Document:

Exhibit 10.2

 

Execution Version

 

ELEVENTH
AMENDMENT TO TERM LOAN AGREEMENT

 

THIS ELEVENTH AMENDMENT TO
TERM LOAN AGREEMENT (this “Amendment”), dated as of September 16, 2021, is made by and between RLJ LODGING TRUST,
L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), RLJ LODGING TRUST, a Maryland
real estate investment trust (the “Parent Guarantor”), each of the undersigned Subsidiary Guarantors (as defined in
the Amended Term Loan Agreement(as defined below)), the Lenders party hereto (the “Lenders”), and WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

  

WHEREAS, the Borrower, the
Parent Guarantor, the Administrative Agent and the financial institutions initially a signatory to the Existing Term Loan Agreement (as
defined below) together with their successors and assigns under Section 13.6 of the Existing Term Loan Agreement have entered
into that certain Term Loan Agreement dated as of November 20, 2012, as amended by the First Amendment to Term Loan Agreement, dated
as of August 27, 2013, the Second Amendment to Term Loan Agreement, dated as of June 1, 2015, the Third Amendment to Term Loan
Agreement, dated as of November 12, 2015, the Fourth Amendment to Term Loan Agreement and First Amendment to Guaranty, dated as of
April 22, 2016, the Fifth Amendment to Term Loan Agreement, dated as of August 31, 2017, the Sixth Amendment to Term Loan Agreement,
dated as of January 25, 2018, the Seventh Amendment to Term Loan Agreement, dated as of December 18, 2019, the Eighth Amendment
to Term Loan Agreement, dated as of June 24, 2020, the Ninth Amendment to Term Loan Agreement, dated as of December 10, 2020,
and the Tenth Amended to Term Loan Agreement, dated as of June 10, 2021 (as the same may be amended, restated, supplemented or otherwise
modified from time to time prior to the date hereof, collectively, the “Existing Term Loan Agreement,” and the Existing
Term Loan Agreement as amended by this Amendment, the “Amended Term Loan Agreement”). Capitalized terms used herein
and not defined herein have the meanings provided in the Amended Term Loan Agreement;

  

WHEREAS, the Borrower and
the Parent Guarantor have requested that the Administrative Agent and the Lenders amend certain terms and conditions of the Existing Term
Loan Agreement as described herein; and

 

WHEREAS, the Administrative
Agent and the Lenders party to this Amendment (which Lenders comprise the Requisite Lenders under the Existing Term Loan Agreement) have
agreed to so amend certain terms and conditions of the Existing Term Loan Agreement and to make certain agreed upon modifications on the
terms and conditions set forth below in this Amendment.

 

     

     

    

 

NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby
agree as follows:

 

1.            Amendments
to Existing Term Loan Agreement.

 

(a)            Section 1.1
of the Existing Term Loan Agreement is hereby amended by adding or amending and restating, as applicable, the following definitions in
appropriate alphabetical order:

  

“Eleventh Amendment”
means the Eleventh Amendment to Term Loan Agreement, dated as of September 16, 2021, among the Borrower, the Parent Guarantor, the
Subsidiary Guarantors party thereto, the Extending Lenders and the Administrative Agent.

 

“Extending Lenders”
means, collectively, (i) each Lender that is a party to the Eleventh Amendment, together with such Lender’s successors and
assigns, and (ii) any other Lender that at any time consents after the date of the Eleventh Amendment, in its sole discretion, to
extend the Maturity Date with respect to all of the Loans held by such Lender in accordance with Section 2.13.

  

“Knickerbocker Intercompany
Debt” means that certain loan in the principal amount of $85,000,000 made by Borrower to FCH HH Knickerbocker Owner, L.P. and
secured by the Property known as the Knickerbocker Hotel, and evidenced by the Knickerbocker Intercompany Note.

  

“Knickerbocker Intercompany
Mortgage” means that certain Amended, Restated and Consolidated Mortgage, Leasehold Mortgage, Assignment of Leases and Profits,
Security Agreement and Fixture Filing, dated as of November 6, 2018, among FCH HH Knickerbocker Owner, L.P., as mortgagor, Knickerbocker
Master Lessee, L.P., as accommodation mortgagor, and the Borrower.

  

“Knickerbocker Intercompany
Note” means that certain Amended, Restated and Consolidated Promissory Note, dated November 6, 2018, by FCH HH Knickerbocker
Owner, L.P in favor of the Borrower.

  

“Option to Extend”
has the meaning given that term in Section 2.13.

  

“Revised Unencumbered
Asset Value” means at any time the Unencumbered Asset Value at such time; provided, that during the Restriction Period,
the Operating Property Value of any Borrowing Base Property included in the determination of Unencumbered Asset Value at such time shall
be determined based on (i) with respect to (x) any Borrowing Base Property in the Unencumbered Pool as of December 31,
2019 and (y) any Borrowing Base Property added after December 31, 2019 and owned by any FelCor Subsidiary, the Operating Property
Value of such Borrowing Base Property as of December 31, 2019, and (ii) with respect to any Borrowing Base Property added after
December 31, 2019 (other than any Borrowing Base Property owned by any FelCor Subsidiary), the Operating Property Value of such Borrowing
Base Property at any time (i.e., in the case of this clause (ii), calculated in the same manner as set forth in the definition of Unencumbered
Asset Value).

 

    2 

     

    

 

(b)            Section 1.1
of the Existing Term Loan Agreement is hereby amended by adding the following language at the end of the definition of “Applicable
Margin”:

  

“Notwithstanding the foregoing,
if Borrower exercises the Option to Extend, commencing on the initial Maturity Date (i.e., January 25, 2023) and thereafter, the
Applicable Margin then in effect for the Loans shall be increased by 0.30% for each Level.”

 

(c)            Section 1.1
of the Existing Term Loan Agreement is hereby amended by deleting the “and” prior to clause (b) in the definition of
 “Negative Pledge” and adding the following language immediately before the phrase “shall not constitute a Negative Pledge”
at the end of such definition:

 

“, and (c) any
provision of the Knickerbocker Intercompany Mortgage which prohibits or purports to prohibit the creation or assumption of any Lien on
the Property known as the Knickerbocker Hotel”

  

(d)            Section 1.1
of the Existing Term Loan Agreement is hereby amended by deleting the “and” prior to clause (l) in the definition of
 “Permitted Liens” and adding the following language immediately before the period at the end of such definition:

  

“; and (m) with
respect to the Property known as the Knickerbocker Hotel, the Lien evidenced by the Knickerbocker Mortgage so long as such Lien is held
by, and the underlying Knickerbocker Intercompany Indebtedness is payable to, the Borrower”

  

(e)            Section 2.13
of the Existing Term Loan Agreement is hereby amended and restated in its entirety as follows:

  

“2.13     Extension
of Maturity Date. The Borrower shall have one (1) option to extend (the “Option to Extend”) the Maturity
Date with respect all of the Loans held by Extending Lenders by one (1) year upon satisfaction of each of the following conditions
precedent:

 

(a)            the
Borrower shall provide the Administrative Agent with written notice of the Borrower’s request to exercise the Option to Extend not
more than one hundred twenty (120) days but not less than forty-five (45) days prior to the initial Maturity Date;

  

(b)            as
of the date of receipt by the Administrative Agent of written notice of the Borrower’s request to exercise the Option to Extend
and as of the initial Maturity Date, no Default or Event of Default shall have occurred and be continuing, and the Borrower shall so certify
in writing;

 

(c)            the
Borrower shall have delivered to Administrative Agent a Compliance Certificate, prepared as of the last day of the most recent fiscal
quarter, evidencing pro forma compliance with the covenants set forth in Section 10.1 after giving effect to the repayment of non-extended
Loans on the initial Maturity Date and the extension of the Loans so extended;

 

    3 

     

    

 

(d)            all
representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party
is a party shall be true and correct in all material respects (unless such representation and warranty is qualified by materiality, in
which event such representation and warranty shall be true and correct in all respects) on and as of the date of receipt by the Administrative
Agent) of written notice of the Borrower’s request to exercise the Option to Extend and as of the initial Maturity Date with the
same force and effect as if made on and as of such date, except to the extent that such representations and warranties expressly relate
solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects
(unless such representation and warranty is qualified by materiality, in which event such representation and warranty shall have been
true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted under the
Loan Documents, and the Borrower shall so certify in writing;

 

(e)            the
Borrower shall execute or cause the execution of all documents reasonably required by the Administrative Agent to effect the exercise
of the Option to Extend; and

  

(f)            on
or before the initial Maturity Date, the Borrower shall pay to the Administrative Agent (for the account of the Extending Lenders) the
extension fee provided for in Section 3.5(c).

  

Upon the Borrower’s
exercise of its Option to Extend in accordance with the foregoing, only those Loans held by Extending Lenders shall be extended. Other
than with respect to those Extending Lenders pursuant to clause (i) of the definition thereof, the Borrower specifically acknowledges
that the Option to Extend may be granted or denied in each Lender’s sole discretion, and no Lender can be required to extend such
Lender’s Loans without such Lender’s consent.”

 

(f)            Section 3.5
of the Existing Term Loan Agreement is hereby amended by adding the following new clause (c) at the end thereof as follows:

 

“(c)     Extension
Fees. If the Borrower exercises its right to extend the Maturity Date in accordance with Section 2.13, the Borrower
agrees to pay to the Administrative Agent for the account of each Extending Lender, a fee equal to fifteen hundredths of one percent
(0.15%) of the amount of such Loans held by such Extending Lender.”

 

(g)            Section 10.12(b)(x) of
the Existing Term Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(x)     additional
Acquisitions and Investments in an aggregate amount during the Restriction Period not to exceed:

 

(A)            if
the Outstanding Amount of Revolving Credit Loans (each as defined in the Revolving Credit Agreement) is greater than $0 but does not exceed
$200,000,000 immediately after giving effect to such Acquisition or Investment, $300,000,000; and

 

(B)            if
the Outstanding Amount of Revolving Credit Loans is equal to $0 immediately after giving effect to such Acquisition or Investment, $450,000,000;

 

    4 

     

    

  

provided that any such Acquisitions
or Investments, in the case of this clause (x), are limited to (1) Acquisitions of Eligible Properties which are added as Borrowing
Base Properties in accordance with Section 4.1; (2) Investments in Borrowing Base Properties or Subsidiary Guarantors
or Non-Loan Party BB Subsidiaries that own or ground lease such Borrowing Base Properties; or (3) Acquisition of Properties where
the underlying property is subject to existing Non-Recourse Indebtedness which is assumed by the acquiring Subsidiary; provided,
further, that for purposes of determining compliance with the amount limitations set forth in this clause (x), the principal amount
of any assumed Non-Recourse Indebtedness shall be excluded; and”

 

2.            Conditions
to Effectiveness. The effectiveness of this Amendment is subject to the satisfaction or waiver of the following conditions precedent:

 

(a)            The
Administrative Agent shall have received:

  

		(i)	counterparts of this Amendment duly executed and delivered by the Borrower and the other Loan Parties,
the Administrative Agent and the Requisite Lenders;

  

		(ii)	all other fees and other amounts due and payable on or prior to the date hereof, including reimbursement
or payment of all reasonable and documented out-of-pocket expenses (including fees and reasonable and documented out-of-pocket expenses
of counsel for the Administrative Agent) required to be reimbursed or paid by the Borrower in connection with this Amendment; and

 

		(iii)	a copy of a duly executed amendment to each of the Revolving Credit Agreement and the Capital One Term
Loan Agreement, consistent with the modifications contemplated hereby.

 

(b)            In
the good faith and reasonable judgment of the Administrative Agent the Borrower and each other Loan Party shall have provided (i) all
information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer”
and anti-money laundering rules and regulations, including without limitation, the Patriot Act and (ii) to the extent the Borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in
relation to the Borrower.

 

The Administrative Agent shall
notify in writing the Borrower and the Lenders of the effectiveness of this Amendment, and such notice shall be conclusive and binding.

  

3.            [Intentionally
Omitted].

 

    5 

     

    

 

4.            Representations
and Warranties. The Borrower and the Parent Guarantor each hereby certifies that: (a)  no Default or Event of Default
exists as of the date hereof or would exist immediately, in each case, after giving effect to this Amendment; (b) the
representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan
Party is a party are true and correct in all material respects (unless any such representation and warranty is qualified by
materiality, in which event such representation and warranty is true and correct in all respects) on and as of the date hereof,
except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties were true and correct in all material respects (unless any such representation and warranty is
qualified by materiality, in which event such representation and warranty was true and correct in all respects) on and as of such
earlier date) and except for changes in factual circumstances permitted under the Loan Documents; (c) no consent, approval,
order or authorization of, or registration or filing with, any third party (other than any required filing with the SEC, which the
Borrower agrees to file in a timely manner or filings or recordations required in connection with the perfection of any Lien on the
Collateral in favor of the Administrative Agent) is required in connection with the execution, delivery and carrying out of this
Amendment or, if required, has been obtained; and (d) this Amendment has been duly authorized, executed and delivered so that
it constitutes the legal, valid and binding obligation of the Borrower and the Parent Guarantor, enforceable in accordance with its
terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors
generally and the availability of equitable remedies for the enforcement of certain obligations contained herein and as may be
limited by equitable principles generally. The Borrower and the Parent Guarantor each confirms that the Obligations remain
outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment. Except as
expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any
provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any
of the Lenders’ or the Administrative Agent’s rights and remedies (all of which are hereby reserved).

  

5.            [Intentionally
Omitted].

  

6.            Ratification.
Without in any way establishing a course of dealing by the Administrative Agent or any Lender, the Borrower, the Parent Guarantor and
each Subsidiary Guarantor each hereby reaffirms and confirms its obligations under the Amended Term Loan Agreement, the Guaranty (solely
with respect to the Parent Guarantor and the Subsidiary Guarantors) and the other Loan Documents to which it is a party and each and every
such Loan Document executed by the undersigned in connection with the Existing Term Loan Agreement remains in full force and effect and
is hereby reaffirmed, ratified and confirmed. This Amendment is not intended to and shall not constitute a novation. All references to
the Existing Term Loan Agreement contained in the above-referenced documents shall be a reference to the Amended Term Loan Agreement
and as the same may from time to time hereafter be amended, restated, supplemented or otherwise modified.

 

7.            GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

    6 

     

    

  

8.            Counterparts.
To facilitate execution, this Amendment and any amendments, waivers, consents or supplements may be executed in any number of counterparts
as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature
of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document.
It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, each of the parties hereto.

 

9.            Headings.
The headings of this Amendment are provided for convenience of reference only and shall not affect its construction or interpretation.

 

10.            Miscellaneous.
This Amendment shall constitute a Loan Document under the Amended Term Loan Agreement. This Amendment expresses the entire understanding
of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions shall limit, modify, or otherwise
affect the provisions hereof. Any determination that any provision of this Amendment or any application hereof is invalid, illegal, or
unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any
other instance, or the validity, legality, or enforceability of any other provisions of this Amendment. Each of the Borrower and the
Parent Guarantor represents and warrants that it has consulted with independent legal counsel of its selection in connection herewith
and is not relying on any representations or warranties of the Administrative Agent or its counsel in entering into this Amendment.

 

11.            Litigation;
Jurisdiction; Other Matters; Waivers. The terms and provisions of Section 13.5 of the Existing Term Loan Agreement are
incorporated herein by reference, mutatis mutandis, as though fully set forth herein, and the parties hereto agree to such terms.

  

REST OF PAGE INTENTIONALLY LEFT BLANK

 

    7 

     

    

 

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

  

	 	BORROWER:
	 	 
	 	RLJ LODGING TRUST, L.P.,
 a Delaware
    limited partnership
	 	 
	 	By: 	RLJ Lodging Trust,
	 	 	a Maryland real estate investment trust,
	 	 	its sole general partner
	 	 
	 	By:	 /s/ Leslie D. Hale
	 	 	Name: Leslie D. Hale
	 	 	Title: President and Chief Executive Officer
	 	 
	 	PARENT GUARANTOR:
	 	 
	 	RLJ LODGING TRUST,
	 	a Maryland real estate investment
    trust
	 	 
	 	By: 	/s/ Leslie D. Hale
	 	 	Name: Leslie D. Hale
	 	 	Title: President and Chief Executive Officer

 

RLJ – Eleventh Amendment to Term Loan Agreement

 

     

     

    

 

	 	SUBSIDIARY GUARANTORS:
	 	 
	 	RLJ III – C BUCKHEAD, INC.,
	 	a Texas corporation
	 	 
	 	By:  	 /s/ Leslie D. Hale
	 	 	Name: Leslie D. Hale
	 	 	Title: President and Treasurer
	 	 	 
	 	RLJ III – EM WEST PALM BEACH, INC.,
	 	a Texas corporation
	 	 
	 	By:  	 /s/ Leslie D. Hale
	 	 	Name: Leslie D. Hale
	 	 	Title: President and Treasurer
	 	 
	 	RLJ III – MH DENVER AIRPORT, INC.,
	 	a Delaware corporation
	 	 
	 	By:  	 /s/ Leslie D. Hale
	 	 	Name: Leslie D. Hale
	 	 	Title: President and Treasurer
	 	 
	 	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON ANNEX I HERETO
	 	 
	 	By:  	RLJ LODGING TRUST, L.P.,
	 	a Delaware limited partnership,the direct or indirect holder of all controlling interests in such Subsidiary Guarantor
	 	 
	 	By:   RLJ LODGING TRUST, a Maryland real estate investment trust, its sole general partner
	 	 
	 	By:  	/s/ Leslie D. Hale
	 	 	Name: Leslie D. Hale
	 	 	Title: President and Chief Executive Officer

 

[Signatures Continued on Next Page]

 

RLJ – Eleventh Amendment to Term Loan Agreement

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent and as a Lender
	 	 
	 	By:  	/s/ Daniel S. Dyer
	 	 	Name: Daniel S. Dyer
	 	 	Title: Director

 

[Signatures Continued on Next Page]

 

RLJ – Eleventh Amendment to Term Loan Agreement

 

     

     

    

 

	 	CAPITAL ONE, N.A., as Lender
	 	 	 
		By:	/s/ Jessica W. Phillips
		Name:	Jessica W. Phillips
		Title:	Authorized Signatory

 

     

     

    

 

	 	REGIONS BANK, as Lender
	 	 	 
		By:	/s/ Ghi S. Gavin
	 	Name:	 Ghi S. Gavin
		Title:	Senior Vice President

 

     

     

    

 

	 	RAYMOND JAMES BANK, as Lender
	 	 	 
		By:	/s/ James Armstrong
	 	Name:	James Armstrong
		Title:	SVP Raymond James Bank

 

     

     

    

  

	 	ROYAL BANK OF CANADA, as Lender
	 	 	 
		By:	/s/ Jake Sigmund
	 	Name: 	Jake Sigmund
		Title:	Authorized Signatory

 

     

     

    

  

	 	TRUIST BANK, f/k/a BRANCH BANKING AND TRUST COMPANY, as Lender
	 	 	 
		By:	/s/ Ryan Almond
	 	Name: 	Ryan Almond
		Title:	Director

 

     

     

    

 

ANNEX
I

 

SUBSIDIARY
GUARANTORS

  

	 	Subsidiary GuarantorS
	1.	RLJ C Charleston HD, LLC
	2.	RLJ C HOUSTON HUMBLE, LP
	3.	RLJ C NY Upper Eastside, LLC
	4.	RLJ C PORTLAND DT, LLC
	5.	RLJ C WAIKIKI, LLC
	6.	RLJ CABANA MIAMI BEACH, LLC
	7.	RLJ DBT KEY WEST, LLC
	8.	RLJ EM IRVINE, LP
	9.	RLJ EM Waltham, LLC
	10.	RLJ HGN Emeryville, LP
	11.	RLJ HP Fremont, LP
	12.	RLJ HY ATLANTA MIDTOWN, LLC
	13.	RLJ HyH San Diego, LP
	14.	RLJ HyH San Jose, LP
	15.	RLJ HyH San Ramon, LP
	16.	RLJ HyH Woodlands, LP
	17.	RLJ II – C MIDWAY, LLC
	18.	RLJ II – F CHERRY CREEK, LLC
	19.	RLJ II – F KEY WEST, LLC
	20.	RLJ II – F MIDWAY, LLC
	21.	RLJ II – HA GARDEN CITY, LLC
	22.	RLJ II – HA MIDWAY, LLC
	23.	RLJ II – HG MIDWAY, LLC
	24.	RLJ II - HOLX Midway, LLC
	25.	RLJ II – INDY CAPITOL HOTELS, LLC
	26.	RLJ II – MH DENVER S, LLC
	27.	RLJ II – MH MIDWAY, LLC
	28.	RLJ II – R HOUSTON GALLERIA, LP
	29.	RLJ II – R LOUISVILLE DT KY, LLC
	30.	RLJ II – R MERRILLVILLE, LLC
	31.	RLJ II – RH BOULDER, LLC
	32.	RLJ II – RH PLANTATION, LLC
	33.	RLJ II – S WESTMINSTER, LLC
	34.	RLJ II – SLE MIDWAY, LLC
	35.	RLJ III – DBT Metropolitan Manhattan, LP
	36.	RLJ III – EM Fort Myers, LLC
	37.	RLJ III – EM Tampa DT, LLC

 

     

     

    

 

	38.	RLJ III – HG New Orleans Convention Center, LLC
	39.	RLJ III – HGN Hollywood, LP
	40.	RLJ III – HGN Pittsburgh, LP
	41.	RLJ III – R National Harbor, LLC
	42.	RLJ III – St. Charles Ave Hotel, LLC
	43.	RLJ R Atlanta Midtown, LLC
	44.	RLJ R HOUSTON HUMBLE, LP
	45.	RLJ S Hillsboro, LLC
	46.	RLJ C San francisco, lp
	47.	rlj hp washington dc, llc
	48.	rlj s houston humble, lp
	49.	RLJ C HOUSTON HUMBLE GENERAL PARTNER, LLC
	50.	RLJ EM IRVINE GENERAL PARTNER, LLC
	51.	RLJ HP FREMONT GENERAL PARTNER, LLC
	52.	RLJ HYH SAN DIEGO GENERAL PARTNER, LLC
	53.	RLJ HYH SAN JOSE GENERAL PARTNER, LLC
	54.	RLJ HYH SAN RAMON GENERAL PARTNER, LLC
	55.	RLJ HYH WOODLANDS GENERAL PARTNER, LLC
	56.	RLJ II SENIOR MEZZANINE BORROWER, LLC
	57.	RLJ II JUNIOR MEZZANINE BORROWER, LLC
	58.	RLJ II – R HOUSTON GALLERIA GENERAL PARTNER, LLC
	59.	RLJ III – C BUCKHEAD PARENT, LLC
	60.	RLJ III – EM WEST PALM BEACH PARENT, LLC
	61.	RLJ III – HGN HOLLYWOOD GENERAL PARTNER, LLC
	62.	RLJ R HOUSTON HUMBLE GENERAL PARTNER, LLC
	63.	RLJ C SAN FRANCISCO GENERAL PARTNER, LLC
	64.	RLJ S HOUSTON HUMBLE GENERAL PARTNER, LLC
	65.	RLJ III – DBT MET MEZZ BORROWER, LP
	66.	RLJ III – DBT METROPOLITAN MANHATTAN GP, LLC
	67.	RLJ III – DBT MET MEZZ BORROWER GP, LLC
	68.	DBT MET HOTEL VENTURE, LP
	69.	DBT MET HOTEL VENTURE GP, LLC
	70.	RLJ III – DBT MET HOTEL PARTNER, LLC
	71.	RLJ HGN EMERYVILLE GENERAL PARTNER, LLC
	72.	RLJ III – HGN PITTSBURGH GENERAL PARTNER, LLC
	73.	RLJ II – CR AUSTIN DT, LP
	74.	RLJ II – CR AUSTIN DT GENERAL PARTNER, LLC
	75.	RLJ III – HS WASHINGTON DC, LLC
	76.	RLJ R BETHESDA, LLC
	77.	RLJ II – MH LOUISVILLE DT, LLC
	78.	RLJ III – MH DENVER AIRPORT PARENT, LLC
	79.	RLJ R LOS ALTOS, LP
	80.	RLJ R LOS ALTOS GENERAL PARTNERS, LLC
	81.	RLJ HA ATLANTA MIDTOWN, LLCEX-4.2

 Exhibit 4.2 

SEVENTH SUPPLEMENTAL INDENTURE 

between 
 HERCULES
CAPITAL, INC. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
September 16, 2021 
 SEVENTH SUPPLEMENTAL INDENTURE 

THIS SEVENTH SUPPLEMENTAL INDENTURE (this “Seventh Supplemental Indenture”), dated as of September 16, 2021, is between Hercules Capital, Inc.,
a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below). 

RECITALS OF THE COMPANY 
 The Company and
the Trustee executed and delivered an Indenture, dated as of March 6, 2012 (the “Base Indenture” and, as amended and supplemented by this Seventh Supplemental Indenture, the “Indenture”), to provide for the issuance by the
Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in the Indenture. 

The Company previously entered into the First Supplemental Indenture, dated as of April 17, 2012 (the “First Supplemental Indenture”), the
Second Supplemental Indenture, dated as of September 24, 2012 (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of July 14, 2014, the Fourth Supplemental Indenture, dated as of October 23,
2017, the Fifth Supplemental Indenture, dated as of April 26, 2018 and the Sixth Supplemental Indenture, dated as of September 24, 2018, each of which amended and supplemented the Base Indenture. The First Supplemental Indenture, the
Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture and the Sixth Supplemental Indenture are not applicable to the Notes (as defined below). 

The Company desires to issue and sell $325,000,000 in aggregate principal amount of the Company’s 2.625% Notes due 2026 (the “Notes”). 

Sections 9.01(iv) and 9.01(vi) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of
the Indenture when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as
permitted by Section 2.01 and Section 3.01 of the Base Indenture. 
 The Company desires to establish the form and terms of the Notes and to
modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (a “Future Supplemental Indenture”)).

  
 1 

 The Company has duly authorized the execution and delivery of this Seventh Supplemental Indenture to provide
for the issuance of the Notes and amendment of certain provisions of the Base Indenture as herein provided and all acts and things necessary to make this Seventh Supplemental Indenture a valid, binding, and legal obligation of the Company and to
constitute a valid agreement of the Company, in accordance with its terms, have been done and performed. 
 NOW, THEREFORE, for and in consideration of the
premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 
 TERMS OF THE
NOTES 
 Section 1.01 Terms of the Notes. The following terms relating to the Notes are
hereby established: 
 (a) The Notes shall constitute a series of Senior Securities having the title “2.625% Notes due 2026.” The
Notes shall bear a CUSIP number of 427096 AH5 and an ISIN number of US427096AH50. 
 (b) The aggregate principal amount of the Notes that may
be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05
of the Base Indenture, and except for any Securities that, pursuant to Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $325,000,000. Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the
same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the
Additional Notes unless the context otherwise requires. 
 (c) The entire outstanding principal of the Notes shall be payable on
September 16, 2026, unless earlier redeemed or repurchased in accordance with the provisions of this Seventh Supplemental Indenture. 

(d) The rate at which the Notes shall bear interest shall be 2.625% per annum (the “Applicable Interest Rate”). The date from which
interest shall accrue on the Notes shall be September 16, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be March 16 and September 16 of
each year, commencing March 16, 2022 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a
result of such delayed payment); the initial interest period will be the period from and including September 16, 2021, to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and
including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the
Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1 or September 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee located at 100 Wall Street, Suite 1600, New York, New York, 10005,
Attention: Hercules Capital, Inc. (2.625% Notes Due 2026) and at such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further,
however, that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and the Trustee. Interest on the Notes will be
computed on the basis of a 360-day year of twelve 30-day months. 

(e) The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Seventh Supplemental Indenture. Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall
represent the aggregate amount of outstanding Notes from time to time 

  
 2 

 
endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base
Indenture. 
 (f) The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New
York. The Security Registrar with respect to the Global Notes shall be the Trustee. 
 (g) The Notes shall be defeasible pursuant to
Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.06, 10.08 and 10.09 of the Indenture. 

(h) The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows: 

(i) The Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption Price
equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date: 
 (1) 100% of the
principal amount of the Notes to be redeemed, or 
 (2) the sum of the present values of the remaining scheduled payments of principal and
interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points; 
 provided, however, that if the Company
redeems any Notes on or after August 16, 2026, the Redemption Price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. 

For purposes of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms
have the meanings set forth below: 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes being redeemed. 
 “Comparable Treasury Price” means (1) the average of the remaining Reference
Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Quotation Agent” means a Reference Treasury Dealer selected by the Company. 

“Reference Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC or (2) a primary U.S. government securities
dealer selected by SMBC Nikko Securities America, Inc., or their respective affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates
shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), we shall select another Primary Treasury Dealer. 

  
 3 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 

All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will
be final and binding absent manifest error. 
 (ii) Notice of redemption shall be given in writing and mailed, first-class postage prepaid or
by overnight courier guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture. 

(iii) Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Indenture and the Investment Company
Act, to the extent applicable. 
 (iv) If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will
be selected in accordance with the applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary; provided, however, that no such partial redemption shall
reduce the portion of the principal amount of a Note not redeemed to less than $2,000. 
 (v) Unless the Company defaults in payment of the
Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption hereunder. 
 (i) The
Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture. 
 (j) The Notes shall be issuable in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (k) Holders of the Notes will not have the option to have the
Notes repaid prior to the Stated Maturity other than in accordance with Article Thirteen of the Indenture. 
 (l) The Notes are hereby
designated as “Senior Securities” under the Indenture. 
 ARTICLE II 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 2.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 in appropriate alphabetical
sequence, as follows: 
 “Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by
(i) one Rating Agency if the Notes are rated by less than two Rating Agencies, (ii) both Rating Agencies if the Notes are rated by two Rating Agencies or (iii) at least a majority of such Rating Agencies if the Notes are rated by
three or more Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence
of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that
the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the
time of the Below Investment Grade Rating Event). 

  
 4 

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

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a
series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the
Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any
such sale, lease, transfer, conveyance or disposition; 
 (2) the consummation of any transaction (including, without limitation, any merger
or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by
voting power rather than number of shares; or 
 (3) the approval by the Company’s stockholders of any plan or proposal relating to the
liquidation or dissolution of the Company. 
 “Change of Control Repurchase Event” means the occurrence of a Change of
Control and a Below Investment Grade Rating Event. 
 “Controlled Subsidiary” means any Subsidiary of the Company, 50% or
more of the outstanding equity interests of which are owned by the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies,
whether through the ownership of voting equity interests, by agreement or otherwise. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and any statute successor thereto.” 
 “Fitch” means Fitch, Inc. or any successor
thereto. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.” 

“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations
promulgated thereunder, to the extent applicable, and any statute successor thereto. 
 “Investment Grade” means a rating
of Baa3 or better by Moody’s or a rating of BBB– or better by KBRA (or the equivalent rating under any successor rating categories of Moody’s or KBRA) or the equivalent of any other Rating Agency, as applicable, or in each case, the
equivalent under any successor category of such Rating Agency. 
 “KBRA” means Kroll Bond Rating Agency, LLC, or any
successor thereto. 
 “Moody’s” means Moody’s Investors Services, Inc. or any successor thereto. 

“Permitted Holders” means (i) the Company or (ii) one or more of the Company’s Controlled Subsidiaries 

“Rating Agency” means (1) Moody’s; (2) KBRA; and (3) Fitch or S&P if either of them rates the Notes.

  
 5 

 “S&P” means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business, or any successor thereto. 
 “Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act, as such
regulation is in effect on the date of this Indenture (but excluding any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or
(c) is not consolidated with the Company for purposes of GAAP). 
 “Voting Stock” as applied to stock of any Person,
means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than
shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. 
 ARTICLE III

 SECURITIES FORMS 

Section 3.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Two of the Base Indenture shall be amended by adding the following new Section 2.04 thereto, as set forth below: 

“Section 2.04. Certificated Notes. Notwithstanding anything to the contrary in the Indenture, Notes in physical, certificated form
will be issued and delivered to each person that the Depositary identifies as a beneficial owner of the related Notes only if: 
  

	 	(a)	 the Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary for
the Notes in global form and a successor depositary is not appointed within 90 days; 

  

	 	(b)	 the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary
is not appointed within 90 days; or 

  

	 	(c)	 an Event of Default with respect to the Notes has occurred and is continuing and such beneficial owner requests
that its Notes be issued in physical, certificated form.” 

 ARTICLE IV 

EXECUTION OF SECURITIES 

Section 4.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 3.03 of the Base Indenture shall be amended by replacing the first paragraph thereof with the following: 

“The Securities shall be executed on behalf of the Company by any one of the Chairman of the Board, the Chief Executive
Officer, the Chief Financial Officer or one of its Co-Presidents and attested by its Secretary. The signature of any of these officers on the Securities may be manual or facsimile signatures of the present or
any future such authorized officer and may be imprinted or otherwise reproduced on the Securities.” 
 ARTICLE V 

REMEDIES 

Section 5.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clauses (ii) and (iv) thereof with the following: 

  
 6 

 “(ii) default in the payment of the principal of (or premium, if any,
on) any Note when it becomes due and payable at its Maturity, including upon any Redemption Date or required repurchase date; or” 

“(iv) the Company’s failure for 60 consecutive days after written notice from the Trustee or the Holders of at least
25% in principal amount of the Notes then Outstanding has been received to comply with any of the Company’s other agreements contained in the Notes or this Indenture; or” 

Section 5.02 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by adding the following language as clause (ix): 

“default by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which
there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $50 million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists
or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon
required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such
failure is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.” 

Section 5.03 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first paragraph of Section 5.02 with the following: 

“If an Event of Default with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default
specified in Section 5.01(v) or 5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Outstanding Notes to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal shall become immediately due and payable; provided that 100% of the principal of, and accrued and unpaid interest on, the Notes will
automatically become due and payable in the case of an Event of Default specified in Section 5.01(v) or 5.01(vi) hereof. 

Section 5.04 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.12 of the Base Indenture shall be amended by replacing clause (iii) thereof with the following:

“the Trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to
the Holders of Notes not consenting.” 
 ARTICLE VI 

COVENANTS 

Section 6.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections 10.08 and 10.09 thereto, each as set forth below:

 “Section 10.08 Section 18(a)(1)(A) of the Investment Company Act. 

  
 7 

 The Company hereby agrees that for the period of time during which Notes are
Outstanding, the Company will not violate (whether or not it is subject to) Section 18(a)(1)(A) as modified by Section 61(a)(1) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, giving effect to
any exemptive relief granted to the Company by the Commission (even if the Company is no longer subject to such provisions of the Investment Company Act).” 

“Section 10.09 Commission Reports and Reports to Holders. 

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to
file any periodic reports with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the
Company, audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial
statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.” 

ARTICLE VII 
 OFFER TO
REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT 
 Section 7.01 Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by replacing Sections
13.01 to 13.05 with the following: 
 “Section 13.01 Change of Control. 

If a Change of Control Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company
shall make an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the
aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s
option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of
a Change of Control Repurchase Event. 
 To the extent that the provisions of any securities laws or regulations conflict with this
Section 13.01, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue of such conflict. 

On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment
Company Act, the Company shall, to the extent lawful: 
  

	 	(1)	 accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;

  

	 	(2)	 deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or
portions of Notes properly tendered; and 

  

	 	(3)	 deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’
Certificate stating the aggregate principal amount of Notes being purchased by the Company. 

  
 8 

 The Paying Agent will promptly remit to each Holder of Notes properly tendered the purchase
price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each
new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 If any Repayment Date upon
a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment. 

The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an
offer in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.” 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 This Seventh Supplemental Indenture and the Notes shall be governed by and construed in accordance with
the law of the State of New York, without regard to principles of conflicts of laws. This Seventh Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent
applicable, be governed by such provisions. If any provision of the Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the imposed duties will control. 

Section 8.02 In case any provision in this Seventh Supplemental Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 8.03 This Seventh Supplemental Indenture may be executed in counterparts, each of which will be an original,
but such counterparts will together constitute but one and the same Seventh Supplemental Indenture. The exchange of copies of this Seventh Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means
shall constitute effective execution and delivery of this Seventh Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their
original signatures for all purposes. 
 Section 8.04 The Base Indenture, as supplemented and amended by this
Seventh Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Seventh Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented
by this Seventh Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Seventh Supplemental Indenture. 

Section 8.05 The provisions of this Seventh Supplemental Indenture shall become effective as of the date hereof. 

Section 8.06 Notwithstanding anything else to the contrary herein, the terms and provisions of this Seventh
Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this Seventh Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the
terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding. 

Section 8.07 The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Seventh Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is
duly authorized to execute and deliver this Seventh Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the
Notes or any Additional Notes or the proceeds thereof. 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture to be duly executed
as of the date first above written. 
  

			
	HERCULES CAPITAL, INC.
		
	By:	 	 /s/ Seth H. Meyer

	Name:	 	Seth H. Meyer
	Title:	 	Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Karen R. Beard

	Name:	 	Karen R. Beard
	Title:	 	Vice President

 [Signature page to Seventh Supplemental Indenture] 

 Exhibit A – Form of Global Note 

This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or
a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a
nominee thereof, except in the limited circumstances described in the Indenture. 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other
name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest
herein. 
 Hercules Capital, Inc. 
  

					
	 No.
	  	$	 	 
		  	 	CUSIP No. 427096 AH5	 
		  	 	ISIN No. US427096AH50	 

 2.625% Notes due 2026 

Hercules Capital, Inc., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                U.S. DOLLARS (U.S.$                ) on September 16, 2026, and to
pay interest thereon from September 16, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on March 16 and September 16 in each year, commencing March 16, 2022, at the rate of
2.625% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be March 1 and September 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This
Security may be issued as part of a series. 
 Payment of the principal of (and premium, if any, on) and any such interest on this Security will be made at
the office of the Trustee located at 100 Wall Street, Suite 1600, New York, New York, 10005, Attention: Hercules Capital, Inc. (2.625% Notes Due 2026) and at such other address as designated by the Trustee, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided, further, however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures
established by The Depository Trust Company and the Trustee. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

 Dated: 
  

			
	HERCULES CAPITAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
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 Hercules Capital, Inc. 

2.625% Notes due 2026 
 This Security is
one of a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 6, 2012 (herein called the “Base
Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered, as amended and supplemented by the Seventh Supplemental Indenture relating to the Securities, dated as of September 16, 2021, by and between the Company and the Trustee
(herein called the “Seventh Supplemental Indenture”; and together with the Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the Seventh Supplemental Indenture, the Seventh Supplemental
Indenture shall govern and control. 
 This Security is one of the series designated on the face hereof, which series is initially limited in aggregate
principal amount to $325,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional
Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing Securities will constitute a
single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 
 The Securities of this series are subject to redemption in whole or
in part at any time or from time to time, at the option of the Company, at a Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date: 

 

	 	(a)	 100% of the principal amount of the Securities to be redeemed, or 

 

	 	(b)	 the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of
accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points; 

 provided, however, that if
the Company redeems any Securities on or after August 16, 2026, the Redemption Price for the Securities will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding,
the Redemption Date. 
 For purposes of calculating the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the
following terms have the meanings set forth below: 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to
the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Securities being redeemed. 

  
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 “Comparable Treasury Price” means (1) the average of the remaining Reference Treasury Dealer
Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Quotation Agent” means a Reference Treasury Dealer selected by the Company. 

“Reference Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC or (2) a primary U.S. government securities dealer selected
by SMBC Nikko Securities America, Inc., or their respective affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates
shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date. 
 All determinations made by any Reference Treasury Dealer, including the Quotation Agent,
with respect to determining the Redemption Price will be final and binding absent manifest error. 
 Notice of redemption shall be given in writing and
mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days
prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture. 

Any exercise of the Company’s option to redeem the Securities will be done in compliance with the Indenture and the Investment Company Act, to the extent
applicable. 
 If the Company elects to redeem only a portion of the Securities, the Trustee or, with respect to Global Notes, the Depositary will determine
the method for selecting the particular Securities to be redeemed, in accordance with the Indenture and the Investment Company Act, to the extent applicable. In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial redemption shall reduce the portion of the principal amount
of a Security not redeemed to less than $2,000. 
 Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date,
interest will cease to accrue on the Notes called for redemption. 
 Holders will have the right to require the Company to repurchase their Securities upon
the occurrence of a Change of Control Repurchase Event as set forth in the Indenture. 
 The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events of
bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of
bankruptcy, insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become due and payable. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture 

  
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also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as
Trustee and offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities
of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are
issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. 
 The Indenture and this Security shall be governed by and construed in accordance with the laws of the
State of New York, without regard to principles of conflicts of laws. 

  
 5

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