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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): July 16, 2024
TRINITY CAPITAL INC.
(Exact name of Registrant
as Specified in Its Charter)
Maryland |
|
001-39958 |
|
35-2670395 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1 N. 1st Street
Suite 302
Phoenix, Arizona |
|
85004 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone
Number, Including Area Code: (480) 374-5350
Not Applicable
(Former Name or Former
Address, if Changed Since Last Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instructions A.2. below):
| ☐ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of
each class |
|
Trading
Symbol(s) |
|
Name of
each exchange on which registered |
Common Stock, par value $0.001 per share |
|
TRIN |
|
Nasdaq Global Select Market |
7.00% Notes Due 2025 |
|
TRINL |
|
Nasdaq Global Select Market |
7.875% Notes Due 2029 |
|
TRINZ |
|
Nasdaq Global Select Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☒
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 – Entry into a Material
Definitive Agreement
On
July 16, 2024, Trinity Capital Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”)
by and among the Company and Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities
LLC as representatives of the several underwriters named in Schedule 1 thereto, in connection with the issuance and sale of $100,000,000
aggregate principal amount of the Company’s 7.875% Notes due 2029 (the “Notes” and the issuance and sale of the Notes,
the “Offering”). The Company also granted to the underwriters an option to purchase
from the Company up to an additional $15,000,000 aggregate principal amount of the Notes solely to cover over-allotments in accordance
with the Underwriting Agreement.
The
Notes were issued under the Base Indenture, dated January 16, 2020 (the “Base Indenture”), between the Company and U.S. Bank
National Association, as trustee (together with its successor in interest, U.S. Bank Trust Company, National Association, the “Trustee”),
as supplemented by the Sixth Supplemental Indenture, dated July 19, 2024 (the “Sixth Supplemental Indenture” and together
with the Base Indenture, the “Indenture”).
The
Notes bear interest at a rate of 7.875% per year payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each
year, commencing on September 30, 2024. The Notes will mature on September 30, 2029 and may be redeemed in whole or in part at any time,
or from time to time, at the Company’s option on or after September 30, 2026, at a redemption price equal to 100% of the outstanding
principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption.
The
Notes are expected to be listed on the Nasdaq Global Select Market (“Nasdaq”) and to trade on Nasdaq within 30 days of the
issue date under the trading symbol “TRINI.”
The
Company expects to use the net proceeds from the Offering to pay down a portion of its existing indebtedness outstanding under a credit
agreement (the “Credit Agreement”) with KeyBank, National Association (“KeyBank”) and, depending on the remaining
amount of net proceeds after such use, to redeem a portion of its outstanding 7.00% Notes due 2025 (“2025 Notes”). The Credit
Agreement has a maturity date of October 27, 2026 and grants the Company, through its wholly owned subsidiary TrinCap Funding, LLC (“TCF”),
a borrowing capacity of up to $400.0 million, with committed availability of up to $350.0 million. Borrowings under the Credit Agreement
bear interest at a rate equal to Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus, currently, 2.85%, subject
to the number of eligible loans in the collateral pool. As of July 11, 2024, approximately $286.2 million was outstanding under the Credit
Agreement, and approximately $152.5 million in aggregate principal amount of 2025 Notes was outstanding. The Company may re-borrow under
the Credit Agreement to make investments in accordance with its investment objective and investment strategy and for general corporate
purposes.
The
Notes are the direct, unsecured obligations of the Company and rank pari passu, or equal, in right of payment with all of the Company’s
other future and outstanding unsecured, unsubordinated indebtedness. The Notes rank effectively subordinated, or junior, to any of our
future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the
value of the assets securing such indebtedness. The Notes rank structurally subordinated, or junior, to all existing and future indebtedness
and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The
Indenture contains certain covenants including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section
61(a) of the Investment Company Act of 1940, as amended (“1940 Act”), or any successor provisions, but giving effect, in
either case, to any exemptive relief granted to the Company by the Securities and Exchange Commission (“SEC”); to comply
with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive
relief granted to the Company by the SEC and subject to certain other exceptions; and to provide financial information to the holders
of the Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act
of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
The
Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement
on Form N-2 (File No. 333-275970), the prospectus supplement dated July 16, 2024 and the pricing term sheet filed with the SEC on July
16, 2024. The transaction closed on July 19, 2024. The net proceeds to the Company were approximately $96.83 million, based on the public
offering price of 100% of the aggregate principal amount of the Notes, after deducting the underwriting discount of $3.0 million and
the estimated offering expenses of approximately $170,000 payable by the Company, subject to the agreement by the underwriters to reimburse
us for certain expenses incurred in connection with this offering.
The
foregoing descriptions of the Underwriting Agreement, the Base Indenture, the Sixth Supplemental Indenture, and the Notes do not purport
to be complete and are qualified in their entirety by reference to the full text of the Underwriting Agreement, the Base Indenture, the
Sixth Supplemental Indenture, and the form of global note representing the Notes, respectively, each filed or incorporated by reference
as exhibits hereto and incorporated by reference herein.
This
Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there
be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or other jurisdiction.
Item
2.03 – Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
The
information set forth under Item 1.01 of this Form 8-K is incorporated herein by reference.
Item
7.01 Regulation FD Disclosure.
Investment
Adviser and Private Credit Fund
On
June 28, 2024, Trinity Capital Adviser LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (the
“Adviser Sub”), commenced its investment advisory activities, serving as investment adviser to a private credit fund (the
“PCF”) pursuant to an investment advisory agreement. Under the investment advisory agreement, the Adviser Sub will earn certain
base management and incentive fees in exchange for providing advisory services to the PCF. The Company received exemptive relief
from the SEC to organize, acquire, wholly own and operate the Adviser Sub as an investment adviser registered under the Investment
Advisers Act of 1940, as amended.
In
addition, the Company and a specialty credit manager made capital commitments to the PCF in the amount of $10.0 million and $50.0 million,
respectively, and have ownership percentages of 16.7% and 83.3%, respectively. The Company may, from time to time, make investments alongside
the PCF or assign a portion of investments to the PCF in accordance with its allocation policy, the 1940 Act and any exemptive relief
granted by the SEC, if any.
Portfolio
Investment Activity
During
the three months ended June 30, 2024, the Company originated approximately $289.0 million of total new commitments. During
the three months ended June 30, 2024, gross investments funded totaled approximately $231.0 million, which was comprised
of $134.0 million of investments in 10 new portfolio companies, $90.0 million of investments in 18 existing portfolio companies
and $7.0 million investment to off-balance sheet vehicles. Gross investment fundings during such period for loans totaled approximately
$104.0 million, equipment financings totaled approximately $118.0 million and warrant and equity investments totaled approximately
$9.0 million.
Proceeds
received from repayments of the Company’s investments during the three months ended June 30, 2024 totaled approximately
$180.0 million, which included $40.0 million from early debt repayments and $68.0 million from investments sold to off-balance sheet
vehicles.
The
Company has not completed its financial statements for the quarter ending June 30, 2024. Accordingly, all information regarding
portfolio investment activity is preliminary and is subject to change. The information regarding portfolio investment activity has not
been reviewed by the Company’s independent registered public accounting firm.
Item 9.01 –
Financial Statements and Exhibits
(d) Exhibits:
Exhibit
Number |
|
Description |
|
|
|
1.1 |
|
Underwriting Agreement, dated July 16, 2024, by and among Trinity Capital Inc. and Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC as representatives of the several underwriters named in Schedule 1 thereto. |
|
|
|
4.1 |
|
Indenture, dated as of January 16, 2020, by and between Trinity Capital Inc. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form 10 filed on January 16, 2020). |
|
|
|
4.2 |
|
Sixth Supplemental Indenture, dated as of July 19, 2024, between Trinity Capital Inc. and U.S. Bank Trust Company, National Association, as trustee. |
|
|
|
4.3 |
|
Form of 7.875% Note due 2029 (included as part of Exhibit 4.2) |
|
|
|
5.1 |
|
Opinion of Dechert LLP |
|
|
|
23.1 |
|
Consent of Dechert LLP (included as part of Exhibit 5.1) |
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
Trinity Capital Inc. |
|
|
Date: July 19, 2024 |
By: |
/s/ Kyle Brown |
|
|
Name: |
Kyle Brown |
|
|
Title: |
Chief Executive Officer, President and Chief Investment Officer |
4
Exhibit 1.1
Execution Version
TRINITY CAPITAL INC.
$100,000,000
7.875% Notes due 2029
Underwriting Agreement
July 16, 2024
Keefe, Bruyette & Woods, Inc.
Morgan Stanley & Co. LLC
RBC Capital Markets, LLC
UBS Securities LLC
As the Representatives of the
several Underwriters listed
in Schedule 1 hereto
c/o Keefe, Bruyette & Woods, Inc.
787 Seventh Avenue, Fourth Floor
New York, New York 10019
c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
c/o RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, Eighth Floor
New York, New York 10281
c/o UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Ladies and Gentlemen:
Trinity Capital Inc., a Maryland
corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to the several
Underwriters listed in Schedule 1 hereto (collectively, the “Underwriters,” which term shall also include any underwriter
substituted as hereinafter provided in Section 11 hereof), for whom Keefe, Bruyette & Woods, Inc. (“KBW”), Morgan Stanley
& Co. LLC (“MS”), RBC Capital Markets, LLC (“RBC”) and UBS Securities LLC (“UBS”) are acting as
representatives (in such capacity, the “Representatives”), $100,000,000 aggregate principal amount of 7.875% Notes due 2029
of the Company (the “Initial Securities”). The Company also proposes to issue and sell up to an additional $15,000,000 aggregate
principal amount of the Initial Securities (the “Additional Securities,” and together with the Initial Securities, the “Securities”)
if and to the extent that the Representatives shall have determined to exercise, on behalf of the Underwriters, the right to purchase
such Additional Securities granted to the Underwriters in Section 2(b) herein.
The Securities will be issued
under an indenture, dated as of January 16, 2020 (the “Base Indenture”), as supplemented by the Sixth Supplemental Indenture,
dated as of the Closing Date (as defined below) (the “Sixth Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The Securities
will be issued in book-entry form to Cede & Co. as nominee of the Depository Trust Company (“DTC”) pursuant to a blanket
letter of representations, dated as of March 26, 2024, between the Company and DTC.
The Company understands that
the Underwriters propose to make an offering of the Securities as soon as the Representatives deem advisable after this underwriting agreement
(this “Agreement”) has been executed and delivered.
The Company hereby confirms
its agreement with the several Underwriters concerning the purchase and sale of the Securities, as follows:
| 1. | Registration Statement. The Company has prepared and filed with the Securities and Exchange Commission
(the “Commission”) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder
(collectively, the “Securities Act”), a “shelf registration statement” on Form N-2 (File No. 333-275970), relating
to the Securities and certain of the Company’s other securities, which registration statement has been declared effective by the
Commission on February 7, 2024. The Company has also prepared and filed with the Commission a preliminary prospectus supplement dated
July 16, 2024 (the “Preliminary Prospectus Supplement”), which contains a base prospectus, dated February 7, 2024 (the “Base
Prospectus,” and together with the Preliminary Prospectus Supplement, the “Preliminary Prospectus”). Promptly after
execution and delivery of this Agreement, the Company will prepare and file a prospectus in accordance with the provisions of Rule 430B
(“Rule 430B”) promulgated under the Securities Act and Rule 424 (“Rule 424”) promulgated under the Securities
Act. The information, if any, included or incorporated by reference in such prospectus that was omitted from such registration statement
at the time it became effective but that is deemed to be part of such registration statement pursuant to Rule 430B is referred to as “Rule
430B Information.” Unless the context otherwise requires, such registration statement, including all documents filed as a part thereof
and any Rule 430B Information contained in a prospectus subsequently filed with the Commission pursuant to Rule 424 under the Securities
Act and deemed to be part of the registration statement and also including any registration statement filed pursuant to Rule 462(b) promulgated
under the Securities Act (the “Rule 462(b) Registration Statement”), is herein called the “Registration Statement.”
The final prospectus to be filed with the Commission pursuant to Rule 424 after the Applicable Time (as defined below) and to be used
to confirm sales, which will include the Base Prospectus together with a final prospectus supplement (the “Prospectus Supplement”),
is hereinafter referred to as the “Prospectus.” Any reference herein to the Registration Statement, the Preliminary Prospectus
and the Prospectus shall be deemed to refer to and include all documents incorporated by reference pursuant to the rules of the Commission
promulgated under the Securities Act. All references in this Agreement to amendments or supplements to the Registration Statement or the
Prospectus, including those made pursuant to Rule 424 under the Securities Act or such other rule under the Securities Act as may be applicable
to the Company, shall be deemed to mean and include, without limitation, the filing of any document under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) which is or is deemed to be incorporated by reference in or otherwise deemed under
the rules of the Commission promulgated thereunder or otherwise to be a part of or included in the Registration Statement or the Prospectus,
as the case may be, as of any specified date. |
A Form N-54A Notification
of Election to be Subject to Sections 55 through 65 of the Investment Company Act of 1940, as amended, and the rules and regulations of
the Commission thereunder (collectively, the “Investment Company Act”) filed pursuant to Section 54(a) of the Investment Company
Act (File No. 814-01341) was filed under the Investment Company Act with the Commission on January 16, 2020.
At or prior to the Applicable
Time, the Company had prepared the Preliminary Prospectus, which together with the information set forth on Schedule 2 hereto, comprises
the “Pricing Disclosure Package.”
“Applicable Time” means 5:15 P.M.,
New York City time, on July 16, 2024.
“Testing-the-Waters
Communication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities
Act.
2. Purchase of the Securities by the Underwriters.
(a) Initial Securities.
The Company agrees to issue and sell the Initial Securities to the several Underwriters as provided in this Agreement, and each Underwriter,
on the basis of the representations, warranties, and agreements set forth herein and subject to the conditions set forth herein, agrees,
severally and not jointly, to purchase from the Company the respective aggregate principal amount of Initial Securities set forth opposite
such Underwriter’s name in Schedule 1 hereto at the price (the “Purchase Price”) set forth in Schedule 1 hereto. Payment
for the Initial Securities shall be made by wire transfer in immediately available funds to the account specified by the Company to the
Representatives, at the offices of Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, at 10:00 A.M., New York City
time, on July 19, 2024, or at such other time or place on the same or such other date, not later than the third business day thereafter,
as the Representatives and the Company may agree upon in writing. The time and date of such payment for the Initial Securities is referred
to herein as the “Closing Date.”
Payment for the Initial
Securities shall be made against delivery to the Representatives for the respective accounts of the several Underwriters of the principal
amount of Initial Securities to be purchased on such date with any transfer taxes payable in connection with the sale of such Securities
duly paid by the Company. Delivery of the Initial Securities shall be made through the facilities of DTC unless the Representatives shall
otherwise instruct.
(b) Additional
Securities. In addition, on the basis of the representations, warranties, and agreements set forth herein and subject to the conditions
set forth herein, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional
$15,000,000 aggregate principal amount of the Additional Securities at the Purchase Price without giving effect to any accrued interest
from the Closing Date to the Secondary Closing Date (as defined below). The Representatives may exercise this right on behalf of the Underwriters
in whole or from time to time in part by giving written notice not later than 30 days after the date of this Agreement. Any exercise notice
shall specify the aggregate principal amount of Additional Securities to be purchased by the Underwriters and the date on which such aggregate
principal amount of Additional Securities are to be purchased. Any such time and date of payment for and delivery of such Additional Securities
shall be determined by the Representatives, but shall not be later than five (5) full business days, nor earlier than two (2) full business
days after the exercise of such option, nor in any event prior to the Closing Date, unless otherwise agreed in writing by the Representatives
and the Company (a “Secondary Closing Date”). Each Underwriter agrees severally and not jointly to purchase the aggregate
principal amount of Additional Securities that bears the same proportion to the total aggregate principal amount of Additional Securities
to be purchased on such Secondary Closing Date as the aggregate principal amount of Initial Securities set forth in Schedule 1 hereto
opposite the name of such Underwriter bears to the total aggregate principal amount of Initial Securities.
(c) The Company understands
that the Underwriters intend to offer the Securities for resale on the terms set forth in the Pricing Disclosure Package and the Prospectus,
as in the judgment of the Representatives is advisable. The Company acknowledges and agrees that the Underwriters may offer and sell Securities
to or through any affiliate of an Underwriter.
(d) The Company acknowledges
and agrees that (1) the Underwriters are acting solely as principal and in the capacity of an arm’s-length contractual counterparty
to the Company with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the
offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person, (2) the Underwriters have
no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth
in this Agreement and (3) it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions
of the transactions contemplated hereby. Additionally, neither the Representatives nor any other Underwriter is advising the Company or
any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with
its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no responsibility or liability to the Company with respect thereto. The Company acknowledges
and agrees that it is aware that the Underwriters and their affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that the Underwriters have no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise.
3. Representations and Warranties of the Company.
The Company hereby represents and warrants to each Underwriter, as of the date of this Agreement, the Closing Date and any Secondary Closing
Date, and agrees with each Underwriter that:
(a) Preliminary
Prospectus. No order preventing or suspending the use of the Preliminary Prospectus has been issued by the Commission, and the Preliminary
Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material respects with the Securities
Act, and the Preliminary Prospectus, at the time of filing thereof, did not contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions made
in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use in any Preliminary Prospectus, it being understood and agreed that the only such information
furnished by any Underwriter consists of the information described as such in Section 8(b) hereof;
(b) Pricing Disclosure
Package. The Pricing Disclosure Package as of the Applicable Time did not, and the Pricing Disclosure Package (together with any amendment
or supplement thereto) as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided
that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity
with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly
for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by any Underwriter
consists of the information described as such in Section 8(b) hereof;
(c) Issuer Free
Writing Prospectus. The Company (including its agents and representatives, other than the Underwriters in their capacity as such)
has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any
“written communication” (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of an offer
to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to
in clauses (i), (ii) and (iii) below) an “Issuer Free Writing Prospectus”) other than (i) the Registration Statement, (ii)
the Preliminary Prospectus, (iii) the Prospectus, (iv) the documents listed on Schedule 2 hereto, including a Pricing Term Sheet substantially
in the form of Annex A hereto, and (v) any electronic road show or other written communications, in each case approved in writing in advance
by the Representatives. Each such Issuer Free Writing Prospectus, if any, complies in all material respects with the Securities Act, has
been or will be (within the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby)
and, when taken together with the Preliminary Prospectus filed prior to the first use of such Issuer Free Writing Prospectus, at the Applicable
Time, did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that the Company makes no representation or warranty with respect to any statement or omission contained in any Issuer Free Writing Prospectus
made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any
Underwriter consists of the information described as such in Section 8(b) hereof;
(d) Documents Incorporated
by Reference. The documents incorporated by reference in each of the Registration Statement, the Prospectus and the Preliminary Prospectus,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Exchange Act, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further
documents so filed and incorporated by reference in the Registration Statement, the Prospectus or the Preliminary Prospectus, when such
documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
(e) Testing-the-Waters
Materials. The Company (i) has not alone engaged in any Testing-the-Waters Communications and (ii) has not authorized anyone to engage
in Testing-the-Waters Communications;
(f) Registration
Statement and Prospectus. The Company is eligible to use Form N-2 under the Securities Act, and the Registration Statement has been
declared effective by the Commission. No order suspending the effectiveness of the Registration Statement has been issued by the Commission,
and, to the knowledge of the Company, no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company
or related to the offering of the Securities has been initiated or threatened by the Commission; as of the applicable effective date of
the Registration Statement and any post-effective amendment thereto, the Registration Statement and any such post-effective amendment
complied and will comply in all material respects with the Securities Act, the applicable rules and regulations of the Commission thereunder,
the Investment Company Act and the Trust Indenture Act of 1939, as amended (the “TIA”), and did not and will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date and the
Secondary Closing Date, the Prospectus and any amendment or supplement thereto will not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that the Company makes no representation and warranty with respect to (i) that part of the
Registration Statement that constitutes the Statement of Eligibility and Qualification (Form T-1) of the Trustee under the TIA or (ii)
any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by such Underwriter through the Representatives expressly for use in the Registration Statement and the Prospectus and any
amendment or supplement thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of
the information described as such in Section 8(b) hereof;
(g) Financial Statements.
The financial statements of the Company, including the notes and schedules thereto, included or incorporated by reference in the Registration
Statement, the Pricing Disclosure Package and the Prospectus (i) present fairly in all material respects the financial condition of the
Company and its Subsidiaries (as defined below) as of the respective dates thereof, and the results of operations and statements of cash
flows for the periods specified, (ii) correctly reflect and disclose all extraordinary items, and (iii) have been prepared in conformity
with United States generally accepted accounting principles (“GAAP”) applied on a consistent basis; the financial information
included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been derived
from the accounting records and other books and records of the Company and the Subsidiaries and presents fairly in all material respects
the information shown thereby as of the date presented and has been compiled on a basis consistent with that of the audited financial
statements included or incorporated by reference therein. The financial data set forth in the Registration Statement, Pricing Disclosure
Package and in the Prospectus under the heading “Capitalization” presents fairly in all material respects the information
set forth therein on a basis consistent with that of the audited financial statements and related notes thereto included or incorporated
by reference therein. There is no pro forma financial information that is required to be included or incorporated by reference in the
Registration Statement, the Pricing Disclosure Package and the Prospectus that is not included or incorporated by reference as required;
(h) No Material
Adverse Change. Subsequent to the date of the Preliminary Prospectus Supplement, and except as may be otherwise disclosed in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, there has not been (i) any event, circumstance or change in circumstance
that, individually or in the aggregate, has or would reasonably be expected to have, individually or in the aggregate, a material adverse
effect on the business, condition (financial or otherwise), management, properties, net assets, results of operations or prospects of
the Company and the Subsidiaries, taken as a whole, whether or not arising in the ordinary course of business (a “Material Adverse
Effect”), (ii) any transaction, other than in the ordinary course of business, contemplated in any substantive manner or entered
into by the Company or any Subsidiary, (iii) any obligation, contingent or otherwise, directly or indirectly incurred by the Company or
any Subsidiary, other than in the ordinary course of business, (iv) any dividend or distribution of any kind declared, paid or made by
the Company or any Subsidiary on any class of its equity securities, or any purchase by the Company or any Subsidiary of any of its outstanding
equity securities, or (v) any change of the equity securities or indebtedness of the Company or any Subsidiary;
(i) Organization,
Good Standing and Due Authorization. The Company is a corporation duly incorporated and validly existing and in good standing under
the laws of the State of Maryland, with requisite corporate power and authority to (i) own, lease or operate its properties and conduct
its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and (ii) execute and deliver
this Agreement, and consummate the transactions contemplated hereby (including the sale, issuance, and delivery of the Securities) and
thereby;
(j) Capitalization.
The Company had, as of the applicable date indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
and will have, as of the Closing Date, the duly authorized capitalization set forth in the Registration Statement, the Pricing Disclosure
Package and the Prospectus under the caption “Capitalization,” after giving effect to the adjustments set forth thereunder;
all of the issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued, are fully paid
and non-assessable, and have not been issued in violation of, or subject to any preemptive right or other similar right of stockholders
arising by operation of law, under the Company’s articles of amendment and restatement and bylaws (collectively, the “Charter
Documents”), under any agreement to which the Company is a party, or otherwise; except as disclosed in or contemplated by the Registration
Statement, the Pricing Disclosure Package and the Prospectus, there are no outstanding (i) securities or obligations of the Company convertible
into or exchangeable for any capital stock of the Company, (ii) warrants, rights or options to subscribe for or purchase from the Company
any such capital stock or any such convertible or exchangeable securities or obligations or (iii) obligations of the Company to issue
or sell any such capital stock, any such convertible or exchangeable securities or obligations, or any such warrants, rights or options;
(k) Due Authorization
of Subsidiaries. Each subsidiary of the Company that is a “Significant Subsidiary” within the meaning of such term as
defined in Rule 1-02 of Regulation S-X of the Commission (a complete list of which is set forth in Schedule 3 hereto) (each a “Subsidiary,”
and collectively, the “Subsidiaries”) has been duly incorporated, formed or organized and is validly existing as a corporation,
limited liability company, limited partnership or similar entity, in good standing under the laws of the jurisdiction of its incorporation,
formation or organization, with requisite power and authority to own, lease or operate its properties and to conduct its business as described
in the Registration Statement, the Pricing Disclosure Package and the Prospectus; the Subsidiaries are the only subsidiaries, direct or
indirect, of the Company; other than Subsidiaries that are special purpose entities, no Subsidiary is currently prohibited, directly or
indirectly, from paying any dividends or distributions to the Company, from repaying to the Company any loans or advances to such Subsidiary
from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary of the
Company; the outstanding equity interests of each of the Subsidiaries have been duly authorized and validly issued, are fully paid, and
only with respect to any Subsidiary which is a corporation, non-assessable, and are owned by the Company or another Subsidiary free and
clear of any lien, encumbrance or claim (each, a “Lien”), other than statutory Liens created by state or federal securities
laws restricting the transfer of such equity interests; no options, warrants or other rights to purchase, agreements or other obligations
to issue, or other rights to convert any obligations into, shares of capital stock or ownership interests in the Subsidiaries are outstanding;
(l) Underwriting
Agreement. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed by the Company
and, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general
equitable principles and except as rights to indemnity and contribution hereunder and thereunder may be limited by general equitable principles
or federal or state securities laws or public policy underlying such laws;
(m) Base Indenture.
The Base Indenture has been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general
equitable principles and except as rights to indemnity and contribution thereunder may be limited by general equitable principles or federal
or state securities laws or public policy underlying such laws;
(n) Sixth Supplemental
Indenture. The execution and delivery of the Sixth Supplemental Indenture by the Company and the consummation by it of the transactions
contemplated thereby have been duly authorized by all necessary action on the part of the Company. The Sixth Supplemental Indenture has
been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as the enforcement thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors
or by general equitable principles and except as rights to indemnity and contribution thereunder may be limited by general equitable principles
or federal or state securities laws or public policy underlying such laws; the Indenture conforms in all material respects to the
requirements of the TIA, and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder;
(o) The Securities.
The Securities to be issued and sold by the Company hereunder have been duly authorized and, when issued, authenticated and delivered
by the Company and when authenticated by the Trustee as provided herein and in the Indenture relating thereto, against payment of the
consideration set forth herein, will be valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to or affecting the rights and remedies of creditors or by general equitable principles and except as rights to indemnity and
contribution thereunder may be limited by general equitable principles or federal or state securities laws or public policy underlying
such laws, and will be entitled to the benefits of the Indenture relating thereto; and the Securities and the Indenture conform in all
material respects to the statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus;
the statements set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus under the caption “Description
of the Notes,” insofar as they purport to describe the provisions of the laws and regulations or documents referred to therein,
are accurate, complete and fair in all material respects;
(p) No Violation
or Default of the Company. The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse
of time, or both would constitute a breach of, or default under), (i) any of the Charter Documents, (ii) any obligation, agreement, covenant
or condition contained in any material contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement
or instrument to which the Company is a party or by which it or its assets may be bound or affected, or (iii) any Law (as defined below)
applicable to the Company, except, in the case of clause (ii), for such breaches or defaults which would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect;
(q) No Violation
or Default of Subsidiaries. None of the Subsidiaries is in breach of, or in default under (nor has any event occurred which with notice,
lapse of time, or both would constitute a breach of, or default under), (i) any of its charter documents, (ii) any obligation, agreement,
covenant or condition contained in any material contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or
other agreement or instrument to which such Subsidiary is a party or by which any of them or their respective assets may be bound or affected,
or (iii) any Law applicable to such Subsidiary, except, in the case of clause (ii) for such breaches or defaults which would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect;
(r) No Conflicts.
The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Securities by the Company, the
consummation by the Company of the transactions contemplated by this Agreement and the Indenture, the performance by the Company of the
Indenture, and the use of the proceeds from the sale of the Securities as described in the Pricing Disclosure Package and the Prospectus,
will not conflict with, or result in any breach of or constitute a default under (nor constitute any event which with notice, lapse of
time, or both would constitute a breach of, or default under), (i) any provision of any of the Charter Documents, (ii) any provision of
any material contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement or instrument to
which the Company or any Subsidiary is a party or by which it or its respective assets may be bound or affected, or (iii) any Law issued
by any federal, state or local government, regulatory commission, court, administrative agency or commission, or other governmental body,
board, agency, authority or instrumentality of competent jurisdiction (each, a “Governmental Authority”) applicable to the
Company or any Subsidiary, except in the case of clause (ii) for such conflicts, breaches or defaults which have been validly waived or
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or result in the creation or imposition
of any material lien, charge, claim or encumbrance upon any property or asset of the Company or any Subsidiary;
(s) No Consents
Required. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental
Authority is necessary or required for the performance by the Company of this Agreement and the Indenture, the issuance and sale of the
Securities, and the consummation of the transactions contemplated by this Agreement and the Indenture, except (A) such as have been already
obtained or as may be required under the Securities Act, the Investment Company Act, the rules of the Nasdaq Global Select Market, state
securities laws or the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and (B) where the failure to obtain
any such filing, authorization, approval, consent, license, order, registration, qualification or decree would not reasonably be expected,
singly or in the aggregate, to have a Material Adverse Effect;
(t) No Judgments.
There is no outstanding judgment, order, writ, injunction, decree or award of any Governmental Authority or arbitrator affecting the
business of the Company or any of the Subsidiaries, which draws into question the validity of any action taken or to be taken pursuant
to this Agreement or in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with this Agreement;
there is no litigation, arbitration, investigation or other proceeding of or before any Governmental Authority pending, or, to the knowledge
of the Company, threatened in writing, against the Company, any Subsidiary, any stockholder of the Company, or any stockholder or member
of any Subsidiary;
(u) Legal Proceedings.
Other than as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no actions, suits,
proceedings, inquiries, examinations or investigations (collectively, “Proceedings”) pending or, to the knowledge of the Company,
threatened against the Company or any Subsidiary, or any of their respective properties, directors, officers or employees at law or in
equity, or before or by any Governmental Authority; other than the Underwriters, the Company has not authorized anyone to make any representations
regarding the offer and sale of the Securities, or regarding the Company or any Subsidiary in connection therewith; none of the Company
or the Subsidiaries has received written notice of any order or decree preventing the use of the Preliminary Prospectus, the Pricing Disclosure
Package or the Preliminary Prospectus Supplement or any amendment or supplement thereto, and no Proceeding for that purpose has commenced
or is pending or, to the knowledge of the Company, is contemplated;
(v) Compliance
with Laws. None of the Company or the Subsidiaries has violated, or received written notice of any violation with respect to, any
law, rule, regulation, order, decree or judgment (each, a “Law”) applicable to it and its business, including those relating
to transactions with affiliates, lending, debt collection, notice, privacy, environmental, safety or similar Laws, federal or state Laws
relating to discrimination in the hiring, promotion or pay of employees, federal or state wages and hours Laws, the Employee Retirement
Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder (“ERISA”), except for those
violations, in each case, as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect;
(w) Capital Stock.
The statements set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus under the caption “Description
of Our Capital Stock”, insofar as they purport to describe the provisions of the laws and regulations or documents referred to therein,
are accurate, complete and fair in all material respects; there are no contracts, agreements or understandings of the Company or any of
its Subsidiaries that are required to be described in or filed as exhibits to the Registration Statement or the Prospectus by the Securities
Act that have not been so described, filed or incorporated by reference therein as permitted by the Securities Act; the Registration Statement,
Pricing Disclosure Package and the Prospectus contain accurate summaries in all material respects of all material contracts, agreements,
instruments and other documents of the Company as required by Form N-2 under the Securities Act; the copies of all such contracts, agreements,
instruments and other documents (including all amendments or waivers relating to any of the foregoing) that have been previously furnished
to the Underwriters or their counsel are complete and genuine and include all material collateral and supplemental agreements thereto;
(x) Election to
be Treated as a Business Development Company. The Company has duly elected to be regulated by the Commission as a business development
company under the Investment Company Act, such election is effective and the Company has not withdrawn that election, and the Commission
has not ordered that such election be withdrawn nor to the best of the Company’s knowledge have proceedings to effectuate such withdrawal
been initiated or threatened by the Commission; the operations of the Company are in compliance with the provisions of the Investment
Company Act applicable to business development companies and the rules and regulations of the Commission thereunder applicable to business
development companies, except where such non-compliance would not reasonably be expected to result in a Material Adverse Effect;
(y) Independent
Accountants. Ernst & Young LLP, who has certified certain financial statements of the Company, is an independent registered public
accounting firm with respect to the Company or its applicable predecessors within the meaning of the Securities Act and the Public Company
Accounting Oversight Board (United States), as required by the Securities Act for registered offerings;
(z) Title to Real
and Personal Property. The Company and each of the Subsidiaries has good and valid title to all assets and properties reflected as
owned by it in the Registration Statement, Pricing Disclosure Package and the Prospectus (whether through fee ownership, mineral estates
or similar rights of ownership), in each case free and clear of any Liens, except such as are disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus; any real property or personal property held under lease by the Company or any Subsidiary
is held under a lease that is valid, existing and enforceable by the Company or such Subsidiary, with such exceptions as are disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and none of the Company or the Subsidiaries has received
any notice of any claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any
such lease;
(aa) Title to Intellectual
Property. The Company and each Subsidiary owns or possesses such licenses or other rights to use all material patents, trademarks,
service marks, trade names, copyrights, software and design licenses, trade secrets, other intangible property rights and know-how (collectively
“Intangibles”) as are necessary to conduct the Company’s and/or such Subsidiary’s respective business as described
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except such as are disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, and none of the Company or the Subsidiaries has received written notice of any infringement
of or conflict with (and none of the Company or the Subsidiaries knows of any such infringement of or conflict with) asserted rights of
others with respect to any Intangibles, which would reasonably be expected to have a Material Adverse Effect;
(bb) No Undisclosed
Relationships. None of the independent directors named in the Registration Statement, the Pricing Disclosure Package and the Prospectus
has, within the last five years, been employed by or affiliated, directly or indirectly, with the Company or any of the Subsidiaries,
whether by ownership of, ownership interest in, employment by, any material business or professional relationship with, or serving as
an officer or director of, the Company, any of the Subsidiaries, or any of their respective affiliates;
(cc) Investment
Company Act. Neither the Company nor any Subsidiary is required to register as an “investment company” under the Investment
Company Act;
(dd) Taxes. Except
where such failure to file or pay a tax, assessment, charge or lien would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect or where such matters are the result of a pending bona fide dispute with taxing authorities, (i) the
Company and the Subsidiaries have accurately prepared and timely filed (taking into account any extensions of time within which to file)
any and all federal, state, foreign and other tax returns that are required to be filed by them, if any, and have paid or made provision
for the payment of all taxes, assessments, governmental or other similar charges, including, without limitation, all sales and use taxes
and all taxes which the Company and the Subsidiaries are obligated to withhold from amounts owing to employees, creditors and third parties,
with respect to the periods covered by such tax returns (whether or not such amounts are shown as due on any tax return), and (ii) there
is no tax Lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or
business of the Company or any Subsidiary, other than Liens for taxes not yet due and payable; no deficiency assessment with respect to
a proposed adjustment of the Company’s or any Subsidiary’s federal, state, local or foreign taxes is pending or, to the knowledge
of the Company, threatened; since the date of the most recent audited financial statements, none of the Company or the Subsidiaries has
incurred any liability for taxes other than in the ordinary course of its business;
(ee) Licenses and
Permits. The Company and each of the Subsidiaries has all necessary licenses, permits, certificates, authorizations, consents and
approvals and has made all necessary filings required under any Law (collectively, the “Authorizations”) required in order
to conduct its respective business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; the
Company and each of the Subsidiaries have complied with the terms of the necessary Authorizations and there are not pending modifications,
amendments or revocations of the Authorizations; the Company and the Subsidiaries have paid all fees due to Governmental Authorities pursuant
to the Authorizations; all reports required to be filed in connection with the Authorizations have been timely filed and are accurate
and complete; and the Company and the Subsidiaries are not in violation of, or in default under, any such Authorizations or any Law issued
by a Governmental Authority applicable to the Company or any such Subsidiary, except to the extent that any failure to have, comply with,
pay any fees pursuant to, file any reports in connection with, or violate or default under any such Authorizations would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect;
(ff) Accounting
Controls. The Company maintains a system of internal accounting controls over financial reporting (as such term is defined in Rule
13a-15(f) under the Exchange Act) that complies in all material respects with the requirements of the Exchange Act and is sufficient to
provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. Except as disclosed in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus,
(A) the Company is not aware of any material weaknesses or significant deficiencies (as such terms are defined in Rule 1-02(a)(4) of Regulation
S-X under the Securities Act) in the Company’s internal controls over financial reporting, and (B) there has been no change in the
Company’s internal controls over financial reporting since the respective dates of the information given in the Registration Statement,
the Pricing Disclosure Package and the Prospectus that has materially affected, or is reasonably likely to materially affect, the Company’s
internal controls over financial reporting;
(gg) Insurance.
The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent
and customary in the businesses in which it is engaged and which the Company reasonably deems adequate; all policies of insurance insuring
the Company or its business, assets, employees, officers and directors, including the Company’s directors and officers errors and
omissions insurance policy and its fidelity bond required by Rule 17g-1 of the Investment Company Act, are, or as of the Closing Date
and each Secondary Closing Date, will be in full force and effect; the Company is, or will be as of the Closing Date and each Secondary
Closing Date, in compliance with the terms of such policy and fidelity bond; and there are no claims by the Company under any such policy
or fidelity bond as to which any insurance company is denying liability or defending under a reservation of rights clause; the Company
has no reason to believe that it will not be able to renew its existing insurance coverage and fidelity bond as and when such coverage
and fidelity bond expires or to obtain similar coverage and fidelity bond from similar insurers as may be necessary to continue its business;
(hh) No Unlawful
Payments. None of the Company or any of its Subsidiaries or any director, officer, employee or, to the knowledge of the Company, any
agent of the Company or any of its Subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment, or
other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization
of any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including
of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for
or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is
in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under
the Bribery Act 2010 of the United Kingdom, or any other applicable law, regulation, order, decree, or directive having the force of law
relating to anti-bribery or anti-corruption (collectively, the “Anti-Corruption Laws”); or (iv) made, offered, agreed, requested
or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback, or other unlawful or improper payment or benefit. The Company and its Subsidiaries have instituted, maintain, and enforce,
and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with the Anti-Corruption
Laws; and the Company will not use, directly or indirectly, the proceeds of the offering in furtherance of any offer payment, promise
to pay, or authorization or approval of the payment or giving of money, or anything else of value, to any person in violation of the Anti-Corruption
Laws;
(ii) Compliance
with Anti-Money Laundering Laws. The operations of the Company and the Subsidiaries are and have been conducted and will be conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements, the Bank Secrecy Act of 1970, as amended,
applicable provisions of the United and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act (USA PATRIOT ACT) of 2001, including all amendments thereto and the rules and regulations promulgated thereunder (the “USA Patriot
Act”), the Money Laundering Control Act of 1986, the anti-money laundering statutes of all jurisdictions to the extent applicable
to the Company or any of the Subsidiaries, the rules and regulations thereunder and any related or similar rules, regulations or guidelines
issued, administered or enforced by any Governmental Authority (collectively, the “Anti-Money Laundering Laws”) of all jurisdictions
having jurisdiction over the Company and the Subsidiaries, and; no action, suit or proceeding by or before any Governmental Authority
or any arbitrator involving the Company or any of the Subsidiaries with respect to the Anti-Money Laundering Laws of all jurisdictions
having jurisdiction over the Company and the Subsidiaries is pending or, to the knowledge of the Company, threatened;
(jj) Related Party
Indebtedness. There are no outstanding loans or advances or guarantees of indebtedness by the Company or any Subsidiary to or for
the benefit of any of the directors, officers, affiliates, or representatives of the Company or any Subsidiary, or any of the immediate
family members of any of them;
(kk) No Conflicts
with Sanctions Laws. None of the Company or any of the Subsidiaries, or any of their respective directors, officers or employees,
or, to the knowledge of the Company, any agents or affiliates or other persons associated with or acting on behalf of the Company, is
an individual or an entity that is, or is owned or controlled by one or more individuals or entities, is currently the target of, any
sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the
U.S. Department of the Treasury and U.S. Department of State and including, without limitation, the designation as a “specially
designated national” or “blocked person”), the United Nations Security Council, the European Union, His Majesty’s
Treasury, or other relevant sanctions authority (collectively, “Sanctions,” and each such subject or target, a “Sanctioned
Person”), nor is the Company or any of the Subsidiaries or any of its directors, officers, or employees, or, to the knowledge of
the Company, any agents, affiliates or other persons associated with or acting on behalf of the Company, an individual or entity that
is, or is owned or controlled by one or more individuals or entities that are, located, organized, or resident in a country or territory
that is the subject or the target of Sanctions that broadly prohibit dealings with that country or territory (including, without limitation,
the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic or any other Covered Region of Ukraine identified
in Executive Order 14065, the non-government controlled areas of Kherson and Zaporizhzhia, Crimea, Cuba, Iran, North Korea, and Syria)
(each, a “Sanctioned Territory”); and the Company will not directly or indirectly use the proceeds of the offering of the
Securities hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other
person or entity to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time
of such funding or facilitation, is a Sanctioned Person or Sanctioned Territory in each case, in any manner that will result in a violation
by any person (including any person participating in the transaction, whether as underwriter, advisor, investor, or otherwise) of Sanctions.
Since the inception of the Company, the Company and the Subsidiaries have not knowingly engaged in, and are not now knowingly engaged
in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was a Sanctioned
Person or with any Sanctioned Territory;
(ll) Company Not
Ineligible Issuer. The Company is not an ineligible issuer, as defined under the Securities Act, at the time specified in the Securities
Act in connection with the offering of the Securities;
(mm) No Broker’s
Fees. Except with respect to the Underwriters, none of the Company or the Subsidiaries has incurred any liability for any finder’s
fees or similar payments in connection with the transactions contemplated hereby;
(nn) Registration
Rights. There are no persons with registration or other similar rights to have any securities registered by the Company under the
Securities Act other than pursuant to that certain (i) Registration Rights Agreement, dated as of January 16, 2020, between the Company
and KBW related to the Company’s 7.00% Notes due 2025 and (ii) Registration Rights Agreement, dated as of December 11, 2020, between
the Company and KBW related to the Company’s 6.00% Convertible Notes due 2025;
(oo) No Stabilization
or Manipulation. Neither the Company nor any of the Subsidiaries, nor any affiliates of the Company or its Subsidiaries, has taken,
directly, or indirectly, and neither the Company nor any of the Subsidiaries, nor any affiliates of the Company or its Subsidiaries, will
take, directly or indirectly, any action designed to cause or result in, or which constitutes or might reasonably be expected to constitute,
the stabilization or manipulation of the price of any security of the Company or any “reference security” (as defined in Rule
100 of Regulation M under the Exchange Act) to facilitate the sale or resale of the Securities or otherwise, and has taken no action which
would directly or indirectly violate Regulation M under the Exchange Act;
(pp) Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) contained in the Registration Statement, the Pricing Disclosure Package, or the Prospectus has been made or reaffirmed without a
reasonable basis or has been disclosed other than in good faith;
(qq) Statistical
and Market Data. Nothing has come to the attention of the Company that has caused the Company to believe that any statistical and
market-related data included or incorporated by reference in each of the Registration Statement, the Pricing Disclosure Package and the
Prospectus are not based on or derived from sources that the Company reasonably believes are reliable and accurate in all material respects;
(rr) Sarbanes-Oxley
Act. To the extent applicable to the Company on the date hereof, there is and has been no failure on the part of the Company or any
of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2022,
as amended, and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302
and 906 related to certifications;
(ss) Rule 38a-1
Compliance. The Company has (i) appointed a Chief Compliance Officer and (ii) adopted and implemented written policies and procedures
reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule 38a-1 under the Investment Company
Act) by the Company, including policies and procedures that provide oversight of compliance for each administrator and transfer agent
of the Company;
(tt) Regulated
Investment Company. The Company has elected (which election has not been revoked) to be treated, and has operated, and intends to
operate its business in such a manner as to enable the Company to continue to qualify as a regulated investment company under Subchapter
M of the Code (as defined below);
(uu) Cybersecurity.
The Company and the Subsidiaries have a valid right to access and use all computer systems, networks, hardware, software, databases,
websites and equipment used to process, store, maintain and operate data, information and functions used in connection with the business
of the Company and the Subsidiaries (the “IT Systems”); the IT Systems are reasonably adequate for, and operate and perform
in all material respects as required in connection with, the operation of the business of the Company and the Subsidiaries as currently
conducted, free and clear, to the Company’s knowledge, of all bugs, errors, defects, Trojan horses, time bombs, malware and other
corruptants, except, in each case, as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.
The Company and the Subsidiaries have implemented and maintain commercially reasonable controls, policies, procedures, and safeguards
to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all
material IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (“Personal
Data”)) used in connection with their businesses, and to the Company’s knowledge there have been no breaches, violations,
outages or unauthorized uses of or accesses to same, except, in each case, as would not reasonably be expected to, individually or in
the aggregate, have a Material Adverse Effect. The Company and the Subsidiaries are presently in material compliance with all applicable
laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection
of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification, except, in each case, as would not
reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect;
(vv) No Reliance.
The Company has not relied upon the Underwriters or legal counsel for the Underwriters for any legal, tax or accounting advice in connection
with the offering and sale of the Securities;
(ww) FINRA.
None of the Company, the Subsidiaries, or their respective controlled affiliates (i) is required to register as a “broker”
or “dealer” in accordance with the provisions of the Exchange Act, or (ii) directly, or indirectly through one or more intermediaries,
controls or has any other association with (within the meaning of Article 1 of the Bylaws of FINRA) any member firm of FINRA;
(xx) ERISA.
The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no “reportable event”
(as defined in ERISA) has occurred with respect to any “pension plan” (as defined in ERISA) for which the Company would have
any liability; the Company has not incurred and does not expect to incur liability under (i) Title IV of ERISA with respect to termination
of, or withdrawal from, any “pension plan” or (ii) Section 412 or 4971 of the Internal Revenue Code of 1986, as amended, including
the regulations and published interpretations thereunder (the “Code”); each “pension plan” for which the Company
would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether
by action or by failure to act, which would cause the loss of such qualification; and participation by “benefit plan investors”
in the Company has at no time been “significant” for purposes of Section 2510.3-101(f) of the Regulations of the U.S. Department
of Labor, as modified by Section 3(42) of ERISA;
(yy) No Labor Disputes.
No labor disturbance by or dispute with employees of the Company or any Subsidiary exists or, to the knowledge of the Company, is threatened,
which would be reasonably be expected to result in a Material Adverse Effect;
(zz) Certificates.
Any certificate signed by any officer of the Company delivered to the Representatives or to counsel for the Underwriters pursuant to or
in connection with this Agreement shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered
thereby;
(aaa) Off-Balance
Sheet Transactions. Except as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
the Company and its consolidated Subsidiaries have no off-balance sheet transactions, arrangements, obligations (including contingent
obligations), or any other similar relationships with unconsolidated entities or other persons;
(bbb) Material
Assets. Except such as are disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, as of the Closing
Date, the Company and the Subsidiaries will possess, or have the right to use, all of the material assets, tangible and intangible, that
they require to conduct their respective businesses as presently conducted, and there are no material assets reasonably necessary for
the conduct of their businesses as presently conducted that will not be transferred, licensed or leased to them as of the Closing Date;
(ccc) Relationships.
No relationship, direct or indirect, exists between or among the Company or any Subsidiary, on the one hand, and the directors, officers,
stockholders, customers or suppliers of the Company or any Subsidiary, on the other hand, which would be required by the Securities Act
to be described in a prospectus included or incorporated by reference in a registration statement on Form N-2 under the Securities Act,
which is not so described in the Registration Statement, the Pricing Disclosure Package and the Prospectus;
(ddd) Related Party
Transactions. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus under the caption
“Certain Relationships and Related Party Transactions,” the Company and its Subsidiaries have not entered into any transaction
with any person which are required to be disclosed under Item 404 of Regulation S-K under the Securities Act;
(eee) Compliance
with Securities Laws and Regulations. This Agreement complies in all material respects with all applicable provisions of the Securities
Act, the Investment Company Act and the rules and regulations promulgated thereunder;
(fff) Offering
Materials. The Company has not distributed and will not distribute, prior to the later of the Closing Date and the completion of the
Underwriters’ distribution of the Securities, any offering material in connection with the offering and sale of the Securities other
than the Registration Statement, the Preliminary Prospectus contained in the Pricing Disclosure Package, the Prospectus, any Issuer Free
Writing Prospectus reviewed and consented to by the Representatives and included in Schedule 2 hereto;
(ggg) Prior Sales.
All offers and sales of the Company’s capital stock and debt or other securities prior to the date hereof were made in compliance
with or were the subject of an available exemption from the Securities Act and all other applicable state and federal laws or regulations,
or any actions under the Securities Act or any state or federal laws or regulations in respect of any such offers or sales are effectively
barred by effective waivers or statutes of limitation; and
(hhh) Emerging
Growth Company. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act.
(iii) Nasdaq Global
Select Market. The Company’s Common Stock, par value $0.001 per share (the “Common Stock”) is registered pursuant
to Section 12(b) or Section 12(g) of the Exchange Act and is listed on the Nasdaq Global Select Market, and the Company has taken no action
designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting
the Common Stock from the Nasdaq Global Select Market, nor has the Company received any notification that the Commission or Nasdaq is
contemplating terminating such registration or listing. An application for the listing of the Securities for trading on the Nasdaq Global
Select Market has been filed by the Company.
4. [Reserved]
5. Further Agreements of the Company. The
Company covenants and agrees with each Underwriter that:
(a) Required Filings.
The Company will file the final Prospectus with the Commission within the time periods specified by Rule 424 and Rule 430B under the Securities
Act; will file any Issuer Free Writing Prospectus (including the Pricing Term Sheet referred to in Annex A hereto) to the extent required
by Rule 433 and/or Rule 497 under the Securities Act; will file promptly all reports and any definitive proxy or information statements
required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to
the date of the Prospectus and for so long as the delivery of a prospectus is required in connection with the offering or sale of the
Securities; and will furnish electronic copies of the Prospectus and each Issuer Free Writing Prospectus to the Underwriters in New York
City prior to 5:00 P.M., New York City time, on the business day next succeeding the date of this Agreement, with written copies of the
Prospectus to follow as soon as practicable but in no event later than 5:00 P.M., New York City time, on the second business day succeeding
the date of this Agreement in such quantities as the Representatives may reasonably request. The Company has paid the registration fee
for this offering pursuant to Rule 457 under the Securities Act.
(b) Delivery of
Copies. The Company will deliver, without charge, (i) to the Representatives, electronic signed copies of the Registration Statement
as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith; and (ii) to each Underwriter
(A) a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) and (B) during the
Prospectus Delivery Period (as defined below), as many copies of the Prospectus as the Representatives may reasonably request. As used
herein, the term “Prospectus Delivery Period” means such period of time after the first date of the public offering of the
Securities as in the opinion of counsel for the Underwriters a prospectus relating to the Securities is required by law to be delivered
in connection with sales of the Securities by any Underwriter or dealer.
(c) Amendments
or Supplements. Before using, authorizing, approving, referring to, or filing any amendment or supplement to the Registration Statement
or the Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed amendment or
supplement for review and will not use, authorize, approve, refer to, or file any such proposed amendment or supplement to which the Representative
reasonably objects in a timely manner.
(d) Notice to the
Representatives. The Company will advise the Representatives promptly, and confirm such advice in writing, (i) when any amendment
to the Registration Statement has been filed or becomes effective; (ii) when any supplement to the Prospectus or any amendment to the
Prospectus has been filed or distributed; (iii) of any request by the Commission for any amendment to the Registration Statement or any
amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or
any other request by the Commission for any additional information; (iv) of the issuance by the Commission of any order suspending the
effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus, the Pricing Disclosure
Package, or the Prospectus, or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities
Act; (v) of the occurrence of any event or development within the Prospectus Delivery Period as a result of which the Prospectus or the
Pricing Disclosure Package, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus or the
Pricing Disclosure Package is delivered to a purchaser, not misleading; (vi) of the receipt by the Company of any notice of objection
of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the
Securities Act; and (vii) of the receipt by the Company of any notice with respect to any suspension of the qualification of the Securities
for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use commercially
reasonable efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or
suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or suspending any such qualification
of the Securities and, if any such order is issued, will use commercially reasonable efforts to obtain as soon as possible the withdrawal
thereof.
(e) Ongoing Compliance.
(1) If during the Prospectus Delivery Period (i) any event or development shall occur or condition shall exist as a result of which the
Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not
misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with law, the Company will immediately notify the Underwriters
thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission and furnish to the Underwriters and to such
dealers as the Representatives may designate such amendments or supplements to the Prospectus as may be necessary so that the statements
in the Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is delivered
to a purchaser, be misleading or so that the Prospectus will comply with law and (2) if at any time prior to the Closing Date (i) any
event or development shall occur or condition shall exist as a result of which the Pricing Disclosure Package, as then amended or supplemented,
would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii) it
is necessary to amend or supplement the Pricing Disclosure Package to comply with law, the Company will immediately notify the Underwriters
thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission (to the extent required) and furnish to the
Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the Pricing Disclosure Package
as may be necessary so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the
circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure
Package will comply with law.
(f) Blue Sky Compliance.
The Company will use commercially reasonable efforts, in cooperation with the Representatives, to qualify the Securities for offer and
sale under the securities or blue sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such
qualifications in effect so long as required for distribution of the Securities; provided that the Company shall not be required
to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise
be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation
in any such jurisdiction if it is not otherwise so subject.
(g) Earning Statement.
The Company will make generally available to its security holders and the Representatives as soon as practicable an earning statement
that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering a
period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the “effective date”
(as defined in Rule 158) of the Registration Statement; provided that the Company will be deemed to have complied with such requirement
by filing such an earning statement on the Commission’s Electronic Data Gathering, Analysis, and Retrieval system (or any successor
system) (“EDGAR”).
(h) Clear Market.
During a period of thirty (30) days from the date of the Prospectus, the Company will not offer, sell, contract to sell, pledge, grant
any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially
submit to the Commission a registration statement under the Securities Act relating to any securities of the Company that are substantially
similar to the Securities, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing, without the
prior written consent of the Representatives.
(i) Use of Proceeds.
The Company will apply the net proceeds from the sale of the Securities in all material respects as described in the Pricing Disclosure
Package and the Prospectus under the heading “Use of Proceeds.”
(j) DTC. The
Company will cooperate with the Representatives and use its commercially reasonable efforts to permit the offered Securities to be eligible
for clearance and settlement through the facilities of DTC.
(k) No Stabilization
or Manipulation. The Company will not take, directly or indirectly, without giving effect to any activities by the Underwriters, any
action designed, or that would reasonably be expected, to cause or result in any stabilization or manipulation of the price of the Securities.
(l) Reports.
For a period of one year from the date of this Agreement, so long as the Securities are outstanding, the Company will furnish to the Representatives,
as soon as commercially reasonable after the date they are available, copies of all reports or other communications (financial or other)
furnished to holders of the Securities, and copies of any reports and financial statements furnished to or filed with the Commission or
any national securities exchange or automatic quotation system; provided the Company will be deemed to have furnished such reports
and financial statements to the Representatives to the extent they are filed on EDGAR.
(m) Business Development
Company. The Company, during a period of twelve months from the date of the Prospectus, will use commercially reasonable efforts to
maintain its status as a business development company under the Investment Company Act; provided, however, that the Company may
change the nature of its business so as to cease to be, or withdraw its election to be treated as, a business development company with
the approval of its Board of Directors and a vote of stockholders as required by Section 58 of the Investment Company Act.
(n) Regulated Investment
Company. During the twelve-month period following the Closing Date, the Company will use commercially reasonable efforts to conform
with the applicable requirements to be treated as a regulated investment company under Subchapter M of the Code for each taxable year
during which it is a business development company under the Investment Company Act.
(o) Annual Compliance
Reviews. The Company will retain qualified accountants and qualified tax experts to (i) test procedures and conduct annual compliance
reviews designed to determine compliance with the regulated investment company provisions of the Code and (ii) otherwise assist the Company
in monitoring appropriate accounting systems and procedures designed to determine compliance with the regulated investment company provisions
of the Code.
(p) Accounting
Controls. The Company has established and will maintain a system of internal accounting controls sufficient to provide reasonable
assurances that (A) transactions are executed in accordance with management’s authorization; (B) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP, and to maintain accountability for assets; (C) access to the Company’s
consolidated assets is permitted only in accordance with management’s authorization; (D) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; (E) material
information relating to the Company and the assets managed by the Company is promptly made known to the officers responsible for establishing
and maintaining the system of internal accounting controls; and (F) any significant deficiencies or weaknesses in the design or operation
of internal accounting controls that could adversely affect the Company’s ability to record, process, summarize, and report financial
data, and any fraud, whether or not material, that involves management or other employees who have a significant role in internal controls,
are adequately and promptly disclosed to the Company’s independent auditors and the audit committee of the Company’s Board
of Directors.
(q) Issuer Free
Writing Prospectus. The Company represents and agrees that, without the prior consent of the Representatives (i) it will not distribute
any offering material other than the Registration Statement, the Pricing Disclosure Package, the Prospectus or the information set forth
on Schedule 2 hereto, and (ii) it has not made and will not make any offer relating to the Securities that would constitute a “free
writing prospectus” as defined in Rule 405 under the Securities Act (other than for the information set forth on Schedule 2 hereto),
and which the parties agree, for the purposes of this Agreement, includes (x) any “advertisement” as defined in Rule 482 under
the Securities Act and (y) any sales literature, materials or information provided to investors by, or with the approval of, the Company
in connection with the marketing of the offering of the Securities, including any in-person road show or investor presentations (including
slides and scripts relating thereto) made to investors by or on behalf of the Company.
(r) Nasdaq Listing.
The Company agrees to use commercially reasonable efforts to effect within 30 days of the Closing Date the listing of the Securities on
the Nasdaq Global Select Market and to use commercially reasonable efforts to maintain such listing.
6. Certain Agreements of
the Underwriters. Each Underwriter hereby represents, warrants and agrees that:
(a) Without the prior
written consent of the Company, it has not used, authorized use of, referred to or participated in the planning for the use of, and will
not use, authorize the use of, refer to or participate in the planning for the use of, any written information concerning the offering
of the Securities other than materials contained in the Pricing Disclosure Package, the Prospectus, or any other offering materials prepared
by or with the prior written consent of the Company.
(b) It is not subject
to any pending proceeding under Section 8A of the Securities Act with respect to the offering contemplated by this Agreement (and will
promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).
7. Conditions of Underwriters’
Obligations. The obligation of each Underwriter to purchase the Securities on the Closing Date or any Secondary Closing Date as provided
herein is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:
(a) Registration
Compliance; No Stop Order. No order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
shall be in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act
shall be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely
filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433
and/or Rule 497 under the Securities Act) and in accordance with Section 5(a) hereof; and all requests by the Commission for additional
information shall have been complied with to the reasonable satisfaction of the Representatives.
(b) Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and
on and as of the Closing Date and any Secondary Closing Date; and the statements of the Company and its officers made in any certificates
delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date and any Secondary Closing Date.
(c) No Material
Adverse Change. No event or condition of a type described in Section 3(h) hereof shall have occurred or shall exist, which event or
condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding
any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable or inadvisable
to proceed with the offering, sale, or delivery of the Securities on the Closing Date and any Secondary Closing Date, on the terms and
in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.
(d) Company’s
Officers’ Certificate. The Representatives shall have received on and as of the Closing Date and any Secondary Closing Date,
as applicable, a certificate, which shall be delivered on behalf of the Company and not the signatories in their individual capacity,
of the chief financial officer or chief accounting officer of the Company and one additional senior executive officer of the Company who
is reasonably satisfactory to the Representatives (i) confirming that such officers have carefully reviewed the Registration Statement,
the Pricing Disclosure Package and the Prospectus, (ii) confirming that, to the knowledge of such officers, the representations and warranties
of the Company in this Agreement are true and correct and that the Company has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied hereunder at or prior to the Closing Date and any Secondary Closing Date, as applicable, and
(iii) with respect to the Company and its Subsidiaries, to the effect set forth in paragraph (c) above.
(e) Chief Financial
Officer Certificate. The Company shall have delivered to the Representatives a certificate, dated the date of this Agreement and the
Closing Date and any Secondary Closing Date, as applicable, executed by the chief financial officer, as to certain financial and other
matters in substantially the form and substance reasonably satisfactory to the Representative.
(f) Comfort Letters.
On the date of this Agreement and on the Closing Date and any Secondary Closing Date, as applicable, Ernst & Young LLP shall have
furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed
to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the
type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements
and certain financial information included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package
and the Prospectus; provided, that the letter delivered on the Closing Date and any Secondary Closing Date, as applicable, shall use a
“cut-off” date no more than three business days prior to the Closing Date and any Secondary Closing Date, as applicable.
(g) Opinion and
10b-5 Statement of Counsel for the Company. Dechert LLP, counsel for the Company, shall have furnished to the Representatives, at
the request of the Company, their written opinions and 10b-5 letter, dated the Closing Date and any Secondary Closing Date, as applicable,
and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.
(h) Opinion and
10b-5 Statement of Counsel for the Underwriters. Ropes & Gray LLP, counsel for the Underwriters, shall have furnished to the Representatives,
their written opinions and 10b-5 letter, dated the Closing Date and any Secondary Closing Date, as applicable, and addressed to the Underwriters,
in form and substance reasonably satisfactory to the Representatives.
(i) No Legal Impediment
to Issuance. No action shall have been taken and no statute, rule, regulation, or order shall have been enacted, adopted, or issued
by any federal, state, or foreign governmental or regulatory authority that would, as of the Closing Date and any Secondary Closing Date,
as applicable, prevent the issuance and sale of the Securities; and no injunction or order of any federal, state, or foreign court shall
have been issued that would, as of the Closing Date and any Secondary Closing Date, as applicable, prevent the issuance and sale of the
Securities.
(j) Good Standing.
The Representatives shall have received on and as of the Closing Date and any Secondary Closing Date, as applicable, reasonably satisfactory
evidence of the good standing of the Company and its Subsidiaries in their respective jurisdictions of organization and their good standing
as foreign entities in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any standard
form of telecommunication from the appropriate governmental authorities of such jurisdictions.
(k) Securities.
On or prior to the Closing Date and any Secondary Closing Date, as applicable, the Company and the Trustee shall have executed and delivered
the Securities.
(l) No Downgrade.
Subsequent to the earlier of (A) the Applicable Time and (B) the execution and delivery of this Agreement, if there are any debt securities
or preferred stock of, or guaranteed, by, the Company that are rated by a “nationally recognized statistical rating organization,”
as such term is defined in Section 3(a)(62) of the Exchange Act, (i) no downgrading shall have occurred in the rating accorded any such
debt securities or preferred stock and (ii) no such organization shall have publicly announced that it has under surveillance or review,
or has changed its outlook with respect to, its rating of any such debt securities or preferred stock (other than an announcement with
positive implications of a possible upgrading).
(m) Form 8-A.
The Company has filed a registration statement on Form 8-A relating to the Securities pursuant to Section 12(b) of the Exchange Act.
(n) Additional
Documents. On or prior to the Closing Date and any Secondary Closing Date, as applicable, the Company shall have furnished to the
Representatives such further certificates and documents as the Representatives may reasonably request.
All opinions, letters, certificates,
and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they
are in form and substance reasonably satisfactory to counsel for the Underwriters.
8. Indemnification and Contribution.
(a) Indemnification
of the Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and
each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any and all losses, claims, damages, and liabilities (including, without limitation, reasonable and documented legal
fees and other reasonable and documented expenses incurred in connection with any suit, action, or proceeding or any claim asserted, as
such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (ii) any untrue statement
or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing
Prospectus, any road show as defined in Rule 433(h) under the Securities Act (a “road show”), or the Pricing Disclosure Package
(including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state
therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, in each case except insofar as such losses, claims, damages, or liabilities arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to
any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being
understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in subsection
(b) below.
(b) Indemnification
of the Company. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its
officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect
to any losses, claims, damages, or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company
in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus (or any amendment
or supplement thereto), any Issuer Free Writing Prospectus, any road show, or any Pricing Disclosure Package (including any Pricing Disclosure
Package that has subsequently been amended), it being understood and agreed upon that the only such information furnished by any Underwriter
consists of the following information in the Prospectus furnished on behalf of each Underwriter: the marketing names of the Underwriters
set forth on such cover page, and under the caption “Underwriting,” the legal names of the Underwriters, the concession amount
appearing in the fifth paragraph and the information regarding stabilizing transactions contained in the twelfth, thirteenth and fourteenth
paragraphs.
(c) Notice and
Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought
or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person
(the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying
Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability
that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (including through the forfeiture
of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person
shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If
any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof,
the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of
the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person in such proceeding and shall pay the
reasonable and documented fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified
Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person, unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified
Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those
available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both
the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interest between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable and documented fees and expenses of
more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such reasonable and documented
fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for any Underwriter, its affiliates, directors
and officers and any control persons of such Underwriter shall be designated in writing by the Representatives, and any such separate
firm for the Company, its directors, its officers who signed the Registration Statement and any control persons of the Company shall be
designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees
to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified
Person for reasonable and documented fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be
liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days
after receipt by the Indemnifying Person of such request and, (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person
in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the
Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could
have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes
an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all
liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person.
(d) Contribution.
If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages, or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses,
claims, damages, or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on
the one hand, and the Underwriters on the other, from the offering of the Securities or (ii) if the allocation provided by clause (i)
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) but also the relative fault of the Company, on the one hand, and the Underwriters on the other, in connection with the statements
or omissions that resulted in such losses, claims, damages, or liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Company, on the one hand, and the Underwriters, on the other, shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Securities and the total underwriting
discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of
the Prospectus, bear to the aggregate offering price of the Securities. The relative fault of the Company, on the one hand, and the Underwriters,
on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
Notwithstanding any other provision in this Section 8, no party shall be entitled to indemnification or contribution under this Agreement
in violation of Section 17(j) of the Investment Company Act.
(e) Limitation
on Liability. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph
(d) above were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid
or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall
be deemed to include, subject to the limitations set forth above, any reasonable and documented legal or other expenses incurred by such
Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs (d) and (e) of this Section
8, in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts
and commissions received by such Underwriter with respect to the offering of the Securities exceeds the amount of any damages that such
Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute pursuant to
paragraphs (d) and (e) of this Section 8 are several in proportion to their respective purchase obligations hereunder and not joint.
(f) Non-Exclusive
Remedies. The remedies provided for in this Section 8 paragraphs (a) through (e) are not exclusive and shall not limit any rights
or remedies which may otherwise be available to any Indemnified Person at law or in equity.
9. Effectiveness of Agreement.
This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.
10. Termination. This
Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution and delivery
of this Agreement and prior to the Closing Date or any Secondary Closing Date (i) trading generally shall have been suspended or materially
limited on or by either of the New York Stock Exchange or the Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed
by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking
activities shall have been declared by U.S. federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation
of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the
judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale
or delivery of the Securities on the Closing Date or any Secondary Closing Date on the terms and in the manner contemplated by this Agreement,
the Pricing Disclosure Package and the Prospectus.
11. Defaulting Underwriter.
(a) If, on the Closing
Date or any Secondary Closing Date, any Underwriter defaults on its obligation to purchase the Securities that it has agreed to purchase
hereunder on such date, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Securities by other persons
satisfactory to the Company on the terms contained in this Agreement. If, within 24 hours after any such default by any Underwriter, the
non-defaulting Underwriters do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period
of 24 hours within which to procure other persons reasonably satisfactory to the non-defaulting Underwriters to purchase such Securities
on such terms. If other persons become obligated or agree to purchase the Securities of a defaulting Underwriter, either the non-defaulting
Underwriters or the Company may postpone the Closing Date or any Secondary Closing Date for up to five full business days in order to
effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration
Statement and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement
to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the term “Underwriter”
includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant
to this Section 11, purchases Securities that a defaulting Underwriter agreed but failed to purchase.
(b) If, after giving
effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters
and the Company as provided in paragraph (a) above, the aggregate principal amount of Securities that remain unpurchased on the Closing
Date or any Secondary Closing Date does not exceed one-eleventh of the aggregate principal amount of Securities to be purchased on such
date, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Securities
that such Underwriter agreed to purchase hereunder on such date plus such Underwriter’s pro rata share (based on the principal
amount of Securities that such Underwriter agreed to purchase on such date) of the Securities of such defaulting Underwriter or Underwriters
for which such arrangements have not been made.
(c) If, after giving
effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters
and the Company as provided in paragraph (a) above, the aggregate principal amount of Securities that remain unpurchased on the Closing
Date or any Secondary Closing Date exceeds one-eleventh of the aggregate principal amount of Securities to be purchased on such date,
or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability
on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section 11 shall be without liability
on the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section 12
hereof and except that the provisions of Section 8 hereof shall not terminate and shall remain in effect.
(d) Nothing contained
herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter for damages
caused by its default.
12. Payment of Expenses.
(a) Whether or not
the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company will pay or cause to be paid
all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i) the costs incident
to the authorization, issuance, sale, preparation and delivery of the Securities and any stamp, issuance, transfer or other similar taxes
payable in that connection; (ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration
Statement, the Preliminary Prospectus, any Pricing Disclosure Package and the Prospectus (including all exhibits, amendments and supplements
thereto) and the distribution thereof; (iii) the fees and expenses of the Company’s counsel and independent accountants; (iv) the
reasonable and documented fees and expenses incurred in connection with the registration or qualification of the Securities under the
state or foreign securities or blue sky laws of such jurisdictions as the Representatives may designate with the prior approval of the
Company (such approval not to be unreasonably withheld, conditioned or delayed) (including the related reasonable and documented fees
and expenses of counsel for the Underwriters); (v) all filing fees and the reasonable fees and expenses incurred in connection with any
filing with, and clearance of the offering by, FINRA (such fees and expenses pursuant to this clause (v) and clause (iv), in the aggregate,
shall not exceed $10,000); (vi) all expenses incurred by the Company in connection with any “road show” presentation to potential
investors; (vii) the fees and expenses of the Trustee with respect to the Securities; and (vii) the fees and expenses incurred in connection
with listing the Securities on the Nasdaq Global Select Market. It is, however, understood that except as provided in this Section 12
or in Section 8 of this Agreement, the Underwriters shall pay all of their own costs and expenses, including, without limitation, the
fees and disbursements of their counsel, any advertising expenses connected with any offers they make and all travel, lodging and other
expenses of the Underwriters incurred by them in connection with any road show.
(b) If (i) this Agreement
is terminated pursuant to Section 10 (other than as a result of a termination pursuant to clauses (i), (iii) or (iv) of Section 10), (ii)
the Company for any reason fails to tender the Securities for delivery to the Underwriters (other than as a result of a termination pursuant
to Section 11 or clauses (i), (iii) or (iv) of Section 10 or the default by one or more of the Underwriters in its or their respective
obligations hereunder) or (iii) the Underwriters decline to purchase the Securities for any reason permitted under this Agreement, the
Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including the reasonable and documented fees and
expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.
13. Persons Entitled to
Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors
and the officers and directors and any controlling persons referred to in Section 8 hereof. Nothing in this Agreement is intended or shall
be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision
contained herein. No purchaser of Securities from any Underwriter shall be deemed to be a successor merely by reason of such purchase.
14. Survival. The respective
indemnities, rights of contribution, representations, warranties, and agreements of the Company and the Underwriters contained in this
Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant
hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination
of this Agreement or any investigation made by or on behalf of the Company or the Underwriters.
15. Certain Defined Terms.
For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth
in Rule 405 under the Securities Act; and (b) the term “business day” means any day other than a day on which banks are permitted
or required to be closed in New York City.
16. Recognition of the U.S. Special Resolution
Regimes.
(a) In the event that any
Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter
of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws
of the United States or a state of the United States.
(b) In the event that any
Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws
of the United States or a state of the United States.
(c) For purposes of this Section
16, a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance
with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term
is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right” has the meaning assigned to that term in, and shall
be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act of 1950, as amended, and the regulations promulgated thereunder and (ii) Title II
of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the regulations promulgated thereunder.
17. Miscellaneous.
(a) Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives c/o Keefe,
Bruyette & Woods, Inc., 787 7th Avenue, 4th Floor, New York, New York 10019, Attention: General Counsel; c/o Morgan Stanley &
Co. LLC, 1585 Broadway, New York, New York 10036 (fax: (212) 507-8999), Attention: Investment Banking Division, with a copy to the Legal
Department; c/o RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281, telephone: (212) 618-7706,
e-mail: TMGUS@rbccm.com, Attention: DCM Transaction Management/Scott Primrose and c/o UBS Securities LLC, 1285 Avenue of the Americas,
New York, New York 10019, Attention: Fixed Income Syndicate, with a copy to Ropes & Gray LLP, 1211 Avenue of the Americas, New York,
NY 10036, Attn: Paul D. Tropp. Notices to the Company shall be given to it at Trinity Capital Inc., 1 N. 1st Street, Suite 302, Phoenix,
Arizona 85004, Attention: Kyle Brown, with a copy to Dechert LLP, 1900 K Street, N.W., Washington, DC 20006, Attn: Darius I. Ravangard.
(b) USA Patriot
Act. In accordance with the requirements of the USA Patriot Act, the Underwriters are required to obtain, verify and record information
that identifies their clients, which may include the name and address of their clients, as well as other information that will allow the
underwriters to properly identify their clients.
(c) Governing Law.
This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made and to be performed in such state.
(d) Counterparts.
This Agreement may be signed in counterparts, each of which shall be an original and all of which together shall constitute one and the
same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S.
federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g.,
docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and
be valid and effective for all purposes.
(e) Amendments
or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by the parties hereto.
(f) Headings.
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, this Agreement.
(g) Authority of
the Representatives. The Representatives are duly authorized to act hereunder on behalf of the other Underwriters. Any action by the
Underwriters hereunder may be taken by the Representatives on behalf of the Underwriters, and any such action taken by the Representatives
shall be binding on all the Underwriters.
If the foregoing is in accordance
with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.
[Signature pages follow]
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Very truly yours, |
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TRINITY CAPITAL INC. |
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By: |
/s/ Kyle Brown |
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Name: |
Kyle Brown |
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Title: |
Chief Executive Officer, President and Chief Investment Officer |
[Signature Page to the Underwriting Agreement]
Acting on behalf of themselves and the |
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several Underwriters listed in Schedule 1 hereto. |
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KEEFE, BRUYETTE & WOODS, INC. |
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By: |
/s/ Allen G. Laufenberg |
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Name: Allen G. Laufenberg |
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Title: Managing Director |
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MORGAN STANLEY & Co. LLC |
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By: |
/s/ Michael Borut |
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Name: Michael Borut |
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Title: Executive Director |
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RBC Capital Markets, LLC |
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By: |
/s/ Saurabh Monga |
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Name: Saurabh Monga |
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Title: Managing Director |
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UBS Securities LLC |
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By: |
/s/ Jay Anderson |
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Name: Jay Anderson |
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Title: Managing Director |
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By: |
/s/ Aaron Dupere |
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Name: Aaron Dupere |
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Title: Associate Director |
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[Signature Page to the Underwriting Agreement]
Schedule 1
The Purchase Price for the Securities to be paid by the several Underwriters
shall be 97.00% of the aggregate principal amount thereof, plus accrued interest, if any, from July 19, 2024.
Underwriter | |
Principal Amount of Securities to be Purchased | |
Keefe, Bruyette & Woods, Inc. | |
$ | 21,000,000 | |
Morgan Stanley & Co. LLC | |
$ | 21,000,000 | |
RBC Capital Markets, LLC | |
$ | 21,000,000 | |
UBS Securities LLC | |
$ | 21,000,000 | |
B. Riley Securities, Inc. | |
$ | 6,000,000 | |
Oppenheimer & Co. Inc. | |
$ | 6,000,000 | |
Compass Point Research & Trading, LLC | |
$ | 2,000,000 | |
Ladenburg Thalmann & Co. Inc. | |
$ | 2,000,000 | |
Total | |
$ | 100,000,000 | |
Schedule 2
| 1. | Pricing Term Sheet, dated July 16, 2024, containing the terms
governing the Securities, substantially in the form of Annex A to this Agreement filed with the Commission on July 16, 2024 pursuant
to Rule 433. |
Schedule 3
Subsidiaries of the Company
| 2. | TRINITY CAPITAL HOLDINGS, LLC |
Annex A
PRICING TERM SHEET
[ATTACHED]
Relating to Preliminary Prospectus
Supplement dated July 16, 2024 and
Prospectus dated February 7, 2024
Registration No. 333-275970
Trinity Capital Inc.
$100,000,000
7.875% Notes due 2029
PRICING TERM SHEET
July 16,
2024
The following
sets forth the final terms of the 7.875% Notes due 2029 (the “Notes”) and should only be read together with the preliminary
prospectus supplement of Trinity Capital Inc. (the “Issuer”) dated July 16, 2024, together with the accompanying prospectus
dated February 7, 2024 (the “Preliminary Prospectus”), relating to the Notes, and supersedes the information in the Preliminary
Prospectus to the extent inconsistent with the information in the Preliminary Prospectus. In all other respects, this pricing term sheet
is qualified in its entirety by reference to the Preliminary Prospectus. Terms used herein but not defined herein shall have the respective
meanings as set forth in the Preliminary Prospectus. All references to dollar amounts are references to U.S. dollars.
Issuer: |
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Trinity Capital Inc. |
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Issuer Ticker: |
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TRIN |
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Security: |
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7.875% Notes due 2029 |
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Expected Ratings*: |
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BBBL (Morningstar) /BBB (Egan-Jones) |
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Trade Date: |
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July 16, 2024 |
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Settlement Date**: |
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July 19, 2024 (T+3) |
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Initial Aggregate Principal Amount Offered: |
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$100,000,000 |
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Underwriters’ Option to Purchase Additional Notes: |
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$15,000,000 (15% of aggregate principal amount) |
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Initial Public Offering Price: |
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100% of the aggregate principal amount of the Notes |
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Maturity Date: |
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September 30, 2029, unless earlier repurchased or redeemed |
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Listing: |
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The Issuer intends to list the Notes on the Nasdaq Global Select Market within 30 days of the Settlement Date under the trading symbol “TRINI” |
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Coupon (Interest Rate): |
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7.875% |
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Interest Payment Dates: |
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March 30, June 30, September 30 and December
30, commencing September 30, 2024 |
Optional Redemption: |
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The Notes may be redeemed in whole or in part at any time or from time to time at the Issuer’s option on or after September 30, 2026, upon not less than 30 days nor more than 60 days’ written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. |
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Use of Proceeds: |
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The Issuer expects to use the net proceeds from this offering to pay down a portion of its existing indebtedness outstanding under the KeyBank Credit Agreement and, depending on the remaining amount of net proceeds after such use, to redeem a portion of its outstanding 2025 Notes. |
Certain Covenants: |
| In addition to the covenants described in the Preliminary Prospectus Supplement, the following
covenants shall apply to the Notes: |
| ● | For the period of time during which the Notes are outstanding, the Issuer will not violate Section 18(a)(1)(A)
as modified by Section 61(a) of the Investment Company Act of 1940 Act, as amended (the “1940 Act”), as may be applicable
to it from time to time or any successor provisions, whether or not the Issuer continues to be subject to such provisions of the 1940
Act. As of the date hereof, these provisions generally prohibit the Issuer from incurring additional borrowings, including through the
issuance of additional debt securities, unless its asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings. |
| ● | For the period of time during which the Notes are outstanding, the Issuer will not violate Section18(a)(1)(B) as modified by such provisions
of Section 61(a) of the 1940 Act, as may beapplicable to it from time to time or any successor provisions. As of the date hereof, theseprovisions
generally prohibit the Issuer from declaring any cash dividend or distribution uponany class of its capital stock, or purchasing any such
capital stock if the Issuer’s asset coveragewere below 150% at the time of the declaration of the dividend or distribution or the
purchaseand after deducting the amount of such dividend, distribution, or purchase. Under the covenant,the Issuer will be permitted to
declare a cash dividend or distribution notwithstanding theprohibition contained in Section 18(a)(1)(B) as modified by such provisions
of Section 61(a) ofthe 1940 Act as may be applicable to the Issuer from time to time or any successor provisions,but only up to such amount
as is necessary for the Issuer to maintain its status as a regulatedinvestment company under Subchapter M of the Internal Revenue Code
of 1986, as amended.Furthermore, the covenant will permit the Issuer to continue paying dividends or distributionsand the restrictions
will not apply unless and until such time as its asset coverage (as defined inthe 1940 Act, except to the extent modified by this covenant)
has not been in compliance withthe minimum asset coverage required by Section 18(a)(1)(B) as modified by such provisions ofSection 61(a)
of the 1940 Act as may be applicable to it from time to time or any successorprovisions for more than six consecutive months. |
| ● | If, at any time, the Issuer is not subject to the reporting requirements of Sections 13 or 15(d) ofthe Securities Exchange Act of 1934,
as amended, to file any periodic reports with the Securitiesand Exchange Commission (“SEC”), it shall furnish to holders of
the Notes and the trustee, forthe period of time during which the Notes are outstanding, its audited annual consolidatedfinancial statements,
within 90 days of its fiscal year end, and unaudited interim consolidatedfinancial statements, within 45 days of its fiscal quarter end
(other than the Issuer’s fourth fiscalquarter). All such financial statements will be prepared, in all material respects, in accordancewith
applicable United States generally accepted accounting principles. |
Denomination: |
$25.00 |
CUSIP/ISIN: |
896442 704/ US8964427046 |
Joint Book-Running Managers: |
Keefe, Bruyette & Woods, Inc. |
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Morgan Stanley & Co. LLC |
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RBC Capital Markets, LLC |
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UBS Securities LLC |
Co-Managers |
B. Riley Securities, Inc. |
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Oppenheimer & Co. Inc. |
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Compass Point Research & Trading, LLC |
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Ladenburg Thalmann & Co. Inc. |
*A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.
**The Issuer expects that delivery of the Notes will be made to investors on or about July
19, 2024, which will be the third business dayfollowing the date hereof. Under Rule 15c6-1 under the Securities Exchange Act of 1934,
as amended, trades in the secondary market arerequired to settle in one business day, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish totrade Notes on any date prior to one business day before delivery will be required
by virtue of the fact that the Notes initially settle in T+3, tospecify an alternate settlement arrangement at the time of any such trade
to prevent a failed settlement. Purchasers of the Notes who wish totrade the Notes on any date prior to one business day before delivery
should consult their advisors.
Investors are advised to carefully consider the investment objectives, risks, charges and
expenses of the Issuer before investing. ThePreliminary Prospectus, which has been filed with the SEC, and the documents incorporated
by reference therein, contain these factors andother information about the Issuer and should be read carefully before investing.
The information in the Preliminary Prospectus and in this pricing term sheet is not complete
and may be changed. The PreliminaryProspectus and this pricing term sheet are not offers to sell any securities of the Issuer and are
not soliciting an offer to buy such securities inany jurisdiction where such offer and sale is not permitted.
The issuer has filed a shelf registration statement (including a base prospectus) with
the SEC for the offering to which this communicationrelates. Before you invest, you should read the base prospectus in that registration
statement, the Preliminary Prospectus and the documentsincorporated by reference therein, which the issuer has filed with the SEC, for
more complete information about the Issuer and this offering.You may obtain these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, the Issuer, any underwriteror any dealer participating in the offering will arrange to send you the
Preliminary Prospectus if you request it from Keefe, Bruyette &Woods, Inc., 787 7th Avenue, 4th Floor, New York, New York 10019,
Attn: Equity Syndicate, by telephone at 1 (800) 966-1559, Morgan Stanley& Co. LLC, 1585 Broadway, New York, New York 10036, toll-free
at 1 (866) 718-1649, RBC Capital Markets, LLC, Brookfield Place, 200Vesey Street, 8th Floor, New York, New York 10281, toll free at 1
(866) 375-6829 or UBS Securities LLC, 1285 Avenue of the Americas, NewYork, New York 10019, Attn: Fixed Income Syndicate, toll-free at
1 (888) 827-7275.
Exhibit 4.2
Execution Version
SIXTH SUPPLEMENTAL INDENTURE
between
TRINITY CAPITAL INC.
and
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee
Dated as of July 19, 2024
SIXTH SUPPLEMENTAL INDENTURE
THIS SIXTH SUPPLEMENTAL INDENTURE
(this “Sixth Supplemental Indenture”), dated as of July 19, 2024, is between Trinity Capital Inc., a Maryland corporation
(the “Company”), and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National
Association), as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the
Base Indenture (as defined below) unless otherwise defined herein.
RECITALS OF THE COMPANY
The Company and the Trustee executed
and delivered an Indenture, dated as of January 16, 2020 (the “Base Indenture” and, as supplemented by this Sixth Supplemental
Indenture, collectively, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s
unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series
as provided in the Indenture.
The Company desires to issue and
sell $100,000,000 aggregate principal amount of the Company’s 7.875% Notes due 2029 (the “Notes”).
The Company previously entered
into the First Supplemental Indenture, dated as of January 16, 2020 (the “First Supplemental Indenture”), the Second
Supplemental Indenture, dated as of December 11, 2020 (the “Second Supplemental Indenture”), the Third Supplemental
Indenture, dated as of August 24, 2021 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated
as of December 15, 2021 (the “Fourth Supplemental Indenture”) and the Fifth Supplemental Indenture, dated as of March
28, 2029, which supplemented the Base Indenture. None of the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture or the Fifth Supplemental Indenture are applicable to the Notes.
Sections 9.01(iv) and 9.01(vi)
of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding
of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) establish
the form or terms of Securities of any series as permitted by Section 2.01 and Section 3.01 of the Base Indenture.
The Company desires to establish
the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of
the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each, a “Future Supplemental
Indenture”)).
The Company has duly authorized
the execution and delivery of this Sixth Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary
to make this Sixth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of
the Company, in accordance with its terms, have been done and performed.
NOW,
THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the
premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders
of the Notes, as follows:
Article
I.
TERMS OF
THE NOTES
Section 1.01 Terms of the Notes. The
following terms relating to the Notes are hereby established:
(a) |
The Notes shall constitute a series of Securities having the title “7.875% Notes due 2029” and shall be designated as Senior Securities under the Indenture. The Notes shall bear a CUSIP number of 896442 704 and an ISIN number of US 8964427046. |
(b) |
The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $100,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Notes; provided that such Additional Notes must either (i) be issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original issue discount, or otherwise (ii) be part of the same issue as the Notes for U.S. federal income tax purposes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires. |
(c) |
The entire Outstanding principal amount of the Notes shall be payable on September 30, 2029, unless earlier redeemed or repurchased in accordance with the provisions of this Sixth Supplemental Indenture. |
(d) |
The rate at which the Notes shall bear interest shall be 7.875% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be July 19, 2024, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be March 30, June 30, September 30 and December 30 of each year, commencing September 30, 2024 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day with the same force and effect as if made on the scheduled Interest Payment Date and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including July 19, 2024 (or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 15, June 15, September 15 and December 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Paying Agent, which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that in the case of Notes that are not in global form, 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. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months. |
(e) |
The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Sixth Supplemental Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture. |
(f) |
The depositary for such Global Notes shall be the Depositary Custodian. The Security Registrar with respect to the Global Notes shall be the Trustee. |
(g) |
The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.07, 10.08, and 10.09 of the Indenture. |
(h) |
The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows: |
(i) |
The Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, on or after September 30, 2026 at a Redemption Price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to, but excluding, the Redemption Date. |
(ii) |
Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent electronically in accordance with Applicable Procedures with respect to Notes in global form, to each Holder of the Notes to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture. |
(iii) |
Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent applicable. |
(iv) |
If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected by the Trustee on a pro rata basis to the extent practicable, or, if a pro rata basis is not practicable for any reason, by lot or in such other manner as the Trustee shall deem fair and appropriate, and in any case in accordance with the applicable procedures of the Depositary and in accordance with the Investment Company Act as directed by the Company; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $25. |
(v) |
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption hereunder. |
(i) |
The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture. |
(j) |
The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof. |
(k) |
Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article Thirteen of the Indenture. |
Article
II.
REMEDIES
Section 2.01 Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clause (ii) thereof
with the following:
“(ii) default in the payment of the
principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity, including upon any Redemption Date or
required repurchase date; or”
Section 2.02 Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by adding the following language
as clause (ix):
“(ix): A payment default or acceleration
on any indebtedness for borrowed money (other than non-recourse indebtedness) by the Company or any of its subsidiaries (if the aggregate
principal amount of such indebtedness and such default or acceleration is not cured within 120 days of its due date), when taken together
with the aggregate principal amount of any other indebtedness for borrowed money of the Company or any subsidiary of the Company as to
which a payment default or an acceleration shall have occurred and shall be continuing (and such default or acceleration is not cured
within 120 days of its due date), aggregates $10.0 million or more at any time.”
Section 2.03 Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first paragraph
of Section 5.02 with the following:
“If an Event of Default with respect
to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or 5.01(vi)),
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Outstanding
Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon
any such declaration such principal shall become immediately due and payable; provided that 100% of the principal of, and accrued
and unpaid interest on, the Notes will automatically become due and payable in the case of an Event of Default specified in Section 5.01(v)
or 5.01(vi) hereof.”
Article
III.
COVENANTS
Section 3.01 Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections
10.07, 10.08, and 10.09 thereto, each as set forth below:
“Section 10.07 Section
18(a)(1)(A) of the Investment Company Act.
The Company hereby agrees that for the period
of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section 18(a)(1)(A) as modified
by Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor provisions thereto
of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”
“Section 10.08 Section 18(a)(1)(B) of
the Investment Company Act.
The
Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate Section 18(a)(1)(B)
as modified by Section 61(a)(1) of the Investment Company Act as may be applicable to the Company from time to time or any successor
provisions thereto, whether or not the Company is subject to such provisions of the Investment Company Act, and after giving effect to
any exemptive relief granted to the Company by the Commission, except that the Company may declare a cash dividend or distribution, notwithstanding
the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the Investment Company Act or any successor provisions
thereto, but only up to such amount as is necessary in order for the Company to maintain its status as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986; provided, however, that the prohibition in this Section 10.08 shall not apply
unless and until such time as the Company’s asset coverage has been below the minimum asset coverage required pursuant to Section
18(a)(1)(B) as modified by Section 61(a)(1) of the Investment Company Act as may be applicable to the Company from time to time or any
successor provisions thereto (after giving effect to any exemptive relief granted to the Company by the Commission) for more than six
(6) consecutive months. Notwithstanding Section 18(g) of the Investment Company Act regarding the use of the term “senior security”
in Section 18(a)(1)(B) of the Investment Company Act, for the purposes of determining “asset coverage” as used in this Section
10.08, any and all indebtedness of the Company, including any promissory note or other evidence of indebtedness issued in consideration
of any loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed,
shall be deemed a “senior security” of the Company.”
“Section 10.09 Commission
Reports and Reports to Holders.
If, at any time, the Company is not subject
to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission, the Company
agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90
days after the end of the each fiscal year of the Company, audited annual consolidated financial statements of the Company and (ii) within
45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim
consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance
with GAAP, as applicable.
Delivery of such reports, information, and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’ Certificates).”
Article
IV.
MISCELLANEOUS
Section 4.01 This Sixth Supplemental
Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws that would cause the application of laws of another jurisdiction. This Sixth Supplemental Indenture is subject to
the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed
by such provisions. If any provision of the Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, the imposed duties will control.
Section 4.02 In case any provision
in this Sixth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.
Section 4.03 This Sixth Supplemental
Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts will together constitute
but one and the same Sixth Supplemental Indenture. The exchange of copies of this Sixth Supplemental Indenture and of signature pages
by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Sixth Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means
shall be deemed to be their original signatures for all purposes.
Section 4.04 The Base Indenture,
as supplemented and amended by this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and
this Sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Sixth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the
Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Sixth Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Sixth Supplemental Indenture.
All of the provisions contained in the Base Indenture in respect of the rights, privileges, indemnities, protections, immunities, powers,
and duties of the Trustee shall be applicable in respect of this Sixth Supplemental Indenture as fully and with like force and effect
as though fully set forth in full herein.
Section 4.05 The provisions of
this Sixth Supplemental Indenture shall become effective as of the date hereof.
Section 4.06 Notwithstanding anything
else to the contrary herein, the terms and provisions of this Sixth Supplemental Indenture shall apply only to the Notes and shall not
apply to any other series of Securities under the Indenture and this Sixth Supplemental Indenture shall not and does not otherwise affect,
modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter
issued and Outstanding.
Section 4.07 The recitals contained
herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Sixth Supplemental Indenture,
the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Sixth Supplemental
Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable
for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.
IN
WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to be duly executed as of the date first above written.
TRINITY CAPITAL INC. |
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/s/ Kyle Brown |
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Name: |
Kyle Brown |
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Title: |
Chief Executive Officer, President and
Chief Investment Officer |
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U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee |
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/s/ Stacy Mitchell |
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Name: |
Stacy Mitchell |
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Title: |
Vice President |
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[Signature Page to Sixth Supplemental Indenture]
Exhibit A - Form of Global Note
THIS SECURITY IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR
IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
Unless this certificate is
presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange
or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other name
as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise
by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.
Trinity Capital Inc.
No. |
$100,000,000 |
|
CUSIP No. 896442 704 |
|
ISIN No. US 8964427046 |
7.875% Notes due 2029
Trinity Capital Inc. a corporation
duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of one-hundred million dollars (U.S. $100,000,000), and to pay interest thereon from July 19, 2024 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 30, June 30, September 30 and December
30 in each year, commencing September 30, 2024, at the rate of 7.875% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such
interest, which shall be March 15, June 15, September 15 and December 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder
on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on
a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders
of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.
Payment of the principal of (and
premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent, which shall initially
be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further,
however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance
with the procedures established by the Depository Trust Company and the Trustee.
Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.
Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed.
Dated:
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TRINITY CAPITAL INC. |
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By: |
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Name: |
Kyle Brown |
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Title: |
Chief Executive Officer, President and Chief Investment Officer |
Attest: |
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Name: |
Sarah Stanton |
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Title: |
General Counsel and Secretary |
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This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.
Dated:
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U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee |
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By: |
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Authorized Signatory |
[BACK OF NOTE]
Trinity Capital Inc.
7.875% Notes due 2029
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 January 16, 2020 (herein called the “Base Indenture”, which term shall have the meaning assigned
to it in such instrument), between the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank
National Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture),
and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as supplemented by the Sixth Supplemental Indenture, relating to the Securities, dated as of July 19, 2024,
by and between the Company and the Trustee (herein called the “Sixth Supplemental Indenture”; and together with the Base Indenture,
the “Indenture”). In the event of any conflict between the Base Indenture and the Sixth Supplemental Indenture, the Sixth
Supplemental Indenture shall govern and control.
This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to $100,000,000. Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking
and the same interest rate, maturity, CUSIP number and other terms as the Securities, provided that such Additional Securities
must either (i) be issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis
amount of original issue discount, or otherwise (ii) be part of the same issue as the Securities for U.S. federal income tax purposes.
Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant
Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of Outstanding Securities
represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
The Securities of this series
are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, after September 30, 2026,
at a Redemption Price equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest to, but excluding, the
Redemption Date.
Notice of redemption shall be
given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent electronically
in accordance with Applicable Procedures with respect to Notes in global form, to each Holder of the Securities to be redeemed, not less
than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices
of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.
Any exercise of the Company’s
option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.
If the Company elects to redeem
only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance with the applicable
procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption of this Security in part only,
a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof; provided, however, that no such partial redemption shall reduce the portion of the
principal amount of a Security not redeemed to less than $25.
Unless the Company defaults in
payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.
Holders do not have the option
to have the Securities repaid prior to September 30, 2029.
The Indenture contains provisions for defeasance at
any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.
If an Event of Default with respect
to Securities of this series shall occur and be continuing (other than Events of Default related to certain events of bankruptcy, insolvency
or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy, insolvency or reorganization described
in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become due and payable.
The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights
of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.
As provided in and subject to
the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity and/or security satisfactory to
it against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received
from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity
and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed.
As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in a form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.
The Securities of this series
are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.
No service charge shall be made
for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.
Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
To the extent any provision of
this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Indenture and this Security shall be governed by
and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.
12
Exhibit 5.1
![](https://www.sec.gov/Archives/edgar/data/1786108/000121390024063047/ex5-1_001.jpg)
|
1900 K Street, NW Washington, DC 20006-1110
+1 202 261 3300 Main
+1 202 261 3333 Fax
www.dechert.com |
|
|
July 19, 2024
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, Arizona 85004
Ladies and Gentlemen:
We have acted as counsel to Trinity Capital Inc.,
a Maryland corporation (the “Company”), in connection with the preparation and filing of a registration statement on
Form N-2 (File No. 333-275970) (as amended as of the date hereof, the “Registration Statement”) filed by the Company
with the U.S. Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Securities Act”), which was initially filed with the Commission on December 8, 2023 and declared effective by the
Commission on February 7, 2024, and the final prospectus supplement, dated July 16, 2024 (including the base prospectus filed therewith,
the “Prospectus”), filed with the Commission on July 18, 2024 pursuant to Rule 424 under the Securities Act, relating
to the proposed issuance by the Company of $100,000,000 aggregate principal amount of 7.875% Notes due 2029 (the “Notes”),
to be sold to underwriters pursuant to an underwriting agreement, dated as of July 16, 2024, which is substantially in the form filed
as Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 19, 2024 (the “Underwriting
Agreement”). All of the Notes are to be sold by the Company as described in the Registration Statement and related Prospectus.
This opinion letter is being furnished to the Company in accordance with the requirements of Item 25 of Form N-2 under the Securities
Act, and we express no opinion herein as to any matter other than as to the legality of the Notes.
The Notes will be issued pursuant to the indenture,
incorporated by reference as an exhibit to the Registration Statement, entered into between the Company and U.S. Bank Trust Company, National
Association, as trustee (the “Trustee”), on January 16, 2020, as supplemented by a sixth supplemental indenture, filed
as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Commission on July 19, 2024, to be entered into between
the Company and the Trustee (collectively, the “Indenture”).
![](https://www.sec.gov/Archives/edgar/data/1786108/000121390024063047/ex5-1_001.jpg) |
July 19, 2024
Page 2 |
As counsel to the Company, we have participated
in the preparation of the Registration Statement and the Prospectus and have examined the originals or copies of the following:
| (i) | the Articles of Amendment and Restatement of the Company, certified as of a recent date by the State Department
of Assessments and Taxation of the State of Maryland (the “SDAT”); |
| (ii) | the Bylaws of the Company, certified as of the date of this opinion letter by an officer of the Company
(the “Bylaws”); |
| (iii) | a Certificate of Good Standing with respect to the Company issued by SDAT as of a recent date; |
| (iv) | resolutions of the board of directors of the Company, or a duly authorized committee thereof, relating
to, among other things, (a) the authorization and approval of the preparation and filing of the Registration Statement, (b) the authorization,
execution and delivery of the Indenture and (c) the authorization, issuance and sale of the Notes, certified as of the date hereof by
an officer of the Company; |
| (v) | the Underwriting Agreement; |
| (vii) | a specimen copy of the form of the Notes to be issued pursuant to the Indenture in the form attached to the Indenture. |
With respect to such examination and our opinion
expressed herein, we have assumed, without any independent investigation or verification, (i) the genuineness of all signatures on all
documents submitted to us for examination, (ii) the legal capacity of all natural persons, (iii) the authenticity of all documents submitted
to us as originals, (iv) the conformity to original documents of all documents submitted to us as conformed or reproduced copies and the
authenticity of the originals of such copied documents, (v) that all certificates issued by public officials have been properly issued,
(vi) that the Indenture will be a valid and legally binding obligation of the parties thereto (other than the Company), (vii) the accuracy
and completeness of all corporate records made available to us by the Company and (viii) that at the time of issuance of the Notes, after
giving effect to such issuance, the Company will be in compliance with Section 18(a)(1)(A) of the Investment Company Act of 1940, as amended
(the “1940 Act”), giving effect to Section 61(a) of the 1940 Act. We also have assumed without independent investigation
or verification the accuracy and completeness of all corporate records made available to us by the Company.
![](https://www.sec.gov/Archives/edgar/data/1786108/000121390024063047/ex5-1_001.jpg) |
July 19, 2024
Page 3 |
As to certain matters of fact relevant to the
opinions in this opinion letter, we have relied upon certificates and/or representations of officers of the Company. We have also relied
on certificates and confirmations of public officials. We have not independently established the facts, or in the case of certificates
or confirmations of public officials, the other statements, so relied upon.
This opinion letter is limited to the contract
laws of the State of New York, as in effect on the date hereof, and we express no opinion with respect to any other laws of such jurisdiction
or the laws of any other jurisdictions. Without limiting the preceding sentence, we express no opinion as to any state securities or broker
dealer laws or regulations thereunder relating to the offer, issuance and sale of the Notes. This opinion letter has been prepared, and
should be interpreted, in accordance with customary practice followed in the preparation of opinion letters by lawyers who regularly give,
and such customary practice followed by lawyers who on behalf of their clients regularly advise opinion recipients regarding, opinion
letters of this kind.
Based upon and subject to the limitations, exceptions,
qualifications and assumptions set forth in this opinion letter, we are of the opinion that, when the Notes are duly executed and delivered
by duly authorized officers of the Company and duly authenticated by the Trustee, all in accordance with the provisions of the Indenture,
and delivered to the underwriters against payment therefor in accordance with the terms of the Underwriting Agreement, the Notes will
constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance,
and other similar laws affecting the rights and remedies of creditors generally and to general principles of equity (including without
limitation the availability of specific performance or injunctive relief and the application of concepts of materiality, reasonableness,
good faith and fair dealing), regardless of whether considered in a proceeding at law or in equity.
The opinions expressed in this opinion letter
(a) are strictly limited to the matters stated in this opinion letter, and without limiting the foregoing, no other opinions are to be
implied and (b) are only as of the date of this opinion letter, and we are under no obligation, and do not undertake, to advise the Company
or any other person or entity either of any change of law or fact that occurs, or of any fact that comes to our attention, after the date
of this opinion letter, even though such change or such fact may affect the legal analysis or a legal conclusion in this opinion letter.
We hereby consent to the filing of this opinion
as an exhibit to the Company’s Current Report on Form 8-K filed with the Commission
on July 19, 2024 and to the reference to our firm in the “Legal Matters” section in the Prospectus. We do not
admit by giving this consent that we are in the category of persons whose consent is required under Section 7 of
the Securities Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ Dechert LLP
v3.24.2
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TRINITY CAPITAL INC.
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0001786108
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Trinity Capital (NASDAQ:TRIN)
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De Jun 2024 a Jul 2024
Trinity Capital (NASDAQ:TRIN)
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De Jul 2023 a Jul 2024