Document:

Exhibit 10.4

 

EXECUTION VERSION

 

 

Trinity
Funding 1, Llc,

 

Trinity
Funding 2, Llc,

 

Trinity
Funding 3, Llc,

 

Trinity
Capital Fund Ii, L.P.,

 

And

 

Trinity
Capital Fund Iii, L.P.,

 

As
Borrowers

 

Trinity
Management Iv, Llc

 

As
Servicer

 

Wells
Fargo Bank, National Association

 

As
Back-Up Servicer

 

Credit
Suisse Ag, New York Branch

 

As
Agent

 

Servicing
Agreement

 

Dated
As Of January 8, 2020

 

 

     

     

    

 

This SERVICING
AGREEMENT (this “Agreement”), dated as of January 8, 2020 (the “Effective Date”), is entered
into by and between Trinity Management IV, LLC, a Delaware limited liability company (“Trinity Management”),
as Servicer (in such capacity, the “Servicer”), Trinity Funding 1, LLC (“SPE 1 Borrower”),
Trinity Funding 2, LLC (“SPE 2 Borrower”), Trinity Funding 3, LLC (“SPE 3 Borrower” and together
with SPE 1 Borrower and SPE 2 Borrower, the “SPE Borrowers”), Trinity Capital Fund II, L.P. (“Fund
II”) and Trinity Capital Fund III, L.P. (“Fund III” and together with Fund II, the “Funds”,
and the Funds and the SPE Borrowers, each a “Borrower” and collectively, the “Borrowers”),
Wells Fargo Bank, National Association (“Wells Fargo”), a national banking association, as back-up servicer
(the “Back-Up Servicer”), and Credit Suisse AG, New York Branch, as agent (the “Agent” and
together with the Servicer, the Borrowers, and the Back-Up Servicer, the “Parties,” and each, a “Party”).

 

RECITALS

 

WHEREAS, Fund II, Fund III and
Fund IV own Assets and SPE Borrowers will, from time to time, own Assets (collectively, the “Pledged Assets”);

 

WHEREAS,
the Borrowers are a party to that certain Credit Agreement, dated as of January 8, 2020 (the “Credit Agreement”)
among the Borrowers, the Agent, the financial institutions from time to time parties thereto as lenders (the “Lenders”),
the Funding Agents named therein and Wells Fargo Bank, National Association, as custodian (in such capacity, the “Custodian”)
and as paying agent (in such capacity, the “Paying Agent”), providing for, among other things, the making of
loans, advances and other financial accommodations to or for the benefit of the Borrowers, which will be secured by the all of
the Borrowers’ assets, its rights and remedies under this Agreement and other assets;

 

WHEREAS,
the Borrowers desire to engage the Servicer to service the Pledged Assets on the terms and subject to the conditions as more fully
described in this Agreement for the benefit and account of the Borrowers, and the Servicer is willing to provide such services
on such terms and conditions; and

 

WHEREAS,
the Borrowers desire to engage the Back-Up Servicer to provide back-up servicing for the Pledged Assets as described herein and
the Back-Up Servicer is willing to perform such services on the terms set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section
1.01.        Definitions. Capitalized terms used but not defined herein shall have the meanings specified in the Credit Agreement.
The rules of construction set forth in Section 1.3 of the Credit Agreement shall apply to this Agreement and are hereby incorporated
by reference into this Agreement as if set forth fully herein. Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

 

(a)        “Servicing
Standard” means, with respect to any Pledged Assets and Related Property, to service and administer such Pledged Assets
and Related Property with reasonable care and in a manner, and using a degree of skill and attention, consistent with the Servicer’s
servicing of comparable senior loan agreements that it owns or services for itself or others, without regard to: (i) the Servicer’s
right to receive compensation for its services hereunder or with respect to any particular transaction, or (ii) the ownership,
servicing or management for others by the Servicer of any other loans, debt securities or property by the Servicer.

 

     

     

    

 

(b)        “Purchase
Price” means with respect to a Pledged Asset that is a Loan, an amount equal to the outstanding principal balance of
such Loan plus accrued interest, and with respect to a Pledged Asset that is a Lease, the Lease Principal Amount minus the amount
of any security deposit.

 

ARTICLE II

SERVICING OF ASSETS

 

Section 2.01.        Appointment and Acceptance.

 

(a)        Trinity
Management is hereby appointed as Servicer pursuant to this Agreement and pursuant to the other Transaction Documents under which
the Servicer has any rights, duties or obligations. Trinity Management accepts such appointment and agrees to act as the Servicer
pursuant to this Agreement and pursuant to the other Transaction Documents under which Trinity Management, as Servicer, has any
rights, duties or obligations.

 

Section 2.02.        Duties of the Servicer .

 

(a)       The
Servicer, as an independent contract servicer, shall service and administer the Assets and shall have full power and authority,
acting alone, to do any and all things in connection with such servicing and administration which the Servicer may deem necessary
or desirable and consistent with the terms of this Agreement, the Servicer’s Risk Policy and Procedures and the Servicing
Standard and the Borrowers’ rights under the applicable Underlying Asset Documents. The parties hereto each acknowledge,
and the Lenders are hereby deemed to acknowledge, that the Servicer, as Servicer under this Agreement, possesses only such rights
with respect to the enforcement of rights and remedies of the Borrower with respect to the Pledged Assets and the Related Property.

 

(b)       Any Servicer
may perform its duties directly or, consistent with the Servicing Standard, through agents, accountants, experts, attorneys, brokers,
consultants or nominees selected with reasonable care by the Servicer. The Servicer shall remain fully responsible and fully liable
for its duties and obligations hereunder and under any other Transaction Document notwithstanding any such delegation to a third
party. Performance by any such third party of any of the duties of the Servicer hereunder or under any other Transaction Document
shall be deemed to be performance thereof by the Servicer.

 

(c)       Modifications and Waivers Relating to
Assets.

 

(i)       So
long as it is consistent with the Servicer’s Risk Policy and Procedures and the Servicing Standard, the Servicer may
agree to amend, waive, modify or vary any term of any Asset, if in the Servicer’s determination such amendment, waiver,
modification or variance shall not be materially adverse to the interests of the Lenders.

 

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(ii)        Except as expressly set forth in Section 2.02(c)(i), the Servicer may not execute any amendments, waivers, modifications
or variances related to such Asset and any documents related thereto on behalf of the related Borrower.

 

(d)       The Servicer
shall service and administer the Assets (including collection, foreclosure, foreclosed property and repossessed collateral) in
accordance with the Underlying Asset Documents, the Servicer’s Risk Policy and Procedures and the Servicing Standard.

 

(e)       The
initial Servicer shall monitor the performance of the Borrowers under the Transaction Documents. The initial Servicer shall prepare
for execution by the Borrowers or shall cause the preparation by other appropriate Persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Borrowers to prepare, file or deliver pursuant to the Transaction
Documents.

 

(f)       In addition
to the duties of the Servicer set forth in this Agreement or any of the other Transaction Documents, the initial Servicer shall
perform or shall cause to be performed such calculations and shall prepare for execution by the Borrower or shall cause the preparation
by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the
duty of the Borrower to prepare, file or deliver pursuant to state and federal tax and securities laws. In accordance with the
written directions of the Borrowers, the initial Servicer, in accordance with the Servicing Standard, shall administer or supervise
the performance of, and use commercially reasonable efforts to perform, such other activities in connection with the Borrowers
as are not covered by any of the foregoing provisions and as are expressly requested by the Borrowers and as are reasonably within
the capability of the Servicer. The Servicer is hereby authorized to execute documents, instruments and certificates on behalf
of any Borrowers to the extent permitted by their respective limited liability company agreements or limited partnership agreements,
as the case may be.

 

(g)       Notwithstanding
anything in this Agreement or any of the other Transaction Documents to the contrary, the initial Servicer shall be responsible
for promptly (upon a Responsible Officer of the Servicer having actual knowledge thereof) notifying the Agent in the event that
any withholding tax is imposed on the Borrowers’ payments (or allocations of income) to a Lender. Any such notice shall be
in writing and specify the amount of any withholding tax required to be withheld by the Paying Agent pursuant to such provision.

 

(h)       All tax
returns required to be signed by the Borrowers, if any, may be signed by the initial Servicer on behalf of the Borrowers if permitted
under applicable Law and otherwise requested in writing by the Borrowers.

 

(i)       The Servicer
shall maintain appropriate books of account and records relating to services performed under this Agreement, which books of account
and records shall be reasonably accessible for inspection by the Agent at any time during the Servicer’s normal business
hours upon not less than three (3) Business Days’ prior written notice.

 

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(j)       Without
the prior written consent of the Agent (acting at the direction of the Majority Lenders), the Servicer shall not agree or consent
to, or otherwise permit to occur, any amendment, modification, change, supplement or rescission of or to the Servicer’s Risk
Policy and Procedures, in whole or in part, in any manner that could reasonably be expected to have a material adverse effect on
the Assets or the Lenders’ interest therein. The initial Servicer shall provide written notice of any change to the Servicing
Standard and any material changes to the Servicer’s Risk Policy and Procedures to the Agent and the Back-Up Servicer.

 

(k)       The initial
Servicer shall keep in full force and effect its existence, rights and franchise as a Delaware limited liability company, and the
Servicer shall obtain and preserve its qualification to do business as a foreign limited liability company in each jurisdiction
in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement and of any of
the Assets and to perform its duties under this Agreement, in each case except where failure to do so would not reasonably be expected
to result in a Material Adverse Effect.

 

(l)       The Servicer
shall not be responsible for any taxes payable by the Borrowers or any Servicer Fees payable to any Successor Servicer.

 

(m)      All
payments received on Assets by the Servicer shall be applied by the Servicer to amounts due by each Obligor in accordance with
the provisions of the related Underlying Asset Documents or, if to be applied at the discretion of the Servicer, then consistent
with the Servicer’s Risk Policy and Procedures and the Servicing Standard.

 

(n)       [Reserved.]

 

(o)       The
initial Servicer shall maintain the Servicing Files at the principal place of business of the Servicer at the address set forth
in Section 13.02 hereof in accordance with the Servicing Standard.

 

(p)       Each
Borrower and the Agent each hereby irrevocably (except as provided below) appoint the Servicer its respective true and
lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at the Borrowers’
expense, in connection with the performance of the Servicer’s duties provided for in this Agreement and in the other
Transaction Documents, including the following powers: (i) to give any necessary receipts or acquittance for amounts
collected or received on or with respect to the Assets and the Related Property, (ii) to make all necessary transfers of the
Assets, and/or of the Related Property, as applicable, in accordance herewith and therewith, (iii) to execute (under hand,
under seal or as a deed) and deliver all necessary or appropriate bills of sale, assignments, agreements and other
instruments and endorsements in connection with any such transfer, and (iv) to execute (under hand, under seal or as a deed)
any votes, consents, directions, releases, amendments, waivers, satisfactions and cancellations, agreements, instruments,
orders or other documents or certificates in connection with or pursuant to this Agreement or the other Transaction Documents
relating thereto or to the duties of the Servicer hereunder or thereunder, each Borrower and the Agent hereby ratifying and
confirming all that such attorney-in-fact (or any substitute) shall lawfully do under this power of attorney and in
accordance with this Agreement and the other Transaction Documents as applicable thereto. Nevertheless, if so requested by
the Servicer, the Borrowers and the Agent or any thereof, as requested, shall ratify and confirm any such act by executing
and delivering to the Servicer or as directed by the Servicer all proper bills of sale, assignments, releases, endorsements
and other certificates, instruments and documents of whatever nature as may reasonably be designated in any such request.
This power of attorney shall, however, expire, and the Servicer and any substitute agent or attorney-in-fact appointed by the
Servicer pursuant hereto shall cease to have any power to act as the agent or attorney-in-fact of each Borrower or of the
Agent upon termination of this Agreement or upon the occurrence of a Servicer Transfer to a Successor Servicer from and after
which such Successor Servicer shall be deemed to have the rights of the Servicer pursuant to this clause (p).

 

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(q)       The
Servicer shall execute and file such financing statements and cause to be executed and filed such continuation statements, all
in such manner and in such places as may be required by law to perfect, or as the Borrower or the Agent may reasonably request
(in writing) fully to preserve, maintain and protect, the interest of the Borrowers, the Lenders and the Agent in the Assets and
in the proceeds thereof. The Servicer shall deliver (or cause to be delivered) to the Agent file-stamped copies of, or filing receipts
for, any document filed as provided above, promptly after such copies or receipts become available, and are received by the Servicer,
following such filing.

 

(r)       The initial
Servicer shall provide the Back-Up Servicer with a contact list of Obligors containing information used in servicing or collecting
on the Assets in the form attached as Exhibit A hereto (the “Obligor Contact List”) and shall provide an updated
Obligor Contact List to the Back-Up Servicer promptly after any known changes thereto.

 

(s)       Notwithstanding
any other provision of this Agreement, if any material conflict or material inconsistency exists among the Underlying Asset Documents,
the Servicer’s Risk Policy and Procedures and the Servicing Standard, the provisions of the Underlying Asset Documents shall
control (solely with respect to the related Asset).

 

(t)       Prior
to the occurrence of the BDC Event, the initial Servicer shall, upon receipt of notice from the Agent that an Asset is a Defective
Asset, purchase such Defective Asset within ten (10) Business Days and remit the related Purchase Price into the related Collection
Account. Any (i) payment by Fund II or Fund III of Liquidated Damages with respect to a Defective Asset, (ii) payment by a Depositor
of the Repurchase Price with respect to a Defective Asset or (iii) substitution by Fund II, Fund III or Fund IV of one or more
Eligible Assets and payment of any related Substitution Shortfall Amount with respect to a Defective Asset, will relieve the obligation
of the initial Servicer with respect to the same Defective Asset.

 

(u)       In the
event a Termination Notice is delivered pursuant to Section 5.02(a) and the Back-Up Servicer assumes the role of the Servicer
within the applicable time period specified therein, the Back-Up Servicer shall be responsible for the Servicer’s duties
in this Agreement as if it were the Servicer, provided that the Back-Up Servicer shall not be liable for the Servicer’s
breach of its obligations.

 

(v)       [Reserved.]

 

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(w)       The
Back-Up Servicer is entitled to conduct periodic on-site visits not more than once every 12 months to meet with appropriate operations
personnel to discuss any changes in processes and procedures that have occurred since the last visit. Each on-site visit shall
be at the cost of Trinity Management.

 

(x)       The Servicer
shall promptly notify the Back-Up Servicer in writing of any material changes which the Servicer makes to its servicing systems
and provide reasonable detail with respect thereto to the Back-Up Servicer as the Back-Up Servicer may reasonably require.

 

(y)       The
Servicer undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and the other Transaction
Documents to which it is a party, and no implied covenants or obligations shall be read into this Agreement against the Servicer.

 

Section 2.03.       Liquidation of Assets.

 

(a)       In the
event that any payment due under any Asset and not postponed pursuant to Section 2.02 is not paid when the same becomes
due and payable, or in the event the related Obligor fails to perform any other covenant or obligation under the Loan or Lease
which results in an event of default thereunder, the Servicer in accordance with the Underlying Asset Documents, the Servicer’s
Risk Policy and Procedures and the Servicing Standard shall take such action as the Servicer shall deem to be in the best interests
of the Borrowers (with the primary goal of maximizing the amount of recoveries), which action may include amending or modifying
such Asset in accordance with Section 2.02(c).

 

(b)       The Servicer,
consistent with the Servicer’s Risk Policy and Procedures and the Servicing Standard, may accelerate all payments due under
any Asset to the extent permitted by the Underlying Asset Documents and foreclose upon at a public or private sale or otherwise
comparably effect the ownership of Related Property relating to defaulted loans or leases for which the related Asset is still
outstanding and as to which the Servicer determines that no satisfactory arrangements may reasonably be made for collection of
delinquent payments nor amendment or modification (that obviates the then-current need for such acceleration) is made in accordance
with Section 2.02(c). Subject to applicable Law, the Servicer shall act, or shall engage an experienced Person qualified
to act, as sales and processing agent for the Related Property that is foreclosed upon. In connection with such foreclosure or
other conversion and any other liquidation action or enforcement of remedies, the Servicer shall exercise collection and foreclosure
procedures in accordance with the Servicer’s Risk Policy and Procedures and the Servicing Standard. Any sale of the Related
Property is to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Agent setting forth the
Asset, the Related Property, the sale price of the Related Property and certifying that such sale price is the fair market value
of such Related Property. In any case in which any such Related Property has suffered damage, the Servicer shall not expend funds
in connection with any repair or toward the repossession of such Related Property unless it reasonably determines that such repair
and/or repossession will increase the Liquidation Proceeds by an amount greater than the amount of such expenses.

 

(c)       No
later than two (2) Business Days following its receipt thereof as cleared funds, the Servicer shall remit to the related
Collection Account, the Liquidation Proceeds and any Insurance Proceeds received in connection with the sale or disposition
of Related Property relating to a Defaulted Asset.

 

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(d)       After
an Asset has been liquidated, the Servicer shall promptly prepare, and forward to the Agent, a report (the “Liquidation
Report”) in the form attached hereto as Exhibit B, detailing the Liquidation Proceeds received from such Asset,
the expenses incurred and to be reimbursed to the Servicer with respect thereto, and any loss incurred in connection therewith.

 

Section 2.04.       Collection of Certain Payments.

 

(a)       The Servicer
shall make reasonable efforts, consistent with the Servicer’s Risk Policy and Procedures and the Servicing Standard, to collect
all payments required under the terms and provisions of the Assets. Consistent with the foregoing and the Servicer’s Risk
Policy and Procedures and the Servicing Standard, the Servicer may in its discretion waive or permit to be waived any fee or charge
which the Servicer would be entitled to retain hereunder as servicing compensation and extend the due date for payments due on
an Asset as provided in Section 2.02(c).

 

(b)       Except
as otherwise permitted under this Agreement, the Servicer agrees not to make, or consent to, any change, in the direction of, or
instructions with respect to, any payments to be made by an Obligor in any manner that would diminish, impair, delay or otherwise
adversely affect the timing or receipt of such payments without the prior written consent of the Agent (and with the consent or
at the direction of the Majority Lenders).

 

Section 2.05.       Access to Certain Documentation
and Information Regarding the Assets.

 

The Servicer
shall provide to the Agent, any Lender, any bank, thrift or insurance company regulatory authority and the supervisory agents and
examiners of any regulated Lender, access to the documentation regarding the Assets required by applicable local, state and federal
regulations, such access being afforded without charge but only upon not less than three (3) Business Days’ prior written
request by the Agent or any such regulated Lender and during normal business hours at the offices of the Servicer designated by
it and in a manner that does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations.
The Agent, such Lender and the representative of any such regulatory authority designated by the related Lender to view such information
shall and shall cause their representatives to hold in confidence all such information except to the extent disclosure may be required
by law (and all reasonable applications for confidential treatment are unavailing). The Servicer may request that any such Person
not a party hereto enter into a confidentiality agreement reasonably acceptable to the Servicer prior to permitting such Person
to view such information.

 

Section 2.06.       Management and Disposition of Foreclosed
Property.

 

(a)       In the
event that title to Related Property is acquired by the Servicer hereunder in foreclosure or by deed in lieu of foreclosure or
by other legal process (such Related Property, “Repossessed Property”), the deed, certificate of sale, or Repossessed
Property may be taken in the name of any Borrower.

 

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(b)       The
Servicer, subject to the provisions of this Article II, shall manage, conserve, protect and operate each such
Repossessed Property for the related Borrower, solely for the purpose of its prompt disposition and sale. The Servicer shall,
either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Repossessed Property in
a manner consistent with the Servicer’s Risk Policy and Procedures and the Servicing Standard. The Servicer shall
attempt to sell the same (and may temporarily rent the same) on such terms and conditions as the Servicer deems to be in the
best interest of the related Borrower.

 

(c)       The
Servicer shall cause to be deposited into the related Lockbox Account, the related Collection Account or the Distribution Account,
no later than two (2) Business Days after the receipt thereof as cleared funds, all revenues received with respect to the conservation
and disposition of the related Repossessed Property net of any expenses associated with liquidation.

 

(d)       The Servicer
shall deposit into the related Collection Account the net cash proceeds (received as cleared funds) from the sale of any Repossessed
Property to be distributed in accordance with the Priority of Payments.

 

Section 2.07.       Servicing Compensation.

 

(a)       The
Borrowers will compensate the Servicer for the services rendered hereunder by paying the Servicer a fee (the “Servicer
Fee”) on each Payment Date (in accordance with and subject to the Priority of Payments) equal to the product of (i) one-twelfth
of 1.00% and (ii) the aggregate Outstanding Asset Amount of all Pledged Assets as of the first day of the related Collection Period.

 

ARTICLE III

SERVICER REPORTING

 

Section
3.01.       Monthly Servicer Report. No later than two Business Days before each Payment Date, the Servicer shall deliver to the
Borrowers, the Agent, the Paying Agent, and the Back-Up Servicer, a report (the “Monthly Servicer Report”) substantially
in the form of Exhibit C hereto. The Monthly Servicer Report shall be completed with the information specified therein for
the related Collection Period and shall contain such other information as may be reasonably requested by the Borrowers or the Agent
in writing at least five Business Days prior to date on which the related Monthly Servicer Report is due. Each such Monthly Servicer
Report shall be accompanied by an Officer's Certificate of the Servicer in the form of Exhibit D hereto, certifying the
accuracy of the computations reflected in such Monthly Servicer Report. Concurrently with the delivery of the Monthly Servicer
Report, the Servicer shall deliver to the Agent the Monthly Data Tape delivered to the Back-Up Servicer in accordance with Section
4.06(a). Upon the Back- Up Servicer’s reasonable request, the Servicer will provide contract level data and such other information
so requested to the Back-Up Servicer.

 

Section 3.02.       Financial Statements..

 

(a)       Within one hundred fifty (150) days after the close of each fiscal year (beginning with the fiscal year ending December 31,
2019), the initial Servicer (so long as it remains the Servicer hereunder) shall deliver to the Borrowers and the Agent, for
delivery to each Lender, the unqualified audited financial statements for such fiscal year that include the consolidated
balance sheet of the initial Servicer and its consolidated subsidiaries as of the end of such fiscal year, the related
consolidated statements of income, of stockholders’ equity and of cash flows for such fiscal year, in each case,
setting forth comparative figures for the preceding fiscal year, and in each case prepared in accordance with GAAP and
audited by a Nationally Recognized Accounting Firm selected by such Servicer; and

 

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(b)       Within
forty-five (45) days after the end of each of its first three fiscal quarters, the initial Servicer (so long as it remains the
Servicer hereunder) shall deliver to the Borrowers and the Agent, for delivery to each Lender, the unaudited consolidated balance
sheets and income statements for such fiscal quarter on a year-to-date basis for the initial Servicer and its consolidated subsidiaries.

 

Section
3.03.       Certification as to Compliance. The Servicer shall deliver to the Agent, the Borrowers and the Back-Up Servicer, on
or before May 31 (or 150 days after the end of the Servicer's fiscal year, if other than December 31) of each year, beginning on
May 31, 2020, an Officer's Certificate signed by any Responsible Officer of the Servicer, for the period ending December 31 (or
other applicable date) of the applicable year, stating that (i) a review of the activities of the Servicer during the preceding
12-month period (or such other period as shall have elapsed from the Closing Date to the period end-date of the first such certificate)
and of its performance under this Agreement has been made under such officer's supervision, and (ii) to the best of such officer's
knowledge, based on such review, the Servicer 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.

 

Section
3.04.       Annual Accountant’s Reports. The initial Servicer (so long as it remains the Servicer hereunder) shall cause
a Nationally Recognized Accounting Firm to deliver to the Agent, on or before September 30 of each year, beginning on September
30, 2020 with respect to the twelve month period from July 1 of the immediately preceding year to June 30 of the applicable year
(or such other period as shall have elapsed from the Closing Date to the period end-date of such certificate), one or more reports,
which may be prepared by separate Nationally Recognized Accounting Firms (collectively, the "Accountant's Report")
addressed to the board of directors of the initial Servicer, to the effect that such firm (a) has performed tests to verify the
operation and maintenance standards (in respect of billing and collection of host customer payments) used by the initial Servicer
with respect to eligible assets serviced for others were the same as the operation and maintenance standards used with respect
to the Pledged Assets; (b) has examined the delinquency and loss statistics relating to the Borrowers’ portfolio of eligible
assets; and (c) except as described in the Accountant’s Report, has found no exceptions or errors in the records relating
to the Pledged Assets that, in the firm’s opinion, generally accepted auditing standards requires such firm to report. The
Accountants' Report shall further state that: (i) a review in accordance with agreed upon procedures was made of one randomly selected
Monthly Servicer Report; (ii) except as disclosed in the Accountants' Report, no exceptions or errors in the Monthly Servicer Report
so examined were found; and (iii) the delinquency and loss information relating to the Pledged Assets contained in the Monthly
Servicer Reports were found to be accurate. The Accountant's Report shall also indicate that the firm is independent of the Borrowers
and the initial Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

 

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ARTICLE IV

THE BACK-UP SERVICER

 

Section
4.01.       Appointment of the Back-Up Servicer. Subject to the terms and conditions herein, the Borrowers hereby appoint Wells
Fargo as Back-Up Servicer pursuant to this Agreement and pursuant to the other Transaction Documents under which the Back-Up Servicer
has any rights, duties or obligations. Wells Fargo hereby accepts such appointment and agrees to act as the Back-Up Servicer pursuant
to this Agreement and pursuant to the other Transaction Documents under which Wells Fargo, as Back-Up Servicer, has any rights,
duties or obligations. The Back- Up Servicer shall perform all of its duties hereunder in accordance with the express terms of
this Agreement.

 

Section 4.02.       Resignation; Termination of the
Back-Up Servicer.

 

(a)       Wells
Fargo, as the initial Back-Up Servicer or as the Successor Servicer, may resign at any time by giving (i) at least sixty (60) days
prior written notice thereof to the other parties hereto in the case of the initial Back-Up Servicer and (ii) at least ninety (90)
days prior written notice thereof to the other parties hereto in the case of the Successor Servicer; provided, that no resignation
shall become effective until a replacement Back-Up Servicer or Successor Servicer, as applicable, has been appointed by the Agent
with the consent or at the direction of the Majority Lenders (or as otherwise appointed pursuant to the last paragraph of Section
4.02).

 

(b)       The Agent,
acting at the written direction of the Majority Lenders, may remove the Back-Up Servicer immediately upon written notice of termination
to the Back-Up Servicer (with a copy to each of the Borrowers and the Servicer) if any of the following events shall occur:

 

(i)       The Back-Up Servicer shall default in any material respect in the performance of any of its duties under this Agreement
which failure continues unremedied for a period of fifteen (15) days after the receipt by the Back-Up Servicer of written notice
thereof specifying with reasonable detail the default;

 

(ii)       a court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not
have been vacated within 60 days, in respect of the Back-Up Servicer in any involuntary insolvency proceeding, or appoint receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for the Back-Up Servicer or any substantial part of
its property or order the winding-up or liquidation of its affairs;

 

(iii)       the
Back-Up Servicer shall commence a voluntary insolvency proceeding, shall consent to the entry of an order for relief in an involuntary
insolvency proceeding, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator
or similar official for the Back-Up Servicer or any substantial part of its property, shall consent to the taking of possession
by any such official of any substantial part of its property, shall make any general assignment for the benefit of creditors or
shall fail generally to pay its debts as they become due; or

 

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(iv)       in
their sole discretion, the Majority Lenders determine that the Back-Up Servicer should be replaced.

 

No resignation or removal
of the Back-Up Servicer pursuant to this Section 4.02 shall be effective until (x) a successor Back-Up Servicer shall have
been appointed (A) by the Agent (acting at the direction of the Majority Lenders) if an Event of Default shall have occurred and
be continuing, (B) by the Borrowers with the consent of the Agent (acting at the direction of the Majority Lenders), so long as
no Event of Default shall have occurred and be continuing or (C) by the exiting Back-Up Servicer with the consent of the Agent
(acting at the direction of the Majority Lenders) and, so long as no Event of Default shall have occurred and be continuing, the
Borrowers (in each case, such consent not to be unreasonably withheld or delayed), and (y) such successor Back-Up Servicer shall
have agreed in writing to be bound by the terms of this Agreement in the same manner as the Back-Up Servicer is bound hereunder
or as otherwise approved by the Majority Lenders (such approval not to be unreasonably withheld or delayed). A copy of any such
appointment and the agreement executed by such successor Back-Up Servicer shall be promptly sent to the Borrowers and the Agent.
In the event that a successor Back-Up Servicer has not accepted its appointment to replace the outgoing Back-Up Servicer within
sixty (60) days of such removal or resignation, the Back-Up Servicer may petition a court of competent jurisdiction to choose a
successor Back-Up Servicer, and all reasonable and documented out-of-pocket fees, costs and expenses (including, without limitation,
reasonable attorneys’ fees) incurred in connection with such petition shall be paid by the Borrowers in accordance with the
Priority of Payments.

 

(c)       In the
event that Wells Fargo as the initial Back-Up Servicer is terminated for any reason, or fails or is unable to act as Back-Up Servicer,
the Agent may enter into a back- up servicing agreement with a back-up servicer with the consent or at the direction of the Majority
Lenders and with the consent of the Borrowers, and on such terms and conditions as are provided herein as to the Back-Up Servicer.
In the event that Wells Fargo as the Successor Servicer is terminated for any reason, or fails or is unable to act as Successor
Servicer, the Agent may appoint a successor servicer to act under this Agreement with the consent or at the direction of the Majority
Lenders, and on such terms and conditions as are provided herein as to the Successor Servicer.

 

Section 4.03.       Back-Up Servicer Limitation of
Liability.

 

(a)       The
Back-Up Servicer has no liability or obligation with respect to any representation and warranties of, breaches and defaults by,
or indemnification obligations of, any prior servicer including the initial Servicer.

 

(b)       The Back-Up
Servicer shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of
any of its duties as Back-Up Servicer or Successor Servicer or in the exercise of any of its rights and powers, if, in its reasonable
judgment, the Back-Up Servicer believes that repayment of such funds or adequate security or indemnity against such risk or liability
is not assured to it.

 

(c)       Other
than as specifically set forth elsewhere in this Agreement, the Back- Up Servicer shall have no obligation to supervise, verify,
monitor, or administer the performance of the Servicer, and shall have no liability for any action taken or omitted by the Servicer.

 

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Section
4.04.       Back-Up Servicer Fees and Transition Expenses. Prior to the Assumption Date, in accordance with and subject to the
Priority of Payments, on each Payment Date, the Borrowers shall pay to the Back-Up Servicer a fee in the amount of Back-Up Servicing
Fee. In connection with a transfer of the servicing to the Back-Up Servicer, the Back-Up Servicer, as Successor Servicer, shall
be entitled to payment for transition expenses incurred in connection with its transition to acting as Successor Servicer in accordance
with the priorities and limits set forth in Sections 2.7(C) of the Credit Agreement.

 

Section
4.05.       Right of Access. Subject to Section 2.02(w), the Servicer shall (a) provide to the Back-Up Servicer and its
duly authorized representatives access to any and all documentation regarding the Pledged Assets that the Servicer may possess,
and (b) make its officers and employees available to such parties for purposes of discussing the Pledged Assets and the Servicer’s
performance of its obligations under and compliance with the Transaction Documents, such access being afforded without charge but
only upon reasonable request and during normal business hours so as not to interfere unreasonably with the Servicer’s normal
operations or customer or employee relations.

 

Section
4.06.       Duties Prior to Servicer Termination Event. Subject to the terms, conditions and limitations set forth in this Agreement,
the duties of the Back-Up Servicer prior to a Servicer Termination Event shall be limited to the following services on behalf of
the Borrower and the Agent for the benefit of the Lenders:

 

(a)       Monthly
Data Tape. Concurrently with the delivery of the Monthly Servicer Report pursuant to Section 3.01, the Servicer shall
deliver to the Back-Up Servicer, and the Back-Up Servicer shall accept delivery of, a monthly data tape containing the information
set forth in Exhibit E hereto (the “Monthly Data Tape”). Upon receipt of each Monthly Data Tape, the
Back-Up Servicer shall promptly open such Monthly Data Tape to determine that the Monthly Data Tape is in readable form. The Back-Up
Servicer shall not be responsible in any manner for the accuracy or completeness or integrity of the information contained in any
Monthly Data Tape.

 

(b)       Monthly
Servicer Report. In accordance with Section 3.01, the Servicer shall deliver to the Back-Up Servicer, and the Back-Up
Servicer shall accept delivery of, the Monthly Servicer Report.

 

(c)       Record
of Payments. The Back-Up Servicer shall maintain copies of all Monthly Servicer Reports delivered to it and Obligor
Contact Lists delivered to it.

 

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(d)       Access
to Certain Documentation and Information Regarding the Pledged Assets.  The Back-Up Servicer shall permit the
Agent or its duly authorized representatives or independent contractors, upon reasonable advance notice to the Borrowers and
the Back-Up Servicer, (i) access to documentation that the Back-Up Servicer may possess regarding the Pledged Assets, (ii) to
visit the Back-Up Servicer and to discuss its affairs, finances and accounts (as they relate to its obligations under this
Agreement and the other Transaction Documents) with the Back-Up Servicer, its officers, and independent accountants (subject
to such accountants’ customary policies and procedures), and (iii) to examine the books of account and records of the
Back-Up Servicer as they relate to the Pledged Assets, to make copies thereof or extracts therefrom, in each case, at such
reasonable times and during regular business hours of the Back-Up Servicer. The Agent shall and shall cause their
representatives or independent contractors to use commercially reasonable efforts to avoid interruption of the normal
business operations of the Back-Up Servicer. Notwithstanding anything to the contrary in this Section 4.06, the
Back-Up Servicer will not be required to disclose, permit the inspection, examination or making copies or abstracts of, or
discussion of, any document, information or other matter (x) that constitutes non-financial trade secrets or non-financial
proprietary information, (y) in respect of which disclosure to the Agent or any Lender (or their respective representatives
or contractors) is prohibited by law or any binding confidentiality agreement, or (z) that is subject to attorney-client or
similar privilege or constitutes attorney work product. Prior to the occurrence of an Event of Default, the Agent and/or its
designated agent may not more than one (1) time during any given twelve (12) month period (at the expense of the Borrowers,
with respect to any reasonable out-of- pocket expenses), upon reasonable notice, perform a review pursuant to this Section
4.06, the scope of which shall be determined by the Agent.

 

ARTICLE V

SERVICER TERMINATION EVENTS
AND SERVICER TRANSFER

 

Section 5.01.       Servicer
Termination Event. Any of the following acts or occurrences shall constitute a “Servicer Termination Event”:

 

(a)       any failure
by the Servicer to deposit into any Lockbox Account, any Collection Account or the Distribution Account, any amount, proceeds or
payment required to be so deposited or delivered therein by the Servicer, to the extent required under this Agreement or within
the time frames set forth herein or in the Credit Agreement, as applicable, and such failure continues unremedied for three Business
Days after such deposit, delivery or payment is required to be made by the Servicer, it being understood that the Servicer shall
not be responsible for the failure of any Borrower or the Agent to deposit funds that were received by any Borrower or the Agent
from or on behalf of the Servicer in accordance with this Agreement or the other Transaction Documents;

 

(b)       failure by the Servicer to deliver to the Agent the Monthly Servicer Report within three Business Days after the date such
Monthly Servicer Report is required hereunder to be delivered by the Servicer;

 

(c)       failure
by the Servicer to duly observe or perform in any material respect any other covenants or agreements of the Servicer set forth
in this Agreement or any other Transaction Document, which failure results in a material adverse effect on the Lenders and which
failure continues unremedied for a period of 30 days, after the earlier of (i) the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Servicer by the Agent or the Borrowers and (ii) discovery of such
failure by a Responsible Officer of the Servicer;

 

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(d)       the
entry of a decree or order for relief by a court or regulatory authority having jurisdiction over the Servicer (or any other
Affiliate of the Servicer if the Servicer’s ability to service the Pledged Assets is materially and adversely affected
thereby) in an involuntary case under the Federal bankruptcy laws, as now or hereafter in effect, or another present or
future, Federal or State, bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Servicer (or any other Affiliate of the Servicer if the Servicer
 ‘s ability to service the Pledged Assets is materially and adversely affected thereby) of all or of any substantial
part of their respective properties or ordering the winding up or liquidation of the affairs of the Servicer (or any other
Affiliate of the Servicer if the Servicer’s ability to service the Pledged Assets is materially and adversely affected
thereby) and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the
commencement of an involuntary case under the Federal bankruptcy laws, as now or hereinafter in effect, or another present or
future Federal or State bankruptcy, insolvency or similar law and such case is not dismissed within 60 days;

 

(e)       (i)
the commencement by the Servicer (or any other Affiliate of the Servicer if the Servicer’s ability to service the Pledged
Assets is materially and adversely affected thereby) of a voluntary case under the Federal bankruptcy laws, as now or hereafter
in effect, or any other present or future, Federal or State, bankruptcy, insolvency or similar law, or (ii) the consent by the
Servicer (or any other Affiliate of the Servicer, if applicable) to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Servicer (or any other Affiliate of the Servicer if
the Servicer’s ability to service the Pledged Assets is materially and adversely affected thereby) of all or of any substantial
part of its property, or (iii) the making by the Servicer (or any other Affiliate of the Servicer if the Servicer’s ability
to service the Pledged Assets is materially and adversely affected thereby) of an assignment for the benefit of creditors, or (iv)
the admission by the Servicer (or any other Affiliate of the Servicer if the Servicer’s ability to service the Pledged Assets
is materially and adversely affected thereby) in writing of its inability generally to pay its debts as such debts become due;

 

(f)       any
representation, warranty or statement of the Servicer made in any Transaction Document to which it is party, or any certificate,
report or other writing delivered pursuant thereto, shall prove to be incorrect in any material respect as of the time when the
same shall have been made resulting in a material adverse effect on the Lenders, and the incorrectness of such representation,
warranty or statement has a material adverse effect on the Pledged Assets or the Lenders and, within 30 days after written notice
thereof shall have been given to the Servicer by the Agent or the Borrowers, the circumstances or condition in respect of which
such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured;

 

(g)       the occurrence
of an Event of Default;

 

(h)       prior
to the occurrence of the BDC Event, the failure to remit the related Purchase Price with respect to a Defective Asset (so long
as neither of Fund II or Fund III has paid Liquidated Damages, and Fund IV has not paid the Repurchase Price, with respect to such
Defective Asset) on or prior to the last date by which such remittance is required by Section 2.02(t); and

 

(i)       the failure of the
Servicer to be in compliance with Financial Covenants.

 

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Section 5.02.       Servicer Transfer.

 

(a)       If a
Servicer Termination Event has occurred and is continuing, the Agent or any Borrower may, or upon direction from the Majority Lenders
shall, terminate all of the rights and obligations of the Servicer hereunder by notice to the Servicer (a “Termination
Notice”), whereupon the Back-Up Servicer shall succeed to all of the Servicer’s management, administrative, servicing,
custodial and collection functions as Servicer hereunder (except to the extent otherwise set forth herein) within 90 days of receiving
a Termination Notice. Following the Back-Up Servicer’s succession as Servicer, the Back-Up Servicer will become the Successor
Servicer (the “Assumption Date”). For the avoidance of doubt, the Servicer shall be obligated to continue to perform
all of the obligations of the Servicer under the Transaction Documents until the Assumption Date.

 

(b)       If the
Back-Up Servicer is unable to assume the role of the Servicer within the applicable time period after a Termination Notice is delivered
pursuant to Section 5.02(a), the Agent may appoint a successor servicer with assets of at least $50,000,000 and whose regular
business includes the servicing of assets similar to the Assets. Such proposed successor servicer shall become the Successor Servicer
once it assumes the Servicer’s responsibilities and obligations in accordance with Section 5.03. If such proposed
successor servicer is unable to assume the responsibilities and obligations of the Servicer, the Agent shall propose an alternative
nationally recognized loan servicing institution to serve as the Successor Servicer. Such other proposed successor servicer shall
become the Successor Servicer once it assumes the Servicer’s responsibilities and obligations in accordance with Section
5.03. If no Successor Servicer has been appointed and approved following the above procedures within 60 days of the delivery
of a Termination Notice or notice of resignation by the Servicer, then any of the Borrowers, the Agent, removed or resigning Servicer
or any Lender may petition any court of competent jurisdiction for the appointment of a Successor Servicer, which appointment shall
not require the consent of, nor be subject to the approval of any Borrower, the Agent or any Lender.

 

(c)       On
the date that any Successor Servicer shall have been appointed and accepted such appointment pursuant to Section 5.03
(such appointment being herein called a “Servicer Transfer”), all rights, benefits, fees, indemnities,
authority and power of the Servicer under this Agreement, whether with respect to the Pledged Assets, the Custodian Files or
otherwise, shall pass to and be vested in such successor servicer (the “Successor Servicer”) pursuant to
and under this Section 5.02; and, without limitation, the Successor Servicer is authorized and empowered to execute
and deliver on behalf of the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to
do any and all acts or things necessary or appropriate to effect the purposes of such Service Transfer. The Servicer agrees
to cooperate with the Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer
hereunder, including, without limitation, the transfer to the Successor Servicer for administration by it of all cash amounts
received as cleared funds which shall at the time be held by the Servicer for deposit, or have been deposited by the
Servicer, into any Lockbox Account, any Collection Account, the Distribution Account, the Reserve Account or the Hedge
Reserve Account, or thereafter received with respect to the Pledged Assets and Related Property. The Servicer shall transfer
to the Successor Servicer (i) all records held by the Servicer relating to the Assets and Related Property in such electronic
form as the Successor Servicer may reasonably request and (ii) any Custodian Files in the Servicer’s possession. In
addition, the Servicer shall, upon reasonable notice and during normal business hours, permit access to its premises
(including all computer records and programs comprising the records relating to the Assets and Related Property) to the
Successor Servicer or its designee solely to confirm the transfer of all such records referred to in the previous
sentence, and the Borrowers shall cause the reasonable transition expenses of the Successor Servicer to be paid in accordance
with the Priority of Payments. Upon a Servicer Transfer, the Successor Servicer shall also be entitled to receive the
Servicer Fee thereafter payable for performing the obligations of the Servicer and any additional amounts payable to the
Servicer hereunder. Any indemnities provided in this Agreement or the other Transaction Documents in favor of the Servicer,
any Servicer Fee, any other fees, costs and expenses, in any case, that have accrued and/or are due and unpaid or
unreimbursed to the Servicer shall survive the termination of the Servicer and its replacement with a Successor Servicer and
the Servicer being replaced shall remain entitled thereto until paid hereunder out of the Distribution Account in accordance
with the Priority of Payments.

 

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Section 5.03.       Acceptance by Successor Servicer;
Reconveyance; Successor Servicer to Act.

 

(a)       Subject
to Section 5.04, no appointment of a Successor Servicer (other than the Back-Up Servicer) shall be effective until the Successor
Servicer shall have executed and delivered to the Borrowers and the Agent a written acceptance of such appointment and of the duties
of Servicer hereunder, subject to Section 5.03(c). The Servicer shall continue to perform all servicing functions under
this Agreement and the other Transaction Documents until the date the Successor Servicer shall have so executed and delivered such
written acceptance.

 

(b)       As compensation,
any Successor Servicer so appointed shall be entitled to receive the Servicer Fee, together with any other servicing compensation
in the form of assumption fees, late payment charges or otherwise as provided in the Transaction Documents that thereafter are
payable under this Agreement, and reimbursement for all costs and out-of-pocket expenses incurred by any such Successor Servicer
in connection with the performance of its servicing duties and obligations as Successor Servicer. In addition, any Successor Servicer
shall be entitled to all reasonable costs (including reasonable attorneys’ fees and expenses) incurred in connection with
transferring the servicing obligations under this Agreement and amending this Agreement (if necessary) to reflect such transfer
(without duplication of Section 4.04).

 

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(c)       On
or after a Servicer Transfer, the applicable Successor Servicer shall be the successor in all respects to the Servicer in
its capacity as servicer under this Agreement and the transactions set forth or provided for herein with respect to servicing
of the Pledged Assets and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the
Servicer by the terms and provisions hereof (except to the extent otherwise set forth herein), and the terminated Servicer
shall be relieved of such responsibilities, duties and liabilities arising after such Servicer Transfer; provided that
(i) the Successor Servicer shall not assume any obligations of the Servicer described in Section 5.02(c), (ii) the
Successor Servicer shall not be liable for any acts or omissions of the Servicer occurring prior to such Servicer Transfer or
for any breach by the Servicer of any of its representations and warranties contained herein or in any other Transaction
Document or for any repurchase obligation of the Servicer, (iii) the Successor Servicer shall have no obligation to pay any
taxes required to be paid by the Servicer (provided, that the Successor Servicer shall pay any income taxes for which it is
liable), (iv) the Successor Servicer shall have no obligation to pay any of the fees and expenses of any other party to the
transactions contemplated hereby, (v) the Successor Servicer shall have no liability or obligation with respect to any
Servicer indemnification obligations of any prior Servicer, including the initial Servicer, (vi) the Successor Servicer shall
have no obligation to perform any purchase obligations of the Servicer, and (vii) the Successor Servicer and its officers,
directors, employees or agents shall not be liable for any consequential, indirect, incidental or punitive damages. The
terminated Servicer shall remain entitled to payment and reimbursement of the amounts set forth in the last sentence of Section
5.02(c) notwithstanding its termination hereunder, to the same extent as if it had continued to service the Pledged
Assets hereunder. Without limiting the generality of the foregoing, if the Back-Up Servicer becomes the Successor Servicer,
the duties and obligations of the Servicer contained herein and in each of the other Transaction Documents shall be deemed
modified as follows: (i) any provision providing that the Servicer shall take or omit to take any action, or shall have any
obligation to do or not do any other thing, upon its “knowledge” (or any derivation thereof),
 “discovery” (or any derivation thereof) or “awareness” (or any derivation thereof) shall be
interpreted as the actual knowledge of a Responsible Officer of such Successor Servicer or such Responsible Officer’s
receipt of a written notice thereof, (ii) such Successor Servicer shall not be liable for any claims, liabilities or expenses
relating to the engagement of any accountants or any report issued in connection with such engagement and dissemination of
any such report of any accountants appointed by it (except to the extent that any such claims, liabilities or expenses are
caused by such Successor Servicer’s gross negligence or willful misconduct) pursuant to the provisions of any
Transaction Document, and the dissemination of such report shall, if applicable, be subject to the consent of such
accountants, and (iii) such Successor Servicer shall have no obligation to provide investment direction pursuant to any
Transaction Document requiring investment direction from the Servicer. The indemnification obligations of the Back-Up
Servicer, as Back-Up Servicer or Successor Servicer, are expressly limited to those set forth in Section 7.03.
Notwithstanding any provision of this Agreement or any other Transaction Document to the contrary, the Back-Up Servicer shall
not be obligated to assume the duties or obligations of the initial Servicer in any capacity other than as the Servicer, to
the extent expressly set forth in this Agreement.

 

(d)       Notwithstanding
anything contained in this Agreement or the other Transaction Documents to the contrary, any Successor Servicer designated
pursuant to Section 5.02(b), is not responsible for the accounting, records (including computer records) and work of
Trinity Management or any other predecessor Servicer relating to the Assets (collectively, the “Predecessor Servicer
Work Product”). If any error, inaccuracy, omission or incorrect or non- standard practice or procedure
(collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially
more difficult to service or should cause or materially contribute to the Successor Servicer making or continuing any Errors
(collectively, “Continued Errors”), the Successor Servicer shall have no liability for such Continued
Errors; provided, however, that the Successor Servicer agrees to use commercially reasonable efforts to prevent Continued
Errors. In the event that the Successor Servicer receives written notice or has actual knowledge of Errors or Continued
Errors, it shall, with the prior consent of the Agent, use commercially reasonable efforts to reconstruct and reconcile such
data to correct such Errors and Continued Errors and to prevent future Continued Errors. Such Successor Servicer shall be
entitled to recover its reasonable costs thereby expended in accordance with the Priority of Payments.

 

(e)       The
Successor Servicer is authorized to accept and rely on all accounting records (including computer records) and work product of
the prior Servicer hereunder relating to the Pledged Assets without any audit or other examination.

 

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(f)       With
respect to Section 2.03, the Successor Servicer shall have no obligation or duty to take any such action unless it has received
direction and indemnity from the Agent to liquidate under Section 2.03, each direction and indemnity shall be in a form
reasonably satisfactory to the Successor Servicer, and the Successor Servicer shall have no liability for (x) refraining from taking
action under Section 2.03 or (y) taking action in accordance with the directions of the Agent; and notwithstanding anything
herein to the contrary, the Successor Servicer may (but shall not be obligated to) from time to time request instruction from the
Agent with respect to the servicing of the Borrower Assets, and the Successor Servicer shall be fully protected without liability
if it takes action or refrains from action in accordance with such instructions.

 

(g)       Notwithstanding
anything herein or any other agreement to the contrary, the sole obligation of the Back-Up Servicer, acting in its capacity as
Successor Servicer, with respect to any assets located outside the United States or Canada is to administer payments related thereto.
For the avoidance of doubt, such Successor Servicer shall not be obligated to pursue any enforcement remedies with respect to such
foreign assets.

 

(h)       The
Successor Servicer undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and
no implied covenants or obligations shall be read into this Agreement against the Successor Servicer.

 

(i)       The
rights, protections, immunities and indemnities afforded to the Successor Servicer pursuant to this Section 5.03 shall
also be afforded to the Back-Up Servicer.

 

Section 5.04.       Notification to Lenders.

 

(a)       Promptly
following the occurrence of any Servicer Termination Event, the Servicer shall give written notice thereof to the Agent at the
address set forth in Section 13.02 hereof and the Agent shall promptly forward such notice to the Lenders.

 

(b)       Within
ten (10) days following receipt of a Termination Notice or notice of appointment of a Successor Servicer pursuant to this Article
V, the Agent shall give written notice thereof to the Lenders.

 

Section 5.05.       Effect of Transfer.

 

(a)       After
a Servicer Transfer, the terminated Servicer shall have no further obligations with respect to the management, administration,
servicing, custody or collection of the Pledged Assets as Servicer hereunder and, subject to Section 5.03, any Successor
Servicer shall have all of such obligations, except that the terminated Servicer shall transmit or cause to be transmitted directly
to the Successor Servicer promptly on receipt and in the same form in which received, any amounts (properly endorsed where required
for the Successor Servicer to collect them) received as Collections upon or otherwise in connection with the Pledged Assets. For
the avoidance of doubt, the terminated Servicer shall have no liability or obligation (including indemnification obligations) with
respect to the acts or omissions of the Successor Servicer.

 

(b)       A
Servicer Transfer shall not affect the rights and duties of the parties hereunder (including but not limited to the
obligations and indemnities of the Servicer, but solely in respect of acts or omissions of the terminated Servicer occurring
prior to the applicable Servicer Transfer) other than those relating to the management, administration, servicing, custody or
collection of the Assets and as otherwise provided herein.

 

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Section 5.06.       Database File.

 

Upon
reasonable request by the Agent, the Servicer shall provide the Successor Servicer with a magnetic tape or Microsoft Excel or similar
spreadsheet file containing the database file for each Asset on and as of the Business Day before the actual commencement of servicing
functions by the Successor Servicer following the delivery of a Termination Notice.

 

Section 5.07.       Waiver of Defaults.

 

The Agent
(at the direction of the Majority Lenders) may waive any default by the Servicer of its obligations hereunder and all consequences
of such default, except a default in making any required deposits into a Lockbox Account, Collection Account or the Distribution
Account. No such waiver or cure shall extend to any subsequent or other default or impair any right consequent thereto except to
the extent expressly so waived.

 

Section 5.08.       No Resignation.

 

The Servicer
shall not resign from the obligations and duties imposed on it by this Agreement except upon a determination that by reason of
a change in applicable Law, the performance of its duties under this Agreement would cause it to be in violation of such applicable
Law in a manner which would result in a material adverse effect on the Servicer, and the Agent ( acting at the direction of the
Majority Lenders), does not elect to waive the obligations of the Servicer to perform the duties which render it legally unable
to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer shall be
evidenced by an opinion of counsel to such effect delivered to the Back- Up Servicer and the Agent and acceptable to the Agent.
No resignation of the Servicer shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations
of the Servicer.

 

Section 5.09.       BDC to Succeed as Servicer upon
Occurrence of BDC Event.

 

Notwithstanding
anything herein to the contrary, upon the occurrence of the merger of the Funds, among others, into the BDC and the delivery by
the BDC of an executed counterpart to an assumption agreement in the form attached hereto as Exhibit G, (a) the BDC will
immediately and without further action step into the role of the initial Servicer hereunder, (b) all rights, benefits, fees, indemnities,
authority and power of the Servicer under this Agreement, whether with respect to the Pledged Assets, the Custodian Files or otherwise,
shall pass to and be vested in the BDC, (c) the BDC shall be subject to all responsibilities, duties and liabilities of the initial
Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for herein with respect to
servicing of the Pledged Assets whether arising prior to or after the BDC’s appointment as the initial Servicer hereunder
and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the initial Servicer by the
terms and provisions hereof, (d) Trinity Management IV, LLC shall be relieved of such responsibilities, duties and liabilities
arising after such delivery, and (e) Trinity Management IV, LLC shall cease to be the Servicer hereunder.

 

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ARTICLE VI

TERM AND TERMINATION

 

Section
6.01.       Term. The term of this Agreement shall commence on the Effective Date and shall, unless and until earlier terminated
pursuant to the provisions of this Agreement, continue until all of the Obligations (other than contingent Obligations not then
due) are satisfied.

 

ARTICLE VII

INDEMNIFICATION

 

Section
7.01.       Indemnification by the Servicer. The Servicer agrees to indemnify, defend and hold harmless the Borrowers, the
Agent (as such and in its individual capacity), the Custodian, the Paying Agent, the Back-Up Servicer, any Successor Servicer
and each Lender from and against any and all claims, losses, penalties, fines, forfeitures, judgments (provided that any
indemnification for damages is limited to actual damages, not consequential, special or punitive damages), reasonable
documented and out-of-pocket legal fees and related costs and any other reasonable costs, fees and expenses that such Person
may sustain (including reasonable out-of- pocket fees and expenses of counsel and court costs and in connection with any
enforcement (including any action, suit or claim brought by an Indemnitee) of the Servicer’s indemnification
obligations hereunder) as a result of the Servicer's fraud or the failure of the Servicer to perform its obligations required
of the Servicer hereunder in compliance in all material respects with the terms of this Agreement (giving effect to the
Servicing Standard and Section 8.01) so long as this Agreement remains in effect, except to the extent arising from
the negligence (in the case of any Successor Servicer) or gross negligence (in the case of the Back-Up Servicer, Custodian,
Paying Agent, Agent and each Lender), willful misconduct or fraud by the Person claiming indemnification. Any Person seeking
indemnification hereunder shall promptly notify the Servicer if such Person receives a complaint, claim, compulsory process
or other notice of any loss, claim, damage or liability giving rise to a claim of indemnification hereunder but failure to
provide such notice shall not relieve the Servicer of its indemnification obligations hereunder unless the Servicer is
deprived of material substantive or procedural rights or defenses as a result thereof. Other than with respect to the
enforcement of any indemnification obligations, the Servicer shall assume (with the consent of the indemnified party,
such consent not to be unreasonably withheld) the defense and any settlement of any such claim and pay all expenses in
connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which
may be entered against the indemnified party in respect of such claim. The terms of this Section 7.01 shall survive the
termination or assignment of this Agreement and the resignation or removal of any of the parties hereto. Notwithstanding
anything to the contrary in this Section 7.01, the provisions of this Section shall be applied without prejudice to, and the
provisions shall not have the effect of diminishing, the rights of the Back-Up Servicer and any Wells Fargo Indemnified
Parties under Section 9.5 of the Credit Agreement or any other provision of any Transaction Document providing for the
indemnification of any such Persons.

 

Section
7.02.       The Servicer's obligations under Section 7.01 shall be subject to the limitations on liability set forth in Section 9.01
hereof.

 

    20

     

    

 

Section
7.03. Indemnification by the Back-Up Servicer. The Back-Up Servicer hereby agrees to indemnify and hold harmless the Agent,
the Borrowers, the Servicer, and their respective directors, officers and shareholders (each a “Back-Up Servicer
Indemnified Party”) from and against any and all damages, losses, liabilities, costs and expenses incurred by a Back-Up
Servicer Indemnified Party resulting from the gross negligence or willful misconduct of the Back-Up Servicer in the performance
of its obligations under this Agreement as determined by a court of competent jurisdiction, including but not limited to a Back-Up
Servicer Indemnified Party's reasonable costs of defending itself against any claim or bringing any claim to enforce the indemnification
or other obligations of the Back-Up Servicer; provided that the Back-Up Servicer shall not have any liability with respect to
any portion of such damages, losses or liability resulting from the gross negligence or willful misconduct of such Back-Up Servicer
Indemnified Party. A Back-Up Servicer Indemnified Party shall promptly notify the Back-Up Servicer of any damages, losses, liabilities,
costs or expenses which such Back-Up Servicer Indemnified Party has determined has given or would give rise to a right of indemnification
hereunder, and the Back-Up Servicer shall have the exclusive right to compromise or defend any such liability or claim at its
own expense, which decision shall be binding and conclusive upon such Back-Up Servicer Indemnified Party. Failure to give such
notice shall not relieve the Back-Up Servicer of its obligations hereunder.

 

Section
7.04. The Back-Up Servicer's obligations under Section 7.03 shall be subject to the limitations on liability set forth in
Section 9.01 and Section 9.02.

 

ARTICLE VIII

FORCE MAJEURE

 

Section
8.01. If the Servicer or Back-Up Servicer is rendered wholly or partially unable to perform its obligations under this Agreement
because of a Force Majeure Event (as defined below), then the Servicer or Back-Up Servicer, as applicable, will be excused from
whatever performance is affected by the Force Majeure Event; provided that:

 

(a) the
Servicer or Back-Up Servicer, as applicable, will, as soon as is reasonably possible after the occurrence of the Force Majeure
Event, give the Borrowers, the Paying Agent and the Agent written notice describing the particulars of the occurrence;

 

(b) the
suspension of performance will be of no greater scope and of no longer duration than is required or caused by the Force Majeure
Event; and

 

(c) no
obligation of the Servicer or Back-Up Servicer, as applicable, that arose before the occurrence causing the suspension of performance
and that could and should have been fully performed before such occurrence will be excused as a result of such occurrence.

 

(d) “Force
Majeure Event” means any event or circumstances beyond the reasonable control of and without the fault or negligence
of the Person claiming Force Majeure. It shall include, without limitation: failure or interruption of the production, delivery
or acceptance of electricity; acts of god; war (declared or undeclared); sabotage; riot; insurrection; civil unrest or disturbance;
military or guerilla action; terrorism; economic sanction or embargo; civil strike, work stoppage, slow-down, or lock-out; explosion;
fire; earthquake; abnormal weather condition or actions of the elements; hurricane; flood; lightning; wind; drought; the binding
order of any Governmental Authority; the failure to act on the part of any Governmental Authority; unavailability of electricity
from the utility grid, equipment, supplies or products; unavailability of communications or computer facilities; and failure of
equipment or interruption of communications or computer facilities.

 

    21

     

    

 

ARTICLE IX

LIMITATIONS ON LIABILITY

 

Section
9.01. IN NO EVENT SHALL ANY PARTY BE LIABLE TO ANY OTHER PARTY FOR INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF
OR RELATED TO THE TERMS OF THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO LOST PROFITS, COSTS OF PROCUREMENT OF SUBSTITUTE GOODS
OR SERVICES OR BUSINESS INTERRUPTION, EVEN IF THE INDEMNIFYING PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, BUT
EXCEPT FOR LOSS OR DAMAGE ARISING OUT OF SUCH INDEMNIFYING PARTY’S FRAUD, WILLFUL MISCONDUCT OR GROSS NEGLIGENCE. IN ADDITION,
WHETHER AN ACTION OR CLAIM IS BASED ON WARRANTY, CONTRACT, TORT OR OTHERWISE, UNDER NO CIRCUMSTANCE SHALL A PARTY’S TOTAL
LIABILITY TO THE OTHER PARTY, OTHER THAN WITH RESPECT TO THE TOTAL LIABILITY OF ANY PARTY TO THE BACK-UP SERVICER, THE CUSTODIAN
OR THE PAYING AGENT, ARISING OUT OF OR RELATED TO THIS AGREEMENT EXCEED, IN ANY TWELVE (12) MONTH PERIOD, AN AMOUNT EQUAL TO THE
AMOUNT PAID OR TO BE PAID BY THE BORROWERS TO THE SERVICER HEREUNDER FOR SUCH TWELVE (12) MONTH PERIOD; PROVIDED, HOWEVER THAT
NOTHING CONTAINED IN THIS SENTENCE SHALL BE CONSTRUED TO LIMIT THE LIABILITY OF A PARTY IN THE CASE OF FRAUD BY, OR GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT OF, SUCH PARTY OR ITS EMPLOYEES, AGENTS OR SUBCONTRACTORS.

 

Section
9.02. Back-Up Servicer Standard of Care: Conformity with Applicable Law: Liability of Back-Up Servicer.

 

(a) The
Back-Up Servicer (including in its capacity as Successor Servicer) will perform its duties hereunder in accordance with the same
standard of care exercised by the Back- Up Servicer in the conduct of similar affairs for comparable assets for other parties.
The Back-Up Servicer shall comply in all material respects with all applicable Laws and preserve and maintain its existence, rights,
franchises and privileges, and qualify and remain qualified in good standing in each jurisdiction where the failure to preserve
and maintain such existence, rights, franchises, privileges and qualification will result in, or could reasonably be expected
to result in, a material adverse effect on the Lenders. The Back-Up Servicer undertakes to perform only such duties as are specifically
set forth in this Agreement with respect to the Back-Up Servicer, and no implied covenants or obligations shall be read into this
Agreement against the Back-Up Servicer. If any conflict arises between the terms of this Agreement and the terms of any other
Transaction Document, the terms of this Agreement shall govern.

 

(b) The
Back-Up Servicer will not, in performing its obligations hereunder, be obligated to take any action that would be in violation
of any law, rule or regulation that may be applicable to the Back-Up Servicer, its property or the services to be performed hereunder.

 

    22

     

    

 

(c) The
Back-Up Servicer may employ agents to perform any or all of its obligations hereunder and the Back-Up Servicer shall not be responsible
for the misconduct or negligence of agents appointed by it with due care; provided, however, the Back-Up
Servicer shall (i) remain liable for the performance of all of its obligations hereunder and (ii) shall be liable for any acts
or omissions by such agent to the extent the Back-Up Servicer would be liable therefor under the terms hereof if such act or omission
had been performed by the Back-Up Servicer.

 

(d) Subject
to Section 2.02(w), the Servicer agrees that at any time during the term of this Agreement, the Back-Up Servicer may conduct a
site visit during regular business hours upon reasonable notice to the Servicer. All of the out-of-pocket expenses of the Back-Up
Servicer in connection with one such site visit per calendar year shall be reimbursed as an expense of the Back-Up Servicer in
accordance with the Priority of Payments.

 

(e) The
Back-Up Servicer shall have no responsibility for the acts and omissions of the Servicer or any successor Servicer or any other
party (or agent thereof) to this Agreement or any related document and may assume compliance by such parties with their obligations
under this Agreement or any related agreement.

 

Section
9.03. Except as otherwise expressly set forth herein, the Back-Up Servicer is entitled to all of the rights, privileges, protections
and indemnities afforded to the Paying Agent under the Credit Agreement, mutatis mutandis.

 

ARTICLE X

REPRESENTATIONS, WARRANTIES
AND COVENANTS

 

Section 10.01. Representations and Warranties
of the Borrowers.

 

(a) SPE
1 Borrower represents that it is a limited liability company duly organized and existing in good standing under the laws of the
State of Delaware.

 

(b) SPE
2 Borrower represents that it is a limited liability company duly organized and existing in good standing under the laws of the
State of Delaware.

 

(c) SPE
3 Borrower represents that it is a limited liability company duly organized and existing in good standing under the laws of the
State of Delaware.

 

(d) Fund
II represents that it is a limited partnership duly organized and existing in good standing under the laws of the State of Delaware.

 

(e) Fund
III represents that it is a limited partnership duly organized and existing in good standing under the laws of the State of Delaware.

 

(f) Each
of the Borrowers represents that it possesses all requisite power and authority to enter into and perform this Agreement and to
carry out the transactions contemplated herein.

 

(g) Each
of the Borrowers represents that its execution, delivery and performance of this Agreement have been duly authorized and this
Agreement has been duly executed and delivered and constitutes such Borrower’s legal, valid and binding obligation,
enforceable against such Borrower in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency
and other legal principles pertaining to creditor's rights.

 

    23

     

    

 

(h) Each
of the Borrowers represents that, except as otherwise contemplated herein, no material consent or approvals are required in connection
with the execution, delivery and performance by such Borrower of this Agreement.

 

(i) Each
of the Borrowers represents that the execution, delivery and performance by such Borrower of this Agreement will not (i) violate
any applicable Law applicable to such Borrower, (ii) result in any breach of, or constitute any default under, any contractual
obligation of such Borrower or (iii) result in, or require, the imposition of any Lien on any of the properties or revenues of
such Borrower.

 

Section
10.02. Representations and Warranties and Covenants of the initial Servicer. The initial Servicer hereby represents and
warrants, as of the Closing Date and as of each Borrowing Date and as of each Payment Date, as to itself as follows:

 

(a) The
Servicer is a limited liability company organized and existing in good standing under the laws of the State of Delaware.

 

(b) The
Servicer possesses all requisite power and authority to enter into and perform this Agreement and to carry out the transactions
contemplated herein.

 

(c) The
Servicer's execution, delivery and performance of this Agreement have been duly authorized and this Agreement has been duly executed
and delivered and constitutes the Servicer's legal, valid and binding obligation, enforceable against the Servicer in accordance
with its terms, except as enforceability may be limited by bankruptcy, insolvency and other legal principles pertaining to creditor's
rights.

 

(d) Except
as otherwise contemplated herein, no material consent or approvals are required in connection with the execution, delivery and
performance by the Servicer of this Agreement.

 

(e) The
execution, delivery and performance by the Servicer of this Agreement, and the performance of any obligations under any other
Transaction Document, will not (i) violate any applicable Law applicable to the Servicer or (ii) result in any breach of, or constitute
any default under, any contractual obligation of the Servicer.

 

(f) The
Servicer will give prompt notice to the Borrowers and the Agent and the Back-Up Servicer of (i) any Servicer Termination Event,
an Event of Default, an Early Amortization Event or the existence of a Defective Asset, in each case, of which a Responsible Officer
of the Servicer has actual knowledge, and (ii) any event of which a Responsible Officer of the Servicer has actual knowledge which
with the passage of time or the giving of notice would result in a Servicer Termination Event, an Event of Default or an Early
Amortization Event.

 

(g) The
Servicer will keep in full force and effect its existence and rights as a limited liability company under the laws of the State
of Delaware and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement. The Servicer shall maintain its existence
separate from SPE Borrower.

 

    24

     

    

 

(h) The
Servicer shall not create, incur, assume or willfully suffer to exist any lien upon or with respect to any asset or property of
the Borrowers, other than the lien of the Security Agreement and other Transaction Documents and Permitted Liens.

 

(i) The Servicer shall not willfully cause the
Borrowers to default under any Transaction Document.

 

(j) There
are no material actions, suits or proceedings, pending or threatened in writing, with respect to the Servicer.

 

(k) The
written information (other than financial projections, forward looking statements and information of a general economic or industry
specific nature) that has been made available by the Servicer to the Borrowers, Paying Agent, the Custodian, the Back-Up Servicer,
the Agent or any Lender or Affiliate thereof in connection with the transactions hereunder including any written statement or
certificate of factual information, when taken as a whole, does not, when furnished, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in
the light of the circumstances under which such statements are made (giving effect to all supplements and updates thereto.

 

(l) Since
the date of delivery of the latest audited financial statements to be delivered pursuant to Section 3.02, there has been no Material
Adverse Effect.

 

(m) The
initial Servicer hereby represents and warrants (i) solely on the Initial Borrowing Date, that each initial Asset is an Eligible
Asset as of the Initial Borrowing Date, and (ii) solely on the applicable Borrowing Date, that each applicable Asset added to
the Schedule of Assets is an Eligible Asset as of the date such Asset is added (for Assets added prior to the License Surrender
Date) or as of the related Transfer Date (for assets added on or after the License Surrender Date).

 

(n) The
Servicer shall, during the term of this Agreement, maintain all material licenses necessary to perform the services hereunder.

 

(o) The
Servicer’s Risk Policy and Procedures are attached hereto as Exhibit F. Provided that the Agent approves any amendment
to the Servicer’s Risk Policy and Procedures (such amendment, the “Policy Amendment), such Policy Amendment
shall be deemed to be included in Exhibit F without any further action of the Servicer.

 

For the avoidance of
doubt, this Section 10.02 shall not apply to any Successor Servicer.

 

Section
10.03. Representations and Warranties of the Back-Up Servicer.

 

(a) The
Back-Up Servicer is a national banking association duly organized and existing in good standing under the laws of the United States.

 

    25

     

    

 

(b) The
Back-Up Servicer possesses all requisite power and authority to enter into and perform this Agreement and to carry out the transactions
contemplated herein.

 

(c) The
Back-Up Servicer's execution, delivery and performance of this Agreement have been duly authorized and this Agreement has been
duly executed and delivered and constitutes the Back-Up Servicer's legal, valid and binding obligation, enforceable against the
Back-Up Servicer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency and other legal
principles pertaining to creditor's rights.

 

(d) Except
as otherwise contemplated herein, no material consent or approvals are required in connection with the execution, delivery and
performance by the Back-Up Servicer of this Agreement.

 

(e) The
execution, delivery and performance by the Back-Up Servicer of this Agreement will not (i) violate any applicable Law applicable
to the Back-Up Servicer or (ii) result in any breach of, or constitute any default under, any contractual obligation of the Back-Up
Servicer, which breach or default would result in a material adverse effect on the Back-Up Servicer.

 

ARTICLE XI

INSURANCE

 

Section
11.01. The initial Servicer will maintain or cause to be maintained at its sole cost and expense, the insurance in the types and
amounts that are in place on the Closing Date covering the activities to be performed by its employees and representatives in
connection with this Agreement; provided that, if the same is not available at commercially reasonable rates and commercially
reasonable terms, the initial Servicer may procure or cause to be procured alternate types and amounts of insurance.

 

ARTICLE XII

POWER OF ATTORNEY

 

Section 12.01. Power of Attorney.

 

(a) The
Borrowers hereby designate, make, constitute and appoint the Servicer (and all persons designated by the Servicer) as the Borrowers’
true and lawful attorney and beneficiary in fact, with power under the Underlying Asset Documents, without notice to the Borrowers
and at such time or times thereafter as the Servicer, at its sole election, may determine, in the name of the Borrowers, the Servicer
or in both names: (i) to ask, require, demand, receive, compound and give acquittance for any and all moneys due and to become
due to the Borrowers under the Underlying Asset Documents, to endorse any checks or other instruments in connection therewith;
(ii) to execute any election or option or give any notice, consent, waiver or approval under or in respect of the Underlying Asset
Documents; (iii) to exercise any rights, powers or remedies on the part of the Borrowers under or in connection with any Asset,
whether arising under an Underlying Asset Document, by statute or at law or in equity or otherwise to exercise all of the Borrowers’
rights, interests and remedies in and under the Underlying Asset Documents, including, without limitation, Borrowers’ right
to renew or extend the original term of a Underlying Asset Document, if applicable, or any renewal or extended terms thereof;
(iv) to initiate such legal proceedings and to settle, adjust or compromise any legal proceedings deemed necessary by the
Servicer in its sole discretion in order to enforce the provisions of the Underlying Asset Documents or prevent the termination
thereof (unless the settlement, adjustment or compromise contains any admission or statement suggesting any wrongdoing or liability
on behalf of the Borrowers or contains any equitable order, judgment or term that in any manner affects, restrains or interferes
with the business of the Borrowers); (v) to commence or institute arbitration proceedings, or to participate in any arbitration
proceedings commenced or instituted, pursuant to the Underlying Asset Documents deemed necessary to the Servicer in its sole discretion;
(vi) to approve all arbitration determinations, awards or findings made pursuant to the provisions of the Underlying Asset Documents;
(vii) to make amendments or modifications to Underlying Asset Documents in accordance with the Servicing Standard and as provided
in this Agreement; (viii) to do any and all things necessary, in the Servicer 's sole reasonable opinion, to preserve and keep
unimpaired the Servicer's rights under this Agreement and the Underlying Asset Documents; and (ix) to do all acts and things necessary,
in the Servicer's sole reasonable discretion, to carry out any or all of the foregoing.

 

    26

     

    

 

(b) Upon
the appointment of the Successor Servicer in accordance with the terms of this Agreement, the power of attorney granted to the
Servicer by the Borrowers pursuant to Section 12.01(a) shall terminate and each Borrowers shall, and as of the date of
the Servicer Transfer hereby do, designate, make, constitute and appoint the Successor Servicer (and all persons designated by
the Successor Servicer) as the Borrowers’ true and lawful attorney and beneficiary in fact to the same extent as set forth
in Section 12.01(a). It is understood and agreed that the rights and powers granted to the Successor Servicer under any
power of attorney shall not impose any duty or obligation on the Successor Servicer.

 

(c) The
Borrowers shall execute and deliver, upon request of the Servicer, such instruments as the Servicer may deem useful or required
to permit the Servicer to cure any default under the Underlying Asset Documents or permit the Servicer to take such other actions
as the Servicer considers desirable to cure or remedy any matter in default and preserve the interest of the Servicer in an Asset;
provided that except for amendments, waivers, modifications or variances related to an Asset and any documents related thereto
in accordance with Section 2.02(c), the Borrowers’ rights hereunder and under the Underlying Asset Documents are
not diminished and that the Borrowers’ obligations hereunder and under the Underlying Asset Documents are not increased.

 

ARTICLE XIII

MISCELLANEOUS

 

Section
13.01. Independent Contractors. The Parties acknowledge that each of the Servicer and the Back-Up Servicer will perform
its obligations under this Agreement and act at all times as an independent contractor, and nothing in this Agreement will be
interpreted or applied so as to make the relationship of any of the Parties that of partners, joint venturers or anything other
than independent contractors, and the Parties expressly disclaim any intention to create a partnership, joint venture, association
or other such relationship. No Party is granted any right on behalf of any other Party to assume or create any obligation or responsibility
binding such other Party. None of the Servicer's or the Back-Up Servicer’s employees, subcontractors or any such subcontractor's
employees will be or will be considered to be employees of any Borrower. The Servicer or the Back-Up Servicer, as applicable,
will be fully responsible for the payment of all wages, salaries, benefits and other compensation to its employees and all
amounts due and owing to subcontractors.

 

    27

     

    

 

Section
13.02. Notices. Any notice required or authorized to be given hereunder or any other communication provided for under the
terms of this Agreement will be in writing and will be delivered personally or by mail or by reputable courier service or by facsimile
or electronic mail transmission addressed to the relevant party at the address stated below or at any other address notified by
that party as its address for service. Any notice so given personally or via express courier shall be deemed to have been served
on delivery, and any notice so given by facsimile or electronic mail transmission shall be deemed to have been delivered on transmission
and receipt of confirmation of successful transmission from the recipient. The Parties' addresses for notice and service are as
follows:

 

	 	To the Servicer: 	Trinity Management IV, LLC
	 	 	3705 W. Ray Road, Suite 525
	 	 	Chandler, AZ 85226
	 	 	Attention: Susan Echard
	 	 	Email: legal@trincapinvestment.com
	 	 	Telephone: (480) 653-8374
	 	 	Facsimile: (480) 247-5099
	 	 	 
	 	To the Borrowers:	Trinity Capital Inc.
	 	 	3705 W. Ray Road, Suite 525
	 	 	Chandler, AZ 85226
	 	 	Attention: Susan Echard
	 	 	Email: legal@trincapinvestment.com
	 	 	Telephone: (480) 653-8374
	 	 	Facsimile: (480) 247-5099
	 	 	 
	 	To the Agent: 	Credit Suisse AG, New York Branch
	 	 	11 Madison Avenue, 4th Floor
	 	 	New York, NY 10010
	 	 	Attention: Securitized Products Finance
	 	 	Telephone: (212) 325-5384
	 	 	Facsimile: (212) 743 2215
	 	 	Email: list.afconduitreports@credit-suisse.com;
	 	 	abcp.monitoring@credit-suisse.com
	 	 	 
	 	To the Paying Agent: 	Wells Fargo Bank, National Association
	 	 	600 South 4th Street
	 	 	Minneapolis, MN 55479
	 	 	MAC N9300-061
	 	 	Attention: Corporate Trust Services
	 	 	Telephone: (612) 667-8058
	 	 	Facsimile: (612) 667-3464

 

    28

     

    

 

	 	To the Back-Up Servicer: 	Wells Fargo Bank, National
    Association
	 	 	600 South 4th Street
	 	 	Minneapolis, MN 55479
	 	 	MAC N9300-061
	 	 	Attention: Corporate Trust Services
	 	 	Telephone: (612) 667-8058
	 	 	Facsimile: (612) 667-3464

 

Section
13.03. Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York
without giving effect to conflict of law principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations
Law) as to all matters, including but not limited to matters of validity, construction, effect, performance and remedies. THE
PARTIES HEREBY IRREVOCABLY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN NEW YORK WITH RESPECT TO ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

Section
13.04. Waiver of Jury Trial. ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT,
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH
OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION
AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT.

 

Section
13.05. Amendment, Modification and Waiver. (a) This Agreement may only be amended, modified or waived by the parties hereto,
at any time and from time to time, and with the prior written consent of the Agent, acting at the direction of the Majority Lenders;
provided however, that, no such amendment, modification or waiver shall affect the rights of the Paying Agent without the consent
of the Paying Agent.

 

(b) Without
the consent of the Majority Lenders, provided that, if requested by the Agent, the Agent shall have received an opinion of counsel
to the effect that such modification is permitted under the terms of this Agreement and that all conditions precedent to the execution
of such modification have been satisfied, the parties hereto, at any time and from time to time, may enter into one or more amendments,
modifications or waivers to this Agreement, in form satisfactory to the Agent, for any of the following purposes:

 

(i)  to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein; provided that, if requested by the Agent, the Agent shall have received an opinion of counsel to the effect that such
modification will not have a material adverse effect on any Lender;

 

    29

     

    

 

(ii) to correct any manifest error
or to effect any non-economic or non- material administrative change; or

 

(iii) to add to the duties of
the Servicer, for the benefit of the Lenders.

 

Section
13.06. Rights and Remedies. Each Party's rights and remedies under this

Agreement are intended to
be distinct, separate and cumulative and no such right or remedy therein or herein mentioned, whether exercised by such Party
or not, is intended to be an exclusion or a waiver of any of the others.

 

Section
13.07. Entire Agreement. This Agreement reflects the entire agreement with respect to the matters covered by this Agreement
and supersedes any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with
respect thereto.

 

Section
13.08. Further Assurances. The Parties agree to do such further acts and things and execute and deliver such additional
agreements and instruments as the other may reasonably require to consummate, evidence or confirm the agreements contained herein
in the matter contemplated hereby.

 

Section
13.09. Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under all applicable laws and regulations. If, however, any provision of this Agreement is prohibited by or invalid
under any such law or regulation in any jurisdiction, it will as to such jurisdiction, be deemed modified to conform to the minimum
requirements of such law or regulation, or, if for any reason it is not deemed so modified, it will be ineffective and invalid
only to the extent of such prohibition or invalidity without affecting the remaining provisions of this Agreement, or the validity
or effectiveness of such provision in any other jurisdiction.

 

Section
13.10. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

Section
13.11. Assignment. Except with respect to the grant of this Agreement by the Borrowers to the Agent under the Security
Agreement and as expressly provided herein, this Agreement may be assigned only with the written consent of the parties hereto
and the Agent acting at the direction of the Majority Lenders; however, in the event of an assignment, all provisions of this
Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto.

 

Section
13.12. No Bankruptcy Petition. The Parties hereto agree that, prior to the date that is one year and one day after the
payment in full of the Obligations, none of them will institute against the Borrowers or join any other Person in instituting
against the Borrowers, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings
under the laws of the United States or any State of the United States. This Section 13.12 shall survive the termination
of this Agreement.

 

    30

     

    

 

Section
13.13. Third Party Beneficiary. This Agreement shall inure to the benefit of the Agent on behalf of the Lenders and their
respective successors and assigns. Without limiting the generality of the foregoing, all covenants and agreements in this Agreement
which expressly confer rights upon the Borrowers or the Agent shall be for the benefit of and run directly to the Agent, and the
Agent shall be entitled to rely on and enforce such covenants to the same extent as if it were a party hereto.

 

Section
13.14. Subsequent Pledge. The Servicer acknowledges that (a) the Borrowers will grant all of the Borrowers' rights and
benefits under this Agreement to the Agent pursuant to the terms of the Security Agreement and (b) the terms and provisions hereof
are intended to benefit the Lenders. The Servicer hereby consents to such grant. The parties hereto hereby acknowledge that the
representations and warranties contained in this Agreement and the rights of the Borrowers under this Agreement are intended to
benefit the Agent on behalf of the Lenders. The Servicer acknowledges that the Agent on behalf of the Lenders, as assignees of
the Borrowers’ rights hereunder may, upon the occurrence and during the continuation of an Event of Default, directly enforce,
without making any prior demand on the Borrowers, all the rights of the Borrowers hereunder.

 

Section
13.15. Back-Up Servicer Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations.  In order
to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including,
but not limited to those relating to funding of terrorist activities and money laundering, the Back-Up Servicer is required to
obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with
the Back-Up Servicer. Accordingly, each of the parties agrees to provide to the Back-Up Servicer upon its request from time to
time such identifying information and documentation as may be available for such party in order to enable the Back-Up Servicer
to comply with such laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, but not limited to those relating to funding of terrorist activities and money laundering.

 

[Signature Pages
Follow]

 

    31

     

    

 

IN
WITNESS WHEREOF, the Servicer, the Borrowers, the Agent and the Back-Up Servicer have each duly executed this Agreement
on the Effective Date.

 

	 	BORROWERS:
	 	 
	 	TRINITY FUNDING 1, LLC, a Delaware
	 	limited liability company
	 	 
	 	By:	/s/ Steven L. Brown
	 	 	Name:	Steven L. Brown
	 	 	Title:	Authorized Signatory

 

	 	TRINITY FUNDING 2, LLC, a Delaware
	 	limited liability company.
	 	 
	 	By:	/s/ Steven L. Brown 
	 	 	Name:	Steven L. Brown
	 	 	Title:	Authorized Signatory

 

	 	TRINITY FUNDING 3, LLC, a Delaware
	 	limited liability company
	 	 
	 	By:	/s/ Steven L. Brown 
	 	 	Name:	Steven L. Brown
	 	 	Title:	Authorized Signatory
	 	 
	 	TRINITY CAPITAL FUND II, L.P.,
    a
	 	Delaware limited partnership
	 	 
	 	 	By: TRINITY SBIC PARTNERS II,
    LLC, its 

    general partner
	 	 
	 	 	By:	/s/
    Steven L. Brown
	 	 	 	Name:	Steven L. Brown
	 	 	 	Title:	Authorized Signatory
	 	 
	 	TRINITY CAPITAL FUND III, L.P.,
    a
	 	Delaware limited partnership
	 	 
	 	 	By: TRINITY SBIC PARTNERS III,
    LLC, its 

    general partner
	 	 
	 	 	By:	/s/ Steven L. Brown 
	 	 	 	Name:	Steven L. Brown
	 	 	 	Title:	Authorized Signatory

 

Signature
Page to Servicing Agreement

 

     

     

    

 

	 	SERVICER:
	 	 
	 	TRINITY MANAGEMENT IV, LLC,
    a Delaware
	 	limited liability company
	 	 
	 	 	By: TRINITY CAPITAL HOLDINGS,
    LLC, its
	 	 	managing member
	 	 
	 	 	By:	/s/
    Steven L. Brown 
	 	 	Name:	Steven L. Brown
	 	 	Title:	Authorized Signatory 
	 	 	 	 
	 	AGENT:
	 	 
	 	CREDIT SUISSE AG, NEW YORK
    BRANCH
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	BACK-UP SERVICER:
	 	 
	 	WELLS FARGO BANK, NATIONAL
    ASSOCIATION
	 	A
                                         national banking association, not in its individual 

                                         capacity, but solely as Back-Up Servicer

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to
Servicing Agreement

 

     

     

    

 

	 	SERVICER:
	 	 
	 	TRINITY
    MANAGEMENT IV, LLC, a Delaware
	 	limited liability
    company
	 	 
	 	 	By: TRINITY CAPITAL HOLDINGS, LLC, its managing member
	 	 
	 	 	By:	                                                        
	 	 	Name:	 
	 	 	Title:	Authorized
    Signatory
	 	 
	 	AGENT:
	 	 
	 	CREDIT
    SUISSE AG, NEW YORK BRANCH
	 	 
	 	By:	/s/ Jeffrey Traola
	 	Name:	Jeffrey Traola
	 	Title:	Director
	 	 
	 	By:	/s/ Erin McCutcheon 
	 	Name:	Erin McCutcheon
	 	Title:	Director
	 	 
	 	 
	 	BACK-UP
    SERVICER:
	 	 
	 	WELLS
    FARGO BANK, NATIONAL 

    ASSOCIATION
	 	A
    national banking association, not in its individual 
 capacity, but solely as Back-Up Servicer
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Signature
Page to Servicing Agreement

 

     

     

    

 

	 	SERVICER:
	 	 
	 	TRINITY MANAGEMENT IV, LLC
	 	a Delaware limited liability
    company
	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 
	 	 
	 	AGENT:
	 	 
	 	CREDIT SUISSE AG, NEW YORK
    BRANCH
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	BACK-UP SERVICER:
	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION
	 	a national banking association,
    not in its individual
	 	capacity, but solely as Back-Up
    Servicer
	 	 
	 	By:	/s/ Chad Schafer
	 	Name:	Chad Schafer
	 	Title:	Vice President

 

Signature Page
to Servicing Agreement

 

     

     

    

 

EXHIBIT A

 

OBLIGOR CONTACT
LIST

 

[see attached]

 

    A-1

     

    

 

	Company
    Name	Fund	Contact	Position	Phone	Email	Contact2	Column2	PM
	Altierre	2	Jeremy
    Avenier	CFO	(510)
    449-3984	javenier@altierre.com
    	Tony
    Alvarez 	talvarez@altierre.com
    	Crystal
	Augmedix	3	Matteo
    Marchetta	CFO	(415)
    420-6030	matteo@augmedix.com
    	 	 	Nader
	Ay
    Dee Kay	2	Tom
    Schiller	CFO	650-464-6656	tom@indiesemi.com
    	 	 	Nader
	Back
    Blaze	3	Cecilia
    Luu	 	(510)
    519-7677	cecilia@backblaze.com
    	John
    Tran 	john@backblaze.com	Crystal
	BaubleBar	2	Daniella
    Yacobovsky	Co-Founder	646.846.2044	daniella@baublebar.com
    	 	 	Nader
	BH
    Cosmetics	3	Hedi
    Crane	CFO	(888)
    545-4744	heidi@bhcosmetics.com
    	 	 	Crystal
	Birchbox	2	Katia
    Beauchamp	CEO	 	katia@birchbox.com
    	Courtney
    Browne 	courtney.browne@birchbox.com	Crystal
	Bowery
    Farming	3	David
    Golden	Founder	917-553-1640	david@boweryfarming.com
    	 	 	Nader
	Clean
    Planet Chemical	3	Alex
    Richert	CEO	(469)
    766-4911	alex.richert@chemchamp.com
    	 	 	Crystal
	E
    La Carte	2	Ashish
    Gupta	CFO	650.817.9012	ashish@presto.com
    	 	 	Nader
	Edeniq	2	Brian
    Thome	CEO	(651)
    214-7462	bthome@edeniq.com
    	Lily
    Wachter 	lwachter@edeniq.com
    	Gerry
	Egomotion	2	Mark
    Kang	Head
    of Finance	(703)
    517-2259	mark.kang@zeusliving.com
    	Carlos
    Garcia 	carlos.garcia@zeusliving.com
    	Crystal
	Empyr	3	Ryan
    McDonald	CFO	 	ryanmcdonald@empyr.com
    	 	 	Nader
	Etagen	3	Ryan
    Fletcher	Sr
    Director of Finance	408-373-7603	ryan.fletcher@etagen.com
    	 	 	Nader
	Everalbum	2	Tiffany
    Lee	 	 	tiffany@paravision.ai
    	Doug
    Aley 	doug@paravision.ai
    	Crystal
	Examity	3	Tobey
    Choate	Chief
    Administrative Officer	617-775-7457	Tchoate@examity.com
    	 	 	Nader
	Exela	3	Phansesh
    Koneru	 	(828)
    758-7888	Phanesh@exela.us
    	Pat
    Metcalf 	pmetcalf@exela.us
    	Crystal
	Filld	3	Edwin
    Ovrahim	 	(480)
    206-7737	eovrahim@filld.co
    	Scott
    Hempy 	scott@filld.co	Crystal
	Galvanize	2	Karl
    Maier	Executive
    Chairman	(303)
    588-4701	karl.maier@galvanize.com
    	 	 	Nader
	Gobble	3	Ooshma
    Garg	CEO	(650)
    847-1258	ooshma@gobble.com
    	 	 	Crystal
	Gobiquity	3	Rick
    Frost	Head
    of Finance	 	rick.frost@gocheckkids.com
    	 	 	Nader
	Grub
    Market	3	Lee
    Fan	 	(919)
    949-0195	lee@grubmarket.com
    	Mike
    Xu 	mxu@grubmarket.com
    	Crystal
	Handle
    Financial	3	Kristina
    Campbell	CFO	310-339-8784	kristina@handlefin.com
    	 	 	Nader
	Happiest
    Baby	3	Gary
    Mark	VP
    of Finance	 	gary@happiestbaby.com
    	 	 	Nader
	Health-Ade	3	Jennifer
    Smith	Controller	(424)
    488-1196	jennifersmith@health-ade.com
    	Gary
    Cooperman 	gcooperman@health-ade.com
    	Crystal
	Hytrust	2	Mercy
    Caprara	CFO	650-681-8112	mcaprara@hytrust.com
    	 	 	Nader
	Ihealth
    Solutions	2	Michael
    Dowling	CFO	502-530-0917	mdowling@advantumhealth.com
    	 	 	Nader
	Impossible
    Foods	3	Martin
    Lwee	Sr.
    Mgr, Technical Accounting & Reporting	 	martin.lwee@impossiblefoods.com	 	 	Nader
	InContext	2	Jonathan
    Donath	CFO	928-856-1816	Jonathan.Donath@incontextsolutions.com	 	 	Nader
	Instart
    Logic	3	Jony
    Hartono	CFO	650.919.8854	jhartono@instartlogic.com
    	 	 	Nader
	Invenia	4	Matthew
    Hudson	CEO	204-298-7595	Matthew.Hudson@Invenia.ca
    	 	 	Nader
	Knockaway	3	Dina
    Attyeh	Accounting
    Manager	(973)
    513-3630	dina@knock.com
    	Jamie
    Glenn 	jamie@knock.com	Crystal
	Le
    Tote	3	James
    Jarvis	Finance
    Manger	 	james@letote.com
    	Rakesh
    Tondon 	rakesh@letote.com
    	Crystal
	Madison
    Reed	3	Carrie
    Kalinowski	CFO	(480)
    710-1129	carrie@madison-reed.com
    	Amy
    Errett 	amy@madision-reed.com	Crystal
	Matterport	2	JD
    Fay	CFO	650-464-8939	jdfay@matterport.com
    	 	 	Nader
	Nexus	3	Conor
    Cafferty	Sr
    Director of Finance	703-524-9101	CCafferty@nexussystems.com
    	 	 	Nader
	Ohm
    Connect	3	Cadir
    Lee	President	650-464-6656	cadir@ohmconnect.com
    	 	 	Nader
	Oto
    Analytics	3	Tony
    Grimminck	CFO	212.518.1307	tony@womply.com
    	 	 	Nader
	Pendulum	 	Mohan
    Iyer	COO	(480)
    314-0790	mohan.iyer@wholebiome.com
    	 	 	Jon
	Project
    Frog	2	Fernando
    Mazzuca	Controller	(415)
    814-8513	mazzuca@projectfrog.com
    	Sam
     Rabinowitz 	srabinowitz@projectfrog.com	Gerry
	Qubed	2	Ankit
    Dhir	COO	724-980-9040	ankit@yellowbrick.co
    	 	 	Nader
	RapidMiner	3	Simon
    Zilberman	Sr
    Director of Finance	617-981
    6938	szilberman@rapidminer.com
    	 	 	Nader
	RoBotany	 	Austin
    Webb	CEO	(412)
    729-2687	Austin.webb@robotany.ag
    	 	 	Crystal
	Seaon	4,5	Warren
    Carsey	President	(928)
    853-2911	warren@seaonglobal.com
    	 	 	Crystal
	SQL	3	Steve
    Krol	VP
    of Finance	(704)
    604-3154	skrol@sentryone.com
    	Lang
    Leonard 	lleonard@sentryone.com
    	Crystal
	STS
    Media	3	Kris
    Antonelli	VP
    of Finance	 	kris@acceleratefp.com
    	 	 	Nader
	Sun
    Basket	3	Marc
    Friend	CFO	650.270.3232	marc@sunbasket.com
    	 	 	Nader
	Unitas	3	Michael
    Park	 	(213)
    785-6200	michael.park@unitasglobal.com
    	Janet
    Kim 	Janet.Kim@unitasglobal.com	Crystal
	Untuckit	3	Derek
    Browe	CFO	(917)
    291-0421	d.browe@untuckit.com
    	Nick
    Gargiulo 	n.gargiulo@untuckit.com
    	Crystal
	Vertical
    Communicatins	2	Peter
    Bailey	CEO	 	pbailey@vertical.com	Hunter
    Fountain 	HFountain@vertical.com	Gerry
	Vidsys	3	Maurice
    Sigleton	President
    and Acting CEO	(703)
    940-5216	msingleton@vidsys.com
    	 	 	Gerry
	WorkWell
    Prevention	2	Kevin
    Schmidt	CEO	 	kevin.schmidt@workwellpc.com
    	Karil
    Reibold 	karilr@comcast.net	Gerry
	Zosano	3	Carol
    Lizak	Controller	(510)
    745-1200	clizak@zosanopharma.com
    	Greg
    Kitchner 	gkitchener@zosanopharma.com
    	Crystal

 

     

     

    

 

EXHIBIT B

 

LIQUIDATION REPORT

 

	Asset	Liquidation
    proceeds	Expenses
    incurred and to be reimbursed to the Servicer	Any
    loss incurred in connection with the liquidation
	 	 	 	 

 

    B-1

     

    

 

EXHIBIT C

 

MONTHLY SERVICER
REPORT

 

[see attached]

 

    C-1

     

    

 

 

 

TRINITY FUNDING 1, LLC, TRINITY FUNDING 2, LLC, TRINITY FUNDING 3, LLC, TRINITY CAPITAL FUND II, L.P., AND TRINITY CAPITAL FUND III, L.P.,

Monthly Servicer's Report

Originator:

Borrower:

Servicer:
Trinity Management IV, LLC   

 

	 	 	Cut-off Date:	 	 	 	 	 	 	July 31, 2019 Days: 31	 	 	 	 	 
	 	 	Prior Month Cut-Off:	 	 	 	 	 	 	June 30, 2019 Period: 1	 	 	 	 	 

 

AGING SCHEDULE:  

 

	 	 	 	 	UNITS	 	 	BALANCE	 	 	%	 
	Current	 	 	 	 	-	 	 	 	-	 	 	 	0.00	%
	1-30 days past due	 	 	 	 	-	 	 	 	-	 	 	 	0.00	%
	Current Period Deliquency	 	31-60 days past due	 	 	-	 	 	 	-	 	 	 	0.00	%
	 	 	61-90 days past due	 	 	-	 	 	 	-	 	 	 	0.00	%
	 	 	91-120 days past due	 	 	-	 	 	 	-	 	 	 	0.00	%
	Total Outstanding Asset Amount	 	 	 	 	-	 	 	 	-	 	 	 	0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ineligible Receivables	 	31+ days past due	 	 	-	 	 	 	-	 	 	 	0.00	%
	 	 	Other Ineligible Receivables	 	 	-	 	 	 	-	 	 	 	0.00	%
	TOTAL ELIGIBLE ASSET AMOUNT	 	 	 	 	-	 	 	 	-	 	 	 	0	%
	Total Eligible Assets	 	 	 	 	-	 	 	 	-	 	 	 	0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CALCULATION OF REQUIRED PRINCIPAL  	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Prior Month Balance	 	 	 	 	                     -	 	 	 	 	 	 	 	              	 
	Prior Month Ineligible	 	 	 	 	-	 	 	 	 	 	 	 	         	 
	Previous Mo Eligible Balance	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Intra-Period Sales	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Intra-Period Takeouts	 	                          	 	 	-	 	 	 	 	 	 	 	 	 
	Scheduled Prin Payments	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Unscheduled Prin Payments	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Other Adjustments	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Liquidated Receivables	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Ending Balance	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Ineligible	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Excess Concentration	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	Ending Aggregate Eligible Asset Amount	 	 	 	 	-	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CALCULATION OF AVAILABLE FUNDS          	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Principal Collections during the Period:	 	 	 	 	 	 	 	 	 	 	-	 
	Collections for Accounts Previously Charged Off or Paid Off:	 	 	 	 	 	 	 	 	 	 	-	 
	Interest, F Fees Collected and Adjustments during the Period:	 	 	 	 	 	 	 	 	 	 	-	 
	Interest on Collection Account	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	TOTAL COLLECTIONS DURING THE PERIOD (AVAILABLE FUNDS):	 	 	 	 	 	 	 	 	-	 
	Excess Reserve deposited to Collections Account	 	 	 	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL AVAILABLE FUNDS:	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PAYMENT WATERFALL	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Available Funds	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Paying Agent Fee	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Backup Servicer Fee	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LESS: Custodial Fee	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Servicer Fee	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Interest and Hedge Amounts	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Non-Use Fee	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Borrowing Base Definiciency	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LESS: Hedge Counterparty	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Reserve Account Requirement	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Hedge Reserve Account Requirements	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Amortization Period Lender Obligations	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Lender Fees and Expenses	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: All Other Obligations	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Service Provider Indemnities	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Other unpaid Servicer fees	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	LESS: Principal Prepayments	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	Remaining Funds:	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LESS: Remaining Funds to Borrower:	 	 	 	 	 	 	 	 	 	 	 	 	-	 
	Ending Balance	 	 	 	 	 	 	 	 	 	 	 	 	-	 

 

 

     

     

    

 

TRINITY FUNDING 1, LLC, TRINITY FUNDING 2, LLC, TRINITY FUNDING 3, LLC, TRINITY CAPITAL FUND II, L.P., AND TRINITY CAPITAL FUND III, L.P.,

Monthly Servicer's Report

Originator:

Borrower:

Servicer: Trinity Management IV, LLC

 

PERFORMANCE TRIGGER EVENT:

 

Rolling Average Default Rate

 

	 	 	 	Current	 	 	 	Prev Month	 	 	 	Prior Month	 	 	 	 	 
	 	 	 	Loss %	 	 	 	Loss %	 	 	 	Loss %	 	 	 	 	 
	                   	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%	 	 	       	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3 Month	 	 	Trigger	 	 	 	 	 	 	 	Trigger	 	 	 	 	 
	Avg	 	 	Amort Event	 	 	 	Violation	 	 	 	EOD Event	 	 	 	Violation	 
	0.00	%	 	2.50	%	 	 	NO	 	 	 	4.00	%	 	 	NO	 

 

Rolling Average Delinquency Ratio

 

	 	 	 	Current	 	 	 	Prev Month	 	 	 	Prior Month	 	 	 	 	 
	 	 	 	DQ %	 	 	 	DQ %	 	 	 	DQ %	 	 	 	 	 
	 	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%	 	 	 	 

 

	3 Month	 	 	Trigger	 	 	 	 	 	 	 	Trigger	 	 	 	 	 
	Avg	 	 	Amort Event	 	 	 	Violation	 	 	 	EOD Event	 	 	 	Violation	 
	0.00	%	 	10.00	%	 	 	NO	 	 	 	12.50	%	 	 	NO	 

 

Excess Spread

 

	Interest Proceeds	 	 	Hedge Proceeds	 	 	 	Priority of Payments (i and ii)	 	 	 	 	 	 	 	Total	 
	0.00	 	 	0.00	 	 	 	0.00	 	 	 	 	 	 	 	 	 

 

	Aggregate Outstanding	 	 	 	 	 	 	 	 	 	 	Trigger	 	 	 	 	 
	Asset Amount	 	 	 	 	 	 	Excess Spread Ratio	 	 	 	Amort Event	 	 	 	Violation	 
	0.00	 	 	 	 	 	 	0.00	%	 	 	5.00	%	 	 	NO	 

 

Gross Excess Spread

 

	WA Interest Rate	 	 	Interest Distribution	 	 	 	Third Party Fees	 	 	 	Net Hedge Payment	 	 	 	Total	 
	0.00	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	 

 

	Aggregate Outstanding

Asset Amount	 	 	Excess Spread Ratio	 	 	 	Hedge Reserve Trigger	 	 	 	Hedge Trigger	 	 	 	Violation	 
	0.00	 	 	0.00	%	 	 	6.00	%	 	 	5.00	%	 	 	NO	 

 

Eligbility Criteria 

 

	 	 	 	TRINITY CAPITAL FUND III	 	 	 	 	 
	 	 	 	 	 	 	 	Eligbility Criteria	 	 	 	Ineligible Balance 	 	 	 	 	 
	Minimum Interest Rate	 	 	 	 	 	 	7.00%	 	 	 	 	 	 	 	 	 
	Maximum LTV	 	 	 	 	 	 	45.00%	 	 	 	 	 	 	 	 	 
	Maximum Original Term	 	 	 	 	 	 	60	 	 	 	 	 	 	 	 	 
	Maximum IO Period	 	 	 	 	 	 	24	 	 	 	 	 	 	 	 	 
	Maximum Principal Amount	 	 	 	 	 	 	$25,000,000.00	 	 	 	 	 	 	 	 	 
	Maximum Senior LTV Ratio	 	 	 	 	 	 	30.00%	 	 	 	 	 	 	 	 	 
	Initial Credit Rating	 	 	 	 	 	 	60.00%	 	 	 	 	 	 	 	 	 
	Minimum Risk Rating	 	 	 	 	 	 	2	 	 	 	 	 	 	 	 	 

 

Concentration Limits

 

	 	 	 	TRINITY CAPITAL FUND III Serviced Portfolio	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	Trigger	 	 	 	Violation	 
	% for Top Single Obligor	 	 	0.00	%	 	 	<=	 	 	 	10.00	%	 	 	NO	 
	% for Top 5 Obligors	 	 	0.00	%	 	 	<=	 	 	 	35.00	%	 	 	NO	 
	WA Interest Rate	 	 	0.00	%	 	 	<=	 	 	 	10.00	%	 	 	NO	 
	WA LTV	 	 	0.00	%	 	 	<=	 	 	 	35.00	%	 	 	NO	 
	% for Single Industry Group	 	 	0.00	%	 	 	<=	 	 	 	25.00	%	 	 	NO	 
	% for Top 5 Industry Groups	 	 	0.00	%	 	 	<=	 	 	 	50.00	%	 	 	NO	 
	% for Second Lien Loans	 	 	0.00	%	 	 	<=	 	 	 	50.0	%	 	 	NO	 
	% of of Second Lien Loans with [ ] Senior	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LTV and [ ] Aggregate LTV	 	 	0.00	%	 	 	<=	 	 	 	10.00	%	 	 	NO	 
	% for Assets with less than 2 score	 	 	0.00	%	 	 	<=	 	 	 	10.00	%	 	 	NO	 
	Foreign Exposure	 	 	0.00	%	 	 	<=	 	 	 	5.00	%	 	 	NO	 

 

     

     

    

 

TRINITY FUNDING 1, LLC, TRINITY FUNDING 2, LLC, TRINITY FUNDING 3, LLC, TRINITY CAPITAL FUND II, L.P., AND TRINITY CAPITAL FUND III, L.P.,

Monthly Servicer's Report

Originator:

Borrower:

Servicer: Trinity Management IV, LLC

 

FINANCIAL COVENANTS:  

 

	 	 	 	Pre-BDC	 	 	 	Post BDC	 	 	 	Actual	 	 	 	 	 
	Leverage Ratio	 	 	1.50	 	 	 	1.50	 	 	 	PASS	 	 	 	 	 
	Debt	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tangible Net Worth	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tangible Net Worth	 	 	150,000,000	 	 	 	300,000,000	 	 	 	PASS	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Liquidity - Unrestricted Cash	 	 	10,000,000	 	 	 	15,000,000	 	 	 	PASS	 	 	 	 	 

 

RESERVE ACCOUNT RECONCILIATION AND OTHER SUMMARY:      

 

	RESERVE ACCOUNT:	 	 	 	 	 	 	Reserve Account	 	 	 	 	 	 	 	Hedge Reserve Account	 
	Required Reserve Account	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beg bal	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Month Interest received in reserve account	 	 	 	-	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending bal	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Required transfer to/(release from) Account	 	 	 	-	 	 	 	 	 	 	 	-	 
	Required Ending Balance	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 

 

FUNDINGS:  

 

	 	 	 	CS	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commitment Amount	 	 	200,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowing Base	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Balance as of [ ]	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Credit	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ending Balance on	 
	Date of Distribution  	 	 	Beg. Balance	 	 	 	 	 	 	 	Funding/(Paydown)	 	 	 	Settlement Date	 
	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	-	 
	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	-	 
	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	-	 
	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowing Base	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 

 

     

     

    

 

EXHIBIT D

 

OFFICER'S CERTIFICATE

 

The undersigned,
a Responsible Officer of Trinity Management IV, LLC (the “Servicer”), based on the information available on
the date of this Certificate, does hereby certify as follows:

 

1.       I
am a Responsible Officer of the Servicer who has been authorized to issue this officer's certificate on behalf of the Servicer.

 

2.       I
have reviewed the data contained in the Monthly Servicer Report for the Collection Period ended             ,
             and the computations reflected in the Monthly
Servicer Report attached hereto as Schedule A are true, correct and complete.

 

All capitalized terms used herein
but not defined herein shall have the meaning ascribed to them in the Credit Agreement.

 

	 	Trinity Management IV, LLC
	 	 
	 	By:	                       
	 	Name:
	 	Title:
	 	 
	 	Date:

 

    D-1

     

    

 

EXHIBIT E

 

MONTHLY DATA TAPE

 

[see attached]

 

    E-1

     

    

 

 

 

	Company	NAICS

 Code	NAICS 4	Industry 

(change to

 be the NAICS 4)	Total Funded	Underwritten

 XIRR	Fund II 

Outstanding 

Principal	Fund III 

Outstanding 

Principal	Fund IV

 Outstanding

 Principal
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 

 

    

     

    

 

	Principal 

Outstanding
 (excluding

 Final Payment)	Total Payments 

Received (across all 

funds)	Future

 Expected

 Payments

 (across all 

funds)	Remaining

 Commitment	1st on Equip	Blanket 1st	Blanket

 2nd	Additional
  Other	Initial

 rating	Risk Ratings	Original

 Term	Original IO	Final Payment	Final

 Payment %	Cash Life	Senior

 Lender	Nature of

 Facility	Sr.

 Debt

 Limit	Total 1st 

Position 

Debt Drawn	Total

Debt 

Outstanding	Date of

 financials

 used
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    

     

    

 

	Modified (Y/N)	Increase in facility	Restructure 

alongside new 

Equity	Runway

 extension -

Performing

 Credits	Lower Payment 

- Cash

 Constrained 

Credit	Other 

(senior 

lender 

change,

 etc.)	Modification

 Specifics	Date of

 most

 recent

 Equity

 Funding	Most

 recent

 Equity

 Funding	Most Recent

 Post Money

 Valuation	Trinity EV

 Estimate
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    

     

    

 

	D&P value	Loan,Lease	Foreign Exposure	Lease

 Equipment	LTV (senior)	Senior + Trinity	Outstanding

 Debt LTV	Amortization	Warrants	Royalty

 Fee	IP Rights
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    

     

    

 

EXHIBIT F

 

SERVICER’S RISK POLICY AND PROCEDURES

 

[see attached]

 

    F-1

     

    

 

 

 

ASSET SERVICING PROCESS AND PROCEDURES

 

    

     

    

 

	1.0	Scope. The scope of this document is to specify
the processes used by Trinity Capital Investment Inc. (“Trinity” or “the Company”) in the servicing of
its portfolio assets. Servicing activities include (but are not necessarily limited to) collection of monthly payments, release
of follow-on fundings after an initial close, loan modifications, and specific servicing actions related to non-performing assets.
	 	 
	2.0	Ownership and Responsibilities

 

		2.1	Servicing Process Ownership. The Chief Credit
Officer of the Company is responsible for the ownership of this Asset Servicing Process.
		 	 
		2.2	Investment Committee Approval. The Company’s
Investment Committee must approve any changes to this Asset Servicing Process that modify the rights or responsibilities of the
Investment Committee in the servicing process as described herein.
	 	 	 
		2.3	Servicing Process Activities.

 

	 		2.3.1	The Company’s Finance team is primarily responsible
for collection of monthly payments as outlined in this Asset Servicing Process.
	 		 	 
	 		2.3.2	The Company’s Portfolio Management team is primarily
responsible for all other servicing activities as outlined in this Asset Servicing Process.

 

	3.0	Definitions. The following terms are used in this
Asset Servicing Process:

 

 

	 	3.1	Loan and Security Agreement (“LSA”). The
legal agreement signed between Trinity and a Portfolio Company which sets the terms of the Term Loan.
	 	 	 
	 	3.2	Master Lease Agreement (“MLA”). The
legal agreement signed between Trinity and a Portfolio Company which sets the terms of the Lease.
	 	 	 
	 	3.3	Loan to Value (“LTV”). The ratio of
the sum of the outstanding amounts of Senior Debt and Trinity debt, divided by the Portfolio Company’s Enterprise Value.
	 	 	 
	 	3.4	Enterprise Value (“EV”). The value
of the Portfolio Company, as determined by one of several methods, including in order of preference: (i) the price paid by equity
investors in the last financing round; (ii) an estimate made by Trinity and validated by a third-party opinion from an established
valuation firm; (iii) the valuation as determined by a recent (within 12 calendar months) portfolio company 409(a) valuation;
or (iv) an estimate made by Trinity without third-part validation.
	 	 	 
	 	3.5	Senior Lender. A financial institution which has
provided Senior Debt to a Portfolio Company.

 

    

     

    

 

	 	3.6	Term Loan (“Loan”). A financing made
to a Portfolio Company by Trinity or a Senior Lender that follows a defined monthly repayment schedule and is most often secured
by a lien on all Portfolio Company assets.
	 	 	 

	 	3.7	Revolving Line of Credit (“Revolver”).
A financing made to a Portfolio Company, typically by a Senior Lender, which offers credit availability based on the Portfolio
Company’s monthly performance, often including revenue or bookings, and which typically allows for flexible repayment by
the Portfolio Company within defined guidelines.

		 	 

	 	3.8	Asset Based Line of Credit (“ABL”).
A financing made to a Portfolio Company, typically by a Senior Lender, which offers credit availability based on company assets,
often including accounts receivable, inventory, or work-in-process (WIP), and which typically allows for flexible repayment by
the Portfolio Company within defined guidelines.

	 	 

	 	3.9	Senior Debt. Indebtedness held by a portfolio
company which is senior in lien position to obligations owed by the portfolio company to Trinity. Senior debt may take the form
of a Term Loan, Revolver, or ABL.

	 	 

	 	3.10	Investment Committee (“IC”). A working
group within Trinity which is ultimately responsible for all decisions related to financings made to portfolio companies.

	 	 

	 	3.11	Portfolio Company. A company to which Trinity
has provided a Term Loan or Lease.

	 	 

	 	3.12	Investment Underwriting Report (IUR). The formal
report issued by Trinity’s underwriting team to the Investment Committee for approval in order to complete a Term Loan or
Equipment Lease Financing.
	 	 	 
	 	3.13	Equipment Lease Financing (“Lease”).
A financing made by Trinity to a Portfolio Company in which Trinity’s primary security interest is typically a first lien
position on specific Portfolio Company equipment assets.
	 	 	 
	 	3.14	Interest-Only Payment (“IO Payment”).
A payment on a Term Loan which is equal to the interest accrued on the loan principal balance during the prior month.
	 	 	 
	 	3.15	IO Period. A period of time, typically at the
beginning of a Term Loan, when the scheduled loan payments are Interest-Only payments.
	 	 	 
	 	3.16	Term. The total duration of the Portfolio Company’s
Term Loan or Lease financing transaction with Trinity, typically expressed in months.
	 	 	 
	 	3.17	Follow-on Fundings. Funding to a Portfolio Company
described in an IUR, approved by the IC, and included in an LSA or MLA to a Portfolio Company which are undrawn after at least
a first loan closing.

 

    

     

    

 

	 	3.18	Risk Rating. An assessment made on a quarterly
basis by Trinity’s portfolio management team which assesses the relative credit risk posed to Trinity by a Portfolio Company.
The quarterly risk rating will place the Portfolio Company into one of the following categories (in order of least-to-highest
risk): very strong performance, strong performance, performing, watch, work-out.

 

	4.0	Servicing Process Activities

 

	 	4.1	Collection of Monthly Payments from Portfolio Companies

 

	 	 	4.1.1	At least 5 business days prior to the payment date (the
first business day of each calendar month or the next business day following a weekend or holiday), the Finance team will provide
a schedule of payments for the upcoming payment period.
	 	 	 	 
	 	 	4.1.2	The Portfolio team will review the schedule of payments
and advise of any errors, omissions, or exceptions that are proposed.
	 	 	 	 
	 	 	4.1.3	Within 2 business days of the payment date, the Finance
team will send invoices to each Portfolio Company with the details of the upcoming payment.
	 	 	 	 
	 	 	4.1.4	Within 2 business days of the payment date, the Finance
team will prepare and release the ACH debit transactions to the Bank by 9:00 pm EST in order for the scheduled payments to be
pulled from the Portfolio Companies the following day.
	 	 	 	 
	 	 	4.1.5	Within 2 business days of the payment date, the Finance
team will prepare wire transfers from the lead fund to the co-invested funds for their participation payments. These transfers
will occur on the same day that funds are pulled from the Portfolio Companies.
	 	 	 	 
	 	 	4.1.6	Within 5 business days following the payment date, the
Finance team will verify that all scheduled payments have been made and note any exceptions to the attention of the Portfolio
team.
	 	 	 	 
	 	 	4.1.7	If a Portfolio Company payment is returned due to insufficient
funds, the Portfolio team will determine whether to re-pull the payment. If the payment will not be re-pulled, the participation
payment/s will be returned to the lead fund. If a revised payment will be pulled, the participation payment/s will be re- calculated,
and the net amount/s will be returned to the lead fund.

 

    

     

    

 

	 	4.2	Release of Follow-on Fundings

 

	 	 	4.2.1	Term Loans. Release of Follow-On Fundings for
Term Loans requires IC Approval. The IC, in its sole discretion, may consider numerous factors in its decision, including but
not limited to the Portfolio Company’s financial performance, equity investor support, management team quality, Risk Rating,
the amount of the Follow-On Funding, overall portfolio health and concentration, as well as other factors at the discretion of
the IC.
	 	 	 	 
	 	 	4.2.2	Leases. Release of Follow-On Fundings for Leases
requires IC Approval except as outlined in section 4.2.2.1 below. The IC, in its sole discretion, may consider numerous factors
in its decision, including but not limited to the Portfolio Company’s financial performance, equity investor support, management
team quality, Risk Rating, the amount of the Follow-On Funding, overall portfolio health and concentration, as well as other factors
at the discretion of the IC.
	 	 	 	 
	 	 	4.2.2.1	Chief Credit Officer (“CCO”) Approval.
The CCO may approve Follow-On Fundings for Leases without full Investment Committee approval, provided that:

 

	 	 	•	The
follow-on Funding is in accordance with an approved IUR.
	 	 	•	Credit
risk rating is performing or higher.
	 		•	The Portfolio Company is in compliance with all covenants specified by the Senior Lender, if applicable.
	 		•	Funds to be released do not exceed $2M if timing of the release is within 6 months from initial
IUR approval.
	 		•	Funds to be released do not exceeding $1M if timing of the release is greater than 6 months but
less than 12 months from initial IUR approval.

 

		4.3	Modifications. Portfolio Companies may request
modifications to the terms of their obligations to Trinity under the LSA or MLA. The most common reasons for modification requests
include the following:

 

	 	•	Increases
to the amount of a Term Loan or Equipment Lease
	 	•	Modifications
of payment terms defined in the LSA or MLA
	 	•	Modifications
of LSA or MLA terms related to Senior Debt

 

	 	 	4.3.1	Increases in the amount of a Term Loan or Lease.
Increases in the amount of a Term Loan or Lease to an existing Portfolio Company beyond the amount defined in the LSA or MLA requires
IC approval. Normally, this will involve resubmission through the underwriting process. The IC in its sole discretion may waive
the requirement for full re-submission through the underwriting process.

 

    

     

    

 

4.3.2       Modifications
to payment terms. Modifications to payment terms of a Term Loan requires IC approval except as noted in section 4.3.3 below.
The IC, in its sole discretion, may consider numerous factors in its decision, including but not limited to: the business purpose
of the request, the duration of reduced payment terms, whether the overall loan term is extended, the risk rating of the Portfolio
Company, the amount and timing of concurrent equity financing, if any, and the LTV of the Term Loan.

 

4.3.2.1 CCO Approval
without Full IC Approval. The CCO may approve modifications to payment terms for Term Loans, without full Investment Committee
approval, provided that:

		•	The added IO Period is 3 months or less if Term is extended; 6 months or less if Term not modified

•      Trinity
receives at least IO payments during the time of the restructure

•       Credit
risk rating is at least performing

		•	The Portfolio Company is in compliance with all covenants specified by the Senior Lender, if
applicable.

•       Back-to-back
CCO-only approvals are not permitted

 

4.3.3       Modifications
to Senior Debt. Modifications to LSA or MLA terms related to Senior debt require IC approval except as noted in this
section. The IC, in its sole discretion, may consider numerous factors in its decision, including but not limited to: the
specific request and the underlying business purpose, the identity of the Senior Lender, the risk rating of the Portfolio
Company, the amount and timing of concurrent equity financing, if any, and the LTV of the Term Loan.

 

4.3.3.1 CCO Approval
without Full IC Approval. The CCO may approve modifications to LSA or MLA terms related to Senior debt, provided that:

•      Any
increase to senior debt is no more than 25% of existing debt up to

$1M max additional debt.

•      Credit
risk rating is at least performing.

•      Senior
Lender is one of the following: Western Alliance Bank, Pacific

Western Bank, Silicon Valley Bank, Comerica Bank.

		•	The Portfolio Company is in compliance with all covenants specified by the Senior Lender, if
applicable.

 

4.4 Servicing of Non-Performing Financings

 

4.4.1       Late
Payment. The monthly payment on a Loan or Lease is considered late if it has not been received within five (5) business
days of the scheduled payment date, unless otherwise specified in the applicable LSA or MLA. In the event of a late payment,
the Portfolio Manager will contact the Portfolio Company to understand the reason for the late payment, and to attempt to
receive the payment as quickly as possible. If payment is not immediately forthcoming, the Portfolio Manager, with CCO
approval, may provide the Portfolio Company with a forbearance period extending no further than the date of the next
scheduled payment.

 

     

     

    

 

4.4.2       Delinquent Accounts.
The Portfolio Company is considered delinquent if a monthly payment has not been received within 30 days of its due date, and the
repayment terms have not been modified in accordance with Section 4.3 of this Servicing Agreement. Once a Portfolio Company has
reached Delinquent status, the Portfolio Manager should pursue one of the following options:

 

4.4.2.1 Modification.
A modification to payment terms may be made in accordance with Section 4.3 of this Servicing Agreement.

 

4.4.2.2
Forbearance. With CCO approval, an extended forbearance period may be provided, during which time Trinity agrees to refrain
from exercising its right to declare default under the terms of the MLA or LSA.

 

4.4.2.3 Default. A declaration of default may
be made in accordance with Section 4.4.3 of this Servicing Agreement.

 

 

4.4.3       Defaulted Loans
or Leases. Loans or Leases deemed to be in ‘default’ status are those where (i) an ‘Event of Default’
has taken place as defined in the LSA or MLA, and Trinity has formally notified the Portfolio Company that it has been declared
in default, or (ii), any Loan or Lease which has one or more payments that are at least 120 days past due. CCO approval is required
to declare a Portfolio Company to be in default. IC approval is required to declare default if the event of default is based on
a Material Adverse Change in provision in an LSA or MLA.

 

4.4.4       Recovery Actions.
On Defaulted Loans or Leases as described in Section 4.4.3 herein, the Portfolio Manager should submit an action plan to the IC
within 60 days of the Default. Notwithstanding the foregoing, an action plan submission to IC will not be required should the Borrower
cure the Default during the 60 day period. The action plan will normally include one of the following strategies:

 

4.4.4.1 Foreclosure.
Trinity may initiate foreclosure proceedings, in which it will take ownership of a Portfolio Company or a portion of its assets.

 

4.4.4.2
Liquidation. In this approach, the Portfolio Company will sell all or substantially all of its assets, in order to repay
Trinity all or some of its monies owed. If allowed by law, the Portfolio Company may elect to do so under an Assignment for
the Benefit of Creditors (ABC) structure, in order to maximize the proceeds available to its creditors, including Trinity,
while protecting its officers and directors from liability.

 

4.4.4.3 Net Recovery.
In this approach, the Defaulted Portfolio Company will remain as an ongoing concern and define a recovery plan in which Trinity
can be repaid all or some of its monies owed over time.

 

     

     

    

 

EXHIBIT G

 

FORM OF ASSUMPTION AGREEMENT

 

This SERVICING
ASSUMPTION AGREEMENT (this “Agreement”), dated as of [ ], is entered into by and between TRINITY MANAGEMENT
IV, LLC, a Delaware limited liability company (“Trinity Management”), as servicer, (in such capacity, the “Servicer”),
and TRINITY CAPITAL INC., a Maryland corporation (the “BDC”), as successor servicer (in such capacity, the “Successor
Servicer”) under the Servicing Agreement, dated as of January 8, 2020 (the “Servicing Agreement”),
among the Servicer, Trinity Funding 1, LLC (“SPE 1 Borrower”), Trinity Funding 2, LLC (“SPE 2 Borrower”),
Trinity Funding 3, LLC (“SPE 3 Borrower” and together with SPE 1 Borrower and SPE 2 Borrower, the “SPE
Borrowers”), Trinity Capital Fund II, L.P. (“Fund II”) and Trinity Capital Fund III, L.P. (“Fund
III” and together with Fund II, the “Funds”, and the Funds and the SPE Borrowers, each a “Borrower”
and collectively, the “Borrowers”), Wells Fargo Bank, National Association (“Wells Fargo”),
a national banking association, as back-up servicer (the “Back-Up Servicer”), and Credit Suisse AG, New York
Branch, as agent (the “Agent”). Capitalized terms used but not defined herein shall have the meanings specified
in the Servicing Agreement.

 

RECITALS

 

WHEREAS,
Trinity Management is the initial Servicer of the Assets pursuant to the Servicing Agreement; and

 

WHEREAS,
Section 5.09 of the Servicing Agreement contemplates that upon the occurrence of the merger of the Funds, among others, into the
BDC, and upon the execution of this Agreement, the BDC will immediately and without further action step into the role of the initial
Servicer under the Servicing Agreement and Trinity Management shall cease to be the Servicer thereunder.

 

NOW, THEREFORE,
in consideration of the foregoing, other good and valuable consideration, and the mutual terms and covenants contained herein,
the parties hereto agree as follows:

 

AGREEMENTS

 

ARTICLE I

ASSUMPTION
OF OBLIGATIONS

 

Section
1.01. Pursuant to Section 5.09 of the Servicing Agreement, each of Trinity Management and the BDC hereby agrees, as of the
date hereof (the “Servicing Assumption Date”) that (a) the BDC will immediately and without further action
step into the role of the initial Servicer under the Servicing Agreement, (b) all rights, benefits, fees, indemnities,
authority and power of the Servicer under the Servicing Agreement, whether with respect to the Pledged Assets, the Custodian
Files or otherwise, shall pass to and be vested in the BDC, (c) the BDC shall be subject to all responsibilities, duties and
liabilities of the initial Servicer in its capacity as servicer under the Servicing Agreement and the transactions set forth
or provided for therein with respect to servicing of the Pledged Assets whether arising prior to or after the BDC’s
appointment as the initial Servicer thereunder and shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the initial Servicer by the terms and provisions thereof, (d) Trinity Management shall be relieved
of such responsibilities, duties and liabilities arising after such delivery, and (e) Trinity Management shall cease to be
the Servicer under the Servicing Agreement.

 

    G-1

     

    

 

ARTICLE II

REPRESENTATIONS
OF THE BDC

 

Section
2.01. The BDC is a corporation duly organized and existing in good standing under the laws of the State of Maryland.

 

Section
2.02. The BDC possesses all requisite power and authority to enter into and perform this Agreement and the Servicing Agreement
and to carry out the transactions contemplated herein.

 

Section
2.03. The BDC’s execution, delivery and performance of this Agreement and the Servicing Agreement have been duly authorized,
this Agreement has been duly executed and delivered, and each of this Agreement and the Servicing Agreement constitutes the Successor
Servicer's legal, valid and binding obligation, enforceable against the Successor Servicer in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency and other legal principles pertaining to creditor's rights.

 

Section
2.04. Except as otherwise contemplated herein, no material consent or approvals are required in connection with the execution,
delivery and performance by the BDC of this Agreement and the Servicing Agreement.

 

Section
2.05. The execution, delivery and performance by the BDC of this Agreement and the Servicing Agreement will not (i) violate any
Law applicable to the BDC or (ii) result in any breach of, or constitute any default under, any contractual obligation of the BDC,
which breach or default would result in a material adverse effect on the BDC.

 

ARTICLE
III

MISCELLANEOUS

 

Section
3.01. This Agreement may not be assigned by the BDC or Trinity Management. This Agreement shall be construed in accordance with
the laws of the State of New York and the obligations, rights, and remedies of the parties under this Agreement shall be determined
in accordance with such laws. This Agreement may be executed in counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument.

 

Section
3.02. The parties hereto acknowledge and agree that the Borrowers and the Agent shall be third-party beneficiaries of the provisions
of this Agreement.

Section
3.03. The parties hereto acknowledge and agree that to the extent the provisions of this Agreement conflict with the provisions
of the Servicing Agreement, the provisions of the Servicing Agreement shall control.

 

[Signature Pages
Follow]

 

    G-2

     

    

 

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

 

	 	TRINITY MANAGEMENT IV, LLC
	 
	 	By:	                      
	 	 	Name:
	 	 	Title:

 

	 	TRINITY CAPITAL INC.
	 
	 	By:	            
	 	 	Name:
	 	 	Title:

 

    G-3Exhibit 10.5

 

EXECUTION VERSION

 

 

Custodial
Agreement

 

among

 

Wells
Fargo Bank, National Association,

as Custodian

 

Trinity
Funding 1, LLC,

Trinity
Funding 2, LLC

Trinity
Funding 3, LLC,

Trinity
Capital Fund II, L.P.,

Trinity
Capital Fund III, L.P.,

each as Borrower

 

Trinity
Management IV, LLC,

as Servicer

 

and

 

Credit
Suisse Ag, New York Branch,

as Agent

 

Dated January 8, 2020

 

 

     

     

    

 

This
Custodial Agreement (this “Custodial Agreement”), dated January 8, 2020, is by and among TRINITY FUND
1, LLC, a Delaware limited liability company (“SPE 1”), TRINITY FUND 2, LLC, a Delaware limited liability company
(“SPE 2”), TRINITY FUND 3, LLC, a Delaware limited liability company (“SPE 3”), TRINITY
CAPITAL FUND II, L.P., a Delaware limited partnership (“Fund II”), TRINITY CAPITAL FUND III, L.P., a Delaware
limited partnership (“Fund III” and together with Fund II, the “Funds” and each a “Fund”
and the Funds together with SPE 1, SPE 2, SPE 3, each a “Borrower” and collectively, the “Borrowers”,
provided, that on and after the Fund II License Surrender Date, all references to Borrower or Borrowers shall automatically exclude
Fund II, on and after the Fund III License Surrender Date, all references to Borrower or Borrowers shall automatically exclude
Fund III, and following the License Surrender Dates, all references to Borrower or Borrowers shall only mean the SPE Borrowers,
and on and after the SPE Merger Event, all references to Borrower or Borrowers shall only mean SPE 1), TRINITY MANAGEMENT IV,
LLC, a Delaware limited liability company, as servicer (the “Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION,
a national banking association, acting through its Document Custody Division, as custodian (in such capacity, the “Custodian”),
and CREDIT SUISSE AG, NEW YORK BRANCH, as contractual representative (in such capacity, the “Agent”).

 

W
i t n e s s e t h:

 

WHEREAS, immediately
prior to the Closing Date, Trinity Capital Fund IV, L.P., a Delaware limited partnership (“Fund IV”) owned
certain Assets;

 

WHEREAS,
simultaneous with the Initial Borrowing Date, Fund IV will transfer certain Assets to SPE 1 and will, from time to time, transfer
additional Assets to SPE 1, in each case, pursuant to a Sale and Contribution Agreement between Fund IV and SPE 1 (the “SPE
1 Sale and Contribution Agreement”);

 

WHEREAS,
on the Closing Date and from time to thereafter until their respective License Surrender Dates, the Funds own and will own the
Assets listed on the Schedule of Assets and the related property (such Assets together with the Assets owned by Fund IV on the
Closing Date to be acquired by SPE 1 on the Initial Borrowing Date pursuant to the SPE 1 Sale and Contribution Agreement, the
 “Closing Date Assets”);

 

WHEREAS,
on and after the Fund II License Surrender Date, Fund II will become the parent of SPE 2 and shall contribute its Closing Date
Assets and from time to time additional Assets to SPE 2 pursuant to a Sale and Contribution Agreement between Fund II and SPE
2 (the “SPE 2 Sale and Contribution Agreement”) and Fund II shall automatically cease to be a Borrower;

 

WHEREAS,
on and after the Fund III License Surrender Date, Fund III will become the parent of SPE 3 and shall contribute its Closing Date
Assets and from time to time additional Assets to SPE 3 pursuant to a Sale and Contribution Agreement between Fund III and SPE
3 (the “SPE 3 Sale and Contribution Agreement” and collectively with the SPE 1 Sale and Contribution Agreement
and the SPE 2 Sale and Contribution Agreement, the “Sale and Contribution Agreements”) and Fund III shall automatically
cease to be a Borrower (the Closing Date Assets and any assets transferred from time to time to any Borrower pursuant to any Sale
and Contribution Agreement are collectively referred to as the “Borrower Assets”);

 

    -2-

     

    

 

WHEREAS,
in connection with the Credit Agreement, each Borrower made and, in connection with such contributions, sales, transfers and assignments
pursuant to the Sale and Contribution Agreements, each Depositor will make certain representations and warranties regarding the
Closing Date Assets and the Borrower Assets, as applicable, and the Custodian Files, upon which the Agent has relied in accepting
the grant of security interest in and to the Collateral under the Security Agreement;

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have agreed to provide financing for the Borrowers to pay off the SBA Loan and for
future origination (prior to the Initial Borrowing Date or the License Surrender Dates, as applicable) and acquisition (on or
after the Initial Borrowing Date or the License Surrender Dates, as applicable) of Assets;

 

WHEREAS,
pursuant to the Servicing Agreement, the Servicer has agreed to service the Borrower Assets;

 

WHEREAS,
the Borrowers desire to appoint the Custodian to hold the Custodian Files as the custodian in the name of and on behalf of the
Borrowers and grant, subject to the terms herein, the Agent control of the Custodian Files only upon the occurrence of an Event
of Default under the Credit Agreement; and

 

WHEREAS,
the Borrowers desire that the Custodian Files be held and administered by the Custodian pursuant to this Agreement in compliance
with Section 17(f) of the 1940 Act.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

 

Section
1.         Definitions; Rules of Construction. Capitalized terms used and not
defined in this Custodial Agreement (including in the Recitals above) shall have the respective meanings assigned to them in that
certain Credit Agreement dated as of the Closing Date (the “Credit Agreement”), by and among the Borrowers,
the Agent, the Lenders from time to time party thereto, the Funding Agents from time to time party thereto, Custodian and Wells
Fargo Bank, National Association, as Paying Agent. The rules of construction set forth in Section 1.3 of the Credit Agreement
shall apply to this Custodial Agreement and are hereby incorporated by reference into this Custodial Agreement as if set forth
fully in this Custodial Agreement.

 

Section
2.         Appointment of Custodian; Acknowledgement of Receipt. Subject to the
terms and conditions hereof, Borrowers hereby revocably appoint the Custodian, and the Custodian hereby accepts such appointment,
as custodian to act on behalf of the Borrowers. The Custodian shall hold and physically (or with respect to .pdf files, electronically)
segregate for the account of the Borrowers the Custodian Files relating to the Borrower Assets. In performing its duties hereunder,
the Custodian agrees to use that degree of skill and attention that it exercises with respect to files relating to comparable
assets that it holds for others. The Custodian will acknowledge receipt of the Custodian File for each Borrower Asset listed in
a Schedule of Assets attached to a Custodial Certification, subject to any exceptions noted on such Custodial Certification, delivered
on the related Borrowing Date. The Custodian shall not pledge or grant a security interest in the Borrower Assets or the related
parts of the Collateral. Any act or instrument purporting to effect any actions described in the foregoing sentence shall be void.

 

    -3-

     

    

 

Section
3.         Delivery of Custodian Files.  The Borrowers shall cause to be delivered
to the Custodian, the Custodian File for each Borrower Asset at least three (3) Business Days before the related Borrowing Date;
provided, however, that if more than fifty (50) Custodian Files are to be delivered to the Custodian in connection with any Borrowing
Date, the Borrowers shall deliver or cause to be delivered such Custodian Files to the Custodian within a timeframe mutually agreed
to by the Borrowers, the Custodian and the Agent. A copy of a Schedule of Assets shall be provided to the Custodian simultaneously
with, or prior to, delivery of the related Custodian Files, in an electronic format reasonably acceptable to the Custodian. The
Borrowers hereby certify to the Custodian that the files delivered by the Borrowers to the Custodian prior to any Borrowing Date
in respect of the Borrower Assets listed on the Schedule of Assets provided to the Custodian prior to such Borrowing Date are
the Custodian Files for such Borrower Assets. Until the Custodian receives a written notice from the Agent instructing the Custodian
that an Event of Default has occurred (the “Notice of Exclusive Control”) or if all previous Notices of Exclusive
Control have been revoked in writing by the Agent, the Custodian shall comply with the instructions of the Borrowers in respect
of any Custodian Files. The Custodian agrees that following its receipt from the Agent of a Notice of Exclusive Control and the
Custodian having a reasonable time to act thereon, the Custodian shall follow only the instruction of the Agent with respect to
all Custodian Files, without the further consent of the Borrowers.

 

Section
4.         Certifications.  (a) The Custodian shall deliver on or prior to the
related Borrowing Date to the Agent and the Borrowers a certification (a “Custodial Certification”), in substantially
the form annexed hereto as Exhibit A, to the effect that (except as described on the exception report provided in connection
therewith), the Custodian has received a Custodian File for each Borrower Asset listed on the related Schedule of Assets and it
has reviewed each such Custodian File and has determined that all items included in the definition of “Custodian File”
(the “Custodial Documents”) as identified on the checklist provided in each Custodial File are in its possession
and are executed, as applicable, and (b) such Custodial Documents have been reviewed by it and have not been damaged, torn or
otherwise physically or on its face altered in any way and relate to such Borrower Asset listed on the related Schedule of Assets.
The Custodian shall provide an exception report with each Custodial Certification noting any exceptions that have not been resolved
and noting the absence from a Custodian File of a Custodial Document required to be included therein.

 

(b)      
Borrowers and the initial Servicer (collectively, “Trinity”) hereby acknowledge that, notwithstanding anything
to the contrary in this Custodial Agreement, the review contemplated by Section 4 of this Custodial Agreement (the “Review”)
is a review to be performed by the Custodian solely for the purpose of acknowledging receipt of Custodian Files by the Custodian
from the Borrowers. Any Custodial Certification related to such Review prepared by the Custodian and furnished to Trinity is produced
solely in connection with this purpose. Trinity did not engage the Custodian to perform the Review, produce the Certification
or perform any of the services in this Custodial Agreement for the purpose of making findings with respect to the accuracy of
the information or data regarding the loans provided to the Custodian by Trinity for the Review as contemplated by Rule 17g-10
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Given the purpose and scope of
the Custodian’s services (including the Review and any Custodial Certification) under this Custodial Agreement and given
Trinity’s treatment and use of the Review and Custodial Certification, Trinity and the Custodian agree that the Custodian’s
Review is not commonly understood in the market to be “due diligence services” for purposes of Rule 17g-10. Trinity
does not consider the Review and the Custodial Certification to be “due diligence services” for purposes of Rule 17g-10,
and unless Trinity notifies the Custodian to the contrary, Trinity will not treat the Certification as a “third party due
diligence report” for purposes of Rule 15Ga-2 under the Exchange Act. Trinity hereby acknowledges that the Custodian is
relying on this acknowledgment for purposes of determining that its Review does not constitute “due diligence services”
under Rule 17g-10.

 

    -4-

     

    

 

Section
5.         Obligations of the Custodian. (a) The Custodian shall maintain the
items constituting the physical Custodian Files at its address set forth in Section 20 hereof or, subject to the prior written
consent of the Borrowers prior to receipt by the Custodian of a Notice of Exclusive Control and of the Agent (acting at the written
direction of the Majority Lenders) after receipt by the Custodian of a Notice of Exclusive Control, at such other office as shall
from time to time be identified to such party, and the Custodian will hold the items constituting the physical Custodian Files
in such office, clearly segregated on its inventory system from any other instruments and files on its records. The Custodian
shall segregate on its inventory system and maintain continuous custody of all items constituting the physical Custodian Files
in secure and fire-resistant facilities and otherwise in accordance with its customary standards with respect to similar assets
and the Custodian shall segregate on its inventory system and maintain continuous custody of all items constituting the digital
backups for the electronic Custodian Files in accordance with its customary standards with respect to similar assets. The Custodian
shall hold the Custodian Files segregated from all other custodian files held by the Custodian and maintain such accurate and
complete accounts, records and computer systems pertaining to each Custodian File as will enable the Borrowers to comply with
the terms and conditions of the Transaction Documents. Each document shall be identified on the books and records of the Custodian
in a manner that (i) is consistent with the customary practices of the Custodian with respect to similar assets, (ii) indicates
that the document is held by the Custodian on behalf of the Borrowers, and (iii) is otherwise necessary to comply with the terms
of this Custodial Agreement. The Custodian shall promptly report to the Borrower and the Agent any failure on its part to hold
the Custodian Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action
to remedy any such failure.

 

(b)       With
respect to the documents constituting each Custodian File that are delivered to the Custodian, the Custodian shall make disposition
thereof only in accordance with the terms of this Custodial Agreement or with the instructions of the Borrowers prior receipt
of a Notice of Exclusive Control and with the instructions of the Agent (acting at the direction of the Majority Lenders) after
receipt of a Notice of Exclusive Control.

 

(c)        In
the event that (i) the Agent, any Borrower, the Servicer or the Custodian shall be served by a third party with any type of levy,
attachment, writ or court order with respect to any Custodian File or a document included within a Custodian File or (ii) a third
party shall institute any court proceeding by which any Custodian File or a document included within a Custodian File shall be
required to be delivered other than in accordance with the provisions of this Custodial Agreement, the party or parties receiving
such service shall promptly deliver or cause to be delivered to the other parties to this Custodial Agreement copies of all court
papers, orders, documents and other materials concerning such proceedings. The Custodian shall continue to hold and maintain all
the Custodian Files that are the subject of such proceedings pending a final order of a court of competent jurisdiction permitting
or directing disposition thereof. Upon final determination of such court, the Custodian shall release or otherwise deliver such
Custodian File or a document included within such Custodian File as directed by such determination or, if no such determination
is made, in accordance with the provisions of this Custodial Agreement and the other Transaction Documents.

 

    -5-

     

    

 

Section
6.         Instructions; Authority to Act. The Custodian shall be deemed to have
received proper instructions with respect to the Custodian Files upon its receipt of written instructions signed by an Authorized
Officer of the Borrowers or the Servicer, on behalf of the Borrowers, or, after receipt of a Notice of Exclusive Control, the
Agent, in each case as set forth in Exhibit C (each, an “Authorized Officer”), as such Exhibit may be
updated from time to time by delivery to the Custodian. Such instructions may be general or specific in terms, including after
the date hereof. A copy of any instructions from the Servicer shall be furnished by the Servicer to the Agent and the Borrowers.

 

Section
7.         Release of Custodian Files.  (a) The Custodian, from time to time
and as appropriate for the purpose of (i) correcting documentary deficiencies relating thereto, (ii) enforcing the rights of the
Borrowers against any Obligor pursuant to the terms of any Borrower Asset, or (iii) providing any replacement for the Servicer
under the Transaction Documents with information to effect an orderly servicing transition, is hereby authorized, upon receipt
of a written request of the Servicer in substantially the form annexed as Exhibit B hereto (a “Request for Release”),
to release (which may be through electronic means) to the Servicer promptly (but in no event later than the close of business
on the second Business Day) following such request, the related Custodian File or the documents from a Custodian File set forth
in such request.

 

(b)       All
documents released to the Servicer pursuant to Section 7(a) hereof shall be held by the Servicer in trust for the benefit of the
Agent in accordance with the Servicing Agreement. The Servicer shall return to the Custodian each and every document previously
requested from the Custodian when the Servicer's need therefor in connection with such servicing no longer exists, unless the
Servicer shall certify to the Custodian (in a writing substantially in the form annexed hereto as Exhibit B) that the term
of the related Borrower Asset shall have expired in accordance with its terms.

 

(c)       If
a Substitute Asset is substituted in accordance with the terms of Section 2.10 of the Credit Agreement by the Borrowers, a Borrower
or a Depositor pays the Liquidated Damages or Repurchase Price with respect to a Defective Asset, or the Servicer purchases a
Defective Asset by remitting the Purchase Price with respect to such Defective Asset, the Custodian is hereby authorized, upon
receipt of a Request for Release, to permanently release to the Servicer promptly (but in no event later than the close of business
on the second Business Day) following such request, the related Custodian File if in physical form. Any electronic Custodian Files
that are subject to such release may be marked as “released” by the Custodian.

 

    -6-

     

    

 

(d)       Notwithstanding
anything to the contrary contained in this Custodial Agreement, in connection with any Takeout Transaction, upon the Custodian’s
receipt of a certification (which certification may be included in the applicable Request for Release) of the satisfaction of
each of the conditions set forth in the definition of Takeout Transaction in the Credit Agreement with respect thereto, the Custodian
is hereby authorized to release all of the Custodian Files with respect to the Borrower Assets subject to such Takeout Transaction
or at the direction of the Borrowers upon receipt of a Request for Release.

 

Section
8.         Examination of Custodian Files. Upon reasonable prior written notice
(but no less than three Business Days) to the Custodian, the Agent, the Borrowers and the Servicer (each at its own expense) and
their authorized representatives will be permitted to examine the Custodian Files, documents, records and other papers in the
possession, or under the control, of the Custodian relating to any or all of the Borrower Assets and the other assets included
in the Collateral during the Custodian's normal business hours.

 

Section
9.         Insurance of the Custodian. The Custodian shall, at its own expense,
maintain at all times during the term of this Custodial Agreement and keep in full force and effect (a) fidelity insurance and
(b) employee dishonesty insurance. All such insurance shall be in amounts, with standard coverage and subject to deductibles,
as are customary for similar insurance typically maintained by custodians in similar transactions. Upon request, the Agent and
the Borrowers shall be entitled to receive a certification of the respective insurer that such insurance is in full force and
effect.

 

Section
10.       Periodic Statements. At the written request of the Borrowers, the Agent or the
Servicer, the Custodian shall provide a list of all Borrower Assets for which the Custodian holds a Custodian File pursuant to
this Custodial Agreement. On each Payment Date, the Custodian shall deliver to the Borrowers, the Servicer and the Agent an on-hand
exception report. Further, on the first Business Day of each week, the Custodian shall provide to the Borrowers and Agent a report
summarizing all Custodian Files on-hand and any exceptions thereto.

 

Section
11.       Custodial Fee. For its services under this Custodial Agreement, the Custodian
shall be entitled to a fee on each Payment Date equal to the Custodial Fee. The payment of the Custodial Fee shall be in accordance
with and subject to the priority of payments set forth in Section 2.7 of the Credit Agreement. Additionally, the Custodian shall
be entitled to be reimbursed for any out-of-pocket expenses incurred by it in connection with the performance of its duties hereunder.
Any such out-of-pocket expenses shall be payable in accordance with and subject to the priority of payments set forth in Section
2.7 of the Credit Agreement.

 

Section
12.       Representations and Warranties of the Custodian.  The Custodian represents and
warrants to, and covenants with the Agent and the Borrowers that on the date hereof, and on the date of the issuance of any Custodial
Certification by the Custodian:

 

    -7-

     

    

 

(a)      
It is (i) a national banking association, duly organized and validly existing under the laws of the United States, and (ii) duly
qualified and in possession of all requisite authority, power, licenses, permits and franchises in order to execute, deliver and
comply with its obligations under the terms of this Custodial Agreement;

 

(b)      
The execution, delivery and performance of this Custodial Agreement has been duly authorized by all necessary corporate action,
and the execution and delivery of this Custodial Agreement by it in the manner contemplated herein and the performance of and
compliance with the terms hereof by it will not (i) violate, contravene or create a default under any applicable laws, licenses
or permits, or (ii) violate, contravene or create a default under any charter document or bylaw of the Custodian or any contract,
agreement, or instrument to which it or by which any of its property may be bound and will not result in the creation of any lien,
security interest or other charge or encumbrance upon or with respect to any of its property;

 

(c)       No
consent or authorization of, filing with, or other act by or in respect of, any arbitrator or governmental authority and no consent
of any other Person (including, without limitation, any stockholder or creditor of the Custodian) is required in connection with
the execution, delivery, performance, validity or enforceability of this Custodial Agreement;

 

(d)       This
Custodial Agreement, when executed and delivered by the Custodian will constitute the valid, legal and binding obligations of
the Custodian, enforceable against it in accordance with its terms, except as the enforcement hereof may be limited by applicable
debtor relief laws and that certain equitable remedies may not be available regardless of whether enforcement is sought in equity
or at law;

 

(e)       The
Custodian does not believe, nor does it have reason or cause to believe, that it cannot perform its obligations contained in this
Custodial Agreement;

 

(f)        It
is a bank that shall have at all times an aggregate capital, surplus and undivided profits of not less than $500,000; and

 

(g)       There
is no litigation pending or, to the best of the Custodian's knowledge, threatened which, if determined adversely to it, would
adversely affect the execution, delivery or enforceability of this Custodial Agreement, or any of the duties or obligations of
the Custodian hereunder, or which would have a material adverse effect on the financial condition of the Custodian.

 

Section
13.      Removal and Resignation of Custodian. (a) The Custodian may, at any time, resign its
obligations under this Custodial Agreement upon at least sixty (60) days' prior written notice to the Borrowers, the Agent and
the Servicer; provided that the Custodian’s resignation shall not be effective until a successor custodian has been appointed
and accepted such appointment. Promptly after receipt of notice of the Custodian's resignation, the Borrowers may appoint, by
written instrument, a successor custodian, subject to written approval by the Agent (acting at the written direction of the Majority
Lenders) (which approval shall not be unreasonably withheld or delayed). If no successor custodian is so appointed within sixty
(60) days of such notice, the Custodian may petition any court of competent jurisdiction to appoint a successor custodian at the
expense of the Borrowers. One original counterpart of such instrument of appointment shall be delivered to each of the Borrowers,
the Agent, the Servicer, the Custodian and the successor custodian at the expense of the Borrowers.

 

    -8-

     

    

 

(b)       The
Borrowers may, and at the written direction of the Majority Lenders (with the consent of the Agent) shall, upon at least sixty
(60) days' prior written notice to the Custodian, remove and discharge the Custodian (or any successor custodian thereafter appointed)
from the performance of its obligations under this Custodial Agreement. Promptly after the giving of notice of removal of the
Custodian, the Borrowers, with the consent of the Agent (acting at the written direction of the Majority Lenders) (which consent
shall not be unreasonably withheld or delayed), shall appoint, by written instrument, a successor custodian (which may be the
Agent). If no successor custodian is so approved within sixty (60) days of such notice, the Custodian may petition any court of
competent jurisdiction to appoint a successor custodian at the expense of the Borrowers. One original counterpart of such instrument
of appointment shall be delivered to each of the Agent, the Borrowers, the Servicer, the Custodian and the successor custodian.
No removal of the Custodian shall be effective until a successor Custodian shall have been appointed and accepted such appointment.

 

Section
14.      No Adverse Interest of Custodian. By execution of this Custodial Agreement, the Custodian
represents and warrants that it currently holds, and during the existence of this Custodial Agreement shall hold, no adverse interest,
by way of security or otherwise, in any Custodian Files, and hereby waives and releases any such interest which it may have in
any Custodian Files as of the date hereof. The Custodian Files shall not be subject to any security interest, lien or right to
set-off by the Custodian or any third party claiming through the Custodian, and the Custodian shall not pledge, encumber, hypothecate,
transfer, dispose of, or otherwise grant any third party interest in, any Custodian Files.

 

Section
15.      Indemnification.  (a) The Borrowers agree to indemnify, defend and hold the Custodian
and its directors, officers, agents and employees harmless against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable attorneys'
fees, expenses and court costs that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising
out of this Custodial Agreement or any action taken or not taken by it or them hereunder (including in connection with any enforcement,
including any action, suit or claim brought by any indemnitee) unless such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements (other than special, indirect, punitive or consequential damages,
which shall in no event be paid by the Borrowers) were imposed on, incurred by or asserted against the Custodian because of the
gross negligence, lack of good faith or willful misconduct on the part of the Custodian or any of its directors, officers, agents
or employees. The foregoing indemnification shall survive any resignation or removal of the Custodian or the termination or assignment
of this Custodial Agreement.

 

(b)       The
Custodian agrees to indemnify, defend and hold the Borrowers, the Agent and their respective designees, harmless against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever, including reasonable attorneys' fees, expenses and court costs that may be imposed on, incurred by, or asserted
against it or them in any way relating to or arising out of the Custodian's gross negligence, lack of good faith or willful misconduct.
Notwithstanding anything to the contrary contained herein, the Custodian shall have no liability to the Agent or the Borrowers
with respect to any Custodian File prior to such time as any such Custodian File is delivered to the Custodian as custodian for
the Agent and the Custodian shall have no liability to the Agent or the Borrowers with respect to any Custodian File that has
been returned by the Custodian under the terms of any Request for Release delivered to the Custodian by the Servicer and acknowledged
by the Agent. In no event shall the Custodian be liable for any special, indirect, punitive or consequential damages. The foregoing
indemnification shall survive any resignation or removal of the Custodian or the termination or assignment of this Custodial Agreement.

 

    -9-

     

    

 

Section
16.       Advice of Counsel. The parties hereto further agree that the Custodian shall
be entitled to rely in good faith and act upon advice of counsel with respect to its performance hereunder as custodian and shall
be without liability for any action reasonably taken in good faith pursuant to such advice.

 

Section
17.       Limitation on Liability. Except as otherwise expressly set forth herein, the
Custodian is entitled to all of the rights, privileges, protections and indemnities afforded to the Paying Agent under the Credit
Agreement, mutatis mutandis.

 

Section
18.       Effective Period, Termination, and Amendment. This Custodial Agreement shall
become effective as of the date hereof and shall continue in full force and effect until terminated as hereinafter provided. This
Custodial Agreement may be amended at any time by mutual written agreement of the parties hereto.

 

Section
19.       Governing Law. This Custodial Agreement shall, in accordance with Sections 5-1401
and 5-1402 of the General Obligations Law of the State of New York, be governed by, and construed in accordance with, the laws
of the State of New York, without regard to conflicts of law principles thereof that would call for the application of the laws
of any other jurisdiction.

 

Section
20.       Notices. All demands, notices and communications hereunder shall be in writing,
delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the Custodian, at the following
address: Wells Fargo Bank, National Association, 600 S. 4th Street, MAC N9300-061, Minneapolis, MN 55479, Attn: Corporate Trust
Services — Asset- Backed Administration, Phone: (612) 667-8058, Facsimile: (612) 667-3464, with a copy to and delivery of
files to, 1055 10th Ave. SE, MAC N9401-011, Attn: Corporate Trust Services — Asset-Backed Securities Vault, Minneapolis,
MN 55414, Phone: (612) 667-8058, Facsimile: (612) 667-1080, (b) in the case of the Agent, at the following address: Credit Suisse
AG, New York Branch, 11 Madison Avenue, 4th Floor, New York, NY 10010, Attention: Asset Finance Group, (c) in the case
of the Servicer, at the following address: Trinity Management IV, LLC, 3075 W. Ray Road, Suite 525, Chandler, Arizona, 85226,
Attention: Susan Echard, Email: legal@trincapinvestment.com, (d) in the case of the Borrowers, at the following address: Trinity
Capital Inc., 3075 W. Ray Road, Suite 525, Chandler, Arizona, 85226, Attention: Susan Echard, Email: legal@trincapinvestment.com;
and (e) in the case of any other Person, at the address specified for such Person in the Credit Agreement or at such other address
as shall be designated by such Person in a written notice to the parties.

 

    -10-

     

    

 

Section
21.       Termination of Agreement.  Other than as set forth in Sections 15, 24 and 27
hereof, this Custodial Agreement shall terminate upon the termination of the Credit Agreement.

 

Section
22.       Counterparts. For the purpose of facilitating the execution of this Custodial
Agreement and for other purposes, this Custodial Agreement may be executed simultaneously in any number of counterparts, each
of which shall be deemed to be an original and together shall constitute and be one and the same instrument. Delivery of an executed
counterpart of this Custodial Agreement by facsimile transmission or other electronic transmission (i.e., a “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart hereof.

 

Section
23.       Headings. The Section headings are not part of this Custodial Agreement and shall
not be used in its interpretation.

 

Section
24.       Nonpetition; Limited Recourse.

 

(a)       Notwithstanding
any prior termination of this Custodial Agreement, the Custodian shall not, prior to the date which is one year and one day after
the payment in full of the Obligations and the termination of the Credit Agreement, petition or otherwise invoke or cause any
of the Borrowers to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
against any of the Borrowers under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of any of the Borrowers or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of any of the Borrowers.

 

(b)       The
obligations of the Borrowers hereunder shall constitute limited recourse obligations of the Borrowers secured by, and payable
solely from and to the extent of, the Collateral, in accordance with the Credit Agreement, and following realization of the Collateral,
all remaining obligations of the Borrowers and any claims of the other parties hereunder shall be extinguished and shall not thereafter
revive.

 

(c)       The
agreements set forth in this Section 24 shall survive the termination of this Custodial Agreement.

 

Section
25.       Assignment.  No party to this Custodial Agreement may assign its rights or delegate
its obligations under this Custodial Agreement without the express written consent of the other parties hereto, except as otherwise
expressly set forth in this Custodial Agreement.

 

Section
26.       Integration.  This Custodial Agreement and each other Transaction Document contain
the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior
oral or written understandings.

 

Section
27.       Binding Effect. This Custodial Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy). Concurrently
with the appointment of a successor Agent under the Credit Agreement, the parties hereto shall amend this Custodial Agreement
to make said successor Agent, the successor to the Agent hereunder. This Custodial Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance
with its terms; provided, however, that the rights and remedies with respect to any breach of any representation and warranty
made by the Custodian shall be continuing and shall survive any termination of this Custodial Agreement.

 

    -11-

     

    

 

Section
28.       Severability of Provisions.  If one or more of the provisions of this Custodial
Agreement shall be held invalid for any reason, such provisions shall be deemed severable from the remaining provisions of this
Custodial Agreement and shall in no way affect the validity or enforceability of such remaining provisions. To the extent permitted
by law, the parties hereto hereby waive any law which renders any provision of this Custodial Agreement prohibited or unenforceable.

 

Section
29.       Rights Cumulative.  All rights and remedies under this Custodial Agreement are
cumulative, and none is intended to be exclusive of another. No delay or omission in insisting upon the strict observance or performance
of any provision of this Custodial Agreement, or in exercising any right or remedy, shall be construed as a waiver or relinquishment
of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as
often as deemed expedient.

 

Section
30.       CONSENT TO JURISDICTION.  (a) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO
THIS CUSTODIAL AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK (NEW YORK COUNTY) OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS CUSTODIAL AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, OR ANY LEGAL
PROCESS WITH RESPECT TO ITSELF OR ANY OF ITS PROPERTY, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING
IN SUCH JURISDICTION IN RESPECT OF THIS CUSTODIAL AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES
PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

 

(b)       To
the extent permitted by applicable law, the parties hereto shall not seek and hereby waive the right to any review of the judgment
of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment.

 

Section
31.       Waiver of Jury Trial.  All parties hereunder hereby knowingly, voluntarily and
intentionally waive any rights they may have to a trial by jury in respect of any litigation based hereon, or arising out of,
under, or in connection with, this Custodial Agreement, or any course of conduct, course of dealing, statements (whether oral
or written) or actions of the parties in connection herewith or therewith. All parties acknowledge and agree that they have received
full and significant consideration for this provision and that this provision is a material inducement for all parties to enter
into this Custodial Agreement.

 

Section
32.       Custodian Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations.
 In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, but not limited to those relating to funding of terrorist activities and money laundering, the Custodian is required
to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with
the Custodian. Accordingly, each of the parties agrees to provide to the Custodian upon its request from time to time such identifying
information and documentation as may be available for such party in order to enable the Custodian to comply with such laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including, but not limited to
those relating to funding of terrorist activities and money laundering.

 

[Signature Page Follows]

 

    -12-

     

    

 

In
Witness Whereof,  each ofthe parties hereto has caused this Custodial Agreement to
be executed in its name and on its behalf by a duly authorized officer on the day and year first above written.

 

	 	Credit Suisse AG, New York Branch, as
    Agent
	 	 
	 	By: 	/s/ Jeffrey Traola
	 	Name:  	Jeffrey Traola
	 	Title:	Director

 

	 	By: 	/s/ Erin McCutcheon
	 	Name:  	Erin McCutcheon
	 	Title:	Director

 

	 	Wells Fargo Bank, National Association, as Custodian
	 	 
	 	By: 	 
	 	Name:  	
	 	Title:	                    

 

	 	Trinity Funding 1, LLC, as Borrower
	 	 
	 	By: 	 
	 	Name:  	
	 	Title:	Authorized Signatory

 

	 	Trinity Funding 2, LLC, as Borrower
	 	 
	 	By: 	 
	 	Name:  	
	 	Title:	Authorized Signatory

 

	 	Trinity Funding 3, LLC, as Borrower
	 	 
	 	By: 	 
	 	Name:  	
	 	Title:	Authorized Signatory

 

Signature Page
to Custodial Agreement

 

    

     

    

 

In
Witness Whereof, each of the parties hereto has caused this Custodial Agreement to be executed in its name and on its behalf
by a duly authorized officer on the day and year first above written.

 

	 	Credit Suisse AG, New York Branch, as
    Agent
	 	 
	 	By: 	                    
	 	Name:  	
	 	Title:	

 

	 	By: 	
	 	Name:  	                     
	 	Title:	

 

	 	Wells Fargo Bank, National Association, as Custodian
	 	 
	 	By: 	/s/ Chad Schafer
	 	Name:  	Chad Schafer
	 	Title:	Vice President

 

	 	Trinity Funding 1, LLC, as Borrower
	 	 
	 	By: 	 
	 	Name:  	                        
	 	Title:	

 

	 	Trinity Funding 2, LLC, as Borrower
	 	 
	 	By: 	 
	 	Name:  	                        
	 	Title:	

 

Signature Page
to Custodial Agreement

 

    

     

    

 

In
Witness Whereof, each of the parties hereto has caused this Custodial Agreement to be executed in its name and on its
behalf by a duly authorized officer on the day and year first above written.

 

	 	Credit Suisse AG, New York Branch, as
    Agent
	 	 
	 	By: 	                    
	 	Name:  	
	 	Title:	

 

	 	Wells Fargo Bank, National Association, as Custodian
	 	 
	 	By: 	 
	 	Name:  	
	 	Title:	                    

 

	 	Trinity Funding 1, LLC, as Borrower
	 	 
	 	By: 	/s/ Steven L. Brown
	 	Name:  	Steven L. Brown
	 	Title:	Authorized Signatory

 

	 	Trinity Funding 2, LLC, as Borrower
	 	 
	 	By: 	/s/ Steven L. Brown
	 	Name:  	Steven L. Brown
	 	Title:	Authorized Signatory

 

	 	Trinity Funding 3, LLC, as Borrower
	 	 
	 	By: 	/s/ Steven L. Brown
	 	Name:  	Steven L. Brown
	 	Title:	Authorized Signatory

 

Signature Page
to Custodial Agreement

 

    

     

    

 

	 	Trinity Capital FUND II, L.P., as Borrower
	 	 
	 	 	By: TRINITY SBIC PARTNERS
II, LLC, its general partner
	 	 	 	 
	 	 	By: 	/s/ Steven L. Brown
	 	 	Name:  	Steven L. Brown
	 	 	Title:	Authorized Signatory

 

	 	Trinity Capital FUND III, L.P., as Borrower
	 	 
	 	 	By: TRINITY SBIC PARTNERS
III, LLC, its general partner
	 	 	 	 
	 	 	By: 	/s/ Steven L. Brown
	 	 	Name:  	Steven L. Brown
	 	 	Title:	Authorized Signatory

 

	 	Trinity Management IV, LLC, as Servicer
	 	 
	 	 	By: TRINITY CAPITAL HOLDINGS, LLC, its managing member
	 	 	 	 
	 	 	By: 	/s/ Steven L. Brown
	 	 	Name:  	Steven L. Brown
	 	 	Title:	Authorized Signatory

 

Signature Page
to Custodial Agreement

 

    

     

    

 

EXHIBIT A

 

[DATE]

 

CUSTODIAL CERTIFICATION

 

Credit Suisse AG, New York Branch, as Agent

 

		Re:	Custodial Agreement
                                         (the “Custodial Agreement”), dated January 8, 2020, among Trinity
                                         Funding 1, LLC, Trinity Funding 2, LLC, Trinity Funding 3, LLC, Trinity Capital Fund
                                         II, L.P. and Trinity Capital Fund III, L.P. (collectively, the “Borrowers”),
                                         Trinity Management IV, LLC, Credit Suisse AG, New York Branch (the “Agent”),
                                         and Wells Fargo Bank, National Association, as Custodian (the “Custodian”)

 

Ladies and Gentlemen:

 

In accordance with
the provisions of Section 4 of the above-referenced Custodial Agreement, the undersigned, as the Custodian, hereby certifies that
as to each Borrower Asset listed on the attached Schedule of Assets, it has received a Custodian File for such Borrower Asset
and it has reviewed such Custodian File and has determined that (except as specifically listed on the exception report attached
hereto): (a) all items included in the definition of “Custodian File” (the “Custodial Documents”)
as identified on the checklist provided in each Custodial File are in its possession and are executed, as applicable and (b) such
Custodial Documents have been reviewed by it and have not been damaged, torn or otherwise physically or on its face altered in
any way and relate to such Borrower Asset listed on the related Schedule of Assets.

 

Capitalized words used herein shall have
the respective meanings assigned to them in the above-captioned Custodial Agreement.

 

	 	Wells Fargo Bank, National Association, as Custodian
	 	 
	 	By: 	 
	 	 	Name:  	
	 	 	Title:	                    

 

    A-1

     

    

 

Schedule
Of Assets

 

	Company/

    Borrower/ 

    Guarantor

    (if Any)	Total

    Funded/

    Committed

    Amount	Original

    Funded

    Amount	Principal

    Outstanding	1St
    On

    Equipment/

    Blanket 1St /

    Blanket 2Nd /

    Additional 

    Other	Equipment

    Description	Risk

    Rating	Original

    Term	Maturity

    Date	Remaining

    Term	Original

                                         IO Period
	Remaining

                                         IO Period
	Run

    Rate	Final

    Payment	Senior

    Lender (if

    Applicable)	Senior
    

    Debt 

    Limit (if 

    Applicable)	Most

    Recent

    Post

    Money

    Valuation

 

    A-2

     

    

 

EXCEPTION REPORT

 

    A-3

     

    

 

Exhibit
B

 

[DATE]

 

Request
for Release

 

 

 

	To:	Wells Fargo Bank, National Association, as
                                         Custodian
	 	ABS Custody Vault
	 	1055 10th Avenue SE MAC N9401-011
	 	Minneapolis, MN 55414
	 	Attention: Corporate Trust Services — Asset-Backed
                                        Securities Vault abs.custody.vault@wellsfargo.com

 

Pursuant to Section
7 of the Custodial Agreement described below, the undersigned requests the Custodian Files related to the Borrower Assets described
below for the reason indicated. The undersigned shall return all documents to you when the undersigned's need therefor no longer
exists, except where the related Borrower Asset has been substituted, purchased, repurchased, has become a Defective Asset for
which the related Liquidated Damages, Repurchase Price or Purchase Price, as applicable, has been paid or the term of the related
Borrower Asset shall have expired in accordance with its terms. Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to such terms in the Custodial Agreement, dated as of January 8, 2020, among Wells Fargo
Bank, National Association, as Custodian, Trinity Funding 1, LLC, Trinity Funding 2, LLC, Trinity Funding 3, LLC, Trinity Capital
Fund II, L.P. and Trinity Capital Fund III, L.P. (collectively, the “Borrowers”), Trinity Management IV, LLC,
as Servicer, and Credit Suisse AG, New York Branch, as Agent.

 

Borrower
Asset Numbers:

 

[__]

 

The undersigned hereby
certifies that if this release is requested due to the purchase or repurchase of a Closing Date Asset or Borrower Asset or payment
of Liquidated Damages, the Repurchase Price or the Purchase Price, all amounts received in connection therewith, which are required
to be deposited into a Lockbox Account, a Collection Account or the Distribution Account have been so deposited.

 

The undersigned hereby
certifies that if this release is requested in connection with a Takeout Transaction, all conditions set forth in the definition
of Takeout Transaction in the Credit Agreement with respect thereto have been satisfied.

 

    B-1

     

    

 

Reason
for Requesting Documents:

 

	 	Receivable
    Paid in Full
	 	 
	 	Repossession
	 	 
	 	Liquidation
	 	 
	 	Defective Asset
	 	 
	 	Takeout Transaction
	 	 
	 	Other — Explain___________

 

To the extent such release is due to payment
in full or ineligibility, any such documents that may be in electronic form may be deleted from the Custodian’s system of
record rather than released to the Borrowers or their designees.

 

	 	Prior to the delivery of a Notice
    of Exclusive Control:
	 	
	 	 
	 	 
	 	Trinity Management IV, LLC, as Servicer
	 	 
	 	By:	                         
	 	 	Name:  	                         
	 	 	Title:	 

 

	 	After the delivery of a Notice of Exclusive Control:
	 	 
	 	CREDIT SUISSE AG, NEW YORK BRANCH, as Agent
	 	 
	 	By:	 
	 	 	Name:  	 
	 	 	Name:	 

 

		By:	 
	 	 	Name:  	 
	 	 	Name:	 

 

    B-2

     

    

 

EXHIBIT
C

 

AUTHORIZED OFFICERS

 

Agent

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	Jeffrey Traola	 	Director	 	/s/ Jeffrey Traola
	 	 	 	 	 
	Patrick J. Hart	 	Director	 	/s/ Patrick J. Hart
	 	 	 	 	 
	Erin McCutcheon	 	Director	 	/s/ Erin McCutcheon

 

Servicer

 

	Name	 	Title	 	Signature
		 		 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Authorized Officers
Custodial Agreement

 

    

     

    

 

EXHIBIT
C

 

AUTHORIZED OFFICERS

 

Agent

 

	Name	 	Title	 	Signature
		 		 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Servicer

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	Steve Brown	 	CEO	 	/s/ Steve Brown
	 	 	 	 	 
	Susan Echard	 	CFO	 	/s/ Susan Echard
	 	 	 	 	 
	Gerry Harder	 	Chief Credit Officer	 	/s/ Gerry Harder

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]