Defined Terms
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE 2 TERMS   AND DESCRIPTION OF NOTES
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.1.
    	
Indenture
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.2.
    	
Designation and Amount
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.3.
    	
Form of Notes
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.4.
    	
Maturity
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.5.
    	
Denominations Of Notes
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.6.
    	
Additional Notes
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.7.
    	
Interest
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.8.
    	
Paying Agent,   Registrar, Place of Payment
    	
7
    
	
 
    	
 
    	
 
    
	
Section 2.9.
    	
Sinking Fund
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE 3   SATISFACTION AND DISCHARGE
    	
8
    
	
 
    	
 
    	
 
    
	
Section 3.1.
    	
Satisfaction and   Discharge of Indenture
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE 4   AMENDMENTS AND WAIVERS
    	
8
    
	
 
    	
 
    	
 
    
	
Section 4.1.
    	
Supplemental Indentures   without Consent of Holders
    	
8
    
	
 
    	
 
    	
 
    
	
Section 4.2.
    	
Supplemental Indentures   with Consent of Holders
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE 5 CERTAIN   COVENANTS OF THE COMPANY
    	
9
    
	
 
    	
 
    	
 
    
	
Section 5.1.
    	
Limitation on Liens
    	
9
    
	
 
    	
 
    	
 
    
	
Section 5.2.
    	
Release of Liens
    	
10
    
	
 
    	
 
    	
 
    
	
Section 5.3.
    	
Merger, Consolidation   or Sale of All or Substantially All Assets
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE 6 DEFAULTS   AND REMEDIES
    	
11
    
	
 
    	
 
    	
 
    
	
Section 6.1.
    	
Events of Default
    	
11
    
	
 
    	
 
    	
 
    
	
Section 6.2.
    	
Acceleration
    	
12
    
	
 
    	
 
    	
 
    
	
Section 6.3.
    	
Control by Holders
    	
12
    
	
 
    	
 
    	
 
    
	
Section 6.4.
    	
Waivers
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE 7   DEFEASANCE
    	
13
    
	
 
    	
 
    	
 
    
	
Section 7.1.
    	
Covenant Defeasance
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE 8   REPURCHASE OF NOTES AT OPTION OF HOLDERS
    	
13
    
	
 
    	
 
    	
 
    
	
Section 8.1.
    	
Offer to Repurchase   Upon Change of Control Repurchase Event
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE 9 OPTIONAL   REDEMPTION
    	
15
    
	
 
    	
 
    	
 
    
	
Section 9.1.
    	
Optional Redemption
    	
15
    
	
 
    	
 
    	
 
    
	
Section 9.2.
    	
Modification of Base   Indenture
    	
16
    

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE 10   MISCELLANEOUS PROVISIONS
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.1.
    	
Governing Law
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.2.
    	
Effect of Headings
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.3.
    	
Severability
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.4.
    	
Ratification of   Indenture
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.5.
    	
Trustee Not Responsible   for Recitals
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.6.
    	
Waiver of Jury Trial
    	
16
    
	
 
    	
 
    	
 
    
	
Section 10.7.
    	
Counterparts
    	
16
    

 

ii

 

NINTH SUPPLEMENTAL INDENTURE, dated as of April 11, 2016 (this “Supplemental Indenture”), by and among Air Lease Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of October 11, 2012 (the “Base Indenture”), to provide for the issuance of the Company’s debt securities, to be issued in one or more series;

 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of debt securities to be known as the “3.375% Senior Notes due 2021” (the “Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture, as supplemented by this Supplemental Indenture;

 

WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized certain officers of the Company to, among other things, determine the terms of the debt securities to be issued under the Indenture and execute any and all documents necessary or appropriate to effect each such issuance;

 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Sections 2.01, 3.01 and 9.01 of the Base Indenture;

 

WHEREAS, Sections 9.01(e) and 9.01(g) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture, in form satisfactory to the Trustee, to (i) add to, change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) to establish the form or terms of any Securities of any series permitted by Section 2.01 and Section 3.01 of the Base Indenture;

 

WHEREAS, the Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental Indenture”));

 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have, in each case, been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects.

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows:

 

ARTICLE 1
 DEFINITIONS

 

Section 1.1.           Definitions.  For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

1

 

(a)           the terms defined in this Article 1 shall have the respective meanings assigned to them in this Article 1 and include the plural as well as the singular and, to the extent applicable, supersede the definitions thereof in the Base Indenture with respect to the Notes;

 

(b)           all words, terms and phrases defined in the Base Indenture (but not otherwise defined herein) shall have the same meanings as in the Base Indenture;

 

(c)           unless the context otherwise requires, (i) any reference to an “Article” or “Section” refers to an Article or Section, as the case may be, of this Supplemental Indenture; and (ii) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to the Indenture as a whole as amended and/or supplemented by this Supplemental Indenture and not to any particular Article, Section or other subdivision; and

 

(d)           unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.

 

“Aircraft Assets” means (x) aircraft, airframes, engines (including spare engines), propellers, parts and other operating assets and pre-delivery payments relating to any of the items in this clause (x); and (y) intermediate or operating leases relating to any of the items in the foregoing clause (x).

 

“ALC Maillot” means ALC Maillot Jaune Borrower, LLC, a Delaware limited liability company.

 

“ALC Warehouse” means ALC Warehouse Borrower, LLC, a Delaware limited liability company.

 

“Applicable Premium” means, with respect to a Note on any Redemption Date, the excess, if any, of (x) the present value as of such Redemption Date of (i) 100% of the principal amount of such Note plus (ii) all required interest payments due on such Note through June 1, 2021 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 37.5 basis points, over (y) the then outstanding principal of such Note.

 

“Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors.

 

“Below Investment Grade Rating Event” means that at any time within 60 days (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies) from the date of the public notice of a Change of Control or of the Company’s intention or that of any Person to effect a Change of Control, the rating on the Notes is lowered, and the Notes are rated below an Investment Grade Rating, by (x) one Rating Agency if the Notes are rated by less than two Rating Agencies, (y) both Rating Agencies if the Notes are rated by two Rating Agencies or (z) at least a majority of such Rating Agencies if the Notes are rated by three or more Rating Agencies; provided, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close, and when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

2

 

“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.

 

“Capital Stock” of a Person means all equity interests in such Person, including any common stock, preferred stock, limited liability or partnership interests (whether general or limited), and all warrants or options with respect to, or other rights to purchase, the foregoing, but excluding Convertible Notes and other indebtedness (other than preferred stock) convertible into equity.

 

“Change of Control” means, the occurrence of any one of the following:

 

(x)           a “person” or “group” within the meaning of Section 13(d) of the Exchange Act other than the Company, a direct or indirect Subsidiary, or any employee or executive benefit plan of the Company and/or its Subsidiaries, has become the “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Stock representing more than 50% of the total voting power of all Common Stock of the Company then outstanding and constituting Voting Stock;

 

(y)           the consummation of (i) any consolidation or merger of the Company pursuant to which the Company’s Common Stock will be converted into the right to obtain cash, securities of a Person other than the Company, or other property; or (ii) any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any other Person other than a direct or indirect Subsidiary of the Company; provided, that Aircraft Asset leasing in the ordinary course of business of the Company or any of its Subsidiaries shall not be considered the leasing of “all or substantially all” of the Company’s consolidated assets; provided further, however, that a transaction described in clause (i) or (ii) in which the holders of the Company’s Common Stock immediately prior to such transaction own or hold, directly or indirectly, more than 50% of the voting power of all Common Stock of the continuing or surviving corporation or the transferee, or the parent thereof, outstanding immediately after such transaction and constituting Voting Stock shall not constitute a Change of Control; or

 

(z)           the adoption of a plan relating to the Company’s liquidation or dissolution.

 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Common Stock” shall mean and include any class of capital stock of any corporation now or hereafter authorized, the right of which to share in distributions of either earnings or assets of such corporation is without limit as to any amount or percentage.

 

“Consolidated Tangible Assets” at any date means the total assets of the Company and its Subsidiaries reported on the most recently prepared consolidated balance sheet of the Company filed with the Commission or delivered to the Trustee as of the end of a fiscal quarter, less all assets shown on such consolidated balance sheet that are classified and accounted for as intangible assets of the Company or any of its Subsidiaries or that otherwise would be considered intangible assets under GAAP, including, without limitation, franchises, patents and patent applications, trademarks, brand names, unamortized debt discount and goodwill.

 

“Convertible Notes” means indebtedness of the Company that is optionally convertible into Capital Stock of the Company (and/or cash based on the value of such Capital Stock) and/or indebtedness of a Subsidiary of the Company that is optionally exchangeable for Capital Stock of the Company (and/or cash based on the value of such Capital Stock).

 

“Default” means any event that is, or after the notice or passage of time or both would be, an Event of Default.

 

“DTC” means The Depository Trust Company.

 

3

 

“ECA Indebtedness” means any indebtedness incurred in order to fund the deliveries of new Aircraft Assets, which indebtedness is guaranteed by one or more Export Credit Agencies, including guarantees thereof by the Company or any of its Subsidiaries.

 

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time and the rules and regulations of the Commission promulgated thereunder.

 

“Export Credit Agencies” means collectively, the export credit agencies or other governmental authorities that provide export financing of new Aircraft Assets (including, but not limited to, the Brazilian Development Bank, Compagnie Francaise d’Assurance pour le Commerce Exterieur, Her Britannic Majesty’s Secretary of State acting by the Export Credits Guarantee Department, Euler-Hermes Kreditversicherungs AG, the Export-Import Bank of the United States, the Export Development Canada or any successor thereto).

 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date.

 

“Holder” means a Person in whose name a Note is registered in the Security Register for the Notes, and such Person shall be treated as the owner of such Note for all purposes under the Indenture.

 

“Indenture” means the Base Indenture as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof, including, for all purposes of the Base Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern the Base Indenture and any such supplemental indenture, respectively. The term “Indenture,” when used with respect to a particular series of Securities (including the Notes), shall also include the terms of such particular series of Securities (including the Notes) established as contemplated by Section 3.01 of the Base Indenture, including by this Supplemental Indenture.

 

“interest” with respect to the Notes means interest with respect thereto.

 

“Investment Grade Rating” means a rating equal to or higher than BBB- by S&P, or the equivalent of any other Rating Agency, as applicable, or in each case the equivalent under any successor category of such Rating Agency.

 

“Issue Date” means April 11, 2016.

 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any Capital Lease, upon or with respect to any property or asset of such Person.

 

“Non-Recourse Indebtedness” means, with respect to any Person, any indebtedness of such Person or its Subsidiaries that is, by its terms, recourse only to specific assets and non-recourse to the assets of such Person generally and that is neither guaranteed by any Affiliate (other than a Subsidiary) of such Person or would become the obligation of any Affiliate (other than a Subsidiary) of such Person upon a default thereunder, other than (x) recourse for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purpose entity covenants and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financings, (y) recourse to the equity interests of such Person or its Subsidiaries and to a guarantee by the Company or any Affiliate of the Company that does not exceed 10% of the outstanding indebtedness of such Person and its Subsidiaries, including such a guarantee of Warehouse Facility Indebtedness, and (z) the existence of a guarantee that does not constitute a guarantee of payment of principal, interest or premium on indebtedness.

 

4

 

“Notice of Default” means a written notice of the kind specified in clause (c) of Section 6.1 of this Supplemental Indenture.

 

“Place of Payment” means, with respect to the Notes, the place or places where the principal of and any premium and interest on the Notes are payable as specified as contemplated in the Indenture.

 

“Rating Agency” means S&P and any additional rating agency that provides a rating with respect to the Notes and is a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act (“NRSRO”); provided, that if any such Rating Agency ceases to provide rating services to issuers or investors, the Company may appoint a replacement for such Rating Agency that is a NRSRO.

 

“S&P” means Standard & Poor’s Ratings Services or any successor to its rating agency business.

 

“Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time and the rules and regulations of the Commission promulgated thereunder.

 

“Special Purpose Aircraft Financing Entity” means a Subsidiary of the Company (x) that engages in no business other than the purchase, finance, refinance, lease, sale and management of Aircraft Assets, the ownership of Special Purpose Aircraft Financing Entities and business incidental thereto; (y) substantially all of the assets of which are comprised of Aircraft Assets and/or Capital Stock in Special Purpose Aircraft Financing Entities; and (z) that is not obligated under, or the organizational documents or financing documents of which prevent it from incurring, in each case, indebtedness for money borrowed other than indebtedness incurred to finance or refinance the purchase, lease or acquisition of Aircraft Assets and the purchase of Special Purpose Aircraft Financing Entities or the cost of construction, repair, refurbishment, modification or improvement thereof.

 

“Subsidiary” of any Person means (x) any corporation, association or similar business entity (other than a partnership, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors or trustees thereof (or Persons performing similar functions) or (y) any partnership, limited liability company, trust or similar entity of which more than 50% of the capital accounts, distribution rights or total equity, as applicable, is, in the case of clauses (x) and (y), at the time owned, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company.

 

“Treasury Rate” means as of any Redemption Date the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source or similar market data)) most nearly equal to the period from the Redemption Date to June 1, 2021; provided, however, that if the period from the Redemption Date to June 1, 2021 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to June 1, 2021 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“U.S. Government Obligation” means (x) any security that is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation that is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such

 

5

 

depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

“Voting Stock” means Capital Stock of any class or classes, the holders of which are ordinarily, in the absence of contingencies, entitled to elect the corporate directors (or Persons performing similar functions).

 

“Warehouse Facility Indebtedness” means indebtedness under (x) that certain Amended and Restated Warehouse Loan Agreement, dated as of June 21, 2013 and as amended as of October 14, 2013 and July 23, 2014, among ALC Warehouse, the lenders party thereto and Credit Suisse AG, New York Branch, as Agent, and (y) that certain Second Amended and Restated Credit Agreement, dated as of March 27, 2014, among ALC Maillot, the subsidiary guarantors party thereto, the lenders party thereto, Credit Agricole Corporate and Investment Bank, as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent, in the case of each of the foregoing clauses (x) and (y), as any such agreement may be amended, supplemented, extended, refinanced, renewed or replaced.

 

Section 1.2.           Other Defined Terms.  In addition to the definitions set forth in Section 1.1 above, the following terms shall have the respective meanings given in the Sections of this Supplemental Indenture set forth below:

 

	
Defined Term
    	
 
    	
Section
    
	
acceleration default
    	
 
    	
6.1(d)
    
	
Additional Notes
    	
 
    	
2.6
    
	
Bankruptcy Default
    	
 
    	
6.1(e)(ii)
    
	
Base Indenture
    	
 
    	
Recitals
    
	
Change of Control Offer
    	
 
    	
8.1(a)
    
	
Change of Control Payment
    	
 
    	
8.1(a)
    
	
Change of Control Payment Date
    	
 
    	
8.1(a)(ii)
    
	
Company
    	
 
    	
Recitals
    
	
Event of Default
    	
 
    	
6.1
    
	
Future Supplemental Indenture
    	
 
    	
Recitals
    
	
Notes
    	
 
    	
Recitals
    
	
payment default
    	
 
    	
6.1(d)
    
	
property
    	
 
    	
5.1
    
	
Successor Company
    	
 
    	
5.3(a)(i)
    
	
Supplemental Indenture
    	
 
    	
Recitals
    
	
Threshold Amount
    	
 
    	
6.1(d)
    
	
Trustee
    	
 
    	
Recitals
    

 

6

 

ARTICLE 2
 TERMS AND DESCRIPTION OF NOTES

 

Section 2.1.           Indenture.  The changes, modifications and supplements to the Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes that may be issued from time to time, and shall not apply to any other Securities that may be issued under the Indenture unless an Officers’ Certificate or supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any conflicting provisions in the Indenture with respect to the Notes.

 

Section 2.2.           Designation and Amount.  There is hereby authorized and established a series of Securities under the Indenture, designated as the “3.375% Senior Notes due June 1, 2021.” The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is initially limited to $600,000,000, except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture and any Notes that, pursuant to Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered, and subject to the Company’s ability to issue Additional Notes pursuant to Section 2.6.

 

Section 2.3.           Form of Notes.  The Notes are to be substantially in the form set forth in Exhibit A hereto.  The Notes will initially be issued as Global Securities and registered in the name of Cede & Co., the nominee of DTC.

 

Section 2.4.           Maturity.  The Stated Maturity of principal of the Notes is June 1, 2021.

 

Section 2.5.           Denominations Of Notes.  The Notes shall be issuable in registered form without coupons in a minimum denomination of $2,000 or integral multiples of $1,000 in excess thereof.

 

Section 2.6.           Additional Notes.  Pursuant to Section 3.01 of the Base Indenture, the Company may, from time to time reopen the series and issue additional Notes (the “Additional Notes”) without notice to or consent of the Holders; provided, that such Additional Notes are fungible with the Notes issued on the Issue Date or are issued under separate CUSIP numbers (or other relevant identifying numbers); provided, further, that the Company will not be permitted to issue Additional Notes if, at the time of such issuance, the Company is not in compliance with Article 5 and Article 8.  The Notes and any such Additional Notes shall be consolidated and form a single series of Securities and shall vote together as one class on all matters.

 

Section 2.7.           Interest.  The Notes will bear interest at the rate of 3.375% per annum. Interest payable on each Interest Payment Date will include interest accrued from (and including) the Issue Date, or from (and including) the most recent date to which interest has been paid or duly provided for, to (but excluding) the applicable Interest Payment Date or the Maturity, as the case may be. The Interest Payment Dates for the Notes are June 1 and December 1 commencing on December 1, 2016 and ending on Maturity; and the Regular Record Date for the interest payable on any Interest Payment Date is the May 15 or November 15, as the case may be, next preceding the relevant Interest Payment Date. If any Interest Payment Date or Redemption Date of a Note is not a Business Day, the payment otherwise required to be made on such date may be made on the next Business Day with the same force and effect as if made on such Interest Payment Date or Redemption Date, as the case may be, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Redemption Date, as the case may be.

 

Section 2.8.           Paying Agent, Registrar, Place of Payment.  The Company initially appoints the Trustee to act as Paying Agent and Security Registrar for the Notes, initially designates the corporate trust office of the Trustee located in The City of New York as the Place of Payment for the Notes and the office or agency described in Section 10.02 of the Base Indenture and initially designates DTC as the Depositary for the Notes.  The Company may change the Paying Agent, the Security Registrar, the Depositary or the Place of Payment without prior notice to or consent of the Holders, and the Company or any of its Subsidiaries may act as Paying Agent or Security

 

7

 

Registrar.  The Company will pay principal of, premium, if any, and interest on Notes in global form registered in the name of or held by DTC or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the Holder of such Global Security.

 

Section 2.9.           Sinking Fund.  The Notes shall not be entitled to the benefit of any sinking fund.

 

ARTICLE 3
 SATISFACTION AND DISCHARGE

 

Section 3.1.           Satisfaction and Discharge of Indenture.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 4.01 of the Base Indenture is amended and restated in its entirety as follows with respect to the Notes:

 

(a)           The Indenture will be discharged as to all Notes and will cease to be of further effect as to all Notes, when either:

 

(i)            all Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust) have been delivered to the Trustee for cancellation; or

 

(ii)           (A) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the giving of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may be; (B) no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of Liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, any material agreement or material instrument (other than the Indenture) to which the Company is a party or by which the Company is bound; (C) the Company has paid or caused to be paid all sums payable or due and owing by the Company under the Indenture; and (D) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be.

 

(b)           In addition, the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

(c)           Notwithstanding the satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee under Section 6.07 of the Base Indenture, the obligations of the Trustee to any Authenticating Agent under Section 6.14 of the Base Indenture and, if money shall have been deposited with the Trustee pursuant to subclause (ii)(A) of clause (a) of this Section 3.1, the obligations of the Trustee under Section 4.02 of the Base Indenture and the last paragraph of Section 10.03 of the Base Indenture shall survive.

 

ARTICLE 4
 AMENDMENTS AND WAIVERS

 

Section 4.1.           Supplemental Indentures without Consent of Holders.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the

 

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Indenture, whether now or hereafter issued and Outstanding, Section 9.01 of the Base Indenture is hereby amended with respect to the Notes by the following:

 

(a)           replacing the language in clause (d) thereof with “to add to or change any of the provisions of the Indenture or the terms of the Notes to such extent as shall be necessary to permit or facilitate the issuance of Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Notes in uncertificated form; provided, in each case, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended”; and

 

(b)           replacing the word “indenture” in clause (q) thereof with “Indenture.”

 

Section 4.2.           Supplemental Indentures with Consent of Holders.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 9.02 of the Base Indenture is hereby amended with respect to the Notes by the following:

 

(a)           replacing the period at the end of clause (c) thereof with “, or”; and

 

(b)           adding a new clause (d) after the end of clause (c) thereof, as follows: “(d) reduce the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased as described in Article 8 or Article 9 of the Supplemental Indenture whether through an amendment or waiver of provisions in the covenants, definitions or otherwise (except amendments to the definition of “Change of Control” or “Below Investment Grade Ratings Event”).”

 

ARTICLE 5
 CERTAIN COVENANTS OF THE COMPANY

 

Section 5.1.           Limitation on Liens.  The Company will not, and will not permit any Subsidiary to, at any time pledge or otherwise subject to any Lien any of its or such Subsidiary’s property, tangible or intangible, real or personal (hereinafter “property”), without thereby expressly securing the Notes (together, if the Company so chooses, with any other securities entitled to the benefit of a similar covenant) equally and ratably with any and all other indebtedness for borrowed money or Capital Leases, including any guarantee, secured by such Lien, so long as any such other indebtedness or Capital Lease shall be so secured, and the Company covenants that if and when any such Lien is created, the Notes will be so secured thereby; provided, that, the foregoing shall not apply to any Lien on any property existing as of the Issue Date or to the following Liens securing indebtedness for borrowed money or Capital Leases, including any guarantee:

 

(a)           any Lien on any property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) securing Non-Recourse Indebtedness;

 

(b)           any Lien on any property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) (i) existing at the time of acquisition of such property or the entity owning such property (including acquisition through merger or consolidation), or (ii) given to secure the payment of all or any part of the purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or improvement of property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) or to secure any indebtedness (including ECA Indebtedness) or Capital Lease incurred prior thereto, at the time of, or within 180 days (18 months in the case of Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) after, the acquisition, construction, repair, refurbishment, modification or improvement of property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) for the purpose of financing all or part of the purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or improvement;

 

(c)           Liens by a Subsidiary as security for indebtedness owed to the Company or any Subsidiary;

 

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(d)           a banker’s lien or right of offset of the holder of such indebtedness in favor of any lender of moneys or holder of commercial paper of the Company or any Subsidiary in the ordinary course of business on moneys of the Company or such Subsidiary deposited with such lender or holder in the ordinary course of business;

 

(e)           any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien existing on the Issue Date or referred to in the foregoing clauses including in connection with the refinancing of indebtedness of the Company and its Subsidiaries secured by such Lien; and

 

(f)            other Liens not permitted by any of the foregoing clauses (a) through (e) on any property, now owned or hereafter acquired; provided, that, no such Liens shall be incurred pursuant to this subsection (f) if the aggregate principal amount of outstanding indebtedness (without duplication for any guarantee of such indebtedness) and Capital Leases secured by Liens incurred pursuant to this subsection (f) subsequent to the Issue Date, including the Lien proposed to be incurred, shall exceed 20% of Consolidated Tangible Assets after giving effect to such incurrence and the use of proceeds of such indebtedness or Capital Leases.

 

(g)           For the avoidance of doubt, nothing in this Section 5.1 shall limit Liens that do not secure indebtedness for borrowed money or Capital Leases.

 

Section 5.2.           Release of Liens.  Any Lien that is granted to secure the Notes pursuant to Section 5.1 shall be automatically released and discharged at the same time as the release (other than through the exercise of remedies with respect thereto) of each Lien that gave rise to such obligation to secure the Notes under Section 5.1.

 

Section 5.3.           Merger, Consolidation or Sale of All or Substantially All Assets.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 8.01 of the Base Indenture is hereby amended and restated in its entirety as follows with respect to the Notes by this Section 5.3:

 

(a)           The Company will not consolidate with or merge with or into or wind up into (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the Company’s properties and assets, in one or more related transactions, to any Person unless:

 

(i)            the resulting, surviving or transferee Person (the “Successor Company”) is a Person organized and existing under the laws of the United States of America, any state or territory thereof or the District of Columbia;

 

(ii)           the Successor Company (if other than the Company) expressly assumes all of the obligations of the Company under the Notes and the Indenture pursuant to a supplemental indenture;

 

(iii)          immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and

 

(iv)          the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, winding up or disposition, and such supplemental indenture, if any, comply with the Indenture.

 

(b)           The Company will be released from its obligations under the Indenture and the Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and the Notes; provided, that in the case of a lease of all or substantially all its assets, the Company will not be released from the obligation to pay the principal of and interest on the Notes.

 

(c)           For purposes of this Section 5.3, Aircraft Asset leasing in the ordinary course of business of the Company or any of its Subsidiaries shall not be considered the leasing of “all or substantially all” of the Company’s consolidated assets.

 

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ARTICLE 6
 DEFAULTS AND REMEDIES

 

Section 6.1.           Events of Default.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture is hereby amended and restated in its entirety as follows with respect to the Notes by this Section 6.1:

 

Each of the following is an “Event of Default”:

 

(a)           default in any payment of interest on any Note when due, which default continues for a period of 30 days;

 

(b)           default in the payment of principal of, or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;

 

(c)           default in the performance, or breach, of any covenant or warranty of the Company in the Indenture with respect to the Notes (other than a covenant or warranty with respect to which a default in performance or breach is elsewhere in this Section 6.1 specifically addressed or which covenant or warranty has been included in the Indenture solely for the benefit of one or more series of notes other than the Notes), and continuance of such default or breach for a period of 90 consecutive days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture;

 

(d)           default under any mortgage, indenture (including the Indenture) or instrument under which there is issued, or which secures or evidences, any indebtedness for borrowed money of the Company (or the payment of which is guaranteed by the Company) (other than indebtedness owed to any Subsidiary or Non-Recourse Indebtedness of the Company) now existing or hereafter created, which default shall constitute a failure by the Company to pay principal in an amount exceeding $200.0 million (the “Threshold Amount”) when due and payable by the Company at final stated maturity, after expiration of any applicable grace period with respect thereto (such default, a “payment default”), or shall have resulted in an aggregate principal amount of such indebtedness exceeding the Threshold Amount becoming due and payable by the Company prior to the date on which it would otherwise have become due and payable (such default, an “acceleration default”); provided, however, that in connection with any series of the Convertible Notes, (i) any conversion of such indebtedness by a holder thereof into shares of common stock, cash or a combination of cash and shares of common stock, (ii) the rights of holders of such indebtedness to convert into shares of common stock, cash or a combination of cash and shares of common stock and (iii) the rights of holders of such indebtedness to require any repurchase by the Company of such indebtedness in cash upon a fundamental change shall not, in itself, constitute an Event of Default hereunder; or

 

(e)

 

(i)            the Company, pursuant to or within the meaning of any Bankruptcy Law: (A) commences proceedings to be adjudicated bankrupt or insolvent; (B) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law; (C) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) makes an admission in writing of its inability to pay its debts generally as they become due; or

 

(ii)           a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company in a proceeding in which the Company is to be adjudicated bankrupt or insolvent; (B) appoints a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Company; or (C) orders the liquidation, dissolution or

 

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winding up of the Company; and the order or decree remains unstayed and in effect for 90 consecutive days (any such Event of Default specified in this clause (e), for purposes of the Notes, shall constitute a “Bankruptcy Default”).

 

Within 60 days following the date on which the Company becomes aware of a Default or receives notice of such Default, as applicable, if such Default is continuing, the Company shall deliver a certificate to the Trustee specifying any events which would constitute a Default, their status and what action the Company is taking or proposing to take in respect thereof.

 

In the event of a declaration of acceleration of the Notes solely because an Event of Default described in Section 6.1(d) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if (i) the default or defaults triggering such Event of Default pursuant to Section 6.1(d) shall be remedied or cured by the Company or waived by the holders of the relevant indebtedness within 30 days after the declaration of acceleration with respect thereto; (ii) the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and (iii) all Events of Default with respect to Notes, except non-payment of principal of, or premium, if any, or interest on, the Notes that have become due solely by such declaration of acceleration of the Notes of such series, have been cured or waived as provided in the Indenture.

 

Section 6.2.           Acceleration.

 

(a)           Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the first three paragraphs of Section 5.02 of the Base Indenture are hereby replaced with the following with respect to the Notes:

 

“If an Event of Default (other than an Event of Default described in Section 6.1(e) of the Supplemental Indenture) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable by notice in writing to the Company (and to the Trustee if given by Holders). Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, will be due and payable immediately.

 

If an Event of Default described in Section 6.1(e) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.”

 

(b)           Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the fourth paragraph of Section 5.02 of the Base Indenture is hereby amended by replacing the period at the end of clause (b) thereof with “; and” and adding the following clause (c) thereafter: “(c) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction.”

 

Section 6.3.           Control by Holders.  Notwithstanding Section 5.12 of the Base Indenture, the Trustee may refuse to follow any direction that conflicts with any law, rule, regulation or court order or the Indenture or the Notes, or that the Trustee determines in good faith is unduly prejudicial to the rights of any Holder or that would involve the Trustee in personal liability. Any application by the Trustee for written instructions from the requisite amount of Holders may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under the Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions from the requisite amount of Holders in response to such application specifying the action to be taken or omitted.

 

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Section 6.4.           Waivers.  It shall not be necessary for any Act of Holders to approve the particular form of any waiver, but it shall be sufficient if such Act shall approve the substance thereof.  A consent to any waiver by any Holder given in connection with a sale, tender or exchange of such Holder’s Notes will not be rendered invalid by such sale, tender or exchange.

 

ARTICLE 7
 DEFEASANCE

 

Section 7.1.           Covenant Defeasance.  The covenants provided pursuant to Section 3.01(r), 9.01(b) or 9.01(g) of the Base Indenture for purposes of Section 13.03 of the Base Indenture are the covenants in Article 5 and Article 8 of this Supplemental Indenture and Section 5.15 of the Base Indenture.

 

ARTICLE 8
 REPURCHASE OF NOTES AT OPTION OF HOLDERS

 

Section 8.1.           Offer to Repurchase Upon Change of Control Repurchase Event.

 

(a)           If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem all of the Notes pursuant to Section 9.1 of this Supplemental Indenture, the Company will make an offer to purchase all the Notes (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”).   If a Note is repurchased pursuant to a Change of Control Offer on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the holder of record as of such Record Date.  Within 30 days following the date upon which a Change of Control Repurchase Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, unless the Company has exercised its right to redeem all of the Notes pursuant to Section 9.1 of this Supplemental Indenture, the Company will mail a notice of such Change of Control Offer to each Holder or otherwise give notice, which will govern the terms of the Change of Control Offer, in accordance with the applicable procedures of DTC, with a copy to the Trustee, stating:

 

(i)            that a Change of Control Offer is being made pursuant to this Section 8.1 and that all Notes validly tendered pursuant to such Change of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase;

 

(ii)           the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or given, other than as may be required by law) (the “Change of Control Payment Date”);

 

(iii)          if sent prior to the date of consummation of the Change of Control, that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date; provided, that if a Change of Control is consummated after a proposed Change of Control Payment Date and such Change of Control Offer is therefore not consummated, the Company shall make a Change of Control Offer in accordance with this Section 8.1 within 30 days following the later of the consummation of such Change of Control or a Below Investment Grade Rating Event;

 

(iv)          that Notes must be tendered in multiples of $1,000, and any Note not validly tendered will remain outstanding and continue to accrue interest;

 

(v)           that, unless the Company defaults in the payment of the Change of Control Payment, any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date;

 

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(vi)          that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day preceding the Change of Control Payment Date;

 

(vii)         that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided, that the Paying Agent receives at the address specified in the notice, not later than the close of business on the 30th day following the date of the Change of Control notice, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

 

(viii)        that if a Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof); and

 

(ix)          the other instructions, as determined by the Company, consistent with this Section 8.1 that a Holder must follow.

 

The notice, if mailed or given in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is mailed or given in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect.

 

(b)           On the Change of Control Payment Date, the Company will, to the extent lawful:

 

(i)            accept for payment all Notes or portions of Notes (of integral multiples of $1,000) validly tendered pursuant to the Change of Control Offer;

 

(ii)           deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes so tendered;

 

(iii)          deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with this Section 8.1; and

 

(iv)          deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in the Indenture relating to the making of such Change of Control Payment have been complied with.

 

(c)           The Paying Agent will promptly pay to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate, upon receipt of an authentication order, and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

 

(d)           If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest to the Change of Control Payment Date will be paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such Regular Record Date.

 

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(e)           Prior to making a Change of Control Payment, and as a condition to such payment (i) the requisite holders of each issue of indebtedness issued under an indenture or other agreement that would be violated by the making of such payment shall have consented to such Change of Control Payment being made and waived the event of default, if any, caused by the Change of Control or (ii) the Company will repay all outstanding indebtedness issued under an indenture or other agreement that would be violated by the making of a Change of Control Payment or the Company will offer to repay all such indebtedness, make payment to the holders of such indebtedness that accept such offer and obtain waivers from the requisite remaining holders of such indebtedness of any event of default arising under the relevant indenture or other agreement as a result of the Change of Control. The Company covenants to effect such repayment or obtain such consent prior to making a Change of Control Payment, it being a default of this Section 8.1 if the Company fails to comply with such covenant.

 

(f)            The Company will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 8.1 applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

 

(g)           The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Indenture by virtue of the conflict.

 

(h)           Other than as specifically provided in this Section 8.1, any purchase pursuant to this Section 8.1 shall be made pursuant to the provisions of Sections 11.03, 11.05 and 11.07 of the Base Indenture.

 

(i)            Notwithstanding anything to the contrary in the foregoing clauses (a) though (h), the Company’s obligation to make a Change of Control Offer may, subject to Section 4.2(b) of this Supplemental Indenture, be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes.

 

ARTICLE 9
 OPTIONAL REDEMPTION

 

Section 9.1.           Optional Redemption.

 

(a)           At any time prior to June 1, 2021, the Company may redeem the Notes, in whole or in part, upon notice pursuant to Section 11.04 of the Base Indenture, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes plus the Applicable Premium, plus accrued and unpaid interest, if any, to the Redemption Date. Promptly after the determination thereof, the Company shall give the Trustee written notice of the Redemption Price provided for in this Section 9.1(a), and the Trustee shall not be responsible for such calculation.  If a Note is redeemed on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the holder of record as of such Record Date.  Unless the Company defaults in payment of the Redemption Price, from and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption.

 

(b)           Except pursuant to clause (a) of this Section 9.1, the Notes shall not be redeemable at the Company’s option prior to June 1, 2021.

 

(c)           Any redemption pursuant to this Section 9.1 shall be made pursuant to the provisions of Sections 11.01 through 11.07 of the Base Indenture; provided, that the words “by such method as the Trustee shall deem fair and appropriate and” in Section 11.03 of the Base Indenture shall be replaced with “by lot.”

 

(d)           Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction.  In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company’s discretion, the

 

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Redemption Date may be delayed until such time as any or all such conditions shall be satisfied or waived (provided that in no event shall such Redemption Date be delayed to a date later than 60 days after the date on which such notice was given), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date as so delayed.

 

(e)           The Company may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture.

 

Section 9.2.           Modification of Base Indenture.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 11.06 of the Base Indenture is hereby amended by deleting the words “Record Dates” and replacing them with “Regular Record Date.”

 

ARTICLE 10
 MISCELLANEOUS PROVISIONS

 

Section 10.1.         Governing Law.  This Supplemental Indenture and each Note shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 10.2.         Effect of Headings.  The article and section headings herein and in the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 10.3.         Severability.  In case any one or more of the provisions contained in the Indenture, this Supplemental Indenture or the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Indenture, this Supplemental Indenture or the Notes, but the Indenture, this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 10.4.         Ratification of Indenture.  The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture shall apply solely to the Notes.

 

Section 10.5.         Trustee Not Responsible for Recitals.  The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture

 

Section 10.6.         Waiver of Jury Trial.  Section 1.15 of the Base Indenture is hereby incorporated herein.

 

Section 10.7.         Counterparts.  This Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental Indenture to be duly executed, all as of the day and year first above written.

 

	
 
    	
AIR LEASE   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gregory B. Willis
    
	
 
    	
Name:
    	
Gregory B. Willis
    
	
 
    	
Title:
    	
Senior Vice President and Chief   Financial Officer
    

 

[Signature Page to Ninth Supplemental Indenture]

 

 

	
 
    	
DEUTSCHE BANK TRUST   COMPANY AMERICAS, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michele H.Y. Voon
    
	
 
    	
 
    	
Name:
    	
Michele H.Y. Voon
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan Barstock
    
	
 
    	
 
    	
Name:
    	
Susan Barstock
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Ninth Supplemental Indenture]

 

 

Exhibit A

 

Form of Note

 

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO AIR LEASE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

AIR LEASE CORPORATION

 

**************************

 

3.375 % Senior Notes due 2021

 

CUSIP: [       ]

ISIN: [         ]

 

	
No. [     ]
    	
 
    	
$[     ]
    
	
 
    	
 
    	
(as revised by the Schedule of Increases and   Decreases in Global Security attached hereto)
    

 

AIR LEASE CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., the registered Holder hereof, the principal sum of [    ] Dollars ($[      ]) (as revised by the Schedule of Increases and Decreases in Global Security attached hereto) on June 1, 2021 and to pay interest thereon from and including [    ] or from and including the most recent date to which interest has been paid or duly provided for, semi-annually on June 1 and December 1 in each year, commencing December 1, 2016 (each an “Interest Payment Date”), at the rate of 3.375% per annum (the “Interest Rate”), until the principal hereof is paid or made available for payment; provided that any principal, and any such installment of interest, that is overdue shall bear interest at the Interest Rate (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. If any Interest Payment Date or Redemption Date of a Note is not a Business Day, the payment otherwise required to be made on such date may be made on the next Business Day with the same force and effect as if made on such Interest Payment Date or Redemption Date, as the case may be, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Redemption Date, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest so payable but not so punctually paid or duly provided for on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and, at the Company’s election, may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof to be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any

 

 

securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture.

 

Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose in The City of New York, New York (or, if the Company does not maintain such office or agency, at the corporate trust office of the Trustee in The City of New York or if the Trustee does not maintain an office in The City of New York, at the office of a Paying Agent in The City of New York), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of principal and interest on Global Securities shall be made by wire transfer in accordance with the procedures of the Depositary.

 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one or more authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
Dated: [            ]
    	
AIR LEASE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
 This is one of the Securities of the series designated therein

referred to in the within-mentioned Indenture.

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Authorized Signatory
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Authorized Signatory
    	
 
    	
 
    

 

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized series of securities of the Company designated as the “3.375% Senior Notes due 2021” (herein called the “Notes”), issued under an Indenture, dated as of October 11, 2012 (herein called the “Base Indenture”), as supplemented by the Ninth Supplemental Indenture dated as of April 11, 2016 (the “Ninth Supplemental Indenture”; the Base Indenture, as so supplemented, is herein called the “Indenture”), among the Company, as issuer, and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $[    ]. The Company may at any time issue Additional Notes under the Indenture in unlimited amounts having the same terms as the Notes, except as otherwise permitted by the Indenture.

 

The Notes do not have the benefit of any sinking fund obligation.

 

The Notes are redeemable prior to the Stated Maturity Date as provided in the Indenture.  In the event of redemption of this Note in part only, a new Note or Notes in an authorized denomination for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note or of certain restrictive covenants and Events of Default with respect to the Notes, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding, judicial or otherwise, with respect to the Indenture or this Note, or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (i) an Event of Default has occurred and is continuing and the Holder of this Note has previously given written notice to the Trustee of such Event of Default and the continuance thereof, (ii) the Holders of not less than 25% in principal amount of the Outstanding Notes have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder, (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding, and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Notes. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Indenture and this Note are governed by and construed in accordance with the laws of the State of New York.

 

The Notes are issuable in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of any authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent thereof may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

 

All terms used in this Note that are not defined herein and are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent that any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL SECURITY

 

The following increases or decreases in this Note have been made:

 

	
Date of decrease or
   increase
    	
 
    	
Amount of decrease in
   principal amount of
   this Note
    	
 
    	
Amount of increase in
   principal amount of this
   Note
    	
 
    	
Principal amount of this
   Note following such
   decrease or increase
    	
 
    	
Signature of authorized
   signatory of Trustee or
   Security Custodian
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

ASSIGNMENT

 

	
 
    	
FOR VALUE RECEIVED, the undersigned   assigns and transfers this Note to:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(Insert assignee’s social security   or tax identification number)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(Insert address and zip code of   assignee)
    	
 
    

 

and irrevocably appoints         as agent to transfer this Note on the Security Register. The agent may substitute another to act for him or her.

 

	
Dated:
    	
Signature:    
    	
 
    
	
 
    	
 
    
	
 
    	
Signature Guarantee:
    	
 
    
				

 

(Sign exactly as your name appears on the other side of this Note)

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased by the Company pursuant to Section 8.1 of the Ninth Supplemental Indenture, check the box below:

 

[   ] Section 8.1

 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 8.1 of the Ninth Supplemental Indenture, state the amount you elect to have purchased:

 

	
$              
    	
(integral multiples of $1,000, provided that the unpurchased portion   must be in a minimum principal amount of $2,000)
    

 

	
 
    	
Date:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Your Signature:
    	
 
    
	
 
    	
 
    	
 
    	
(Sign exactly as your name appears   on the face of this Note)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Tax Identification No.:
    	
 
    
	
 
    
	
 
    	
Signature Guarantee*:
    	
 
    	
 
    
										

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).Exhibit 4.1

  

 

Form of Subscription Documents for

 

GSV GROWTH CREDIT FUND INC.

 

Confidential

 

     

     

    

 

DIRECTIONS FOR THE COMPLETION 

OF THE SUBSCRIPTION DOCUMENTS 

 

Prospective investors
must complete the Subscription Agreement (the “Subscription Agreement”), the Investor Questionnaire (the “Investor
Questionnaire”) and any necessary attachments (the Subscription Agreement, the Investor Questionnaire and all such attachments
collectively, the “Subscription Documents”) contained in this package in the manner described below. Capitalized terms
not defined herein are used as defined in the Private Placement Memorandum of GSV Growth Credit Fund Inc., a Maryland Corporation
(as amended, restated and/or supplemented from time to time). For purposes of these Subscription Documents, the “Investor”
is the person or entity for whose account the common stock is being purchased and that can satisfy the representations and warranties
set forth in the Subscription Documents. Another person or entity with investment authority may execute the Subscription Documents
on behalf of the Investor, but should indicate the capacity in which it is doing so and the name of the Investor.

 

1. Subscription
Agreement:

 

(a) Each
Investor should fill in the amount of the Capital Commitment, date, print the name of the Investor and sign (and print name, capacity
and title of signatory, if applicable) on page 14.

 

2. Investor Questionnaire:

 

(a) In
Section A, each Investor should fill in its name, type of entity, address, tax identification or social security number, contact
person(s), telephone and facsimile numbers, email address, and the other requested information.

 

(b) Each
Investor should check the box or boxes in Section B which are next to the category or categories under which the Investor qualifies
as an “accredited investor”.

 

(c) Each
Investor that is an individual should respond to the question in Section C.

 

(d) Each
Investor that is an entity should provide the information and respond to the questions in Section D.

 

(e) Each
Investor should respond to the questions in Section E.

 

(f) Each
Investor should respond to the questions in Section F.

 

(g) Print
the name of the Investor and sign (and print name, capacity and title of signatory, if applicable) on page 11 of the Investor Questionnaire.

 

3. Customer
Identification Program — Documentation Requirements (if the documentation may have previously been submitted,
please contact the Company to confirm.)

 

(a) Formation:

 

Organized entities, including
corporations, partnerships, limited liability companies, and trusts: provide a certificate of formation and formation agreement.

 

(b) Identification:

 

Investors who are natural persons:
provide a current (i.e., non-expired) copy of a government issued photo identification.

 

Corporations, partnerships,
limited liability companies, and trusts: provide a current (i.e., non-expired) copy of a government issued photo identification
of natural persons who ultimately, directly or indirectly, benefit from 10% or more of the proceeds of the entity or hold 10% or
more of the control rights.

 

Upon review of the above documents,
the Company may require additional documentation in order to satisfy its requirements for Know Your Customer and Anti-Money Laundering.

 

4. Tax Forms:

 

Each U.S. Investor is required
to fill in and sign and date the attached Form W-9 and each non-U.S. investor is required to fill in and date the relevant Form(s)
W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form, and in the event
that any applicable reduction or exemption from U.S. federal withholding tax is claimed, is required to provide all applicable
attachments or addendums as required to claim such exemption or reduction.

 

    i 

     

    

 

5. Evidence
of Authorization:

 

Each Investor must provide valid
evidence of authorization, such as a list of authorized agents, and a current copy of a government issued photo identification
for the individual(s) authorized to sign the Subscription Documents.

 

		(a)	For Corporations:

 

Generally, Investors which are
corporations must submit certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered
to sign the Subscription Documents.

 

		(b)	For Partnerships:

 

Partnerships must submit a certified
copy of the partnership certificate (in the case of limited partnerships) or partnership agreement identifying the general partners.

 

		(c)	For Limited Liability Companies:

 

Limited liability companies
must submit a certified copy of the limited liability operating agreement or certificate of formation identifying the manager or
managing member, as applicable, empowered to sign the Subscription Documents.

 

		(d)	For Trusts:

 

Trusts must submit a copy of
the trust agreement.

 

		(e)	For Employee Benefit Plans:

 

Employee benefit plans must
submit a certificate of an appropriate officer certifying that the subscription has been authorized and identifying the individual
empowered to sign the Subscription Documents.

 

6. Delivery of
Subscription Documents:

 

Two (2) original completed
and executed copies of the Subscription Agreement and the Investor Questionnaire, together with the Form W-9 or W-8, (W-8BEN, W-8BEN-E,
W-8IMY, W-8ECI or W-8EXP), as applicable, and any required evidence of authorization, should be delivered to the Company at the
following address:

 

GSV Growth Credit Fund Inc.

Attn: David Spreng

2925 Woodside Road

Woodside, CA 94062

 

In addition, please send (i)
the completed and executed Subscription Agreement, (ii) the completed and executed Investor Questionnaire, (iii) the completed
Form W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, and (iv) any required evidence of authorization to
GSV Growth Credit Fund Inc., by electronic mail to the attention of “David Spreng” at dspreng@gsvgc.com as soon as
possible.

 

Inquiries regarding subscription
procedures (including if the Investor Questionnaire indicates that any Investor’s response to a question requires further
information) should be directed to David Spreng at dspreng@gsvgc.com. If the Investor’s subscription is accepted (in whole
or in part) by the Company, a fully executed set of the Subscription Documents will be returned to the Investor.

 

    ii 

     

    

 

7. Wire Instructions:

 

In connection with an Investor’s
investment, the Investor shall be required to contribute capital pursuant to Funding Notices (as defined below). Upon receipt of
a Funding Notice, payment shall be sent by wire transfer pursuant to the wire instructions set forth below. Notwithstanding the
foregoing, wire instructions may change in the sole discretion of the Company. Therefore, Investors should wire funds in accordance
with the wire instructions set forth in any Funding Notice issued by the Company. To the extent there is any discrepancy in the
wire instructions set forth below and the wire instructions set forth in a Funding Notice, the wire instructions in such Funding
Notice shall prevail.

 

Please wire funds
to:

	Bank:	 	Wells Fargo Bank, N.A.
	ABA #:	 	121000248
	Account Name:	 	GSV Growth Credit Fund Inc.
	Account #:	 	6413639581
	Notation:	 	«Investor Name»

 

[remainder of page intentionally left
blank]

 

    iii 

     

    

 

SUBSCRIPTION AGREEMENT

 

GSV Growth Credit Fund Inc.

2925 Woodside Road

Woodside, CA 94062

 

Ladies and Gentlemen:

 

1. Subscription.

 

(a) The undersigned
(the “Investor”) subscribes for and agrees to purchase shares of common stock, par value $0.01 per share (“Shares”),
in GSV Growth Credit Fund Inc. (“GSV Growth Credit Fund” or the “Company”) with a capital commitment (“Capital
Commitment”) in the amount set forth on the signature page below. The Investor acknowledges and agrees that this subscription
(i) is irrevocable on the part of the Investor, (ii) is conditioned upon acceptance by or on behalf of the Company, and (iii) may
be accepted or rejected in whole or in part by the Company in its sole discretion. The Investor agrees to be bound by all the terms
and provisions of the Company’s Private Placement Memorandum, as amended, restated and/or supplemented from time to time
(the “Memorandum”) related to the Company’s private offering of Shares (the “Offering”), the Company’s
Bylaws, substantially in the form attached hereto as Appendix A, as amended from time to time (the “Bylaws”), the Company’s
Charter, substantially in the form attached hereto as Appendix B, as amended from time to time (the “Charter”), the
Investment Advisory Agreement with GSV Growth Credit LLC, our investment adviser (the “Adviser”), substantially in
the form attached hereto as Appendix C, as amended from time to time (the “Advisory Agreement”), the Administration
Agreement between the Company and GSV Credit Service Company, LLC, our administrator (the “Administrator”), substantially
in the form attached hereto as Appendix D, as amended from time to time (the “Administration Agreement,” and together
with the Memorandum, the Bylaws, the Charter and the Advisory Agreement, the “Operative Documents”), together with
this Subscription Agreement (the “Subscription Agreement”). Capitalized terms not defined herein are used as defined
in the Memorandum. The Company expects to enter into separate Subscription Agreements (the “Other Subscription Agreements,”
and, together with this Subscription Agreement, the “Subscription Agreements”) with other investors (the “Other
Investors,” and together with the Investor, the “Investors”), providing for the sale of Shares to the Other Investors.
This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned
and the Other Investors are separate sales.

 

(b) The Investor agrees
to purchase Shares in this Offering for an aggregate purchase price equal to its Capital Commitment, payable at such times and
in such amounts as required by the Company, under the terms and subject to the conditions set forth herein. On each Capital Drawdown
Date (as defined below), the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor, a number
of Shares equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as
defined below); provided, however, that in no circumstance will an Investor be required to purchase Shares for an amount
in excess of its Unused Capital Commitment (as defined below).

 

“Drawdown Purchase Price” shall
mean, for each Capital Drawdown Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments
being drawn down by the Company from all Investors on that Capital Drawdown Date, by (ii) a fraction, the numerator of which is
the Unused Capital Commitment of the Investor and the denominator of which is the aggregate Unused Capital Commitments of all Investors
that are not Defaulting Investors or Excluded Investors (as defined below).

 

“Drawdown Share Amount” shall
mean, for each Capital Drawdown Date, a number of Shares determined by dividing (i) the Drawdown Purchase Price for that Capital
Drawdown Date by (ii) the applicable Per Share Price (as defined below), with the resulting quotient adjusted to the nearest whole
number to avoid the issuance of fractional shares.

 

“Per Share NAV” shall mean,
for any Capital Drawdown Date or Catch-Up Date (as defined below), the net asset value per Share, as determined by the Company’s
Board of Directors (including any committee of the Board, the “Board”), as of the end of the most recent calendar quarter
prior to the date of the Funding Notice (as defined below).

 

     1

     

    

 

“Per Share Price” shall mean,
for any Capital Drawdown Date or Catch-Up Date (as defined below), an amount in U.S. dollars equal to the greater of (i) $15.00
or (ii) the Per Share NAV; provided, that the Per Share Price shall be subject to the limitations of Section 23 under the
Investment Company Act of 1940, as amended (the “1940 Act”).

 

“Unused Capital Commitment”
shall mean, with respect to an Investor, the amount of such Investor’s Capital Commitment as of any date reduced by the aggregate
amount of contributions made by that Investor at all previous Capital Drawdown Dates and any Catch-Up Date pursuant to Section
1(b) and Section 2(c), respectively.

 

2. Closings.

 

(a) The initial closing
of this Offering will take place as soon as practicable in the sole discretion of the Adviser upon the receipt of aggregate Capital
Commitments totaling at least $50 million (such date being the “Initial Closing Date,” and the date on which each subsequent
closing occurs, a “Subsequent Closing Date,” and each Subsequent Closing Date with the Initial Closing Date shall be
referred to herein as the “Closing Date”). The Company may accept additional Capital Commitments on one or more Subsequent
Closing Dates until a date that is no more than twenty-four (24) months after the Initial Closing Date (the “Final Closing”).

 

(b) The Investor agrees
to provide any information reasonably requested by the Company to verify the accuracy of the representations contained herein,
including without limitation the investor questionnaire (the “Investor Questionnaire”). Promptly after the Closing
Date, the Company will deliver to the Investor or its representative, if the Investor’s subscription has been accepted, a
countersigned copy of this Subscription Agreement and other documents and instruments necessary to reflect the Investor’s
status as an investor in the Company, including any documents and instruments to be delivered pursuant to this Subscription Agreement.

 

(c) The Company may
enter into Other Subscription Agreements with Other Investors on a Subsequent Closing Date and any Other Investor whose subscription
has been accepted at such Subsequent Closing Date referred to as a “Subsequent Investor.” Notwithstanding the provisions
of Sections 1(b) and 3, on one or more dates to be determined by the Company that occur on or following the Subsequent Closing
Date but no later than the next succeeding Capital Drawdown Date (each, a “Catch-Up Date”), each Subsequent Investor
shall be required to purchase from the Company a number of Shares with an aggregate purchase price necessary to ensure that, upon
payment of the aggregate purchase price for such Shares by the Subsequent Investor in the aggregate for all Catch-Up Dates, such
Subsequent Investor’s Invested Percentage (as defined below) shall be equal to the Invested Percentage of all prior Investors
(other than any Defaulting Investors or Excluded Investors) (the “Catch-Up Purchase Price”). Upon payment of the Catch-Up
Purchase Price by the Investor on a Catch-Up Date and payment by Other Investors of the requisite amount, the Company shall issue
to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-Up Purchase Price for such Subsequent
Investor by (y) the Per Share Price for such Subsequent Investor as of a Catch-Up Date. For the avoidance of doubt, in the event
that the Catch-Up Date and a Capital Drawdown Date occur on the same calendar day, such Catch-Up Date (and the application of the
provisions of this Section 2(c)) shall be deemed to have occurred immediately prior to the relevant Capital Drawdown Date.

 

“Invested Percentage” means,
with respect to an Investor, the quotient determined by dividing (i) the aggregate amount of contributions made by such Investor
pursuant to Section 1(b) and this Section 2(c) by (ii) such Investor’s Capital Commitment.

 

(d) At each Capital
Drawdown Date following any Subsequent Closing Date, all Investors, including Subsequent Investors, shall purchase Shares in accordance
with the provisions of Section 1(b); provided, however, that notwithstanding the foregoing, the definitions of Drawdown
Share Amount and Per Share Price and the provisions of Section 3(b), nothing in this Subscription Agreement shall prohibit the
Company from issuing Shares to Subsequent Investors whose subscriptions are accepted after the Closing Date at a Per Share Price
greater than the Per Share NAV at the time of issuance.

 

(e) In the event that
any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial
subscription has been accepted, such Investor will be required to enter into a separate Subscription Agreement with the Company,
it being understood and agreed that such separate Subscription Agreement will be considered to be an Other Subscription Agreement
for the purposes of this Subscription Agreement.

 

     2

     

    

 

3. Capital Drawdowns.

 

(a) Subject to Section
3(e), purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a “Capital Drawdown
Date”) and shall be made in accordance with the provisions of Section 1(b).

 

(b) The Company shall
deliver to the Investor by electronic mail, at least ten (10) Business Days prior to each Capital Drawdown Date, a notice (each,
a “Funding Notice”) setting forth (i) the Capital Drawdown Date, (ii) the aggregate number of Shares to be sold to
all Investors on the Capital Drawdown Date and the aggregate purchase price for such Shares, (iii) the applicable Drawdown Share
Amount, Drawdown Purchase Price and Per Share Price and (iv) the account to which the Drawdown Purchase Price should be wired.
For the purposes of this Subscription Agreement, the term “Business Day” shall have the meaning ascribed to it in Rule
14d-1(g)(3) under the Securities Exchange Act of 1934, as amended (the “1934 Act”). Notwithstanding the 10 Business
Day notice requirement set forth in the previous sentence, the Investor agrees to satisfy the Funding Notice set forth in Appendix
E for the initial Capital Drawdown Date upon at least five (5) Business Days prior to the initial Capital Drawdown Date.

 

(c) The delivery of
a Funding Notice to the Investor shall be the sole and exclusive condition to the Investor’s obligation to pay the Drawdown
Share Purchase Price identified in each Funding Notice, and shall represent the Company’s acceptance of the Investor’s
irrevocable and ongoing offer to purchase Shares.

 

(d) On each Capital
Drawdown Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available
funds in U.S. dollars to the account specified in the Funding Notice.

 

(e) At the earlier
of (i) the date a Spin-Off transaction (defined below) is completed, if any, and (ii) the third anniversary of the Final Closing
(the period ending on such date being the “Commitment Period”), any Unused Capital Commitment (other than any Defaulted
Commitment (as defined below)) shall automatically be reduced to zero, except to the extent necessary to pay amounts due under
Funding Notices that the Company may thereafter issue to: (A) pay Company expenses, including management fees, any amounts that
may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise,
in each case to the extent they relate to the Commitment Period, (B) complete investments in any transactions for which there are
binding written agreements as of the end of the Commitment Period (including investments that are funded in phases), (C) fund follow-on
investments made in existing portfolio companies within three (3) years from the end of the Commitment Period that, in the aggregate,
do not exceed five percent (5%) of total Capital Commitments, (D) fund obligations under any Company guarantee or indemnity made
during the Commitment Period and (E) fulfill obligations with respect to any Defaulted Commitment.

 

For purposes of this
Subscription Agreement, a “Spin-Off transaction” includes a transaction whereby the Company offers Investors the option
to elect to either (i) retain their ownership of Shares of the Company’s common stock; (ii) exchange their Shares
of the Company’s common stock for shares of common stock in a newly formed entity that will elect to be treated as a business
development company under the 1940 Act and a regulated investment company under Subchapter M of the Internal Revenue Code of 1986,
as amended, and which may, among other things, seek to complete an initial public offering of shares of its common stock; or (iii)
exchange their Shares of the Company’s common stock for membership interests of a newly formed entity (the “Liquidating
Fund”) that will be organized as a limited liability company, and which may, among other things, seek to complete an orderly
wind down and/or liquidation of the Liquidating Fund.

 

(f) Notwithstanding
anything to the contrary contained in this Subscription Agreement, the Company shall have the right (a “Limited Exclusion
Right”) to exclude any Investor (such Investor, an “Excluded Investor”) from purchasing Shares from the Company
on any Capital Drawdown date or participating in a Spin-Off transaction if, in the reasonable discretion of the Company, there
is a substantial likelihood that such Investor’s purchase or exchange of Shares at such time would (i)(A) result in a violation
of, or noncompliance with, any law or regulation to which such Investor, the Company, the Adviser, any Other Investor or a portfolio
company would be subject or (B) cause the investments of “Benefit Plan Investors” (within the meaning of Section 3(42)
of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and certain Department of Labor regulations)
to be significant and the assets of the Company to be considered “plan assets” under ERISA or Section 4975 of the U.S.
Internal Revenue Code of 1986, as amended (the “Code”), or (ii) cause any new fund formed in connection with a Spin-Off
transaction to (A) be in violation of, or noncompliance with, any law or regulation to which such fund would be subject or (B)
cause the investments of Benefit Plan Investors to be significant and the assets of any such fund to be considered “plan
assets” under ERISA or Section 4975 of the Code.

 

     3

     

    

 

4. Pledging.
Without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, at any time,
and without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement),
grant security over and, in connection therewith, Transfer (as defined in Section 8(d)) its right to draw down capital from the
Investor pursuant to Section 3, and the Company’s right to receive the Drawdown Share Purchase Price (and any related rights
of the Company), to lenders or other creditors of the Company, in connection with any indebtedness, guarantee or surety of the
Company; provided, that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject
to the limitations on the Company’s right to draw down capital pursuant to Section 3.

 

5. Dividends; Dividend Reinvestment
Program. 

 

(a) As described more
fully in the Memorandum, the Company generally intends to distribute, out of assets legally available for distribution, substantially
all of its available earnings, on a quarterly basis, subject to the discretion of the Board. The Company has adopted a plan in
which the Company will reinvest all cash dividends declared by the Board on behalf of Investors who do not elect to receive their
dividends in cash, crediting to each such Investor a number of Shares equal to: the quotient determined by dividing the cash value
of the dividend or distribution payable to such Investor by the net asset value per Share determined as of the valuation date fixed
by the Board for such dividend. The Investor may elect to receive any or all such dividends in cash by notifying the Adviser, or,
in the case of Investors whose shares are held by a broker or other financial intermediary, such broker or other financial intermediary,
in writing no later than ten (10) days prior to the record date for the first dividend that the Investor wishes to receive in that
form. The Investor and the Company agree and acknowledge that any dividends received by the Investor or reinvested by the Company
on the Investor’s behalf shall have no effect on the amount of the Investor’s Unused Capital Commitment.

 

(b) The Company represents
and warrants that it shall not make any in-kind distributions consisting of securities that are not Marketable Securities or common
stock of the Company except in connection with liquidation distributions conducted in connection with the dissolution of the Company
in accordance with the Maryland General Corporation Law. “Marketable Securities” means securities which are traded
or quoted on the New York Stock Exchange, American Stock Exchange or the Nasdaq Global Market or on a comparable securities market
or exchange now or in the future.

 

6. Remedies upon
Investor Capital Drawdown Default.

 

(a)Except as otherwise
provided in this Subscription Agreement, upon any failure by an Investor to pay all or any portion of the purchase price due from
such Investor on any Capital Drawdown Date (such amount, together with the full amount of such Investor’s remaining Capital
Commitment, a “Defaulted Commitment”), interest will accrue at the Default Rate (as defined below) on the outstanding
unpaid balance of such purchase price, from and including the date such purchase price was due until the earlier of the date of
payment of such purchase price by such Investor (or a transferee) or the date on which such Share is transferred. The Default Rate
with respect to any period shall be the lesser of (a) a variable rate equal to the prime rate of interest in effect (as reported
in the Wall Street Journal) during such period plus 6% or (b) the highest interest rate for such period permitted by applicable
law (the “Default Rate”). The Company, in its discretion, may waive the requirement to pay interest, in whole or in
part.

 

(b) In the event a
Defaulted Commitment remains uncured for a period of ten (10) Business Days, the Company shall be permitted to declare such Investor
to be in default of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”)
and shall be permitted to pursue one or any combination of the following remedies:

 

(i) Cause
the Defaulting Investor to forfeit, at each Capital Drawdown Date, such number of its Shares as is necessary to prevent any increase
in such Defaulting Investor’s Shares’ aggregate net asset value as a result of the contribution of capital by Other
Investors with respect to their Shares, which forfeited Shares may be cancelled on the Company’s books and records or may
be transferred to the Other Investors (other than any defaulting Other Investor), in each case without any action by the Defaulting
Investor;

 

     4

     

    

 

(ii) Impose
a Default Charge upon the Defaulting Investor pursuant to Section 6(c);

 

(iii) Offer
all of the Defaulting Investor’s Shares to the Other Investors (other than any defaulting Other Investor) or third parties
for purchase at a price equal to the lesser of the then net asset value of such Shares or the highest price reasonably obtainable
by the Company, subject to such other terms as the Company in its discretion shall determine, which offer(s) shall be binding upon
the Defaulting Investor if the purchasing Other Investors or third parties agree to assume the related Capital Commitment with
respect to such Shares of the Defaulting Investor, including any portion then due and unpaid, and the Company pursuant to its authority
under Section 10 may execute on behalf of the Defaulting Investor any documents necessary to effect the Transfer (as defined in
Section 8(d)) of the Defaulting Investor’s Shares pursuant to this Section 6(b)(ii); provided, however, that notwithstanding
anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant
to this Section 6(b)(ii) in the event that such Transfer (as defined in Section 8(d)) would (x) violate the Securities Act of 1933,
as amended (the “1933 Act”), 1940 Act or any state (or other jurisdiction) securities or “Blue Sky” laws
applicable to the Company or such Transfer (as defined in Section 8(d)), (y) constitute a non-exempt “prohibited transaction”
under Section 406 of ERISA or Section 4975 of the Code or (z) cause all or any portion of the assets of the Company to constitute
“plan assets” under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to
extent necessary to avoid the occurrence of the consequences contemplated herein);

 

(iv)
Assist the Defaulting Investor in selling its Shares (subject to applicable law), with the
full assumption by the buyer of the Defaulting Investor’s Capital Commitments thereto, including any portion then due and
unpaid;

 

(v) Accept
a late contribution from the Defaulting Investor, with interest (if any), in satisfaction of its then-outstanding obligation to
contribute hereunder; or

 

(vi) Pursue
and enforce all of the Company’s other rights and remedies against the Defaulting Investor under this Subscription Agreement
and applicable law and/or at equity, including but not limited to the commencement of a lawsuit to collect the unpaid Capital Commitment,
interest, costs, and reimbursement (with interest at the Default Rate) for any other damages suffered by the Company.

 

If a Defaulting Investor’s
Shares are sold pursuant to Sections 6(b)(ii) or 6(b)(iii) above, or if the Company exercises its discretion to accept a late contribution
pursuant to Section 6(b)(iv) above, the Company shall not impose a Default Charge pursuant to Section 6(c) below. Otherwise, to
the maximum extent permitted by law, the remedies set forth above shall be cumulative, and the use by the Company of one or more
of them against a Defaulting Investor shall not preclude the use of any other such remedy. The Company may pursue and enforce all
rights and remedies it may have against a Defaulting Investor. Notwithstanding anything to the contrary in this Subscription Agreement,
the Company will hold the Defaulting Investor responsible for all fees and expenses, including without limitation, attorneys’
fees or sales commissions, incurred as a result of the default. The Investor agrees that this Section 6 is solely for the benefit
of the Company and shall be interpreted by the Company against a Defaulting Investor in the discretion of the Company. The Investor
further agrees that the Investor cannot and will not seek to enforce this Section 6 against the Company or any other investor in
the Company.

 

(c) The Investors
agree that the damages suffered by the Company as the result of a Defaulted Commitment will be substantial and that such damages
cannot be estimated with reasonable accuracy. To the maximum extent permitted by applicable law, as a penalty, and subject to Section
6(b) above, the Company may cause a Defaulting Investor to forfeit up to an additional amount of Shares equal to 50% of the Shares
such Defaulting Investor subscribed for, respectively (the “Default Charge”) after application of Section 6(b)(i),
which forfeited Shares may be cancelled on the Company’s books and records without any action by the Defaulting Member.

 

     5

     

    

 

(d) Subject to any
Default Charge imposed pursuant to Section 6(c), the Company may withhold any distributions that otherwise would be made to a Defaulting
Investor until such time as the Company makes its final liquidating distribution, or until such earlier time as the Company may
determine. Any distributions so withheld, or the proceeds thereof, shall be placed in a separate escrow account and may only be
used by the Company to offset obligations of such Defaulting Investor. Upon the final liquidating distribution or such earlier
time as the Company determines, if there are funds remaining in the escrow account after paying or reserving for all possible current
and future obligations of such Defaulting Investor, such funds shall be distributed to such Defaulting Investor. If the Company
has withheld in-kind distributions from an Investor pursuant to this Section 6(d) and subsequently determines to pay the withheld
distributions to such Investor, it may elect to (i) pay cash to such Investor in lieu of any distributions which were made to non-defaulting
Investors in kind and withheld from such Investor, but the Company shall not, in such event, be liable to such Investor for any
subsequent increase in the value of any securities that would have been distributed to such Investor had such Investor not defaulted,
or (ii) deliver to such Investor the securities or other assets (or substantially identical securities or assets) such Investor
would have received had the distribution to such Investor not been withheld, but the Company shall not, in such event, be liable
for any diminution in the value of such securities or other assets subsequent to the date such securities would have been distributed.
Any losses incurred by the Company upon the disposition of the securities or other assets that would otherwise have been distributed
to the Defaulting Investor in kind shall be for the account of the Defaulting Investor.

 

(e)(i) The Company,
in its sole discretion, may determine that no additional capital contribution shall be accepted from a Defaulting Investor, in
which case the Company shall so notify the Defaulting Investor and, following the date that such notice is given to the Defaulting
Investor, the Company shall not call for additional capital contributions from such Defaulting Investor.

 

(ii) If the Company
has given the notice described in Section 6(e)(i) and such Defaulting Investor’s aggregate amount of contributions with respect
to its Shares has been reduced to zero (by application of the Default Charge or otherwise), then the Defaulting Investor’s
Shares shall be forfeited without compensation and the Defaulting Investor shall no longer be a stockholder of the Company, and
the Company shall have no further obligation to the Defaulting Investor.

 

(iii) If a portion
or all of the Shares of a Defaulting Investor are forfeited, then for purposes of the Advisory Agreement, the Defaulting Investor’s
Capital Commitment shall be correspondingly reduced; provided, however, that for purposes of determining the management
fee payable by the Company under the Advisory Agreement (the “Management Fee”), such adjustment to the Defaulting Investor’s
original Capital Commitment shall take effect only as of the end of the fiscal year in which such unpaid Capital Commitment is
reduced to zero or its Shares are extinguished. For purposes of any other provision of the Operative Documents for which the Defaulting
Investor’s Capital Commitment with respect to each of its Shares is relevant, the Company shall determine the amount of such
Capital Commitment, in its reasonable discretion, so as to carry out the purposes of such provision.

 

7. Key Person Event.
If, during the Commitment Period, David Spreng, the Company’s President and CEO (the “Key Person”), fails to
provide duties to the Company consistent with the standards set forth in the Advisory Agreement for any consecutive period exceeding
60 days, the Company’s stockholders will be promptly notified and the Commitment Period for each stockholder shall be suspended
unless and until a plan of operations is agreed upon by the Advisory Board and approved by the affirmative vote of the Company’s
stockholders entitled to cast a majority of all the votes entitled to be cast on the matter.

 

8. Representations
and Warranties of the Investor. To induce the Company to accept this subscription, the Investor represents and warrants as
follows:

 

(a) This Subscription
Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery
by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms
against the Investor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights and remedies,
as from time to time in effect; (ii) application of equitable principles (regardless of whether such enforceability is considered
in a proceeding in equity or at law); and (iii) considerations of public policy or the effect of applicable law relating to fiduciary
duties.

 

(b) The Shares to
be acquired hereunder are being acquired by the Investor for the Investor’s own account for investment purposes only and
not with a view to resale or distribution.

 

     6

     

    

 

(c) The Investor understands
that the Company intends to file elections to be: (i) regulated as a business development company under the 1940 Act and (ii) treated
as a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant
to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations
§ 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company,
the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury
Regulation § 1.852-7. The Company has filed a registration statement on Form 10 (the “Form 10 Registration Statement”)
related to its common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the 1934 Act. The Form
10 Registration Statement is not the offering document pursuant to which the Company is conducting this Offering and may not include
all information regarding the Company contained in the Memorandum; accordingly, Investors should rely exclusively on information
contained in the Operative Documents in making their investment decisions.

 

(d)(i) The Investor
understands that the offering and sale of the Shares in this Offering are intended to be exempt from registration under the 1933
Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption
from registration provided in Section 4(2) of the 1933 Act, exemptions under applicable U.S. state securities laws and exemptions
under the laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for
sale, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a “Transfer”) in any
manner that would require the Company to register the Shares under the 1933 Act, under any U.S. state securities laws or under
the laws of any non-U.S. jurisdictions. The Investor understands that the Company requires each investor in the Company to be an
“accredited investor” as defined in Rule 501(a) of Regulation D of the 1933 Act (“Accredited Investor”)
and the Investor represents and warrants that it is an Accredited Investor.

 

(ii) The Investor understands
that the offering and sale of the Shares in this Offering in non-U.S. jurisdictions may be subject to additional restrictions and
limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations
and other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions
in which the Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that
all offerings and sales made outside of the United States will be made pursuant to Regulation S under the 1933 Act.

 

(e)(i) The Investor
may not Transfer its Capital Commitment or, other than in connection with a Spin-Off transaction, any of its Shares unless (a)
the Company provides its prior written consent, (b) the Transfer is made in accordance with applicable securities laws and (c)
the Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix F. No Transfer will be effectuated
except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all
other obligations as an investor in the Company.

 

(ii) The Investor acknowledges
that the Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital
Commitment under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the
fact that (a) there is no established market for the Shares and it is possible that no public market for the Shares will develop;
(b) the Shares are not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or
the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently
registered or unless an exemption from such registration is available; and (c) the Investor may have to hold the Shares herein
subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate
its investment in the Company.

 

(f) The Investor has
been furnished and has carefully read this Subscription Agreement, each Operative Document, in each case as amended, restated and/or
supplemented through the closing date of the Investor’s subscription for Shares, a current copy of the Proxy Voting Policies
and Procedures of the Adviser and, to the extent the Investor is a natural person, a current copy of the GSV Growth Credit Fund
Inc. Privacy Notice. The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Shares, is able to bear the risks of an investment in the Shares and understands the
risks of, and other considerations relating to, a purchase of Shares, including the matters set forth under the caption “Risk
Factors” in the Memorandum.

 

(g) To the full satisfaction
of the Investor, the Investor has been furnished any materials the Investor has requested relating to the Company, the Offering
of Shares or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions of representatives
of the Company concerning the terms and conditions of the Offering and to obtain any additional information necessary to verify
the accuracy of any representations or information set forth in the Memorandum.

 

     7

     

    

 

(h) Other than as
set forth in this Subscription Agreement, the Operative Documents and any separate agreement in writing with the Company executed
in conjunction with the Investor’s subscription for Shares, the Investor is not relying upon any other information (including,
without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine, website or
similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general
solicitation or advertising), representation or warranty by the Company, its Adviser or any affiliate of the foregoing or any agent
of them, written or otherwise, in determining to invest in the Company and the Investor understands that the Memorandum is not
intended to convey tax or legal advice. The Investor has consulted to the extent deemed appropriate by the Investor with the Investor’s
own advisers as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in Shares and
on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in Shares,
and believes that an investment in the Shares is suitable and appropriate for the Investor.

 

(i) If the Investor
is not a natural person, (i) the Investor was not formed or recapitalized for the specific purpose of acquiring any Shares in the
Company, (ii) the Investor has the power and authority to enter into this Subscription Agreement and each other document required
to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder
and thereunder and consummate the transactions contemplated hereby and thereby and (iii) the person signing this Subscription Agreement
on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required
to be executed and delivered by the Investor in connection with this subscription for Shares. If the Investor is a natural person,
the Investor has all requisite legal capacity to acquire and hold the Shares and to execute, deliver and comply with the terms
of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Shares.
The execution and delivery by the Investor of, and compliance by the Investor with, this Subscription Agreement and each other
document required to be executed and delivered by the Investor in connection with this subscription for Shares does not violate,
represent a breach of, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or
any agreement to which the Investor is a party or by which the Investor is bound.

 

(j) The Investor:
(i) is not registered or required to be registered as an investment company under the 1940 Act; (ii) has not elected to be regulated
as a business development company under the 1940 Act; and (iii) either (A) is not relying on the exception from the definition
of “investment company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise
permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company.

 

(k) Representations
for Non-U.S. Persons.

 

(i) If
the Investor is not a “United States Person,” as defined below (a “non-U.S. Person”), the Investor has
heretofore notified the Company in writing of such status. For this purpose, “United States Person” means a citizen
or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United
States or any political subdivision thereof, an estate the income of which is subject to United States federal income taxation
regardless of its source, or any trust (i) the administration of which may be subject to the primary supervision of a U.S. court
and (ii) the authority to control all of the substantial decisions of which is held by one or more U.S. persons.

 

(ii) The
Investor will notify the Company immediately if the Investor becomes a United States Person.

 

(iii)
The Investor is acquiring the Shares for its own account for investment purposes only and is not subscribing on behalf of or funding
its commitment with funds obtained from a United States Person.

 

(iv) Except
for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer
or other professional fiduciary, all offers to sell and offers to buy the Interest were made to or by the Investor while the Investor
was outside the United States and at the time the Investor’s order to buy the Shares originated (and at the time this Subscription
Agreement was executed by the Investor) the Investor was outside the United States.

 

     8

     

    

 

(l) If the Investor
is, or is acting (directly or indirectly) on behalf of, a “Plan” (defined below) which is subject to Title I of ERISA
or Section 4975 of the Code, or any provisions of any other federal, state, local, non-U.S. or other laws or regulations that are
similar to those provisions contained in such portions of ERISA or the Code (collectively, “Other Plan Laws”): (1)
the decision to invest in the Company was made by a fiduciary (within the meaning of Section 3(21) of ERISA and the regulations
thereunder, or as defined under applicable Other Plan Laws) (a “Fiduciary”) of the Plan which is unrelated to the Adviser
or any of its employees, representatives or affiliates and which is duly authorized to make such an investment decision on behalf
of the Plan (the “Plan Fiduciary”); (2) the Plan Fiduciary has taken into consideration its fiduciary duties under
ERISA or any applicable Other Plan Law, including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable),
in authorizing the Plan’s investment in the Company, and has concluded that such investment is prudent; (3) the Plan’s
subscription to invest in the Company and the purchase of Shares contemplated hereby is in accordance with the terms of the Plan’s
governing instruments and complies with all applicable requirements of ERISA, the Code and all applicable Other Plan Laws and does
not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a similar violation under any applicable
Other Plan Laws; and (4) the Plan Fiduciary acknowledges and agrees that neither the Adviser nor any of its employees, representatives
or affiliates will be a fiduciary with respect to the Plan as a result of the Plan’s investment in the Company, pursuant
to the provisions of ERISA or any applicable Other Plan Laws, or otherwise, and the Plan Fiduciary has not relied on, and is not
relying on, the investment advice of any such person with respect to the Plan’s investment in the Company. “Plan”
includes (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title
I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether
or not such plan, individual retirement account or other arrangement is subject to Section 4975 of the Code, (iii) an insurance
company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types
of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA
or the regulations promulgated thereunder and (iv) an entity which is deemed to hold the assets of any of the foregoing types of
plans, accounts or arrangements, pursuant to ERISA or otherwise.

 

(m) The Investor agrees
to notify the Company in writing in the event (i) the Investor either becomes or ceases to be a “benefit plan investor”
within the meaning of Section 3(42) of ERISA, as modified by 29 C.F.R. 2510.3-101(f)(2) or under any Other Plan Law (a “Benefit
Plan Investor”), (ii) the Investor reasonably expects that the Investor will become or cease to be a Benefit Plan Investor,
or (iii) if the Investor is an entity that is deemed to hold the assets of any of Plan pursuant to ERISA or any Other Plan Law,
the percentage of such Investor’s assets attributable to Plans either increases or decreases. The Investor also agrees to,
within 15 business days of the receipt of a written request from the Company, provide a written update to the Company with regard
to any of the foregoing. If the Company, in its sole discretion, determines that so doing would be useful in ensuring that equity
participation in the Company is not significant within the meaning of 29 C.F.R. 2510.3-101(f), the Company may require any Benefit
Plan Investor to transfer some or all of its common stock for fair market value (as determined by the Company in its sole discretion)
to an Investor other than a Benefit Plan Investor (whether an existing Investor or a new Investor). The Investor shall have no
claim against the Company, the Administrator, the Manager or any of their respective affiliates for any form of damages or liability
as a result of any such transfer.

 

(n)
If the investment in the Shares is being made on behalf of an employee benefit plan maintained outside of the United States primarily
for the benefit of persons substantially all of whom are nonresident aliens (as described in Section 4(b)(4) of ERISA), (i)
there is no provision in the instruments governing such plan or any federal, state or local or foreign
law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the
Company, including operations of the Adviser as contemplated by the Advisory Agreement, or prohibit any action contemplated by
the Operative Documents and related disclosure of the Company, including, without limitation, the investments which may be made
pursuant to the Company’s investment strategies, the concentration of investments for the Company and the payment by the
plan of incentive or other fees, and (ii) the plan’s investment in the Company will not conflict with or violate the instruments
governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the
plan. 

 

(o) The Investor was
offered the Shares through private negotiations, not through any general solicitation or general advertising, and in the state
listed in the Investor’s permanent address set forth in the Investor Questionnaire.

 

     9

     

    

 

(p)(i) Neither the
Investor, nor any of its affiliates, nor any beneficial owner(s) of the Investor or the Investor’s affiliates, (A) appears
on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control (“OFAC”) of
the U.S. Department of the Treasury, nor are they otherwise a party with which any entity is prohibited to deal under the laws
of the United States, or (B) is a person identified as, or affiliated with, a terrorist organization on any other relevant lists
maintained by governmental authorities. The Investor further represents and warrants that the monies used to fund the investment
in the Shares are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within,
any country (1) under a U.S. embargo enforced by OFAC, (2) that has been designated as a “non-cooperative country or territory”
by the Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary of the Treasury as
a “primary money laundering concern.” The Investor further represents and warrants that the Investor: (I) has conducted
thorough due diligence with respect to all of its beneficial owners, (II) has established the identities of all beneficial owners
and the source of each of the beneficial owner’s funds and (III) will retain evidence of any such identities and status of
any such source of funds and any such due diligence and will maintain such information for at least five years from the date of
complete withdrawal from the Company. Pursuant to anti-money laundering laws and regulations, including rules issued by the Financial
Crimes Enforcement Network (“FinCEN”) under authority granted it by the U.S. Department of the Treasury, the Company
may be required to collect documentation verifying the Investor’s identity and the source of funds used to acquire an Interest
before, and from time to time after, acceptance by the Company of this Subscription Agreement. The Investor further represents
and warrants that the Investor does not know or have any reason to suspect that (x) the monies used to fund the Investor’s
investment in the Shares have been or will be derived from or related to any illegal activities, including, but not limited to,
money laundering activities, and (y) the proceeds from the Investor’s investment in the Shares will be used to finance any
illegal activities.

 

(ii) The
Investor will provide to the Company at any time such information as the Company determines to be necessary or appropriate (A)
to comply with the anti-money laundering laws, rules and regulations issued by FinCEN, any other governmental authority, self-regulatory
organization, or applicable jurisdiction and (B) to respond to requests for information concerning the identity of Investors from
any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering
compliance procedures, or to update such information.

 

(iii) To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company
and all payments and distributions to the Investor from the Company will only be made in the Investor’s name and to and from
a bank account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either
based or incorporated in or formed under the laws of the United States and that is not a “foreign shell bank” within
the meaning of 31 U.S.C. § 5318(j)(1) under the U.S. Bank Secrecy Act, as amended, and the regulations promulgated thereunder
by the U.S. Department of the Treasury, as such regulations may be amended from time to time.

 

(iv) The
representations and warranties set forth in this Section 8(p) shall be deemed repeated and reaffirmed by the Investor to the Company
as of each date that the Investor is required to make a capital contribution to, or receives a distribution from, the Company.
If at any time during the term of the Company, the representations and warranties set forth in this Section 8(p) cease to be true,
the Investor shall promptly so notify the Company in writing.

 

(v) The
Investor understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor
cannot make the representations set forth in this Section 8(p).

 

(q) The Investor acknowledges
that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”) and avoid the
imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation
from the Investor and, if and to the extent required under FATCA, the Investor’s direct and indirect beneficial owners (if
any), relating to or establishing any such owner’s identity, residence (or jurisdiction of formation), income tax status,
and other required information and may provide or disclose such information and documentation to the U.S. Internal Revenue Service.
The Investor agrees that it shall provide such information and documentation concerning itself and its beneficial owners, if any,
as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA. The Investor acknowledges
that, if the Investor does not provide the requested information and documentation, the Company may, at its sole option and in
addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption
requests by the Investor and/or deduct from such Investor’s account and retain amounts sufficient to indemnify and hold harmless
the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on
account of the Investor’s not providing all requested information and documentation in a timely manner. The Investor shall
have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages
or liability as a result of any of the aforementioned actions.

 

     10

     

    

 

(r) The Investor acknowledges
that the Company intends to enter into one or more credit facilities with one or more syndicates of banks or to incur indebtedness
in lieu of or in advance of capital contributions. In connection therewith, each Investor hereby agrees to cooperate with the Company
and provide financial information and other documentation reasonably and customarily required to obtain such facilities.

 

(s) None of the information
concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription
Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor
Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, contains any untrue statement
of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not
misleading.

 

(t) The Investor agrees
that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance of this Subscription
Agreement, each Capital Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting the foregoing,
the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation or
warranty of the Investor contained in this Section 8 or any information provided by the Investor herein or in any document required
to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or
W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, ceases to be true at any time following the date hereof.

 

(u) The Investor agrees
to provide such information and execute and deliver such documents as the Company may reasonably request to verify the accuracy
of the Investor’s representations and warranties herein or to comply with any law or regulation to which the Company, the
Adviser, the Administrator or a portfolio company may be subject.

 

(v) The execution,
delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of the terms,
conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other
evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Investor
is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under
or pursuant to any of the foregoing, violate the organizational documents of the Investor, or violate any statute, regulation,
law, order, writ, injunction or decree to which the Investor is subject. The Investor has obtained all authorizations, consents,
approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit
the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

 

9. Further Advice
and Assurances. All information which the Investor has provided to the Company, including the information in the Investor Questionnaire,
is true, correct and complete as of the date hereof, and the Investor agrees to notify the Company immediately if any representation,
warranty or information contained in this Subscription Agreement or any of the information in the Investor Questionnaire, becomes
untrue at any time. The Investor agrees to provide such information and execute and deliver such documents with respect to itself
and its direct and indirect beneficial owners as the Company may from time to time reasonably request to verify the accuracy of
the Investor’s representations and warranties herein, establish the identity of the Investor and the direct and indirect
participants in its investment in Shares, to the extent applicable, to effect any transfer and admission and/or to comply with
any law, rule or regulation to which the Company may be subject, including, without limitation, compliance with anti-money laundering
laws and regulations or for any other reasonable purpose.

 

10. Power of Attorney.
(a) The Investor, by its execution hereof, hereby irrevocably makes, constitutes and appoints the Company as its true and lawful
agent and attorney-in-fact, with full power of substitution and full power and authority in its name, place and stead, to make,
execute, sign, acknowledge, swear to, record and file:

 

(i) any
and all filings required to be made by the Investor under the 1934 Act with respect to any of the Company’s securities which
may be deemed to be beneficially owned by the Investor under the 1934 Act;

 

(ii) all
certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging
arrangement;

 

     11

     

    

 

(iii) all certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement
and applicable law or to permit the Company to become or to continue as a business development corporation; and

 

(iv) all
other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed
on behalf of the Company.

 

(b) With respect to
the Investor and the Company, the foregoing power of attorney:

 

(i) is
coupled with an interest and shall be irrevocable;

 

(ii) may
be exercised by the Company either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors
executing an instrument, by a single signature of the Company acting as attorney-in-fact for all of them;

 

(iii) shall survive the assignment by the Investor of the whole or any fraction of its Shares;

 

(iv) shall
terminate concurrently with the termination of the Capital Commitment, in accordance with Section 3(e); and

 

(v) may
not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written
agreement between the Company and the Investor.

 

11. Indemnity.
The Investor understands that the information provided herein (including the Investor Questionnaire) will be relied upon by the
Company for the purpose of determining the eligibility of the Investor to purchase Shares in the Company. The Investor agrees to
provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor
to purchase Shares in the Company. To the fullest extent permitted under applicable law, the Investor agrees to indemnify and hold
harmless the Company, the Adviser, the Administrator, and their affiliates and each partner, member, officer, director, employee,
and agent thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty
or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document
provided by the Investor to the Company or in any agreement executed by the Investor in connection with the Investor’s investment
in Shares.

 

12. Miscellaneous.
This Subscription Agreement is not transferable or assignable by the Investor. Any purported assignment of this Subscription Agreement
will be null and void. The representations and warranties made by the Investor in this Subscription Agreement (including the Investor
Questionnaire) shall survive the closing of the transactions contemplated hereby and any investigation made by the Company. The
Investor Questionnaire, including without limitation the representations and warranties contained therein, is an integral part
of this Subscription Agreement and shall be deemed incorporated by reference herein. This Subscription Agreement may be executed
in one or more counterparts, all of which together shall constitute one instrument. Notwithstanding the place where this Subscription
Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof.
To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription
Agreement shall be a federal or state court located in the state of Delaware, provided that to the extent the appropriate court
located in the state of Delaware determines that it does not have jurisdiction over such action, then the sole and exclusive forum
shall be any federal or state court located in the state of Maryland, and each party hereto, to the fullest extent permitted by
law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in,
or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives
any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits
to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United
States mail addressed to the party at the parties address specified herein or in the Investor Questionnaire. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.

 

     12

     

    

 

13. Confidentiality.
The Investor acknowledges that the Memorandum and other information relating to the Company have been submitted to the Investor
on a confidential basis for use solely in connection with the Investor’s consideration of the purchase of Shares. The Investor
agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company),
the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company, in whole or in part, or (b)
disclose the Memorandum or any other information relating to the Company to any person who is not an officer or employee of the
Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood
and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information
related to the Company if the Investor has required its investors to enter into confidentiality undertakings no less onerous than
the provisions of this Section 13), except to the extent (1) such information is in the public domain (other than as a result of
any action or omission of Investor or any person to whom the Investor has disclosed such information) or (2) such information is
required by applicable law or regulation to be disclosed. The Investor further agrees to return the Memorandum and any other information
relating to the Company if no purchase of Shares is made or upon the Company’s request therefore. The Investor acknowledges
and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any
other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and
injunctive or other equitable relief as a remedy for any such breach.

 

14. Necessary Acts,
Further Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments
and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes
of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.

 

15. No Joint Liability
Among the Company, the Adviser, and the Administrator. The Company shall not be liable for the fulfillment of any obligation
or the accuracy of any representation of the Adviser or the Administrator under or in connection with this Subscription Agreement.
The Adviser shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company or the
Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for the fulfillment
of any obligation or the accuracy of any representation of the Company or the Adviser under or in connection with this Subscription
Agreement. There shall be no joint and several liability of the Company, the Adviser, and the Administrator for any obligation
under or in connection with this Subscription Agreement.

 

16. Independent
Nature of Investors’ Obligations and Rights. Third-Party Beneficiaries. The obligations of the Investor hereunder are
several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document
delivered at any closing, and no action taken by the Investor pursuant hereto or thereto, shall be deemed to constitute the Investors
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in
any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. This Agreement is
not intended to confer upon any person, other than the parties hereto, except as provided in Sections 4 and 11, any rights or remedies
hereunder.

 

[Remainder of Page
Intentionally Left Blank]

 

     13

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Subscription Agreement as a deed on the date set forth below.

	 	 	 	 	 
	Date:	 	 	Amount of Capital Commitment 
	 	 	 	 	 
	 	 	 	$	 
	 	 	 	 	 
	 	 	 	INDIVIDUAL INVESTOR:
	 	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name)
	 	 	 	 	 
	 	 	 	 
	 	 	 	(Signature)
	 	 	 	 	 
	 	 	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR:
	 	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name of Entity)
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	(Signature)
	 	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name and Title)

 

Agreed and accepted as of the date first set forth above: 

	GSV GROWTH CREDIT FUND INC.	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 

 

     14

     

    

 

INVESTOR QUESTIONNAIRE 

 

		Note:	Questions regarding this
questionnaire should be directed to David Spreng at dspreng@gsvgc.com.

 

		A.	General Information

 

	1. Print Full Name of Investor	 	Individual:
	 	 	 
	 	 	First Middle Last
	 	 	 
	 	 	Entity Name
	 	 	 
	 	 	Entity: To assist the Company in preparing the its tax filings, please check the category into which you fall:
	 	 	 
	 	 	Partnership	 ̈
	 	 	C-Corporation	 ̈
	 	 	S-Corporation	 ̈
	 	 	Estate	 ̈
	 	 	Grantor Trust	 ̈
	 	 	
        Trust-EIN (a trust with an

        EIN in this format: 12-3456789)
	 ̈
	 	 	
        Trust-SSN (a trust with an

        EIN in this format: 123-45-6789)
	 ̈
	 	 	IRA-EIN	 ̈
	 	 	IRA-SSN	 ̈
	 	 	Exempt Organization	 ̈
	 	 	LLP	 ̈
	 	 	LLC	 ̈
	 	 	Nominee-EIN	 ̈
	 	 	Nominee-SSN	 ̈
	 	 	Other	 ̈
	 	 	 
	2. U.S. Taxpayer Identification or Social Security Number:	 	 
	 	 	 
	3. Date of Birth:	 	 
	 	 	 
	4. Primary Contact Person For This Account and for General Notices:

 

	Name: 	 	 
	 	 	 
	Address: 	 	 
	 	 	 
	 	 	 
	E-mail: 	 	 
	 	 	 
	Telephone: 	 	 
	 	 	 
	Fax: 	 	 

 

     1

     

    

 

	5.	Contact Person(s) For This Account for Financial Information and Reporting (including quarterly and annual financial reports and capital account statements):

 

	Name: 	 	 	Name: 	 
	 	 	 	 	 
	Address: 	 	 	Address: 	 
	 	 	 	 	 
	 	 	 	 	 
	Telephone: 	 	 	Telephone: 	 
	 	 	 	 	 
	Fax: 	 	 	Fax: 	 
	 	 	 	 	 
	E-mail: 	 	 	E-mail: 	 

 

	6.	Contact Person(s) For This Account for Capital Call and Distribution Notices:

 

	Name: 	 	 	Name: 	 
	 	 	 	 	 
	Address: 	 	 	Address: 	 
	 	 	 	 	 
	 	 	 	 	 
	Telephone: 	 	 	Telephone: 	 
	 	 	 	 	 
	Fax: 	 	 	Fax: 	 
	 	 	 	 	 
	E-mail: 	 	 	E-mail: 	 

 

	7.	Contact Person For This Account for Legal Documentation (please limit to one contact): 

 

	Name: 	 	 	 	 
	 	 	 	 	 
	Address: 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Telephone: 	 	 	 	 
	 	 	 	 	 
	Fax: 	 	 	 	 
	 	 	 	 	 
	E-mail: 	 	 	 	 

 

	 	 	 
	8. Contact Person For This Account for Tax Matters (including Form 1099 distribution) (please limit to one contact):

 

	Name: 	 	 	 	 
	 	 	 	 	 
	Address: 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Telephone: 	 	 	 	 
	 	 	 	 	 
	Fax: 	 	 	 	 
	 	 	 	 	 
	E-mail: 	 	 	 	 

 

     2

     

    

 

	9. For distributions of cash, please wire funds to the following bank account:

 

	Bank Name: 	 	 
	 	 	 
	Bank Location: 	 	 
	 	 	 
	Account Number: 	 	 
	 	 	 
	Account Name: 	 	 
	 	 	 
	Bank’s Routing No.: 	 	 
	 	 	 
	For further credit to (if any): 	 	 
	 	 	 
	Reference: 	 	 
	 	 	 
	SWIFT Code: 	 	 

 

10. For distributions in-kind, please:

 

Credit securities to my brokerage account at the following firm:__________________

 

	Firm Name: 	 	 
	 	 	 
	Address: 	 	 
	 	 	 
	Account Name: 	 	 
	 	 	 
	Account Number: 	 	 
	 	 	 
	DTC Number: 	 	 

 

	11. Permanent Address of Investor:

 

	(if different from address 

for Notices above) 	 	 
	 	 	 
	 	 	 

 

     3

     

    

 

	B.	Accredited Investor Status 

 

The Investor represents and warrants that the Investor is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the
“1933 Act”), and has checked the box or boxes below which are next to the category or categories under which the Investor
qualifies as an accredited investor:

 

FOR INDIVIDUALS:

 

	 ̈	 	(A)	 	A natural person with individual net worth (or joint net worth with spouse) in excess of $1 million. For purposes of this item, “net worth” means the excess of total assets at fair market value, including automobiles and other personal property and property owned by a spouse, but excluding the value of the primary residence of such natural person, over total liabilities. For this purpose, the amount of any mortgage or other indebtedness secured by an Investor’s primary residence should not be included as a “liability”, except to the extent the fair market value of the residence is less than the amount of such mortgage or other indebtedness.
	 	 	 
	 ̈	 	(B)	 	A natural person with individual income (without including any income of the Investor’s spouse) in excess of $200,000, or joint income with spouse in excess of $300,000, in each of the two most recent years and who reasonably expects to reach the same income level in the current year.

 

FOR ENTITIES:

 

	 ̈	 	(A)	 	An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust may be an equity owner).
	 	 	 	 	 
	 ̈	 	(B)	 	A bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary capacity.
	 	 	 	 	 
	 ̈	 	(C)	 	An insurance company as defined in Section 2(a)(13) of the 1933 Act.
	 	 	 	 	 
	 ̈	 	(D)	 	A broker-dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “1934 Act”).
	 	 	 	 	 
	 ̈	 	(E)	 	An investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).
	 	 	 	 	 
	 ̈	 	(F)	 	A business development company as defined in Section 2(a)(48) of the 1940 Act.
	 	 	 	 	 
	 ̈	 	(G)	 	A Small Business Investment Company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.
	 	 	 	 	 
	 ̈	 	(H)	 	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

 

     4

     

    

 

	 ̈	 	(I)	 	A corporation, an organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, Massachusetts or similar business trust, or partnership, in each case not formed for the specific purpose of acquiring Shares, with total assets in excess of $5 million.
	 	 	 	 	 
	 ̈	 	(J)	 	A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares.
	 	 	 	 	 
	 ̈	 	(K)	 	An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the decision to invest in the Shares is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.
	 	 	 	 	 
	 ̈	 	(L)	 	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

C.  Supplemental Data for Individuals

 

		1.	Please indicate whether you are investing the assets of any retirement plan, employee benefit plan or other similar agreement
(such as an IRA or “Keogh” plan).

 

 ̈
Yes  ̈ No

 

If the above question was answered
“Yes,” please contact the Company for additional information that will be required.

 

		2.	If the above question was answered “No,” are you a person who has discretionary authority or control with respect
to the Company’s assets or provides investment advice for a fee (direct or indirect) with respect to such assets, or a person
directly or indirectly through one or more intermediaries, controlling any such person?

 

 ̈
Yes  ̈ No

 

D.  Supplemental
Data for Entities

 

		1.	If the Investor is not a natural person, the Investor must furnish the following supplemental data (Natural persons may skip
this Section of the Investor Questionnaire):

 

Legal form of entity (trust, corporation, partnership,
limited liability company, etc.):

 

 

 

Jurisdiction of organization and location of domicile: ____________________________________

 

     5

     

    

 

Is the Investor (a) a trust any
portion of which is treated (under subpart E of part I of subchapter J of chapter 1 of subtitle A of the Code) as owned by a natural
person (e.g., a grantor trust), (b) an entity disregarded for U.S. federal income tax purposes and owned (or treated as
owned) by a natural person or a trust described in clause (a) of this sentence (e.g., a limited liability company with a
single member), (c) an organization described in Sections 401(a) or 501 of the Code or (d) a trust permanently set aside or to
be used for a charitable purpose?

 

 ̈
Yes  ̈ No

 

Is the Investor acting on behalf of an unrelated third party
(e.g., nominee arrangement)?

 

 ̈
Yes  ̈ No

 

If “Yes,” please describe the
arrangement: ___________________________________________

 

Does the Investor have one or more ultimate beneficiaries who
(a) are entitled to 10% or more of the proceeds from this investment or (b) hold 10% or more of the control rights of the Investor?

 

 ̈
Yes1  ̈
No

 

Is the Investor or any of the ultimate beneficiaries
publicly traded?

 

 ̈
Yes*  ̈ No

 

Is the Investor or any of the ultimate beneficiaries
a regulated entity?

 

 ̈
Yes*  ̈ No

 

If the response to any of the above questions
is “yes,” please complete the below chart.

 

	Name of Investor and Each

 10% Beneficial Owner	 	If the Investor or Any of

the 10% Beneficial

Owners Is Publicly

Traded, Please Identify

the Exchange for the

Public Trading.	 	If the Investor or Any of the

10% Beneficial Owners Is a

Regulated Entity, Please

Identify Regulator

and Jurisdiction.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

2. Was the Investor organized for the specific purpose of acquiring
Shares?

 

 ̈
Yes  ̈ No

 

 

1
If yes, please provide further information in the chart above or, if there is insufficient space in the chart, please
include additional sheets of paper with the relevant information.

 

     6

     

    

 

If the above question was answered “Yes,” please
contact the Company for additional information that will be required.

 

3.a. Is the Investor a grantor trust, a partnership or an S-Corporation
for U.S. federal income tax purposes?

 

 ̈
Yes  ̈ No

 

3.b. If the question above was answered “Yes,” please
indicate whether or not:

 

(i) more than 50 percent of the value of the ownership interest
of any beneficial owner in the Investor is (or may at any time during the term of the Entities be) attributable to the Investor’s
(direct or indirect) interest in the Entities; or

 

 ̈
Yes  ̈ No

 

(ii) it is a principal purpose of the Investor’s participation
in the Company to permit any Entity to satisfy the 100 partner limitation contained in U.S. Treasury Regulation Section 1.7704-l(h)(3).

 

 ̈
Yes  ̈ No

 

If either question above was answered “Yes,”
please contact the Company for additional information that will be required.

 

4. Are shareholders, partners or other holders of equity or
beneficial interests in the Investor able to decide individually whether to participate, or the extent of their participation,
in the Investor’s investment in the Company (i.e., can shareholders, partners or other holders of equity or beneficial
interests in the Investor determine whether their capital will form part of the capital invested by the Investor in the Company)?

 

 ̈
Yes  ̈ No

 

If the above question was answered “Yes,”
please contact the Company for additional information that will be required.

 

5.a. Please indicate whether or not the Investor is, or is acting
(directly or indirectly) on behalf of, (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not
such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in
Section 4975 of the Code, whether or not such plan, account or arrangement is subject to Section 4975 of the Code, (iii) an insurance
company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types
of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A)
of ERISA or the regulations promulgated thereunder, or (iv) an entity which is deemed to hold the assets of any of the foregoing
types of plans, accounts or arrangements (each of the foregoing described in clauses (i), (ii), (iii) and (iv) being referred to
as a “Plan Investor”).

 

 ̈
Yes  ̈ No

 

5.b. If the Investor is, or is acting (directly
or indirectly) on behalf of, such a Plan Investor, please indicate whether or not the Plan Investor is subject to Title I of ERISA
or Section 4975 of the Code.

 

 ̈
Yes  ̈ No

 

     7

     

    

 

 

5.c. If the answer to question 5.b. above is “Yes”,
please indicate what percentage of the Plan Investor’s assets invested in the Entities are the assets of “benefit plan
investors” within the meaning of Section 3(42) of ERISA as modified by 29 C.F.R. 2510.3-101(f):

 

Percentage: __________

 

5.d. If the Investor is investing the assets of an insurance
company general account, please indicate what percentage of the insurance company general account’s assets invested in the
Entities are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of ERISA or the regulations
promulgated thereunder:

 

Percentage: __________

 

5.e. If the Plan Investor is not subject to Title I of ERISA
or Section 4975 of the Code, please indicate whether or not such Plan Investor is subject to any other federal, state, local, non-U.S.
or other laws or regulations that could cause the underlying assets of the Company to be treated as assets of the Plan Investor
by virtue of its investment in the Company and thereby subject the Company and the Adviser (or other persons responsible for the
investment and operation of the Company’s assets) to laws or regulations that are similar to the fiduciary responsibility
or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

 

 ̈
Yes  ̈ No

 

5.f. If the answer to question 5.a. above
is “No,” please indicate whether the Investor is a person who has discretionary authority or control with respect to
the Company’s assets or provides investment advice for a fee (direct or indirect) with respect to such assets, or an affiliate
of any such person. For this purpose, an “affiliate” of a person includes any person, directly or indirectly, through
one or more intermediaries, controlling, controlled by, or under common control with, such person. “Control” with respect
to a person other than an individual means the power to exercise a controlling influence over the management or policies of such
person.

 

 ̈
Yes  ̈ No

 

6.a. Is the Investor a private investment company
which is not registered under the 1940 Act in reliance on:

 

Section 3(c)(1) thereof?  ̈
Yes  ̈ No

 

Section 3(c)(7) thereof?  ̈
Yes  ̈ No

 

6.b. Does the amount of the Investor’s
subscription for Shares in the Company exceed 40% of the total assets (on a consolidated basis with its subsidiaries) of the Investor?

 

 ̈
Yes  ̈ No

 

     8

     

    

 

6.c. If either part of question 6.a. was answered “Yes,”
please indicate whether or not the Investor was formed on or before April 30, 1996.

 

 ̈
Yes  ̈ No

 

6.d. If question 6.c. was answered “Yes,” please
indicate whether or not the Investor has obtained the consent of its direct and indirect beneficial owners to be treated as a “qualified
purchaser” as provided in Section 2(a)(51)(C) of the 1940 Act and the rules and regulations thereunder.

 

 ̈
Yes  ̈ No

 

If question 6.d. was answered
“No,” please contact the Company for additional information that will be required.

 

7. Is the Investor an “investment company” registered
or required to be registered under the 1940 Act, as amended?

 

 ̈
Yes  ̈ No

 

8. If the Investor’s tax year ends on a date other than
December 31, please indicate such date below:

 

________________________________

 

9. Is the Investor subject to the U.S. Freedom of Information
Act, 5 U.S.C. § 552, (“FOIA”), any state public records access laws, any state or other jurisdiction’s laws
similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement that might result in the disclosure
of confidential information relating to the Company?

 

 ̈
Yes  ̈ No

 

If the question above was answered “Yes,”
please indicate the relevant laws to which the Investor is subject and provide any additional explanatory information in the space
below:

 

	 
	 
	 
	 

 

     9

     

    

 

E. Related Parties/Other Beneficial Parties:

 

1. To the best of the Investor’s knowledge, does the Investor
control, or is the Investor controlled by or under common control with, any other investor or prospective investor in the Company?

 

 ̈
Yes  ̈ No

 

If the question above was answered
“Yes,” please indicate the name of such other investor in the space below:

 

______________________________

 

2. Will any other person or persons have a beneficial interest
in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial owner of equity
interests in the Investor)? (By way of example, and not limitation, “nominee” Investors or Investors who have entered
into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired herein would check
“Yes”)

 

 ̈
Yes  ̈ No

 

If either question above was answered “Yes,” please
contact the Company for additional information that will be required.

 

F. BHC Investor Status:

 

Is the Investor a “BHC Investor”?2

 

 ̈
Yes  ̈ No

 

[Remainder of Page Intentionally Left Blank]

 

 

2
A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the
Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act)
of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal
Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of
a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which
in any case holds Shares for its own account.

 

     10

     

    

 

The Investor understands
that the foregoing information will be relied upon by the Company for the purpose of determining the eligibility of the Investor
to purchase and own Shares in the Company. The Investor agrees to notify the Company immediately if any representation or warranty
contained in this Subscription Agreement or any of the information in the Investor Questionnaire becomes untrue at any time. The
Investor agrees to provide, if requested, any additional information that may reasonably be required to substantiate the Investor’s
status as an accredited investor or to otherwise determine the eligibility of the Investor to purchase Shares in the Company. To
the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Company and the Administrator and each
partner or member thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation,
warranty or agreement of the Investor contained herein.

 

	 	 	Signatures:
	 	 	 
	 	 	INDIVIDUAL:
	 	 	 
	 	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	(Print Name)
	 	 	 
	 	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER:
	 	 	 
	 	 	 
	 	 	(Name of Entity)
	 	 	 
	 	By:	 
	 	 	(Signature)
	 	 	 
	 	 	(Print Name and Title)

 

     11

     

    

 

APPENDIX E

 

FORM OF FUNDING NOTICE

 

	
        GSV Growth Credit Fund Inc.
	 
	 	2925 Woodside Road, Woodside, CA
	 	TEL (650) 206-4604
	 	E-MAIL dspreng@gsvgc.com

 

	TO: 	 	«Investor Name»
	FROM: 	 	[ ]
	RE: 	 	Notice of Capital Call — Due [ ], 201[ ] 
	DATE: 	 	[ ], 201[ ]

 

In accordance with Section 3(b) of the Subscription Agreement
(the “Subscription Agreement”) of GSV Growth Credit Fund Inc. (the “Company”), you are hereby given notice
of a call for capital contribution. The purpose of this capital contribution is to fund your share of proposed investments to be
made by the Company.

 

The total amount due from you is $<<Drawdown Purchase
Price>>. Details of this capital call and your portion thereof are as follows:

 

	Aggregate number of Shares to be sold to all Investors: 	 	[•]
	Aggregate purchase price for such Shares: 	 	[•]
	Drawdown Share Amount: 	 	[•]
	Drawdown Purchase Price: 	 	[•]
	Per Share Price 	 	[•]

 

We request that you wire your total amount due on or before
the due date in accordance with the following instructions:

 

	Bank: 	 	Wells Fargo Bank, N.A.
	ABA #: 	 	121000248
	Account Name: 	 	GSV Growth Credit Fund Inc.
	Account #: 	 	6413639581
	Notation: 	 	«Investor Name»

 

If you have any questions, please contact David Spreng at dspreng@gsvgc.com
or by phone at (650) 206-4604.

 

     

     

    

 

APPENDIX F

 

TRANSFER RESTRICTIONS

 

No Transfer of the Investor’s Capital
Commitment or, other than in connection with a Spin-Off transaction, all or any fraction of the Investor’s Shares may be
made without (i) registration of the Transfer on the Company books and (ii) the prior written consent of the Company. In any event,
the consent of the Company may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Company
in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion
of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company:

 

		•	such Transfer would not violate the 1933 Act, the 1940 Act or any state (or other jurisdiction)
securities or “Blue Sky” laws applicable to the Company or the Shares to be Transferred; and

		•	such Transfer would not be a “prohibited transaction” under ERISA or the Code or
the regulations promulgated thereunder or cause all or any portion of the assets of the Company to
constitute “plan assets” under ERISA, certain Department of Labor regulations or Section 4975 of the Code.

 

The Investor agrees that it will pay all
reasonable expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of its Capital Commitment
or all or any fraction of its Shares, prior to the consummation of such Transfer.

 

Any person that acquires all or any fraction
of the Shares of the Investor in a Transfer permitted under this Appendix F shall be obligated to pay to the Company the appropriate
portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in
interest. The Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company,
it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it
(without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee
or transferee of such Shares, or fraction thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any purpose any purported
Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof
in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall
have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer,
in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee
or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions
of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance
with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee
and the transferor.

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