Exhibit 10.1


 


BROADMARK
REALTY CAPITAL INC.


 


$100,000,000
5.00% Senior Notes due 2026


 ______________________________


 













Note
Purchase Agreement





______________________________







 


Dated November 12, 2021


 






     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	SECTION
    1.	Authorization
    of Notes	1
	 	 	 
	Section
    1.1.	Initial
    Notes	1
	Section
    1.2.	Additional
    Series of Notes	1
	 	 	 
	SECTION
    2.	Sale
    and Purchase of Notes.	2
	 	 	 
	SECTION
    3.	Closing.	2
	 	 	 
	SECTION
    4.	Conditions
    to Closing.	2
	 	 	 
	Section
    4.1.	Representations
    and Warranties	2
	Section
    4.2.	Performance;
    No Default	3
	Section
    4.3.	Compliance
    Certificates.	3
	Section
    4.4.	Opinions
    of Counsel.	3
	Section
    4.5.	Purchase
    Permitted By Applicable Law, Etc.	3
	Section
    4.6.	Sale
    of Other Notes	3
	Section
    4.7.	[Reserved]	3
	Section
    4.8.	Private
    Placement Numbers	3
	Section
    4.9.	Changes
    in Corporate Structure	4
	Section
    4.10.	Funding
    Instructions	4
	Section
    4.11.	Rating	4
	Section
    4.12.	Offeree
    Letter	4
	Section
    4.13.	Proceedings
    and Documents	4
	 	 	 
	SECTION
    5.	Representations
    and Warranties of the Company.	4
	 	 	 
	Section
    5.1.	Organization;
    Power and Authority	4
	Section
    5.2.	Authorization,
    Etc.	4
	Section
    5.3.	Disclosure	5
	Section
    5.4.	Organization
    and Ownership of Shares of Subsidiaries; Affiliates.	5
	Section
    5.5.	Financial
    Statements; Material Liabilities	6
	Section
    5.6.	Compliance
    with Laws, Other Instruments, Etc.	6
	Section
    5.7.	Governmental
    Authorizations, Etc.	6
	Section
    5.8.	Litigation;
    Observance of Statutes and Orders.	6
	Section
    5.9.	Taxes	7
	Section
    5.10.	[Intentionally
    Omitted.]	7
	Section
    5.11.	Licenses,
    Permits, Etc.	7
	Section
    5.12.	Compliance
    with Employee Benefit Plans.	7
	Section
    5.13.	Private
    Offering by the Company	8
	Section
    5.14.	Use
    of Proceeds; Margin Regulations	8
	Section
    5.15.	Existing
    Debt.	9
	Section
    5.16.	Foreign
    Assets Control Regulations, Etc.	9
	Section
    5.17.	Status
    under Certain Statutes	10
	Section
    5.18.	Absence
    of Labor Disputes	10
	Section
    5.19.	Joint
    Ventures	10
	Section
    5.20.	Insurance	10
	Section
    5.21.	Accounting
    Controls	11
	Section
    5.22.	REIT
    Status	11
	Section
    5.23.	Title
    to Real and Personal Property	11
	Section
    5.24.	Compliance
    with Environmental Laws	11
	Section
    5.25.	No
    Breach or Default under Loans	12
	Section
    5.26.	Compliance
    with Sarbanes-Oxley Act	12




 






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TABLE OF CONTENTS


(continued)


 


	 	 	Page
	 	 	 
	SECTION
    6.	Representations
    AND ACKNOWLEDGMENTS of the Purchasers.	12
	 	 	 
	Section
    6.1.	Purchase
    for Investment	12
	Section
    6.2.	Accredited
    Investor	13
	Section
    6.3.	[Intentionally
    Omitted].	13
	Section
    6.4.	Source
    of Funds	13
	 	 	 
	SECTION
    7.	Information
    as to Company.	14
	 	 	 
	Section
    7.1.	Financial
    and Business Information	14
	Section
    7.2.	Officer’s
    Certificate	17
	Section
    7.3.	[Intentionally
    Omitted].	17
	Section
    7.4.	Electronic
    Delivery	17
	 	 	 
	SECTION
    8.	Payment
    and Prepayment of the Notes.	18
	 	 	 
	Section
    8.1.	Maturity	18
	Section
    8.2.	Optional
    Prepayments with Make-Whole Amount	18
	Section
    8.3.	Allocation
    of Partial Prepayments	19
	Section
    8.4.	Maturity;
    Surrender, Etc.	19
	Section
    8.5.	Purchase
    of Notes	19
	Section
    8.6.	Make-Whole
    Amount.	20
	Section
    8.7.	Payments
    Due on Non-Business Days	21
	Section
    8.8.	Prepayment
    of Notes Upon a Change of Control Triggering Event.	21
	 	 	 
	SECTION
    9.	Affirmative
    Covenants.	22
	 	 	 
	Section
    9.1.	Compliance
    with Laws	22
	Section
    9.2.	Insurance	22
	Section
    9.3.	Maintenance
    of Properties	22
	Section
    9.4.	Payment
    of Taxes	23
	Section
    9.5.	Corporate
    Existence, Etc.	23
	Section
    9.6.	Books
    and Records	23
	Section
    9.7.	Rating	23
	Section
    9.8.	DTC
    Registration	23




 






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TABLE OF CONTENTS


(continued)



 


	 	 	Page
	 	 	 
	SECTION
    10.	Negative
    Covenants.	24
	 	 	 
	Section
    10.1.	Transactions
    with Affiliates	24
	Section
    10.2.	Merger,
    Consolidation, Etc.	24
	Section
    10.3.	Line
    of Business	24
	Section
    10.4.	Economic
    Sanctions, Etc.	25
	Section
    10.5.	Total
    Debt to Equity Ratio	25
	Section
    10.6.	Tangible
    Net Worth	25
	Section
    10.7.	Limitation
    on Debt	25
	Section
    10.8.	Liens.	25
	 	 	 
	SECTION
    11.	Events
    of Default.	26
	 	 	 
	SECTION
    12.	Remedies
    on Default, Etc.	28
	 	 	 
	Section
    12.1.	Acceleration.	28
	Section
    12.2.	Other
    Remedies	28
	Section
    12.3.	Rescission	28
	Section
    12.4.	No
    Waivers or Election of Remedies, Expenses, Etc.	29
	 	 	 
	SECTION
    13.	Registration;
    Exchange; Substitution of Notes.	29
	 	 	 
	Section
    13.1.	Registration
    of Notes	29
	Section
    13.2.	Transfer
    and Exchange of Notes.	30
	Section
    13.3.	Restrictions
    on Transfer and Exchange of Notes.	32
	Section
    13.4.	Replacement
    of Notes	33
	 	 	 
	SECTION
    14.	Payments
    on Notes.	34
	 	 	 
	Section
    14.1.	Place
    of Payment	34
	Section
    14.2.	Payment
    by Wire Transfer	34
	Section
    14.3.	FATCA
    Information	35
	 	 	 
	SECTION
    15.	Expenses,
    Etc.	35
	 	 	 
	Section
    15.1.	Transaction
    Expenses	35
	Section
    15.2.	Certain
    Taxes	36
	Section
    15.3.	Survival	36
	 	 	 
	SECTION
    16.	Survival
    of Representations and Warranties; Entire Agreement.	36
	 	 	 
	SECTION
    17.	Amendment
    and Waiver.	36
	 	 	 
	Section
    17.1.	Requirements	36
	Section
    17.2.	Solicitation
    of Holders of Notes.	37
	Section
    17.3.	Binding
    Effect, Etc.	37
	Section
    17.4.	Notes
    Held by Company, Etc.	37
	 	 	 
	SECTION
    18.	Notices.	38
	 	 	 
	SECTION
    19.	Reproduction
    of Documents.	38
	 	 	 
	SECTION
    20.	Confidential
    Information.	39




 






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TABLE OF CONTENTS


(continued)



 


	 	 	Page
	 	 	 
	SECTION
    21.	Substitution
    of Purchaser.	40
	 	 	 
	SECTION
    22.	Miscellaneous.	40
	 	 	 
	Section
    22.1.	Successors
    and Assigns	40
	Section
    22.2.	Accounting
    Terms	40
	Section
    22.3.	Severability	41
	Section
    22.4.	Construction,
    Etc.	41
	Section
    22.5.	Counterparts	42
	Section
    22.6.	Governing
    Law	42
	Section
    22.7.	Jurisdiction
    and Process; Waiver of Jury Trial.	42
	Section
    22.8.	Independent
    Investigation	42




 






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	Schedule
    A	—	Defined
    Terms
	 	 	 
	Schedule
    1	—	Form
    of Senior Note due 2026
	 	 	 
	Schedule
    5.3	—	Disclosure
    Materials
	 	 	 
	Schedule
    5.4	—	Subsidiaries
    of the Company and Ownership of Subsidiary Stock
	 	 	 
	Schedule
    5.5	—	Financial
    Statements
	 	 	 
	Schedule
    5.15	—	Existing
    Debt
	 	 	 
	Schedule
    5.19	—	Joint
    Ventures
	 	 	 
	Exhibit
    A	—	Restricted
    Legend
	 	 	 
	Exhibit
    B	—	DTC
    Legend




 






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BROADMARK REALTY CAPITAL INC.


1420 Fifth Avenue, Suite 2000


Seattle, Washington 98101


 


$100,000,000 5.00% Senior Notes due 2026


 


November 12, 2021


 


To Each of the Purchasers Listed in


the Signature Pages Hereto:


 


Ladies and Gentlemen:


 


Broadmark Realty Capital Inc.,
a Maryland corporation (the “Company”) agrees with each of the Purchasers as follows:


 


 SECTION 1.                       Authorization of Notes.




 


Section 1.1.        Initial Notes. The Company will authorize the issue and sale of $100,000,000 aggregate principal amount of its Senior Notes
due 2026 (the “Notes”). The Notes shall be substantially in the form set out in Schedule 1. Certain capitalized
and other terms used in this Agreement are defined in Schedule A hereto and, for purposes of this Agreement, the rules of
construction set forth in Section 22.4 shall govern.


 


Section 1.2.        Additional
Series of Notes. The Company may, from time to time, in its sole discretion but subject to the terms hereof, issue and sell one or
more additional unsecured promissory notes under the provisions of this Agreement (the “Additional Notes”) pursuant
to a supplement to this Agreement (a “Supplement”). Each Additional Note issued pursuant to a Supplement shall have
identical terms to the Notes, other than with respect to the date of issuance, purchase price, first interest payment date applicable
thereto and first date from which interest will accrue). The obligations of the Company to issue, and the obligations of the Additional
Purchasers to purchase, any Additional Notes shall be subject to the following conditions precedent:


 


(a)         
No Default. No Additional Notes shall be issued hereunder if at the time of issuance thereof and after giving effect to
the application of the proceeds thereof, any Default or Event of Default shall have occurred and be continuing.


 


(b)         
Compliance Certificate. A duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser
an Officer’s Certificate dated the date of issue of such Additional Note stating that such officer has reviewed the provisions of
this Agreement and setting forth the information and computations (in reasonable detail) required in order to establish whether after
giving effect to the issuance of the Additional Note and after giving effect to the application of the proceeds thereof, the Company is
in compliance with the requirements of Sections 10.5, 10.6 and 10.7 on such date (based upon the financial statements for the most recent
fiscal quarter ended prior to the date of such certificate).


 






     


     


    

 


(c)         
Rating. The Purchasers shall have received satisfactory evidence that the Notes and the Additional Notes are rated at least
A- from an NRSRO.


 


(d)        
Representations of Additional Purchasers. Each Additional Purchaser shall have confirmed in a supplement that the representations
set forth in Section 6 are true with respect to such Additional Purchaser on and as of the date of issue of the Additional Notes.


 


 SECTION 2.                        Sale and Purchase of Notes.




 


Subject to the terms and conditions
of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing
provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in the Purchaser Schedule
at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations,
and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser
hereunder.


 


 SECTION 3.                        Closing.




 


The sale and purchase of the
Notes to be purchased by each Purchaser shall occur at the offices of Bryan Cave Leighton Paisner LLP, One Atlantic Center, 14th
Floor, 1201 W. Peachtree Street, N.W., Atlanta, Georgia 30309-3471, at 10:00 a.m., New York time, at a closing (the “Closing”)
on November 12, 2021 or on such other Business Day thereafter on or prior to November 12, 2021 as may be agreed upon by the Company and
the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a
single Note (or such greater number of Notes in denominations of at least $2,000 as such Purchaser may request) dated the date of the
Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company
or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds
for the account of the Company to the account of the Company set forth in the funding instructions delivered by the Company pursuant to
Section 4.10. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3,
or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser
shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser
may have by reason of such failure by the Company to tender such Notes or any of the conditions specified in Section 4 not having been
fulfilled to such Purchaser’s satisfaction.


 


 SECTION 4.                        Conditions to Closing.




 


Each Purchaser’s obligation
to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s
satisfaction, prior to or at the Closing, of the following conditions:


 


Section 4.1.         Representations
and Warranties. The representations and warranties of the Company in this Agreement shall be correct in all Material respects
(or, if such representation or warranty is by its terms qualified by concepts of materiality, then such representation or warranty
shall be correct in all respects) when made and at the Closing.


 






    2


     


    

 


Section 4.2.        
Performance; No Default. The Company shall have performed and complied with all agreements and conditions contained in this
Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and
sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall
have occurred and be continuing.


 


Section 4.3.        
Compliance Certificates.


 


(a)        
Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the
date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.


 


(b)        
Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant
Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating
to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents as
then in effect.


 


Section 4.4.        
Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated
the date of the Closing (i) from (A) Bryan Cave Leighton Paisner LLP, special counsel for the Company, (B) Bryan Cave Leighton Paisner
LLP, tax counsel for the Company, and (C) Venable LLP, Maryland counsel for the Company (and the Company hereby instructs its counsel
to deliver such opinions to the Purchasers).


 


Section 4.5.        
Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be
permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as
section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to
the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the
Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant
to any applicable law or regulation, which law or regulation was not in effect on the date hereof.


 


Section 4.6.        
Sale of Other Notes. Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser
shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule.


 


Section 4.7.        
[Reserved].


 


Section 4.8.         Private Placement Numbers. One or more Private Placement Numbers issued by Standard & Poor’s CUSIP Service Bureau
(in cooperation with the SVO) shall have been obtained for the Notes.


 






    3


     


    

 


Section 4.9.        
Change in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation or organization, as applicable,
or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at
any time following the date of the most recent financial statements referred to in Schedule 5.5.


 


Section 4.10.     
Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written
instructions signed by a Responsible Officer on letterhead of the Company directing the manner of the payment of the purchase price for
the Notes and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and
(c) the account name and number into which the purchase price for the Notes is to be deposited.


 


Section 4.11.      
Rating. The Purchasers shall have received satisfactory evidence that the Notes are rated at least A- from Egan-Jones.


 


Section 4.12.      
Offeree Letter. Piper Sandler & Co. shall have delivered to the Company, its counsel and each Purchaser an offeree letter,
in form and substance satisfactory to the Purchasers and the Company, confirming the manner of the offering of the Notes on behalf of
the Company and the number of offerees.


 


Section 4.13.    
Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement
and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser, and such Purchaser shall have
received all such counterpart originals or certified or other copies of such documents as such Purchaser may reasonably request.


 


 SECTION 5.                        Representations and Warranties of the Company.




 


The Company represents and
warrants to each Purchaser that:


 


Section 5.1.        
Organization; Power and Authority. The Company is a corporation duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction
in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power
and authority to own or hold under lease the Material properties it purports to own or hold under lease, to transact the business it transacts
and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.


 


Section 5.2.        
Authorization, Etc. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of
the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note, will constitute, a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by
(a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law).


 






    4


     


    

 


Section 5.3.        
Disclosure. The Company, through its agent, Piper Sandler & Co., has delivered to each Purchaser a copy of an Investor
Presentation, dated October, 2021 (the “Investor Presentation”), relating to the transactions contemplated hereby.
This Agreement, the Investor Presentation, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings
delivered to the Purchasers by or on behalf of the Company (or made available on EDGAR) prior to November 12, 2021, in connection with
the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement and such documents, certificates or other writings
and such financial statements delivered to each Purchaser (or made available on EDGAR) being referred to, collectively, as the “Disclosure
Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure
Documents, since December 31, 2020, there has been no change in the financial condition, operations, business or properties of the Company
or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.


 


Section 5.4.        
Organization and Ownership of Shares of Subsidiaries; Affiliates.


 


(a)         
Schedule 5.4 contains any Subsidiaries of the Company which are Significant Subsidiaries, showing, as to each Subsidiary, whether
each such Subsidiary is a corporation, limited or general partnership or limited liability company and the jurisdiction of organization
of each such Subsidiary and, in the case of any Subsidiary which is a partnership or limited liability company, its general partners and
managing members, respectively.


 


(b)         
All of the outstanding shares of capital stock or similar Equity Interests of each Significant Subsidiary shown in Schedule 5.4
have been validly issued, are fully paid and non-assessable and are owned by the Company or another Subsidiary free and clear of any Lien
that is prohibited by this Agreement.


 


(c)        
Each Significant Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good
standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and,
where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions
as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. Each such Significant Subsidiary has the corporate or other power and authority to own or hold under lease
the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.


 


(d)        
No Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than customary limitations imposed by
corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar
distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar Equity Interests
of such Subsidiary.


 






    5


     


    

 


Section 5.5.        
Financial Statements; Material Liabilities. The Company has made available to each Purchaser copies of the financial statements
of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules
and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods
so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth
in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its
Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.


 


Section 5.6.        
Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement and
the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien
in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, corporate charter or by-laws, shareholders agreement or any other agreement or instrument to which the Company or any Subsidiary
is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii) conflict
with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator
or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule
or regulation of any Governmental Authority applicable to the Company or any Subsidiary, except (other than, in the case of clause (i),
with respect to the corporate charter, by-laws or limited liability company agreement of the Company or any Subsidiary) where the failure
or non-compliance of the same could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


Section 5.7.      
Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any
Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes,
except such as may have been obtained or may be required under state securities or blue sky laws and filings required to be made with
the SEC under the Exchange Act; provided, however, that the representation by the Company to each Purchaser in this Section 5.7 is made
in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.1 and Section 6.2 as to its purchase
for investment and purchaser status.


 


Section 5.8.        
Litigation; Observance of Statutes and Orders. 


 


(a)         
There are no actions, suits, investigations or proceedings pending or, to the best knowledge of the Company, threatened against
or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any
kind or before or by any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.


 


(b)          Neither
the Company nor any Subsidiary is (i) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind
or any Governmental Authority or (ii) in violation of any applicable law, ordinance, rule or regulation of any Governmental
Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in
Section 5.16), which violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.


 






    6


     


    

 


Section 5.9.        
Taxes. The Company and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction,
and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent
such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the
amount of which, individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has
established adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Company and its Subsidiaries
in respect of U.S. federal, state or other taxes for all fiscal periods are adequate in all Material respects. The U.S. federal income
tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute
of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2020.


 


Section 5.10.      
[Intentionally Omitted.]


 


Section 5.11.     
Licenses, Permits, Etc. The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations,
patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate
are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse Effect.


 


Section 5.12.      
Compliance with Employee Benefit Plans.


 


(a)         
The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for
such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of
ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no
event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result
in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of
the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of
a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in
the aggregate Material.


 






    7


     


    

 


(b)          The
present value of the aggregate benefit liabilities under each of the Plans subject to Title IV of ERISA (other than Multiemployer
Plans), if any, determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial
assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate
current value of the assets of such Plan allocable to such benefit liabilities by an amount that could reasonably be expected to
have a Material Adverse Effect. The term “benefit liabilities” has the meaning specified in section 4001 of
ERISA and the terms “current value” and “present value” have the meaning specified in
section 3 of ERISA.


 


(c)          The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate could reasonably be expected
to have a Material Adverse Effect.


 


(d)         
The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal
year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities
attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries could not reasonably
be expected to have a Material Adverse Effect.


 


(e)         
The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not be a non-exempt transaction
that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D)
of the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon
and subject to the accuracy of such Purchaser’s representation in Section 6.4 as to the sources of the funds to be used to pay the
purchase price of the Notes to be purchased by such Purchaser.


 


(f)          
The Company and its Subsidiaries do not have any Non-U.S. Plans.


 


Section 5.13.      
Private Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes or any similar Securities
for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect
thereof with, any Person other than the Purchasers and not more than 35 other Institutional Investors, each of which has been offered
the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that
would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration
requirements of any Securities or blue sky laws of any applicable jurisdiction.


 


Section 5.14.      Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes hereunder to originate new
investments and for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly
or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under
such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or
dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the
consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will
constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose
of buying or carrying” shall have the meanings assigned to them in said Regulation U.


 






    8


     


    

 


Section 5.15.      
Existing Debt.


 


(a)         
Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company and its
Subsidiaries as of November 12, 2021 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral
therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds,
installment payments or maturities of the Debt of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default
and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company or such Subsidiary
and no event or condition exists with respect to any Debt of the Company or any Subsidiary the outstanding principal amount of which exceeds
$10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt
to become due and payable before its stated maturity or before its regularly scheduled dates of payment.


 


(b)         
Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational
document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company, except as disclosed
in Schedule 5.15.


 


Section 5.16.      
Foreign Assets Control Regulations, Etc.


 


(a)         
Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the
future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European
Union.


 


(b)         
Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under,
any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge,
is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering
Laws or Anti-Corruption Laws.


 


(c)          
No part of the proceeds from the sale of the Notes hereunder:


 


(i)                 constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity,
directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for
any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of
any U.S. Economic Sanctions Laws;


 






    9


     


    

 


(ii)             
will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money
Laundering Laws; or


 


(iii)           
will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be
in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.


 


(d)        
The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable
law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic
Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.


 


Section 5.17.      
Status under Certain Statutes. Neither the Company nor any Subsidiary is subject to regulation under the Investment Company
Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act.


 


Section 5.18.      
Absence of Labor Disputes. No labor dispute with the employees of the Company or any Subsidiary of the Company exists or, to
the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees
of any of the principal suppliers, manufacturers, customers or contractors of the Company or any of its Subsidiaries which, in any such
case, may reasonably be expected to result in a Material Adverse Effect.


 


Section 5.19.     
Joint Ventures. All of the joint ventures in which the Company or any Subsidiary owns any interest are listed on Schedule 5.19
hereto. The Company’s or Subsidiary’s ownership interest in such joint ventures is set forth in Schedule 5.19.


 


Section 5.20.    
Insurance. The Company and its Subsidiaries have insurance covering their respective properties, operations, personnel and
businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the
Company reasonably believes are adequate to protect the Company and its subsidiaries and their respective businesses. The Company has
no reason to believe that it or any Subsidiaries will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from insurers of recognized financial responsibility as may be necessary to continue its business as now
conducted and at a cost that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.


 






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Section 5.21.       Accounting
Controls. The Company maintains a system of internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) sufficient to provide reasonable assurance that financial reporting is reliable and financial statements for external
purposes are prepared in accordance with GAAP and includes policies and procedures that (a) pertain to the maintenance of records
that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company and its
Subsidiaries; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with GAAP, and to maintain asset accountability; (c) access to assets is permitted only in accordance with
management’s general or specific 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; and (e) interactive data in
eXtensible Business Reporting Language included in the materials filed with the SEC prior to the date of this Agreement fairly
presents the information called for in all material respects and is prepared in accordance with the SEC’s rules and guidelines
applicable thereto. Since the end of the Company’s most recent audited fiscal year, there has been (x) no material weakness in
the Company’s internal control over financial reporting (whether or not remediated) and (y) no change in the Company’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting.


 


Section 5.22.      
REIT Status. Commencing with the Company’s taxable year ended December 31, 2019, the Company has been organized and operated
in conformity with the requirements for qualification and taxation as a real estate investment trust (“REIT”) under
the Code, and the Company’s current and proposed method of operations as described in the materials filed with the SEC prior to
the date of this Agreement enabled it to meet the requirements for qualification and taxation as a REIT under the Code for its taxable
year ended December 31, 2020 and will enable it to continue to meet the requirements for qualification and taxation as a REIT under the
Code for its taxable year ending December 31, 2021 and thereafter. The Company does not know of any event that would cause or is likely
to cause the Company to fail to qualify as a REIT under the Code at any time.


 


Section 5.23.     
Title to Real and Personal Property. Except as otherwise set forth in the materials filed with the SEC prior to the date of
this Agreement, the Company and its subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have
valid and marketable rights to lease or otherwise use, all items of real and personal property and assets that are material to the respective
businesses of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections
of title except Permitted Liens and those that (i) do not materially interfere with the use made and proposed to be made of such property
by the Company and its subsidiaries and (ii) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect.


 


Section 5.24.     Compliance
with Environmental Laws. Except as otherwise set forth in the materials filed with the SEC prior to the date of this Agreement,
(A) there are no proceedings that are pending, or to the knowledge of the Company, threatened, against the Company or any of its
subsidiaries under any laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any
governmental authority, including, without limitation, any international, foreign, national, state, provincial, regional, or local
authority, relating to pollution, the protection of human health or safety, the environment, or natural resources, or to use,
handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”) in which a governmental authority is also a party or (B) the
Company and its subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, including any
pending or proposed Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or
toxic substances or wastes, pollutants or contaminants, in either case that could reasonably be expected to have a Material Adverse
Effect. Except as otherwise set forth in the materials filed with the SEC prior to the date of this Agreement, neither the Company
nor its subsidiaries reasonably expect to incur material capital expenditures relating to remediation of matters arising under
Environmental Laws.


 






    11


     


    

 


Section 5.25.      
No Breach or Default under Loans. Except as otherwise set forth in the materials filed with the SEC prior to the date of this
Agreement, to the Company’s knowledge, there is no breach of, or default under (nor has any event occurred which with notice, lapse
of time, or both would constitute a breach of, or default under) the loan documents relating to the debt instruments acquired or originated
by the Company (collectively, the “Loans”) which breach or default, if uncured, would reasonably be expected to have
a Material Adverse Effect. To the Company’s knowledge without due inquiry, there is no breach or default under (nor has any event
occurred which with notice, lapse of time, or both would constitute a breach of, or default under) the loan documents relating to any
loans senior to the Loans, which breach or default, if uncured, would reasonably be expected to have a Material Adverse Effect.


 


Section 5.26.    
Compliance with Sarbanes-Oxley Act. The Company is in compliance in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302
and 906 related to certifications.


 


 SECTION 6.                        Representations AND ACKNOWLEDGMENTS of the Purchasers.




 


Section 6.1.        
Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one
or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within
such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and
may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except
under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to
register the Notes. Each Purchaser further represents and warrants that such Purchaser will not sell, transfer or otherwise dispose of
the Notes or any interest therein except in a transaction exempt from or not subject to the registration requirements of the Securities
Act and in accordance with the restrictions set forth in Section 13.2 and the legend set forth on the applicable Series of the Notes.


 






    12


     


    

 


Section 6.2.         Accredited
Investor. Each Purchaser represents that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) acting for its own account (and not for the account of others) or as a fiduciary or
agent for others (which others are also “accredited investors”). Each Purchaser further represents that such Purchaser
has had the opportunity to ask questions of the Company and received answers to its satisfaction concerning the terms and conditions
of the sale of the Notes. Each Purchaser further represents (i) that its financial condition is such that it is able to bear the
risk of holding the Notes for an indefinite period of time and the risk of loss of its entire investment, (ii) that it has made an
independent investment decision to purchase the Notes after conducting such investigation as such Purchaser has deemed appropriate
of the tax, accounting and regulatory implications relating to an investment in the Notes, and (iii) that it has sufficient
knowledge and experience in investing in securities and in related financial and business matters so as to be able to evaluate the
risk and merits of its investment in the Company. Each Purchaser further represents and warrants that it has received such materials
or information as it has deemed necessary in connection with its purchase of Notes hereunder and that it is not purchasing the Notes
as a result of any general solicitation or general advertising within the meaning of Regulation D under the Securities Act.


 


Section 6.3.        
[Intentionally Omitted].


 


Section 6.4.        
Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation
as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased
by such Purchaser hereunder:


 


(a)         
the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the
annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account
contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general
account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as
defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities
of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such
Purchaser’s state of domicile; or


 


(b)        
the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations
under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate
account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment
performance of the separate account; or


 


(c)        
the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective
investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to
this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns
more than 10% of all assets allocated to such pooled separate account or collective investment fund; or


 






    13


     


    

 


(d)         the
Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM
Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of
Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when
combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by
such QPAM, represent more than 20% of the total client assets managed by such QPAM as described in Part I(e) of the QPAM Exemption,
the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by
the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within
the meaning of Part VI(h) and I(d) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee
benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or
maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or
by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company
in writing pursuant to this clause (d); or


 


(e)         
the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the
conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by
the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the
Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have
been disclosed to the Company in writing pursuant to this clause (e); or


 


(f)          
the Source is a governmental plan; or


 


(g)         
none of clauses 6.4(a) through (f) is applicable to the Purchaser and the Source is one or more employee benefit plans, or a separate
account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant
to this clause (g); or


 


(h)         
the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA and Section
4975 of the Code.


 


As used in this Section 6.4, the terms “employee
benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings
assigned to such terms in section 3 of ERISA.


 


 SECTION 7.                        Information as to Company.




 


Section 7.1.        
Financial and Business Information. The Company shall deliver to each holder of a Note:


 


(a)          Quarterly
Statements — within 60 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable to
the filing of the Company’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC
regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements
are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are
delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each
quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year),
duplicate copies of,


 






    14


     


    

 


(i)                
a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and


 


(ii)             
consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries, for
such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,


 


setting forth in each case in comparative
form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP
applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material
respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes
resulting from year-end adjustments;


 


(b)         
Annual Statements — within 120 days (or such shorter period as is the earlier of (x) 15 days greater than the period
applicable to the filing of the Company’s Annual Report on Form 10-K (the “Form 10-K”) with
the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements
are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered
under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year
of the Company, duplicate copies of


 


(i)                
a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and


 


(ii)             
consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries for
such year,


 


setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and
accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any
qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of
recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the
financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in
conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in
accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the
circumstances;


 






    15


     


    

 


(c)         
SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report,
notice, proxy statement or similar document sent by the Company or any Subsidiary (x) to its creditors under any Material Credit Facility
(excluding information sent to such creditors in the ordinary course of administration of a credit facility, such as information relating
to pricing and borrowing availability) or (y) to its public Securities holders generally, and (ii) each regular or periodic report,
each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto
filed by the Company or any Subsidiary with the SEC;


 


(d)         
Notice of Default or Event of Default — promptly, and in any event within 15 days after a Responsible Officer becoming
aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and
what action the Company is taking or proposes to take with respect thereto; and


 


(e)         
Employee Benefits Matters — promptly and in any event within five days after a Responsible Officer becoming aware
of any of the following which could reasonably be expected to result in liabilities or Liens that would be Material, a written notice
setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:


 


(i)              
with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for
which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof;


 


(ii)             
the taking by the PBGC of steps to institute, or the threatening by the PBGC in writing of the institution of, proceedings under
section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company
or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer
Plan;


 


(iii)             any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition
of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such
penalty or excise tax provisions if such liability or Lien, taken together with any other such liabilities or Liens then existing, would
reasonably be expected to have a Material Adverse Effect; or


 


(iv)            
receipt of notice of the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability,
whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans.


 






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Section 7.2.        
Officer’s Certificate. Each set of financial statements delivered to a holder of a Note pursuant to Section 7.1(a)
or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer:


 


(a)         
Covenant Compliance — setting forth the information from such financial statements that is required in order to establish
whether the Company was in compliance with the requirements of Section 10 during the quarterly or annual period covered by the financial
statements then being furnished (including with respect to each such provision that involves mathematical calculations, the information
from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount,
ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage
then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair
value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to
the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include
a reconciliation from GAAP with respect to such election; and


 


(b)         
Event of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made,
or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from
the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that
such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event
of Default or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action
the Company shall have taken or proposes to take with respect thereto.


 


Section 7.3.        
[Intentionally Omitted].


 


Section 7.4.        
Electronic Delivery. Financial statements, opinions of independent certified public accountants, other information and Officer’s
Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed
to have been delivered if the Company satisfies any of the following requirements with respect thereto:


 


(a)        
such financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying
the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note (i) in
the case of any Certificated Note, by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated
from time to time in a separate writing delivered to the Company and (ii) in the case of any Global Note, pursuant to the Applicable Procedures;


 


(b)         
the Company shall have timely filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a) or Section
7.1(b), as the case may be, with the SEC on EDGAR;


 






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(c)         
 such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate(s)
satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of
the Company on IntraLinks, EDGAR or on any other similar website to which each holder of Notes has free access; provided that (other
than with respect to publicly available EDGAR filings) the Company has delivered notice of such posting to each holder of a Note by e-mail
at the e-mail address set forth below such holder’s name in the Purchaser Schedule (if such holder is a Purchaser) or as communicated
from time to time in a separate writing delivered to the Company; or


 


(d)         
the Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR;


 


provided however, that in no case shall
access to such financial statements, other information and Officer’s Certificates be conditioned upon any waiver or other agreement
or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided further, that upon request
of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive
them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder.


 


 SECTION 8.                        Payment and Prepayment of the Notes.




 


Section 8.1.        
Maturity. As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date
thereof.


 


Section 8.2.        Optional
Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below, prior to November 15, 2023
prepay all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the
Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, accrued and unpaid interest
thereon, if any, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company
may, at its option, upon notice as provided below, on or after November 15, 2023 and prior to November 15, 2024 prepay all, or from
time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding
in the case of a partial prepayment, at 102.5% of the principal amount so prepaid and accrued and unpaid interest thereon, if any.
The Company may, at its option, upon notice as provided below, on or after November 15, 2024 and prior to November 15, 2025 prepay
all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 101.25% of the principal amount so prepaid and accrued and unpaid interest
thereon, if any. The Company may, at its option, upon notice as provided below, on or after November 15, 2025 and prepay all, or
from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid and accrued and unpaid interest thereon,
if any. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less
than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree
to another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the
aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be
prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such
principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated
Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation; provided that the Company may rescind any notice of an optional
redemption pursuant to this Section 8.2 by providing written notice to each holder of such Notes at least five (5) days prior to the
scheduled date of such optional redemption contained in the written notice described in the second sentence of this Section 8.2. Two
Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial
Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date.


 






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Section 8.3.        
Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal
amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable,
to the respective unpaid principal amounts thereof not theretofore called for prepayment. Any partial prepayments will be processed thru
the Depository Trust Issuer Corporation, in accordance with its rules and procedures, as a “Pro Rata Pass-Through Distribution of
Principal”.


 


Section 8.4.        
Maturity; Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each
Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal
amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay
such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Certificated Note paid or prepaid in full shall be surrendered to the Company and cancelled
and shall not be reissued, any Global Note paid or prepaid in full shall be endorsed to reflect the amount of the decrease thereof and
no Note shall be issued in lieu of any prepaid principal amount of any Note.


 


Section 8.5.        
Purchase of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire,
directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement
and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes at
the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable
it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days. If the holders of more
than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders
of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary
to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer. The Company will promptly
cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and
no Notes may be issued in substitution or exchange for any such Notes.


 






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Section 8.6.         Make-Whole
Amount. The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any,
of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of
such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining
the Make-Whole Amount, the following terms have the following meanings:


 


“Called Principal”
means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared
to be immediately due and payable pursuant to Section 12.1, as the context requires.


 


“Discounted Value”
means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect
to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance
with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is
payable) equal to the Reinvestment Yield with respect to such Called Principal.


 


“Reinvestment Yield”
means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the yield to maturity implied by the “Ask
Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to
such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg
Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”) having
a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury
securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by
(i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating
linearly between the “Ask Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury
securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than
such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of
the applicable Note.


 


If such yields are not Reported
or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield”
means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury
constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding
the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication)
for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement
Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity
will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and
greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less
than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate
of the applicable Note.


 






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“Remaining Average
Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into
(ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect
to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and
calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled
due date of such Remaining Scheduled Payment.


 


“Remaining Scheduled
Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon
that would be due after the Settlement Date to but excluding November 15, 2023 with respect to such Called Principal if no payment of
such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest
payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the
amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.


 


“Settlement Date”
means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2
or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.


 


Section 8.7.        
Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except
as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the
next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding
Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such
Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional
days elapsed in the computation of interest payable on such next succeeding Business Day.


 


Section 8.8.        
Prepayment of Notes Upon a Change of Control Triggering Event.


 


(a)          Promptly
upon becoming aware that a Change of Control Triggering Event has occurred (and in any event not later than ten (10) Business Days
thereafter), the Company shall give written notice (the “Change of Control Notice”) of such fact to all holders
of the Notes. The Change of Control Notice shall (i) describe the facts and circumstances of such Change of Control Triggering Event
in reasonable detail, (ii) refer to this Section 8.8 and the rights of the holders hereunder and (iii) contain an offer by the
Company to prepay the entire unpaid principal amount of Notes held by each holder at 101% of the principal amount of such Notes,
together with interest accrued thereon to the prepayment date selected by the Company, which prepayment shall be on a date specified
in the Change of Control Notice, which date shall be a Business Day not less than 30 nor more than 60 days after such Change of
Control Notice is given should any agreement to the contrary with respect to such prepayment date not be reached among the Company
and each of the holders of the Notes (if no prepayment date is set forth in the Change of Control Notice or otherwise agreed between
the Company and the holders of Notes, the prepayment date shall be the 45th day following the date such Change of Control Notice is
given).


 






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(b)         
A holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of such acceptance to be
delivered to the Company not more than 30 days after the date of the written offer notice referred to in subsection (a) of this Section
8.8. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute a
rejection of such offer by such holder.


 


(c)         
On the prepayment date specified in the Change of Control Notice, the 101% of entire unpaid principal amount of the Notes held
by each holder of Notes which has accepted such prepayment offer, together with interest accrued thereon to the prepayment date, shall
become due and payable.


 


 SECTION 9.                        Affirmative Covenants.




 


The Company covenants that
so long as any of the Notes are outstanding:


 


Section 9.1.        
Compliance with Laws. Without limiting Section 10.4, the Company will, and will cause each of its Subsidiaries to, comply
with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws,
the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain in effect all
licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties
or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances
or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and
other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


Section 9.2.        
Insurance. The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such
terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto)
as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated.


 


Section 9.3.        
Maintenance of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be
maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that
the business carried on in connection therewith may be properly conducted at all times, provided that this Section 9.3 shall not
prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance
is desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.


 






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Section 9.4.         Payment
of Taxes. The Company will, and will cause each of its Subsidiaries to, file all income and other material tax returns required
to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes,
assessments, governmental charges or levies payable by any of them, to the extent the same have become due and payable and before
they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, charge
or levy if (i) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis
in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in
accordance with GAAP on the books of the Company or such Subsidiary or (ii) the nonpayment of all such taxes, assessments,
charges and levies would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


Section 9.5.        
Corporate Existence, Etc. Subject to Section 10.2, the Company will at all times preserve and keep its corporate existence
in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect the corporate
existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the
Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in
full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse
Effect.


 


Section 9.6.        
Books and Records. The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account
in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the
Company or such Subsidiary, as the case may be. The Company will, and will cause each of its Subsidiaries to, keep books, records and
accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Company and its Subsidiaries
have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records,
and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each of its Subsidiaries
to, continue to maintain such system.


 


Section 9.7.        
Rating. The Company will maintain a Rating on the Notes from a NRSRO at all times, and the Company will cause such Rating to
be updated on an annual basis. The Company will provide each holder of Notes with a copy of any Rating letter or notification from a NRSRO
following receipt by the Company, in a form each holder of Notes may share with their regulators, including the SVO. Such form of Rating
letter or notification will identify the Notes to which such Rating is applicable including the aggregate principal amount, initial interest
rate, maturity date and private placement number assigned to the Notes.


 


Section 9.8.        
DTC Registration. The Company will use commercially reasonable efforts to cause the Notes held by the Other Purchasers that
are Qualified Institutional Buyers to be registered in the form of one or more Global Notes in the name of Cede & Co., as nominee
of DTC or a nominee of DTC.


 






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 SECTION 10.                      Negative Covenants.




 


The Company covenants that
so long as any of the Notes are outstanding:


 


Section 10.1.      
Transactions with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into directly or indirectly
any Material transaction or Material group of related transactions (including the purchase, lease, sale or exchange of properties of
any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except in the ordinary course
of business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable
arm’s-length transaction with a Person not an Affiliate.


 


Section 10.2.      
Merger, Consolidation, Etc. The Company will not, in any transaction or series of related transactions, consolidate with or
merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its properties and assets to any Person,
unless:


 


(a)        
either (i) the Company shall be the continuing Person (in the case of a merger), or (ii) the successor Person (if other
than the Company) formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease
or other conveyance all or substantially all the properties and assets of the Company shall be an entity organized and existing under
the laws of the United States, any state thereof or the District of Columbia and shall expressly assume the due and punctual payment of
the principal of, any premium and interest on, all the outstanding Notes and the due and punctual performance and observance of every
obligation in this Agreement and the outstanding Notes to be observed or performed by the Company;


 


(b)         
immediately after giving effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both,
would become an Event of Default shall have occurred and be continuing; and


 


(c)         
the Company shall have delivered to the Purchaser an Officer’s Certificate stating that such consolidation, merger, sale,
assignment, transfer, lease or other conveyance complies with this Agreement and that all conditions precedent herein provided for
relating to such transaction have been complied with.


 


For purposes of this Section 10.2, the sale,
assignment, transfer, lease or conveyance of all or substantially all of the properties and assets of one or more Subsidiaries of the
Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of
the Company’s properties and assets on a consolidated basis, will be deemed to be the sale, assignment, transfer, lease or conveyance
of all of substantially all of the Company’s properties and assets. No such conveyance, transfer or lease of substantially all of
the assets of the Company shall have the effect of releasing the Company, or any successor corporation, limited liability company or limited
partnership that shall theretofore have become such in the manner prescribed in this Section 10.2, from its liability under this
Agreement or the Notes.


 


Section 10.3.     
Line of Business. The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the general
nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed
from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement
as disclosed to the Purchasers.


 






    24


     


    

 


Section 10.4.      
Economic Sanctions, Etc. The Company will not, and will not permit any Controlled Entity to (a) become (including by
virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment
in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with
any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be in violation of,
or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under
any U.S. Economic Sanctions Laws.


 


Section 10.5.      
Total Debt to Equity Ratio. The Company will not permit the Total Debt to Equity Ratio as of the close of business on the last
day of each of its fiscal quarters to exceed 2.0 to 1.0.


 


Section 10.6.      
Tangible Net Worth. The Company will not permit Tangible Net Worth as of the close of business on the last day of each of its
fiscal quarters to be less than the sum of (i) $778,284,750 and (ii) 50% of the Net Cash Proceeds received by the Company from any offering
by the Company of its common equity after the date of Closing.


 


Section 10.7.      
Limitation on Debt. The Company will not permit the Senior Debt Service Coverage Ratio as of the close of business on the last
day of each of its fiscal quarters, calculated on a pro forma basis for the incurrence of any Debt during the applicable Testing Period,
to be less than 1.25 to 1.0.


 


In giving pro forma effect
to the incurrence of any Debt during the applicable Testing Period with respect to the Senior Debt Service Coverage Ratio, (i) the Company’s
Operating Cash Flow for the applicable Testing Period shall be increased by an amount equal to the product of (A) the principal amount
of such Debt and (B) the Company’s average yield on earning assets during the applicable Testing Period and (ii) the Company’s
Senior Debt Service shall be increased by the interest that would have been paid on such Debt had it been issued on the first day of the
applicable Testing Period. In giving pro forma effect to the retirement of any Debt during the applicable Testing Period, Senior Debt
Service shall be decreased by the Senior Debt Service in respect of such retired Debt as if such Debt had been retired on the day before
first day of such Testing Period.


 


Section 10.8.      
Liens.


 


The Company will not secure
any Debt outstanding under or pursuant to any Material Credit Facility (other than the Primary Credit Facility) unless and until the Notes
shall be concurrently secured equally and ratably with such Debt pursuant to documentation reasonably acceptable to the Required Holders.


 






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 SECTION 11.                      Events of Default.




 


An “Event of Default”
shall exist if any of the following conditions or events shall occur and be continuing:


 


(a)              
 the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or


 


(b)              
the Company defaults in the payment of any interest on any Note for more than thirty days after the same becomes due and payable;
or


 


(c)              
the Company defaults in the performance of or compliance with any term contained in Section 7.1(d), Section 10.5, Section
10.6, Section 10.7 or Section 10.8; or


 


(d)              
the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a),
(b) and (c)) and such default is not remedied within 60 days after the earlier of (i) a Responsible Officer obtaining actual knowledge
of such default and (ii) the Company receiving written notice of such default from holders holding at least 25% of the Notes (any
such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or


 


(e)              
any representation or warranty made in writing by or on behalf of the Company or by any officer (or person in a similar capacity)
of the Company in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been
false or incorrect in any Material respect on the date as of which made which is not cured or remedied within 60 days of such event; or


 


(f)               
(i) the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any
principal of or premium or make-whole amount or interest on any Debt that is outstanding in an aggregate principal amount of at least
$50,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto, or (ii) the
Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence of any Debt in an
aggregate outstanding principal amount of at least $50,000,000 (or its equivalent in the relevant currency of payment) or of any mortgage,
indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition, such Debt
has become or has been declared due and payable before its stated maturity or before its regularly scheduled dates of payment; or


 


(g)              
the Company or any Significant Subsidiary (i) is generally not paying (other than as a result of a good faith dispute) or
admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing
against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take
advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment
for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar
powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated,
or (vi) takes corporate action for the purpose of any of the foregoing; or


 






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(h)              
 a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or
any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect
to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any
other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering
the dissolution, winding-up or liquidation of the Company or any of its Significant Subsidiaries, or any such petition shall be filed
against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within 90 days; or


 


(i)                
one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000 (or its equivalent in the relevant
currency of payment), including any such final order enforcing a binding arbitration decision, are rendered against one or more of the
Company and its Significant Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within 60 days after the expiration of such stay; or


 


(j)                
if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a
waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of
intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings
under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA
Affiliate that a Plan may become a subject of any such proceedings, (iii) the sum of (x) the aggregate “amount of unfunded benefit
liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA,
plus (y) the amount (if any) by which the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds
the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities, is Material, (iv) the Company or any ERISA
Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise
tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer
Plan, (vi) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare
benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (vii) the Company or any Subsidiary
fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations
or court orders or any Non-U.S. Plan is involuntarily terminated or wound up or (viii) the Company or any Subsidiary becomes subject to
the imposition of a financial penalty (which for this purpose shall mean any tax, penalty, or other liability, whether by way of indemnity
or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (viii) above,
either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. As
used in Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective
meanings assigned to such terms in Section 3 of ERISA.


 






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SECTION 12.                     
Remedies on Default, Etc.


 


Section 12.1.      
Acceleration.


 


(a)         
If an Event of Default with respect to the Company described in Section 11(g) or (h) (other than an Event of Default described
in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses
clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.


 


(b)         
If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice
or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.


 


(c)         
If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at
the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare
all the Notes held by it or them to be immediately due and payable.


 


Upon any Notes becoming due
and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid
principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate)
and (y) the Make-Whole Amount determined in respect of such principal amount, shall all be immediately due and payable, in each and every
case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties
hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except
as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes
are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right
under such circumstances.


 


Section 12.2.    
Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have
become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed
to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the
specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof
or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.


 


Section 12.3.      Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written
notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue
interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other
than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent
permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any
other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default
and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have
been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due
pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event
of Default or Default or impair any right consequent thereon.


 






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Section 12.4.     
No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note
in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or
remedies. No right, power or remedy conferred by this Agreement or any Note upon any holder thereof shall be exclusive of any other right,
power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting
the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall
be sufficient to cover all reasonable costs and expenses of such holder incurred in any enforcement or collection under this Section 12,
including reasonable attorneys’ fees, expenses and disbursements.


 


 SECTION 13.                      Registration; Exchange; Substitution of Notes.




 


Section 13.1.      
Registration of Notes. The Company shall maintain an office or agency where the Notes may be presented for registration of
transfer or for exchange (the “Registrar”) The Company or any Subsidiary may act as Registrar. The Registrar will keep
a register of the Notes and of their transfer and exchange. The name and address of each holder of one or more Notes, each transfer thereof
and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Certificated
Notes is a nominee, then (a) the name and address of the beneficial owner of such Certificated Note or Certificated Notes shall also be
registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial
owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration
of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all
purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give or cause to
be provided to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the
names and addresses of all registered holders of Notes.


 






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Section 13.2.      
Transfer and Exchange of Notes.


 


(a)           Transfer
and Exchange of Certificated Notes. Subject to Section 13.3, including the transfer restrictions contained therein, upon (a)
surrender of any Certificated Note to the Company together with any documentation that may be required pursuant to Section 13.3 at
the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or
exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed
by the registered holder of such Certificated Note or such holder’s attorney duly authorized in writing and accompanied by the
relevant name, address and other information for notices of each transferee of such Certificated Note or part thereof) and (b)
delivery to the Company of evidence reasonably satisfactory to it that such transfer or exchange of such Note is exempt from any
registration requirements under applicable federal and state securities laws, within 10 Business Days thereafter, the Company shall
execute and deliver, at the Company’s expense (except as provided below), one or more new Certificated Notes (as requested by
the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered
Certificated Note. Each such new Certificated Note shall be payable to such Person as such holder may request and shall be
substantially in the form of Schedule 1. Each such new Certificated Note shall be dated and bear interest from the date to which
interest shall have been paid on the surrendered Certificated Note or dated the date of the surrendered Certificated Note if no
interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental
charge imposed in respect of any such transfer of Certificated Notes. Certificated Notes shall not be transferred in denominations
of less than $2,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of
Certificated Notes, one Certificated Note may be in a denomination of less than $2,000. Any transferee, by its acceptance of a
Certificated Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in
Sections 6.1, 6.2 and 6.4 and acknowledged the transfer restrictions set forth in Section 13.3.


 


(b)         
Transfer and Exchange of Global Notes.


 


(i)                
Each Global Note will be registered in the name of the Depository or its nominee and, so long as DTC is serving as the Depository
thereof, will bear the DTC Legend. The Company will enter into a letter of representations with DTC in the form provided by DTC and the
Registrar and DTC Custodian will thereby be authorized to act in accordance with such letter and Applicable Procedures. Neither the Registrar
nor the DTC Custodian shall have responsibility for any actions taken or not taken by DTC or any Depository.


 


(ii)             
Each Global Note will be delivered to the DTC Custodian as custodian for the Depository. Transfers of a Global Note (but not a
beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depository, its successors or their
respective nominees, (A) except as set forth in Section 13.2(b)(iv)) and (B) except that transfers of portions of any Global Note to Certificated
Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the DTC Custodian
by or on behalf of the Depository in accordance with customary procedures of the Depository and in compliance with this Section.


 


(iii)            Members
of, or direct or indirect participants in, the Depository (“Agent Members”) will have no rights under this
Agreement with respect to any Global Note held on their behalf by the Depository and the Depository may be treated by the Company
and any agent of the Company as the absolute owner and holder of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, the Depository or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any
Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a holder of a Note is
entitled to take under this Agreement or the Notes, and nothing herein will impair, as between the Depository and its Agent Members,
the operation of customary practices governing the exercise of the rights of a holder of any Note.


 






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(iv)            
Notwithstanding any other provision herein, no Global Note may be exchanged in whole or in part for Notes registered, and no transfer
of a Global Note in whole or in part may be registered, in the name of any person other than the Depository or a nominee thereof unless
(i) the Depository advises the Company in writing that DTC is no longer willing or able to properly discharge its responsibilities as
the depository with respect to such Global Note, and no qualified successor is appointed by the Company within 90 days of receipt by the
Company of such notice, (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended
and no successor is appointed by the Company within 90 days after obtaining knowledge of such event, (iii) the Company elects to terminate
the book-entry system through DTC or (iv) an Event of Default shall have occurred and be continuing. Upon the occurrence of any event
specified in clause (i), (ii), (iii) or (iv) of this Section 13.2(iv), the Company or its agent shall notify the Depository and instruct
the Depository to notify all owners of beneficial interests in the Global Note of the occurrence of such event and of the availability
of Notes to such owners of beneficial interests requesting the same.


 


(c)         
A holder may transfer a Global Note (or a beneficial interest therein) to another Person or exchange a Global Note (or a beneficial
interest therein) for another Global Note or Global Notes of any authorized denomination by presenting to the Registrar a written request
therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other
document required by Section 13.3. The Registrar will promptly register any transfer or exchange that meets the requirements of this Section
by noting the same in the register maintained by the Registrar for the purpose; provided that:


 


(i)                
no transfer or exchange will be effective until it is registered in such register; and


 


(ii)             
the Registrar will not be required (A) to issue, register the transfer of or exchange any Global Note for a period of 15 days before
a selection of Global Notes to be prepaid or purchased pursuant to Section 8.2 or Section 8.8 of this Agreement, or (B) to register the
transfer of or exchange any Global Note so selected for prepayment or purchase in whole or in part, except, in the case of a partial redemption
or purchase, that portion of any Global Note not being redeemed or purchased. Prior to the registration of any transfer, the Company,
the Registrar and their agents will treat the Person in whose name the Note is registered as the owner and holder thereof for all purposes
(whether or not the Global Note is overdue), and will not be affected by notice to the contrary.


 


No service
charge will be imposed in connection with any transfer or exchange of any Global Note, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or
other similar governmental charge payable upon exchange pursuant to subsection (b)(iv)).


 






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Any such exchange
with respect to Global Notes shall comply with Applicable Procedures.


 


Each new Global
Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1. Each new Global
Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Global Note or dated the
date of the surrendered Global Note if no interest shall have been paid thereon. Global Notes shall not be transferred in denominations
of less than $2,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Global Notes,
one Global Note may be in a denomination of less than $2,000. Any transferee, by its acceptance of a Global Note registered in its name
(or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.4.


 


(d)         
If any Global Note is to be exchanged for Certificated Notes or canceled in part, or if another note is to be exchanged in whole
or in part for a beneficial interest in any Global Note, then either (i) such Global Note shall be so surrendered for exchange or cancellation
as provided in this Section 13.2 or (ii) the principal amount thereof shall be reduced or increased by an amount equal to the portion
thereof to be so exchanged or canceled, or equal to the principal amount of such other note to be so exchanged for a beneficial interest
therein, as the case may be, by means of an appropriate adjustment made on the records of the Company or Registrar, whereupon the Company
or the Registrar, in accordance with the applicable rules and procedures of the Depository, shall instruct the Depository or its authorized
representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Note by the Depository,
accompanied by registration instructions, the Company shall execute and deliver any Notes issuable in exchange for such Global Note (or
any portion thereof) in accordance with the instructions of the Depository.


 


Section 13.3.      
Restrictions on Transfer and Exchange of Notes.


 


(a)         
The transfer or exchange of any Global Note (or a beneficial interest therein) may only be made in accordance with this Section
and Section 13.2(b) and the applicable rules and procedures of the Depository. The Registrar shall refuse to register any requested transfer
or exchange that does not comply with the preceding sentence.


 






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(b)         
Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column
A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance
with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C below.


 


	A	B	C
	Global Note	Global Note	(1)
	Global Note	Certificated Note	(2)
	Certificated Note	Certificated Note	(2)
	Certificated Note	Global Note	(3)


 


(1)       No
certification is required.


 


(2)       The
Person requesting the transfer or exchange must deliver or cause to be delivered to the Registrar (w) a duly completed Rule 144A Certificate
of the transferee, (x) a duly completed Regulation S Certificate of the transferee, (y) a duly completed Institutional Accredited Investor
Certificate of the transferee, or (z) any other written instrument of transfer duly executed by the registered holder of such Note or
such holder’s attorney duly authorized in writing acceptable to the Company, and/or an Opinion of Counsel and/or such other certifications
and evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance
with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer
or exchange is made by the holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.


 


(3)       The
Person requesting the transfer or exchange must deliver or cause to be delivered to the Registrar a duly completed Rule 144A Certificate
or Institutional Accredited Investor Certificate.


 


(c)         
Subject to Section 13.3(a), no certification is required in connection with any transfer or exchange of any Global Note (or a beneficial
interest therein):


 


(i)                
after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need
for current public information; or


 


(ii)             
sold pursuant to an effective registration statement.


 


Any Certificated
Note delivered in reliance upon this Section 13.3(c) will not bear the Restricted Legend.


 


Section 13.4.      
Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified
in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation
of any Note (which evidence shall be, in the case of an Institutional Investor, notice from a duly authorized officer or custodian of
such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and


 


(a)         
in the case of loss, theft or destruction, such security or indemnity as may be required by them to save each of the Company and
the Paying Agent harmless, and


 


(b)         
in the case of mutilation of the Note, upon surrender and cancellation thereof,


 


within 10 Business Days thereafter, the Company
at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest
shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated
Note if no interest shall have been paid thereon.


 






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 SECTION 14.                      Payments on Notes.




 


Section 14.1.     
Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and
payable on the Notes shall be made in the State of Texas at the principal office of the Paying Agent; provided, however
that all payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes represented by one or more
permanent Global Notes registered in the name of or held by the Depository or its nominee shall be made by wire transfer of immediately
available funds to the accounts specified by the holder or holders thereof. The Company may at any time, by notice to each holder of a
Certificated Note, change the place of payment of the Certificated Notes so long as such place of payment shall be either the principal
office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. With respect to payments
on any Global Note, (a) the Company may appoint one or more paying agents or (b) the Company or any of its Subsidiaries may act as paying
agent. With respect to payments on any Global Note, the Company may change any paying agent, without notice to the holders.


 


Section 14.2.     
Payment by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything
contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal,
Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose
below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall
have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the
making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment
or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request,
to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section
14.1; provided, however that all such payments on the Global Notes registered in the name of or held by the Depository or its nominee
shall be made in accordance with the Applicable Procedures. Prior to any sale or other disposition of any Note held by a Purchaser or
its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which
interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The
Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in
this Section 14.2.


 






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Section 14.3.      FATCA
Information. By acceptance of any Certificated Note, the holder of such Certificated Note agrees that such holder will
with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the
Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax
identification number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a
United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and
(b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as
prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply
with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or
to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3
shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to
obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as
confidential.


 


 SECTION 15.                      Expenses, Etc.




 


Section 15.1.      
Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all
documented costs and expenses (including reasonable and documented attorneys’ fees of a single special counsel and, if reasonably
required by the Required Holders, local or other counsel) incurred by the Purchasers in connection with such transactions and in connection
with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or
consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to
enforce or defend) any rights under this Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative
demand issued in connection with this Agreement or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses,
including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or
in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and (c) the costs and expenses
incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided,
that such costs and expenses under this clause (c) shall not exceed $5,000. If required by the NAIC, the Company shall obtain and
maintain at its own cost and expense a Legal Entity Identifier (LEI).


 


The Company will pay, and
will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or expenses, if any,
of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes),
(ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder
or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order,
decree, fine, penalty, cost, fee, expense (including reasonable and documented attorneys’ fees and expenses) or obligation resulting
from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, other than
any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses)
or obligation resulting from the gross negligence or willful misconduct of such Purchaser or holder.


 






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Section 15.2.      Certain
Taxes. The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the
execution and delivery or the enforcement of this Agreement or the execution and delivery (but not the transfer) or the enforcement
of any of the Notes in the United States or any other jurisdiction where the Company has assets or of any amendment of, or waiver or
consent under or with respect to, this Agreement or of any of the Notes, and to pay any value added tax due and payable in respect
of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent
permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or
fee required to be paid by the Company hereunder.


 


Section 15.3.     
Survival. The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the
enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement.


 


 SECTION 16.                      Survival of Representations and Warranties; Entire Agreement.




 


All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of
any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note,
regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained
in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations
and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement and the Notes embody the entire
agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the
subject matter hereof.


 


 SECTION 17.                      Amendment and Waiver.




 


Section 17.1.      
Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may
be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that:


 


(a)          
no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective
as to any Purchaser unless consented to by such Purchaser in writing; and


 


(b)          
no amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding,
(i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal
of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount,
(ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver,
or (iii) amend any of Sections 8 (except as set forth in the third sentence of Section 8.2), 11(a), 11(b), 12, 17 or 20.


 






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Section 17.2.      
Solicitation of Holders of Notes.


 


(a)       
 Solicitation.  The Company will provide each holder of a Note with sufficient information, sufficiently far in advance
of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment,
waiver or consent in respect of any of the provisions hereof or of the Notes. The Company will deliver executed or true and correct copies
of each amendment, waiver or consent effected pursuant to this Section 17 to each holder of a Note promptly following the date on which
it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.


 


(b)         
Payment.  The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental
or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration
for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or any
Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided,
on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment.


 


(c)         
Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 by a holder of a Note that has transferred
or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other Person in connection
with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates,
in each case in connection with such consent, shall be void and of no force or effect except solely as to such holder, and any amendments
effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such
consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of
no force or effect except solely as to such holder.


 


Section 17.3.      
Binding Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders
of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has
been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement,
Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company
and any holder of a Note and no delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of
any holder of such Note.


 


Section 17.4.      
Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of
the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this
Agreement or the Notes, or have directed the taking of any action provided herein or the Notes to be taken upon the direction of the holders
of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company
or any of its Affiliates shall be deemed not to be outstanding.


 






    37


     


    

 


SECTION 18.                     
Notices.


 


Except to the extent otherwise
provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy or email if
the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges
prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized
overnight delivery service (charges prepaid). Any such notice must be sent:


 


(i)                
if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser
Schedule, or at such other address as such Purchaser or nominee shall have specified to the Company in writing,


 


(ii)             
if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in
writing, or


 


(iii)           
if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief Financial Officer,
or at such other address as the Company shall have specified to the holder of each Note in writing.


 


Notices under this Section 18 will be deemed given
only when actually received.


 


Notwithstanding any other provision of this Agreement
or any Note, where this Agreement or any Note provides for notice of any event (including any notice of prepayment or repurchase) to a
holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant
to the standing instructions from DTC or its designee, including by electronic mail in accordance with DTC operational arrangements or
other applicable Depository procedures.


 


 SECTION 19.                      Reproduction of Documents.




 


This Agreement and all documents
relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser
at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter
furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar
process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted
by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of
business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section
19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could
contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.


 






    38


     


    

 


SECTION 20.                     
Confidential Information.


 


For the purposes of this
Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the
Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is
proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as
being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was
publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known
through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to
such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to
such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such
Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information
of third parties delivered to such Purchaser and will not otherwise use any of such Confidential Information other than in the
administration and oversight of its investment in the Notes, provided that such Purchaser may deliver or disclose Confidential
Information to (i) its directors, managers, officers, employees, agents, attorneys, trustees and affiliates (the
 “Representatives”) (to the extent such disclosure reasonably relates to the administration of the investment
represented by its Notes, and provided, further, that each Purchaser agrees that its Representatives will be made aware of the
confidential nature of such Confidential Information and shall treat such Confidential Information confidentially, and that each
Purchaser will be responsible for any disclosures by its Representatives), (ii) its auditors, financial advisors and other
professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 20,
(iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part
thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to
be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Company (if such Person has agreed
in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state
regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization,
or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or
(viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law,
rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process (and, if not
prohibited by applicable law, such Purchaser shall use commercially reasonably efforts to give notice to the Company prior to such
disclosure), (y) in connection with any litigation to which such Purchaser is a party (and, if not prohibited by applicable law,
such Purchaser shall use commercially reasonably efforts to give notice to the Company prior to such disclosure), or (z) if an Event
of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be
necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes or
this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled
to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection
with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested
by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with
the Company embodying this Section 20.


 






    39


     


    

 


In the event that as a condition
to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or
otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether
through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section
20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such
other confidentiality undertaking.


 


 SECTION 21.                      Substitution of Purchaser.




 


Each Purchaser shall have
the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute
Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which
notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement
to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in
this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute
Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all
of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer, any reference to such Substitute
Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute
Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder
of the Notes under this Agreement.


 


 SECTION 22.                      Miscellaneous.




 


Section 22.1.     
Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the
parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether
so expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any of its rights or obligations
hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any
legal or equitable right, remedy or claim under or by reason of this Agreement.


 


Section 22.2.     Accounting
Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively
given to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant to
this Agreement shall be made in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with
GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
 “Debt”), any election by the Company to measure any financial liability using fair value (as permitted by
Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option,
International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting
standard) shall be disregarded and such determination shall be made as if such election had not been made.


 






    40


     


    

 


Notwithstanding any other
provision contained in this Agreement, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any treatment of any lease (or similar arrangement conveying
the right to use) as a Capital Lease as a result of the effectiveness of Financial Accounting Standards Board Accounting Standards Update
No. 2016-02 – Leases (Topic No. 842) (the “Change in Lease Accounting Standard”), where such lease (or similar
arrangement) would not have been required to be so treated under GAAP prior to the Change in Lease Accounting Standard.


 


Section 22.3.    
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render
unenforceable such provision in any other jurisdiction.


 


Section 22.4.    
Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being
independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary
provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.


 


Defined terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning
and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein)
and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject
to Section 22.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the
words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules
shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.


 






    41


     


    

 


Section 22.5.     
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but
all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less
than all, but together signed by all, of the parties hereto.


 


Section 22.6.      
Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall
be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit
the application of the laws of a jurisdiction other than such State.


 


Section 22.7.      
Jurisdiction and Process; Waiver of Jury Trial.


 


(a)         
The Company and each Purchaser irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting
in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or
the Notes. To the fullest extent permitted by applicable law, the Company and each Purchaser irrevocably waives and agrees not to assert,
by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.


 


(b)         
The Company and each Purchaser agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action
or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to
rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any
other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.


 


(c)         
The Company and each Purchaser consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding
of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified priority or express mail (or any
substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested, to it at its address specified
in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company and
each Purchaser agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in
any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid
personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery
receipt furnished by the United States Postal Service or any reputable commercial delivery service.


 


(d)         
Nothing in this Section 22.7 shall affect the right of any party hereto to serve process in any manner permitted by law, or
limit any right that any party hereto may have to bring proceedings against the Company in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.


 


(e)              
 The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other
document executed in connection herewith or therewith.


 


Section 22.8.      
Independent Investigation. Each Purchaser represents to and agrees with each other Purchaser and the Company that it
has made its own independent investigation of the condition (financial or otherwise), prospects and affairs of the Company and its Subsidiaries
in connection with its purchase of the Notes hereunder, and has made and shall continue to make its own appraisal of the creditworthiness
of the Company and its Subsidiaries. No holder of Notes shall have any duty or responsibility to any other holder of Notes, either initially
or on a continuing basis, to make any such investigation or appraisal or to provide any credit or other information with respect thereto.
No holder of Notes is acting as agent or in any other fiduciary capacity on behalf of any other holder of Notes.


 






    42


     


    

 


If you are in agreement with
the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement
shall become a binding agreement among you, the Company.


 


	 	Very
    truly yours,
	 	 
	 	BROADMARK
    REALTY CAPITAL INC.
	 	 
	 	By:	          
	 	Name:  	 
	 	Title:	 




 


Broadmark Realty Capital Inc. – 5.00% Senior Unsecured Notes due 2026 

Signature Page to Note Purchase Agreement


 






     


     


    

 


	This
    Agreement is hereby	 
	accepted
    and agreed to as	 
	of
    the date hereof.	 
	 	 
	[PURCHASER]	 
	 	 
	By:	          	 
	Name:  	 	 
	Title:	 	 




 


Broadmark Realty Capital Inc. – 5.00% Senior Unsecured Notes due 2026

 Signature Page to Note Purchase Agreement


 






     


     


    

 


Schedule A


 


Defined
Terms


 


As used herein, the following
terms have the respective meanings set forth below or set forth in the Section hereof following such term:


 


“A- Rating”
will occur if as of the last day of the then current Six-Month Interest Period (a) assuming the Notes are rated by only one NRSRO, the
then most recent Rating from such NRSRO is at least an A-; (b) assuming the Notes are rated by only two NRSROs, the then lower of the
most recent Ratings from such NRSROs is at least an A-; or (c) assuming the Notes are rated by three or more NRSROs, the then second lowest
of the most recent Ratings from such NRSROs is at least an A-. The ratings categories referred to in this definition are those used by
Egan-Jones but are deemed to refer also to the equivalent ratings of any other NRSRO.


 


“Additional Notes”
is defined in Section 1.2.


 


“Additional Purchasers”
means purchasers of Additional Notes.


 


“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any
reference to an “Affiliate” is a reference to an Affiliate of the Company.


 


“Agent Members”
is defined in Section 13.2(b)(iii).


 


“Agreement”
means this Note Purchase Agreement, including all Schedules attached to this Agreement.


 


“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including
the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.


 


“Anti-Money Laundering
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related
activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise
known as the Bank Secrecy Act) and the USA PATRIOT Act.


 


“Applicable Procedures”
means, with respect to any matter at any time relating to a Global Note, the rules, policies and procedures of the Depository applicable
to such matter.


 


“Applicable
Rate” means (a) 5.25% per annum beginning on the first day of any Six-Month Period if as of such day the Notes have a
Triple-B Rating and continuing thereafter to and until (but not including) the next Applicable Rate Reset Date, if any, (b) 5.50%
per annum beginning on the first day of any Six-Month Period if as of such day the Notes have either a Non-IG Rating or no Rating
from any NRSRO and continuing thereafter to and until (but not including) the next Applicable Rate Reset Date, if any; and (c) 5.00%
per annum at all other times. The Ratings categories referred to in this definition are those used by Egan-Jones but are deemed to
refer also to the equivalent Ratings of any other NRSRO.


 






    Schedule A-1


     


    

 


“Applicable Rate
Reset Date” means the Interest Payment Date immediately succeeding the date upon which the Notes shall have obtained (a) an
A- Rating, or (b) a Rating that is below an A- Rating and not a Non-IG Rating. The Ratings categories referred to in this definition
are those used by Egan-Jones but are deemed to refer also to the equivalent Ratings of any other NRSRO.


 


“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a
Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions
Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting
on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).


 


“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be
closed.


 


“Capital Lease”
means, at any time and subject to the last paragraph of Section 23.2, a lease with respect to which the lessee is required concurrently
to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.


 


“Capitalized Lease
Obligation” means the obligations under a lease that are required to be capitalized for financial reporting purposes in accordance
with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected
on the balance sheet prepared in accordance with GAAP of the applicable Person as of the applicable date.


 


“Certificated Note”
means any Note other than a Global Note.


 


“Change of
Control” means the occurrence of any one of the following: (a) the sale, assignment, lease, transfer or other conveyance
(other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the
properties and assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than to the Company or one or more of its Subsidiaries or a combination thereof or a
Person controlled by the Company or one or more of its Subsidiaries or a combination thereof; or (b) the consummation of any
transaction (including any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) (other than any Subsidiary of the Company) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock
of the Company, measured by voting power rather than number of shares or the like. Notwithstanding the foregoing, a transaction
shall not be deemed to involve a “Change of Control” under clause (b) above if (i) the Company becomes a direct or
indirect Wholly-Owned Subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding
company immediately following such transaction are substantially the same as the holders of the Voting Stock of the Company
immediately prior to such transaction or (B) immediately following such transaction no “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the
 “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the outstanding Voting Stock of such holding company, measured by voting power rather than number of shares or the like.


 






    Schedule A-2


     


    

 


“Change of Control
Notice” is defined in Section 8.8(a).


 


“Change of Control
Triggering Event” means the Notes fail to have at least an A- Rating on any date during the period commencing on the date of
the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation
of such Change of Control (which 60-day period will be extended for so long as the Rating of the Notes is under publicly announced consideration
for a possible downgrade as a result of the Change of Control by any NRSRO). Notwithstanding the foregoing, no Change of Control Triggering
Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has
actually been consummated.


 


“Closing”
is defined in Section 3.


 


“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.


 


“Company”
is defined in the first paragraph of this Agreement.


 


“Confidential Information”
is defined in Section 20.


 


“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling”
shall have meanings correlative to the foregoing.


 


“Controlled Entity”
means (a) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (b) if the
Company has a parent company, such parent company and its Controlled Affiliates.


 


“Customary Recourse
Exceptions” means, with respect to any Debt, personal recourse that is limited to fraud, misrepresentation, misapplication
of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single-purpose entity covenants, voluntary
insolvency proceedings and other circumstances customarily excluded by institutional lenders from exculpation provisions.


 






    Schedule A-3


     


    

 


“Debt”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding trade accounts payable incurred in the ordinary course of business
and, in each case, not past due for more than 60 days after the original date on which such trade account payable was due), (f) all
Debt of others secured by any Lien on property owned or acquired by such Person, whether or not the Debt secured thereby has been
assumed, (g) all Guaranties by such Person of Debt of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (j) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Debt of any Person shall include
the Debt of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Debt provide that such Person is not liable therefor.


 


“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become
an Event of Default.


 


“Default Rate”
means that rate of interest per annum that is the greater of (a) 2.0% above the Applicable Rate or (b) 2% over the rate of interest
publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its “base” or “prime” rate.


 


“Depository”
means The Depository Trust Company, its nominees and their respective successors.


 


“Disclosure Documents”
is defined in Section 5.3.


 


“DTC”
means The Depository Trust Company, a New York corporation, and its successors.


 


“DTC Custodian”
means UMB Bank, N.A. as custodian with respect to the Global Notes or any successor entity thereto.


 


“DTC Legend”
means the legend set forth in Exhibit B.


 


“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such
purposes.


 


“Egan-Jones”
means Egan-Jones Rating Company.


 


“Environmental Laws”
is defined in Section 5.24.


 






    Schedule A-4


     


    

 


“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests or equivalents (however designated, including any instrument
treated as equity for U.S. federal income tax purposes) in a Person, and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time in effect.


 


“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414
of the Code.


 


“Event of Default”
is defined in Section 11.


 


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


 


“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United
States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and
(c) any agreements entered into pursuant to section 1471(b)(1) of the Code.


 


“Form 10-K”
is defined in Section 7.1(b).


 


“Form 10-Q”
is defined in Section 7.1(a).


 


“GAAP”
means generally accepted accounting principles set forth in opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and in statements and pronouncements of the Financial Accounting Standards Board, or in opinions,
statements or pronouncements of any other entity approved by a significant segment of the accounting profession, which are applicable
to the circumstances as of the date of determination.


 


“Global Note”
means a Note in registered global form registered in the name of the Depository, without interest coupons.


 


“Governmental Authority”
means


 


(a)          the
government of


 


(i)       the
United States of America or any state or other political subdivision thereof, or


 


(ii)       any
other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or


 


(b)       any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.


 






    Schedule A-5


     


    

 


“Governmental Official”
means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any
official of a political party, candidate for political office, official of any public international organization or anyone else acting
in an official capacity.


 


“Guaranty”
means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any
other Person in any manner, whether directly or indirectly, including obligations incurred through an agreement, contingent or otherwise,
by such Person:


 


(a)       to
purchase such indebtedness or obligation or any property constituting security therefor;


 


(b)       to
advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available
funds for the purchase or payment of such indebtedness or obligation;


 


(c)       to
lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation
of the ability of any other Person to make payment of the indebtedness or obligation; or


 


(d)       otherwise
to assure the owner of such indebtedness or obligation against loss in respect thereof.


 


In any computation of the indebtedness or other
liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed
to be direct obligations of such obligor.


 


“Hazardous
Materials” means and shall include, without limitation, any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, toxic substances, or related materials, asbestos or any hazardous material as defined by any U.S.
federal, state or local environmental law, ordinance, rule or regulation including without limitation the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Sections 9601-9675
(“CERCLA”), the Hazardous Materials Transportation Act, as amended, 49 U.S.C. Sections 1801-1819, the Resource
Conservation and Recovery Act, as amended, 42 U.S.C. Sections 6901-6992K, the Emergency Planning and Community Right-to-Know Act of
1986, 42 U.S.C. Sections 11001-11050, the Toxic Substances Control Act, 15 U.S.C. Sections 2601-2671, the Federal Insecticide,
Fungicide and Rodenticide Act, 7 U.S.C. Sections 136-136y, the Clean Air Act, 42 U.S.C. Sections 7401-7642, the Clean Water Act
(Federal Water Pollution Control Act), 33 U.S.C. Sections 1251-1387, the Safe Drinking Water Act, 42 U.S.C. Sections 300f-330j-26,
and the Occupational Safety and Health Act, 29 U.S.C. Sections 651-678, as any of the above statutes may be amended from time to
time, and in the regulations promulgated pursuant to each of the foregoing or by any Governmental Authority.


 






    Schedule A-6


     


    

 


“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to
Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and
any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose name and address appears
in such register.


 


“INHAM Exemption”
is defined in Section 6.4(e).


 


“Institutional Accredited
Investor” means an institution that is an “accredited investor” (as defined) in Rule 501(a)(1), (2), (3) or (7)
under the Securities Act.


 


“Institutional Accredited
Investor Certificate” means a written certification addressed to the Company to the effect that the Person making such certification
(a) is an Institutional Accredited Investor and have such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and is and any accounts for which it is acting are each able to bear
the economic risk of our or its investment, (b) is acquiring the Notes or beneficial interest therein purchased by it for its own account
or for one or more accounts (each of which is an Institutional Accredited Investor) as to each of which it exercises sole investment
discretion and (c) is not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities
Act or the securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of its
property and the property of any accounts for which it is acting as fiduciary will remain at all times within its and their control.


 


“Institutional Investor”
means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than 5% of
the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other
financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial
institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.


 


“Intangible Assets”
means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights,
trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research
and development costs.


 


“Interest Payment
Date” means, subject to Section 8.7, the 15th day of May and November in each year, commencing with May 15, 2022.


 


“Lien”
means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale
or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest).


 






    Schedule A-7


     


    

 


“Loans”
is defined in Section 5.25.


 


“Make-Whole Amount”
is defined in Section 8.6.


 


“Material”
means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries
taken as a whole.


 


“Material Adverse
Effect” means (a) a material adverse change or any development involving a prospective material adverse change in the business,
assets, property or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, or (b) a material adverse
effect on the validity or enforceability of this Agreement or the Notes.


 


“Material Credit
Facility” means, as to the Company,


 


(a)       the
Primary Credit Facility; and


 


(b)       with
respect to Section 10.8 only, any other agreement(s) creating or evidencing indebtedness for borrowed money (excluding any Non-Recourse
Debt) entered into on or after the date of Closing by the Company, or in respect of which the Company is an obligor or otherwise provides
a guarantee or other credit support (other than a guaranty of Customary Recourse Exceptions) (“Credit Facility”), in
a principal amount outstanding or available for borrowing equal to or greater than $50,000,000 (or the equivalent of such amount in the
relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency);
and if no Credit Facility or Credit Facilities equal or exceed such amounts and the Primary Credit Facility is not then in effect, then
the largest Credit Facility shall be deemed to be a Material Credit Facility.


 


“Maturity Date”
is defined in the first paragraph of each Note.


 


“Multiemployer Plan”
means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).


 


“NAIC”
means the National Association of Insurance Commissioners.


 


“Net Cash Proceeds”
means with respect to any issuance or sale of Equity Interests, the cash proceeds of such issuance, sale or incurrence, as the case
may be, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts and commissions
and brokerage, consultant and other fees and expenses incurred in connection with such issuance, sale or incurrence, as the case may
be, and net of taxes paid or payable as a result thereof.


 


“Non-IG
Rating” will occur if as of the last day of the then current Six-Month Interest Period: (a) assuming the Notes are rated
by only one NRSRO, the then most recent Rating from such NRSRO is a BB+ or lower; (b) assuming the Notes are rated by only two
NRSROs, the then lower of the most recent Ratings from such NRSROs is a BB+ or lower; or (c) assuming the Notes are rated by three
or more NRSROs, the then second lowest of the most recent Ratings from such NRSROs is a BB+ or lower.


 






    Schedule A-8


     


    

 


“Non-Recourse Debt”
means, for any Person, any Debt of such Person in which recourse of the applicable holder of such Debt for non-payment is limited
to such holder’s Liens on a particular asset or group of assets (other than for Customary Recourse Exceptions).


 


“Non-U.S. Plan”
means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company
or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States
of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation
of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code.


 


“Notes”
is defined in Section 1.


 


“NRSRO”
means any U.S. “nationally recognized rating organization” within the meaning of Section 3(a)(62) of the Exchange Act.


 


“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.


 


“OFAC Sanctions Program”
means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs may be
found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.


 


“Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities
extend to the subject matter of such certificate.


 


“Operating Cash
Flow” means, for any period of determination, with respect to the Company and its Subsidiaries, on a consolidated basis, net
cash provided by operating activities, exclusive of the effects from changes in operating assets and liabilities, plus cash paid for
income taxes and interest payments, determined in accordance with GAAP applied in a manner consistent with the Company’s most recent
audited financial statements.


 


“Opinion of Counsel”
means a written opinion from legal counsel which legal counsel may be an employee of or counsel to the Company. Opinions of Counsel
required to be delivered under this Agreement may have qualifications customary for opinions of the type required and counsel delivering
such Opinions of Counsel may rely on certificates of the Company or government or other officials customary for opinions of the type
required, including certificates certifying as to matters of fact, including that various covenants have been complied with.


 


“Other Purchasers”
means the Purchasers listed on the Purchaser Schedule, except Citizens State Bank and Southern Bank Foundation.


 


“Paying Agent”
means UMB Bank, N.A., as the paying agent and registrar for the Notes.


 






    Schedule A-9


     


    

 


“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.


 


“Permitted Liens”
means:


 


(a)       Liens
secured by the collateral under the Primary Credit Facility;


 


(b)       Liens
for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings, provided any reserve or other appropriate provision as is required by GAAP has been made therefor; and


 


(c)       Liens
of a depository institution or broker-dealer arising solely by virtue of any contractual, statutory or common law provisions relating
to broker’s Liens, banker’s Liens, rights of set-off or similar rights and remedies as to deposit or brokerage accounts or
other funds maintained with such depository institution or broker-dealer


 


(d)       carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other similar Liens imposed by law, arising in the
ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in good faith by
appropriate proceedings;


 


(e)       pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other
social security laws or regulations;


 


(d)       deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business;


 


(e)       judgment
liens in respect of judgments that do not constitute an Event of Default under Section 11(i);


 


(f)       easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of the Company or any Subsidiary;


 


(g)       leases,
licenses, subleases or sublicenses granted to third parties in the ordinary course of business and not interfering in any material respect
with the ordinary conduct of business of the Company or any Subsidiary;


 


(h)       Liens
on specific items of inventory or other goods (other than fixed or capital assets) and proceeds thereof of any Person securing such
Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;


 






    Schedule A-10


     


    

 


(j)       Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation
of goods in the ordinary course of business so long as such Liens only cover the related goods; and


 


(k)       Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other
brokerage accounts incurred in the ordinary course of business and not for speculative purposes;


 


(l)       any
Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing on any property or
asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that
(i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case
may be, (ii) such Lien shall not apply to any other property or assets of the Company or any Subsidiary and (iii) such Lien shall secure
only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may
be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except by the amount
of any accrued interest and premiums with respect to such Debt and transaction fees, costs and expenses in connection with such extension,
renewal or replacement thereof);


 


(m)       Liens
on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided that (i) such security interests
and the Debt secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or
improvement, (ii) the Debt secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital
assets and (iii) such security interests shall not apply to any other property or assets of the Company or any Subsidiary;


 


(n)       Liens
arising from precautionary Uniform Commercial Code financing statement or similar filings;


 


(o)       Liens
solely on any cash earnest money deposits made by the Company or any Subsidiary in connection with any acquisition permitted hereunder;
and


 


(p)        other
Liens securing Debt or other obligations of the Company or any Subsidiary at any time outstanding not to exceed $10,000,000.


 






    Schedule A-11


     


    

 


“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity
or Governmental Authority.


 


“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the
preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been
made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have
any liability.


 


“Primary Credit
Facility” means the Credit Agreement dated as of February 19, 2021, among the Company, the lenders party thereto, and JPMorgan
Chase Bank, N.A., administrative agent, including any renewals, extensions, further amendments, supplements, restatements, replacements
or refinancing thereof.


 


“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible,
choate or inchoate.


 


“PTE” is
defined in Section 6.4(a).


 


“Purchaser”
or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Company (including
pursuant to a supplement between the Company and any Additional Purchaser) and such Purchaser’s successors and assigns (so long
as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered
holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease
to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer.


 


“Purchaser Schedule”
means the Purchaser Schedule one file with the DTC Custodian listing the Purchasers of the Notes and including their notice and payment
information, as applicable.


 


“Qualified Institutional
Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in
Rule 144A(a)(1) under the Securities Act.


 


“QPAM Exemption”
is defined in Section 6.4(d).


 


“Rating”
means a rating of the Notes, which rating shall specifically describe the Notes and not be rating of the Issuer generally, as determined
from time to time by any NRSRO.


 


“Real Property”
is defined in Section 5.20.


 


“Registrar”
is defined in Section 13.1.


 






    Schedule A-12


     


    

 


“Regulation S
Certificate” means a written certification addressed to the Company and to the effect that (a)(i) the transfer is not
being made to a Person in the United States, (i) at the time the buy order was originated, the transferee was outside the United
States or such transferor and any Person acting on its behalf reasonably believed and believes that the transferee was outside the
United States, or (iii) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (b) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (c) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act, and (d) if the proposed transfer is being made prior to the expiration of the distribution compliance period (as
defined in Regulation S), the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person.


 


“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised
or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.


 


“Required Holders”
means at any time on or after the Closing, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive
of Notes then owned by the Company or any of its Affiliates).


 


“Responsible Officer”
means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion
of this Agreement.


 


“Restricted Legend”
means the legend in the form attached as Exhibit A hereto.


 


“Rule 144”
means Rule 144 promulgated under the Securities Act.


 


“Rule 144A”
means Rule 144A promulgated under the Securities Act.


 


“Rule 144A
Certificate” means a written certification addressed to the Company to the effect that the Person making such
certification (a) is acquiring the Note (or beneficial interest therein) for its own account or one or more accounts with respect to
which it exercises sole investment discretion and that it and each such account is a Qualified Institutional Buyer within the
meaning of Rule 144A, (b) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (c) acknowledges that it has received such
information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such
information.


 


“SEC” means
the Securities and Exchange Commission of the United States of America.


 


“Securities”
or “Security” shall have the meaning specified in section 2(1) of the Securities Act.


 


“Securities Act”
means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.


 






    Schedule A-13


     


    

 


“Senior Debt Service”
means, for the Testing Period, the sum of: (a) the interest paid in cash or required to be paid in cash by the Company and its Subsidiaries,
on a consolidated basis, for the Testing Period with respect to all Debt, together with all fees and expenses paid on account of or with
respect thereto, minus the interest paid in cash or required to be paid in cash by the Company and its Subsidiaries, on a consolidated
basis, for the Testing Period with respect to all Subordinated Debt together with all fees and expenses paid on account of or with respect
thereto, in each case, determined in accordance with GAAP; plus (b) regularly scheduled principal amortization payments made or required
to be made on account of Debt for the Testing Period (exclusive of pay-offs or pay-downs on account of such Debt), minus regularly
scheduled principal amortization payments made or required to be made by the Company and its subsidiaries, on a consolidated basis, on
account of subordinated Indebtedness for borrowed money for such Testing Period (exclusive of pay-offs or pay-downs on account of such
Indebtedness), in each case determined in accordance with GAAP.


 


“Senior Debt Service
Coverage Ratio” means, with respect to the Company, at any date of determination, the ratio of Operating Cash Flow during the
Testing Period to Senior Debt Service for the Testing Period.


 


“Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.


 


“Significant Subsidiary”
means at any time any Subsidiary that would at such time constitute a “significant subsidiary” (as such term is defined in
Regulation S-X of the SEC as in effect on the date of the Closing) of the Company.


 


“Six-Month Interest
Period” means the period beginning on each Interest Payment Date for the Notes and ending on the day immediately preceding
the commencement of the next following Interest Payment Date for the Notes. The initial Six-Month Interest Period will begin on the first
Interest Payment Date for the Notes.


 


“Source”
is defined in Section 6.4.


 


“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons
that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed
under U.S. Economic Sanctions Laws.


 


“Subsidiary”
means, as to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary
voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or
the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless
the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.


 






    Schedule A-14


     


    

 


“Subordinated Debt”
means all Debt of the Company and its Subsidiaries that is effectively subordinated in right of payment to the Notes.


 


“Substitute Purchaser”
is defined in Section 21.


 


“SVO” means
the Securities Valuation Office of the NAIC.


 


“Tangible Net Worth”
means, as of any date of determination, with respect to any Person, the Total Equity of such Person minus Intangible Assets of such
Person and its Subsidiaries, all on or as of such date.


 


“Testing Period”
means, with respect to the Company, at any date of determination, the four consecutive fiscal quarters of the Company most recently
ended immediately prior to such determination date.


 


“Total Debt” means, with respect
to the Company and its Subsidiaries on a consolidated basis, as of any date of determination, all Debt (other than (i) contingent liabilities
not reflected on the Company’s consolidated balance sheet and (ii) unamortized debt premium) on or as of such date of determination,
all determined in accordance with GAAP.


 


“Total Debt to Equity
Ratio” means, with respect to the Company and its Subsidiaries, on a consolidated basis, as of any date of determination, the
ratio as of such date of (i) Total Debt to (ii) Total Equity


 


“Total Equity”
means, as of any date of determination, with respect to any Person, all amounts which would be included under capital or shareholder’s
equity (or any like caption) on a balance sheet of such Person, minus (i)(a) amounts owing to such Person from any Affiliate thereof,
or from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any
Affiliate thereof and (b) prepaid taxes and/or expenses plus (ii) unamortized debt premium, all on or as of such date.


 


“Total Liabilities”
means, with respect to the Company on any date, all amounts that would be included under total liabilities on a balance sheet of
the Company and its consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.


 


“Triple-B Rating”
will occur ((a) in the case of determining the Applicable Rate, as of the last day of the then current Six-Month Interest Period
or (b) in all other cases) if: (i) assuming the Notes are rated by only one NRSRO, the then most recent Rating from such NRSRO is no
lower than a BBB- and no higher than a BBB+; (ii) assuming the Notes are rated by only two NRSROs, the then lower of the most recent
Ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+; or (iii) assuming the Notes are rated by three or more NRSROs,
the then second lowest of the most recent Ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+. The Ratings categories
referred to in this definition are those used by Egan-Jones but are deemed to refer also to the equivalent Ratings of any other NRSRO.


 


“United States Person”
has the meaning set forth in Section 7701(a)(30) of the Code.


 






    Schedule A-15


     


    

 


“USA PATRIOT Act”
means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.


 


“U.S. Economic Sanctions
Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States
pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with
the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and
any other OFAC Sanctions Program.


 


“Voting Stock”
means, as applied to stock of any Person, means shares, interests, participations or other equivalents in the Equity Interest (however
designated) in such Person having ordinary voting power for the election of, or to appoint or to approve the appointment of the directors
(or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency.


 


“Wholly-Owned Subsidiary”
means, at any time, any Subsidiary all of the Equity Interests (except directors’ qualifying shares) and voting interests of which
are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time.


 






    Schedule A-16


     


    

 


Schedule 1


 


[Form
of Note]


 


THIS NOTE
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT PURSUANT TO THE NOTE PURCHASE AGREEMENT, DATED
AS OF NOVEMBER 12, 2021, BETWEEN BROADMARK REALTY CAPITAL INC. AND THE PURCHASERS NAMED THEREIN (AS FROM TIME TO TIME AMENDED, THE “NOTE
PURCHASE AGREEMENT”), A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY. THIS NOTE REMAINS SUBJECT TO THE TERMS
AND CONDITIONS OF THE NOTE PURCHASE AGREEMENT AND BY ACCEPTING ANY BENEFICIAL INTEREST IN THIS NOTE THE PERSON ACCEPTING SUCH BENEFICIAL
INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL OF THE PROVISIONS OF THAT NOTE PURCHASE AGREEMENT APPLICABLE TO SUCH
PERSON, AS SET FORTH THEREIN.


 


BROADMARK REALTY CAPITAL INC. 


 


5.00%
Senior Note Due 2026


	No. [_____]	 	[Date]
	$[_______]	 	[QIB CUSIP: 11135B AA8]




[Accredited Investor CUSIP: 11135B AB6]


 


For
Value Received, the undersigned, Broadmark Realty Capital Inc., a Maryland corporation (herein called the “Company”),
hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on November 15, 2026 (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the Applicable Rate from the date
hereof, payable semiannually, on the 15th day of May and November in each year, commencing with May 15, 2022 to the Person in whose
name the Note is registered at the close of business on the April 30 and October 31 immediately prior to such Interest Payment Date, as
applicable, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted
by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any
overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand).


 


Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America to the
Paying Agent at its principal office, as designated from time to time, or at such other place as the Company shall have designated by
written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.


 






    Schedule 1-1


     


    

 


This Note is one of a series
of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated November 12, 2021
(as from time to time amended, the “Note Purchase Agreement”), by and among the Company and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have, for
the benefit of the Company, (a) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement,(b) made
the representation set forth in Section 6.4 of the Note Purchase Agreement, and (c) acknowledged that the Notes have not been registered
under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from
registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that
the Company is not required to register the Notes. Unless otherwise indicated, capitalized terms used in this Note shall have the respective
meanings ascribed to such terms in the Note Purchase Agreement.


 


This Note is a registered
Note and shall only be transferred as provided in Section 13.2 of the Note Purchase Agreement. Upon surrender of this Note for registration
of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior
to due presentment for registration of transfer, the Company shall treat the Person in whose name this Note is registered as the owner
hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.


 


This Note is subject to prepayment,
in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.


 


If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.


 


This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.


 


	 	BROADMARK REALTY CAPITAL INC.
	 	 
		By:	         	 
		Name:  	 	 
		Title:	 	 



 






    Schedule 1-2


     


    

 


[FORM OF
PAYING AGENT’S CERTIFICATE OF AUTHENTICATION FOR GLOBAL NOTE]


 


This is a Global Note for
the 5.00% Senior Notes due 2026 issued by Broadmark Realty Capital Inc. pursuant to the Paying Agency and Registrar Agreement Dated November
12, 2021. This Certificate of Authentication must accompany any security issued pursuant to such Senior Notes offering in order to be
a valid security.


 


	 	UMB
    BANK NATIONAL ASSOCIATION
	 	 
	 	 




 






    Schedule 1-3


     


    

 


EXHIBIT A


 


[FORM OF RESTRICTED LEGEND]


 


THIS NOTE
HAS BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”),
OR UNDER STATE SECURITIES LAWS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS
REGISTERED OR EXEMPT FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS.


 






     


     


    

 


EXHIBIT B


 


[FORM OF DTC LEGEND]


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.


 


TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE NOTE PURCHASE AGREEMENT.