Document:

ex10_08.htm

Exhibit 10.08

Guidelines for Transfer of AllianceBernstein L.P. Units 

 

	
No transfer of ownership of the units of AllianceBernstein L.P. (the private partnership) is permitted without prior approval of AllianceBernstein and AXA Equitable Life Insurance Company (“AXA Equitable).

 

Under the terms of the Transfer Program, transfers of ownership will be considered once every calendar quarter. 

 

	
To sell your Units to a third party:

	  	
To donate the Units:

	
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You must first identify the buyer for your Units.  AllianceBernstein can not maintain a list of prospective buyers.

	  	
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The donor must obtain approval of AllianceBernstein and AXA Equitable for the transfer of units.

	
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The unitholder and the prospective buyer must submit a

request for transfer of ownership of the Units and obtain

approval of AllianceBernstein and AXA Equitable for the transaction.

	  	
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Documentation required for consideration of approval includes: 

- Unit Certificate(s) 

- Executed “Stock” Power Form, with guaranteed signature

	
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Documentation required for consideration of approval includes:

	  	
 

	

- Letter from Transferee

	
 

	

- Unit Certificate(s)

- Executed “Stock” Power Form, with guaranteed signature

- Letter from Seller 

- Letter from Purchaser

	  	

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Additional required documentation should be verified with AllianceBernstein’s transfer agent, BNY Mellon Shareowner Services, at 866-737-9896.

	  	  	  	  	  
	
To have private Units re-registered to your name if they have been left to you by a deceased party:

	  	
To re-register your certificate to reflect a legal change of name or change in custodian:

	
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The beneficiary must obtain approval of AllianceBernstein and AXA Equitable for the transfer of units.

	  	
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The unitholder must obtain approval of AllianceBernstein and AXA Equitable for the change of name/registration on the unit certificate.

	
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Documentation required for consideration of approval includes:

	  	
q

	
Documentation required for consideration of approval includes:

	
 

	

- Unit Certificate(s)

	  	
 

	

- Unit Certificate(s)

	
 

	

- Executed “Stock” Power Form, with guaranteed signature

	  	
 

	

- Executed “Stock” Power Form, with guaranteed signature

	
 

	

- Copy of death certificate 

- Required Inheritance Tax Waiver for applicable states

	  	
 

	
Specific instruction letter indicating the manner in which the new unit certificate should be registered

	

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Additional required documentation (which varies by state) should be verified with AllianceBernstein’s transfer agent, BNY Mellon Shareowner Services, at 866-737-9896

	  	
q

	

Additional required documentation should be verified with AllianceBernstein’s transfer agent, BNY Mellon Shareowner Services, at 866-737-9896.

 

Once AllianceBernstein and AXA Equitable approve the transfer request, AllianceBernstein will inform you of the approval and begin processing the transfer.

You should not begin to prepare necessary documentation until you have contacted:

David Lesser

Legal and Compliance Department – Transfer Program

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, NY 10105

Phone: (212) 969-1429Exhibit 10.1

 

ATEL GROWTH CAPITAL FUND 8,
LLC

 

ESCROW AGREEMENT

 

_____________, 2011

 

U. S. Bank, National Association

San Francisco, California

 

Gentlemen:

 

ATEL GROWTH CAPITAL FUND 8,
LLC, a California limited liability company (the “Fund”), proposes to make a public offering through ATEL Securities
Corporation (the “Dealer Manager”) and other registered broker-dealers (the “Selected Dealers”) of not
to exceed 7,500,000 of its units of limited liability company member interest (the “Units”) at $10 per Unit. The offering
shall be conducted on a best-efforts all-or-none basis for the first 120,000 Units and thereafter on a best-efforts basis for the
remaining Units. The offering shall commence at such time as the Fund’s registration statement on Form S-1 with respect thereto
(the “Registration Statement”) is declared effective by the Securities and Exchange Commission (“SEC”)
which is currently expected to occur on or about ___________, 2012. We are requesting that you consent to act as Depository in
connection with the offering.

 

U.S. Bank, National Association
(“you” or “Depository”) shall receive, hold in escrow and disburse subscription funds in accordance with
the terms and conditions set forth in this letter and in the “Plan of Distribution” section of the prospectus included
in the Registration Statement, as amended or supplemented (such prospectus in the form first filed with the SEC pursuant to Rule
424 under the Securities Act of 1933, as amended, and any supplement or amendment to such prospectus thereafter so filed pursuant
to such Rule 424 are hereinafter collectively called the “Prospectus”).

 

Upon request of AGC 8 Managing
Member LLC (the “Manager”) or the Dealer Manager, you shall provide reports to the Fund and the Dealer Manager as to
the number and amount of subscriptions received by you.

 

The terms and conditions of
your engagement as Depository shall be as follows:

 

1. On or before the date of
commencement of the offering you shall establish an interest-bearing escrow account which shall be entitled “ATEL GROWTH
CAPITAL FUND 8 Escrow Account” (the “Escrow Account”). The Dealer Manager will comply with Rule 15c2-4 under
the Securities Exchange Act of 1934, as interpreted in NASD Notice to Members 84-64, which requires that during the escrow period
checks be transmitted by the Dealer Manager to you as escrow agent as soon as practicable, but in any event by noon of the second
business day following receipt by the Dealer Manager. The Dealer Manager and Selected Dealers shall instruct subscribers to make
checks payable to the order of U.S. Bank, National Association by designating the payee as “U.S. Bank — ATEL GROWTH
CAPITAL FUND 8 Escrow.” You shall return any checks received that are made payable to a party other than the Depository to
the Dealer Manager or Selected Dealer who submitted the check.

 

2. The Dealer Manager and the
Selected Dealers shall promptly deliver all monies received for the payment of Units to the Depository for deposit in the Escrow
Account. You shall receive and hold deposits of subscription funds in the amount of $10 per Unit. The minimum subscription shall
be 500 Units ($5,000), subject, however, to such higher minimum subscriptions as are described in the Prospectus as being applicable
in certain circumstances. Each deposit shall be accompanied by a Subscription Agreement in the form of that attached as Exhibit
C to the Prospectus identifying by name and address the subscriber whose funds are deposited and the amount of the funds deposited
by such subscriber.

 

3. Deposits in the form of
checks which fail to clear the bank upon which they are drawn shall be returned by the Depository to the subscriber, together with
the copy of the Subscription Agreement. You shall concurrently furnish to the Manager and the Dealer Manager a copy of any such
Subscription Agreement and check so returned. The Depository shall have no further liability therefor.

 

If the Fund rejects any subscription
for which the Depository has already collected funds, the Depository shall promptly issue a refund check to the rejected subscriber.
If the Fund rejects any subscription for which the Depository has not yet collected funds but has submitted the subscriber’s
check for collection, the Depository shall promptly issue a check in the amount of the subscriber’s check to the rejected
subscriber after the Depository has cleared such funds. If the Depository has not yet submitted a rejected subscriber’s check
for collection, the Depository shall promptly remit the subscriber’s check directly to the subscriber.

 

4. You shall place funds from
the Escrow Account only in the following interest-bearing accounts and short-term obligations as the Fund shall direct: short-term
United States government securities, including Treasury bills, securities issued or guaranteed by United States government agencies,
certificates of deposit and time or demand deposits in banks and savings and loan associations which are insured by United States
government agencies or deposits in members of the Federal Home Loan Bank System; provided, however, that you shall not be required
to place any such funds in a manner which is inconsistent with the Prospectus. In the absence of express instructions, you will
invest such funds, to the extent reasonably practicable, in a U. S. Bank Money Market Account insured by the FDIC. As Depository
you shall not be liable for any loss of interest in the event funds are withdrawn prior to maturity. Interest accrued on subscription
funds held in the Escrow Account shall not be an asset of the Fund, but shall either (i) be paid to the respective subscribers
upon return of subscription proceeds to subscribers pursuant to paragraph 5 of this Agreement in the event the Minimum Subscriptions
(as defined in paragraph 5) are not received prior to termination of the offering); or (ii) be paid to the Fund upon release of
subscription proceeds to the Fund for disbursement by the Fund to subscribers, in either case to be divided among the subscribers
on a pro rata basis according to the respective numbers of days between the time of deposit of their payments into the Escrow Account
and the release of such payments to the Fund or the return thereof to the subscribers, and in either case with the amounts of interest
allocated among subscribers to be calculated by the Manager.

     

     

    

 

During the escrow period, the
proceeds from the Fund’s offering are not subject to claims by creditors, the Fund, the Fund’s affiliates, you as the
escrow agent, or Selected Dealers unless and until the proceeds have been released to the Fund pursuant to the terms of this Agreement.

 

5. If and at such time as amounts
in collected funds representing subscriptions for not less than 120,000 Units shall have been deposited with you under this Agreement
(the “Minimum Subscriptions”), you shall so notify the Manager and the Dealer Manager and upon receipt of written instructions
from each of the Fund and the Dealer Manager, you shall disburse to the Fund all subscription funds held by you. If the offering
is terminated prior to receipt of collected funds representing the Minimum Subscriptions, or if collected funds representing the
Minimum Subscriptions have not been received on or before the date which is one year from the date that the Registration Statement
is declared effective by the SEC, you shall promptly disburse all subscription funds to the subscribers who transmitted them without
deduction, penalty or expense to the subscriber, and you shall advise the Fund and the Dealer Manager that you have done so. The
subscription funds returned to each subscriber shall be free and clear of any and all claims of the Fund or any of its creditors.
In any case, all interest earned on subscription proceeds held by you shall be disbursed to subscribers as provided in paragraph
4, with the Manager providing the Depository with the calculation of interest payable to each subscriber. After all disbursements
under this Agreement have been completed, the escrow shall be terminated; provided, however, that an agreement with a branch of
Depository will be effective upon escrow holder notifying the branch that the Minimum Subscriptions have been reached and escrow
is closed. The branch will agree to facilitate transfers of subscription funds to the Fund in the event subscribers make checks
payable to the Depository after the date Minimum Subscriptions have been received. The branch’s sole function in such event
shall be to endorse any such subscription checks to the account of the Fund.

 

For purposes of the foregoing,
the term “collected funds” shall mean all funds received by the Depository which have cleared normal banking channels
and are in the form of cash.

 

Notwithstanding the foregoing,
any and all subscription proceeds from Pennsylvania investors deposited with the Depositary will be maintained in a separate escrow
account entitled “ATEL GROWTH CAPITAL FUND 8 Pennsylvania Escrow Account.” The terms of the escrow for Pennsylvania
subscriptions will be the same as provided for all subscription proceeds under this Agreement, except as expressly stated in the
following paragraphs.

 

The amount of subscription
proceeds held in the Pennsylvania Escrow Account will not be counted in determining the Minimum Subscriptions defined above
in this Section 5, unless the Pennsylvania Minimum (as defined below) is reached prior to the date that the amount of the Minimum
Subscriptions is received from non-Pennsylvania subscribers. The funds in the Pennsylvania Escrow Account will be retained in such
account, and will not be released to the Fund upon the release of other escrowed funds at the time the Minimum Subscriptions are
reached under the Agreement unless the conditions for release of Pennsylvania subscriptions set forth in this paragraph are first
satisfied. If and at such time as the Fund and the Dealer Manager deliver to the Depositary a certificate, together with any other
documentation that the Depositary may reasonably require, which demonstrates that the Fund has received a total amount in collected
funds which, when added to the total amount held in the Pennsylvania Escrow Account, represent aggregate subscriptions for not
less than 375,000 Units (the “Pennsylvania Minimum”), and upon receipt of written instructions from each of the Fund
and the Dealer Manager, the Depositary shall disburse to the Fund all subscription funds held in the Pennsylvania Escrow Account.

 

If the offering is terminated
prior to receipt of collected funds representing the Pennsylvania Minimum, or if collected funds representing the Pennsylvania
Minimum have not been received on or before the date which is 120 days after the date hereof, the Fund and the Dealer Manager will
notify each Pennsylvania investor whose subscription proceeds are held in the Pennsylvania Escrow Account within 10 calendar days
following the end of such period that such investor has the right to have the escrowed subscription proceeds returned to the investor
by notifying the Depositary that such return is desired within 10 calendar days after receipt of such notification of the right
to such return. The subscription proceeds held for investors so requesting a return, together with any interest accrued thereon,
will be promptly forwarded to such investors, but in no event later than 15 calendar days following receipt by the Depositary of
the notice requesting such return.

 

Any subscription proceeds from
Pennsylvania investors which remain in the escrow after the expiration of the periods described in the foregoing paragraph will
be held until the earlier of the satisfaction of the Pennsylvania Minimum condition or the termination of the offering; provided
that at the end of each subsequent 120-day period of the escrow, the investors whose subscription proceeds remain in the escrow
will be offered the return rights described in the foregoing paragraph; and provided further that, if the Pennsylvania Minimum
is not satisfied within one year from the date that the Registration Statement is declared effective by the SEC, the Depositary
shall promptly disburse all subscription funds in the Pennsylvania Escrow Account to the subscribers who transmitted them without
deduction, penalty or expense to the subscriber, and the Depositary shall advise the Fund and the Dealer Manager that the Depositary
has done so. Any such disbursements to Pennsylvania investors will be on the same terms as all disbursements under this Agreement.

 

6. All fees, costs, and charges
of the Depository shall be paid by the Fund. Escrow fees shall be as set forth in Exhibit A hereto. No fees, costs, charges, indemnification
for damages suffered by the Depository or any monies whatsoever shall be paid out of or chargeable to the funds on deposit in the
Escrow Account.

 

7. The Fund and the Dealer
Manager hereby represent and warrant that neither they nor any of their affiliates has made, nor will any such person make, any
representation which might imply that you in any way endorse or recommend an investment in Units or guarantee any obligations relating
to the Units except those expressly undertaken as Depositary under this Agreement.

 

In consideration of your acting
as Depository herein, it is agreed that you shall in no case or event be liable for the failure of any of the conditions of this
Agreement or damage caused by the exercise of your discretion in any particular manner, or for any other reason, except gross negligence
or willful misconduct with reference to the Escrow Account, and you shall not be liable or responsible for your failure to ascertain
the terms or conditions, or to comply with any of the provisions of, any agreement, contract or other document filed herewith or
referred to herein, nor shall you be liable or responsible for forgeries or false impersonation.

     

     

    

 

It is further agreed that if
any controversy arises between the parties hereto or with any third person with respect to the subject matter of this Agreement,
or its terms or conditions, you are entitled at your option to refuse to comply with any claim or demand, so long as such controversy
continues and in so doing you shall not be or become liable for damages or interest to any party for your failure or refusal to
comply with any conflicting or adverse demands. You shall be entitled to continue so to refrain and refuse so to act until:

 

A. The rights of the
adverse claimants have been finally adjudicated in a court assuming and having jurisdiction of the parties and the money, papers
and property involved herein or affected hereby; and/or

 

B. All differences
shall have been adjusted by agreement and you shall have been notified thereof in writing by all of the persons interested.

 

In the event of any such controversy,
you, in your discretion, may file a suit in interpleader for the purpose of having the respective rights of the claimants adjudicated,
and deposit with the court all documents and property held hereunder, and the Fund agrees to pay all costs and counsel fees incurred
by you in such action and said costs and fees shall be included in the judgment in any such action.

 

You shall not be required to
take or be bound by notice of any default of any person, or to take any action with respect to such default involving any expense
or liability, unless notice of such default is given to you in writing by the Manager and unless you are indemnified in a manner
satisfactory to you against such expense or liability.

 

You shall be protected in acting
upon any notice, request, waiver, consent, receipt or other paper or document reasonably believed by you to be signed by the proper
party or parties.

 

You may consult with legal
counsel if any controversy arises, and you shall incur no liability and shall be fully protected in acting in accordance with the
opinion and instructions of counsel.

 

In the event that you perform
any service not specifically provided hereinabove, or there is any assignment or attachment of any interest in the subject matter
of this Agreement or modification thereof, or any controversy arises hereunder, or you are named a party to, or are required to
intervene in, any litigation pertaining to this escrow or the subject matter thereof, you shall be reasonably compensated therefor
and reimbursed for all costs and expenses, including attorney’s fees, occasioned thereby.

 

8. The Fund, the Manager and
the Dealer Manager represent and agree that none has made nor will any of them in the future make any representation that states
or implies that the Escrow Agent has endorsed, recommended or guaranteed the purchase, value, or repayment of the Units offered
for sale by the Fund. The Fund further agrees that it will insert in any prospectus, offering circular, advertisement, subscription
agreement or other document made available to prospective purchasers of the Units the following in bold face type: “U.S.
Bank National Association is acting only as an escrow agent in connection with the offering of the Units, and has not endorsed,
recommended or guaranteed the purchase, value or repayment of such Units”, and will furnish to the Escrow Agent a copy of
each such prospectus, offering circular, advertisement, subscription agreement or other document at least 5 business days prior
to its distribution to prospective purchasers of the Securities”.

 

9. The Depository may resign
upon the giving of 30 days’ written notice to the Manager and the Dealer Manager. The Depository may be removed by the Manager
and the Dealer Manager, acting jointly, upon 30 days’ prior written notice to the Depository. In such event, it shall be
the obligation of the Manager, with the consent of the Dealer Manager, to appoint a successor Depository. The Depository shall
turn over to such successor, at the direction of the Fund, all funds, accounts and records held by the Depository pursuant to this
Agreement.

 

Any change in the aforesaid
terms and conditions shall require the consent of the Dealer Manager. In the event that any questions arise as to the interpretation
of such terms and conditions, you shall be authorized to rely upon telegraphic or written instructions from the Dealer Manager
and the Manager.

 

If you consent and agree to
act as Depository on the terms and conditions set forth above, please so signify by causing a duly authorized officer or employee
to sign the enclosed copy of this letter as indicated below and return it to the undersigned, whereupon the terms and conditions
of this letter shall constitute an agreement between us. This agreement may be signed in separate counterparts, each of which when
so executed and delivered shall be an original for all purposes, but all such counterparts shall constitute one and the same instrument.

 

 

	 	Very truly yours, 
	 	 	 	 
	 	ATEL GROWTH CAPITAL FUND 8, LLC,
 a California limited
    liability company 
	 	 	 	 
	 	By: 	AGC 8 Managing Member, LLC, Manager,
	 	 	 	 
	 	 	By: 	 
	 	 	 	 
	 	ATEL SECURITIES CORPORATION,
 a California corporation,
    Dealer Manager
	 	 	 	 
	 	 	By: 	 

 

We hereby consent to act as
Depository on the terms and conditions set forth above. Executed this ___ day of ________, 2012.

     

     

    

 

	U. S. Bank, National Association	 
	One California St., Suite 1000	 
	San Francisco, CA 94111	 
	 	 	 
	By:

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