Document:

Administration Agreement

 Exhibit 10.4 
 EXECUTION COPY 
  

 
  

ADMINISTRATION AGREEMENT 
 between 
 HERCULES CAPITAL FUNDING TRUST 2012-1, 

as Issuer, 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC., 
 as Administrator 
 WILMINGTON TRUST, NATIONAL ASSOCIATION,

 as Owner Trustee 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 

Dated as of December 19, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	 Duties of the Administrator
	  	 	1	  
			
	 2.
	 	 Records
	  	 	3	  
			
	 3.
	 	 Compensation; Payment of Fees and Expenses
	  	 	3	  
			
	 4.
	 	 Independence of the Administrator
	  	 	3	  
			
	 5.
	 	 No Joint Venture
	  	 	3	  
			
	 6.
	 	 Other Activities of the Administrator
	  	 	4	  
			
	 7.
	 	 Representations and Warranties of the Administrator
	  	 	4	  
			
	 8.
	 	 Administrator Termination Events; Termination of the Administrator
	  	 	5	  
			
	 9.
	 	 Action upon Termination or Removal
	  	 	6	  
			
	 10.
	 	 Liens
	  	 	6	  
			
	 11.
	 	 Notices
	  	 	6	  
			
	 12.
	 	 Amendments
	  	 	6	  
			
	 13.
	 	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	7	  
			
	 14.
	 	 Headings
	  	 	8	  
			
	 15.
	 	 Counterparts
	  	 	8	  
			
	 16.
	 	 Severability of Provisions
	  	 	8	  
			
	 17.
	 	 Not Applicable to Hercules in Other Capacities; Merger of Administrator
	  	 	8	  
			
	 18.
	 	 Benefits of the Administration Agreement
	  	 	9	  
			
	 19.
	 	 Assignment
	  	 	9	  
			
	 20.
	 	 Nonpetition Covenant
	  	 	9	  
			
	 21.
	 	 Limitation of Liability
	  	 	9	  

 THIS ADMINISTRATION AGREEMENT (as amended, supplemented or otherwise modified and in effect
from time to time, this “Agreement”) dated as of December 19, 2012, is between HERCULES CAPITAL FUNDING TRUST 2012-1, a Delaware statutory trust (the “Issuer”), HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a
Maryland corporation, as administrator (“Hercules” or the “Administrator”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and WILMINGTON TRUST, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but solely as owner trustee (the “Owner Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such
terms in the Sale and Servicing Agreement dated as of December 19, 2012 (the “Sale and Servicing Agreement”) by and among the Issuer, Hercules, as seller and as servicer, Hercules Capital Funding 2012-1 LLC, as trust depositor
(the “Trust Depositor”) and U.S. Bank National Association, as the trustee, backup servicer, custodian and securities intermediary. 
 W I T N E S S E T H : 
 WHEREAS, Trust Depositor and the Owner Trustee have
entered into the Amended and Restated Trust Agreement dated as of December 19, 2012 (the “Trust Agreement”). 
 WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and has entered into certain agreements in connection therewith, including, (i) the Sale and Servicing Agreement and (ii) the
Indenture (the Trust Agreement, the Sale and Servicing Agreement and the Indenture are referred to herein collectively as the “Issuer Documents”); 
 WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the Trustee pursuant to the Indenture; 
 WHEREAS, pursuant to the Issuer Documents, the Issuer and the Owner Trustee are required to perform certain duties; 
 WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement),
and to provide such additional services consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request; 
 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth herein; 

NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 1. Duties of the Administrator.

 (a) Duties with Respect to the Issuer Documents. The Administrator shall perform all of its duties
specifically enumerated herein as Administrator under this Agreement and the Issuer Documents and the duties and obligations of the Issuer and the 

 
Owner Trustee (in its capacity as owner trustee under the Trust Agreement) under the Issuer Documents and no additional duties shall be read to be included herein; provided,
however, except as otherwise provided in the Issuer Documents, that the Administrator shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document. In addition, the Administrator shall consult with
the Issuer and the Owner Trustee regarding its duties and obligations under the Issuer Documents. The Administrator shall monitor the performance of the Issuer and the Owner Trustee and shall advise the Issuer and the Owner Trustee when action is
necessary to comply with the Issuer’s and the Owner Trustee’s duties and obligations under the Issuer Documents. The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or shall cause the
preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer and the Owner Trustee (in its capacity as owner trustee) to prepare, file or
deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer and the Owner Trustee (in its capacity as owner trustee) to take pursuant to the Issuer
Documents, and shall prepare, execute, file and deliver on behalf of the Issuer (but not, for the avoidance of doubt, the Owner Trustee in its individual capacity) all such documents, reports, filings, instruments, certificates, notices and opinions
as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Issuer Documents or otherwise by law. 
 (b) Notices to Rating Agencies. The Administrator shall give notice to the Rating Agency of (i) any merger or consolidation of the Owner Trustee pursuant to Section 10.04 of the
Trust Agreement; (ii) any merger or consolidation of the Trustee pursuant to Section 6.09 of the Indenture; (iii) any resignation or removal of the Trustee pursuant to Section 6.08 of the Indenture; (iv) any
Event of Default of which it has been provided notice pursuant to Section 5.01 of the Indenture; (v) the termination of, and/or appointment of a successor to, the Servicer pursuant to Section 8.02 of the Sale and
Servicing Agreement; and (vi) any supplemental indenture pursuant to Sections 9.01 or 9.02 of the Indenture; which notice shall be given, in the case of each of (i) through (vi), promptly upon the Administrator
being notified thereof by the Owner Trustee, the Trustee or the Servicer, as applicable. 
 (c) No Action by
Administrator. Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or
breach of the Issuer’s covenants, agreements or obligations under any of the Issuer Documents. 
 (d)
Non-Ministerial Matters; Exceptions to Administrator Duties. 
 (i) Notwithstanding anything to the
contrary in this Agreement, with respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the
Administrator shall have notified the Issuer of the proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include,
without limitation: 
 (A) the initiation of any claim or lawsuit by the Issuer and the compromise of any action,
claim or lawsuit brought by or against the Issuer; 

  
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 (B) the appointment of successor Note Registrars (as defined in the
Indenture), successor paying agents, successor Trustees, a successor Administrator or Successor Servicers, or the consent to the assignment by the Note Registrar, any paying agent or Trustee of its obligations under the Indenture; and 

(C) the removal of the Trustee. 
 (ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (w) make any payments to the Noteholders under the Transaction Documents,
(x) except as provided in the Transaction Documents, sell the Trust Estate, (y) provide any consent or approval specifically required to be given by the Issuer or the Owner Trustee under the Transaction Documents or (z) take any other
action that the Issuer directs the Administrator not to take on its behalf. 
 2. Records. The Administrator shall
maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer, the Owner Trustee and the Trustee at any time during normal business
hours. 
 3. Compensation; Payment of Fees and Expenses. As compensation for the performance of the Administrator’s
obligations under this Agreement, the Administrator shall be entitled to receive an annual fee, which shall be solely an obligation of the Servicer; provided, however, notwithstanding the foregoing such compensation shall in no event
exceed the Servicing Fee for the related annual period. The Administrator shall pay all expenses incurred by it in connection with its activities hereunder. 
 4. Independence of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect
to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted
hereunder) and shall not otherwise be deemed an agent of the Issuer. 
 5. No Joint Venture. Nothing contained in this
Agreement (i) shall constitute the Administrator and the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such
on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 

  
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 6. Other Activities of the Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in their sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of
the Issuer, the Owner Trustee or the Trustee. 
 7. Representations and Warranties of the Administrator. The
Administrator represents and warrants to the Issuer and the Trustee as follows: 
 (a) Existence and
Power. The Administrator is a corporation validly existing and in good standing under the laws of its state of incorporation and has, in all material respects, full power and authority to own its assets and operate its business as presently
owned or operated, and to execute, deliver and to perform its obligations under the Transaction Documents to which it is a party. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so
would reasonably be expected to materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Loans or any other part of the
Collateral. 
 (b) Authorization and No Contravention. The execution, delivery and performance by
the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or constitute a default under (i) any applicable law, rule or
regulation, (ii) its organizational documents or (iii) any material agreement or instrument to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations or agreements which
do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not reasonably be expected to materially and adversely affect the transactions contemplated by, or the
Administrator’s ability to perform its obligations under, the Transaction Documents). 
 (c) No Consent
Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings,
(ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not reasonably be expected to have a
material adverse effect on the enforceability or collectibility of the Loans or any other part of the Collateral or would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction
Documents. 
 (d) Binding Effect. Each Transaction Document to which the Administrator is a party
constitutes the legal, valid and binding obligation of the Administrator enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity.

  
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 8. Administrator Termination Events; Termination of the Administrator. 

(a) Subject to clause (d) below, the Administrator may resign its duties hereunder by providing the Issuer
with at least thirty (30) days’ prior written notice. 
 (b) Subject to clauses (c) and
(d) below, the Issuer may remove the Administrator without cause by providing the Administrator with at least thirty (30) days’ prior written notice. 

(c) The occurrence of any one of the following events (each, an “Administrator Termination Event”) shall
also entitle the Issuer, subject to Section 19 hereof, to terminate and replace the Administrator: 

(i) any failure by the Administrator to deliver or cause to be delivered any required payment to the Trustee for
distribution to the Noteholders, which failure continues unremedied for two (2) Business Days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Trustee or
Noteholders evidencing at least 25% of the Aggregate Outstanding Principal Balance of the Notes; 
 (ii) any
failure by the Administrator to duly observe or perform in any respect any other of its covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues
unremedied for 60 days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Trustee or Majority Noteholders; or 

(iii) the Administrator suffers an Insolvency Event; 

provided, however, that (A) if any delay or failure of performance referred to under clause
(c)(i) above shall have been caused by force majeure or other similar occurrence, the two (2) Business Day grace period referred to in such clause (c)(i) shall be extended for an additional 60 calendar days and (b) if any delay
or failure of performance referred to under clause (c)(ii) above shall have been caused by force majeure or other similar occurrence, the 60-day grace period referred to in such clause (c)(ii) shall be extended for an additional 60
calendar days. 
 (d) If the Administrator resigns or if an Administrator Termination Event shall have occurred,
the Issuer may, subject to Section 19 hereof, by notice given to the Administrator and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the
Administrator to receive the annual fee for services hereunder for all periods following such termination; provided, however that such termination shall not become effective until such time as the Issuer, subject to
Section 19 hereof, shall have appointed a successor Administrator in the manner set forth below. Upon any such termination, all rights, powers, duties and responsibilities of the Administrator under this Agreement shall vest in and be
assumed by any successor Administrator appointed by the Issuer, subject to Section 19 hereof, pursuant to a management agreement between the Issuer and such successor Administrator, containing substantially the same provisions as this
Agreement (including with respect to the compensation of such successor Administrator), and the successor 

  
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Administrator is hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and to
do or accomplish all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the
administration of the Issuer to the new Administrator. 
 (e) The Issuer, subject to Section 19
hereof, may waive in writing any Administrator Termination Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Termination Event, such Administrator
Termination Event shall cease to exist, and any Administrator Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Administrator
Termination Event or impair any right consequent thereon. 
 9. Action upon Termination or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8, or the removal of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees accruing to it to the
date of such termination or removal. 
 10. Liens. The Administrator will not directly or indirectly create, allow or
suffer to exist any Lien on the Collateral other than Permitted Liens. 
 11. Notices. All demands, notices and
communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first class United States mail, postage prepaid, hand delivery, prepaid courier service, email or by facsimile, and addressed at such address as
shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices
located at the address of such recipient for notices hereunder. 
 12. Amendments. 

(a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Trustee, any
Noteholder, the Issuer, the Owner Trustee or any other Person subject to the delivery of an Officer’s Certificate of the Servicer to the Trustee by the Administrator to the effect that such amendment will not materially and adversely affect the
interests of the Noteholders; provided, that no amendment shall be effective which affects the rights, protections or duties of the Trustee or the Owner Trustee without the prior written consent of such Person. 

(b) This Agreement may also be amended from time to time by the Issuer, the Administrator and the Trustee, with the
consent of the Majority Noteholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the 

  
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provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed
amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the
execution thereof by Noteholders will be subject to such reasonable requirements as the Trustee may prescribe, including the establishment of record dates. 
 (c) Any term or provision of this Agreement may also be amended from time to time by the Administrator to correct a material misstatement or omission of the terms of this Agreement in the Offering
Memorandum without the consent of the Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, the Administrator shall provide written notification of the substance of such amendment to the Issuer,
the Owner Trustee and the Trustee and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to the Issuer, Owner Trustee and the Trustee. 

(d) Prior to the execution of any amendment pursuant to this Section 12, the Administrator shall provide
written notification of the substance of such amendment to any Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to the Rating Agency, the Owner
Trustee and the Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee and
the Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of
such amendment have been satisfied. The Owner Trustee and the Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Trustee’s, as applicable, own rights, duties or
immunities under this Agreement. 
 13. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF
NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally:

 (i) submits for itself and its property in any legal action or proceeding relating to this Agreement or any
documents executed and delivered in connection 

  
 7 

 
herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States
of America for the Southern District of New York and appellate courts from any thereof; 
 (ii) consents that any
such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; 
 (iii) agrees that service of process in any such action or proceeding
may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11 of this Agreement; 

(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law
or shall limit the right to sue in any other jurisdiction; and 
 (v) to the extent permitted by applicable law,
each party hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder. 
 14. Headings. The section headings hereof have been inserted for convenience of reference only and shall
not be construed to affect the meaning, construction or effect of this Agreement. 
 15. Counterparts. This Agreement may
be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

16. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be
for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. 
 17. Not Applicable to Hercules in Other Capacities; Merger of
Administrator. 
 (a) Nothing in this Agreement shall affect any obligation Hercules may have in any other
capacity. 
 (b) Any entity (i) into which the Administrator may be merged or converted or with which it may
be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, 

  
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transfer, conversion or consolidation to which the Administrator shall be a party, or any entity succeeding to the business of the Administrator or (ii) of which more than 50% of the voting
stock or voting power and 50% or more of the economic equity is owned directly or indirectly by Hercules and which executes an agreement of assumption to perform every obligation of the Administrator under this Agreement, shall be the successor to
the Administrator under this Agreement, in each case, without the execution or filing of any paper of any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

18. Benefits of the Administration Agreement. Nothing in this Agreement, expressed or implied, shall give to any Person other than
the parties hereto and their successors hereunder, any separate trustee or co-trustee appointed under Section 6.10 of the Indenture and the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Agreement.

 19. Assignment; Rights of Trustee. Each party hereto hereby acknowledges and consents to the mortgage, pledge,
assignment and grant of a security interest by the Issuer to the Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights under this Agreement. In addition, the Administrator hereby acknowledges and
agrees that for so long as any Notes are outstanding, the Trustee will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement. 

20. Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one (1) year and one (1) day after
payment in full of all obligations of the Issuer in respect of all securities issued by the Issuer (i) such party shall not authorize the Issuer to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to such bankruptcy remote party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such bankruptcy remote party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against such bankruptcy remote party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such bankruptcy remote party, and
(ii) such party shall not commence, join with any other Person in commencing or institute with any other Person, any proceeding against the Issuer under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter
in effect in any jurisdiction. 
 21. Limitation of Liability. It is expressly understood and agreed by the parties
hereto that (i) this Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee on behalf of the Issuer under the Trust Agreement, in the exercise of the powers and
authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust,
National Association but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this 

  
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Agreement and by any person claiming by, through or under them and (iv) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any
indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaking by the Issuer under this Agreement or any related documents. For the purposes of this
Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

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

			
	HERCULES CAPITAL FUNDING TRUST 2012-1
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Jeanne M. Oller

	Name:	 	Jeanne M. Oller
	Title:	 	Assistant Vice President

  

					
		 	S-1	 	 Hercules Capital Funding Trust 2012-1
 Administration Agreement

 
			
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.,
	as Administrator
		
	By:	 	 /s/ Jessica Baron

	Name:	 	Jessica Baron
	Title:	 	Chief Financial Officer

  

					
		 	S-2	 	 Hercules Capital Funding Trust 2012-1
 Administration Agreement

 
			
	WILMINGTON TRUST, NATIONAL
	ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Jeanne M. Oller

	Name:	 	Jeanne M. Oller
	Title:	 	Assistant Vice President

  

					
		 	S-3	 	 Hercules Capital Funding Trust 2012-1
 Administration Agreement

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Lynora J. Caulfield

	Name:	 	Lynora J. Caulfield
	Title:	 	Vice President

  

					
		 	S-4	 	 Hercules Capital Funding Trust 2012-1
 Administration Agreement

 Joinder of Servicer: 
 Hercules Technology Growth Capital, Inc., as Servicer, joins in this Agreement solely for purposes of Section 3. 

 

			
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.,
	as Servicer
		
	By:	 	 /s/ Jessica Baron

	Name:	 	Jessica Baron
	Title:	 	Chief Financial Officer

  

					
		 	S-5	 	 Hercules Capital Funding Trust 2012-1
 Administration AgreementThird Amendment to the Amended and Restated Loan and Security Agreement

 Exhibit 10.5 
 THIRD AMENDMENT TO AMENDED AND 
 RESTATED LOAN AND SECURITY AGREEMENT

 This Third Amendment to Amended and Restated Loan and Security Agreement (this “Amendment”), is dated as
of December 17, 2012 (the “Effective Date”) by and among HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (the “Borrower”), the several financial institutions party to the Loan Agreement (as
defined below) as lenders (the “Lenders”), and UNION BANK, N.A., as a Lender and as agent for the Lenders (in such capacity, the “Agent”). 
 BACKGROUND 
 A. Borrower, the Lenders and Agent are parties to the
Amended and Restated Loan and Security Agreement, dated as of November 2, 2011, as amended, modified, supplemented, extended or restated from time to time, including by the First Amendment to Amended and Restated Loan and Security Agreement
dated as of March 30, 2012 and the Second Amendment to Amended and Restated Loan and Security Agreement dated as of September 17, 2012 (collectively, the “Loan Agreement”), pursuant to which the Lenders have agreed,
subject to and on the terms and conditions set forth therein, to make certain loans and other credit accommodations to or for the benefit of Borrower. 
 B. ROYAL BANK OF CANADA (“Royal Bank”) is a Lender under the Loan Agreement with an existing Commitment under the Loan Agreement of Twenty-Five Million Dollars ($25,000,000). Borrower and
Royal Bank have jointly requested that the Royal Bank Commitment be terminated, and Borrower has requested that the total Commitments and the Maximum Amount under the Loan Agreement be reduced to Thirty Million Dollars ($30,000,000). 

C. Union Bank, as Agent and a Lender, is willing to permit the Royal Bank Commitment to be terminated on and subject to the terms set
forth herein, and the parties desire to amend the Loan Agreement to effect such termination in accordance with the terms, and subject to the conditions, set forth herein. 
 AGREEMENT 
 The parties to this Amendment, intending to be legally
bound, hereby agree as follows: 
 1. Incorporation of Recitals. Each of the above recitals is incorporated herein as
true and correct and is relied upon by the Agent and each Lender in agreeing to the terms of this Amendment. Any capitalized term used but not defined herein shall have the meaning ascribed thereto in the Loan Agreement. 

2. Representations and Warranties. Borrower represents and warrants to, and covenants and agrees for the benefit of, the Agent and
each Lender that: 
 a. the representations and warranties of Borrower set forth in the Loan Agreement and each other Loan
Document were true, correct and complete when made, and remain true, correct and complete in all material respects as of the date hereof (except to the extent such representations and warranties expressly refer to an earlier date, in which case they
are true, correct and complete in all material respects as of such earlier date); provided that the foregoing materiality qualifications shall not apply to any representations or warranties that are qualified by materiality in the text thereof,
which representations and warranties shall be true in all respects; 

 b. Borrower has the authority to execute this Amendment and the execution, delivery, and
performance by Borrower of this Amendment and the other documents, instruments and agreements delivered or to be delivered in connection herewith (i) are within the corporate powers of Borrower and have been duly authorized by all necessary
corporate action on the part of Borrower, (ii) do not require any governmental or third party consents, except those which have been duly obtained and are in full force and effect, (iii) do not and will not conflict with any Applicable Law
or Borrower’s articles of incorporation, bylaws, minutes or resolutions, (iv) after giving effect to this Amendment, do not result in any breach of or constitute a default under any agreement or instrument to which Borrower or any of its
Subsidiaries is a party or by which they or any of their respective properties are bound, and (v) do not result in or require the creation or imposition of any mortgage, deed of trust, pledge, Lien, security interest or other charge or
encumbrance of any nature upon any of the assets or properties of Borrower or any of its Subsidiaries; 
 c. this Amendment and
the other certificates, instruments, documents and agreements delivered or to be delivered by Borrower in connection herewith have been duly executed and delivered by Borrower and constitute the legal, valid, and binding obligation of Borrower,
enforceable against Borrower in accordance with their respective terms, except to the extent that (i) enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting
the rights and remedies of creditors, (ii) enforcement may be subject to general principles of equity, and (iii) the availability of the remedies of specific performance and injunctive relief may be subject to the discretion of the court
before which any proceedings for such remedies may be brought; 
 d. no event has occurred or failed to occur, and after giving
effect to this Amendment will occur, that is, or, with notice or lapse of time or both would constitute, a Default, an Event of Default, or a breach or failure of any condition under any Loan Document; and 

e. after giving effect to this Amendment, Borrower has no offset, defense, counterclaim, dispute or disagreement of any kind or nature
whatsoever with respect to its liabilities, obligations and indebtedness arising under or in connection with the Loan Agreement or any of the other Loan Documents. 
 3. Termination of Royal Bank Commitment. Subject to and on the terms and conditions set forth herein, the Commitment of Royal Bank is hereby terminated with an effective date of December 17,
2012 (the “Effective Date”). It is the intent of the parties hereto that the Commitment of Royal Bank shall, as of the Effective Date, be reduced to Zero Dollars ($0.00) and Royal Bank shall relinquish its rights and be released
from its obligations under the Loan Agreement; provided, that Royal Bank shall not relinquish its rights under Sections 1.5(b), 1.11, 10, 11.3 and 11.4 of the Loan Agreement to the extent such rights
relate to the time prior to the Effective Date. Royal Bank hereby confirms that there are no outstanding Obligations owing to Royal Bank under the Loan Agreement or the other Loan Documents other than the obligation of Borrower to pay to Royal Bank
its Pro Rata Share of the accrued and unpaid Unused Line Fee under Section 1.05(b) of the Loan Agreement through the Effective Date. Notwithstanding the forgoing, the parties hereto agree that payment of any amounts to Royal Bank
pursuant to Sections 1.5(b), 1.11, 10, 11.3 and 11.4 of the Loan Agreement, including the accrued Unused Line Fee on its Commitment through the Effective Date, shall not be a condition precedent to the
termination of Royal Bank’s Commitment or the effectiveness of this Amendment, which Unused Line Fee on Royal Bank’s Commitment shall be paid in due course at the time required under Section 1.5(b) of the Loan Agreement.
Notwithstanding anything to the contrary set forth herein or in any other Loan Document, the termination of the Royal Bank Commitment shall not release Royal Bank from any of its indemnification or reimbursement obligations in favor of the Agent
which relate to the time prior to the Effective Date, or impair any of Agent’s rights with respect thereto, including without limitation such 

  
 2 

 
obligations arising under Section 1.11(f) or 8.7 of the Loan Agreement, which obligations, liabilities and rights shall continue. For the sake of clarity, the parties
acknowledge and agree that as of the Effective Date, Union Bank shall be the sole Lender under the Loan Agreement and its Pro Rata Share from and after the Effective Date shall be 100%. Royal Bank agrees to execute and deliver such other
instruments, and take such other action, as the Agent may reasonably request in connection with the termination of Royal Bank’s Commitment as contemplated by this Amendment. 

4. Amendments to Loan Agreement. 
 a. Schedule A to the Loan Agreement is hereby amended by amending and restating, or adding, the following definitions to read as follows: 

“Commitment” means (a) as to any Lender, the aggregate commitment of such Lender to make Loans as
set forth in Schedule C or in the most recent Assignment Agreement executed by such Lender, as the same may be reduced or increased from time to time pursuant to this Agreement or as appropriate to reflect any assignments to or by such Lender
effected in accordance with Section 8.1 and (b) as to all Lenders, the aggregate commitment of all Lenders to make Loans, which aggregate commitment shall be Thirty Million Dollars ($30,000,000) as of December 17, 2012, as such amount
may be adjusted, if at all, from time to time in accordance with this Agreement. 
 “Maximum
Amount” means Thirty Million Dollars ($30,000,000) as reduced or increased from time to time pursuant to the terms of this Agreement. 
 b. Schedule C to the Loan Agreement is hereby amended and replaced in its entirety with Schedule C attached hereto. 

c. Schedule D to the Loan Agreement is hereby amended and replaced in its entirety with Schedule D attached
hereto. 
 5. Conditions Precedent. Borrower understands that this Amendment shall not be effective and shall have no
force or effect until each of the following conditions precedent has been satisfied, or waived in writing by Agent (in Agent’s sole discretion): 
  

	 	a.	Borrower and Royal Bank shall have duly executed and delivered to Agent this Amendment; 

 

	 	b.	The representations and warranties of Borrower under the Loan Agreement, the other Loan Documents and this Amendment, as applicable, shall be true and correct in all
material respects as of the date hereof (except to the extent such representations and warranties expressly refer to an earlier date, in which case they are true, correct and complete in all material respects as of such earlier date); provided that
the foregoing materiality qualifications shall not apply to any representations or warranties that are qualified by materiality in the text thereof, which representations and warranties shall be true in all respects; 

 

	 	c.	 Agent shall have received in immediately available funds, all out-of-pocket costs and expenses (including reasonable attorneys’ fees and costs)
incurred by Agent in connection with this Amendment and the transactions contemplated hereby and invoiced to Borrower prior to the date on which this Amendment is otherwise to become effective; provided that the failure to invoice any such amounts
to Borrower 

  
 3 

	 	
prior to such date shall not preclude Agent from seeking reimbursement of such amounts, or excuse Borrower from paying or reimbursing such amounts, following the effective date of this Amendment;
and 

  

	 	d.	Agent shall have received such other documents, and completion of such other matters, as Agent may reasonably deem necessary or appropriate. 

6. Ratification and Confirmation of Loan Documents. Except as expressly set forth in Sections 3 and 4 hereof, the execution,
delivery, and performance of this Amendment shall not alter, modify, amend, or in any way affect any of the terms, conditions, obligations, covenants, or agreements contained in the Loan Agreement or any other Loan Document, and shall not operate as
a waiver of any right, power, or remedy of Agent or any Lender under the Loan Agreement or any other Loan Document. The Loan Agreement, all promissory notes, guaranties, security agreements, and all other instruments, documents and agreements
entered into in connection with the Loan Agreement and each other Loan Document shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed by Borrower in all respects. 

7. No Waivers. This Amendment: (a) in no way shall be deemed to be a consent or an agreement on the part of Agent or any
Lender to waive any covenant, liability or obligation of Borrower, any guarantor or any third party or to waive any right, power, or remedy of Agent or any Lender, except as expressly set forth herein; (b) in no way shall be deemed to imply a
willingness on the part of Agent or any Lender to grant any similar or other future waivers or to agree to any future consents, amendments or modifications to any of the terms and conditions of the Loan Agreement or the other Loan Documents;
(c) shall not in any way, prejudice, limit, impair or otherwise affect any rights or remedies of Agent or any Lender under the Loan Agreement or any of the other Loan Documents, including, without limitation, Agent’s or any Lender’s
right to demand strict performance of Borrower’s liabilities and obligations to Agent and the Lenders and the Obligations under the Loan Documents at all times; (d) in no way shall obligate Agent or any Lender to make any future
amendments, waivers, consents or modifications to the Loan Agreement or any other Loan Document; and (e) is not a continuing waiver with respect to any failure to perform any Obligation. Borrower acknowledges and agrees that: (i) except as
expressly set forth herein, the Loan Agreement has not been amended or modified in any way by this Amendment, except as expressly provided herein, (ii) neither Agent nor any Lender waives any failure by Borrower to perform its Obligations under
the Loan Agreement or any of the other Loan Documents, and (iii) Agent and each Lender is relying upon Borrower’s representations, warranties and agreements, as set forth herein and in the Loan Documents in entering into this Amendment.
Nothing in this Amendment shall constitute a satisfaction of Borrower’s Obligations. 
 8. Miscellaneous. Borrower
acknowledges and agrees that the representations and warranties set forth herein are material inducements to Agent and the Lenders to deliver this Amendment. This Amendment shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto, and their respective permitted successors and assigns. This Amendment and the Loan Agreement shall be read together as one document. No course of dealing on the part of Agent, the Lenders or any of their respective officers, nor any
failure or delay in the exercise of any right by Agent or the Lenders, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. The failure at any time to
require strict performance by Borrower of any provision of the Loan Documents shall not affect any right of Agent or the Lenders thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by
an officer of Agent and/or the Lenders, as applicable. No other Person shall be entitled to claim any right or benefit hereunder, including, without limitation, the status of a third party beneficiary hereunder. This Amendment shall be governed by
and construed in accordance with the laws of the State of California without reference to conflicts of law rules. If any provision of this Amendment or any of the 

  
 4 

 
other Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed herefrom or therefrom, as applicable,
and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been a part hereof or thereof, as applicable. This Amendment may be executed in any number of counterparts, including by electronic
or facsimile transmission, each of which when so delivered shall be deemed an original, but all such counterparts taken together shall constitute but one and the same instrument. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, Borrower, Agent and the Lenders have caused this Amendment to be
executed as of the date first written above. 
  

							
	BORROWER:	 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	By:	 	 /s/ K. Nicholas Martitsch

		 		 	Name:	 	K. Nicholas Martitsch
		 		 	Title:	 	Secretary, Associate General Counsel and Chief Compliance Officer

 [Signature Page to Third Amendment to Amended and Restated Loan and Security Agreement]

  
 6 

 
							
	AGENT:	 		 	UNION BANK, N.A., as Agent
				
		 		 	By:	 	 /s/ James B. Goudy

		 		 		 	James B. Goudy
		 		 	Title:	 	Vice President
			
	LENDER:	 		 	UNION BANK, N.A., as Lender
				
		 		 	By:	 	 /s/ James B. Goudy

		 		 		 	James B. Goudy
		 		 	Title:	 	Vice President

 [Signature Page to Third Amendment to Amended and Restated Loan and Security Agreement]

 
							
	LENDER:	 		 	ROYAL BANK OF CANADA, as Lender
				
		 		 	By:	 	 /s/ Tim Stephens

		 		 		 	Tim Stephens
		 		 	Title:	 	Authorized Signatory

 [Signature Page to Third Amendment to Amended and Restated Loan and Security Agreement]

 SCHEDULE C 

LENDERS AND REVOLVING LOAN COMMITMENTS 
 (As of December 17, 2012) 
  

									
	 LENDER

NAME AND ADDRESS
	  	 LENDER

COMMITMENT
	 	  	
PRO RATA
SHARE
	 
			
	 UNION BANK, N.A.

Attention: J. William Bloore and
       James B. Goudy
 99
Almaden Boulevard, Suite 200
 San Jose, California 95113

 
 Facsimile: (408) 280-7163
	  	$	30,000,000.00	  	  	 	100	% 
			
	 TOTAL COMMITMENT:
	  	$	30,000,000.00	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE D 

AGENT’S AND LENDERS’ WIRE TRANSFER 
 INFORMATION FOR PAYMENTS 
 [See Attached]

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