Document:

Exhibit 4.1

 

 

 

EVERSOURCE ENERGY

 

and

 

THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A.,

 

AS TRUSTEE

 

 

 

Seventeenth SUPPLEMENTAL
INDENTURE

 

Dated as of June 1, 2022

 

Supplemental to the Indenture dated as of April
1, 2002

 

Senior Notes, Series X, Due 2024

 

Senior Notes, Series Y, Due 2027

 

 

 

     

     

    

 

SEVENTEENTH SUPPLEMENTAL INDENTURE,
dated as of June 1, 2022 (this “Seventeenth Supplemental Indenture”), between EVERSOURCE ENERGY, a voluntary association
duly organized and existing under the laws of the Commonwealth of Massachusetts (the “Company”), and THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., formerly known as The Bank of New York Trust Company, N.A. (as successor trustee to The Bank of New York),
a national banking association, as Trustee under the Original Indenture referred to below (the “Trustee”).

 

RECITALS OF THE
COMPANY

 

The Company has heretofore
executed and delivered to the Trustee an indenture dated as of April 1, 2002 (the “Original Indenture”), as supplemented
and amended, to provide for the issuance from time to time of its notes, debentures or other evidences of indebtedness (the “Securities”),
the form and terms of which are to be established as set forth in Sections 201 and 301 of the Original Indenture.

 

Section 901 of the Original
Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture
for, among other things, (a) the purpose of establishing the form and terms of the Securities of any series as permitted by Sections 201
and 301 of the Original Indenture, (b) changing any of the provisions of the Original Indenture as they apply to any series of Securities
created by such supplemental indenture and (c) amending the Original Indenture in a manner not materially adverse to Holders.

 

The Company has previously
executed and delivered to the Trustee sixteen supplemental indentures which are part of the Indenture for the purposes recited therein
and for the purpose of issuing Securities under the Indenture, the currently outstanding series of which are set forth in the following
table:

 

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	Supplemental
 Indenture	 	Date	 	Series	 	Amount	 	 	Currently 

Outstanding	 
	Fifth	 	May 1, 2013	 	Senior Notes, Series F, Due 2023	 	$	450,000,000	 	 	$	450,000,000	 
	Sixth	 	January 1, 2015	 	Senior Notes, Series H, Due 2025	 	$	300,000,000	 	 	$	300,000,000	 
	Seventh	 	March 1, 2016	 	Senior Notes, Series J, Due 2026	 	$	250,000,000	 	 	$	250,000,000	 
	Ninth	 	October 1, 2017	 	Senior Notes, Series L, Due 2024	 	$	450,000,000	 	 	$	450,000,000	 
	Tenth	 	January 1, 2018	 	Senior Notes, Series M, Due 2028	 	$	450,000,000	 	 	$	450,000,000	 
	Eleventh	 	December 1, 2018	 	Senior Notes, Series N, Due 2023	 	$	400,000,000	 	 	$	400,000,000	 
	Eleventh	 	December 1, 2018	 	Senior Notes, Series O, Due 2029	 	$	500,000,000	 	 	$	500,000,000	 
	Twelfth	 	January 1, 2020	 	Senior Notes, Series P, Due 2050	 	$	350,000,000	 	 	$	350,000,000	 
	Thirteenth	 	August 1, 2020	 	Senior Notes, Series P, Due 2050	 	$	300,000,000	 	 	$	300,000,000	 
	Thirteenth	 	August 1, 2020	 	Senior Notes, Series Q, Due 2025	 	$	300,000,000	 	 	$	300,000,000	 
	Thirteenth	 	August 1, 2020	 	Senior Notes, Series R, Due 2030	 	$	600,000,000	 	 	$	600,000,000	 
	Fourteenth	 	March 1, 2021	 	Senior Notes, Series S, Due 2031	 	$	350,000,000	 	 	$	350,000,000	 
	Fifteenth	 	August 1, 2021	 	Senior Notes, Series T, Due 2023	 	$	350,000,000	 	 	$	350,000,000	 
	Fifteenth	 	August 1, 2021	 	Senior Notes, Series U, Due 2026	 	$	300,000,000	 	 	$	300,000,000	 
	Sixteenth	 	February 1, 2021	 	Senior Notes, Series V, Due 2027	 	$	650,000,000	 	 	$	650,000,000	 
	Sixteenth	 	February 1, 2021	 	Senior Notes, Series W, Due 2032	 	$	650,000,000	 	 	$	650,000,000	 
	 	 	 	 	 	 	 	Total Outstanding Principal

 Amount:	 	 	$	6,650,000,000	 

 

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The Company desires to create
two new series of Securities, in an initial aggregate principal amount of $1,500,000,000, the first series of which is to be designated
the “Senior Notes, Series X, Due 2024” in the aggregate principal amount of $900,000,000 (the “Series X Notes”)
and the second series of which is to be designated as the “Senior Notes, Series Y, Due 2027” in the aggregate principal amount
of $600,000,000 (the “Series Y Notes”) and all action on the part of the Company necessary to authorize the issuance
of the Series X Notes and the Series Y Notes under the Original Indenture and this Seventeenth Supplemental Indenture has been duly taken.

 

All acts and things necessary
to make the Series X Notes and the Series Y Notes, when executed by the Company and completed, authenticated and delivered by the Trustee
as provided in the Original Indenture and this Seventeenth Supplemental Indenture, the valid and binding obligations of the Company and
to constitute these presents a valid and binding supplemental indenture and agreement according to its terms, have been done and performed.

 

NOW, THEREFORE, THIS SEVENTEENTH
SUPPLEMENTAL INDENTURE WITNESSETH:

 

That in consideration of the
premises and of the acceptance and purchase of the Series X Notes and the Series Y Notes by the Holders thereof and of the acceptance
of this trust by the Trustee, the Company covenants and agrees with the Trustee, for the equal and ratable benefit of the Holders of the
Series X Notes and the Series Y Notes, as follows:

 

ARTICLE
1

Definitions

 

The use of the terms and expressions
herein is in accordance with the definitions, uses and constructions contained in the Original Indenture and (i) the form of the Series
X Notes attached hereto as Exhibit A and (ii) the form of the Series Y Notes attached hereto as Exhibit B.

 

ARTICLE
2

Terms and Issuance of the Senior Notes, Series X, Due 2024

 

Section
201.              
Issue of Series X Notes.

 

A series of Securities
which shall be designated the “Senior Notes, Series X, Due 2024” (the “Series X Notes”) shall be
executed, authenticated and delivered from time to time in accordance with the provisions of, and shall in all respects be subject
to, the terms and conditions and covenants of, the Original Indenture and this Seventeenth Supplemental Indenture (including the
form of Series X Note attached hereto as Exhibit A). The aggregate principal amount of the Series X Notes that will initially
be authenticated and delivered under this Seventeenth Supplemental Indenture shall not, except as permitted by the provisions of the
Original Indenture, exceed $900,000,000. Additional Series X Notes, without limitation as to amount, having substantially the same
terms as the Series X Notes (except a different issue date, issue price and bearing interest from the last Interest Payment Date to
which interest has been paid or duly provided for on the Outstanding Series X Notes, and, if no interest has been paid, from June
27, 2022) may also be issued by the Company pursuant to this Seventeenth Supplemental Indenture without the consent of the existing
Holders of the Series X Notes, provided that an Event of Default has not occurred and is continuing with respect to the Series X
Notes. Such additional Series X Notes shall be consolidated and form a part of the same series as the outstanding Series X
Notes.

 

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Section
202.               Form of Series X Notes; Incorporation of Terms.

 

The Series X Notes shall be
in substantially the form set forth in Exhibit A attached hereto. The terms of the Series X Notes contained in such form are hereby
incorporated herein by reference and are made a part of this Seventeenth Supplemental Indenture.

 

Section
203.               Global Security; Depositary for Global Securities.

 

The Series X Notes shall be
issued initially in the form of a Global Security. The Depositary for any Global Securities of the series of which the Series X Notes
are a part shall be The Depository Trust Company, New York, New York.

 

Section
204.               Limitation
on Liens.

 

The provisions of Section
1007 of the Original Indenture shall be applicable to the Series X Notes.

 

Section
205.               Sale
and Leaseback Transactions.

 

The provisions of Section
1012 of the Original Indenture shall be applicable to the Series X Notes.

 

Section
206.               Place
of Payment.

 

The Place of Payment in respect
of the Series X Notes shall be at the Corporate Trust Office, which, at the date hereof, is located at 500 Ross Street, 12th Floor, Pittsburgh,
Pennsylvania 15262, Attention: Corporate Trust Administration.

 

ARTICLE
3

Terms and Issuance of the Senior Notes, Series Y, Due 2027

 

Section
301.               Issue of Series Y Notes.

 

A series of Securities which
shall be designated the “Senior Notes, Series Y, Due 2027” (the “Series Y Notes”) shall be executed, authenticated
and delivered from time to time in accordance with the provisions of, and shall in all respects be subject to, the terms and conditions
and covenants of, the Original Indenture and this Seventeenth Supplemental Indenture (including the form of Series Y Note attached hereto
as Exhibit B). The aggregate principal amount of the Series Y Notes that will initially be authenticated and delivered under this
Seventeenth Supplemental Indenture shall not, except as permitted by the provisions of the Original Indenture, exceed $600,000,000. Additional
Series Y Notes, without limitation as to amount, having substantially the same terms as the Series Y Notes (except a different issue
date, issue price and bearing interest from the last Interest Payment Date to which interest has been paid or duly provided for on the
Outstanding Series Y Notes, and, if no interest has been paid, from June 27, 2022) may also be issued by the Company pursuant to this
Seventeenth Supplemental Indenture without the consent of the existing Holders of the Series Y Notes, provided that an Event of Default
has not occurred and is continuing with respect to the Series Y Notes. Such additional Series Y Notes shall be consolidated and form
a part of the same series as the outstanding Series Y Notes.

 

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Section
302.               Form of Series Y Notes; Incorporation of Terms.

 

The Series Y Notes shall be
in substantially the form set forth in Exhibit B attached hereto. The terms of the Series Y Notes contained in such form are hereby
incorporated herein by reference and are made a part of this Seventeenth Supplemental Indenture.

 

Section
303.               Global Security; Depositary for Global Securities.

 

The Series Y Notes shall be issued initially in
the form of a Global Security. The Depositary for any Global Securities of the series of which the Series Y Notes are a part shall be
The Depository Trust Company, New York, New York.

 

Section
304.               Limitation
on Liens.

 

The provisions of Section
1007 of the Original Indenture shall be applicable to the Series Y Notes.

 

Section
305.               Sale and Leaseback Transactions.

 

The provisions of Section
1012 of the Original Indenture shall be applicable to the Series Y Notes.

 

Section
306.               Place
of Payment.

 

The Place of Payment in respect of the Series Y
Notes shall be at the Corporate Trust Office, which, at the date hereof, is located at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania
15262, Attention: Corporate Trust Administration.

 

ARTICLE
4

 

Section
401.               Redemption of Series X Notes

 

Prior to the maturity date
of the Series X Notes, the Company may redeem the Series X Notes at its option, in whole or in part, at any time and from time to time,
on not less than 10 nor more than 60 days’ prior written notice mailed (or delivered by electronic transmission in accordance with
the applicable procedures of DTC) to the holders of the Series X Notes, at a redemption price (expressed as a percentage of principal
amount and rounded to three decimal places) equal to the greater of:

 

		·	(a)
                                            sum of the present values of the remaining scheduled payments of principal and interest on
                                            the Series X Notes to be redeemed discounted to the redemption date on a semi-annual basis
                                            (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (defined
                                            below) plus 20 basis points less (b) interest accrued to the date of redemption, and

 

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		·	100% of the principal amount of the Series X Notes to be redeemed,

 

plus, in either case, accrued
and unpaid interest thereon to the redemption date.

 

Section
402.              Redemption of Series Y Notes

 

Prior to the Series Y Notes
Par Call Date (defined below), the Company may redeem the Series Y Notes at its option, in whole or in part, at any time and from time
to time, on not less than 10 nor more than 60 days’ prior written notice mailed (or delivered by electronic transmission in accordance
with the applicable procedures of DTC) to the holders of the Series Y Notes, at a redemption price (expressed as a percentage of principal
amount and rounded to three decimal places) equal to the greater of:

 

		·	(a) the sum of the present values of the remaining scheduled payments of principal and interest on the
Series Y Notes to be redeemed discounted to the redemption date (assuming the Series Y Notes matured on the Series Y Notes Par Call Date)
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined herein) plus 25 basis
points less (b) interest accrued to the date of redemption, and

 

		·	100% of the principal amount of the Series Y Notes to be redeemed,

 

plus, in either case, accrued
and unpaid interest thereon to the redemption date.

 

On or after the Series Y Notes
Par Call Date (defined below), the Company may redeem the Series Y Notes, in whole or in part, at any time and from time to time, at a
redemption price equal to 100% of the principal amount of the Series Y Notes being redeemed plus accrued and unpaid interest thereon to
the redemption date.

 

Section
403.               Definitions
Applicable to Redemption Provisions. 

 

As used in this Article Four:

 

“Series Y Notes Par
Call Date” means, June 1, 2027 (the date that is one month prior to the maturity date of the Series Y Notes).

 

“Treasury Rate”
means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

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The Treasury Rate shall
be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release
published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S.
government securities - Treasury constant maturities - Nominal” (or any successor caption or heading)
(“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury
constant maturity on H.15 exactly equal to the period from the redemption date to, in the case of the Series X Notes, the maturity
date of the Series X Notes, or, in the case of the Series Y Notes, the Series Y Notes Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two
yields - one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life - and shall
interpolate to, in the case of the Series X Notes, the maturity date of the Series X Notes, or, in the case of the Series Y Notes,
the Series Y Notes Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the
result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the
Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this
paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the
relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

 

If on the third business day
preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum
equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption
date of the United States Treasury security maturing on, or with a maturity that is closest to, in the case of the Series X Notes, the
maturity date of the Series X Notes, or, in the case of the Series Y Notes, the Series Y Notes Par Call Date, as applicable. If there
is no United States Treasury security maturing on, in the case of the Series X Notes, the maturity date of the Series X Notes, or, in
the case of the Series Y Notes, the Series Y Notes Par Call Date but there are two or more United States Treasury securities with a maturity
date equally distant from the maturity date of the Series X Notes or the Series Y Notes Par Call Date, as applicable, one with a maturity
date preceding the maturity date of the Series X Notes or the Series Y Notes Par Call Date, as applicable, and one with a maturity date
following the maturity date of the Series X Notes or the Series Y Notes Par Call Date, as applicable, the Company shall select the United
States Treasury security with a maturity date preceding in the case of the Series X Notes, the maturity date of the Series X Notes, or,
in the case of the Series Y Notes, the Series Y Notes Par Call Date. If there are two or more United States Treasury securities maturing
on, in the case of the Series X Notes, the maturity date of the Series X Notes, or, in the case of the Series Y Notes, the Series Y Notes
Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select
from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based
upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining
the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury
security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New
York City time, of such United States Treasury security, and rounded to three decimal places.

 

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Our actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no
responsibility to calculate the redemption price.

 

Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10 days
but not more than 60 days before the redemption date to each holder of Series X Notes or Series Y Notes, as applicable, to be redeemed.

 

In the case of a partial redemption,
selection of the Series X Notes or the Series Y Notes, as applicable for redemption will be made by lot or pursuant to the applicable
depositary’s procedures. No notes of a principal amount of $2,000 or less will be redeemed in part. If any Series X Note or Series
Y Note is to be redeemed in part only, the notice of redemption that relates to such Series X Note or Series Y Note will state the portion
of the principal amount of the Series X Note or the Series Y Note, as applicable, to be redeemed. A new Series X Note or Series Y Note,
as applicable, in a principal amount equal to the unredeemed portion of the Series X Note or Series Y Note, as applicable, will be issued
in the name of the holder of the Series X Note or Series Y Note, as applicable, upon surrender for cancellation of the original Series
X Note or Series Y Note, as applicable. For so long as the Series X Notes or the Series Y Notes, as applicable, are held by DTC (or another
depositary), the redemption of the Series X Notes or the Series Y Notes, as applicable, shall be done in accordance with the policies
and procedures of the depositary.

 

On and after the redemption
date interest will cease to accrue on the Series X Notes or the Series Y Notes, as applicable, or portions thereof called for redemption.
Prior to any redemption date, the Company is required to deposit with a paying agent money sufficient to pay the redemption price of and
accrued interest on the Series X Notes or the Series Y Notes, as applicable, to be redeemed on such date.

 

Any redemption may, at the
Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, the completion or occurrence
of a related transaction or event, as the case may be, and any notice of redemption made in connection with a related transaction or event
may, at the Company’s discretion, be given prior to the completion or the occurrence thereof. If such redemption is subject to satisfaction
of one or more conditions precedent, such notice will describe each such condition, and if applicable, will state that, at the Company’s
discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was
mailed or delivered, including by electronic transmission) as any or all such conditions are satisfied (or waived by the Company in its
sole discretion), or that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
are not satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date as so delayed, or
that such notice may be rescinded at any time in the Company’s discretion if in its good faith judgment any or all of such conditions
will not be satisfied. If any such condition precedent has not been satisfied, the Company shall provide written notice prior to the close
of business on the business day immediately prior to the redemption date. Upon receipt of such notice, the notice of redemption shall
be rescinded or delayed, and the redemption of the Series X Notes or the Series Y Notes, as applicable, shall be rescinded or delayed
as provided in such notice.

 

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ARTICLE
5

Provisions of the Original Indenture Solely Applicable to the Series X Notes and Series Y Notes

 

Section
501.               Section
101 of the Original Indenture.

 

Solely with respect to the
Series X Notes and Series Y Notes, the following definition shall be added after the definition of “Discharged” in Section
101:

 

““Electronic
Means” means the following communications methods: e- mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the
Trustee as available for use in connection with its services hereunder.”

 

Section
502.               Section
105 of the Original Indenture.

 

Solely with respect to the
Series X Notes and Series Y Notes, the following paragraph shall be added at the end of Section 105:

 

“The
Trustee shall have the right to accept and act upon instructions, including funds transfer instructions
(“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that
the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions
(“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency
certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to
give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the
Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee
cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that
directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have
been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such
Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and
confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The
Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the
Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and
misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of
transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s)
selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of
Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and
(iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.”

 

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Section
503.               Section
401 of the Original Indenture.

 

Section 401 of the Original
Indenture shall not apply to the Series X Notes or the Series Y Notes. Section 401 of the Original Indenture is hereby amended in its
entirety with respect to the Series X Notes and Series Y Notes to state:

 

“SECTION 401.             Satisfaction
and Discharge of Indenture.

 

This Indenture shall
upon Company Request cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

		(1)	either (A) all Securities theretofore authenticated and delivered (other than (x) Securities which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 hereof and (y) Securities for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 1003 hereof) have been delivered to the Trustee for cancellation; or (B) all such Securities not
theretofore delivered to the Trustee for cancellation have become due and payable and the Company has irrevocably deposited or caused
to be irrevocably deposited (in each case except as provided in Section 402(c) hereof and the last paragraph of Section 1003 hereof) with
the Paying Agent or with the Trustee as trust funds in trust for the purpose an amount of money sufficient to pay and discharge, or has
otherwise paid, the entire Indebtedness on such Securities for principal and interest, if any;

 

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

 

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

 

provided, however,
that if the Trustee or any Paying Agent is required to return any money deposited with it as described in this Section 401 to the Company
or its representative under any applicable Federal or state bankruptcy, insolvency or similar law, this Indenture shall retroactively
be deemed not to have been satisfied and discharged and automatically shall be reinstated and shall remain in full force and effect without
any further action, but the Company shall execute and deliver such instruments as the Trustee shall reasonably request to evidence and
acknowledge the same.

 

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Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607 hereof, the obligations
of the Trustee to any Authenticating Agent under Section 614 hereof and, if money shall have been deposited with the Paying Agent or the
Trustee pursuant to subclause (B) of clause (1) of this Section 401, the obligations of the Company and the Trustee under Sections 401,
402, 1002 and 1003 hereof shall survive.”

 

SECTION 504.               Section 403 of the Original
Indenture.

 

Section 403 of the
Original Indenture shall not apply to the Series X Notes or the Series Y Notes. Section 403 of the Original Indenture is hereby amended
in its entirety with respect to the Series X Notes and Series Y Notes to state:

 

“SECTION 403.             Satisfaction,
Discharge and Defeasance of the Notes.

 

The Company shall
be deemed to have paid and Discharged the entire Indebtedness on all the Outstanding Notes upon the deposit referred to in subparagraph
(1) hereof, and the provisions of this Indenture, as they relate to such Outstanding Notes, shall no longer be in effect (and the Trustee,
at the expense of the Company, shall at Company Request execute proper instruments acknowledging the same), except as to:

 

		(a)	the rights of Holders of the Notes to receive, from the trust funds described in subparagraph (1) hereof,
payment of the principal of (and premium, if any) or interest, if any, on the Outstanding Notes on the Stated Maturity; or to and including
the Redemption Date irrevocably designated by the Company pursuant to subparagraph (4) hereof;

 

		(b)	the Company's obligations with respect to such Notes under Sections 305, 306, 1002 and 1003 hereof and,
if the Company shall have irrevocably designated a Redemption Date pursuant to subparagraph (5) hereof, Sections 1101, 1104 and 1106 hereof
as they apply to such Redemption Date;

 

		(c)	the Company's obligations with respect to the Trustee under Section 607 hereof; and

 

		(d)	the rights, powers, trust and immunities of the Trustee hereunder and the duties of the Trustee under
Section 402 hereof and, if the Company shall have irrevocably designated a Redemption Date pursuant to subparagraph (5)hereof, Article
11 and the duty of the Trustee to authenticate Notes on registration of transfer or exchange;

 

provided that, the
following conditions shall have been satisfied:

 

		(1)	the Company has irrevocably deposited or caused to be irrevocably deposited (in each case except as
                                                             provided in Section 402(c) hereof and the last paragraph of Section 1003 hereof) with the Trustee as trust funds in trust,
                                                             specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, an amount of (i) money, or
                                                             (ii) U.S. Government Obligations or a combination of money
and U.S. Government Obligations, in each case sufficient, in the opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which the Trustee shall be
instructed to apply to pay and discharge, the principal of and interest, if any, on the Notes on the Stated Maturity or to and including
the Redemption Date irrevocably designated by the Company pursuant to subparagraph (4) hereof; provided, however, that (A) all money and
U.S. Government Obligations deposited pursuant to this Section 403 shall be denominated in U.S. Dollars; and (B) U.S. Government Obligations
shall be valued at the amount of money that they will provide through the payment of principal and interest in respect thereof in accordance
with their terms no later than one day prior to the Stated Maturity or such Redemption Date, and shall not contain provisions permitting
the redemption or other prepayment at the option of the issuer thereof prior to the Stated Maturity or such Redemption Date;

 

    12 

     

    

 

		(2)	no Event of Default or event which with notice or lapse of time would become an Event of Default (including
by reason of such deposit) with respect to the Notes shall have occurred and be continuing on the date of such deposit;

 

		(3)	the Company has delivered to the Trustee an unqualified opinion, in form and substance reasonably acceptable
to the Trustee, of independent counsel of national standing selected by the Company and satisfactory to the Trustee to the effect that
(i) Holders of the Notes will not recognize income, gain or loss for Federal income tax purposes as a result of the deposit, defeasance
and discharge, which opinion shall be based on a change in law or a ruling by the U.S. Internal Revenue Service after the date hereof
and (ii) the defeasance trust is not, or is registered as, an investment company under the Investment Company Act of 1940;

 

		(4)	if the Company has deposited or caused to be deposited money or U.S. Government Obligations to pay or
discharge the principal of (and premium, if any) and interest, if any, on the Outstanding Securities of a series to and including a Redemption
Date on which all of the Outstanding Securities of such series are to be redeemed, such Redemption Date shall be irrevocably designated
by a Board Resolution delivered to the Trustee on or prior to the date of deposit of such money or U.S. Government Obligations, and such
Board Resolution shall be accompanied by an irrevocable Company Request that the Trustee give notice of such redemption in the name and
at the expense of the Company not less than 30 nor more than 60 days prior to such Redemption Date in accordance with Section 1104 hereof;

 

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

 

    13 

     

    

 

The condition set
forth in clause (i) of subparagraph (3) hereof shall not apply if the Company shall have complied with the remaining conditions of subparagraphs
1-5 hereof as of a date which is no more than 60 days prior to the maturity date.

 

Anything herein
to the contrary notwithstanding, (a) if the Trustee or any Paying Agent is required to return any money or U.S. Government Obligations
deposited with it pursuant to this Section 403 to the Company or its representative under any Federal or state bankruptcy, insolvency
or similar law, such Security shall thereupon be deemed retroactively not to have been paid and any satisfaction and discharge of the
Company’s Indebtedness in respect thereof shall retroactively be deemed not to have been effected, and such Security shall be deemed
to remain Outstanding and the provisions of the Indenture relating to such Security shall be reinstated and shall remain in full force
and effect and (b) any satisfaction and discharge of the Company’s Indebtedness in respect of any Security shall be subject to the
provisions of the last paragraph of Section 1003.”

 

Section
505.               Section
1009 of the Original Indenture.

 

Subparagraph (1) of Section
1009 of the Original Indenture shall not apply to the Series X Notes or the Series Y Notes. Subparagraph (1) of Section 1009 of the Original
Indenture is hereby amended in its entirety with respect to the Series X Notes and Series Y Notes to state:

 

“the Company
has irrevocably deposited or caused to be irrevocably deposited (in each case except as provided in Section 402(c) hereof and the last
paragraph of Section 1003 hereof) with the Trustee (specifying that each deposit is pursuant to this Section 1009) as trust funds in trust,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, an amount of (i) money or (ii)
U.S. Government Obligations or a combination of money and U.S. Government Obligations, in each case sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge, and which the Trustee shall be instructed to apply to pay and discharge, the principal of and each installment of principal
and interest, if any, on the Notes on the Stated Maturity of such principal or to and including the Redemption Date irrevocably designated
by the Company pursuant to subparagraph (4) of this Section 1009; provided, however, that (A) all money and U.S. Government Obligations
deposited pursuant to this Section 1009 shall be denominated in U.S. Dollars; and (B) U.S. Government Obligations shall be valued at the
amount of money that they will provide through the payment of principal and interest in respect thereof in accordance with their terms
no later than one day prior to the Stated Maturity or such Redemption Date and shall not contain provisions permitting the redemption
or other prepayment at the option of the issuer thereof prior to the Stated Maturity;”

 

ARTICLE
6

Miscellaneous

 

Section
601.               Execution as Supplemental Indenture.

 

This Seventeenth
Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture and, as provided in
the Original Indenture, this Seventeenth Supplemental Indenture forms a part thereof.

 

    14 

     

    

 

Section
602.               Conflict
with Trust Indenture Act.

 

If any provision hereof limits,
qualifies or conflicts with another provision hereof which is required to be included in this Seventeenth Supplemental Indenture by any
of the provisions of the Trust Indenture Act, such required provision shall control.

 

Section
603.               Effect
of Headings.

 

The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.

 

Section
604.               Successors
and Assigns.

 

All covenants and agreements
by the Company in this Seventeenth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.

 

Section
605.               Separability Clause.

 

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

 

Section
606.               Benefits
of Seventeenth Supplemental Indenture.

 

Nothing in this Seventeenth
Supplemental Indenture or in the Series X Notes or the Series Y Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Seventeenth
Supplemental Indenture.

 

Section
607.               Trustee.

 

The Trustee shall have no
responsibility for the recitals contained in this Seventeenth Supplemental Indenture, all of which shall be taken as the statements of
the Company, or for the validity or sufficiency of this Seventeenth Supplemental Indenture. In acting hereunder, the Trustee shall have
the rights, protections and immunities granted to it under the Original Indenture.

 

Section
608.               Governing Law.

 

This Seventeenth Supplemental
Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section
609.               Execution and Counterparts.

 

This Seventeenth Supplemental
Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

    15 

     

    

 

Section
610.               
Liability of Trustees and Shareholders.

 

The Declaration of Trust of
the Company provides that no shareholder of the Company shall be held to any liability whatever for the payment of any sum of money, or
for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the trustees of the Company or
by any officer, agent or representative elected or appointed by the trustees and no such contract, obligation or undertaking shall be
enforceable against the trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations
and undertakings shall be enforceable only against the trustees as such, and every person, firm, association, trust and corporation having
any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or
satisfaction thereof.

 

Section
611.               Certain Tax Matters.

 

The Trustee shall be entitled
to deduct FATCA Withholding Tax, and shall have no obligation to gross-up any payment thereunder or to pay any additional amount as a
result of such FATCA Withholding Tax. The Company hereby covenants with the Trustee that it will provide the Trustee with sufficient information
so as to enable the determination of whether any payments pursuant to this Seventeenth Supplemental Indenture are subject to the withholding
requirements described in Section 1471(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof
(“FATCA Withholding Tax”).

 

Section
612.               Economic
Sanctions.

 

(a)              
The Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers are the target
or subject of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the
US Department of the Treasury or the US Department of State), the United Nations Security Council, the European Union, Her Majesty’s
Treasury, or other relevant sanctions authority (collectively “Sanctions”);

 

(b)              
The Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will directly
or indirectly use any payments made pursuant to this Seventeenth Supplemental Indenture, (i) to fund or facilitate any activities of or
business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate
any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that
will result in a violation of Sanctions by any person.

 

    16 

     

    

 

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

 

	 	EVERSOURCE ENERGY
	 	 
	 	By:	 /s/ Emilie O’Neil
	 	 	Emilie G. O’Neil
	 	 	Assistant Treasurer
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A.,
	 	as Trustee
	 	 
	 	By:	 /s/ Ann Dolezal
	 	 	Name: Ann Dolezal
	 	 	Title: Vice President

 

    17 

     

    

 

 

Exhibit
A

 

[Form of Face of Global Security]

 

THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.

 

Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Eversource
Energy or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

EVERSOURCE ENERGY

 

SENIOR NOTES, SERIES
X, DUE 2024

 

	CUSIP NO. 30040W AS7	$___________

 

No. ____

 

EVERSOURCE ENERGY, a voluntary
association duly organized and existing under the laws of the Commonwealth of Massachusetts (the “Company”, which term
includes any successor entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of ________________________ ($__________) on June 27, 2024 (the “Final Maturity”),
and to pay interest thereon from June 27, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on June 27 and December 27 of each year, commencing on December 27, 2022, at the rate of 4.20% per annum,
until the principal hereof is paid or made available for payment and, subject to the terms of the Indenture, at the same rate on any overdue
principal and premium and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of
interest.

 

The amount of interest
payable for any period other than a complete interest payment period will be computed on the basis of a 360-day year consisting of
twelve thirty day months and, for any period shorter than a full month, on the basis of the actual number of days elapsed in such
period. In any case where any Interest Payment Date, the Stated Maturity or Redemption Date is not a Business Day, then payment of
principal and interest, if any, or principal and premium, if any, payable on such date will be made on the next succeeding day which
is a Business Day (and without any interest or other payment in respect of any such delay), in each case with the same force and
effect as if made on such date. A “Business Day” shall mean any day, except a Saturday, a Sunday or a legal holiday in
New York, New York or in Pittsburgh, Pennsylvania on which banking institutions are authorized or required by law, regulation or
executive order to close.

 

    A-1 

     

    

 

The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be (1) the Business
Day next preceding such Interest Payment Date if this Security remains in book-entry only form or (2) the 15th calendar day (whether or
not a Business Day) next preceding such Interest Payment Date if this Security does not remain in book-entry only form. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such date and may either be paid to the
Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.

 

Payment of the principal of
(and premium, if any) and any interest on this Security will be made at the office or agency of the Company maintained for that purpose
at the Corporate Trust Office of the Trustee in Pittsburgh, Pennsylvania, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

This Security has initially
been issued in the form of a Global Security, and the Company has initially designated The Depository Trust Company, New York, New York
(the “Depositary,” which term shall include any successor depositary), as the Depositary for this Security. For as
long as this Security or any portion hereof is issued in such form, and notwithstanding the previous paragraph, all payments of interest,
principal and other amounts in respect of this Security or portion thereof shall be made to the Depositary or its nominee in accordance
with its applicable policies and procedures, in the coin or currency specified above and as further provided on the reverse hereof.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

    A-2 

     

    

 

[Form of Reverse of Global Security]

 

EVERSOURCE ENERGY

 

SENIOR NOTES, SERIES
X, DUE 2024

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of April 1, 2002, as amended and supplemented from time to time and as supplemented by the
Seventeenth Supplemental Indenture dated as of June 1, 2022 (herein called the “Indenture,” which term shall have the
meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., formerly known as
The Bank of New York Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (herein called the “Trustee,”
which term includes any successor trustee under Indenture), as to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $900,000,000. The provisions of this Security,
together with the provisions of the Indenture, shall govern the rights, obligations, duties and immunities of the Holder, the Company
and the Trustee with respect to this Security, provided that, if any provision of this Security conflicts with any provision of the Indenture,
the provision of this Security shall be controlling to the fullest extent permitted under the Indenture.

 

The Securities of this series
are subject to redemption upon not less than ten (10) or more than sixty (60) days’ notice by mail to the Holders of such securities
at their addresses in the Security Register, at the option of the Company, in whole or in part, from time to time. If the Company elects
to redeem the Securities, it will do so at a Redemption Price set forth in Section 401 of the Seventeenth Supplemental Indenture between
the Company and the Trustee, dated June 1, 2022, which established the terms of the Securities.

 

Except as otherwise provided
in the Indenture, if notice has been given as provided in the Indenture and funds for the redemption of any Securities (or any portion
thereof) called for redemption shall have been made available on the Redemption Date referred to in such notice, such Securities (or any
portion thereof) will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the
Holders of such Securities will be to receive payment of the Redemption Price.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

 

The Securities of this series
will not be subject to any sinking fund.

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

    A-3 

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting
as one class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

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

 

This Security shall be exchangeable
for Securities registered in the names of Persons other than the Depositary with respect to such series or its nominee only as provided
in this paragraph. This Security shall be so exchangeable if (x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for such series or at any time ceases to be a clearing agency registered as such under the Securities Exchange
Act of 1934, (y) the Company executes and delivers to the Trustee an Officers’ Certificate providing that this Security shall be
so exchangeable or (z) there shall have occurred and be continuing an Event of Default with respect to the Securities of the series of
which this Security is a part. Securities so issued in exchange for this Security shall be of the same series, having the same interest
rate, if any, and maturity and having the same terms as this Security, in authorized denominations and in the aggregate having the same
principal amount as this Security and registered in such names as the Depositary for such Global Security shall direct.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of a Security of the series of which this Security is a part is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of the series
of which this Security is a part are issuable only in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this
series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

    A-4 

     

    

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

For so long as this Security
is issued in the form of a Global Security, neither the Company nor the Trustee will have any responsibility with respect to the policies
and procedures of the Depositary or for any notices or other communications among the Depositary, its direct and indirect participants
or the beneficial owners of this Security.

 

Neither the failure to give
any notice nor any defect in any notice given to the Holder of this Security or any other Security of this series will affect the sufficiency
of any notice given to any other Holder of any Securities of this series.

 

The Indenture provides that
the Company, at its option (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations
to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys
for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits,
in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in
accordance with their terms, will provide money, in an amount sufficient to pay all the principal of and premium, if any and interest,
if any, on the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions
are satisfied.

 

No recourse shall be had for
the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any trustee, incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

The Declaration of Trust of
the Company provides that no shareholder of the Company shall be held to any liability whatsoever for the payment of any sum of money,
or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the trustees of the Company
or by any officer, agent or representative elected or appointed by the trustees and no such contract, obligation or undertaking shall
be enforceable against the trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations
and undertakings shall be enforceable only against the trustees as such, and every person, firm, association, trust and corporation having
any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or
satisfaction thereof.

 

    A-5 

     

    

 

This Security shall be governed
by and construed in accordance with the laws of the State of New York.

 

All terms used in this Security
not defined herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

[The remainder of this page left blank intentionally.]

 

    A-6 

     

    

 

IN WITNESS WHEREOF, Eversource
Energy has caused this instrument to be duly executed.

 

	EVERSOURCE ENERGY	 
	 	 
	By:	 	 
	 	Emilie G. O’Neil	 
	 	Assistant Treasurer	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: June 27, 2022

 

	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,	 
	as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    A-7 

     

    

 

EXHIBIT B

 

[Form of Face of Global Security]

 

THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.

 

Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Eversource
Energy or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

EVERSOURCE ENERGY

 

SENIOR NOTES, SERIES
Y, DUE 2027

 

	CUSIP NO. 30040W AR9	$___________

 

No. _____

 

EVERSOURCE ENERGY, a voluntary
association duly organized and existing under the laws of the Commonwealth of Massachusetts (the “Company”, which term
includes any successor entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of ________________________ ($__________) on July 1, 2027 (the “Final Maturity”),
and to pay interest thereon from June 27, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2023, at the rate of 4.60% per annum, until
the principal hereof is paid or made available for payment and, subject to the terms of the Indenture, at the same rate on any overdue
principal and premium and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of
interest.

 

The amount of interest
payable for any period other than a complete interest payment period will be computed on the basis of a 360-day year consisting of
twelve thirty day months and, for any period shorter than a full month, on the basis of the actual number of days elapsed in such
period. In any case where any Interest Payment Date, the Stated Maturity or Redemption Date is not a Business Day, then payment of
principal and interest, if any, or principal and premium, if any, payable on such date will be made on the next succeeding day which
is a Business Day (and without any interest or other payment in respect of any such delay), in each case with the same force and
effect as if made on such date. A “Business Day” shall mean any day, except a Saturday, a Sunday or a legal
holiday in New York, New York or in Pittsburgh, Pennsylvania on which banking institutions are authorized or required by law,
regulation or executive order to close.

 

    B-1 

     

    

 

The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be (1) the Business
Day next preceding such Interest Payment Date if this Security remains in book-entry only form or (2) the 15th calendar day (whether or
not a Business Day) next preceding such Interest Payment Date if this Security does not remain in book-entry only form. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such date and may either be paid to the
Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.

 

Payment of the principal of
(and premium, if any) and any interest on this Security will be made at the office or agency of the Company maintained for that purpose
at the Corporate Trust Office of the Trustee in Pittsburgh, Pennsylvania, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

This Security has initially
been issued in the form of a Global Security, and the Company has initially designated The Depository Trust Company, New York, New York
(the “Depositary,” which term shall include any successor depositary), as the Depositary for this Security. For as
long as this Security or any portion hereof is issued in such form, and notwithstanding the previous paragraph, all payments of interest,
principal and other amounts in respect of this Security or portion thereof shall be made to the Depositary or its nominee in accordance
with its applicable policies and procedures, in the coin or currency specified above and as further provided on the reverse hereof.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

    B-2 

     

    

 

[Form of Reverse of Global Security]

 

EVERSOURCE ENERGY

 

SENIOR NOTES, SERIES
Y, DUE 2027

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of April 1, 2002, as amended and supplemented from time to time and as supplemented by the
Seventeenth Supplemental Indenture dated as of June 1, 2022 (herein called the “Indenture,” which term shall have the
meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., formerly known as
The Bank of New York Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (herein called the “Trustee,”
which term includes any successor trustee under Indenture), as to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $600,000,000. The provisions of this Security,
together with the provisions of the Indenture, shall govern the rights, obligations, duties and immunities of the Holder, the Company
and the Trustee with respect to this Security, provided that, if any provision of this Security conflicts with any provision of the Indenture,
the provision of this Security shall be controlling to the fullest extent permitted under the Indenture.

 

The Securities of this series
are subject to redemption upon not less than ten (10) or more than sixty (60) days’ notice by mail to the Holders of such securities
at their addresses in the Security Register, at the option of the Company, in whole or in part, from time to time. If the Company elects
to redeem the Securities, it will do so at a Redemption Price set forth in Section 402 of the Seventeenth Supplemental Indenture between
the Company and the Trustee, dated June 1, 2022, which established the terms of the Securities.

 

Except as otherwise provided
in the Indenture, if notice has been given as provided in the Indenture and funds for the redemption of any Securities (or any portion
thereof) called for redemption shall have been made available on the Redemption Date referred to in such notice, such Securities (or any
portion thereof) will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the
Holders of such Securities will be to receive payment of the Redemption Price.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

 

The Securities of this series
will not be subject to any sinking fund.

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

    B-3 

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting
as one class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

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

 

This Security shall be exchangeable
for Securities registered in the names of Persons other than the Depositary with respect to such series or its nominee only as provided
in this paragraph. This Security shall be so exchangeable if (x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for such series or at any time ceases to be a clearing agency registered as such under the Securities Exchange
Act of 1934, (y) the Company executes and delivers to the Trustee an Officers’ Certificate providing that this Security shall be
so exchangeable or (z) there shall have occurred and be continuing an Event of Default with respect to the Securities of the series of
which this Security is a part. Securities so issued in exchange for this Security shall be of the same series, having the same interest
rate, if any, and maturity and having the same terms as this Security, in authorized denominations and in the aggregate having the same
principal amount as this Security and registered in such names as the Depositary for such Global Security shall direct.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of a Security of the series of which this Security is a part is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of the series
of which this Security is a part are issuable only in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this
series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

    B-4 

     

    

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

For so long as this Security
is issued in the form of a Global Security, neither the Company nor the Trustee will have any responsibility with respect to the policies
and procedures of the Depositary or for any notices or other communications among the Depositary, its direct and indirect participants
or the beneficial owners of this Security.

 

Neither the failure to give
any notice nor any defect in any notice given to the Holder of this Security or any other Security of this series will affect the sufficiency
of any notice given to any other Holder of any Securities of this series.

 

The Indenture provides that
the Company, at its option (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations
to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys
for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits,
in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in
accordance with their terms, will provide money, in an amount sufficient to pay all the principal of and premium, if any and interest,
if any, on the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions
are satisfied.

 

No recourse shall be had for
the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any trustee, incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

The Declaration of Trust of
the Company provides that no shareholder of the Company shall be held to any liability whatsoever for the payment of any sum of money,
or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the trustees of the Company
or by any officer, agent or representative elected or appointed by the trustees and no such contract, obligation or undertaking shall
be enforceable against the trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations
and undertakings shall be enforceable only against the trustees as such, and every person, firm, association, trust and corporation having
any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or
satisfaction thereof.

 

    B-5 

     

    

 

This Security shall be governed
by and construed in accordance with the laws of the State of New York.

 

All terms used in this Security
not defined herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

[The remainder of this page left blank intentionally.]

 

    B-6 

     

    

 

IN WITNESS WHEREOF, Eversource Energy has caused this instrument to be duly executed.

 

	EVERSOURCE ENERGY	 
	 	 
	By:	 	 
	 	Emilie G. O’Neil	 
	 	Assistant Treasurer	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: June 27, 2022

 

	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,	 
	as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    B-7Exhibit
10.1

 

		 	

 

CREDIT
AGREEMENT

New
York

 

June
27, 2022

 

	Borrower:	RAND
    CAPITAL CORPORATION, a corporation organized under the laws of the State of New York having its chief executive office at 14
    Lafayette Square, Suite 1405, Buffalo, NY 14203.

 

	Bank:	M&T
    BANK, a New York banking corporation with its chief executive office at One M&T Plaza, Buffalo, NY 14203. Attention: Office
    of General Counsel.

 

BACKGROUND
OF AGREEMENT

 

The
Borrower is an externally managed, closed-end, diversified management investment company regulated as a business development company
under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
The Borrower’s investment strategy is focused on higher yield debt investments. The Borrower has requested that the Bank provide
a senior secured revolving credit facility in an amount not to exceed $25,000,000.

 

The
Bank and the Borrower agree as follows:

 

	1.	DEFINITIONS.

 

	 	a.	“Affiliate”
    has the meaning ascribed to the term “Affiliated Person” in the Investment Company Act.
	 	 	 
	 	b.	“Agreement”
    means this Credit Agreement.
	 	 	 
	 	c.	“Asset
    Coverage Ratio” means the ratio of fair market value of all assets of Borrower to the sum of all obligations for borrowed
    money (including Subordinated Debt) plus all capital lease obligations, in each case calculated in accordance with G.A.A.P.
	 	 	 
	 	d.	“Capital
    Gains Fee” has the meaning given to such term in the Investment Management Agreement. 
	 	 	 
	 	e.	“Cash
    Flow” means the sum of (i) net investment income before taxes, plus (ii) depreciation expense and amortization, plus (iii)
    Interest Expense, plus (iv) non-cash expenses, plus (v) the Capital Gains Fee paid to Investment Advisor in cash, all determined
    in accordance with G.A.A.P.
	 	 	 
	 	f.	“Credit”
    means any and all credit facilities and any other financial accommodations made by the Bank in favor of the Borrower whether
    now or hereafter in existence.
	 	 	 
	 	g.	“Distributions”
    means any dividend or other form of distribution (whether in cash, securities or other property) with respect to any stock, membership
    or other form of equity interest in Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including
    any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
    of any such interests or any option, warrant or other right to acquire any such interests, in each case in accordance with the applicable
    governing documents of Borrower or Subsidiary, as the case may be, or otherwise.
	 	 	 
	 	h.	“G.A.A.P.”
    means, with respect to any date of determination, generally accepted accounting principles as used by the Financial Accounting
    Standards Board and/or the American Institute of Certified Public Accountants consistently applied and maintained throughout the
    periods indicated.
	 	 	 
	 	i.	“Interest
    Coverage Ratio” means the ratio of Cash Flow to Interest Expense, all determined in accordance with G.A.A.P

 

    	1

    	 

    

 

	 	j.	“Interest
    Expense” means all finance charges reflected on the income statement as interest expense for all obligations of Borrower
    to any person, including, but not limited to, Bank, as shown on any properly prepared balance sheet in accordance with G.A.A.P. 
	 	 	 
	 	k.	“Obligations”
    means any and all indebtedness or other obligations of the Borrower to the Bank in any capacity, now existing or hereafter incurred,
    however created or evidenced, regardless of kind, class or form, whether direct, indirect, absolute or contingent (including obligations
    pursuant to any guaranty, endorsement, other assurance of payment or otherwise), whether joint or several, whether from time to time
    reduced and thereafter increased, or entirely extinguished and thereafter reincurred, together with all extensions, renewals and
    replacements thereof, and all interest, fees, charges, costs or expenses which accrue on or in connection with the foregoing, including
    any indebtedness or obligations (i) not yet outstanding but contracted for, or with regard to which any other commitment by the Bank
    exists; (ii) arising prior to, during or after any pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
    regardless of whether allowed or allowable in such proceeding; (iii) owed by the Borrower to others and which the Bank obtained,
    or may obtain, by assignment or otherwise; and (iv) payable under this Agreement.
	 	 	 
	 	l.	“Permitted
    Distributions” has the meaning set forth in the Schedule.
	 	 	 
	 	m.	“Permitted
    Guaranties” has the meaning set forth in the Schedule.
	 	 	 
	 	n.	“Permitted
    Indebtedness” has the meaning set forth in the Schedule.
	 	 	 
	 	o.	“Permitted
    Investments” means investments made in accordance with the Borrower’s investment objectives and strategies, as the
    same may be revised from time to time pursuant to this Agreement.
	 	 	 
	 	p.	“Permitted
    Liens” has the meaning set forth in the Schedule.
	 	 	 
	 	q.	“Permitted
    Loans” means loans made by the Borrower to an unaffiliated third party in accordance with the Borrower’s investment
    objectives and strategies, as the same may be revised from time to time pursuant to this Agreement.
	 	 	 
	 	r.	“Person”
    means an individual, sole proprietorship, joint venture, association, trust, estate, business trust, corporation, company, limited
    liability company, exempted company, limited liability partnership, limited partnership, exempted limited partnership, nonprofit
    corporation, partnership, group, sector, sovereign government or agency, instrumentality, or political subdivision thereof, territory,
    or any similar entity or organization.
	 	 	 
	 	s.	“Related
    Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
    agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
	 	 	 
	 	t.	“RIC”
    means a Person that qualifies as a “regulated investment company” within the meaning of Section 851(a) and Section 851(b)
    of the Internal Revenue Code and that is taxable under Section 852(b) of the Internal Revenue Code by reason of having satisfied
    the conditions contained in Section 852(a) of the Internal Revenue Code.
	 	 	 
	 	u.	“Sanction”
    or “Sanctions” means individually and collectively, respectively, any and all economic or financial sanctions,
    sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including those imposed, administered or enforced
    from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury’s
    Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future
    executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other Governmental
    Authorities with jurisdiction over the Borrower or its Subsidiaries or their respective Related Parties.
	 	 	 
	 	v.	“Sanctioned
    Entity” means any individual, entity, group, sector, territory or country that is the target of any Sanctions, including
    without limitation, any legal entity that is deemed to be a target of Sanctions based on the direct or indirect ownership or control
    of such entity by any other Sanctioned Entity.
	 	 	 
	 	w.	“Schedule”
    means Schedule A, attached hereto and made a part hereof. 
	 	 	 
	 	x.	“Subordinated
    Debt” means all indebtedness of the Borrower which has been formally subordinated to payment and collection of the Obligations
    on written terms approved by Bank in writing.

 

    	2

    	 

    

 

	 	y.	“Subsidiary”
    means any corporation or other business entity of which at least fifty percent (50%) of the voting stock or other ownership interest
    is owned by the Borrower directly or indirectly through one or more Subsidiaries.
	 	 	 
	 	z.	“Tangible
    Net Worth” means the aggregate assets of Borrower excluding all intangible assets, including, but not limited to, goodwill,
    licenses, trademarks, patents, copyrights, organization costs, appraisal surplus, officer, stockholder, related entity and employee
    advances or receivables, mineral rights and the like, less liabilities, plus Subordinated Debt, all determined in accordance with
    G.A.A.P. (except to the extent that under G.A.A.P. “tangible net worth” excludes leasehold improvements which are included
    in “Tangible Net Worth” as defined herein).
	 	 	 
	 	aa.	“Transaction
    Documents” means this Agreement and all documents, instruments or other agreements by the Borrower in favor of the Bank
    in connection (directly or indirectly) with the Obligations, whether now or hereafter in existence, including, without limitation,
    promissory notes, security agreements, guaranties and letter of credit reimbursement agreements.

 

	2.	REPRESENTATIONS
    AND WARRANTIES. The Borrower makes the following representations and warranties and any “Additional Representations and
    Warranties” on the Schedule, all of which shall be deemed to be continuing representations and warranties as long as this Agreement
    is in effect:

 

	 	1)	Good
    Standing; Authority. The Borrower and each Subsidiary (if either is not an individual) is duly organized, validly existing and
    in good standing under the laws of the jurisdiction in which it was formed. The Borrower and each Subsidiary is duly authorized to
    do business in each jurisdiction in which failure to be so qualified might have a material adverse effect on the business or assets
    of the Borrower and its Subsidiaries taken as a whole, the Borrower and each Subsidiary has the power and authority to own each of
    its assets and to use them in the ordinary course of business as contemplated now and in the future.
	 	 	 
	 	2)	Compliance.
    The Borrower and each Subsidiary conducts its business and operations and the ownership of its assets in compliance in all material
    respects with each applicable statute, regulation and other law, including environmental laws and the Investment Company Act. All
    approvals, including authorizations, permits, consents, franchises, licenses, registrations, filings, declarations, reports and notices
    (the “Approvals”) necessary for the conduct of the Borrower’s and each Subsidiary’s business and for the
    Credit have been duly obtained and are in full force and effect. The Borrower and each Subsidiary is in compliance in all material
    respects with the Approvals. The Borrower and each Subsidiary (if either is not an individual) is in compliance with its certificate
    of incorporation, by-laws, partnership agreement, articles of organization, operating agreement or other applicable organizational
    or governing document as may be applicable to the Borrower or a Subsidiary depending on its organizational structure (“Governing
    Documents”). The Borrower and each Subsidiary is in compliance with each agreement to which it is a party or by which it or
    any of its assets is bound except where the failure to comply could not have a material adverse effect on business or assets of the
    Borrower and its Subsidiaries taken as a whole.
	 	 	 
	 	3)	Legality.
    The execution, delivery and performance by the Borrower of this Agreement and all related documents, including the Transaction
    Documents, (i) are in furtherance of the Borrower’s purposes and within its power and authority; (ii) do not (A) violate in
    any material respect any statute, regulation or other law or any judgment, order or award of any court, agency or other governmental
    authority or of any arbitrator with respect to the Borrower or any Subsidiary or (B) violate the Borrower’s or any Subsidiary’s
    Governing Documents (if either is not an individual), constitute a default under any agreement binding on the Borrower or any Subsidiary
    or result in a lien or encumbrance on any assets of the Borrower or any Subsidiary except where such default would not have a material
    adverse effect on the business or assets of the Borrower and its Subsidiaries taken as a whole; and (iii) have been duly authorized
    by all necessary organizational actions. No limitation on the powers of the Borrower to borrow, including, without limitation, under
    the Investment Company Act, will be exceeded as a result of borrowings under this Credit Agreement.
	 	 	 
	 	4)	Fiscal
    Year. The fiscal year of the Borrower is the calendar year.
	 	 	 
	 	5)	Title
    to Assets. The Borrower and each Subsidiary has good and marketable title to each of its assets free of security interests, mortgages
    or other liens or encumbrances, except as set forth on the Schedule titled “Permitted Liens” or pursuant to the Bank’s
    prior written consent.
	 	 	 
	 	6)	Judgments
    and Litigation. There is no pending or, to the Borrower’s knowledge, threatened claim, audit, investigation, action or
    other legal proceeding or judgment, order or award of any court, agency or other governmental authority or arbitrator (any, an “Action”)
    which involves the Borrower, its Subsidiaries or their respective assets and might have a material adverse effect upon the Borrower
    and its Subsidiaries taken as a whole or threaten the validity of the Credit, any Transaction Document or any related document or
    action. Borrower will promptly notify the Bank in writing upon acquiring knowledge of any such Action.

 

    	3

    	 

    

 

	 	a.	Full
    Disclosure. Neither this Agreement nor any certificate, financial statement or other writing provided to the Bank by or on behalf
    of the Borrower or any Subsidiary contains any statement of fact that is incorrect or misleading in any material respect or omits
    to state any fact necessary to make any such statement not incorrect or misleading. The Borrower is not aware of and has not failed
    to disclose to the Bank any fact that might have a material adverse effect on the Borrower and its Subsidiaries taken as a whole.
	 	 	 
	 	h.	Investment
    Company Act. The Borrower is registered as a business development company under the Investment Company Act. To the Borrower’s
    knowledge, the Bank is not an “affiliated person”, or an affiliated person of an affiliated person, of the Borrower (within
    the meaning of Section 2(a)(3) of the Investment Company Act). Rand Capital Management LLC (the “Investment Advisor”)
    is an investment adviser that is registered under the U.S. Investment Advisers Act of 1940, as amended. The Investment Advisor is
    in compliance in all material respects with the terms of the Investment Advisory and Management Agreement dated December 31, 2020
    (the “Investment Management Agreement”), between the Investment Advisor and the Borrower. The Borrower is not
    subject to any requirement of law (other than the Investment Company Act and Regulation X), which limits its ability to incur indebtedness
    hereunder. The Borrower has not entered into any agreement with any governmental authority limiting its ability to incur indebtedness
    hereunder.
	 	 	 
	 	i.	Taxes.
    The Borrower qualifies as a RIC. The Borrower has timely filed or caused to be filed all U.S. federal income and other material tax
    returns, information statements and reports required to have been filed and has timely paid or caused to be paid all U.S. federal
    and other material taxes required to be paid, except (i) for any such taxes that are being contested in good faith by appropriate
    proceedings and with respect to which adequate reserves have been established in accordance with G.A.A.P. and (ii) where the failure
    to so file or pay could not reasonably be expected to have a material adverse effect on the business or assets of the Borrower and
    its Subsidiaries taken as a whole.
	 	 	 
	 	j.	Sanctions.
    Neither the Borrower nor any Subsidiary, and no Affiliate nor any other Related Party of the Borrower or any Subsidiary, (a) is a
    Sanctioned Entity, (b) is controlled by or is acting on behalf of a Sanctioned Entity, (c) to the Borrower’s knowledge is under
    investigation for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions, or (d) will fund any repayment
    of the Obligations with derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or
    any other party to this Credit Agreement, or any Related Party, to be in breach of any Sanctions.

 

	3.	AFFIRMATIVE
    COVENANTS. So long as this Agreement is in effect, the Borrower will comply, and cause each of its Subsidiaries to comply, with
    the following covenants and any other “Additional Affirmative Covenant” contained in the Schedule:

 

	 	a.	Financial
    Statements and Other Information. Promptly deliver to the Bank (i) within sixty (60) days after the end of each of its first
    three fiscal quarters, an unaudited consolidated financial statement of the Borrower and each Subsidiary as of the end of such quarter,
    which financial statement shall consist of income and cash flows for the quarter, for the corresponding quarter in the previous fiscal
    year and for the period from the end of the previous fiscal year, with a consolidated balance sheet as of the quarter end all in
    such detail as the Bank may request (which delivery requirement shall be satisfied in full by the Borrower’s filing of its
    quarterly financial statements as part of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission on the EDGAR
    filing system); (ii) within ninety (90) days after the end of each fiscal year, consolidated statements of the Borrower’s and
    each Subsidiary’s income and cash flows and its consolidated balance sheet as of the end of such fiscal year, setting forth
    comparative figures for the preceding fiscal year and to be (check applicable box, if no box is checked the financial statements
    shall be audited):

 

    ☒
audited                                            ☐ reviewed                                                    ☐  compiled

 

by
an independent certified public accountant acceptable to the Bank (for the avoidance of doubt, the Bank acknowledges and agrees that
Freed Maxick CPAs, P.C. shall be an acceptable independent certified public accountant) (which delivery requirement shall be satisfied
in full by the Borrower’s filing of its annual audited financial statements as part of its Annual Report on Form 10-K with the
Securities and Exchange Commission on the EDGAR filing system); and (iii) within sixty (60) days after the end of each of its first three
fiscal quarters and within ninety (90) days after the end of each fiscal year, (A) a certificate executed by the Borrower’s chief
executive and chief financial officers or other such person responsible for the financial management of the Borrower in the form attached
hereto as Exhibit A (a) setting forth the computations required to establish the Borrower’s compliance with each financial covenant,
if any, during the statement period, (b) stating that the signers of the certificate have reviewed this Agreement and the operations
and condition (financial or other) of the Borrower and each of its Subsidiaries during the relevant period and (c) stating that no Event
of Default occurred during the period, or if an Event of Default did occur, describing its nature, the date(s) of its occurrence or period
of existence and what action the Borrower has taken with respect thereto; and (B) a completed Borrowing Base Certificate in the form
attached hereto as Exhibit B executed by the Borrower’s chief executive and chief financial officers or other such person responsible
for the financial management of the Borrower. The Borrower shall provide, in form satisfactory to the Bank, such additional information,
reports or other information as the Bank may from time to time reasonably request regarding the financial and business affairs of the
Borrower or any Subsidiary.

 

    	4

    	 

    

 

	 	b.	Accounting;
    Tax Returns and Payment of Claims. Maintain a system of accounting and reserves in accordance with generally accepted accounting
    principles, has filed and will file each tax return required of it and, except as disclosed in the Schedule or (i) for any such taxes
    that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been established
    in accordance with G.A.A.P. and (ii) where the failure to so file or pay could not reasonably be expected to have a material adverse
    effect on the business or assets of the Borrower and its Subsidiaries taken as a whole, has paid and will pay when due each tax,
    assessment, fee, charge, fine and penalty imposed by any taxing authority upon it or any of its assets, income or franchises, as
    well as all amounts owed to mechanics, materialmen, landlords, suppliers and the like in the normal course of business. 
	 	 	 
	 	c.	Inspections.
    Upon the Bank’s request, not less than forty-eight (48) hours in advance (unless a Default or Event of Default has occurred
    and is continuing), permit the Bank’s officers, attorneys or other agents to inspect its and its Subsidiary’s premises,
    examine and copy its records and discuss its and its Subsidiary’s business, operations and financial or other condition with
    its and its Subsidiary’s responsible officers and independent accountants, all at the Bank’s sole cost and expense unless
    a Default or Event of Default has occurred and is continuing.
	 	 	 
	 	d.	Operating
    Accounts. Maintain all bank accounts with the Bank.
	 	 	 
	 	e.	Borrower
    Notices. Promptly upon acquiring reason to know of (i) any Event of Default, (ii) any event or condition that might have a material
    adverse effect upon the Borrower and its Subsidiaries taken as a whole or (iii) any change of its address or of the location of any
    collateral securing the Obligations, or (iv) any Action, the Borrower will provide to the Bank a certificate executed by the Borrower’s
    senior individual authorized to transact business on behalf of the Borrower, specifying the date(s) and nature of the event or the
    Action and what action the Borrower or its Subsidiary has taken or proposes to take with respect to it.
	 	 	 
	 	f.	Insurance.
    Maintain its property in good repair and will on request provide the Bank with evidence of insurance coverage satisfactory to
    the Bank, including fire and hazard, liability, workers’ compensation and business interruption insurance and flood hazard
    insurance as required.
	 	 	 
	 	g.
    	Form
    U-1. The Borrower shall promptly provide to the Bank a duly completed Form U-1 (Statement of Purpose for an Extension of Credit
    Secured by Margin Stock) in respect of the Credit Agreement, upon request by the Bank. 
	 	 	 
	 	h.	Sanctions.
    The Borrower and each Subsidiary thereof shall comply with all applicable Sanctions and shall maintain policies and procedures reasonably
    designed to ensure compliance with Sanctions.

 

	4.	NEGATIVE
    COVENANTS. As long as this Agreement is in effect, the Borrower shall not violate, and shall not suffer or permit any of its
    Subsidiaries to violate, any of the following covenants. The Borrower shall not:

 

	 	a.	Indebtedness.
    Other than Permitted Indebtedness set forth on the Schedule, if any, permit any indebtedness (including direct and contingent
    liabilities) except for trade indebtedness or current liabilities for salary, wages incurred in the ordinary course of business and
    not substantially overdue or amounts due to the Investment Adviser in accordance with the Investment Management Agreement.
	 	 	 
	 	b.	Guaranties.
    Become a guarantor, a surety, or otherwise liable for the debts or other obligations of another, whether by guaranty or suretyship
    agreement, agreement to purchase indebtedness, agreement for furnishing funds through the purchase of goods, supplies or services
    (or by way of stock purchase, capital contribution, advance or loan) for the purpose of paying or discharging indebtedness, or otherwise,
    except such Permitted Guaranties as an endorser of instruments for the payment of money deposited to its bank account for collection
    in the ordinary course of business and except as may be specified on the Schedule.

 

	 	c.	Liens.
    Permit any of its assets to be subject to any security interest, mortgage or other lien or encumbrance, except such Permitted
    Liens as may be specified on the Schedule and except for liens for property taxes not yet due; pledges and deposits to secure obligations
    or performance for workers’ compensation, bids, tenders, contracts other than notes, appeal bonds or public or statutory obligations;
    and materialmens’, mechanics’, carriers’ and similar liens arising in the normal course of business.
	 	 	 
	 	d.	Investments.
    Make any investment other than Permitted Investments. 

 

    	5

    	 

    

 

	 	e.	Loans.
    Make any loan, advance or other extension of credit except those Permitted Loans, except for endorsements of negotiable instruments
    deposited to the Borrower’s deposit account for collection, trade credit in the normal course of business and intercompany
    loans approved in writing by the Bank.
	 	 	 
	 	f.	Distributions.
    Declare or pay any Distribution, except for (i) any Distributions required by law or regulation (including in order for the Borrower
    to continue to qualify as a RIC), and (ii) provided that no Default or Event of Default has occurred and is continuing, any Distributions
    in cash or payable solely in stock of the Borrower.
	 	 	 
	 	g.	Changes
    in Form or Control. (i) Transfer or dispose of substantially all of its assets, (ii) acquire substantially all of the assets
    of any other entity other than a Subsidiary that becomes a guarantor under the Transaction Documents, (iii) do business under or
    otherwise use any name other than its true name, (iv) make any material change in its business, structure, ownership, purposes or
    operations that might have a material adverse effect on the Borrower and its Subsidiaries taken as a whole, or (v) participate in
    any merger, consolidation or other absorption other than a merger, consolidation, or other absorption of a Subsidiary into another
    Subsidiary or the Borrower.
	 	 	 
	 	h.	Sale
    of Assets. Sell, transfer lease or otherwise dispose of any assets (including, without limitation, pursuant to any sale/leaseback
    transaction, securitization transaction, or with respect to any equity interest owned by it) other than sales, transfers and dispositions
    of (x) investments in the ordinary course of business and in accordance with the Borrower’s investment objectives and strategies,
    as may be revised from time to time pursuant to this Agreement, (y) inventory in the ordinary course of business and (z) used, obsolete,
    worn out or surplus equipment or property in the ordinary course of business.
	 	 	 
	 	i.	Reg
    U. The Borrower shall not use any proceeds of the Credit to purchase Margin Stock (as defined in Regulation U of the Board of
    Governors of the Federal Reserve System) and no Loan will be used to purchase Margin Stock (as defined in Regulation U of the Board
    of Governors of the Federal Reserve System) except for repurchases by Borrower of the Borrower’s common stock pursuant to Borrower’s
    publicly announced share repurchase program provided, after making such purchase the Credit will not violate Regulation U of the
    Board of Governors of the Federal Reserve System.
	 	 	 
	 	j.	Non-Affiliation.The
    Borrower will not at any time take any action to become an Affiliate of the Bank or any Affiliate of the Bank known to the Borrower,
    and the Borrower will use its commercially reasonable efforts to ensure that none of its Affiliates is or becomes an Affiliate of
    the Bank or any Affiliate of the Bank known to the Borrower.
	 	 	 
	 	k.	Securities
    Accounts.The Borrower shall not open or maintain any securities accounts other than: (i) securities accounts that are established
    with the Bank; and (ii) securities accounts in which the Bank has a first priority perfected security interest.
	 	 	 
	 	l.	Compliance
    with Sanctions. Neither the Borrower or any Subsidiary and no Person directly or indirectly controlled by the Borrower or a Subsidiary,
    and to the Borrower’s knowledge no other Related Party of any of the foregoing, in each case directly or indirectly, will use
    the proceeds of any Loan hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture
    partner, or other Person (i) to fund any activities or business of or with a Sanctioned Entity in violation of applicable law, or
    (ii) in any manner that would be prohibited by Sanctions or would otherwise cause the Bank to be in breach of any Sanctions. The
    Borrower and each Subsidiary thereof shall comply with all applicable Sanctions and shall maintain policies and procedures reasonably
    designed to ensure compliance with Sanctions.
	 	 	 
	 	m.	Investment
    Management Agreement and Investment Manager. Rand Capital Management LLC shall cease acting as investment adviser for the Borrower.
    Rand Capital Management LLC shall no longer be owned or controlled, directly or indirectly, by Callodine Credit, LLC. The Investment
    Management Agreement shall not be amended or modified in any material respect without the Bank’s prior written consent, provided,
    however, the Bank acknowledges and agrees that the extension of the term of the Investment Management Agreement, in compliance with
    Sections 10(a) and 10(b) thereof, shall not require the Bank’s prior written consent.
	 	 	 
	 	n.	Investment
    Objectives and Strategy. The Borrower will not materially amend, modify, alter or otherwise change its investment objectives
    and strategies as set forth on Schedule B without the Bank’s prior written consent.

 

    	6

    	 

    

 

	5.	FINANCIAL
    COVENANTS. During the term of this Agreement, the Borrower shall not violate, and shall not suffer or permit any of its Subsidiaries
    to violate, any of the following covenants. For purposes of this Section, if the Borrower has any Subsidiaries all references
    to the Borrower shall include the Borrower and all of its Subsidiaries on a consolidated basis. 

 

A.
Borrower shall maintain Tangible Net Worth of not less than $50,000,000.00, measured quarterly as of each fiscal quarter end, commencing
with the period ending June 30, 2022.

 

B.
Borrower shall maintain an Asset Coverage Ratio of not less than 3.00:1.00, measured quarterly as of each fiscal quarter end, commencing
with the period ending June 30, 2022.

 

C.
Borrower shall maintain an Interest Coverage Ratio of not less than 2.50:1.00 measured quarterly on a trailing twelve-month basis, commencing
with the period ending June 30, 2022.

 

	6.	DEFAULT.

 

	 	a.	Events
    of Default. Any of the following events or conditions shall constitute an “Event of Default”: (i) failure by the
    Borrower to pay (a) within three (3) business days of when due any interest, fees or costs due hereunder or (b) any principal as
    and when due hereunder (whether at the stated maturity, by acceleration or otherwise), or there occurs any event or condition which
    after notice, lapse of time or both will permit acceleration of any Obligation that is not cured within the applicable notice or
    cure period; (ii) Borrower defaults in the performance of any obligation, condition, covenant or other provision of this Agreement,
    the other Transaction Documents or any other agreement with the Bank or any of its Affiliates or subsidiaries, which, (a) if such
    default can be cured solely by the payment of money, is not cured within three (3) business days after written notice from the Bank,
    (b) if it is a non-monetary default (excluding any default under Sections 3a, 4 or 5), it is not cured within thirty (30) days after
    written notice from the Bank, or (c) any default under 3a, 4 or 5; (iii) failure by the Borrower to pay (whether at the stated maturity,
    by acceleration, upon demand or otherwise) any material indebtedness or obligation owing to any third party or Affiliate or the failure
    to perform any agreement with any third party or Affiliate which would have a material adverse effect on the Borrower and its Subsidiaries
    taken as a whole, or their assets taken as a whole; (iv) the sale, assignment transfer or delivery, by operation of law or otherwise,
    of all or substantially all of the assets of the Borrower to a third party; (v) the Borrower, without the Bank’s prior written
    consent, engages in, agrees to or approves a plan for (a) reorganization, (b) merger or consolidation, (c) division into (or of)
    one or more entities or series of entities or allocation or transfer of any of Borrower’s assets or liabilities as a result
    of such a division, (d) conversion to another form of business entity, or (e) dissolution of the Borrower or cessation by the Borrower
    as a going business concern; (vi) if Borrower becomes insolvent or is generally not paying its debts as such debts become due; (vii)
    the making of any general assignment by Borrower for the benefit of creditors; the appointment of a receiver or similar trustee for
    Borrower or its assets; or the making of any, or sending notice of any intended, bulk sale; (viii) Borrower commences (or has commenced
    against it and not dismissed or stayed within sixty (60) days) any proceeding or request for relief under any bankruptcy, insolvency
    or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction
    or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs
    of Borrower; (ix) any representation or warranty made in this Agreement, any other Transaction Documents, any related document, any
    other agreement between Borrower and the Bank or any Affiliate or in any financial statement of Borrower or elsewhere was misleading
    in any material respect when made; Borrower omits to state a material fact necessary to make the statements made in this Agreement,
    any other Transaction Document, any related document, any other agreement between Borrower and the Bank or any Affiliate or any financial
    statement of Borrower or elsewhere not misleading in light of the circumstances in which they were made; or, if upon the date of
    execution of this Agreement, there shall have been any material adverse change in any of the facts disclosed in any financial statement,
    representation, warranty or elsewhere that was not disclosed in writing to the Bank at or prior to the time of execution hereof;
    (x) any pension plan of Borrower fails to comply with applicable law or has vested unfunded liabilities that, in the opinion of the
    Bank, might have a material adverse effect on Borrower’s ability to repay its debts; (xi) a material adverse change in the
    Borrower and its Subsidiaries, taken as a whole, or their business, assets, operations, management, ownership, affairs or condition
    (financial or otherwise) or the Bank’s collateral from the status shown on any financial statement or other document submitted
    to the Bank or any Affiliate, and which change the Bank reasonably determines will have a material adverse effect on (a) the Bank’s
    collateral, the Borrower and its Subsidiaries taken as a whole, their business, assets, operations or condition (financial or otherwise),
    or (b) the ability of the Borrower to pay or perform any obligation to the Bank; (xii) any indication or evidence received by the
    Bank that the Borrower may have directly or indirectly engaged in any type of activity which, in the Bank’s discretion, might
    result in the forfeiture of any property of the Borrower to any governmental authority; or (xiii) the occurrence of any event described
    in sub-paragraph (i) through and including (xii) hereof with respect to any Subsidiary, endorser, guarantor or any other party liable
    for, or whose assets or any interest therein secures, payment of any of the Obligations.

 

    	7

    	 

    

 

	 	b.	Rights
    and Remedies Upon Default. Upon the occurrence and during the continuance of any Event of Default, the Bank without demand of
    performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law) to or
    upon the Borrower, any Subsidiary or any other person (all and each of which demands, presentments, protests, advertisements and
    notices are hereby waived), may exercise all rights and remedies under the Borrower’s or its Subsidiaries’ agreements
    with the Bank or its Affiliates, applicable law, in equity or otherwise and may declare all or any part of any Obligations not payable
    on demand to be immediately due and payable without demand or notice of any kind and terminate any obligation it may have to grant
    any additional loan, credit or other financial accommodation to the Borrower or any Subsidiary. All or any part of any Obligations
    whether or not payable on demand, shall be immediately due and payable automatically upon the occurrence of an Event of Default in
    sub-paragraphs (vii) or (viii) above. The provisions hereof are not intended in any way to affect any rights of the Bank with respect
    to any Obligations which may now or hereafter be payable on demand.

 

	7.	EXPENSES.
    The Borrower shall pay to the Bank on demand all costs and expenses (including all reasonable fees and disbursements of outside
    counsel retained for advice, suit, appeal or other proceedings or purpose and of any experts or agents it may retain), which the
    Bank may incur in connection with (i) the administration of the Obligations, including any administrative fees the Bank may impose
    for the preparation of discharges, releases or assignments to third-parties; (ii) the enforcement and collection of any Obligations
    or any guaranty thereof; (iii) the exercise, performance, enforcement or protection of any of the rights of the Bank hereunder; or
    (iv) the failure of the Borrower or any Subsidiary to perform or observe any provisions hereof. After such demand for payment of
    any cost, expense or fee under this Section or elsewhere under this Agreement, the Borrower shall pay interest at the highest default
    rate specified in any instrument evidencing any of the Obligations from the date payment is demanded by the Bank to the date reimbursed
    by the Borrower. All such costs, expenses or fees under this Agreement shall be added to the Obligations.
	 	 
	8.	TERMINATION.
    This Agreement shall remain in full force and effect until (i) all Obligations outstanding, or contracted or committed for (whether
    or not outstanding), shall be finally and irrevocably paid in full and (ii) all Transaction Documents have been terminated by the
    Bank.
	 	 
	9.	RIGHT
    OF SETOFF. If an Event of Default occurs and is continuing, the Bank shall have the right to set off against the amounts owing
    under this Agreement and the other Transaction Documents any property held in a deposit or other account or otherwise with the Bank
    or its Affiliates or otherwise owing by the Bank or its Affiliates in any capacity to the Borrower, its Subsidiary or any guarantor
    of, or endorser of any of the Transaction Documents evidencing, the Obligations. Such setoff shall be deemed to have been exercised
    immediately at the time the Bank or such Affiliate elect to do so.
	 	 
	10.	USA
    PATRIOT ACT NOTICE. Bank hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (“Patriot
    Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the
    name and address of the Borrower and other information that will allow Bank to identify the Borrower in accordance with the Patriot
    Act. The Borrower agrees to, promptly following a request by Bank, provide all such other documentation and information that Bank
    requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering
    rules and regulations, including the Patriot Act.
	 	 
	11.	MISCELLANEOUS.

 

	 	a.	Notices.
    Any demand or notice hereunder or under any applicable law pertaining hereto shall be in writing and duly given if delivered
    to Borrower (at its address on the Bank’s records) or to the Bank (at the address on page one and separately to the Bank officer
    responsible for Borrower’s relationship with the Bank). Such notice or demand shall be deemed sufficiently given for all purposes
    when delivered (i) by personal delivery and shall be deemed effective when delivered, or (ii) by mail or courier and shall be deemed
    effective three (3) business days after deposit in an official depository maintained by the United States Post Office for the collection
    of mail or one (1) business day after delivery to a nationally recognized overnight courier service (e.g., Federal Express). Notice
    by e-mail is not valid notice under this or any other agreement between Borrower and the Bank.
	 	 	 
	 	b.	Generally
    Accepted Accounting Principles. Any financial calculation to be made, all financial statements and other financial information
    to be provided, and all books and records, system of accounting and reserves to be kept in connection with the provisions of this
    Agreement, shall be in accordance with generally accepted accounting principles consistently applied during each interval and from
    interval to interval; provided, however, that in the event changes in generally accepted accounting principles shall be mandated
    by the Financial Accounting Standards Board or any similar accounting body of comparable standing, or should be recommended by Borrower’s
    certified public accountants, to the extent such changes would affect any financial calculations to be made in connection herewith,
    such changes shall be implemented in making such calculations only from and after such date as Borrower and the Bank shall have amended
    this Agreement to the extent necessary to reflect such changes in the financial and other covenants to which such calculations relate.

 

    	8

    	 

    

 

	 	c.	Indemnification.
    If after receipt of any payment of all, or any part of, the Obligations, the Bank is, for any reason, compelled to surrender
    such payment to any person or entity because such payment is determined to be void or voidable as a preference, an impermissible
    setoff, or a diversion of trust funds, or for any other reason, the Transaction Documents shall continue in full force and the Borrower
    shall be liable, and shall indemnify and hold the Bank harmless for, the amount of such payment surrendered. The provisions of this
    Section shall be and remain effective notwithstanding any contrary action which may have been taken by the Bank in reliance upon
    such payment, and any such contrary action so taken shall be without prejudice to the Bank’s rights under the Transaction Documents
    and shall be deemed to have been conditioned upon such payment having become final and irrevocable. The provisions of this Section
    shall survive the termination of this Agreement and the Transaction Documents.

 

	 	d.	Further
    Assurances. The Borrower shall take, and cause its Subsidiaries and affiliates to take, such action and execute and deliver to
    the Bank such additional documents, instruments, certificates, and agreements as the Bank may reasonably request from time to time
    to effectuate the purposes of the Transaction Documents and the transactions contemplated thereby, including, without limitation,
    causing any Subsidiary, affiliate, entity or series of entities it may create hereafter through merger, division or otherwise, to
    execute agreements, in form and substance acceptable to the Bank, (i) assuming or guarantying the Borrower’s obligations under
    this Agreement and all related agreements and (ii) pledging assets to the Bank to the same extent as the Borrower.
	 	 	 
	 	e.	Cumulative
    Nature and Non-Exclusive Exercise of Rights and Remedies. All rights and remedies of the Bank pursuant to this Agreement and
    the Transaction Documents shall be cumulative, and no such right or remedy shall be exclusive of any other such right or remedy.
    In the event of any unreconcilable inconsistencies, this Agreement shall control. No single or partial exercise by the Bank of any
    right or remedy pursuant to this Agreement or otherwise shall preclude any other or further exercise thereof, or any exercise of
    any other such right or remedy, by the Bank.
	 	 	 
	 	f.	Governing
    Law; Jurisdiction. This Agreement has been delivered to and accepted by the Bank and will be deemed to be made in the State of
    New York. Except as otherwise provided under federal law, this Agreement will be interpreted in accordance with the laws of the State
    of New York excluding its conflict of laws rules. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE
    OR FEDERAL COURT IN THE STATE OF NEW YORK IN A COUNTY OR JUDICIAL DISTRICT WHERE THE BANK MAINTAINS A BRANCH AND CONSENTS THAT THE
    BANK MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET FORTH ABOVE FOR PROVIDING NOTICE OR DEMAND;
    PROVIDED THAT NOTHING CONTAINED IN THIS AGREEMENT WILL PREVENT THE BANK FROM BRINGING ANY ACTION, ENFORCING ANY AWARD OR JUDGMENT
    OR EXERCISING ANY RIGHTS AGAINST BORROWER INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST ANY PROPERTY OF BORROWER WITHIN ANY OTHER
    COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION. Borrower acknowledges and agrees that the venue provided above is the
    most convenient forum for both the Bank and Borrower. Borrower waives any objection to venue and any objection based on a more convenient
    forum in any action instituted under this Agreement. 
	 	 	 
	 	g.	Successors
    and Assigns. This Agreement shall be binding upon the Borrower and upon its successors and assignees, and shall inure to the
    benefit of, and be enforceable by, the Bank, its successors and assignees and each direct or indirect assignee or other transferee
    of any of the Obligations; provided, however, that this Agreement may not be assigned by the Borrower without the prior written consent
    of the Bank.
	 	 	 
	 	h.	Waivers;
    Changes in Writing. No failure or delay of the Bank in exercising any power or right hereunder shall operate as a waiver thereof,
    nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
    a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The Borrower expressly
    disclaims any reliance on any course of dealing or usage of trade or oral representation of the Bank (including representations to
    make loans to the Borrower) and agrees that none of the foregoing shall operate as a waiver of any right or remedy of the Bank. No
    notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or
    other circumstances. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in
    any event be effective unless made specifically in writing by the Bank and then such waiver or consent shall be effective only in
    the specific instance and for the purpose for which given. No modification to any provision of this Agreement shall be effective
    unless made in writing in an agreement signed by the Borrower and the Bank.

 

    	9

    	 

    

 

	 	i.	Interpretation.
    Unless the context otherwise clearly requires, references to plural includes the singular and references to the singular include
    the plural; references to “individual” shall mean a natural person and shall include a natural person doing business
    under an assumed name (e.g., a “DBA”); the word “or” has the inclusive meaning represented by the
    phrase “and/or”; the word “including”, “includes” and “include” shall be deemed to
    be followed by the words “without limitation”; and captions or section headings are solely for convenience and not part
    of the substance of this Agreement. Any representation, warranty, covenant or agreement herein shall survive execution and delivery
    of this Agreement and shall be deemed continuous. Each provision of this Agreement shall be interpreted as consistent with existing
    law and shall be deemed amended to the extent necessary to comply with any conflicting law. If any provision nevertheless is held
    invalid, the other provisions shall remain in effect. The Borrower agrees that in any legal proceeding, a photocopy of this Agreement
    kept in the Bank’s course of business may be admitted into evidence as an original. 
	 	 	 
	 	j.	Counterparts.
    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
    shall constitute one and the same instrument.
	 	 	 
	 	k.	Waiver
    of Jury Trial. The Borrower and the Bank hereby knowingly, voluntarily, and intentionally
    waive any right to trial by jury the Borrower and the Bank may have in any action or proceeding, in law or in equity, in connection
    with this Agreement or any transactions related hereto. The Borrower represents and warrants that no representative or agent of the
    Bank has represented, expressly or otherwise, that the Bank will not, in the event of litigation, seek to enforce this jury trial
    waiver. The Borrower acknowledges that the Bank has been induced to enter into this Agreement by, among other things, the provisions
    of this Section.

 

    	10

    	 

    

 

Acknowledgment.
Borrower acknowledges that it has read and understands all the provisions of this Agreement, including the Governing Law, Jurisdiction
and Waiver of Jury Trial, and has been advised by counsel as necessary or appropriate.

 

	 	M&T
    BANK
	 	 	 
	 	By
    	/s/
    Patrick Covert
	 	Name:
    	Patrick
    Covert
	 	Title:
    	Senior
    Vice President
	 	 	 
	 	RAND
    CAPITAL CORPORATION
	 	 	 
	 	By
    	/s/
    Daniel P. Penberthy
	 	Name:
    	Daniel
    P. Penberthy
	 	Title:
    	President
    and Chief Executive Officer

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