Document:

Exhibit 4.3

 

DESCRIPTION
OF SECURITIES OF JASPER THERAPEUTICS, INC.

 

The following summary of certain provisions of the
securities of Jasper Therapeutics, Inc. (the “Company”) does not purport to be complete and is subject to the Company’s
Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), the Company’s Second
Amended and Restated Bylaws (the “Bylaws”) and the provisions of applicable law. Copies of the Certificate of Incorporation
and the Bylaws are filed as exhibits to the Company’s Annual Report on Form 10-K to which this document is an exhibit.

 

Authorized and Outstanding Stock

 

The Certificate of Incorporation authorizes the
issuance of 502,000,000 shares of common stock of which: (a) 490,000,000 shall be voting common stock, par value $0.0001 per share
(the “Voting Common Stock”) and (b) 2,000,000 shall be non-voting common stock, par value $0.0001 per share (the “Non-Voting Common
Stock” and, together with the Voting Common Stock, the “Common Stock”), and 10,000,000 shares of undesignated preferred
stock, par value $0.0001 per share (the “Preferred Stock”).

 

Common Stock

 

Under the Certificate of Incorporation, holders
of Voting Common Stock and Non-Voting Common Stock have identical rights other than with respect to voting and conversion rights,
each as described below.

 

Voting Rights

 

Except as otherwise expressly provided in the Certificate
of Incorporation or as required by applicable law, on any matter that is submitted to a vote by the Company’s stockholders, holders
of Voting Common Stock will be entitled to one vote per share of Voting Common Stock, and holders of Non-Voting Common Stock
will not be entitled to any votes per share of Non-Voting Common Stock, including for the election of directors.

 

Conversion Rights

 

Holders of Voting Common Stock do not have conversion
rights, while holders of Non-Voting Common Stock have the right to convert each share of Non-Voting Common Stock held by such
holder into one share of Voting Common Stock at such holder’s election by providing written notice to the Company, provided that
as a result of such conversion, such holder, together with its affiliates and any members of a Schedule 13(d) group with such
holder, would not beneficially own in excess of 9.9% of Voting Common Stock following such conversion. However, this ownership limitation
may be increased to any other percentage designated by such holder of Non-Voting Common Stock (and applicable only to such holder) upon
61 days’ prior written notice to the Company or decreased to any other percentage designated by such holder of Non-Voting Common
Stock (and applicable only to such holder) at any time upon prior written notice to the Company. Holders of Non-Voting Common Stock
are also permitted to make certain transfers to non-affiliates upon which such transferred shares would immediately convert to shares
of Voting Common Stock upon the written request of the original holder and the written certification from the transferee holder of its
non-affiliation with the original holder of such Non-Voting Common Stock.

 

Dividends

 

Holders of Common Stock are entitled to receive
ratably any dividends declared by the Company’s Board of Directors (the “Board”) or a committee thereof out of funds
legally available for that purpose, subject to any preferential dividend rights of any then outstanding Preferred Stock. The Common Stock
does not have preemptive rights or other subscription rights or redemption or sinking fund provisions.

 

     

     

    

 

Liquidation, Dissolution and Winding Up

 

In the event of the Company’s voluntary or
involuntary liquidation, dissolution or winding up, its net assets will be distributed pro rata to the holders of Common Stock, subject
to any liquidation preference of any then outstanding Preferred Stock. The holders of Non-Voting Common Stock will rank on parity
with holders of Voting Common Stock as to such distributions.

 

Preemptive or Other Rights

 

Holders of Common Stock have no preemptive or other
subscription rights, and there are no sinking fund or redemption provisions applicable to the Common Stock.

 

Election of Directors

 

The Board is divided into three classes, Class I,
Class II and Class III, with only one class of directors being elected in each year and each class serving a three-year term,
except that the Class I directors as of September 24, 2021 shall serve an initial one-year term (and three-year terms
subsequently) and the Class II directors as of September 24, 2021 shall serve an initial two-year term (and three-year terms
subsequently). There is no cumulative voting with respect to the election of directors.

 

Listing

 

The Voting Common Stock is listed on the Nasdaq
Capital Market under the symbol “JSPR.”

 

Preferred Stock

 

The Certificate of Incorporation provides that shares
of Preferred Stock may be issued from time to time in one or more series. The Board is authorized to fix the number of shares applicable
to any such series of Preferred Stock and to determine or alter for each such series, such voting powers, full or limited, or no voting
powers, and such designation, preferences, and relative, participating, optional or other rights and such qualifications, limitations
or restrictions thereof. The Board will be able to, without stockholder approval, issue Preferred Stock with voting and other rights that
could adversely affect the voting power and other rights of the holders of Common Stock and could have anti-takeover effects. The
ability of the Board to issue Preferred Stock without stockholder approval could have the effect of delaying, deferring or preventing
a change of control of the Company or the removal of existing management. As of December 31, 2021, there were no shares of Preferred Stock
outstanding.

 

Certain Anti-Takeover Provisions of Delaware Law

 

Special Meetings of Stockholders

 

The Bylaws provide that special meetings of stockholders
may be called only by a majority vote of the Board, by the Chairman of the Board, or by the Company’s Chief Executive Officer. The
Bylaws limit the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.

 

Advance Notice Requirements for Stockholder Proposals and Director
Nominations

 

The Bylaws provide that stockholders seeking to
bring business before an annual meeting of stockholders, or to nominate candidates for election as directors at an annual meeting of stockholders,
must provide timely notice of their intent in writing. To be timely under the Bylaws, a stockholder’s notice will generally need
to be received by the corporate secretary at the Company’s principal executive offices not later than the close of business on the
90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the
preceding year’s annual meeting; provided, however, that in the event the date of the annual meeting is advanced more than 30 days
prior to or delayed by more than 60 days after the anniversary of the preceding year’s annual meeting, or if no annual meeting
was held in the preceding year, notice by the stockholder to be timely must be so received not earlier than the close of business on the
120th day prior to such annual meeting and not later than the close of business on the later of the 90th day
prior to such annual meeting and the 10th day following the day on which notice of the date of such annual meeting
was mailed or public announcement of the date of such meeting is first made, whichever first occurs. Pursuant to Rule 14a-8 of
the Exchange Act, stockholders seeking to have proposals included in the Company’s annual proxy statement must comply with
the notice periods contained therein. The Bylaws specify certain requirements as to the form and content of a stockholders’ meeting.
These provisions may preclude the Company’s stockholders from bringing matters before an annual meeting of stockholders or from
making nominations for directors at an annual meeting of stockholders.

 

    2

     

    

 

Authorized but Unissued Shares

 

The authorized but unissued Common Stock and Preferred
Stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including
future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved
Common Stock and Preferred Stock could render more difficult or discourage an attempt to obtain control of the Company by means of a proxy
contest, tender offer, merger or otherwise.

 

Written Consent by Stockholders

 

The Certificate of Incorporation and the Bylaws
provide that no action shall be taken by the Company’s stockholders except at an annual or special meeting of stockholders called
in accordance with the Bylaws, and no action shall be taken by the stockholders by written consent or electronic transmission.

 

Amendments to Certificate of Incorporation and Bylaws

 

The Certificate of Incorporation requires the affirmative
vote of the holders of at least 662⁄3% of the voting power of all of the then-outstanding shares of the Company’s capital
stock entitled to vote generally in the election of directors, voting together as a single class to alter, amend or appeal Articles V
(regarding directors), VI (regarding indemnification), VII (exclusive forum) or VIII (regarding amendments of the Certificate
of Incorporation) of the Certificate of Incorporation (provided that as of the three-year anniversary of September 24, 2024, such
reference to “662⁄3%” shall be deemed to be “50%”).

 

The Bylaws provide that they may be adopted, amended,
or repealed by the Company’s stockholders by the affirmative vote of the holders of at least 662⁄3% of the voting power of
all of the Company’s then outstanding capital stock entitled to vote generally in the election of directors, voting together as
a single class (provided that as of September 24, 2024, such reference to “662⁄3%” shall be deemed to be “50%”).

 

Removal of Directors

 

The Certificate of Incorporation provides that,
subject to the rights of any series of Preferred Stock, directors may be removed at any time, but only for cause and only by the affirmative
vote of 662⁄3% of the voting power of all then outstanding capital stock entitled to vote generally at an election of directors,
voting together as a single class (provided that as of September 24, 2024, such reference to “662⁄3%” shall be deemed
to be “50%”).

 

Exclusive Forum Selection

 

The Certificate of Incorporation and the Bylaws
provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for the following claims or causes of
actions or proceedings under Delaware statutory or common law: (i) any derivative action or claim brought on the Company’s
behalf; (ii) any action or proceeding asserting a claim of breach of a fiduciary duty owed by any of the Company’s current
or former directors, officers or other employees to the Company or its stockholders; (iii) any action or proceeding asserting a claim
against the Company or any of its current or former directors, officers or other employees, arising out of or pursuant to any provision
of the General Corporation Law of the State of Delaware (the “DGCL”), the Certificate of Incorporation or the Bylaws; (iv) any
action asserting a claim against the Company or any of its directors, officers, or other employees governed by the internal-affairs doctrine
or otherwise related to the Company’s internal affairs; (v) any action or claim to interpret, apply, enforce or determine the
validity of the Certificate of Incorporation or the Bylaws; and (vi) any action or claim as to which the DGCL confers jurisdiction
to the Court of Chancery of the State of Delaware, in all cases to the fullest extent permitted by law and subject to the court having
personal jurisdiction over the indispensable parties named as defendants. Further, pursuant to the Certificate of Incorporation and the
Bylaws, these foregoing provisions would not apply to suits brought to enforce a duty or liability created by the Exchange Act, the
Securities Act or any other claim for which the federal courts have exclusive jurisdiction. Any person or entity holding, owning or otherwise
acquiring any interest in shares of the Company’s capital stock shall be deemed to have notice of and to have consented to such
provisions.

 

    3

     

    

 

Although the Company believes these provisions benefit
the Company by providing increased consistency in the application of Delaware law in the types of lawsuits to which they apply, a court
may determine that these provisions are unenforceable, and to the extent they are enforceable, the provisions may have the effect of discouraging
lawsuits against the Company’s directors and officers, although the Company’s stockholders will not be deemed to have waived
the Company’s compliance with federal securities laws and the rules and regulations thereunder. Additionally, the Company cannot
be certain that a court will decide that these provisions are either applicable or enforceable, and if a court were to find the choice
of forum provisions contained in the Certificate of Incorporation and the Bylaws to be inapplicable or unenforceable in an action, the
Company may incur additional costs associated with resolving such action in other jurisdictions, which could harm its business, operating
results and financial condition.

 

The Certificate of Incorporation provides that the
exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section 27 of the Exchange Act
creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the
rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability
created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Furthermore, Section 22
of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability
created by the Securities Act or the rules and regulations thereunder. Accordingly, both state and federal courts have jurisdiction to
entertain such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings
by different courts, among other considerations, the Certificate of Incorporation and the Bylaws provide that the federal district courts
of the United States are the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities
Act, including all causes of action asserted against any defendant named in such complaint.

 

Section 203 of the Delaware General Corporation Law

 

The Company is subject to provisions of Section 203
of the DGCL regulating corporate takeovers under the Certificate of Incorporation. This statute prevents certain Delaware corporations,
under certain circumstances, from engaging in a “business combination” with:

 

		●	a stockholder who owns 15% or more of the Company’s
outstanding voting stock (otherwise known as an “interested stockholder”);

 

		●	an affiliate of an interested stockholder; or

 

		●	an associate of an interested stockholder, for three years
following the date that the stockholder became an interested stockholder.

 

A “business combination” includes a
merger or sale of more than 10% of the Company’s assets. However, the above provisions of Section 203 do not apply if:

 

		●	the Board approves the transaction that made the stockholder
an “interested stockholder,” prior to the date of the transaction;

 

		●	after the completion of the transaction that resulted in
the stockholder becoming an interested stockholder, that stockholder owned at least 85% of the Company’s voting stock outstanding
at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

		●	on or subsequent to the date of the transaction, the Company’s
initial business combination is approved by the Board and authorized at a meeting of the Company’s stockholders, and not by written
consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

    4

     

    

 

Under certain circumstances, this provision will
make it more difficult for a person who would be an “interested stockholder” to effect various business combinations with
the Company for a three-year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance
with the Board because the stockholder approval requirement would be avoided if the Board approves either the business combination or
the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing
changes in the Board, and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best
interests.

 

Limitation on Liability and Indemnification of Directors and Officers

 

The Certificate of Incorporation eliminates directors’
liability for monetary damages to the fullest extent permitted by applicable law. The Certificate of Incorporation and the Bylaws require
the Company to indemnify and advance expenses to, to the fullest extent permitted by applicable law, its directors and officers. The Certificate
of Incorporation and the Bylaws authorize the Board to determine whether to indemnify and advance expenses to, as set forth in the DGCL
or any other applicable law, the Company’s employees and other agents. Further, the Certificate of Incorporation prohibits any retroactive
changes to the rights or protections or increase the liability of any director in effect at the time of the alleged occurrence of any
act or omission to act giving rise to liability or indemnification. The Company believes that these provisions in the Certificate of Incorporation
and the Bylaws are necessary to attract and retain qualified persons as directors and officers. However, these provisions may discourage
stockholders from bringing a lawsuit against the Company’s directors for breach of their fiduciary duty. These provisions also may
have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful,
might otherwise benefit the Company and its stockholders. Furthermore, a stockholder’s investment may be adversely affected to the
extent the Company pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

 

Warrants

 

As of December 31, 2021, the Company had outstanding
warrants to purchase 4,999,883 shares of Voting Common Stock with an exercise price of $11.50 per share (the “Public Warrants”),
all of which are currently excisable. The Public Warrants will expire on September 24, 2026, at 5:00 p.m., New York City time,
or earlier upon redemption or liquidation.

 

If the Voting Common Stock is at the time of any
exercise of a Public Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security”
under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise
their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and,
in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but the Company
will be required to use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is
not available. Once the Public Warrants become exercisable, the Company may call the Public Warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice
of redemption to each warrant holder; and

 

		●	if, and only if, the reported last sale price of Voting Common
Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like)
for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice
of redemption to the warrant holders.

 

If and when the Public Warrants become redeemable
by the Company, it may exercise its redemption right if the issuance of shares of Voting Common Stock upon exercise of the Public Warrants
is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration
or qualification.

 

    5

     

    

 

The Company has established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise
price. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each warrant holder
will be entitled to exercise its Public Warrant prior to the scheduled redemption date. However, the price of Voting Common Stock may
fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If the Company calls the Public Warrants for redemption
as described above, the Company’s management will have the option to require any holder that wishes to exercise its Public Warrant
to do so on a “cashless basis.” In determining whether to require all holders to exercise their Public Warrants on a “cashless
basis,” the Company’s management will consider, among other factors, the Company’s cash position, the number of Public
Warrants that are outstanding and the dilutive effect on its stockholders of issuing the maximum number of shares of Voting Common Stock
issuable upon the exercise of the Public Warrants. If the Company’s management takes advantage of this option, all holders of Public
Warrants would pay the exercise price by surrendering their Public Warrants for that number of shares of Voting Common Stock equal to
the quotient obtained by dividing (x) the product of the number of shares of Voting Common Stock underlying the Public Warrants,
multiplied by the excess of the “fair market value” (defined below) over the exercise price of the Public Warrants by (y) the
fair market value. The “fair market value” shall mean the average last reported sale price of Voting Common Stock for the
10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders
of Public Warrants. If the Company’s management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of Voting Common Stock to be received upon exercise of the Public Warrants, including the
“fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued
and thereby lessen the dilutive effect of a Public Warrant redemption. The Company believes this feature is an attractive option if the
Company does not need the cash from the exercise of the Public Warrants after the closing.

 

A holder of a Public Warrant may notify the Company
in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Public Warrant,
to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Public Warrant
agent’s actual knowledge, would beneficially own in excess of 4.8% or 9.8% (or such other amount as a holder may specify) of the
shares of Voting Common Stock outstanding immediately after giving effect to such exercise.

 

If the number of outstanding shares of Voting Common
Stock is increased by a stock dividend payable in shares of Voting Common Stock, or by a split-up of shares of Voting Common Stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Voting
Common Stock issuable on exercise of each Public Warrant will be increased in proportion to such increase in the outstanding shares of
Voting Common Stock. A rights offering to holders of Voting Common Stock entitling holders to purchase shares of Voting Common Stock at
a price less than the fair market value will be deemed a stock dividend of a number of shares of Voting Common Stock equal to the product
of (i) the number of shares of Voting Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for Voting Common Stock) multiplied by (ii) one minus the quotient
of (x) the price per share of Voting Common Stock paid in such rights offering divided by (y) the fair market value. For these
purposes (i) if the rights offering is for securities convertible into or exercisable for Voting Common Stock, in determining the
price payable for Voting Common Stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Voting Common Stock
as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares
of Voting Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if the Company, at any time while the
Public Warrants are outstanding and unexpired, pays a dividend or makes a distribution in cash, securities or other assets to the holders
of Voting Common Stock on account of such shares of Voting Common Stock (or other shares of the Company’s capital stock into which
the Public Warrants are convertible), other than (a) as described above, or (b) certain ordinary cash dividends, then the warrant
exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each share of Voting Common Stock in respect of such event.

 

    6

     

    

 

If the number of outstanding shares of Voting Common
Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Voting Common Stock or other
similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event,
the number of shares of Voting Common Stock issuable on exercise of each Public Warrant will be decreased in proportion to such decrease
in outstanding shares of Voting Common Stock.

 

Whenever the number of shares of Voting Common Stock
purchasable upon the exercise of the Public Warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying
the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares
of Voting Common Stock purchasable upon the exercise of the Public Warrants immediately prior to such adjustment, and (y) the denominator
of which will be the number of shares of Voting Common Stock purchasable immediately thereafter.

 

In case of any reclassification or reorganization
of the outstanding shares of Voting Common Stock (other than those described above or that solely affects the par value of such shares
of Voting Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of outstanding
shares of Voting Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Public
Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Public
Warrants and in lieu of the shares of Voting Common Stock immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder
of the Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such event. If less
than 70% of the consideration receivable by the holders of Voting Common Stock in such a transaction is payable in the form of common
stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Public Warrant properly
exercises the Public Warrant within thirty days following public disclosure of such transaction, the Public Warrant exercise price
will be reduced as specified in the warrant agreement, dated as of November 19, 2019, by and between the Company and Continental Stock
Transfer & Trust Company, as warrant agent (“Warrant Agreement”) based on the Black-Scholes value (as defined in
the Warrant Agreement) of the Public Warrant. The Public Warrants will be issued in registered form under the Warrant Agreement. The Warrant
Agreement provides that the terms of the Public Warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval by the holders of at least 50% of the then outstanding Public Warrants to make any
change that adversely affects the interests of the registered holders of Public Warrants.

 

The Public Warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to the Company, for the number of Public Warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Voting Common Stock or any voting rights until they exercise their
Public Warrants and receive shares of Voting Common Stock. After the issuance of shares of Voting Common Stock upon exercise of the Public
Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

No fractional shares will be issued upon exercise
of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share,
the Company will, upon exercise, round down to the nearest whole number of shares of Voting Common Stock to be issued to the warrant holder.

 

Listing

 

The Public Warrants are listed on the Nasdaq Capital
Market under the symbol “JSPRW.”

 

 

7Document

EXECUTION COPY

FIRST AMENDMENT
TO SENIOR SECURED REVOLVING CREDIT AGREEMENT
This FIRST AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of December 3, 2021 (this “Amendment”), is entered into among MORGAN STANLEY DIRECT LENDING FUND, a Delaware corporation (the “Borrower”), the LENDERS party hereto constituting the Required Lenders (as defined in the Credit Agreement, as defined below), each LENDER whose Commitment is increasing pursuant to this Amendment (each a “Commitment Increase Lender”), and TRUIST BANK, as Administrative Agent (the “Administrative Agent”).
RECITALS
WHEREAS, the Borrower and the Administrative Agent entered into that certain Senior Secured Revolving Credit Agreement, dated as of July 16, 2021 (the “Credit Agreement”), with the lenders and issuing banks party thereto (the “Lenders”), pursuant to which the Lenders extended certain commitments and made certain loans to the Borrower; and
WHEREAS, the Borrower, the Required Lenders, each Commitment Increase Lender, and the Administrative Agent desire to amend the Credit Agreement to make certain changes, as set forth below.
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Credit Agreement, the Borrower, the Lenders party hereto constituting the Required Lenders, the Commitment Increase Lenders party hereto, and the Administrative Agent hereto agree as follows:
SECTION 1. Definitions.  All capitalized terms not otherwise defined herein are used as defined in (or by reference in) the Credit Agreement as amended hereby.
SECTION 2. Amendments to Credit Agreement.  
2.1.    Amendments to Credit Agreement.  The parties hereto hereby agree that the Credit Agreement is amended as follows: 
(a)The following definition is hereby incorporated in Section 1.01 of the Credit Agreement in the appropriate alphabetical sequence, to read in its entirety as follows:
“First Amendment Effective Date” means December 3, 2021.
(b)The definition of Dollar Commitment in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “as of the Effective Date is $150,000,000” where it appears therein with the text “as of the First Amendment Effective Date is $300,000,000” in its place.
(c)The definition of Multicurrency Commitment in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “as of the Effective Date is 

$500,000,000” where it appears therein with the text “as of the First Amendment Effective Date is $675,000,000” in its place.
(d)Section 2.08(e)(i)(B) of the Credit Agreement is hereby amended by replacing the amount “$1,000,000,000” where it appears therein with the amount “$1,500,000,000” in its place. 
2.2.    Amendments to Schedule 1.01(b).  The parties hereto hereby agree that Schedule 1.01(b) to the Credit Agreement is amended in its entirety in the form of Exhibit A attached hereto. 
SECTION 3. Conditions Precedent.  This Amendment shall become effective on the first date on which the Administrative Agent receives each of the following (the “Effective Date”):
(a)from each other party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment; 
(b)a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated as of the date hereof) of Latham & Watkins LLP, special counsel for the Borrower, in form and substance reasonably acceptable to the Administrative Agent (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent); 
(c)such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of this Amendment and any other legal matters relating to the Borrower, this Amendment or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel; and 
(d)confirmation of receipt by the Lenders of any fees and expenses due and owing by the Borrower as of the date hereof.
SECTION 4. Miscellaneous.
4.1.    Representations and Warranties. The Borrower hereby represents and warrants that (i) this Amendment and the Credit Agreement each constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) immediately prior to the effectiveness of this Amendment, no Default or Event of Default shall exist and, upon the effectiveness of this Amendment, no Default or Event of Default shall exist and (iii) its representations and warranties as set forth in the Loan Documents, as applicable, are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (unless such representations and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such previous day).
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4.2.    References to Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Credit Agreement as amended hereby and each reference to the Credit Agreement in the other Loan Documents and in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.
4.3.    Effect on Existing Agreements.  Except as specifically amended above, the Credit Agreement, the other Loan Documents and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed in all respects.
4.4.    No Waiver.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent under the Credit Agreement, the Credit Agreement, the other Loan Documents or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.  The parties hereto hereby agree that this Amendment is a Loan Document.
4.5.    Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.
4.6.    Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
4.7.    Headings.  The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.
4.8.    Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
4.9.    Reaffirmation.  Each of the Borrower, DLF CA SPV LLC and DLF SPV LLC, the Adminsitrative Agent and the Existing Lenders (i) hereby consents to the terms of this Amendment and the Credit Agreement, (ii) solely in the case of DLF CA SPV LLC and DLF SPV LLC, hereby confirms that, after giving effect to this Amendment and the transactions contemplated hereby, its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and continue to guarantee the Guaranteed Obligations as amended hereby, and (iii) hereby reaffirms, ratifies and confirms that, after giving effect to this Amendment and the transactions contemplated hereby, the Liens and other security interests granted by it pursuant to, and the terms and conditions of, the Guarantee and Security Agreement remain unaltered and in full force and effect and secure the Secured Obligations as amended hereby.
4.10.    Adjustments of Borrowings upon Effectiveness of Increase.  On the Effective Date, the Borrower shall (A) prepay the outstanding Loans (if any) of each affected Class in full, (B) simultaneously borrow new Loans of such Class in an amount equal to such prepayment (which may also include the amount of any fees, expenses or amounts due by the Borrower on or 
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prior to the Effective Date); provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of each Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Class of such Lenders (after giving effect to this Amendment), and (C) pay to the Lenders of such Class the amounts, if any, payable under Section 2.15 of the Credit Agreement as a result of any such prepayment.

[SIGNATURES FOLLOW]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

MORGAN STANLEY DIRECT LENDING FUND, 
as Borrower

By:/s/ Venugopal Rathi    
      Name: Venugopal Rathi
      Title: Chief Financial Officer

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TRUIST BANK, 
as Administrative Agent, a Swingline Lender, an Issuing Bank and a Commitment Increase Lender

By: /s/ Hays Wood    
      Name:  Hays Wood
      Title:  Director

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

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MUFG UNION BANK, N.A.,
as a Commitment Increase Lender

By:/s/ Jacob Ulevich    
      Name: Jacob Ulevich
      Title: Director

    7

SUMITOMO MITSUI BANKING CORPORATION, 
as a Commitment Increase Lender

By:/s/ Shane Klein    
      Name: Shane Klein
      Title: Managing Director

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ING CAPITAL LLC, 
as a Commitment Increase Lender

By:/s/ Patrick Frisch    
      Name: Patrick Frisch
      Title: Managing Director
By:/s/ Grace Fu    
      Name: Grace Fu
      Title: Managing Director

    9

STATE STREET BANK AND TRUST COMPANY, 
as a Commitment Increase Lender

By:/s/ Timothy Cronin    
      Name: Timothy Cronin
      Title: Vice President

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SOCIÉTÉ GÉNÉRALE, NEW YORK BRANCH, 
as a Lender

By: /s/ Kenneth McDermott    
      Name: Kenneth McDermott
      Title: Senior Banker

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Agreed and acknowledged solely with respect to  Section 4.9 
DLF SPV LLC

By:/s/ Venugopal Rathi    
      Name: Venugopal Rathi
      Title: Treasurer

DLF CA SPV LLC

By:/s/ Venugopal Rathi    
      Name: Venugopal Rathi
      Title: Treasurer

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