Document:

Exhibit 4.5

 

CooTek (Cayman) Inc.

 

INDENTURE

 

Dated as of [            ]

 

[            ]

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
ARTICLE I   DEFINITIONS AND INCORPORATION BY REFERENCE
    	
2
    
	
Section 1.1
    	
Definitions
    	
2
    
	
Section 1.2
    	
Other Definitions
    	
5
    
	
Section 1.3
    	
Incorporation by   Reference of Trust Indenture Act
    	
6
    
	
Section 1.4
    	
Rules of   Construction
    	
6
    
	
ARTICLE II THE   SECURITIES
    	
6
    
	
Section 2.1
    	
Issuable in Series
    	
6
    
	
Section 2.2
    	
Establishment of Terms   of Series of Securities
    	
7
    
	
Section 2.3
    	
Execution and   Authentication
    	
9
    
	
Section 2.4
    	
Registrar and Paying   Agent
    	
10
    
	
Section 2.5
    	
Paying Agent to Hold   Money in Trust
    	
11
    
	
Section 2.6
    	
Security Holder Lists
    	
11
    
	
Section 2.7
    	
Transfer and Exchange
    	
11
    
	
Section 2.8
    	
Mutilated, Destroyed,   Lost and Stolen Securities
    	
12
    
	
Section 2.9
    	
Outstanding Securities
    	
12
    
	
Section 2.10
    	
Treasury Securities
    	
13
    
	
Section 2.11
    	
Temporary Securities
    	
13
    
	
Section 2.12
    	
Cancellation
    	
13
    
	
Section 2.13
    	
Defaulted Interest
    	
13
    
	
Section 2.14
    	
Global Securities
    	
14
    
	
Section 2.15
    	
CUSIP Numbers
    	
15
    
	
ARTICLE III   REDEMPTION
    	
15
    
	
Section 3.1
    	
Notice to Trustee
    	
15
    
	
Section 3.2
    	
Selection of Securities   to be Redeemed
    	
15
    
	
Section 3.3
    	
Notice of Redemption
    	
16
    
	
Section 3.4
    	
Effect of Notice of   Redemption
    	
16
    
	
Section 3.5
    	
Deposit of Redemption   Price
    	
17
    
	
Section 3.6
    	
Securities Redeemed in   Part
    	
17
    
	
ARTICLE IV   COVENANTS
    	
17
    
	
Section 4.1
    	
Payment of Principal   and Interest.
    	
17
    
	
Section 4.2
    	
SEC Reports
    	
17
    
	
Section 4.3
    	
Compliance Certificate
    	
17
    
	
Section 4.4
    	
Stay, Extension and   Usury Laws
    	
18
    
	
Section 4.5
    	
Corporate Existence
    	
18
    
	
ARTICLE V   SUCCESSORS
    	
18
    
	
Section 5.1
    	
When Company   May Merge, Etc.
    	
18
    
	
Section 5.2
    	
Successor Corporation   Substituted
    	
19
    
	
ARTICLE VI   DEFAULTS AND REMEDIES
    	
19
    
	
Section 6.1
    	
Events of Default
    	
19
    
	
Section 6.2
    	
Acceleration of   Maturity; Rescission and Annulment
    	
20
    
	
Section 6.3
    	
Collection of   Indebtedness and Suits for Enforcement by Trustee
    	
21
    
	
Section 6.4
    	
Trustee May File   Proofs of Claim
    	
21
    

 

i

 

	
Section 6.5
    	
Trustee   May Enforce Claims Without Possession of Securities
    	
22
    
	
Section 6.6
    	
Application of Money   Collected
    	
22
    
	
Section 6.7
    	
Limitation on Suits
    	
23
    
	
Section 6.8
    	
Unconditional Right of   Holders to Receive Principal and Interest
    	
23
    
	
Section 6.9
    	
Restoration of Rights   and Remedies
    	
23
    
	
Section 6.10
    	
Rights and Remedies   Cumulative
    	
24
    
	
Section 6.11
    	
Delay or Omission Not   Waiver
    	
24
    
	
Section 6.12
    	
Control by Holders
    	
24
    
	
Section 6.13
    	
Waiver of Past Defaults
    	
24
    
	
Section 6.14
    	
Undertaking for Costs
    	
25
    
	
ARTICLE VII   TRUSTEE
    	
25
    
	
Section 7.1
    	
Duties of Trustee
    	
25
    
	
Section 7.2
    	
Rights of Trustee
    	
26
    
	
Section 7.3
    	
Force Majeure
    	
27
    
	
Section 7.4
    	
Individual Rights of   Trustee
    	
28
    
	
Section 7.5
    	
Trustee’s Disclaimer
    	
28
    
	
Section 7.6
    	
Notice of Defaults
    	
28
    
	
Section 7.7
    	
Reports by Trustee to   Holders
    	
28
    
	
Section 7.8
    	
Compensation and   Indemnity
    	
29
    
	
Section 7.9
    	
Replacement of Trustee
    	
29
    
	
Section 7.10
    	
Successor Trustee by   Merger, etc.
    	
30
    
	
Section 7.11
    	
Eligibility; Disqualification
    	
30
    
	
Section 7.12
    	
Preferential Collection   of Claims Against Company
    	
31
    
	
ARTICLE VIII   SATISFACTION AND DISCHARGE; DEFEASANCE
    	
31
    
	
Section 8.1
    	
Satisfaction and   Discharge of Indenture
    	
31
    
	
Section 8.2
    	
Application of Trust   Funds; Indemnification
    	
32
    
	
Section 8.3
    	
Legal Defeasance of   Securities of any Series
    	
32
    
	
Section 8.4
    	
Covenant Defeasance
    	
34
    
	
Section 8.5
    	
Repayment to Company
    	
35
    
	
ARTICLE IX   SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS
    	
35
    
	
Section 9.1
    	
Without Consent of   Holders
    	
35
    
	
Section 9.2
    	
With Consent of Holders
    	
36
    
	
Section 9.3
    	
Limitations
    	
36
    
	
Section 9.4
    	
Compliance with Trust   Indenture Act
    	
37
    
	
Section 9.5
    	
Revocation and Effect   of Consents
    	
37
    
	
Section 9.6
    	
Notation on or Exchange   of Securities
    	
37
    
	
Section 9.7
    	
Trustee Protected
    	
37
    
	
ARTICLE X   MISCELLANEOUS
    	
38
    
	
Section 10.1
    	
Trust Indenture Act   Controls
    	
38
    
	
Section 10.2
    	
Notices
    	
38
    
	
Section 10.3
    	
Communication by   Holders with Other Holders
    	
38
    
	
Section 10.4
    	
Certificate and Opinion   as to Conditions Precedent
    	
39
    
	
Section 10.5
    	
Statements Required in Certificate   or Opinion
    	
39
    
	
Section 10.6
    	
Legal Holidays
    	
39
    
	
Section 10.7
    	
No Recourse Against   Others
    	
39
    

 

ii

 

	
Section 10.8
    	
Counterparts
    	
40
    
	
Section 10.9
    	
Governing Laws
    	
40
    
	
Section 10.10
    	
No Adverse   Interpretation of Other Agreements
    	
40
    
	
Section 10.11
    	
Successors
    	
40
    
	
Section 10.12
    	
Severability
    	
40
    
	
Section 10.13
    	
Table of Contents,   Headings, Etc.
    	
40
    
	
Section 10.14
    	
Securities in a Foreign   Currency or in ECU
    	
41
    
	
Section 10.15
    	
Judgment Currency
    	
41
    
	
ARTICLE XI   SINKING FUNDS
    	
42
    
	
Section 11.1
    	
Applicability of   Article
    	
42
    
	
Section 11.2
    	
Satisfaction of Sinking   Fund Payments with Securities
    	
42
    
	
Section 11.3
    	
Redemption of   Securities for Sinking Fund
    	
43
    

 

iii

 

CooTek (Cayman) Inc. Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of [                              ]

 

Note:  This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

 

	
§ 310(a)(1)
    	
 
    	
7.11
    
	
(a)(2)
    	
 
    	
7.11
    
	
(a)(3)
    	
 
    	
Not Applicable
    
	
(a)(4)
    	
 
    	
Not Applicable
    
	
(a)(5)
    	
 
    	
7.11
    
	
(b)
    	
 
    	
7.11
    
	
§ 311(a)
    	
 
    	
7.12
    
	
(b)
    	
 
    	
7.12
    
	
§ 312(a)
    	
 
    	
2.6
    
	
(b)
    	
 
    	
10.3
    
	
(c)
    	
 
    	
10.3
    
	
§ 313(a)
    	
 
    	
7.7
    
	
(b)(1)
    	
 
    	
7.7
    
	
(b)(2)
    	
 
    	
7.7
    
	
(c)
    	
 
    	
7.7
    
	
(d)
    	
 
    	
7.7
    
	
§ 314(a)
    	
 
    	
4.2, 10.5
    
	
(b)
    	
 
    	
Not Applicable
    
	
(c)(1)
    	
 
    	
10.4
    
	
(c)(2)
    	
 
    	
10.4
    
	
(c)(3)
    	
 
    	
Not Applicable
    
	
(d)
    	
 
    	
Not Applicable
    
	
(e)
    	
 
    	
10.5
    
	
(f)
    	
 
    	
Not Applicable
    
	
§ 315(a)
    	
 
    	
7.1
    
	
(b)
    	
 
    	
7.6
    
	
(c)
    	
 
    	
7.1
    
	
(d)
    	
 
    	
7.1
    
	
(e)
    	
 
    	
6.14
    
	
§ 316(a)
    	
 
    	
2.10
    
	
(a)(1)(A)
    	
 
    	
6.12
    
	
(a)(1)(B)
    	
 
    	
6.13
    
	
(b)
    	
 
    	
6.8
    
	
§ 317(a)(1)
    	
 
    	
6.3
    
	
(a)(2)
    	
 
    	
6.4
    
	
(b)
    	
 
    	
2.5
    
	
§ 318(a)
    	
 
    	
10.1
    

 

1

 

Indenture dated as of [          ] between CooTek (Cayman) Inc., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Company”), and [          ] (“Trustee”).

 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I
  DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1            Definitions.

 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified person.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.

 

“Agent” means any Registrar, Paying Agent or Notice Agent.

 

“Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof.

 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.

 

“Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close or a day the Corporate Trust Office is closed.

 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company” means the party named as such above until a successor replaces it and thereafter means the successor.

 

2

 

“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.

 

“Company Request” means a written request signed in the name of the Company by its Chairman, its Chief Executive Officer, or its President and by its Chief Financial Officer and delivered to the Trustee.

 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.

 

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

 

“Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars” and “$” means the currency of The United States of America.

 

“ECU” means the European Currency Unit as determined by the Commission of the European Union.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.

 

3

 

“Holder” or “Security Holder” means a person in whose name a Security is registered.

 

“IFRS” means International Financial Reporting Standards, as issued by the International Accounting Standards Board, , which are in effect as of the date of determination.

 

“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.

 

“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,” when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Officer” means the Chairman, President, the Chief Executive Officer, the Chief Technology Officer, the Chief Financial Officer, Vice President of Global Business, the Chief Growth Officer or the Senior Engineering Director of the Company.

 

“Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.

 

“Opinion of Counsel” means a written opinion of legal counsel, which opinion, is acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company.

 

“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject and who shall in each case have direct responsibility for the administration of this Indenture.

 

“SEC” means the Securities and Exchange Commission.

 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

 

“Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable.

 

4

 

“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations” means securities which are (i) direct obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.

 

Section 1.2            Other Definitions.

 

	
TERM
    	
 
    	
DEFINED IN SECTION
    
	
“Bankruptcy Law”
    	
 
    	
6.1
    
	
“Custodian”
    	
 
    	
6.1
    
	
“Event of Default”
    	
 
    	
6.1
    
	
“Journal”
    	
 
    	
10.15
    
	
“Judgment Currency”
    	
 
    	
10.16
    
	
“Legal Holiday”
    	
 
    	
10.7
    
	
“mandatory sinking fund payment”
    	
 
    	
11.1
    
	
“Market Exchange Rate”
    	
 
    	
10.15
    
	
“New York Banking Day”
    	
 
    	
10.16
    
	
“Notice Agent”
    	
 
    	
2.4
    
	
“optional sinking fund payment”
    	
 
    	
11.1
    
	
“Paying Agent”
    	
 
    	
2.4
    
	
“Registrar”
    	
 
    	
2.4
    
	
“Required Currency”
    	
 
    	
10.16
    
	
“successor person”
    	
 
    	
5.1
    

 

5

 

Section 1.3            Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities.

 

“indenture security holder” means a Security Holder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional trustee” means the Trustee.

 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.

 

Section 1.4            Rules of Construction.

 

Unless the context otherwise requires:

 

(a)           a term has the meaning assigned to it;

 

(b)           an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS; 4

 

(c)           “or” is not exclusive;

 

(d)           words in the singular include the plural, and in the plural include the singular; and

 

(e)           provisions apply to successive events and transactions.

 

ARTICLE II
  THE SECURITIES

 

Section 2.1            Issuable in Series.

 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is [US$100 million].  The Securities may be issued in one or more Series.  All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the  adoption of the terms thereof pursuant to authority granted under a Board Resolution.  In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

6

 

Section 2.2            Establishment of Terms of Series of Securities.

 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.21) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or Officers’ Certificate, and associated supplemental indenture:

 

2.2.1       the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

2.2.2       the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3       any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4       the date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5       the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6       the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other means;

 

2.2.7       if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

 

7

 

2.2.8       the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

2.2.9       the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10     if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

2.2.11     the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12     if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13     the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such composite currency;

 

2.2.14     the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

 

2.2.15     if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

2.2.16     the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

 

2.2.17     the provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.18     any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

2.2.19     any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; 6

 

8

 

2.2.20     any material income tax considerations applicable;

 

2.2.21     if the Securities of the Series are to be convertible into or exchangeable for any securities of any Person (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable;

 

2.2.22     whether the Securities of the Series are subject to subordination and the terms of such subordination;

 

2.2.23     any other terms of the Securities of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series); and

 

2.2.24     any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein.

 

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above.

 

Section 2.3            Execution and Authentication.

 

Two Officers shall sign the Securities for the Company by manual or facsimile signature.

 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.  Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

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The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.4            Registrar and Paying Agent.

 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange, where Securities of such Series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, where Securities of such Series may be surrendered for conversion or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”).  The Trustee or Notice Agent, as applicable, shall deliver such notices and demands to the Company in accordance with Section 10.2 hereof.  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent.  If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or delivered at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate one or more co-registrars, additional paying agents or notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or notice agent.  The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent.

 

The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

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The Company hereby appoints The Depository Trust Company to act as Depositary with respect to the Securities.

 

Section 2.5            Paying Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Security Holders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.  If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Security Holders of any Series of Securities all money held by it as Paying Agent.

 

Section 2.6            Security Holder Lists.

 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Security Holders of each Series of Securities and shall otherwise comply with TIA § 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Security Holders of each Series of Securities.

 

Section 2.7            Transfer and Exchange.

 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities upon receipt of a Company Order.  No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

 

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Section 2.8            Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 2.9            Outstanding Securities.

 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

 

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

 

If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.

 

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A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10          Treasury Securities.

 

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

 

Section 2.11          Temporary Securities.

 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee, upon receipt of a Company Order, shall authenticate temporary Securities upon a Company Order.  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt of a Company Order, shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.  Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12          Cancellation.

 

The Company at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.  Upon receipt of written instruction from the Company, the Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities and deliver a certificate of such destruction to the Company, unless the Company otherwise directs.  The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

Section 2.13          Defaulted Interest.

 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Security Holders of the Series on a subsequent special record date.  The Company shall fix the record date and payment date.  At least 10 days before the record date, the Company shall mail to the Trustee and to each Security Holder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.

 

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Section 2.14          Global Securities.

 

2.14.1     Terms of Securities.  A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.

 

2.14.2     Transfer and Exchange.  Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

2.14.3     Legend.  Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary.  This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.”

 

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2.14.4     Acts of Holders.  The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

2.14.5     Payments.  Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6     Consents, Declaration and Directions.  Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15          CUSIP Numbers.

 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.

 

ARTICLE III
  REDEMPTION

 

Section 3.1            Notice to Trustee.

 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed.  The Company shall give the Trustee notice at least 45 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).

 

Section 3.2            Selection of Securities to be Redeemed.

 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate and in accordance with its customary practices or the selection shall be in accordance with DTC procedures, as applicable.  The Trustee shall make the selection from Securities of the

 

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Series outstanding not previously called for redemption.  The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000.  Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral multiples thereof.  Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

Section 3.3            Notice of Redemption.

 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

 

The notice shall identify the Securities of the Series to be redeemed and shall state:

 

(a)           the redemption date;

 

(b)           the redemption price;

 

(c)           the name and address of the Paying Agent;

 

(d)           that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(e)           that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;

 

(f)            the CUSIP number, if any; and

 

(g)           any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee shall give the notice of redemption prepared by the Company, in the Company’s name and at its expense.

 

Section 3.4            Effect of Notice of Redemption.

 

Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price.  A notice of redemption may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

 

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Section 3.5            Deposit of Redemption Price.

 

On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6            Securities Redeemed in Part.

 

Upon surrender of a Security that is redeemed in part, the Trustee, upon receipt of a Company Order, shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE IV
  COVENANTS

 

Section 4.1            Payment of Principal and Interest.

 

The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2            SEC Reports.

 

The Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company also shall comply with the other provisions of TIA § 314(a).

 

Section 4.3            Compliance Certificate.

 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (which on the date hereof ends on December 31) of the Company, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge).

 

The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

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Section 4.4            Stay, Extension and Usury Laws.

 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.5            Corporate Existence.

 

Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory), licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right, license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

ARTICLE V
  SUCCESSORS

 

Section 5.1            When Company May Merge, Etc.

 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”) unless:

 

(a)           the Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture and

 

(b)           immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company.  Neither an Officers’ Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

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Section 5.2            Successor Corporation Substituted.

 

Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE VI
  DEFAULTS AND REMEDIES

 

Section 6.1            Events of Default.

 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(a)           default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or

 

(b)           default in the payment of principal of any Security of that Series at its Maturity; or

 

(c)           default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(d)           the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)            commences a voluntary case,

 

(ii)           consents to the entry of an order for relief against it in an involuntary case,

 

(iii)          consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)          makes a general assignment for the benefit of its creditors, or

 

(v)           generally is unable to pay its debts as the same become due; or

 

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(e)           a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)            is for relief against the Company in an involuntary case,

 

(ii)           appoints a Custodian of the Company or for all or substantially all of its property, or

 

(iii)          orders the liquidation of the Company,

 

and the order or decree remains unstayed and in effect for 60 days; or

 

(f)            any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18.

 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2            Acceleration of Maturity;  Rescission and Annulment.

 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable.  If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

No such rescission shall affect any subsequent Default or impair any right consequent thereon.

 

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Section 6.3            Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(a)           default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or

 

(b)           default is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)           default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 

then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

Notwithstanding any other provision of this Indenture, if an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by pursuing any available remedy by proceeding at law or in equity as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4            Trustee May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

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(a)           to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

(b)           to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8.

 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.5            Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.6            Application of Money Collected.

 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:  To the payment of all amounts due the Trustee under Section 7.8; and

 

Second:  To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

 

Third:  To the Company or to such party as a court of competent jurisdiction shall direct.

 

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Section 6.7            Limitation on Suits.

 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(a)           such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;

 

(b)           the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)           such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;

 

(d)           the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(e)           no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;

 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

Section 6.8            Unconditional Right of Holders to Receive Principal and Interest.

 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 6.9            Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

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Section 6.10          Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11          Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12          Control by Holders.

 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that

 

(a)           such direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)           the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(c)           subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

Section 6.13          Waiver of Past Defaults.

 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

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Section 6.14          Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII
  TRUSTEE

 

Section 7.1            Duties of Trustee.

 

(a)           If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

(b)           Except during the continuance of an Event of Default:

 

(i)            The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii)           In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c)           The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(i)            This paragraph does not limit the effect of paragraph (b) of this Section.

 

(ii)           The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 

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(iii)          The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

(iv)          Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(d)           The Trustee may refuse to perform any duty or exercise any right or power unless it receives security or indemnity satisfactory to it against any loss, liability or expense.

 

(e)           The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(f)            No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it.

 

(g)           The Paying Agent, the Registrar, the Notice Agent, any agent and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

 

Section 7.2            Rights of Trustee.

 

(a)           The Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper person.  The Trustee need not investigate any fact or matter stated in the document.

 

(b)           Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.  No such Officers’ Certificate or Opinion of Counsel shall be at the expense of the Trustee.  Any request or direction of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate.

 

(c)           The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.  No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

(d)           The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute negligence or bad faith.  The Trustee shall not be liable for any special, punitive or consequential damages, even if they were reasonably foreseeable.

 

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(e)           The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder, and the Trustee may conclusively rely on any such advice or Opinion of Counsel.

 

(f)            The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)           The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.

 

(h)           The Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default under Section 6.1 or 6.2) unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

(i)            The rights, privileges, protections, immunities and benefits given to the Trustee, including without limitation its right to be indemnified, are extended to, and shall enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder.

 

(j)            The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

 

(k)           The Trustee shall have no duty to inquire as to or monitor the performance of the Issuer with respect to the covenants contained in Article IV.

 

(l)            The Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and powers under this Indenture.

 

(m)          Nothing herein shall be deemed to require the Trustee to submit to the jurisdiction or venue of a non-U.S. court.

 

Section 7.3            Force Majeure.

 

(a)           The Trustee shall have no liability for delays or inability to perform its duties hereunder due to forces majeures, events beyond its control, such as (but not exclusively) civil unrest, earthquakes, hurricanes or other natural disasters, floods, utility failures, transmission interruptions, power failures, wars, governmental declarations or Acts of God; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

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(b)           Delivery of reports or information by the Company shall not be deemed to confer actual or constructive knowledge or notice on the Trustee with respect to a Default or Event of Default, or otherwise.

 

Section 7.4            Individual Rights of Trustee.

 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.11 and 7.12.

 

Section 7.5            Trustee’s Disclaimer.

 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.6            Notice of Defaults.

 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail (or deliver notice subject to the applicable procedures of the Depositary or relevant clearing system) to each Security Holder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has written notice of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, or in the payment of any sinking fund installment, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Security Holders of that Series.

 

Section 7.7            Reports by Trustee to Holders.

 

Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Security Holders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its mailing to Security Holders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

 

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Section 7.8            Compensation and Indemnity.

 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.  Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify each of the Trustee and any predecessor Trustee against any loss, liability or expense (including the cost of defending itself) incurred by it except as set forth in the next paragraph in the performance of the Trustee duties under this Indenture as Trustee or Agent.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity; provided, however, that failure to so notify the Company shall not relieve it of its obligations hereunder.  The Company shall defend the claim and the Trustee shall cooperate in the defense; provided, however, the Trustee may conduct its own defense if there is a conflict of interest between the interests of the Company and those of the Trustee.  The Trustee may have one separate counsel (in addition to local counsel, if applicable) and the Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.  This indemnification shall apply to officers, directors, employees, shareholders and Agents or agents of the Trustee.

 

The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder, Agent or agent of the Trustee to the extent it is attributed to its own negligence or willful conduct as determined by a court of competent jurisdiction in a final, non-appealable order.

 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section shall survive the termination of this Indenture and the resignation and removal of the Trustee.

 

Section 7.9            Replacement of Trustee.

 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

 

The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.  The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.  The Company may remove the Trustee with respect to Securities of one or more Series if:

 

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(a)           the Trustee fails to comply with Section 7.11;

 

(b)           the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(c)           a Custodian or public officer takes charge of the Trustee or its property; or

 

(d)           the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee upon payment of its fees and expenses then unpaid shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.8, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall mail a notice of its succession to each Security Holder of each such Series.  Notwithstanding replacement of the Trustee pursuant to this Section 7.9, the Company’s obligations under Section 7.8 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.

 

Section 7.10          Successor Trustee by Merger, etc.

 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

 

Section 7.11          Eligibility;  Disqualification.

 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least $150,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA § 310(b).

 

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Section 7.12          Preferential Collection of Claims Against Company.

 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

ARTICLE VIII
  SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1            Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)           either

 

(i)            all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)           all such Securities not theretofore delivered to the Trustee for cancellation

 

(1)           have become due and payable, or

 

(2)           will become due and payable at their Stated Maturity within one year, or

 

(3)           have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4)           are deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

(b)           the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(c)           the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

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Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.8, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section 8.2            Application of Trust Funds;  Indemnification.

 

(a)           Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

(b)           The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 

(c)           The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3            Legal Defeasance of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:

 

(a)           the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

 

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(b)           the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c)           the rights, powers, trust and immunities of the Trustee hereunder;

 

provided that, the following conditions shall have been satisfied:

 

(d)           the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants

 

expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(e)           such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

 

(f)            no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date;

 

(g)           the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

 

(h)           the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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(i)            the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

Section 8.4            Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a)           With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(b)           Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

 

(c)           No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

 

(d)           The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred;

 

34

 

(e)           The Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)            The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5            Repayment to Company.

 

The Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal and interest that remains unclaimed for two years.  After that, Security Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.

 

ARTICLE IX
  SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS

 

Section 9.1            Without Consent of Holders.

 

The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Security Holder:

 

(a)           to cure any ambiguity, defect or inconsistency;

 

(b)           to comply with Article V;

 

(c)           to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)           to make any change that does not adversely affect the rights of any Security Holder;

 

(e)           to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

(f)            to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or

 

(g)           to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

35

 

Section 9.2            With Consent of Holders.

 

The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Security Holders of each such Series.  Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.

 

It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver.  Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3            Limitations.

 

Without the consent of each Security Holder affected, an amendment or waiver may not:

 

(a)           reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)           reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)           reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

(d)           reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

(e)           waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

(f)            make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)           make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

36

 

(h)           waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

Section 9.4            Compliance with Trust Indenture Act.

 

Every amendment or waiver to this Indenture or the issuance of and establishment of the form and terms and conditions of Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5            Revocation and Effect of Consents.

 

Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.

 

Any amendment or waiver once effective shall bind every Security Holder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 

Section 9.6            Notation on or Exchange of Securities.

 

The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.  The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7            Trustee Protected.

 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

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ARTICLE X
  MISCELLANEOUS

 

Section 10.1          Trust Indenture Act Controls.

 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

 

Section 10.2          Notices.

 

Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing, in the English language, referencing this Indenture and the applicable securities or series of securities, and delivered in person or mailed by first-class mail, or by facsimile transmission:

 

if to the Company:

 

[·]

9-11F, No.16, Lane 399, Xinlong Road, Minhang District

Shanghai, 201101

People’s Republic of China

 

if to the Trustee:

 

[              ]

Fax No: [              ]

Attention: [              ]

 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication to a Security Holder shall be mailed by first-class mail to his address shown on the register kept by the Registrar or delivered subject to the applicable procedures of Depositary or relevant clearing system.  Failure to mail a notice or communication to a Security Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Security Holders of that or any other Series.

 

If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Security Holder receives it.

 

If the Company mails a notice or communication to Security Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Section 10.3          Communication by Holders with Other Holders.

 

Security Holders of any Series may communicate pursuant to TIA § 312(b) with other Security Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

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Section 10.4          Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(a)           an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(b)           an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 10.5          Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

(a)           a statement that the person making such certificate or opinion has read such covenant or condition;

 

(b)           a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(c)           a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)           a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with Section 10.6 Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action by or a meeting of Security Holders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 10.6          Legal Holidays.

 

Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.7          No Recourse Against Others.

 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Security Holder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.

 

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Section 10.8          Counterparts.

 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

Section 10.9          Governing Laws.

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

Section 10.10       No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 10.11       Successors.

 

All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.12       Severability.

 

In case any provision in this Indenture or in the Securities 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 10.13       Table of Contents, Headings, Etc.

 

The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

40

 

Section 10.14       Securities in a Foreign Currency or in ECU.

 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time.  For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”).  If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate.  The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Company and all Holders.

 

Section 10.15       Judgment Currency.

 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.  For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

 

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ARTICLE XI
  SINKING FUNDS

 

Section 11.1          Applicability of Article.

 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2.  Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2          Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.  Such Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.

 

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Section 11.3          Redemption of Securities for Sinking Fund.

 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

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

 

	
 
    	
CooTek (Cayman) Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[      ],
    
	
 
    	
as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Indenture]

 

44Exhibit
10.1

 

EXECUTION VERSION

 

December
11, 2020

 

TPVG
Variable Funding Company LLC

TriplePoint
Venture Growth BDC Corp.

2755
Sand Hill Road, Suite 150

Menlo
Park, California 94025

Attention:
Sajal Srivastava

 

	Re:	Receivables
    Financing Agreement dated as of February 21, 2014 (as amended, waived or otherwise modified from time to time prior to the
    date hereof, the “Agreement”) by and among TPVG Variable Funding Company LLC, as borrower (“Borrower”),
    TriplePoint Venture Growth BDC Corp., as collateral manager (“Collateral Manager”) and as sole equityholder,
    Vervent, Inc., as backup collateral manager, Deutsche Bank Trust Company Americas, as paying agent, U.S. Bank National Association,
    as custodian, the Agents from time to time party thereto, the Lenders from time to time party thereto, and Deutsche Bank AG,
    New York Branch, as facility agent (“Facility Agent”).

 

Dear
Mr. Srivastava:

 

Reference
is made to the Agreement. Capitalized terms used but not specifically defined in this letter agreement shall have the meanings
provided for such terms in the Agreement.

 

The
Borrower and the Collateral Manager have requested that the Required Lenders, the Agents and the Facility Agent agree to make
certain amendments as set forth in this letter agreement and such parties have reviewed this request and wish to amend the Agreement
as set forth herein. In consideration of the covenants contained herein and other good and valuable consideration the receipt
and sufficiency of which are acknowledged, the parties hereto agree as follows:

 

1.
Amendments.

 

(a)
As of the date of this letter agreement, the Agreement is hereby amended to delete the stricken text (indicated textually in the
same manner as the following example: stricken text) and to add the bold and
double-underlined text (indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Agreement attached as Appendix A hereto.

 

(b)
As of the date of this letter agreement, the Schedules and Exhibits to the Agreement are hereby amended to delete the stricken
text (indicated textually in the same manner as the following example: stricken text)
and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Schedules and Exhibits to the Agreement attached as
Appendix B hereto.

 

     

     

    

 

2.
Conditions Precedent. This letter agreement shall become effective upon the satisfaction of the following conditions (or
until such conditions are waived in writing by the Facility Agent in its sole discretion):

 

(a)
the execution and delivery of this letter agreement by each party hereto;

 

(b)
the execution and delivery of the Joinder Supplement and any ancillary documents related thereto by Customers Bank;

 

(c)
the execution and delivery of the joinder to the Lender Fee Letter by Customers Bank;

 

(d)
the Administrative Agent shall have received satisfactory evidence that the Borrower has obtained all required consents and approvals
of all Persons to the execution, delivery and performance of this letter agreement and the consummation of the transactions contemplated
hereby;

 

(e)
the Administrative Agent shall have received the executed legal opinion or opinions of Otterbourg P.C., counsel to the Borrower,
covering authorization and enforceability of this letter agreement in form and substance acceptable to the Administrative Agent
in its reasonable discretion;

 

(f)
the Administrative Agent shall have received a good standing certificate for the Borrower issued by the applicable Official Body
of its jurisdiction of organization, dated on or about the date of this Amendment; and

 

(g)
all fees (including reasonable and documented fees, disbursements and other charges of counsel) due to the Lenders on or prior
to the effective date of this Amendment have been paid in full.

 

3.
Agreement in Full Force and Effect. Except as specifically amended hereby, all of the terms and conditions of the Agreement
shall remain in full force and effect.

 

4.
Representations. Each of the Borrower and the Collateral Manager severally represents and warrants that:

 

(a)
it has been duly organized and is validly existing under the laws of the jurisdiction of its organization, with power and authority
to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted.
It had at all relevant times and now has, power, authority and legal right (x) to acquire and own the Transferred Contracts and
the Related Security, and to grant to the Facility Agent a security interest in the Transferred Contracts and the Related Security
and the other Borrower Collateral and (y) to enter into and perform its obligations under this Agreement and the other Transaction
Documents to which it is a party;

 

(b)
it is duly qualified to do business and has obtained all necessary licenses and approvals in all jurisdictions, except where the
failure to do so would not reasonably be expected to have a material adverse effect on (i) its ability to perform its obligations
under this Agreement, (ii) the validity or enforceability of the Contracts and the Related Security or (iii) its ability to perform
its obligations under its Transaction Documents;

 

    2

     

    

 

(c)
it has the power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party
and to perform its obligations hereunder and thereunder; has full power and authority to grant to the Facility Agent, for the
benefit of the Secured Parties, a perfected first priority security interest in the Transferred Contracts and the other Borrower
Collateral and has duly authorized such grant by all necessary action; and the execution, delivery and performance of this Agreement
and the other Transaction Documents to which it is a party have been duly authorized by it by all necessary action;

 

(d)
all acts, filings and conditions required to be done and performed and to have happened (including, without limitation, the obtaining
of necessary governmental approvals) precedent to the entering into of this letter agreement and making it the duly authorized,
legal, valid and binding obligation of such party, enforceable in accordance with its terms, have been done, performed and have
happened in due and strict compliance with all applicable laws; and

 

(e)
(i) no Event of Default, Unmatured Event of Default, Collateral Manager Default or Unmatured Collateral Manager Default has occurred
and is continuing and (ii) the representations and warranties of each of the Borrower and the Collateral Manager contained in
the Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty
that is made as of a specific date).

 

5.
Miscellaneous.

 

(a)
This letter agreement may be executed in any number of counterparts, each of which, taken together, shall constitute one and the
same agreement.

 

(b)
No amendment, modification or waiver of any provision of this letter agreement shall be effective without the written agreement
of each of the parties hereto. Any waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given.

 

(c)
This letter agreement shall become effective upon the Facility Agent’s receipt of executed counterparts from each of the
other parties hereto.

 

(d)
The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and
the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective
as delivery of a manually executed counterpart hereof. The parties agree that this Amendment may be executed and delivered by
electronic signatures and that the signatures appearing on this Amendment are the same as handwritten signatures for the purposes
of validity, enforceability and admissibility.

 

(e)
THIS LETTER AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD
TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

  

[Signature
pages follow]

  

    3

     

    

 

	 	Very
    truly yours,
	 	 	 
	 	DEUTSCHE
    BANK AG, NEW YORK BRANCH,

 as Facility Agent and Syndication Agent
	 	 	 
	 	By:	/s/
    Amit Patel
	 	Name:
    	Amit
    Patel
	 	Title:
    	Managing
    Director

 

	 	By:	/s/
    Ho Min Kwak 
	 	Name:
    	Ho
    Min Kwak 
	 	Title:
    	Vice
    President

 

[Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

 

Accepted
and Agreed:

TPVG VARIABLE FUNDING COMPANY LLC,

as Borrower

 

	By:
    	/s/
    Christopher M. Mathieu	 
	Name:
    	Christopher
    M. Mathieu	 
	Title:
    	CFO	 

 

TRIPLEPOINT
VENTURE GROWTH BDC CORP.,

individually, as Collateral Manager and as Equityholder

 

	By:
    	/s/
    Christopher M. Mathieu	 
	Name:
    	Christopher
    M. Mathieu	 
	Title:
    	Chief
    Financial Officer	 

 

[Signature
Page to Twelfth Amendment to RFA]

  

     

     

    

 

DEUTSCHE
BANK AG, NEW YORK BRANCH,

as Committed Lender and Agent

 

	By:
    	/s/
    Amit Patel	 
	Name:
    	Amit
    Patel	 
	Title:
    	Managing
    Director	 

 

	By:
    	/s/
    Ho Min Kwak	 
	Name:
    	Ho
    Min Kwak	 
	Title:
    	Vice
    President	 

 

[Signature
Page to Twelfth Amendment to RFA]

     

     

    

 

KEYBANK
NATIONAL ASSOCIATION,

as Committed Lender and Agent

 

	By:	/s/
    Philip G. Turner	 
	Name:	Philip
    G. Turner	 
	Title:
    	Executive
    Vice President	 

 

[Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

  

TIAA,
FSB,

as Committed Lender and Agent

 

	By:
    	/s/
     Edward McGugan	 
	Name:
    	Edward
    McGugan	 
	Title:
    	Managing
    Director	 

 

[Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

  

MUFG
UNION BANK, N.A.,

as Committed Lender and Agent

 

	By:
    	/s/
    J. William Bloore	 
	Name:
    	J.
    William Bloore	 
	Title:
    	Managing
    Director	 

 

[Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

 

Hitachi
Capital America Corporation,

as Committed Lender and Agent

 

	By:
    	/s/
    James M. Giaimo	 
	Name:
    	James
    M. Giaimo	 
	Title:
    	Chief
    Credit Officer – Commercial Finance	 

 

[Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

 

NBH
Bank,

as Committed Lender and Agent

 

	By:
    	/s/
    Josh Boesen	 
	Name:
    	Josh
    Boesen	 
	Title:
    	Portfolio
    Manager	 

 

[Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

 

CUSTOMERS
Bank,

as Committed Lender and Agent

 

	By:	/s/
    Cunningham, Lyle P	 
	Name:
    	Lyle
    P. Cunningham	 
	Title:
    	Executive
    Vice President	 

 

 [Signature
Page to Twelfth Amendment to RFA]

 

     

     

    

 

APPENDIX
A

 

(See
Attached)

 

     

     

    

 

EXECUTION VERSION

Conformed through Amendment 10,No.
12 dated August 27, 2019December
11, 2020

 

 

 

 

 

RECEIVABLES FINANCING AGREEMENT

 

 

 

dated as of February 21,
2014

 

 

 

TPVG VARIABLE FUNDING COMPANY
LLC,

as Borrower,

 

 

 

TRIPLEPOINT VENTURE GROWTH
BDC CORP.,

individually and as Collateral
Manager and as Equityholder,

 

 

 

PORTFOLIO
FINANCIAL SERVICING COMPANYVERVENT INC.,

as Backup Collateral Manager

 

 

 

THE LENDERS PARTIES HERETO,

 

 

 

DEUTSCHE BANK AG, NEW YORK
BRANCH,

as Facility Agent,

 

 

 

DEUTSCHE BANK TRUST COMPANY
AMERICAS

as Paying Agent,

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	 	 	 
	Section 1.1	Defined Terms	1
	Section 1.2	Other Definitional Provisions	4546
	 	 	 
	ARTICLE II	THE FACILITY, ADVANCE PROCEDURES AND NOTES	4748
	 	 	 
	Section 2.1	Advances	4748
	Section 2.2	Funding of Advances	4748
	Section 2.3	Notes	4849
	Section 2.4	Repayment and Prepayments	4850
	Section 2.5	Defaulting Lenders	4950
	Section 2.6	Replacement of Lenders	5051
	Section 2.7	Extension of Revolving Period	5152
	Section 2.8	Increase of Facility Amount	5153
	 	 	 
	ARTICLE III	YIELD, FEES, ETC.	5253
	 	 	 
	Section 3.1	Yield	5253
	Section 3.2	Yield Payment Dates	5253
	Section 3.3	Yield Calculation	5254
	Section 3.4	Computation of Yield	5254
	 	 	 
	ARTICLE IV	PAYMENTS; TAXES	5354
	 	 	 
	Section 4.1	Making of Payments to and by the Agents	5354
	Section 4.2	Due Date Extension	5354
	Section 4.3	Taxes	5354

 

    i

     

    

 

	ARTICLE V	INCREASED COSTS, ETC.	5758
	 	 	 
	Section 5.1	Increased Costs	5758
	Section 5.2	Funding Losses	5859
	 	 	 
	ARTICLE VI	EFFECTIVENESS; CONDITIONS TO ADVANCES	5860
	 	 	 
	Section 6.1	Effectiveness	5860
	Section 6.2	Advances	6061
	 	 	 
	 	 	 
	ARTICLE VII	ADMINISTRATION AND MANAGEMENT OF TRANSFERRED CONTRACTS	6163
	 	 	 
	Section 7.1	Retention and Termination of the Collateral Manager	6163
	Section 7.2	Duties of the Collateral Manager	6465
	Section 7.3	Representations and Warranties of the Collateral Manager	6667
	Section 7.4	Covenants of the Collateral Manager	6869
	Section 7.5	Collateral Manager Fee; Payment of Certain Expenses by Collateral Manager; Backup Collateral Manager Fees and Expenses	7172
	Section 7.6	Compliance Certificate	7172
	Section 7.7	Annual Statement as to Compliance; Notice of Collateral Manager Default	7172
	Section 7.8	Audit of Transferred Contracts	7273
	Section 7.9	Access to Certain Documentation and Information Regarding Contracts	7273
	Section 7.10	Certain Duties and Representations of Backup Collateral Manager	7374
	Section 7.11	Consequences of a Collateral Manager Default	7476
	Section 7.12	Appointment of Backup Collateral Manager as Successor Collateral Manager	7576
	Section 7.13	Lockbox Accounts	7576
	Section 7.14	Payments in Respect of Ineligible Contracts	7677

 

    ii

     

    

 

	Section 7.15	Substitution of Contracts Pursuant to Technology Exchange Option	7677
	Section 7.16	Repurchase	7678
	Section 7.17	Contracts Subject to Retained Interest Provisions	7778
	 	 	 
	ARTICLE VIII	ACCOUNTS; PAYMENTS	7778
	 	 	 
	Section 8.1	Borrower Accounts	7778
	Section 8.2	Collateral Manager Reimbursements	7880
	Section 8.3	Application of Collections	7980
	Section 8.4	Additional Deposits	7980
	Section 8.5	Distributions	7980
	Section 8.6	Fees	8182
	Section 8.7	Net Deposits	8182
	 	 	 
	ARTICLE IX	REPRESENTATIONS AND WARRANTIES	8183
	 	 	 
	Section 9.1	Organization and Good Standing	8183
	Section 9.2	Due Qualification	8283
	Section 9.3	Power and Authority	8283
	Section 9.4	Security Interest; Binding Obligations	8283
	Section 9.5	[Reserved]	8284
	Section 9.6	No Violation	8284
	Section 9.7	No Proceedings	8384
	Section 9.8	No Consents	8384
	Section 9.9	Solvency	8384
	Section 9.10	Tax Treatment	8385
	Section 9.11	Compliance With Laws	8385
	Section 9.12	Taxes	8485
	Section 9.13	Certificates	8485

 

    iii

     

    

 

	Section 9.14	No Liens, Etc.	8485
	Section 9.15	Purchase and Sale	8486
	Section 9.16	Information True and Correct	8486
	Section 9.17	ERISA Matters	8486
	Section 9.18	Financial or Other Condition	8586
	Section 9.19	Investment Company Status	8586
	Section 9.20	Eligible Contract Payments	8586
	Section 9.21	Use of Proceeds	8586
	Section 9.22	Separate Existence	8587
	Section 9.23	Investments	8687
	Section 9.24	Transaction Documents	8687
	Section 9.25	Ownership of the Borrower	8687
	Section 9.26	Anti-Terrorism, Anti-Money Laundering	8687
	Section 9.27	Anti-Bribery and Corruption	8788
	Section 9.28	Volcker Rule	8789
	Section 9.29	AIFMD	8789
	Section 9.30	EEA Financial Institution	8889
	 	 	 
	ARTICLE X	COVENANTS	8889
	 	 	 
	Section 10.1	Protection of Security Interest of the Secured Parties	8889
	Section 10.2	Other Liens or Interests	8990
	Section 10.3	Costs and Expenses	8990
	Section 10.4	Reporting Requirements	8990
	Section 10.5	Separate Existence	8991
	Section 10.6	Hedging Agreements	9294
	Section 10.7	Tangible Net Worth	9596
	Section 10.8	Minimum Equity	9596

 

    iv

     

    

 

	Section 10.9	Stock, Merger, Consolidation, Etc.	9596
	Section 10.10	Change in Name	9596
	Section 10.11	Indebtedness; Guarantees	9596
	Section 10.12	Limitation on Acquisitions	9597
	Section 10.13	Documents	9597
	Section 10.14	Preservation of Existence	9597
	Section 10.15	Keeping of Records and Books of Account	9697
	Section 10.16	Accounting Treatment	9697
	Section 10.17	Limitation on Investments	9697
	Section 10.18	Distributions	9698
	Section 10.19	Performance of Borrower Assigned Agreements	9698
	Section 10.20	Notice of Material Adverse Claim	9698
	Section 10.21	Delivery of Original Promissory Notes	9798
	Section 10.22	Further Assurances; Financing Statements	9799
	Section 10.23	Risk Retention Requirements	9799
	Section 10.24	Taxes	99101
	Section 10.25	Future Funding Obligations	99101
	Section 10.26	ERISA	99101
	Section 10.27	Policies and Procedures for Sanctions	100102
	Section 10.28	Compliance with Sanctions	100102
	Section 10.29	Compliance with Anti-Money Laundering	100102
	Section 10.30	Ineligible Collateral	102
	 	 	 
	ARTICLE XI	THE BACKUP COLLATERAL MANAGER	100102
	 	 	 
	Section 11.1	Limitation on Liability of Backup Collateral Manager	100102
	Section 11.2	Covenants and Representations and Warranties of the Backup Collateral Manager	103105

 

    v

     

    

 

	Section 11.3	Additional Provisions Applicable to Backup Collateral Manager	103105
	 	 	 
	ARTICLE XII	THE CUSTODIAN	104106
	 	 	 
	Section 12.1	Delivery of Contract Files; Custodian to Act as Agent	104106
	Section 12.2	Contract File Certification	106108
	Section 12.3	Obligations of the Custodian	107109
	Section 12.4	Release of Contract Files	109111
	Section 12.5	Removal or Resignation of the Custodian	111113
	Section 12.6	Examination of Contract Files	112114
	Section 12.7	Insurance of the Custodian	112114
	Section 12.8	Representations and Warranties	112114
	Section 12.9	Statements	113115
	Section 12.10	No Adverse Interest of the Custodian	113115
	Section 12.11	Lost Note Affidavit	113115
	Section 12.12	Reliance of the Custodian	113115
	Section 12.13	Term of Custody	113116
	Section 12.14	Tax Reports	114116
	Section 12.15	Transmission of Contract Files	114116
	Section 12.16	Further Rights of the Custodian	114116
	Section 12.17	Custodian Compensation	116118
	Section 12.18	Compliance with Applicable Banking Law	116118
	 	 	 
	ARTICLE XIII	GRANT OF SECURITY INTEREST	117119
	 	 	 
	Section 13.1	Borrower’s Grant of Security Interest	117119
	Section 13.2	Borrower Remains Liable	118120
	Section 13.3	Release of Collateral	118120
	Section 13.4	Certain Remedies	119121

 

    vi

     

    

 

	Section 13.5	Limitation on Duty of Facility Agent in Respect of Collateral	120122
	 	 	 
	ARTICLE XIV	EVENTS OF DEFAULT	121123
	 	 	 
	Section 14.1	Events of Default	121123
	Section 14.2	Effect of Event of Default	123125
	Section 14.3	Rights Upon Event of Default	123125
	 	 	 
	ARTICLE XV	THE AGENTS	124126
	 	 	 
	Section 15.1	Appointment	124126
	Section 15.2	Delegation of Duties	124126
	Section 15.3	Exculpatory Provisions	124126
	Section 15.4	Reliance by Agents	125127
	Section 15.5	Notices	125127
	Section 15.6	Non-Reliance on Agents	126128
	Section 15.7	Indemnification	127129
	Section 15.8	Successor Agent	127129
	Section 15.9	Agents in their Individual Capacity	127129
	Section 15.10	Compliance with Applicable Banking Law	128130
	Section 15.11	The Paying Agent	128130
	 	 	 
	ARTICLE XVI	ASSIGNMENTS	130133
	 	 	 
	Section 16.1	Restrictions on Assignments	130133
	Section 16.2	Documentation	131133
	Section 16.3	Rights of Assignee	131133
	Section 16.4	Notice of Assignment by Lenders	131133
	Section 16.5	Registration; Registration of Transfer and Exchange	131134
	Section 16.6	Mutilated, Destroyed, Lost and Stolen Notes	132135
	Section 16.7	Persons Deemed Owners	133135

 

    vii

     

    

 

	Section 16.8	Cancellation	133136
	Section 16.9	Participations; Pledge	133136
	Section 16.10	Reallocation of Advances	134136
	 	 	 
	ARTICLE XVII	INDEMNIFICATION	134136
	 	 	 
	Section 17.1	Borrower Indemnity	134136
	Section 17.2	Collateral Manager Indemnity	136138
	Section 17.3	Contribution	137139
	 	 	 
	ARTICLE XVIII  	MISCELLANEOUS	137139
	 	 	 
	Section 18.1	No Waiver; Remedies	137139
	Section 18.2	Amendments, Waivers	137140
	Section 18.3	Notices, Etc.	138141
	Section 18.4	Costs, Expenses and Taxes	139141
	Section 18.5	Binding Effect; Survival	139141
	Section 18.6	Captions and Cross References	139142
	Section 18.7	Severability	140142
	Section 18.8	GOVERNING LAW	140142
	Section 18.9	Counterparts	140142
	Section 18.10	WAIVER OF JURY TRIAL	140142
	Section 18.11	No Proceedings	140143
	Section 18.12	Limited Recourse to the Lenders	141143
	Section 18.13	ENTIRE AGREEMENT	141144
	Section 18.14	Confidentiality	141144
	Section 18.15	Replacement of Lenders	142144
	Section 18.16	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	142145
	Section 18.17	Acknowledgement Regarding Any Supported QFCs	145

 

    viii

     

    

 

	EXHIBIT A	Form of Note
	EXHIBIT B	Audit Standards
	EXHIBIT C	Form of Advance Request
	EXHIBIT D	Form of Compliance Certificate
	EXHIBIT E	Form of Custodian Certification 
	EXHIBIT F-1	Request for Release
	EXHIBIT F-2	Request for Release and Receipt
	EXHIBIT F-3	Request for Release of Request for Release and Receipt
	EXHIBIT G	Executive Officers of Custodian
	EXHIBIT H	Form of Collateral Manager’s Acknowledgement
	EXHIBIT I	Section 4.3 Certificate
	EXHIBIT J	Required Contract Files
	EXHIBIT K	Credit and Collection Policy
	EXHIBIT L	Form of Borrowing Base Certificate
	EXHIBIT M	Form of Joinder Agreement
	EXHIBIT N	PitchBook Industry Codes
	 	 
	SCHEDULE 7.13	Lockbox Accounts
	SCHEDULE 8.1	Borrower Accounts
	 	 
	ANNEX I	Notice Information
	ANNEX II	Commitments

 

    x

     

    

 

RECEIVABLES FINANCING AGREEMENT

 

THIS
RECEIVABLES FINANCING AGREEMENT (this “Agreement”) is made and entered into as of February 21, 2014, among
TPVG VARIABLE FUNDING COMPANY LLC, a Delaware limited liability company (the “Borrower”), TRIPLEPOINT
VENTURE GROWTH BDC CORP., a Maryland corporation, in its individual capacity (“TPVG”) and as collateral
manager (in such capacity, together with its successors and permitted assigns in such capacity, the “Collateral
Manager”) and as sole equityholder of the Borrower (in such capacity, the “Equityholder”), PORTFOLIO
FINANCIAL SERVICING COMPANYVERVENT INC.,
as Backup Collateral Manager (as hereinafter defined), each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO,
the AGENTS for the Lender Groups (as hereinafter defined) from time to time parties hereto (each such party, in such
capacity, together with their respective successors and permitted assigns in such capacity, an “Agent”),
U.S. BANK NATIONAL ASSOCIATION, as Custodian (as hereinafter defined), DEUTSCHE BANK TRUST COMPANY AMERICAS, as paying agent
(the “Paying Agent”) and DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent (in such capacity, together
with its successors and permitted assigns in such capacity, the “Facility Agent”).

 

RECITALS

 

WHEREAS, the
Borrower desires that each Lender extend financing on the terms and conditions set forth herein and also desires to retain the
Collateral Manager, the Backup Collateral Manager and the Custodian to perform certain collateral management functions related
to the Transferred Contracts (as defined herein) and the Borrower Collateral (as defined herein) on the terms and conditions set
forth herein; and

 

WHEREAS, each
Lender desires to extend financing on the terms and conditions set forth herein and the Collateral Manager, the Backup Collateral
Manager and the Custodian each desire to perform certain functions related to the Transferred Contracts and the Borrower Collateral
on the terms and conditions set forth herein.

 

NOW, THEREFORE,
based upon the foregoing Recitals, the premises and the mutual agreements herein contained, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

ARTICLE I

DEFINITIONS

  

Section
1.1 Defined Terms. As used in this Agreement, the following terms have the following meanings:

 

“1940 Act” means the Investment Company Act of 1940, as amended.

 

“Account Collateral”
has the meaning set forth in Section 13.1(d).

 

     

     

    

 

“Accrual
Period” means, with respect to any Distribution Date, the period from and including the previous Distribution Date (or,
in the case of the first Distribution Date, from and including the Effective Date) through and including the day preceding such
Distribution Date.

 

“Administrative
Agreement” means the Administrative Services and Premises Agreement, dated as of February 21, 2014, by and between TPVG
and the Borrower (or any other agreement containing substantially similar terms and acceptable to the Lenders).

 

“Advance” has
the meaning set forth in Section 2.1.

 

“Advance Date” has the meaning set forth in Section 2.1.

 

“Advance
Rate” means 55.050.0%;
provided that after the Maturity Date, the Advance Rate shall be 0%.

 

“Advance Request” has the meaning
set forth in Section 2.2.

 

“Adverse
Claim” means any claim of ownership or any Lien, security interest, title retention, trust or other charge or encumbrance,
or other type of preferential arrangement having the effect or purpose of creating a Lien or security interest, other than Permitted
Liens.

 

“Affected Person” has the meaning
set forth in Section 5.1(a).

 

“Affiliate”
of any Person means any other Person that directly or indirectly controls, is controlled by or is under common control with such
Person (excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan); provided,
however, for the avoidance of doubt, at no time shall TPC or any of its Affiliates be deemed to be an Affiliate of the Borrower
or TPVG; provided, further, that for purposes of Section 10.12, “Affiliate” of the Borrower or
TPVG shall not include any Person controlled by, or under common control with, the Borrower or TPVG as a result of any Portfolio
Investment. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly
or indirectly, power:

 

(a) to
vote 10% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or
managing partners; or

 

(b)
to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

“Agent”
means, as to any Lender Group, the Person listed on Annex I as the “Agent” for such Lender Group, together with its
respective successors and permitted assigns.

 

“Agented
Contract” means one or more Contracts entered into by an Obligor as part of a syndicated transaction wherein (i)
the Contract is originated in accordance with the Credit and Collection Policy (without regard to any contemporaneous or
subsequent syndication of such Contract), (ii) if TPVG or any of its Affiliates is the agent, the Contract Files with respect
thereto are delivered to the Custodian in accordance with this Agreement and, otherwise, the Contract

 

    2

     

    

 

Files are held by the
related agent and (iii) the Borrower has all of the rights of a lender or lessor with respect to such Contract and the
Related Security, which have been transferred to the Borrower with respect to such Contract, but none of the obligations as
such obligations relate to the Retained Interest.

 

“Aggregate
Notional Amount” means, with respect to any date of determination, an amount equal to the sum of the notional amounts
or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements,
each as of such date of determination.

 

“Aggregate
Outstanding Principal Balance” means, with respect to any designated group of Contracts as of any date, the sum of the
outstanding Principal Balances of all Contract Payments due under such Contracts as at 11:59 p.m. (New York City time) on the immediately
preceding day.

 

“AIF” has the
meaning given to the term under the AIFMD.

 

“AIFM” has the meaning given to the term under the AIFMD.

 

“AIFMD”
means (a) Directive 2011/61/EU of the European Parliament
and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and
Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, as the same may be amended, supplemented, superseded or re-adopted from
time to time (whether with or without qualification) and (b) any applicable law of a member state
of the European Union implementing the AIFMD.

 

“Agreement”
has the meaning set forth in the Recitals.

 

“Alternate
Base Rate” means a fluctuating rate per annum as shall be in effect from time to time, which rate shall be at all times
equal to the higherhighest
of:

 

(a) the
rate of interest announced publicly by DBNY in New York, New York, from time to time as DBNY’s base commercial lending
rate; and

 

(b) 1⁄2
of one percent above the Federal Funds Rate; and

 

(c) 0.50%.

 

“Alternative Rate”
for any Advance means a rate per annum equal to the LIBOR Rate for such Advance or portion thereof; provided, however,
that in the case of:

 

(a) any
day on or after the first day on which a Committed Lender shall have notified the related Agent that the introduction of or
any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body
asserts that it is unlawful, for such Committed Lender to fund such Advance at the Alternative Rate set forth above (and such
Committed Lender shall not have subsequently notified such Agent that such circumstances no longer exist), or

 

    3

     

    

 

(b) any
period in the event the LIBOR Rate is not reasonably available to any Agent for such period,

 

the “Alternative Rate” shall be
a floating rate per annum equal to the Alternate Base Rate in effect on each day of such Fixed Period.

 

“Amount
Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect to the
related Collection Period (excluding any Collections necessary to settle Eligible Contract Payments), and any amounts paid into
the Collection Account under any Hedging Agreement with respect to the Accrual Period ending on the day preceding such Distribution
Date, plus (b) any investment income earned on amounts on deposit in the Collection Account and the Lockbox Accounts since the
immediately prior Distribution Date (or since the Effective Date in the case of the first Distribution Date), plus (c) any Repurchase
Amounts deposited in the Collection Account since the last day of the related Collection Period.

 

“Anti-Bribery and Corruption
Laws” has the meaning set forth in Section 9.27.

 

“Anti-Money Laundering Laws” has the meaning
set forth in Section 9.26.

 

“Applicable
Banking Law” means, for any Person, all existing and future laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions, including, without limitation, those relating to anti-bribery and corruption,
the funding of terrorist activities and money laundering, including the Anti-Money Laundering Laws,
the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, other applicable anti-bribery and corruption legislation,
and Section 326 of the USA Patriot Act.

 

“Applicable
Conversion Rate” means, with respect to Euros or GBPs (x) for an actual currency exchange, the applicable currency Dollar
spot rate obtained by the Collateral Manager through customary banking channels, including the Facility Agent’s own banking
facilities or (y) for all other purposes, the applicable currency Dollar spot rate that appeared in the Wall Street Journal for
such currency (i) if such date is a Distribution Date, at the end of such day or (ii) otherwise, at the end of the immediately
preceding Business Day.

 

“Applicable
Exchange Rate” means, with respect to any Contract denominated and payable in Euros or GBPs on any day, the lesser of
(a) the applicable currency Dollar spot rate used by the Borrower (as determined by the Collateral Manager) to acquire such currency
on the date such Contract is included in the Borrower Collateral and (b) the Applicable Conversion Rate for such currency.

 

“Applicable
Law” means for any Person all existing and future laws, rules, regulations (including temporary and final income
tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by
any Official Body applicable to such Person (including, without limitation, predatory and abusive lending laws, usury laws,
the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting
Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson Moss Warranty Act, the Federal
Reserve Board’s Regulations “B” and “Z”,

 

    4

     

    

 

the Servicemembers Civil Relief Act of 2003 and state
adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer credit laws and equal
credit opportunity and disclosure laws) and applicable judgments, decrees, injunctions, writs, awards or orders of any court,
arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

“Applicable
Margin” means (i) prior to the earlier to occur of (A) the Scheduled Revolving Period Termination Date and (B) the Maturity
Date and, in each case, (x) the aggregate principal amount of outstanding Advances equals or exceeds 75% of the Facility Amount,
2.80% per annum for Advances (or any portion thereof), (y) the aggregate principal amount of outstanding Advances equals or exceeds
50% of the Facility Amount, 2.90% per annum for Advances (or any portion thereof) and (z) otherwise, 3.00% per annum for Advances
(or any portion thereof) and (ii) on and after the end of the Revolving Period, 4.50% per annum for all Advances (or any portion
thereof); provided that, during the continuation of an Unmatured Event of Default or an Event of Default, the Applicable
Margin shall be increased by 2.00% over the otherwise applicable margin.

 

“APR”
of a Contract means, in the case of a Loan, the interest rate or annual rate of finance charges used to determine periodic payments
with respect to the related Contract Payment or, in the case of a Lease, the Imputed Lease Rate.

 

“Asset
Coverage Ratio” means the ratio, determined on a consolidated basis based on the quarterly financial statements and/or
annual financial statements, as applicable, of TPVG, without duplication, of (a) the fair market value of the total assets of TPVG
and its consolidated Subsidiaries as required by, and in accordance with, GAAP and Applicable Law and any orders of the Securities
and Exchange Commission issued to TPVG, to be determined by the Board of Directors of TPVG and reviewed by its auditors on a quarterly
basis, less all liabilities (other than Indebtedness, including Indebtedness hereunder) of TPVG and its consolidated Subsidiaries,
to (b) the aggregate amount of Indebtedness of TPVG and its consolidated Subsidiaries, in each case as determined pursuant to the
Investment Company Act and any orders of the Securities and Exchange Commission issued to or with respect to TPVG thereunder, including
any exemptive relief granted by the Securities and Exchange Commission with respect to the indebtedness of any SBIC Subsidiary;
provided that unfunded commitments of TPVG and/or Borrower shall not be considered Indebtedness for purposes of this definition.

 

“Asset
Quality Tests” means, collectively or individually as the case may be, the Minimum Weighted Average APR Test, the Minimum
Weighted Average Spread Test, the Maximum Weighted Average Remaining Maturity Test, Maximum Weighted Average Debt-to-Valuation
Test and the Minimum Weighted Average IRR Test.

 

“Backup
Collateral Manager” means Portfolio Financial Servicing CompanyVervent
Inc. solely in its capacity as Backup Collateral Manager, together with its successors and
permitted assigns in such capacity.

 

“Backup
Collateral Manager Fee” has the meaning set forth in the Backup Collateral Manager Fee Letter.

 

    5

     

    

 

“Backup Collateral Manager Fee and Expenses”
has the meaning set forth in the Section 11.1(l).

 

“Backup
Collateral Manager Fee Letter” means (a) that certain fee letter, dated as of the date hereof, among Portfolio
Financial Servicing CompanyVervent Inc.,
as Backup Collateral Manager, the Borrower and the Collateral Manager setting forth the fees and expenses payable by the
Borrower and the Collateral Manager and acknowledged by the Facility Agent, as the same may be amended, supplemented or
otherwise modified by the parties thereto with the consent of the Facility Agent and (b) any letter agreement(s) or schedule
of fees entered into by TPVG, the Equityholder and the Borrower, with the consent of the Facility Agent, with a substitute
Backup Collateral Manager in replacement of the schedule of fees referred to in clause (a) above relating to fees
payable to such substitute Backup Collateral Manager.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule.

 

“Bankruptcy
Code” means the United States Bankruptcy Code, 11 U.S.C. § 101, et seq., as amended.

 

“Basel
III Regulation” means, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected
Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision
of the Bank of International Settlements: (i) Basel III: International Framework for Liquidity Risk Measurement, Standards and
Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011),
(iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing,
clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline
or pronouncement (whether or not having the force of law) of any governmental authority implementing, furthering or complementing
any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to
time amended, restated, supplemented or otherwise modified. Without limiting the generality of the foregoing, “Basel III
Regulation” shall include Part 6 of the European Union regulation on prudential requirements for credit institutions
and investment firms (the “CRR”) and any law, regulation, standard, guideline, directive or other publication
supplementing or otherwise modifying the CRR.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners
of Legal Entity Customers published in May 2018 to comply with the Financial Crimes Enforcement Network customer due diligence
rules.

 

    6

     

    

 

“Beneficial Ownership Regulation”
means 31 C.F.R. §1010.230.

 

“Benefit
Plan Investor” means (a) any “employee benefit plan” (as defined in Section 3(3) of Title I of ERISA) that
is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any “plan” as defined in Section 4975(e)
of the Code that is subject to Section 4975 of the Code, or (c) any governmental or other plan or arrangement that is not subject
to ERISA or to Section 4975 of the Code but is subject to any law or restriction substantially similar to Section 406 of ERISA
or Section 4975 of the Code or (d) any entity whose underlying assets include “plan assets” of the foregoing employee
benefit plans or plans (within the meaning of the DOL Regulations or otherwise).

 

“BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Borrower” has the meaning set
forth in the Preamble.

 

“Borrower Accounts” has the meaning set forth in Section 8.1(c).

 

“Borrower Assigned Agreements” has
the meaning set forth in Section 13.1(c).

 

“Borrower Collateral” has the meaning set forth in Section
13.1.

 

“Borrowing
Base” means, on any day, (i) the product of the Advance Rate and the lesser of (x) the Net Contracts Balance on such
date and (y) the Fair Market Value on such date of all Transferred Contracts to the extent of Eligible Contract Payments minus
(ii) the Excess Concentration Amount plus (iii) the equivalent in Dollars of the amount of principal collections on deposit
in the Borrower Accounts (as determined by the Collateral Manager using the Applicable Conversion Rate).

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or
Menlo Park, California are authorized or obligated by law, executive order or government decree to remain closed.

 

“Capped
Fees/Expenses - Backup Collateral Manager” means, at any time, fees, costs and expenses due at such time (if any)
to the Backup Collateral Manager under the Transaction Documents such that the aggregate amount of such fees, costs and
expenses paid to the Backup Collateral Manager under the Transaction Documents in any calendar year do not exceed $25,000; provided that
amounts in excess of such cap and not otherwise paid pursuant to Section 8.5       may
be allocated to and charged during the following calendar year (to the extent they do not exceed the $25,000 cap for such
following calendar year); provided further, that such Capped Fees/Expenses – Backup Collateral Manager shall not
apply if the Backup Collateral Manager is appointed the successor Collateral Manager.

 

“Capped
Fees/Expenses - Custodian” means, at any time, fees, costs and expenses due at such time (if any) to the Custodian
under the Transaction Documents such that the aggregate amount of such fees, costs and expenses paid to the Custodian under
the Transaction Documents in any calendar year do not exceed $40,000; provided that amounts in excess of such cap and
not

 

    7

     

    

 

otherwise paid pursuant to Section 8.5 may be allocated to and charged during the following calendar year (to the
extent they do not exceed the $40,000 cap for such following calendar year).

 

“Capped
Fees/Expenses – Paying Agent” means, at any time, fees, costs and expenses due at such time (if any) to the Paying
Agent under the Transaction Documents such that the aggregate amount of such fees, costs and expenses paid to the Paying Agent
under the Transaction Documents in any calendar year do not exceed $40,000; provided that amounts in excess of such cap
may be allocated to and charged during the following calendar year (to the extent they do not exceed the $40,000 cap for such following
calendar year).

 

“Carrying
Costs” means, as of any date of determination, the sum of (a) Yield on the unpaid principal amount of each Advance (or
each portion thereof) outstanding as of the related Collateral Manager Report Date (as a percentage of the Facility Amount) plus
(b) all unpaid amounts due and payable to each Hedge Counterparty as of the related Collateral Manager Report Date (as a percentage
of the Facility Amount) plus (c) 2.00%.

 

“Cash
Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft,
card services (including services related to credit cards, including purchasing and commercial cards, prepaid cards, including
payroll, stored value and gift cards, merchant services processing and debit cards), electronic funds transfer and other
cash management arrangements.

 

“Cash
Management Bank” means any Person that, (a) at the time it enters into a Cash Management Agreement with the Borrower or TPVG,
is a Lender, the Facility Agent or an Affiliate of a Lender or the Facility Agent,
in its capacity as a party to such Cash Management Agreement, and (b) in the
case of any Cash Management Agreement entered into prior to, and existing on,
the Twelfth Amendment Effective Date, is a Lender, the Facility Agent or an Affiliate
of a Lender or the Facility Agent, in its capacity as a party to such Cash Management Agreement.

 

“Casualty
Loss” means, with respect to any item of Contract Collateral, the loss, theft, damage beyond repair or governmental condemnation
or seizure of such item of Contract Collateral.

 

“Certification”
means a certification as to each Contract, which is delivered to the Collateral Manager and the Facility Agent by the Custodian
in the form of Exhibit E.

 

“Change
of Control” means any of the following: (a) TPVG ceases to directly own and control 100% of the outstanding equity interests
of Borrower; (b) TPVG or parties designated or appointed by TPVG hereunder cease to be 100% of the managers of Borrower.

 

“Charged-Off Contract” means a Contract:

 

(a) as
to which any Scheduled Contract Payment or part thereof is unpaid more than 90 days from its original due date;

 

    8

     

    

 

“Committed
Lenders” means, for any Lender Group, the Persons executing this Agreement in the capacity of a “Committed Lender”
for such Lender Group (or an assignment agreement or
a Joinder Agreement in accordance with Article XVI) in accordance with the terms of this Agreement.

 

“Compliance Certificate”
means a certificate in substantially the form of Exhibit D.

 

“Conduit Advance
Termination Date” means, with respect to a Conduit Lender, the date of the delivery by such Conduit Lender to the
Borrower of written notice that such Conduit Lender elects, in its sole discretion, to permanently cease funding Advances
hereunder.

 

“Conduit
Lender” means any Person that shall become a party to this Agreement in the capacity as a “Conduit Lender”
and any assignee of any of the foregoing.

 

“Continued Errors”
has the meaning set forth in Section 11.1(g).

 

“Contract” means any Lease or Loan.

 

“Contract
Collateral” means any tangible, personal or mixed property that is the subject of a Lease or that is security for a Loan
together with the Related Security but excluding any Retained Interest.

 

“Contract
File” means, with respect to each Contract, the documents specified on Exhibit J applicable to such Contract.

 

“Contract
Payment” means, with respect to any Obligor, indebtedness of such Obligor arising under a Contract (whether
constituting an account, chattel paper, a document, an instrument, a payment intangible or a general intangible), including
the right to payment of any Scheduled Contract Payments, interest or finance charges and other obligations of such Obligor
with respect thereto but excluding (i) any purchase option payments due or paid under a Lease upon the expiration of the
scheduled term of such Lease as of such Advance Date, (ii) any Excluded Amounts due or paid thereunder, (iii) any fees
collected on behalf of third parties and (iv) any related Residual or any
realizations of such Residual, including scheduled payments on any Lease which become payable after the expiration of its
scheduled term.

 

“Corporate
Trust Office” means the applicable designated corporate trust office of the Custodian, specified on its signature page
hereto, or such other address within the United States as it may designate from time to time by notice to the Lenders.

 

“Cost
of Funds Rate” means, for any Accrual Period and any Lender, the rate determined as set forth below:

 

(a) With
respect to each Conduit Lender and each day of such Accrual Period, such Conduit Lender’s Commercial Paper Rate for
such day, except as otherwise provided in clauses (b) or (c) below.

 

    12

     

    

 

(b) Except
as otherwise provided in clause (d) below, if and to the extent that, and only for so long as, a Conduit Lender at any
time determines in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not
advisable to raise, funds through the issuance of commercial paper notes in the commercial paper market of the United States
to finance its making or maintenance of its portion of any Advance or any portion thereof (which determination may be based
on any allocation method employed in good faith by such Conduit Lender), including by reason of market conditions or by
reason of insufficient availability under any of its Support Facilities or the downgrading of any of its Support Parties,
upon notice from such Conduit Lender to the Agent for its Lender Group and the Facility Agent, such Conduit Lender’s
portion of such Advance shall bear interest at a rate per annum equal to the Alternative Rate, rather than as otherwise
determined pursuant to clause (a) above.

 

(c) Except
as otherwise provided in clause (d) below, with respect to each Committed Lender, the Alternative Rate.

 

(d)
 Rate. With respect to all Lenders, on and after the Maturity Date, the Alternate Base

 

“Covered Entity”
means any of the following:

 

(a) a
“covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

 

(b) a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b); or

 

(c) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 382.2(b).

 

“Covered Party” has the
meaning set forth in Section 18.17.

 

“Credit
and Collection Policy” means (i) with respect to the initial Collateral Manager, the credit and collection policies and
practices (including underwriting parameters) relating to Contract Payments and Contracts, to be set forth as Exhibit K
once the same have been approved and adopted by TPVG’s Board of Directors, as the same may thereafter be modified, amended
or supplemented from time to time in compliance with Section 7.4(m) or (ii) with respect to any successor Collateral Manager,
the customary credit and collection policies of such successor Collateral Manager.

 

“Credit-Watch
List” means a list established and revised from time to time by Collateral Manager, and made available to the Lenders,
that Collateral Manager uses to monitor the credit risk of certain Obligors.

 

“Critical
Component” means, in respect of a weapons system referred to in the definition of Prohibited Defense Contract, a component
used specifically in the production of the weapon system or plays a direct role in the lethality of the weapon system.

 

    13

     

    

 

“Custodial Delivery Failure” has the meaning set forth in Section 12.11.

 

“Custodian”
means U.S. Bank National Association solely in its capacity as Custodian, together with its successors and permitted assigns in
such capacity.

 

“Custodian Fee
Letter” means that certain fee letter, dated as of the date hereof, among U.S. Bank National Association, as
Custodian, the Borrower and the Collateral Manager setting forth the fees and expenses payable by the Borrower and the
Collateral Manager and acknowledged by the Facility Agent, as the same may be amended, supplemented or otherwise modified by
the parties thereto with the consent of the Facility Agent.

 

“Custodian Fees and Expenses”
has the meaning set forth in Section 12.17. “DBNY” means Deutsche Bank AG, New York Branch, and its successors.

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Defaulting
Lender” means any Lender that (i) has failed to fund any portion of the Advances required to be funded by it
hereunder within one Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to
the Facility Agent, the Paying Agent or any other Lender any other amount required to be paid by it hereunder within three
Business Days of the date when due, unless such amount is the subject of a good faith dispute,
(iii) has notified the Borrower, the Collateral Manager, the Facility Agent, the
Paying Agent or any other Lender that it does not intend to comply with any of its funding obligations under this Agreement
or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding
obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit,
(iv) has failed, within one Business Day after request by the Facility Agent, to confirm that it will comply with the terms
of this Agreement relating to its obligations to fund Advances under this Agreement, or (v) has (or has a parent company that
has) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to,
approval of or acquiescence in any such proceeding or appointment.

 

“Deferrable
Contract” means a Contract (other than a Product 6 Contract) that by its terms permits the deferral or capitalization
of payment of accrued, unpaid interest (exclusive of any contractual end-of-term payment).

 

“Delinquency
Ratio” means, for any Collection Period, the ratio, expressed as a percentage, of (i) the Aggregate Outstanding Principal
Balance of all Contracts which are Delinquent Contracts during such Collection Period and which are (as of the end of business
on the Business Day prior to such time), or immediately prior to so becoming delinquent had been, included in the Net Contracts
Balance divided by (ii) the Aggregate Outstanding Principal Balance of all Contracts as of the last day of the prior Collection
Period; provided that, the outstanding Principal Balance of a Delinquent Contract that has been repurchased during such
Collection Period in accordance with and subject to the terms of Section 6.3 of the Sale

    14

     

    

 

(kk) which,
if arising under a Lease, in the event of a Casualty Loss, the related Obligor, at such Obligor’s expense, has the
option either to (1) replace the related Contract Collateral with property of the same or better model, type, manufacturer
and configuration, or (2) pay an amount at least equal to the related Aggregate Outstanding Principal Balance with respect to
such Lease;

 

(ll) which,
if arising under a Lease, such Lease does not allow any purchase option under such Lease to be performed unless and until all
Scheduled Contract Payments due, or to become due, under such Lease have been paid in full in cash or the related Obligor
pays an amount at least equal to the related Aggregate Outstanding Principal Balance with respect to such Lease or the
collateral securing such Lease has been exchanged under the Technology Exchange Option offered by the Borrower, the
Equityholder and TPC to certain Obligors;

 

(mm) which is not a Contract that
is primarily secured by real property;

 

(nn) with respect to which the
Obligor thereunder has a consolidated debt-to-equity ratio (as determined by the Collateral Manager but taking into account
only equity capital actually raised to date plus the undrawn committed capital of such Obligor on such date, and including
all debt of such Obligor that is senior to or pari passu to the debt owed to the Borrower) not greater than 10.9:1;

 

(oo) which,
if arising under a Contract consisting of a master agreement and related schedules, either (i) the Borrower, the
Equityholder, TPC or their Affiliates shall have funded against all loans and/or leases identified on all such schedules and
all such loans and/or leases shall constitute Borrower Collateral under this Agreement or (ii) (A) no Contract Collateral
securing any loans and/or leases funded by the Borrower shall be included as part of the collateral securing any loans and/or
leases funded by any other Person or (B) an intercreditor agreement in form and substance satisfactory to the Facility Agent
shall be in effect no later than the later to occur of the date such Contract was acquired by the Borrower, between the
Borrower and each other lessor and/or lender with respect to any such loans and/or leases not funded by the Borrower
hereunder;

 

(pp) which
arises under a Contract that contains provisions customary to similar financing agreements for the Contract Collateral to
enable TPVG (or its assignees, including the Borrower and the Facility Agent) to realize against the Contract Collateral
related thereto (to the extent such Contract Collateral secures or supports the payment of the Contract), including
provisions that the lessor or lender party providing the financing thereunder, as applicable, may accelerate all remaining
Contract Payments if the Obligor is in default under any of its obligations under such Contract;

 

(qq)
which, if arising under an Agented Contract:

 

(i) the related Contract (A)
shall include a note purchase or similar agreement containing provisions relating to the appointment and duties of an agent
and intercreditor provisions consistent with the Credit and Collection Policy and (B)

 

    20

     

    

 

“Exception Report” has the meaning set forth in Section
12.2.

 

“Exceptions” has the meaning set forth in Section 12.2.

 

“Excess
Concentration Amount” means, as of the related Advance Date and after giving effect to any Contracts to be sold to or
acquired by the Borrower on such day, and on each Distribution Date, the sum of the following amounts:

 

(a)
the excess, if any, of the Aggregate Outstanding Principal Balance of the Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) owing by the five Obligors with the highest Principal Balances at such time over 4535%
of the Net Contracts Balance of all Transferred Contracts;

 

(b)
the sum of the excesses, for all Transferred Contracts, of the Aggregate Outstanding Principal Balance of the Contracts with
Eligible Contract Payments (excluding Excluded Contract Payments) owing by the Obligor with the highest Principal Balances at
such time over 10% of the Net Contracts Balance of all Transferred Contracts;

 

(c) the
excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with (i) Eligible Contract Payments
(excluding Excluded Contract Payments) owing by Obligors in the Industry with the highest Aggregate Outstanding Principal
Balance over 35% of the Net Contracts Balance of all Transferred Contracts; provided that if the
Software Industry has the highest Aggregate Outstanding Principal Balance, then the Aggregate Outstanding Principal Balance
of all Contracts with Eligible Contract Payments (excluding Excluded Contract Payments) owing by Obligors in the Software
Industry may be up to 37.5% of the Net Contracts Balance of all Transferred Contracts; provided, further, that the Aggregate
Outstanding Principal Balance of all Contracts with Eligible Contract Payments (excluding Excluded Contract Payments) owing
by Obligors in each of the SaaS and Enterprise Software sub-categories of the Software Industry may not exceed 20%
of the Net Contracts Balance of all Transferred Contracts, (ii) Eligible Contract Payments (excluding Excluded Contract
Payments) owing by Obligors in the Industry with the second highest Aggregate Outstanding Principal Balance over 2017.5%
of the Net Contracts Balance of all Transferred Contracts; provided that if the Software Industry has the second
highest Aggregate Outstanding Principal Balance, then the Aggregate Outstanding Principal Balance of all Contracts with
Eligible Contract Payments (excluding Excluded Contract Payments) owing by Obligors in the Software Industry may be up to 2525.0%
of the Net Contracts Balance of all Transferred Contracts; provided, further, that the Aggregate Outstanding
Principal Balance of all Contracts with Eligible Contract Payments (excluding Excluded Contract Payments) owing by Obligors
in each of the SaaS and Enterprise Software sub-categories of the Software Industry may not exceed 15% of the Net Contracts
Balance of all Transferred Contracts, (iii) Eligible Contract Payments (excluding Excluded Contract Payments) owing by
Obligors in any other Industry over 15% of the Net Contracts Balance of all Transferred Contracts, and (iv) Eligible Contract
Payments (excluding Excluded Contract

 

    25

     

    

 

Payments) owing by Obligors in any single Industry measured at the 1000 level over 6550%
of the Net Contracts Balance of all Transferred Contracts;

 

(d)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with (i) Eligible Contract Payments
(excluding Excluded Contract Payments) related to all Obligors who are domiciled in an Eligible Jurisdiction other than the
U.S. or are organized in an Eligible Jurisdiction other than the U.S. over 30% of the Net Contracts Balance of all
Transferred Contracts and (ii) Eligible Contract Payments (excluding Excluded Contract Payments) related to all Obligors who
are domiciled in an Eligible Jurisdiction other than the U.S., the United Kingdom or Germany or are organized in an Eligible
Jurisdiction other than the U.S., United Kingdom or Germany over 15% of the Net Contracts Balance of all Transferred
Contracts;

 

(e) the
excess, if any, of the Aggregate Outstanding Principal Balance of all Agented Contracts (other than TriplePoint Agented
Contracts) with Eligible Contract Payments (excluding Excluded Contract Payments) owing by Obligors for which TPVG and its
Affiliates fail to either (i) individually or collectively hold greater than 50% of the voting interest in such Contract,
(ii) hold a minority blocking interest against all material consents, amendments, waivers or approvals thereunder or (iii)
hold enforcing lender rights over 10% of the Net Contracts Balance of all Transferred Contracts;

 

(f) without
duplication of clause (c)(i) above, the excess, if any, of the Aggregate Outstanding Principal Balance of all
Contracts with Eligible Contract Payments (excluding Excluded Contract Payments) owing by Obligors in the Healthcare Industry
over 3515%
of the Net Contracts Balance of all Transferred Contracts;

 

(g) the
excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts that are Deferrable Contracts (and are not
Excluded Deferrable Contracts) over 15% of the Net Contracts Balance of all Transferred Contracts;

 

(h)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) that permit “interest only” Scheduled Contract Payments for more
than 24 months from theremaining (as
of any applicable date of origination thereofdetermination)
over 3330%
of the Net Contracts Balance of all Transferred Contracts; provided that
if the percentage of such Contracts that also have a debt-to-enterprise value ratio (as determined by the Collateral Manager
and including all debt of such Obligor that is senior to or pari passu  to the debt owed to the Borrower) of the
related Obligor greater than 20% is greater than 10% of the Aggregate Outstanding Principal Balance of all Contracts with
Eligible Contract Payments (excluding Excluded Contract Payments), then the limit shall be reduced
to 27.5%;

 

(i)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) that are Product 4 Contracts over 25% of the Net Contracts Balance of all Transferred
Contracts;

 

    26

     

    

 

(j) the
excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) that are Product 5 Contracts over 15% of the Net Contracts Balance of all Transferred
Contracts;

 

(k)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) that are Product 6 Contracts over 3325%
of the Net Contracts Balance of all Transferred Contracts;

 

(l)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) that are denominated in an Eligible Currency other than Dollars over 20% of the Net
Contracts Balance of all Transferred Contracts;

 

(m)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts with Eligible Contract Payments
(excluding Excluded Contract Payments) owing by Obligors that are Affiliates of TPC, the Borrower or TPVG; and

 

(n)
the excess, if any, of the Aggregate Outstanding Principal Balance of all Contracts that are in the defense industry (other
than a Prohibited Defense Contract) over 7.5% of the Aggregate Contracts Balance of all Transferred Contracts.

 

“Excluded
Amounts” means any amounts relating to diligence, legal, facility, tax, filing, insurance, maintenance and ancillary
products and services.

 

“Excluded
Contract Payments” means all Eligible Contract Payments described in clause (ddd) of the definition thereof, until such
time as such Eligible Contract Payments meet the requirements set forth in clauses (a) through (ccc) thereof, as applicable.

 

“Excluded
Deferrable Contract” means a Deferrable Contract that either (a) has
a required cash pay interest component that is greater than 60% of the total interest rate of such Contract orand
(b) has a required cash pay interest component equal to or greater than 9.00%.

 

“Excluded Taxes” has the meaning
set forth in Section 4.3(e)(vii).

 

“Extending Lender Group” has the meaning set forth in Section 2.7(a).

 

“Extension Request” has the meaning set forth in Section 2.7(a).

 

“Executive
Officer” means, with respect to the Borrower, the Collateral Manager or TPVG, the Chief Executive Officer, President,
Chief Operating Officer or Chief Financial Officer of such Person, with respect to the Custodian, the individuals listed on Exhibit
G, and, with respect to any other Person, the President, Chief Financial Officer or any Vice President.

 

“Facility Agent” has the meaning
set forth in the Preamble.

 

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“Facility Agent Fee” means the
“Facility Agent Fee” set forth in the Facility Agent Fee Letter.

 

“Facility Agent Fee Letter” means
that certain Facility Agent Fee Letter among the Facility Agent, the Borrower and TPVG.

 

“Facility
Amount” means (a) prior to the end of the Revolving Period, $300,000,000,325,000,000, increased
by the amount of any increase made in accordance with Section 2.8 and (b) thereafter, the Advances outstanding.

 

“Fair
Market Value” means, with respect to each Contract, the least of (a) the outstanding Principal Balance of such Contract
and (b) if such Contract has been reduced in value below the outstanding Principal Balance thereof (other than as a result of the
allocation of a portion of the outstanding Principal Balance to Warrant Assets), the value of such Contract as required by, and
in accordance with, the 1940 Act, as amended, and any orders of the SEC issued to the Collateral Manager, to be determined by the
Board of Directors of the Collateral Manager and reviewed by its auditors.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement, and any current or future regulations or official
interpretations thereof.

 

“Federal
Funds Rate” means, for any period, the greater of (a) 0.0% and (b) a fluctuating
rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not
a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average of the quotations for such day on such transactions received by the PayingFacility
Agent from three federal funds brokers of recognized standing selected by it.

 

“Fees” has the meaning set forth
in Section 8.6.

 

“Finance
Lease” means a Lease whereby TPVG is deemed to have made a loan to the Obligor, which loan is secured by the Obligor’s
ownership interest in the related Contract Collateral, and the lease or installment payments thereon represent repayment on such
Loan.

 

“Fitch”
means Fitch, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any
successor thereto.

 

“Fixed Rate Contract” means any
Contract that bears a fixed rate of interest.

 

“Funded
Equity” means, at any time of determination, (i) the Net Contracts Balance on such date plus (ii) all principal
collections on deposit in the Collection Account minus (iii) the sum of the principal of all Advances then outstanding under
this Agreement.

 

“Funding
Account” means the account designated as the Funding Account in, and which is established and maintained pursuant to,
Section 8.1(a).

 

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“IRR” means, as of any date of determination
with respect to any Contract, the internal rate of return as calculated using the XIRR function in Microsoft Excel with the initial
amount being the outstanding Principal Balance followed by the remaining Scheduled Contract Payments for such Contract.

 

“Joinder
Agreement” means an agreement among the Borrower, a Committed Lender and the Facility Agent in the form of Exhibit M to this
Agreement (appropriately completed) delivered in connection with a Person becoming a Committed Lender hereunder after the Effective
Date, as contemplated by the terms of this Agreement, a copy of which shall be delivered
to the Custodian and the Collateral Manager.

 

“Lease”
means each Contract identified on the Schedule of Contracts attached to an Advance Request as a lease, including all related lease
agreements and any related schedules, sub-schedules, supplements and amendments to a master lease pursuant to which TPVG (either
directly or as the assignee of TPC or any of its Affiliates) leases specified equipment or other property to an Obligor at a specified
periodic rate; provided each such schedule to a master lease shall constitute a separate Lease.

 

“Lender”
means each Conduit Lender, each Committed Lender and each Uncommitted Lender, as the context may require.

 

“Lender
Fee Letter” means the Lender Fee Letter, dated as of the date hereof, among the Agents, the Borrower and TPVG.

 

“Lender
Group” means a group consisting of an Agent and one or more Lenders. As of the Closing Date, the Lender Groups are set
forth on Annex I.

 

“LIBOR
Rate” means, with respect to any Accrual Period, the greater of (a) 00.50%
and (b) the rate per annum shown by the Bloomberg Professional Service as the London interbank offered rate for deposits in
U.S. dollars for a period equal to such Accrual Periodthree
months as of 11:00 a.m., London time, two Business Days prior to the first day of such Accrual Period; provided that
in the event no such rate is shown, the LIBOR Rate shall be the rate per annum based on the rates at which Dollar deposits
for a period equal to such Accrual Periodthree
months are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as
may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of
11:00 a.m., London time, two Business Days prior to the first day of such Accrual Period (it being understood that if at
least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided
further that in the event fewer than two such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall
be a rate per annum at which deposits in Dollars are offered by the principal office of the PayingFacility Agent
in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the
first day of such Accrual Period for delivery on such first day and for a period equal to
such Accrual Periodof three months.

 

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Facility Agent, the Hedge Counterparty, any Cash Management Bank or any
other Affected Person or Indemnified Party arising under or in connection with this Agreement, the Notes and each other Transaction
Document.

 

“Obligor”
on a Contract means any Person who owes payments under such Contract and, solely for purposes of calculating the Excess Concentration
Amount, any Obligor which is an Affiliate of another Obligor shall be treated as the same Obligor.

 

“OFAC” means
the U.S. Department of the Treasury’s Office of Foreign Assets Control. “Officer’s Certificate”
means a certificate signed by an Executive Officer.

 

“Official
Body” means any government or political subdivision or any agency, authority, regulatory body, bureau, central bank,
commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or
arbitrator, in each case whether foreign or domestic.

 

“Operating
Account” means the operating account of the Borrower maintained with U.S. Bank National Association in accordance with
this Agreement for deposit of the remaining Amount Available due to Borrower pursuant to Section 8.5, or, at the request
of the Borrower, such other operating account as may be approved by the Facility Agent from time to time.

 

“Opinion
of Counsel” means a written opinion of independent counsel reasonably acceptable in form and substance and from counsel
acceptable to the Facility Agent.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between
such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or
any Transaction Document).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Transaction Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment.

 

“Participant” has the meaning set
forth in Section 16.9.

 

“Paying Agent” has the meaning set forth in the Preamble.

 

“Permitted
Investment” means, at any time:

 

(a) direct
interest-bearing obligations of, and interest-bearing obligations guaranteed as to timely payment of principal and interest
by, the United States or any

 

    35

     

    

 

or adult entertainment; or (d) in the betting, gambling or internet gaming industry (other than
hospitality and/or resorts development or the management thereof).

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit
Support” has the meaning set forth in Section 18.17.

 

“Qualified Substitute
Arrangement” has the meaning set forth in Section 10.6(c). “Rating Agencies” means Standard
& Poor’s and Moody’s.

 

“Records”
means all Contracts and other documents, books, records and other information (including computer programs, tapes, disks, data
processing software and related property and rights) prepared and maintained by or on behalf of the Borrower with respect to Contract
Payments and the Obligors thereunder, including all documents, books, records and other information prepared and maintained by
the Borrower, TPVG or the Collateral Manager with respect to such Contract Payments or Obligors.

 

“Related
Committed Lender” means, with respect to any Uncommitted Lender, each Committed Lender in its Lender Group.

 

“Related Security”
means, with respect to each Transferred Contract:

 

(a)
all Liens and property subject thereto from time to time securing or purporting to secure any such indebtedness of an Obligor
arising under such Transferred Contract (including any security deposits made or required to be made by such Obligor to
secure such indebtedness);

 

(b) all
guaranties, indemnities and warranties, insurance policies, financing statements and other agreements or arrangements of
whatever character from time to time supporting or securing payment of any such indebtedness;

 

(c)
all Collections with respect to such Transferred Contract and any of the foregoing;

 

(d)
the Contract Collateral, including any Residual, any other property securing an Obligor’s obligations under any
Contract and any guarantees or similar credit enhancement for an Obligor’s obligations under any Contract (including
all rights of TPVG in any security deposits and maintenance reserves), all UCC financing statements or other filings relating
thereto, including all rights and remedies against any Vendor of the Contract Collateral related to the Contracts, and any
agreement pursuant to which an Obligor subleases the related Contract Collateral, including all amounts due and to become due
to the Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether
arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity);

 

    39

     

    

 

“Sanctions” has the meaning set forth in Section 9.26.

 

“Sanctioned
Countries” has the meaning set forth in Section 9.26.

 

“SBCA
Act” means Title VIII of the Consolidated Appropriations Act of 2018, known as the Small Business Credit Availability
Act, as amended.

 

“SBIC
Subsidiary” means any direct or indirect Subsidiary (including such Subsidiary’s general partner or managing entity
to the extent that the only material assets of such general partner or managing entity is its equity interest in the SBIC Subsidiary)
of TPVG licensed as a small business investment company under the Small Business Investment Company Act of 1958, as amended.

 

“Schedule
of Contracts” means the list or lists of Contracts attached to each Advance Request. Each such schedule shall identify
the Contracts which are being transferred to the Borrower, shall set forth such information with respect to each such Contract
as the Borrower or the Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered
Advance Requests.

 

“Scheduled
Contract Payment” means each periodic installment payable by an Obligor under a Contract for rent, principal and/or interest,
excluding all supplemental or additional payments required by the terms of such Contract with respect to sales or other taxes,
insurance, maintenance, ancillary products and services, late fees, penalties, default interest and other specific charges.

 

“Scheduled
Revolving Period Termination Date” means the later of (i) May 31, 2021November
30, 2022 or (ii) such later date agreed to in writing by the Facility Agent and each Lender
as requested by the Borrower in accordance with the terms of the definition of “Revolving Period”.

 

“Section 4.3 Certificate” has the
meaning set forth in Section 4.3(e)(ii).

 

“Secured
Parties” means, collectively, each Agent, each Lender, the Facility Agent, the Backup Collateral Manager, the Custodian,
the Paying Agent, eachthe Hedge Counterparty, any
Cash Management Bank or any other Affected Person and Indemnified Party and Hedge Counterparty
and their respective successors and assigns.

 

“Security
Deposit Collection Account” means the account designated as the Security Deposit Collection Account in, and which is
established and maintained pursuant to, Section 8.1(a).

 

“Senior
Costs” means, as of any date of determination, the sum of (a) all Carrying Costs plus (b) the Collateral Manager
Fee plus (c) the Facility Agent Fee plus (d) the Backup Collateral Manager Fee plus (e) all fees due to the
Custodian under the Custodian Fee Letter, each for the related Collection Period plus (f) the Unused Fee.

 

    42

     

    

 

“Settlement
Date” means, with respect to any Advance, (x) each Distribution Date and (y) the date on which the Borrower shall
prepay such Advance pursuant to Section 2.4.

 

“Software
as a Service” and “SaaS” mean the industry code 6050b as set forth in Exhibit N, as determined,
in the reasonable discretion of the Collateral Manager, as of the date of determination.

 

“Software
Industry” means the industry code 6050 as set forth in Exhibit N, as determined, in the reasonable discretion
of the Collateral Manager, as of the date of determination.

 

“Standard
& Poor’s” means S&P Global Ratings, a Standard & Poor’s Financial Services LLC business (or its
successors in interest).

 

“Structured
Lender” means any Person whose principal business consists of issuing commercial paper, medium term notes or other securities
to fund its acquisition and maintenance of receivables, accounts, instruments, chattel paper, general intangibles and other similar
assets or interests therein and which is required by any nationally recognized statistical rating organization which is rating
such securities to obtain from its principal debtors an agreement such as that set forth in Section 18.11(a) of this Agreement
in order to maintain such rating.

 

“Structured
Lender Liquidity Arrangement” means each liquidity, credit enhancement or “back-stop” purchase or loan facility
for a Lender which is a Structured Lender relating to this Agreement.

 

“Subject
Laws” means the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the
United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order
relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
(USA Patriot Act of 2001, as amended) (the “Patriot Act”).

 

“Subsidiary”
means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its other Subsidiaries
own, directly or indirectly, such number of outstanding shares as have more than 50% of the ordinary voting power for the election
of directors.

 

“Support
Facility” means any liquidity or credit support agreement with a Structured Lender which relates to this Agreement (including
any agreement to purchase an assignment of or participation in the Notes).

 

“Support
Party” means any bank, insurance company or other financial institution extending or having a commitment to extend funds
to or for the account of a Structured Lender (including by agreement to purchase an assignment of or participation in the Notes)
under a Support Facility.

 

“Supported QFC” has the
meaning set forth in Section 18.17.

 

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“TPC Growth Stage Company”
means any company that (x) generated greater than $15,000,000 annualized gross revenue as of the most recent calendar quarter
and (y) has sufficient venture capital backing (as determined by the Collateral Manager).

 

“TPVG” has the meaning set forth
in the Preamble.

 

“Transaction
Documents” means this Agreement, the Notes, the Pledge Agreement, the Lockbox Agreement, the Sale Agreement, the Lender
Fee Letter, each Hedging Agreement, the Facility Agent Fee Letter, the Administrative Agreement, any
Joinder Agreement, the Backup Collateral Manager Fee Letter, the Custodian Fee Letter and the other documents to be
executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however, Transferred Contracts
delivered in connection with this Agreement.

 

“Transferred
Contract” means each Contract which appears on an Advance Request submitted to the Paying Agent by the Borrower and that
is purchased pursuant to the Sale Agreement. Any Contract that is released from the Lien granted to the Facility Agent for the
benefit of the Secured Parties pursuant hereto, including any Contract that is purchased by the Equityholder pursuant to Section
6.1 of the Sale Agreement following the Paying Agent’s receipt of the Repurchase Amount for such Contract, shall not be a
“Transferred Contract” after such Contract is so released.

 

“Transition
Costs” means all costs and expenses (up to an aggregate amount of $50,000) incurred by any successor Collateral Manager
in connection with the transition of the duties and obligations of the Collateral Manager to such successor Collateral Manager
including, for the avoidance of doubt, as described in Section 7.1(b).

 

“TriplePoint Agented Contract”
means an Agented Contract where each lender thereon is TPC, TPVG or any of their Affiliates.

 

“True Lease” means a Lease which
is not a Finance Lease.

 

“Twelfth Amendment Effective Date” means December 11, 2020.

 

“UCC” means
the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

 

“Uncommitted Lender”
means any Conduit Lender designated as an “Uncommitted Lender” for any Lender Group and any of its assignees.

 

“Unmatured Event of Default”
means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute an Event
of Default.

 

“Unmatured
Collateral Manager Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse
of time and notice, constitute a Collateral Manager Default.

 

“Unused Fee” means the unused fee
set forth in the Lender Fee Letter.

 

    45

     

    

 

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

 

“U.S. Special Resolution Regimes”
has the meaning set forth in Section 18.17.

 

“Vendor”
means, with respect to any Contract, the equipment manufacturer, dealer or distributor or other Person that provided products or
services with respect to the Contract Collateral under such Contract.

 

“Volcker
Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations
thereunder.

 

“Warrant
Asset” means the Borrower’s economic interest in any equity purchase warrants or similar rights convertible into
or exchangeable or exercisable for any equity interests received by TPVG or the Equityholder as an “equity kicker”
from the Obligor in connection with such Transferred Contract; provided that the term Warrant Asset shall in no event include
the right of TPVG or the Equityholder to participate as an investor in future equity financings by an Obligor.

 

“Weighted
Average APR” means, as of any date of determination with respect to all Eligible Contracts that are Fixed Rate Contracts
included in the Borrower Collateral, the number obtained by (i) summing the products obtained by multiplying (a) the APR
of such Eligible Contract by (b) the Principal Balance of such Eligible Contract and (ii) dividing such sum by the Aggregate
Outstanding Principal Balance of all Eligible Contracts included in the Borrower Collateral on such date.

 

“Weighted
Average Debt-to-Valuation” means, as of any date of determination with respect to all Eligible Contracts included in
the Borrower Collateral, the number (expressed as a percentage) obtained by (i) summing the products obtained by multiplying
(a) the consolidated debt-to-enterprise value ratio (as determined by the Collateral Manager and including all debt of such Obligor
that is senior to or pari passu to the debt owed to the Borrower) of the related Obligor by (b) the Principal Balance of such Eligible
Contract and (ii) dividing such sum by the Aggregate Outstanding Principal Balance of all Eligible Contracts included in
the Borrower Collateral on such date.

 

“Weighted
Average Floating Spread” means, as of any date of determination with respect to all Eligible Contracts that bear
interest at a spread over the Prime Rate included in the Borrower Collateral, the spread obtained by (i) summing the products
obtained by multiplying (a) the stated interest rate spread on such Eligible Contract above the Prime Rate by (b) the
Principal Balance of such Eligible Contract and (ii) dividing such sum by the Aggregate Outstanding Principal Balance
of all Eligible Contracts included in the Borrower Collateral on such date.

 

“Weighted
Average IRR” means, as of any date of determination with respect to all Eligible Contracts included in the Borrower Collateral,
the number obtained by (i) summing the products obtained by multiplying (a) the IRR of such Eligible Contract by (b) the
Principal

    46

     

    

 

(e)
For the avoidance of doubt, on each date on which the Net Contracts Balance or the
Borrowing Base is required to be calculated hereunder, the eligibility of each of the Contracts shall be redetermined as of such
calculation date and, as a consequence thereof, Contracts having Contract Payments that were Eligible Contract Payments on a prior
calculation date may be excluded from the Net Contracts Balance or the Borrowing Base (as the case may be) on the date of calculation.

 

(f)
Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Sale Agreement.

 

(g)
Unless otherwise specified, each reference in this Agreement or in any other Transaction Document to a Transaction Document
shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise
modified in accordance with the terms of the Transaction Documents.

 

(h)
All calculations required to be made hereunder with respect to the Contracts and the Borrowing Base shall be made on a trade
date basis and after giving effect to (x) all purchases or sales to be entered into on such
trade date and, (y) all Advances requested
to be made on such trade date plus the balance of all unfunded Advances to be made in connection with the Borrower’s
purchase of previously requested (and approved) Contracts or any funding with respect to a revolving loan facility included
in the Borrower Collateral and (z) the deemed application of
any principal collections on deposit in the Collection Account necessary to settle all
outstanding and unsettled assignments.

 

(i)
Any use of the term “knowledge” or “actual knowledge” in this Agreement shall mean actual knowledge
after reasonable inquiry.

 

(j)
Any use of “material” or “materially” or words of similar meaning in this Agreement shall mean
material, as determined by the Facility Agent in its sole discretion.

 

(k)
For purposes of this Agreement, an Event of Default or Collateral Manager Default shall be deemed to be continuing until it
is waived in accordance with Section 18.2.

 

(l)
Determinations of the Eligible Contract Payments, or portions thereof, that constitute Excess Concentration Amounts will be
determined in the way that produces the highest Borrowing Base at the time of determination, it being understood that an
Eligible Contract Payment (or portion thereof) that falls into more than one such category of Eligible Contract Payment will
be deemed, solely for the purposes of such determination, to fall only into the category that produces the highest such
Borrowing Base at such time (without duplication).

 

(m)
Unless otherwise expressly stated in this Agreement, if at any time any change in GAAP (including the adoption of IFRS) would
affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any
other Transaction Document, Borrower and Facility Agent shall negotiate in good faith to amend such covenant to preserve the original
intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed in accordance
with the application of GAAP 

 

    48

     

    

 

prior
to such change and (ii) Borrower shall provide to the Facility Agent a written reconciliation in form and substance reasonably
satisfactory to the Facility Agent, between calculations of such covenant made before and after giving effect to such change in
GAAP.

 

ARTICLE II

 

THE FACILITY, ADVANCE PROCEDURES
AND NOTES

 

Section
2.1 Advances. On the terms and subject to the conditions set forth in this Agreement, each Lender Group
hereby agrees to make advances to the Borrower (individually, an “Advance” and collectively the
“Advances”) from time to time on any date (each such date on which an Advance is made, an
“Advance Date”) during the Revolving Period. Under no circumstances shall any Lender make an Advance if,
after giving effect to such Advance (i) the aggregate outstanding principal amount of all Advances outstanding would exceed
the lesser of (x) the Facility Amount and (y) the Borrowing Base on such day, or (ii) in the case of a Committed Lender, the
aggregate principal amount of the Advances funded by such Committed Lender would exceed such Committed Lender’s
Commitment. Subject to the terms of this Agreement, during the Revolving Period, the Borrower may borrow, reborrow, repay and
prepay (subject to the provisions of Section 2.4) one or more Advances.

 

Section
2.2 Funding of Advances. (a) Subject to the satisfaction of the conditions precedent set forth in Section
6.2, the Borrower may request Advances hereunder by giving notice to the Facility Agent, the Paying Agent and each Agent of
the proposed Advance at or prior to 2:00 p.m., New York City time, at least (i) in the case of Advances of more than 20% of the
then-current Facility Amount, sixty-one (61) days or (ii) in the case of Advances of up to 20% of the then-current Facility Amount,
two (2) Business Days prior to the proposed Advance Date; provided that the foregoing shall not apply to the initial Advance
on the Effective Date; and provided further, that there shall be a maximum of two Advances requested per week. Such notice
(herein called the “Advance Request”) shall be in the form of Exhibit C and shall include the proposed
Advance Date (specifically identifying whether such Advance will be on two (2) Business Days’ notice or sixty-one (61) days’
notice and, if on two (2) Business Days’ notice, a calculation showing that after giving effect to such Advance not more
than 20% of the Advances outstanding shall be Advances requested by the Borrower on less than sixty-one (61) days’ notice)
and amount of such proposed Advance and a Schedule of Contracts setting forth the information required therein with respect to
the Contracts to be acquired by the Borrower on the Advance Date. The amount of any Advance shall at least be equal to $250,000.
Any Advance Request given by the Borrower pursuant to this Section 2.2, shall be irrevocable and binding on the Borrower.
Neither the Facility Agent nor the Paying Agent shall have any obligation to lend funds hereunder. Subject to the satisfaction
of the conditions precedent set forth in Section 6.2, each Lender shall make its pro
rata share of such Advance available to its Agent not later than 1:00 p.m. (New York City time) on such Advance Date, by wire
transfer of same day funds in Dollars. Upon receipt of such funds, each Agent shall remit such funds by wire transfer of same
day funds to the Funding Account by 2:00 p.m. (New York City time) on such Advance Date to the extent it has
received such funds from the Lenders in its Lender Group no later than 1and the Paying
Agent’s receipt of such funds in sufficient time and no later than 2:00 p.m., (New
York City time), on such Advance Date.
The, the Paying Agent shall wire all
funds received in the

 

    49

     

    

 

Funding Account as of 3:00 p.m. (New York City time) on the applicable Advance Datemake
the proceeds of such requested Advances available as follows: first, to pay any fees and expenses due to the
Lenders or the Agents on the applicable Advance Date; and second, all amounts of the Advance in excess of the amounts distributed
pursuant to first above shall be made available to the Borrower by deposit to such account as may be designated by the Borrower
(in the Advance Request or otherwise by prior written notice
received by the Paying Agent) in same day funds no later than 3:00 p.m., New York City time, on such Advance Date.
The Borrower expressly acknowledges and agrees that any election by any Lender on one or more occasions to fund any Advance on
any day prior to the full passage of such sixty-one (61) day notice period set forth herein shall not constitute or be deemed
to be an amendment, waiver or other modification of the requirement for sixty-one (61) days’ notice prior to any Lender
funding any Advance hereunder.

 

(b) Committed
Lender’s Commitment. At no time will any Uncommitted Lender have any obligation to fund an Advance. At all times on
and after the Conduit Advance Termination Date, all Advances shall be made by the Agent for, and on behalf of the applicable
Committed Lenders. At any time when any Uncommitted Lender has failed to or has rejected a request to fund an Advance, its
Agent shall so notify the Related Committed Lender and such Related Committed Lender shall fund such Advance to the Paying
Agent. Notwithstanding anything contained in this Section 2.2(b) or elsewhere in this Agreement to the contrary, no
Committed Lender shall be obligated to provide its Agent or the Borrower with funds in connection with an Advance in an
amount that would result in the portion of the Advances then funded by it exceeding its Commitment then in effect (minus the
unrecovered principal amount of such Committed Lender’s investments in the Advances pursuant to the Structured Lender
Liquidity Arrangement to which it is a party). The obligation of the Committed Lender in each Lender Group to remit any
Advance shall be several from that of the other Lenders, and the failure of any Committed Lender to so make such amount
available to its Agent shall not relieve any other Committed Lender of its obligation hereunder.

 

Section 2.3
Notes. The Advances by eachBorrower shall, upon
request of any Lender Group, on or after such Lender Group becomes a party hereto
(whether on the Effective Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such
Lender Group. Each such Note shall be further evidenced
by a Note, executed by the Borrower, with appropriate insertions, payable to the order
of the Agent for such Lender Group in a face amount equal to the applicable Lender
Group’s Commitment as of the Effective Date or the effective date on which
such Lender Group becomes a party hereto, as applicable. The Borrower hereby irrevocably authorizes each Agent to make
(or cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the
option of such Agent, in its records), which notations, if made, shall evidence, inter alia, the date of the outstanding
principal of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive
evidence of the subject matter thereof absent manifest error; provided, however, that the failure to make any such
notations shall not limit or otherwise affect any of the Obligations or any payment thereon.

 

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Section
3.3 Yield Calculation. Each NoteThe
Advances shall bear interest on each day during each Accrual Period at a rate per annum equal to the Interest Rate
for such Accrual Period.

 

Section
3.4 Computation of Yield. All Yield shall be computed on the basis of the actual number of days (including
the first day but excluding the last day) occurring during the period for which such Yield is payable over a year comprised
of 360 days. Each Agent (on behalf of its respective Lender Group) and the Facility Agent (for itself) shall determine the
applicable Yield, all Fees, any amounts due and payable pursuant to Sections 4.3 and 5.1 and any other amounts
hereunder to be paid by the Borrower to the Lenders, each Agent or the Facility Agent (as applicable) on each Distribution
Date for the related Accrual Period and shall advise the Collateral Manager thereof in writing no later than the fifth (5th)
day immediately prior to such Distribution Date.

 

ARTICLE IV

 

PAYMENTS; TAXES

 

Section
4.1 Making of Payments to and by the Agents. All payments to be made to the Lenders pursuant to Section 8.5
hereof, shall be made by the Paying Agent in accordance with Section 8.5 to the Agent for each Lender Group and pro
rata among the Lender Groups on the basis of the respective amounts owing to such Lender Groups. Each Agent shall
allocate to the Lenders in its Lender Group each payment in respect of the Advances received by such Agent as provided
herein. Payments in reduction of the principal amount of the Advances shall be allocated and applied to Lenders pro rata based
on their respective portions of such Advances, or in any such case in such other proportions as each affected Lender may
agree upon in writing from time to time with such Agent and the Borrower. Payments of Yield shall be allocated and applied to
Lenders pro rata based upon the respective amounts of interest due and payable to them, determined as provided above in Section
3.3.

 

Section
4.2 Due Date Extension. If any payment of principal or Yield with respect to any Advance falls due on a day
which is not a Business Day, then such due date shall be extended to the next following Business Day, and additional Yield
shall accrue and be payable for the period of such extension at the rate applicable to such Advance.

 

Section
4.3 Taxes. (a) Payments Free of Taxes. Any and all payments by or on behalf of the Borrower or TPVG
under or in respect of this Agreement or any other Transaction Documents to which the Borrower is a party shall be made free
and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies,
imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with
respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other
Governmental Authority (collectively, “Taxes”), unless required by law. If the Borrower or TPVG shall be
required under any applicable requirement of law to deduct or withhold any Taxes from or in respect of any sum payable under
or in respect of this Agreement or any of the other Transaction Documents to an Affected Person (including for purposes of Section
5.1 and this Section 4.3, any assignee,

 

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Responsible Officer of the Collateral Manager, including information on
delinquencies and extensions of Transferred Contracts.

 

Section 7.7
Annual Statement as to Compliance; Notice of Collateral Manager Default. (a) The Collateral Manager shall deliver to the Facility
Agent, each Lender and the Backup Collateral Manager on or before April 30 of each year, beginning on April 30, 2015, an officer’s
certificate signed by any Executive Officer of the Collateral Manager, dated as of the preceding December 31, stating that (i)
a review of the activities of the Collateral Manager during the preceding 12-month period (or such other period as shall have
elapsed from the Effective Date to the date of the first such certificate) and of its performance under this Agreement has been
made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Collateral
Manager has fulfilled all its obligations under this Agreement throughout such period, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof.

 

(b) The
Collateral Manager shall deliver to the Facility Agent, each Lender and the Backup Collateral Manager, promptly after having
obtained knowledge thereof, but in no event later than three Business Days thereafter, written notice in an Officers’
Certificate of any Collateral Manager Default, Unmatured Collateral Manager Default, Termination Event, Unmatured Event of
Default or Event of Default.

 

Section
7.8 Audit of Transferred Contracts. The initial Collateral Manager shall, at the Collateral Manager’s
expense, conduct and complete an audit of the Transferred Contracts in compliance with the audit standards set forth on Exhibit
B (as such Exhibit may be modified from time to time by the Facility Agent in its sole discretion) hereto with any audit
firm reasonably acceptable to the Facility Agent and the Lenders, (i) on or before August, 2014 and (ii) thereafter, on or
before July 15 of each year, beginning on July 15, 2015, with respect to the twelve months ended the immediately preceding
calendar month’s end; provided that there shall be no limits on the Facility Agent’s
right to conduct audits (at the Borrower’s expense) during the occurrence of
an Unmatured Event of Default or Event of Default.

 

Section
7.9 Access to Certain Documentation and Information Regarding Contracts. (a) Each of the Borrower and the
Collateral Manager shall permit representatives of the Facility Agent and the Backup Collateral Manager at any time and from
time to time as the Facility Agent or the Backup Collateral Manager shall reasonably request but only (i) upon two Business
Days’ prior written notice (so long as no Unmatured Event of Default, Event of Default, Unmatured Collateral Manager
Default or Collateral Manager Default has occurred and is continuing) and (ii) during normal business hours: (a) to inspect
and make copies of and abstracts from its records relating to the Transferred Contracts, and (b) to visit its properties in
connection with the collection, processing or management of the Transferred Contracts for the purpose of examining such
records, and to discuss matters relating to the Transferred Contracts or such Person’s performance under this Agreement
and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having knowledge of such
matters. In connection with any inspection, the Facility Agent (or its designee) or the Backup Collateral Manager may, with
the Borrower’s consent (so long as no Unmatured Event of Default, Event of Default, Unmatured Collateral Manager
Default or Collateral Manager Default has occurred and is continuing), institute procedures to permit it to confirm the
Obligor balances in respect of any

 

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(xi)  ELEVENTH, from the remaining Amount Available, to the
extent not previously paid pursuant to clause (iii) above, pro rata to the Backup Collateral Manager,
the Paying Agent and the Custodian, any costs, expenses, Transition Costs and any amounts actually due at such
time under any indemnification provision of this Agreement (that is, no amount shall be withheld for contingent indemnity
obligations to the Backup Collateral Manager and the Custodian under the Transaction Documents);

 

(xii)
TWELFTH, from the remaining Amount Available, to the Agent for each Lender Group, on a pro rata basis, for the benefit
of the Lenders in its Lender Group, the amount of any prepayment of the outstanding principal amount of any Advance made by
the Borrower pursuant to Section 2.4;

 

(xiii) THIRTEENTH,
if the Collateral Manager is TPVG, from the  remaining Amount Available, to the Collateral Manager, any accrued and unpaid
Collateral Manager Fee with respect to the related Collection Period and the amounts specified in Section 8.2 to the
extent the Collateral Manager has not reimbursed itself in respect of such amounts pursuant to Section 8.7 or been
reimbursed for such amounts pursuant to clause (ii); and

 

(xiv)
FOURTEENTH, from the remaining Amount Available, to any
Cash Management Bank, any unpaid Obligations; and

 

(xv) FIFTEENTH, from
the remaining Amount Available, to the Operating Account, or as otherwise designated in writing by the Borrower to the
Facility Agent, the Paying Agent and the Collateral Manager.

 

The Collateral
Manager hereby instructs Deutsche Bank Trust Company Americas, on the Business Day immediately preceding each Distribution Date,
to convert amounts on deposit in the Collection Account into Dollars using the Applicable Conversion Rate to the extent necessary
to make payments in Dollars pursuant to this Section 8.5. All risk and expense incident to such conversion is the responsibility
of the Borrower and Deutsche Bank Trust Company Americas shall have (x) no responsibility for fluctuations in exchange rates affecting
any Collections or conversion thereof and (y) to the extent it complies with the instructions provided by the Collateral Manager
in a non-negligent manner, no liability for any losses incurred or resulting from the rates obtained in such foreign exchange transactions.

 

(c) At any time,
the Borrower may withdraw from the Collection Account the proceeds of any Advance on deposit therein as may be needed to settle
any pending acquisition of an Eligible Contract Payment.

 

Section
8.6 Fees. The Borrower shall pay to the Paying Agent (a) for distribution to each Agent for the benefit of
the Lenders in its related Lender Group in accordance with the provisions set forth in Section 8.5 the Unused Fee and
certain other fees and (b) for distribution to the Facility Agent, the Facility Agent Fee (collectively, the
“Fees”) in the amounts and on the dates set forth in the Lender Fee Letter or the Facility Agent Fee
Letter, as applicable.

 

Section
8.7 Net Deposits. So long as no Collateral Manager Default has occurred and is continuing, the Collateral Manager
may make the remittances to be made by it pursuant to

 

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valid and true transfers for consideration, each enforceable against creditors
of the Equityholder, and no such assets shall constitute property of the Equityholder.

 

Section
9.25 Ownership of the Borrower. One hundred percent (100%) of the outstanding equity interests of the
Borrower is and will be directly owned (both beneficially and of record) by the Equityholder. All such equity interests are
and will be validly issued, and there are no options, warrants or other rights to acquire shares or other equity rights in
the Borrower.

 

Section 9.26
Anti-Terrorism, Anti-Money Laundering. (a) Neither the Borrower nor any Affiliate, officer, employee or director, acting on
behalf of the Borrower (i) is (iA)
a country, territory, organization, person or entity named on any sanctions list administered or imposed by the U.S. Government
including, without limitation, the Office of Foreign Asset Control (“OFAC”) list, or any other list maintained
for the purposes of sanctions enforcement by any of the United Nations, the European Union, Her Majesty’s Treasury in the
UK, Germany, Canada, Australia, and any other country or multilateral organization (collectively, “Sanctions”),
including but not limited to Cuba, Iran, Syria, North Korea, and the Crimea region in Ukraine (the “Sanctioned Countries”);
(iiB) a
Person that resides, is organized or located in any of the Sanctioned Countries or which is designated as a “Non-Cooperative
Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or
through such a jurisdiction or any Sanctioned Countries (a “Sanction
Target”); or is(C)
owned 50% or more or otherwise controlled, directly or indirectly by, or acting on behalf of, one or more Person
who is the subject or target of Sanctions; (iiiPersons defined in either of the preceding
clauses (A) or (B) (along with Persons defined in clauses (A) and (B), collectively, a “Sanction Target”); (ii)
is a “Foreign Shell Bank” within the meaning
of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated
with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv)iii)
is a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States
Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering
concerns. The Borrower is and each Affiliate, officer, employee or director, acting on behalf of the Borrower is in compliance
in all material respects with (a) all applicable OFAC rules and regulations and (b) all United States of America, United Kingdom,
United Nations, European Union, German, Canadian, Australian and all other sanctions, embargos and trade restrictions that the
Borrower or any of its Affiliates is subject. In addition, the described purpose (“trade related business activities”)
does not include any kind of activities or business of or with any Person or in any country or territory that is subject to or
the target of any sanctions administered by the U.S. Government, OFAC, the United Kingdom, the European Union, Germany, Canada,
Australia or the United Nations Security Council (including the Sanctioned Countries) and does not involve commodities or services
of a Sanctioned Country originated or shipped to, through or from a Sanctioned Country, or on vessels or aircrafts owned or registered
by a Sanctioned Country, or financed or subsidized any of the foregoing.

 

(b) The
Borrower has complied, in all material respects, with all applicable anti-money laundering laws and regulations, including
without limitation the USA Patriot Act (collectively, the “Anti-Money Laundering Laws”). No actions,
suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against

 

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Section
10.3 Costs and
Expenses. The Borrower shall pay all of its reasonable
costs and disbursements in connection with the performance of its obligations hereunder and under the Transaction
Documents.

 

Section
10.4 Reporting Requirements.
The Borrower shall furnish, or cause to be furnished, to the Administrative and each Agent:

 

(a) as
soon as possible and in any event within three (3) Business
Days after a Responsible Officer of the Borrower shall have knowledge of the occurrence of an Event of Default, Unmatured
Event of Default or Termination Event, the statement of an Executive Officer of the Borrower setting forth complete details
of such Event of Default, Unmatured Event of Default or Termination Event and the action which the Borrower has taken, is
taking and proposes to take with respect thereto;

 

(b) promptly,
from time to time, such other information, documents, records or reports
respecting the Transferred Contracts or the Related Security, the other Borrower Collateral or the condition or operations,
financial or otherwise, of the Borrower as the Facility Agent may, from time to time, reasonably request;

 

(c)
promptly, in reasonable detail, of (i) any Adverse Claim known to it that is made or asserted against any of the Borrower
Collateral and (ii) the sale, exercise or other monetization of, and the listing of
the existing and future positions of, any Warrant Asset;

 

(d)
any new or updated information reasonably requested by a Lender (by request to the Facility Agent, who shall forward such request
to such Borrower) in connection with “know your customer” laws or any similar regulations;
and

 

(e) (c) promptly
following any request therefor, Borrower shall deliver to the Facility Agent information and documentation reasonably
requested by the Facility Agent for purposes of compliance with its Beneficial Ownership Certification.

 

Section
10.5 Separate
Existence. (a) The Borrower shall conduct its business
solely in its own name through its duly authorized officers or agents so as not to mislead others as to the identity of the
entity with which such persons are concerned, and shall use its best efforts to avoid the appearance that it is conducting
business on behalf of any Affiliate thereof or that the assets of the Borrower are available to pay the creditors of TPVG or
any Affiliate thereof.

 

(b)
It shall maintain records and books of account
separate from those of TPVG and any other Affiliate thereof.

 

(c) It
shall obtain proper authorization for all action requiring such authorization.

 

(d) It shall pay its own
operating expenses and liabilities from its own funds.

 

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(dd) It
will at all times be a limited liability company formed under Delaware which has at least (i) two independent directors and
(ii) two springing members (as set forth in the Borrower’s limited liability company agreement).

 

(ee) It
shall not (A) amend, supplement or otherwise modify (i)
its organizational documents, except in accordance therewith and with the prior written consent of the Facility Agent (which
consent shall not be unreasonably withheld, delayed or conditioned) or (ii) its limited liability company agreement except in
accordance therewith or (B) divide or permit any
division of itself.

 

(ff) It
shall cause the agents, officers and other representatives of the Borrower, if any, to act at all times with respect to the
Borrower consistently and in furtherance of the foregoing provisions of this Section 10.5.

 

(gg)
It shall at all times hold itself out to the
public and all other Persons as a legal entity separate from TPVG and from any other Person.

 

(hh) It shall not commingle its assets with assets of any other Person.

 

(ii)
It shall, except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement
and properly reflected on the books and records of the Borrower, not enter into any transaction with an Affiliate of the Borrower
except on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s-length transaction.

 

(jj) It
shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however
that the foregoing shall not require TPVG to make additional capital contributions to the Borrower.

 

It
will insure that it and TPVG do not take any action contrary to the “Assumptions and Facts” section in the opinion
of Troutman Sanders, LLP, dated the date hereof, relating to certain non-consolidation matters.

 

Section
10.6 Hedging
Agreements. (a) With respect to any Fixed Rate Contract,
the Borrower shall, upon the direction of the Facility Agent in its sole discretion as notified to the Borrower and the
Collateral Manager in writing on or prior to the related Advance Date for such Contract, obtain and deliver to the Custodian
(with a copy to the Facility Agent) and, unless otherwise agreed by the Facility Agent in its sole discretion, maintain at
all times, one or more Hedging Agreements from qualified Hedge Counterparties, which (on each date of determination) (1) have
a notional principal amount equal to the outstanding principal balance of each Fixed Rate Contract, (2) if applicable, have a
strike price (x) such that the Minimum Weighted Average APR Test or the Minimum Weighted Average Spread Test, as applicable,
is satisfied and (y) unless otherwise agreed to by the Facility Agent in its sole discretion, not greater than 4%, (3) have a
termination date no sooner than the Scheduled Revolving Period Termination Date and (4) in the case of Hedging Agreements
that are not interest rate cap agreements, have other terms and conditions and be represented by Hedging Agreements otherwise
acceptable to the Facility Agent in its reasonable discretion.

 

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for the collection of all Transferred Contracts (including
records adequate to permit the daily identification of all collections of and adjustments to each Transferred
Contract).

 

Section
10.16 Accounting
Treatment. The Borrower shall not prepare any financial
statements or other statements (including any tax filings which are not consolidated with those of the Equityholder) which
shall account for the transactions contemplated by the Sale Agreement in any manner other than as the sale of the Transferred
Contracts and the related assets by the Equityholder to the Borrower. For avoidance of doubt, TPVG may consolidate the
Borrower and/or its properties and other assets for accounting purposes.

 

Section
10.17 Limitation on
Investments. The Borrower shall not form, or cause to be
formed, any Subsidiaries; or make or suffer to exist any loans or advances to, or extend any credit to, or make any
investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of
indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments
in Obligors as a result of any Portfolio Investments and investments as otherwise permitted herein and pursuant to the other
Transaction Documents.

 

Section
10.18 Distributions.
Notwithstanding anything contained in this Agreement to the contrary, the Borrower may make (a) requests for, and
distributions or other payments of, Advances for working capital or other general corporate purposes, and (b) payments of
distributions on or in respect of its equity interests, so long as (in each case) at the time of such distribution,
declaration or payment (and after giving effect thereto) no Event of Default, Unmatured Event of Default or Termination Event
shall occur or be continuing; provided that, notwithstanding anything in this Agreement or in any Transaction Document
to the contrary, the Borrower may make payments pursuant to Section 8.5. Prior to foreclosure by the Facility Agent
upon any Borrower Collateral pursuant to Section 14.3(b), nothing in this Section 10.18 or otherwise in this
Agreement shall restrict the Borrower from exercising any Warrant Assets issued to it by Obligors from time to time to the
extent funds are available to the Borrower under Section 8.5 or made available to the Borrower through capital
contributions from the Equityholder or from disposing of Portfolio Investments.

 

Section
10.19 Performance of Borrower
Assigned Agreements. The Borrower shall (i) perform and
observe all the terms and provisions of the Transaction Documents (including each of the Borrower Assigned Agreements) to
which it is a party to be performed or observed by it, maintain such Transaction Documents in full force and effect, enforce
such Transaction Documents in accordance with their terms and take all such action to such end as may be from time to time
reasonably requested by the Facility Agent, and (ii) upon request of the Facility Agent, make to any other party to such
Transaction Documents such demands and requests for information and reports or for action as the Borrower is entitled to make
thereunder.

 

Section
10.20 Notice of Material Adverse
Claim. It shall advise the Facility Agent promptly, in
reasonable detail, (i) of any material Adverse Claim, other than a Permitted Lien, known to it made or asserted against any
of the Borrower Collateral, and (ii) of the occurrence of any event which would have a material adverse effect on the
aggregate value of the Borrower Collateral or on the assignments and security interests granted by the Borrower in this
Agreement.

 

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Section
10.21 Delivery of Original Promissory
Notes. (a)
The Borrower shall deliver as soon as possible (but in no event later than five (5) Business Days after its acquisition of a
Contract), each fully executed, original, related promissory note to the Custodian as contemplated by Section 12.1. If
the Borrower is unable to deliver any such fully executed, original promissory note on the date of its acquisition of a
Contract, it shall deliver a copy of such promissory note, marked to show that such promissory note is subject to the Lien of
the Facility Agent, on such date of acquisition to the Custodian as contemplated by Section 12.1, and such copies
shall be deemed to fill the requirements set forth in the definition of “Contract File” until the earlier to
occur of (i) delivery of the original or (ii) the date that is five (5) Business Days after the Borrower’s acquisition
of the related Contract. The Borrower shall maintain (or cause to be maintained) for the Secured
Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously
delivered to the Collateral Account Bank and shall, as soon as reasonably practicable upon demand of the Facility Agent, make
available, or, upon the Facility Agent’s demand following the occurrence and during the continuation of a Collateral
Manager Default, deliver to the Facility Agent copies of all such Records which
evidence or relate to the Collections.

 

(b)
The Borrower shall deliver the following: (i) all Advance Requests to lenderfinance_collatreview@list.db.com, (ii) Compliance
Certificates delivered in connection with Section 7.6 to csg.india@db.com, abs.conduits@db.com, dbinvestor@list.db.com, amit.patel@db.com,
james.kwak@db.com, erica.flor@db.com, and jerry-b.li@db.com (iii) requests or notices delivered in accordance with Sections 2.2
or 2.4, to abs.conduits@db.com, lenderfinance_collatreview@list.db.com, amit.patel@db.com, james.kwak@db.com, erica.flor@db.com,
and jerry-b.li@db.com and (iv) obligor reports delivered in connection with Section 7.4(n)(iii) to gcrt.ratingrequests@db.com
and lenderfinance_collatreview@list.db.com; provided that any document delivered pursuant to this Section 10.21 shall be deemed
as delivered if it is posted to an electronic system agreed upon between the Borrower and Facility Agent.

 

Section
10.22 Further Assurances; Financing
Statements. (a) The Borrower agrees that at any time and
from time to time, at its expense, it shall promptly execute and deliver all further instruments and documents, and take all
reasonable further action, that is necessary or desirable or that the Facility Agent may request to perfect and protect the
assignments and security interests granted or purported to be granted by this Agreement or to enable the Facility Agent or
any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Borrower
Collateral. Without limiting the generality of the foregoing, the Borrower authorizes the filing of such financing or
continuation statements, or amendments thereto, and such other instruments or notices as may be necessary or desirable or
that the Facility Agent may reasonably request to protect and preserve the assignments and security interests granted by this
Agreement. Such financing statements filed against the Borrower may describe the Borrower Collateral in the same manner
specified in Section 13.1 or in any other manner as the Required Lenders may reasonably determine is necessary to
ensure the perfection of such security interest (without disclosing the names of, or any information relating to, the
Obligors thereunder), including describing such property as all assets or all personal property of the Borrower whether now
owned or hereafter acquired.

 

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payable by it and any assessments made against it or any of its property and all other material
taxes, fees or other charges imposed on it or any of its property by any Official Body (other than any amount the validity of
which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are
provided on the books of the Borrower).

 

Section
10.25 Future Funding
Obligations. The Borrower shall not acquire any Contract
pursuant to which it may be required to make any future advances or payments.

 

Section
10.26 ERISA.
(a) The Borrower will not become a Benefit Plan Investor at any time while any Obligations are outstanding.

 

(b) The
Borrower will not take any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction
under Section 406(a)(1)(B) of ERISA or Section 4975(c)(1)(B) of the Code that would subject any Lender to any tax, penalty,
damages, or any other claim for relief under ERISA or the Code.

 

(c) The
Borrower shall not sponsor, maintain, or contribute to, any Plan. Except as would not reasonably be expected to have a
material adverse effect, (i) the Borrower shall not, and shall not permit any ERISA Affiliate to, permit to exist any
occurrence of any ERISA Event, and (ii) the Borrower shall not permit any ERISA Affiliate to sponsor, maintain, contribute
to, or incur any liability in respect of, any Plan.

 

Section
10.27 Policies and Procedures for Sanctions.
The Borrower has instituted and maintained policies and procedures designed to ensure compliance with Sanctions.

 

Section
10.28 Compliance with
Sanctions. The Borrower shall not directly or indirectly
use the proceeds of the Advances, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint
venture, partner or other Person or entity, to fund or facilitate (i) any activities of or business with any Sanction Target,
(ii) any activities of or business in any Sanctioned Country or (iii) in any other manner that would result in a violation by
any Person of Sanctions.

 

Section
10.29 Compliance with Anti-Money
Laundering. The Borrower shall comply in all material
respects with all applicable Anti-Money Laundering Laws and shall provide notice to the Facility Agent, within five (5)
Business Days, of the Borrower’s receipt of any Anti-Money Laundering Law regulatory notice or action involving the
Borrower.

 

Section
10.30 Ineligible
Collateral. At the direction of the Facility Agent (in its
sole discretion), the Borrower shall divest any asset that does not satisfy the definition of “Eligible Contract
Payment” or “Permitted Investment” if the Facility Agent determines in its
sole discretion that the Borrower’s ownership of such asset could (i)
have materially adverse regulatory consequences on any Lender, (ii) results in any reputational harm to any Lender or (iii)
result in unfavorable capital treatment for any Lender. The Facility Agent agrees to cooperate in good faith with
any waivers necessary to permit such divestiture.

 

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may execute any of its duties under this Agreement (both as Backup
Collateral Manager and as successor Collateral Manager) by or through agents; provided that the Backup Collateral Manager
shall remain primarily liable for the due performance of its duties hereunder.

 

Section
11.2 Covenants and Representations and
Warranties of the Backup Collateral Manager. The covenants and
representations and warranties of the Collateral Manager, shall apply to TPVG, as Collateral Manager, but shall be deemed modified
to the extent necessary to apply to Portfolio Financial Servicing CompanyVervent
Inc..
Prior to or promptly following the date on which Portfolio Financial Servicing CompanyVervent
Inc. becomes the Collateral Manager, the parties to this Agreement will enter into one or more amendments or supplements
acceptable in form and content to Portfolio Financial Servicing CompanyVervent
Inc. and
the Facility Agent, providing for such modifications of this Agreement as are necessary to permit Portfolio
Financial Servicing CompanyVervent
Inc. to
fulfill its responsibilities hereunder as the Collateral Manager.

 

Section
11.3 Additional Provisions Applicable
to Backup Collateral Manager. Notwithstanding anything to
the contrary in this Agreement, in the event that the Backup Collateral Manager becomes the successor Collateral Manager
pursuant to Section 7.12, the following provisions shall be deemed applicable to the Backup Collateral Manager as
successor Collateral Manager:

 

(a)
The Backup Collateral Manager’s duties as successor Collateral Manager pursuant to Section 7.12 shall be limited
solely to maintaining the perfection of liens on the Collateral in favor of the Facility Agent on behalf of the Secured Parties
by preparing and filing or recording continuation statements and other documents or instruments as directed by the Facility Agent;

 

(b)
The Backup Collateral Manager shall not be required to deliver any audits, agreed-upon procedures report or other financial reports
of the Collateral Manager pursuant to Article 7 unless the costs and expenses of the Backup Collateral Manager in obtaining
such report shall be paid by the Borrower in accordance with Section 8.5 (which the Borrower hereby agrees to pay) or by
one or more Agents or Lenders in its or their sole discretion;

 

(c)
The Backup Collateral Manager as successor Collateral Manager shall be entitled to receive at least five Business Days’
written notice prior to any inspection of its premises pursuant to Section 7.9, and such visits will occur no more than
twice per year so long as the Backup Collateral Manager is not in default as successor Collateral Manager; provided that
the Backup Collateral Manager, as successor Collateral Manager shall not be responsible for the costs or expenses of any such
inspections or visits pursuant to Section 7.9;

 

(d)
In the event that the Backup Collateral Manager merges into another Person or conveys or transfers its assets to a third party
and the surviving entity assumes the duties of the Backup Collateral Manager hereunder, this Agreement shall remain in force,
and the terms hereof shall govern the relationship between the Borrower and the successor to the Backup Collateral Manager;

 

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(vi) Each
of the Borrower and the Collateral Manager agrees to take such actions as are reasonably requested by the Custodian or the
Facility Agent to facilitate the delivery to the Custodian or the Facility Agent, as applicable, of all documents (including,
without limitation, Contract Files) and other items required to be delivered to the Custodian or the Facility Agent, as
applicable, in accordance with the terms of this Agreement. The Collateral Manager shall hold (in accordance with Section
9-313(c) of the UCC) all other documents comprising the Contract Files as agent of the Custodian.

 

Section
12.2 Contract File
Certification. (a) On or prior to each Advance Date, with
respect to the Contract Files delivered on or prior to such Advance Date, and thereafter when additional Contract Files will
be delivered to the Custodian from time to time, within three (3) Business Days after delivery of any such Contract File (or
within ten (10) Business Days, if Contract Files with respect to more than twenty-five (25) Contracts are delivered to the
Custodian on the same Business Day), the Custodian shall deliver via facsimile or other electronic transmission to the
Facility Agent, each Agent and the Collateral Manager a certification (each such certification, a
“Certification”), in the form of Exhibit E, in respect of each of the Contracts, to the effect
that, as to each Contract File related to a Contract listed on the Schedule of Contracts, as amended or supplemented, based
on the Custodian’s examination of the Contract Files for such Contracts, except for variances from the requirements of Section
12.1 with respect to the Contract Files (“Exceptions”) noted in a report attached to the Certification
(the “Exception Report”), (i) all documents required to be delivered in respect of such Contracts pursuant
to Section 12.1 have been fully executed and delivered and are in the possession of the Custodian as part of the
Contract Files for such Contracts (other than those released pursuant to Section 12.4), (ii) all such documents have
been reviewed by the Custodian and appear on their face to be regular and to relate to such Contracts and to satisfy the
requirements set forth in Section 12.1, (iii) all signatures on such Contract Files appear to be original signatures,
unless otherwise noted on Exhibit J, (iv) such Contract Files have not been mutilated, damaged, torn or otherwise
physically altered (handwritten additions, changes or corrections shall constitute physical alteration) and such Contract
Files relate to such Contracts, (v) based on the Custodian’s examination of the Schedule of Contracts, as amended and
supplemented, the information set forth therein accurately reflects the information set forth in the related Contract Files
with respect to, to the extent applicable, name of Account Debtor (obligor), transaction type, date of transaction,
commitment amount and original principal amount of obligation, interest rate, and term, (vi) the
Custodian does not have knowledge that it is holding an original of any Contract File for any Person other than the Facility
Agent, on behalf of the Secured Parties, pursuant to this Agreement, and (vii) none of such Contract Files contains on its
face any stamp or evidence of any lien thereon or security interest therein; provided, however, that if any
such statements are, in part or in whole, not true and correct, the Custodian shall detail in such Certification any
Exceptions or other discrepancies that it discovers. The Custodian shall also maintain records of the total number of
Contract Files that are listed on the Schedule of Contracts but have not been received by the Custodian, and will provide
such number of missing Contract Files in the Exception Report.

 

(b) The
Facility Agent shall promptly notify the Custodian, the Collateral Manager and the Borrower, in writing, that either (i) the
Exceptions noted in any Exception Report are waived or (ii) the Borrower or the Collateral Manager must cure certain
specified

 

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stoppages, acts of terrorism, civil or military disturbances, nuclear or natural catastrophes, or the
unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

 

(m) In
no event shall the Paying Agent be liable for any special, indirect, punitive, incidental or consequential loss or damage of
any nature whatsoever arising from any act or omission of the Paying Agent, whether or not the possibility of such damage was
disclosed to, or could have been reasonably foreseen by, the Paying Agent and regardless of the form of action.

 

(n) The
Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate of an
Authorized Officer, any Compliance Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be
genuine and to have been signed or presented by the proper party or parties.

 

(o) In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering, the Paying Agent is
required to obtain, verify and record certain information relating to individuals and entities which maintain a business
relationship with the Paying Agent. Accordingly, each of the parties agrees to provide to the Paying Agent upon its request
from time to time such identifying information and documentation as may be available to such party in order to enable the
Paying Agent to comply with applicable law.

 

(p) The
Paying Agent shall have no obligation to determine whether any conditions precedent to making any Advance have been satisfied
and the Paying Agent shall incur no liability for distributing funds received into the Funding Account in accordance with an
Advance Notice received by it.

 

(q) The
Paying Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR
or the LIBOR Rate, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence
of, any replacement for the LIBOR Rate, or (ii) to select, determine or designate any replacement rate, or whether any
conditions to the designation of such a rate have been satisfied. The Paying Agent shall not be liable for any failure or
delay on its part to perform its obligations under this Agreement to the
extent that such failure or delay is a direct result of the unavailability of LIBOR
(or other applicable replacement rate) and/or absence of a designated replacement rate.

 

ARTICLE
XVI

 

ASSIGNMENTS

 

Section
16.1 Restrictions
on Assignments. Except as specifically provided herein (with respect to the Collateral Manager and the Backup Collateral
Manager), neither the Borrower, the Collateral Manager, TPVG nor the Backup Collateral Manager may assign any of their
respective rights or obligations hereunder or any interest herein without the prior written consent of the Required
Lenders.

 

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Section
16.2 Documentation.
In connection with any permitted assignment, each Lender shall deliver to each assignee an assignment, in such form as such
Lender and the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Advance or
Note to the assignee; and such Lender shall promptly execute and deliver all further instruments and documents, and take all
further action, that the assignee may reasonably request, in order to perfect, protect or more fully evidence the
assignee’s right, title and interest in and to the items assigned, and to enable the assignee to exercise or enforce
any rights hereunder or under the Notes evidencing such Advance. In the case of any permitted
assignment of any Commitment (or any portion thereof) or any Advance (or
any portion thereof) the assignee shall execute and deliver to the Collateral Manager, the Borrower, the Facility Agent, the
Paying Agent and the Custodian a fully executed assignment thereof or a Joinder Agreement substantially in
the form of Exhibit M hereto. If the assignee is not an existing Lender it shall deliver to
the Paying Agent and the Custodian any tax forms and other information requested by the Paying Agent or the Custodian for
purposes of conducting its customary “know your customer” inquiries.

 

Section
16.3 Rights of
Assignee. Upon the foreclosure of any assignment of any
Advances made for security purposes, or upon any other assignment of any Advance from any Lender pursuant to this Article
XVI, the respective assignee receiving such assignment shall have all of the rights of such Lender hereunder with respect
to such Advances and all references to the Lenders in Section 4.3 and Section 5.1 shall be deemed to apply to
such assignee.

 

Section
16.4 Notice of Assignment by Lenders.
So long as no Unmatured Event of Default, Event of Default, Unmatured Collateral Manager Default or Collateral Manager Default
has occurred and is continuing, any proposed assignment by a Lender to any other Person that is a commercial bank shall require
at least 60 calendar days’ notice to the Borrower and TPVG and shall be subject to the prior written consent of the Borrower
and TPVG (in each case, not to be unreasonably withheld, conditioned or delayed), other than any proposed assignment (i) to an
Affiliate of such Lender, (ii) to another Lender hereunder or (iii) to any Person if such Lender makes a determination that its
ownership of any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker
Rule); provided that the Lenders shall not assign any interest in, or sell a participation in any Advance (or portion thereof)
or its Commitment (or any portion thereof), to the Equityholder or any Affiliate of the Equityholder; provided, further,
that each Lender shall first offer to sell such interest(s) to (x) the Lender affiliated with the Facility Agent and, if such
Lender does not accept such offer within ten (10) Business Days, then (y) to each remaining Lender (pro rata) for a period of
ten (10) Business Days prior to offering to any Person that is not an existing Lender. If either of the Borrower or TPVG do not
respond within such 60 calendar day period, then such proposed assignment shall be permitted. So long as no Unmatured Event of
Default, Event of Default, Unmatured Collateral Manager Default or Collateral Manager Default has occurred and is continuing,
at no time shall any Lender assign its interests hereunder to any entity (other than an Affiliate of such Lender) that is not
a commercial bank, unless otherwise approved by the Borrower and TPVG. At no time shall any assignment by any Lender to an Affiliate
of such Lender by subject to the prior consent of the Borrower or TPVG. Each Lender authorizes the related Agent to, and such
Agent agrees that it shall, endorse the Notes to reflect any assignments made pursuant to this Article XVI or otherwise.
Any assignment by one Lender to a

 

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proposed lender hereunder shall be executed on a joinder agreement
substantially in the form of Exhibit M hereto.

 

Section
16.5 Registration; Registration of
Transfer and Exchange. (a) The Facility Agent shall keep a
register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the
Facility Agent shall provide for the registration of the Notes and of transfer of interests in the Notes. The Facility Agent
is hereby appointed “Note Registrar” for the purpose of registering the Notes and transfers of the Notes
as herein provided.

 

(b) Each
Person who has or who acquired an interest in a Note shall be deemed by such acquisition to have agreed to be bound by the
provisions of this Section 16.5. A Note may be exchanged (in accordance with Section 16.5(c)) and transferred
to the holders (or their agents or nominees) of the Advances and to any assignee (in accordance with Section 16.1) (or
its agent or nominee) of all or a portion of the Advances. The Facility Agent shall not register (or cause to be registered)
the transfer of such Note, unless the proposed transferee shall have delivered to the Facility Agent either (x) evidence
satisfactory to it that the transfer of such Note is exempt from registration or qualification under the Securities Act of
1933, as amended, and all applicable state securities laws and that the transfer does not constitute a non-exempt
“prohibited transaction” under ERISA or (y) an express agreement by the proposed transferee to be bound by and to
abide by the provisions of this Section 16.5 and the restrictions noted on the face of such Note.

 

(c) At
the option of the holder thereof, a Note may be exchanged for one or more new Notes of any authorized denominations and of a
like class and aggregate principal amount at an office or agency of the Borrower. Whenever any Note is so surrendered for
exchange, the Borrower shall execute and deliver (through the Facility Agent) the new Note which the holder making the
exchange is entitled to receive.

 

(d) Upon
surrender for registration of transfer of any Note at an office or agency of the Borrower, the Borrower shall execute and
deliver (through the Facility Agent), in the name of the designated transferee or transferees, one or more new Notes of any
authorized denominations and of a like class and aggregate principal amount.

 

(e) All
Notes issued upon any registration of transfer or exchange of any Note in accordance with the provisions of this Agreement
shall be the valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this
Agreement, as the Note(s) surrendered upon such registration of transfer or exchange.

 

(f) Every
Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Borrower or the
Facility Agent) be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Note
Registrar, duly executed by the holder thereof or his attorney duly authorized in writing.

 

(g) No
service charge shall be made for any registration of transfer or exchange of a Note, but the Borrower may require payment
from the transferee holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with

 

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for any Notes canceled as provided in this Section 16.8, except as expressly permitted by this
Agreement.

 

Section
16.9 Participations; Pledge. (a) At any time and from time to time, each Lender may, in accordance with
Applicable Law, at any time grant participations in all or a portion of its Note and/or its interest in the Advances and
other payments due to it under this Agreement to any Person (each, a “Participant”). Each Lender hereby
acknowledges and agrees that (A) any such participation will not alter or affect such Lender’s direct obligations
hereunder, and (B) neither the Borrower, TPVG, the Facility Agent, any other Lender, any Agent nor the Collateral Manager
shall have any obligation to have any communication or relationship with any Participant. Each Participant shall comply with
the provisions of Section 4.3(e) and shall be entitled to the benefits of Sections 4.3 and 5.1, but
shall not be entitled to receive any greater payment under Sections 4.3 or 5.1 than the Lender which granted
such participation interest to such Participant would be entitled to receive had such Lender not granted such interest to
such Participant. So long as no Unmatured Event of Default, Event of Default, Unmatured Collateral Manager Default or
Collateral Manager Default has occurred and is continuing, any proposed Participation shall be subject to the prior written
consent of the Borrower and TPVG, which such consent shall not be unreasonably withheld, delayed or conditioned.

 

(b) Notwithstanding
anything in Section 16.9(a) to the contrary, each Lender may pledge its interest in the Advances and the Notes to any
Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person

 

Section
16.10 Reallocation of Advances. Any reallocation of Advances among Committed Lenders pursuant to an assignment
agreement or a Joinder Agreement
executed by such Committed Lender and its assignee(s) and delivered pursuant to Article XVI shall be wired by
the applicable purchasing Lender(s) to the CustodianPaying
Agent pursuant to the wiring instructions provided by the CustodianPaying
Agent; provided that the CustodianPaying
Agent shall not fund such wire until it has received an executed assignment agreement
or Joinder Agreement, as
applicable.

 

ARTICLE XVII

 

INDEMNIFICATION

 

Section
17.1 Borrower Indemnity. Without limiting any other rights which any such Person may have hereunder or under
Applicable Law, the Borrower agrees to indemnify on an after-tax basis the Facility Agent, the Lenders, the Agents, the
Backup Collateral Manager, the Paying Agent and the Custodian and each of their Affiliates, and each of their respective
successors, transferees, participants and assigns and all officers, directors, shareholders, controlling persons, employees
and agents of any of the foregoing (each of the foregoing Persons being individually called an “Indemnified
Party”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs
and expenses, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively called
“Indemnified Amounts”) awarded against or incurred by any of them arising out of or relating to any
Transaction Document or the transactions contemplated thereby or the use of proceeds therefrom by the Borrower, including in
respect of the funding of any Advance or in respect of any

 

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Borrower and TPVG during the existence of an Event of Default, to
the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of
the Borrower or TPVG (as the case may be) to the amounts owed by the Borrower or TPVG, respectively, under this Agreement, to
the Facility Agent, the Agents, any Affected Person, any Indemnified Party or any Lender or their respective successors and
assigns.

 

Section
18.2 Amendments, Waivers. This Agreement may not be amended, supplemented or modified nor may any provision
hereof be waived except in accordance with the provisions of this Section 18.2. With the written consent of the
Required Lenders, the Agents, the Borrower, the Collateral Manager, TPVG, the Facility Agent, the Paying Agent, the Backup
Collateral Manager and the Custodian may, from time to time, enter into written amendments, supplements, waivers or
modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any
party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this
Agreement; provided, however, that no such amendment, supplement, waiver or modification shall (i) reduce the
amount of or extend the maturity of any payment with respect to an Advance or reduce the rate or extend the time of payment
of Yield thereon, or reduce or alter the timing of any other amount payable to any Lender hereunder, in each case without the
consent of each Lender affected thereby or (ii) (A) amend, modify or waive the definitions of “Borrowing Base,”
“Advance Rate,” “Event of Default” or “Excess Concentration Amount” or any definition
used therein which would have the effect of modifying the meaning or operation of such provisions; provided that no
waiver of an Event of Default shall require consent of all Lenders, (B) change the amount of the Facility Agent Fee, (C)
alter the terms of this Section 18.2 or Section 18.11, or (D) reduce the percentage specified in the definition
of Required Lenders, in each case without the written consent of all Lenders; provided, further, that the
signature of the Borrower and TPVG shall not be required for the effectiveness of any amendment which modifies the
representations, warranties, covenants or responsibilities of the Collateral Manager at any time when the Collateral Manager
is not TPVG or any Affiliate of TPVG or a successor Collateral Manager is designated by the Facility Agent pursuant to Section
7.1; provided, further, that the signature of the Paying Agent, the Backup Collateral Manager or the
Custodian (respectively) shall not be required for the effectiveness of any amendment that does not affect the rights or
obligations of the Paying Agent, the Backup Collateral Manager or the Custodian (respectively). Notwithstanding the
foregoing, if the LIBOR Rate ceases to exist or is reasonably expected to cease to exist within the succeeding three (3)
months, the Borrower, the Collateral Manager and the Facility Agent may (and such parties will reasonably cooperate with each
other in good faith in order to) amend this Agreement to replace references herein to the LIBOR Rate (and any associated
terms and provisions) with any alternative floating reference rate (and any associated terms and provisions) that is then
being generally used in U.S. credit markets for similar types of facilities. For the avoidance
of doubt, such alternative floating reference rate selected to replace LIBOR shall at no time be less than 0.50%. Any
waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of
time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement. During the time
that any Lender hereunder is a Conduit Lender, the Facility Agent will provide notice and a copy of any amendment to any of
(A) this Agreement or (B) the Sale Agreement to Standard & Poor’s upon the request of such Conduit Lender.

 

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Subject
to the provisions of Section 16.4, the Borrower and the Collateral Manager each acknowledge
that the Facility Agent may be communicating with other Lenders, Agents or potential
lenders in connection with an amendment or syndication of this Agreement.

 

Section
18.3 Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise
stated herein, be in writing (including facsimile communication) and shall be personally delivered or sent by certified mail,
postage prepaid, or by facsimile, to the intended party at the address or facsimile number of such party set forth on Annex I
hereto or at such other address or facsimile number as shall be designated by such party in a written notice to the other
parties hereto. All such notices and communications shall be effective, (a) if personally delivered, when received, (b) if
sent by certified mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by
overnight courier, one Business Day after having been given to such courier, and (d) if transmitted by facsimile, when sent,
receipt confirmed by telephone or electronic means, except that notices and communications pursuant to Section 2.2,
shall not be effective until received.

 

Section
18.4 Costs, Expenses and Taxes. In addition to the rights of indemnification granted under Section
17.1, the Borrower or TPVG on behalf of the Borrower agrees to pay on demand all reasonable costs and expenses of the
Facility Agent in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any
Structured Lender Liquidity Arrangement or other liquidity support facility and the other documents and agreements to be
delivered hereunder or with respect hereto, and, subject to any cap on such costs and expenses agreed upon in a separate
letter agreement among the Borrower, TPVG and the Facility Agent and the Borrower or TPVG on behalf of the Borrower further
agrees to pay all reasonable costs and expenses of the Facility Agent in connection with any amendments, waivers or consents
executed in connection with this Agreement and any Structured Lender Liquidity Arrangement or other liquidity support
facility, including the reasonable fees and out-of-pocket expenses of counsel for the Facility Agent with respect thereto and
with respect to advising the Facility Agent as to its rights and remedies under this Agreement and any Structured Lender
Liquidity Arrangement or other liquidity support facility, and to pay all costs and expenses, if any (including reasonable
counsel fees and expenses), of the Facility Agent, the Agents, the Lenders and their respective Affiliates, in connection
with the enforcement against TPVG or the Borrower of this Agreement or any of the other Transaction Documents and the other
documents and agreements to be delivered hereunder or with respect hereto; provided that in the case of reimbursement
of counsel for the Agents, and the Lenders other than the Facility Agent, such reimbursement shall be limited to one counsel
for all such Agents and Lenders.

 

Section
18.5 Binding Effect; Survival. This Agreement shall be binding upon and inure to the benefit of Borrower,
the Lenders, the Agents, the Facility Agent, the Paying Agent, the Backup Collateral Manager, the Collateral Manager, TPVG
and their respective successors and assigns, and the provisions of Section 4.3, Article V and Article
XVII shall inure to the benefit of the Affected Persons and the Indemnified Parties, respectively, and their respective
successors and assigns; provided, however, nothing in the foregoing shall be deemed to authorize any assignment
not permitted by Article XVI. This Agreement shall create and constitute the continuing obligations of the parties
hereto in accordance with its terms, and shall remain in full

 

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or rejected,
or the Agent for such Lender declines or rejects, an Extension Request with respect to the Revolving Period pursuant to Section
2.7; provided that (i) nothing herein shall relieve a Lender from any liability it might have to the Borrower or to
the other Lenders for its failure to make any Advance, (ii) prior to any such replacement, such Lender shall have taken no action
under Section 5.1 so as to fully eliminate the continued need for payment of amounts owing pursuant to Section 5.1,
if applicable, (iii) the replacement financial institution shall purchase, at par, all Advances and other amounts owing to such
replaced Lender on or prior to the date of replacement, and
reallocation of such Advances between the replacement financial institution and such replaced Lender shall be made in accordance
with Section 16.10, (iv) the replacement financial institution, if not already a Lender, shall be reasonably satisfactory
to the Facility Agent, (v) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of
Section 16.5, (vi) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts
(if any) for Increased Costs or Taxes, as the case may be and (vii) any such replacement shall not be deemed to be a waiver of
any rights that the Borrower, the Facility Agent or any other Lender shall have against the replaced Lender.

 

Section 18.16 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

Notwithstanding
anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the
extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

(a) the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)
a reduction in full or in part or cancellation of any such liability;

 

(ii) a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Transaction Document; or

 

(iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

Section
18.17 Acknowledgement Regarding Any Supported QFCs.

 

To
the extent that this Agreement provides support, through a guarantee or otherwise, for Hedging Agreements or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and
agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit

 

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Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that this Agreement and any Supported QFC may in fact be stated to be governed by the laws of
the State of New York and/or of the United States or any other state of the United
States):

 

In the event a
Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under
the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support
(and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United
States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that might otherwise apply to such Supported
QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and this Agreement were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and
agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

[signature pages begin on next
page]

 

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	 	PORTFOLIO FINANCIAL SERVICING COMPANYVERVENT
               INC.,
	 	as Backup Collateral Manager
	 	 	 
		By:	                                          
	 	 	Name: John Enyart
	 	 	Title: President

 

Signature Page to Receivables Financing Agreement

 

     

     

    

 

	 	CUSTOMERS BANK, as Committed
               Lender and Agent
	 	 	 
		By:	                                 
	 	 	Name:
	 	 	Title:

 

Signature Page to Receivables Financing Agreement

 

     

     

    

 

ANNEX I

 

TPVG VARIABLE FUNDING COMPANY LLC,

as Borrower

 

2755 Sand Hill Road, Suite 150

Menlo Park, California
94025

Attention: Sajal Srivastava

Facsimile No.: 650-854-2092

 

TRIPLEPOINT VENTURE GROWTH BDC CORP.,

as Collateral Manager and as Equityholder

 

2755 Sand Hill Road, Suite 150

Menlo Park, California
94025

Attention: Sajal Srivastava

Facsimile No.: 650-854-2092

 

U.S. BANK NATIONAL ASSOCIATION,

as Custodian

 

For all communications:

 

U.S. Bank National Association

One Federal Street

Third Floor

Boston, Massachusetts

Attention: Brian
Sheehan

Facsimile: (866) 607-0951Mike
Quaile

Email: brian.sheehanmichael.quaile@usbank.com

 

U.S. Bank National Association

1719 Otis Way

Mail Code: Ex – SC – FLOR

Florence, South
Carolina 29501

Attention: Steven Garrett

Facsimile: (843) 673-0162

Email: steven.garrett@usbank.com

 

    A-I-1

     

    

 

For delivery of Collateral Obligation files:

 

U.S. Bank National Association

1719 Otis Way

Mail Code: Ex – SC – FLOR

Florence, South
Carolina 29501

Attention: Steven Garrett

Facsimile: (843) 673-0162

Email: steven.garrett@usbank.com

 

PORTFOLIO FINANCIAL
SERVICING COMPANYVERVENT INC.

as Backup Collateral Manager

 

Portfolio Financial
Servicing Company 

Vervent Inc.

7303 SE Lake Road

Portland, OR 97267

Telephone No.: 503-721-3234

Facsimile No.: 503-274-0439

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Paying Agent

 

c/o Deutsche Bank National Trust Company

100
Plaza One, 6th Floor

MS JYC03-0699

Jersey City, New Jersey
07311

 1761 East St. Andrew Place

Santa
Ana, California 92705-4934

Attention: Mark DiGiacomoTRIP2014

Telephone: (201714)
593-8425247-6000

Facsimile: (212) 553-2458714)
247-6478

Email:
absclientservices@list.db.com; amy.mcnulty@db.com; faizah-a.khan@db.com

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as Facility Agent

 

    A-I-2

     

    

 

HITACHI CAPITAL AMERICA CORPORATION

as an Agent and as a Committed Lender

 

800 W. University Drive

Rochester, MI 48307

Attention:
Jamie Dietlin

Telephone: 248-658-3226

Email: docs@hitachibusinessfinance.com

 

NBH BANK

as an Agent and as a Committed Lender

 

11111 W. 95th Street

Overland Park, KS 66214

Attention:
Thomas J. Rohling

Facsimile No.: 855-201-0658

Email: trohling@nbhbank.com

 

CUSTOMERS
BANK, 

as
an Agent and as a Committed Lender

 

99
Bridge Street

Phoenixville, PA 19460

Attention: Lyle Cunningham

Facsimile No.: 610-482-9612

Attention: Scott Gates

Facsimile
No.: (610) 482-9483

 

    A-I-4

     

    

 

Annex II

 

	Lender	 	Commitment	 
	 	 	 	 
	Deutsche Bank AG, New York Branch	 	$	85,000,000	 
	 	 	 	 	 
	KeyBank National Association	 	$	80,000,000	 
	 	 	 	 	 
	TIAA, FSB	 	$	50,000,000	 
	 	 	 	 	 
	MUFG Union Bank, N.A.	 	$	50,000,000	 
	 	 	 	 	 
	Hitachi Capital America Corporation	 	$	20,000,000	 
	 	 	 	 	 
	NBH Bank	 	$	15,000,000	 
	 	 	 	 	 
	Customers Bank	 	$	25,000,000	 
	 	 	 	 	 
	Total	 	$	325,000,000	 

 

 

A-II-1

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