Document:

Exhibit
10.37

 

BRIACELL
THERAPEUTICS CORP.

 

SUBSCRIPTION
AGREEMENT

 

(COMMON
SHARES)

 

THE
COMMON SHARES BEING OFFERED FOR SALE MAY BE PURCHASED BY RESIDENTS OF THE UNITED STATES PURSUANT TO AVAILABLE EXEMPTIONS UNDER
APPLICABLE SECURITIES LEGISLATION.

 

INSTRUCTIONS

 

	1.	Complete
    and sign the Execution Pages of the Subscription Agreement.
	 	 
	2.	Complete
    and sign Schedule A attached to the Subscription Agreement.
	 	 
	3.	Complete
    and sign Appendix “A” to Schedule A if you are not an individual and satisfy at least one of the three
    conditions below (unless you have previously filed this form with the TSX Venture Exchange and represent and warrant that
    there has been no change to any of the information in the previously filed form up to the date of this Subscription Agreement):

 

	 	(a)	hold,
    or will hold upon completion of the Offering (as defined herein), more than 5% of the issued and outstanding common shares
    of the Corporation;
	 	 	 
	 	(b)	are,
    or will be upon completion of the Offering, an insider of the Corporation; or
	 	 	 
	 	(c)	are
    a Pro Group placee (a member (brokerage firm) of the TSX Venture Exchange, an employee, partner, officer, director or an ‘affiliate’
    (a company controlling or under common control) of a member or an ‘associate’ (a company of which more than 10%
    of the voting shares are owned or controlled by such person, a partner of such person, a trust or estate of which a substantial
    beneficial interest is owned or of which such person is a trustee, a spouse or child of such person, or a relative of such
    person or their spouse living in the same home as such person) of any of the foregoing).

 

	4.	Complete
    Schedule B attached to the Subscription Agreement.
	 	 
	5.	Complete
    and sign Schedule C attached to the Subscription Agreement (Accredited Investor Certificate), together with a completed Appendix
    “A” to Schedule C, if applicable, and Appendix “B” to Schedule C, if applicable.
	 	 
	6.	If
    you or the beneficial purchaser for whom you are contracting hereunder are a U.S. Person, you must complete and sign Schedule
    D attached to the Subscription Agreement (Certification of U.S. Purchaser) and Appendix “A” (Certificate of U.S.
    Person) attached thereto.

 

Payment
Instructions:

 

Payment
of the purchase price on closing must be made in Canadian dollars by wire transfer to BriaCell Therapeutics Corp., at:

 

	Bank:	 	Bank
    of Montreal, First Bank Tower, 595 Burrard Street, Vancouver, BC V7X 1L7
	Bank
    #:	 	001
	Transit
    #:	 	00040
	Account
    #:	 	1514-972
	Beneficiary:	 	BriaCell
    Therapeutics Corp., 300-235 15th Street, Vancouver, BC V7T 1L7
	Reference:	 	BriaCell
    Therapeutics Corp. Private Placement

 

A
completed and executed copy of, and the other documents required to be delivered with, this Subscription Agreement must be delivered
by mail, fax or email no later than 5:00 p.m. (Toronto time) on September 25, 2019, and, in any event, no later than 5:00 p.m.
(Toronto time) two days prior to the Closing Date, to:

 

Bennett
Jones LLP

3400
One First Canadian Place

P.O.
Box 130

Toronto
Ontario M5X 1A4

 

	Attn:
    	Aaron
    Sonshine, Partner	 
	Fax:
    	416-863-1716	 
	Email:	sonshinea@bennettjones.com	 

 

    	 

    	 

    

 

SUBSCRIPTION
AGREEMENT

 

	TO:	SUBSCRIBER OF COMMON SHARES OF BRIACELL THERAPEUTICS CORP.

 

Re:
Sale of Common Shares

 

This subscription agreement
is to confirm your agreement to purchase from BriaCell Therapeutics Corp. (the “Corporation”), subject to the
terms and conditions set forth herein, the number of Common Shares (as hereinafter defined) set forth on the Execution Pages hereto
at the price of $0.07 per Common Share (the “Purchase Price”) for aggregate gross proceeds up to approximately
$600,000.00 with no fixed minimum.

 

The
proceeds of the Common Shares will be immediately available to the Corporation.

 

	1.	Definitions

 

	 	(a)	Definitions:
    In this Agreement, unless the context otherwise requires:

 

	 	(i)	“1933
    Act” means the United States Securities Act of 1933, as amended;
	 	 	 
	 	(ii)	“Agreement”
    means this subscription agreement, including all schedules and appendices attached hereto, as the same may be amended, supplemented
    or restated from time to time;
	 	 	 
	 	(iii)	“Business
    Day” means a day (other than a Saturday, Sunday or statutory holiday) on which Canadian chartered banks are open
    for the transaction of regular business in the City of Vancouver, British Columbia;
	 	 	 
	 	(iv)	“Closing”
    means the closing of the purchase and sale of the Common Shares on the Closing Date;
	 	 	 
	 	(v)	“Closing
    Date” means on or about September 26, 2019, or such other date or dates on which the Common Shares are issued and sold under
    the Offering;
	 	 	 
	 	(vi)	“Common
    Shares” means the common shares of the Corporation, being offered for sale by the Corporation hereunder, and as
    constituted on the date hereof;
	 	 	 
	 	(vii)	“Corporation”
    means BriaCell Therapeutics Corp., a corporation existing under the Business Corporations Act (British Columbia) and
    includes any successor corporation thereto;
	 	 	 
	 	(viii)	“Dollar”
    or “$” means lawful money of Canada;
	 	 	 
	 	(ix)	“Information”
    means all information regarding the Corporation which has been publicly filed by the Corporation, together with all information
    prepared by the Corporation and provided to the Subscriber or to potential purchasers of the Common Shares, if any, and includes,
    but is not limited to, all news releases, material change reports and financial statements of the Corporation;

 

    	 

    	 	- 2 -	 

    

 

	 	(x)	“NI
    45-106” means National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators;
	 	 	 
	 	(xi)	“Offering”
    means the offering of the Common Shares on a private placement basis;
	 	 	 
	 	(xii)	“Person”
    means an individual, a firm, a corporation, a syndicate, a partnership, a trust, an association, an unincorporated organization,
    a joint venture, an investment club, a government or an agency or political subdivision thereof and every other form of legal
    or business entity of whatsoever nature or kind;
	 	 	 
	 	(xiii)	“Purchase Price” means $0.07 per Common Share;

	 	 	 
	 	(xiv)	“Regulation
    D” means Regulation D under the 1933 Act;
	 	 	 
	 	(xv)	“Regulation
    S” means Regulation S under the 1933 Act;
	 	 	 
	 	(xvi)	“Reporting
    Provinces” means the Provinces of British Columbia and Alberta, collectively;
	 	 	 
	 	(xvii)	“SEC”
    means the United States Securities and Exchange Commission;
	 	 	 
	 	(xviii)	“Securities
    Laws” means the securities legislation and regulations of, and the instruments, policies, rules, orders, codes,
    notices and interpretation notes of the applicable securities regulatory authority or applicable securities regulatory authorities
    of, the applicable jurisdiction or jurisdictions collectively;
	 	 	 
	 	(xix)	“Stock
    Exchange” means the TSX Venture Exchange;
	 	 	 
	 	(xx)	“Subscriber”
    means the Person purchasing the Common Shares and whose name appears on the first execution page hereof and who has signed
    this Agreement or, if the Person whose name appears on the first execution page hereof has signed this Agreement as agent
    for, or on behalf of, a beneficial purchaser and is not a trust company, trust corporation or portfolio manager deemed to
    be purchasing the Common Shares as principal under NI 45-106, the Person who is the beneficial purchaser of the Common Shares
    as disclosed on the execution pages hereof;
	 	 	 
	 	(xxi)	“U.S.
    Person” means a “U.S. person” as that term is defined in Rule 902(k) of Regulation S; and
	 	 	 
	 	(xxii)	“United
    States” means the United States of America, its territories and possessions, any State of the United States and
    the District of Columbia.

 

    	 

    	 	- 3 -	 

    

 

	2.	Conditions
    of Purchase

 

In connection with your purchase of the Common Shares,
the following documents are attached hereto, which you are requested to complete and sign as indicated and return, together with
an executed copy of this Agreement, as soon as possible and, in any event, no later than 5:00 p.m. (Toronto time) on September
25, 2019:

 

	 	(a)	An
    executed copy of this Agreement;
	 	 	 
	 	(b)	Schedule
    A, an information sheet, and, to the extent required, Appendix “A” to Schedule A, being Form 4C in the form required
    by the Stock Exchange;
	 	 	 
	 	(c)	Schedule
    B, with respect to registration and delivery instructions; and
	 	 	 
	 	(d)	Schedule
    C (Accredited Investor Certificate), including Appendix “A” and Appendix “B”, if the Subscriber is
    an individual purchaser relying on (j), (k) or (l) in Appendix “A”; and
	 	 	 
	 	(e)	If
    applicable, Schedule D attached to the Subscription Agreement (Certification of U.S. Purchaser).

 

The
obligation of the Corporation to sell the Common Shares to the Subscriber is subject to, among other things, the conditions that:

 

	 	(a)	you
    execute and return all documents required by the applicable Securities Laws and the policies of the Stock Exchange for delivery
    on your behalf, including the forms set out in Schedules A to D attached hereto, as applicable, to the Corporation as the
    sale of the Common Shares by the Corporation to the Subscriber will not be qualified by a prospectus or registration statement;
	 	 	 
	 	(b)	the
    representations and warranties made by you and, if applicable, any beneficial purchaser for whom you are contracting hereunder
    (including representations and warranties made in any schedule attached hereto, as applicable), herein are true and correct
    when made and are true and correct on the Closing Date with the same force and effect as if they had been made on and as of
    such date;
	 	 	 
	 	(c)	all
    covenants, agreements and conditions contained in this Agreement to be performed by you and, if applicable, any beneficial
    purchaser for whom you are contracting hereunder, on or prior to the Closing Date shall have been performed or complied with
    in all material respects; and
	 	 	 
	 	(d)	all
    necessary regulatory approvals being obtained prior to the Closing Date.

 

By
returning this Agreement you consent, and, if applicable, any beneficial purchaser for whom you are contracting hereunder consents,
to the filing by the Corporation of all documents and personal information concerning the Subscriber provided in this Agreement
required by the applicable Securities Laws and the policies of the Stock Exchange.

 

If
you are not subscribing for the Common Shares for your own account and you are not a trust company, trust corporation or portfolio
manager deemed to be purchasing as principal under NI 45-106, each beneficial purchaser for whom you are contracting hereunder
must be purchasing the Common Shares as principal and (unless you are an authorized agent with power to sign on behalf of the
beneficial purchaser and such beneficial purchaser is disclosed on the second execution page hereof) must execute all documents
required by the applicable Securities Laws and the policies of the Stock Exchange with respect to the Common Shares being acquired
by each such beneficial purchaser as principal. If you are signing this Agreement as agent or pursuant to a power of attorney
for the Subscriber, you represent and warrant that you have authority to bind the Subscriber.

 

    	 

    	 	- 4 -	 

    

 

You
agree, and you agree to cause any beneficial purchaser for whom you are contracting hereunder, to comply with all applicable Securities
Laws and with the policies of the Stock Exchange concerning the purchase of, the holding of and the resale restrictions applicable
to the Common Shares.

 

You
acknowledge, and, if applicable, any beneficial purchaser for whom you are contracting hereunder acknowledges, that the Corporation
has the right to close the subscription books at any time without notice and to accept or reject any subscription in its sole
discretion.

 

	3.	The
    Closing

 

Delivery
and payment for the Common Shares will be completed at the closing of the purchase and sale of the Common Shares at the offices
of Bennett Jones LLP, Suite 3400, One First Canadian Place, Toronto, ON M5X 1A4 at 5:00 p.m. (Toronto time) on the Closing Date.

 

Payment
of the Purchase Price on Closing must be made in Canadian dollars by wire transfer to the Corporation, at:

 

	Bank:	 	Bank
    of Montreal, First Bank Tower, 595 Burrard Street, Vancouver, BC V7X 1L7
	Bank
    #:	 	001
	Transit
    #:	 	00040
	Account
    #:	 	1514-972
	Beneficiary:	 	BriaCell
    Therapeutics Corp., 300-235 15th Street, Vancouver, BC V7T 1L7
	Reference:	 	BriaCell
    Therapeutics Corp. Private Placement

 

and
must be received no later than September 26, 2019.

 

If,
at the Closing, the terms and conditions contained in the Subscription Agreement have been complied with to the satisfaction of
the Subscriber or waived by the Subscriber, the Subscriber will deliver to the Corporation this Agreement, and deliver as aforesaid
the aggregate subscription proceeds, against delivery by the Corporation of certificates representing the Common Shares and such
other documentation as may be requested by the Subscriber. Certificates representing the Common Shares will be available for delivery
to you at the Closing against payment to the Corporation of the amount of the Purchase Price for the Common Shares in freely transferable
Canadian funds.

 

	4.	Prospectus
    Exemptions

 

The
sale of the Common Shares by the Corporation to the Subscriber is conditional upon such sale being exempt from the requirements
as to the filing of a prospectus or registration statement and as to the preparation of an offering memorandum or similar document
contained in any statute, regulation, instrument, rule or policy applicable to the sale of the Common Shares or upon the issue
of such orders, consents or approvals as may be required to permit such sale without the requirement of filing a prospectus or
registration statement or delivering an offering memorandum or similar document.

 

    	 

    	 	- 5 -	 

    

 

You
acknowledge and agree that:

 

	 	(a)	you,
    and, if applicable, others for whom you are contracting hereunder, have been independently advised as to or are aware of the
    restrictions with respect to trading in, and the restricted period or statutory hold period applicable to, the Common Shares
    imposed by the Securities Laws of the jurisdiction in which you reside or to which you are subject and by the policies of
    the Stock Exchange, that a suitable legend or legends will be placed on the certificates representing the Common Shares to
    reflect the applicable restricted period and statutory hold period to which the Common Shares are subject;
	 	 	 
	 	(b)	you,
    and, if applicable, others for whom you are contracting hereunder, have not received or been provided with a prospectus, registration
    statement, offering memorandum (within the meaning of the applicable Securities Laws) or any document purporting to describe
    the business and affairs of the Corporation which has been prepared for review by prospective purchasers to assist in making
    an investment decision in respect of the Common Shares; and that your decision, or, if applicable, the decision of others
    for whom you are contracting hereunder, to enter into this Agreement and to purchase the Common Shares from the Corporation
    is based entirely upon publicly available Information concerning the Corporation (other than the representations and warranties
    made by the Corporation in this Agreement), and not upon any other verbal or written representation as to fact or otherwise
    made by or on behalf of the Corporation;
	 	 	 
	 	(c)	there
    are risks associated with the purchase of the Common Shares, including, but not limited to, the risk factors described in
    the Information and the Subscriber may lose his, her or its entire investment;
	 	 	 
	 	(d)	you,
    or, if applicable, others for whom you are contracting hereunder, acknowledge that you have had such opportunity as you have
    deemed adequate to conduct all due diligence investigations regarding the business, financial position, condition and prospects
    of the Corporation as is necessary to permit you to evaluate the merits and risks of your investment in the Common Shares;
	 	 	 
	 	(e)	the
    Subscriber is solely responsible for obtaining such tax, investment, legal and other professional advice as it considers appropriate
    in connection with the execution, delivery and performance by it of this Agreement and the transactions contemplated hereunder
    (including the resale and transfer restrictions referred to herein), and, without limiting the generality of the foregoing,
    the Corporation’s counsel is acting solely as counsel to the Corporation and not as counsel to the Subscriber;
	 	 	 
	 	(f)	as
    a consequence of the sale being exempt from the prospectus requirements of the applicable Securities Laws:

 

	 	(i)	certain
    protections, rights and remedies provided by the applicable Securities Laws, including statutory rights of rescission and
    certain statutory remedies against an issuer, underwriters, auditors, directors and officers that are available to investors
    who acquire securities offered by a prospectus, will not be available to you, or, if applicable, others for whom you are contracting
    hereunder,

 

    	 

    	 	- 6 -	 

    

 

	 	(ii)	the
    common law may not provide investors with an adequate remedy in the event that they suffer investment losses in connection
    with securities acquired in a private placement,
	 	 	 
	 	(iii)	you,
    or, if applicable, others for whom you are contracting hereunder, may not receive information that would otherwise be required
    to be given under the applicable Securities Laws, and
	 	 	 
	 	(iv)	the
    Corporation is relieved from certain obligations that would otherwise apply under the applicable Securities Laws;

 

	 	(g)	there
    is no government or other insurance covering the Common Shares;
	 	 	 
	 	(h)	no
    Person has made any written or oral representation to you or any beneficial purchaser for whom you are contracting hereunder:

 

	 	(i)	that
    any Person will resell or repurchase the Common Shares,
	 	 	 
	 	(ii)	that
    any Person will refund the Purchase Price, or
	 	 	 
	 	(iii)	as
    to the future price or value of the Common Shares; and

 

	 	(i)	the
    Subscriber has not become aware of any advertisement in printed media of general and regular paid circulation (or other printed
    public media), radio, television or telecommunications, or other form of advertisement (including the electronic display such
    as the Internet) with respect to the distribution of the Common Shares.

 

	5.	Representations
    and Warranties of the Subscriber

 

By
your acceptance of this Agreement, you, and, if applicable, any others for whom you are contracting hereunder represent and warrant
to the Corporation (which representations and warranties shall be true and correct both as of the date of execution of this Agreement
and as of the Closing Date and shall survive the Closing) that:

 

	A.	General:

 

	 	(a)	You
    are, and any beneficial purchaser for whom you are contracting hereunder is, resident, or, if not an individual, has the head
    office, in the jurisdiction set out under the heading “residential address, including postal code” above your
    signature or under the heading “residential address of beneficial purchaser” below your signature, as applicable,
    set forth on the execution pages of this Agreement which address is your residence or place of business, or the residence
    or place of business of any beneficial purchaser for whom you are contracting hereunder, as applicable, and such address was
    not obtained or used solely for the purpose of acquiring the Common Shares.

 

    	 

    	 	- 7 -	 

    

 

	 	(b)	If
    you are an individual, you have attained the age of majority in the jurisdiction in which you are resident and have the legal
    capacity and competence to enter into and be bound by this Agreement and to perform the covenants and obligations herein.
	 	 	 
	 	(c)	If
    you are not an individual (i) you have the legal capacity to authorize, execute and deliver this Agreement, and (ii) the individual
    signing this Agreement has been duly authorized to execute and deliver this Agreement.
	 	 	 
	 	(d)	The
    Subscriber is not, with respect to the Corporation or any of its affiliates, a Control Person and the purchase of the Common
    Shares hereunder will not result in the Subscriber becoming a Control Person.
	 	 	 
	 	(e)	Legal
    counsel retained by the Corporation is acting as counsel to the Corporation and not as counsel to the Subscriber and the Subscriber
    may not rely upon such counsel in any respect. The Subscriber should obtain independent legal advice with respect to the investment
    in the Common Shares.
	 	 	 
	 	(f)	If
    you are, or, if applicable, any beneficial purchaser for whom the undersigned is contracting hereunder cannot otherwise satisfy
    any of the requirements set forth in this section 5, the Subscriber, or, if applicable, any beneficial purchaser for whom
    the undersigned is contracting hereunder is, acquiring the Common Shares pursuant to and in compliance with an exemption from
    the prospectus requirements of the Securities Laws of the jurisdiction of residence and will provide the Corporation, on request,
    whether before or after the Closing Date, with evidence of such compliance.
	 	 	 
	 	(g)	You
    are, and, if applicable, any beneficial purchaser for whom you are contracting hereunder is capable of assessing the proposed
    investment in the Common Shares as a result of financial or investment experience or as a result of advice received from a
    registered person other than the Corporation or an affiliate thereof and you are, or, if applicable, any beneficial purchaser
    for whom you are contracting hereunder is, as the case may be, able to bear the economic loss of the investment in the Common
    Shares.
	 	 	 
	 	(h)	The
    Common Shares to be issued hereunder are not being purchased with knowledge of any material fact about the Corporation that
    has not been generally disclosed.
	 	 	 
	 	(i)	You
    acknowledge and, if applicable, any beneficial purchaser for whom you are contracting hereunder acknowledges, that no agency,
    governmental authority, securities commission or similar regulatory body, stock exchange or other entity has reviewed, passed
    on or made any finding or determination as to the merit for investment of the Common Shares nor have any such agencies or
    governmental authorities made any recommendation or endorsement with respect to the Common Shares.
	 	 	 
	 	(j)	This
    Agreement has been duly executed and delivered and, when accepted by the Corporation, will constitute a legal, valid and binding
    obligation enforceable against you and, if you are signing this Agreement on behalf of a beneficial purchaser, also against
    such beneficial purchaser, in each case in accordance with the terms hereof.

 

    	 

    	 	- 8 -	 

    

 

	 	(k)	If
    you are contracting hereunder as trustee or agent (including, for greater certainty, a portfolio manager or comparable adviser)
    for one or more beneficial purchasers, you are authorized to execute and deliver this Agreement and all other necessary documentation
    in connection with the subscription made on behalf of such beneficial purchaser or beneficial purchasers and this Agreement
    has been authorized, executed and delivered on behalf of such beneficial purchaser or beneficial purchasers, and you acknowledge
    that the Corporation may be required by law to disclose the identity of each beneficial purchaser for whom you are contracting
    hereunder.
	 	 	 
	 	(l)	The
    execution and delivery of this Agreement, the performance and compliance with the terms hereof, the purchase of the Common
    Shares and the completion of the transactions described herein by you will not result in any material breach of, or be in
    conflict with or constitute a material default under, or create a state of facts which, after notice or lapse of time, or
    both, would, if you are not or any beneficial purchaser for whom you are contracting hereunder is not an individual, constitute
    a material default under any term or provision of your constating documents, by-laws or resolutions or the constating documents,
    by-laws or resolutions of any beneficial purchaser for whom you are contracting hereunder, as the case may be, the Securities
    Laws or any other laws applicable to you or any beneficial purchaser for whom you are contracting hereunder, any agreement
    to which you are or any beneficial purchaser for whom you are contracting hereunder is a party, or any judgment, decree, order,
    statute, rule or regulation applicable to you or any beneficial purchaser for whom you are contracting hereunder.
	 	 	 
	 	(m)	The
    funds representing the aggregate Purchase Price in respect of the Common Shares which will be advanced by the Subscriber to
    the Corporation hereunder will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering)
    and Terrorist Financing Act (Canada) (for the purposes of this paragraph the “PCMLTFA”) and you acknowledge
    that the Corporation may in the future be required by law to disclose the name of the Subscriber and other information relating
    to this Subscription Agreement and the subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best
    of your knowledge (a) none of the subscription funds provided by the Subscriber (i) have been or will be derived directly
    or indirectly from or related to any activity that is deemed criminal under the laws of Canada, the United States of America,
    or any other jurisdiction, or (ii) are being tendered on behalf of a person or entity who has not been identified to you and,
    (b) you will promptly notify the Corporation if you discover that any of such representations cease to be true, and to provide
    the Corporation with appropriate information in connection therewith.

 

    	 

    	 	- 9 -	 

    

 

	 	(n)	You,
    on your own behalf and, if applicable, on behalf of each beneficial purchaser for whom you are contracting hereunder, acknowledge
    and consent to the fact that the Corporation is collecting your personal information (as that term is defined under applicable
    privacy legislation, including, without limitation, the Personal Information Protection and Electronic Documents Act
    (Canada) and any other applicable similar, replacement or supplemental provincial or federal legislation or laws in effect
    from time to time), and, if applicable, that of each beneficial purchaser for whom you are contracting hereunder, for the
    purpose of completing this Agreement. You, on your own behalf and, if applicable, on behalf of each beneficial purchaser for
    whom you are contracting hereunder, acknowledge and consent to the Corporation retaining such personal information for as
    long as permitted or required by law or business practices. You, on your own behalf and, if applicable, on behalf of each
    beneficial purchaser for whom you are contracting hereunder, further acknowledge and consent to the fact that the Corporation
    may be required by applicable Securities Laws, the rules and policies of any stock exchange or the rules of the Investment
    Industry Regulatory Organization of Canada to provide regulatory authorities with any personal information provided under
    this Agreement. You represent and warrant, as applicable, that you have the authority to provide the consents and acknowledgements
    set out in this paragraph on behalf of each beneficial purchaser for whom you are contracting hereunder. In addition to the
    foregoing, you agree and acknowledge that the Corporation, as the case may be, may use and disclose your personal information,
    or that of each beneficial purchaser for whom you are contracting hereunder, as follows:

 

	 	(i)	for
    internal use with respect to managing the relationships between and contractual obligations of the Corporation, and you or
    any beneficial purchaser for whom you are contracting hereunder;
	 	 	 
	 	(ii)	for
    use and disclosure for income tax related purposes, including, without limitation, where required by law, disclosure to Canada
    Revenue Agency;
	 	 	 
	 	(iii)	for
    disclosure to securities regulatory authorities and other regulatory bodies with jurisdiction with respect to reports of trades
    and similar regulatory filings;
	 	 	 
	 	(iv)	for
    disclosure to a governmental or other authority to which the disclosure is required by court order or subpoena compelling
    such disclosure and where there is no reasonable alternative to such disclosure;
	 	 	 
	 	(v)	for
    disclosure to professional advisers of the Corporation in connection with the performance of their professional services;
	 	 	 
	 	(vi)	for
    disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with your prior written
    consent;
	 	 	 
	 	(vii)	for
    disclosure to a court determining the rights of the parties under this Agreement; or
	 	 	 
	 	(viii)	for
    use and disclosure as otherwise required or permitted by law.

 

	 	(o)	There
    is no person acting or purporting to act in connection with the Offering who is entitled to any brokerage or finder’s
    fee. If any person establishes a claim that any fee or other compensation is payable in connection with this subscription
    for the Common Shares, the Subscriber or any beneficial purchaser for whom the undersigned is acting covenants to indemnify
    and hold harmless the Corporation with respect thereto and with respect to all costs reasonably incurred in the defence thereof.

 

    	 

    	 	- 10 -	 

    

 

	B.	Prospectus
    Exemptions:

 

	 	(a)	Accredited
    Investors:

 

	 	(i)	if
    the Subscriber is resident in Canada, the Subscriber (or if applicable, any beneficial purchaser for whom you are contracting
    hereunder) is eligible to purchase the Common Shares pursuant to an exemption from the prospectus requirements of Securities
    Laws, and the Subscriber has completed, executed and delivered to the Corporation Schedule C (and Appendix “A”
    and, if required, Appendix “B” to Schedule C) indicating that the Subscriber (or if applicable, any beneficial
    purchaser for whom you are contracting hereunder) fits within one of the prospectus exemption categories under applicable
    Securities Laws as set forth therein, and confirms the truth and accuracy of all representations, warranties and covenants
    made in such certificate as of the date of this Subscription Agreement and as of the Closing Date;
	 	 	 
	 	(i)	the
    Subscriber (or any beneficial purchaser) is aware that the Common Shares have not been and will not be registered under the
    U.S. Securities Act or the securities laws of any state and the Common Shares may not be offered or sold, directly or indirectly,
    in the United States without registration under the U.S. Securities Act or compliance with requirements of an exemption from
    registration and the applicable laws of all applicable states and it acknowledges that the Corporation has no present intention
    of filing a registration statement under the U.S. Securities Act in respect of the Common Shares; and
	 	 	 
	 	(ii)	if
    the Subscriber is, or is subscribing for the account or benefit of, a person in the United States or a U.S. Person, the Subscriber
    represents and warrants that the Subscriber is an “accredited investor” as such term is defined in Rule
    501(a) of Regulation D under the U.S. Securities Act (which definition is reproduced in of Schedule D attached hereto) and
    has executed and delivered the “Certification of U.S. Subscriber” in the form attached hereto as Appendix “A”
    to Schedule D, confirming such status, amongst other things, and confirms the truth and accuracy of all statements made therein
    by the Subscriber.

 

	5.	Legends

 

	 	(a)	You
    acknowledge that the certificates representing the Common Shares will bear the following legends:
	 	 	 
	 	 	“UNLESS
    PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [the date which
    is four months and one day after the Closing Date will be inserted].”
	 	 	 
	 	 	and
    (if applicable under the rules of the Stock Exchange):
	 	 	 
	 	 	“WITHOUT
    PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
    REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES
    OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [the date which
    is four months and one day after the Closing Date will be inserted].”

 

    	 

    	 	- 11 -	 

    

 

	 	(b)	In
    addition, you also acknowledge that:

 

	 	(i)	the
    Common Shares are “restricted securities” as defined in Rule 144 under the U.S. Securities Act and agrees
    that if it decides to offer, sell or otherwise transfer any of the Common Shares, such Common Shares may be offered, sold
    or otherwise transferred only (A) to the Corporation, (B) outside the United States in accordance with Rule 904 of Regulation
    S under the U.S. Securities Act, (C) inside the United States (1) to a qualified institutional buyer in compliance with Rule
    144A under the U.S. Securities Act or (2) pursuant to an exemption from registration provided by Rule 144 under the U.S. Securities
    Act or any other available exemption from the registration requirements of the U.S. Securities Act, or (D) pursuant to an
    effective registration statement under the U.S. Securities Act, and in each case in accordance with any applicable state securities
    laws in the United States or securities laws of any other applicable jurisdictions; and
	 	 	 
	 	(ii)	upon
    the original issuance thereof, and until it is no longer required under applicable requirements of the U.S. Securities Act
    or applicable state securities laws, all certificates representing the Common Shares shall bear on the face of such certificates,
    a legend in substantially the following form:
	 	 	 
	 	 	“THE
                                         SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
                                         ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR UNDER ANY STATE
                                         SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT
                                         OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
                                         ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904
                                         OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES (1) TO A
                                         QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE U.S. SECURITIES
                                         ACT OR (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
                                         U.S. SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
                                         OF THE U.S. SECURITIES ACT, OR (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
                                         THE U.S. SECURITIES ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES
                                         LAWS IN THE UNITED STATES OR SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTIONS. DELIVERY
                                         OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS
                                         ON STOCK EXCHANGES IN CANADA. A NEW CERTIFICATE BEARING NO LEGEND, DELIVERY OF WHICH
                                         WILL CONSTITUTE “GOOD DELIVERY”, MAY BE OBTAINED FROM THE TRANSFER AGENT
                                         AND REGISTRAR OF THE CORPORATION UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED
                                         DECLARATION, IN A FORM SATISFACTORY TO THE TRANSFER AGENT AND REGISTRAR OF THE CORPORATION
                                         AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY
                                         IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT”;

 

    	 

    	 	- 12 -	 

    

 

	 	 	provided,
    that, if the Common Shares are being sold outside the United States in accordance with Rule 904 of Regulation S under the
    U.S. Securities Act, and the Issuer is at the time of such sale a “foreign issuer” within the meaning of
    Regulation S under the U.S. Securities Act, the legend may be removed by providing a declaration to the Corporation’s
    transfer agent in the form attached as Appendix “A” to Schedule D, or in such other form as the Corporation or
    its transfer agent may from time to time prescribe; and provided further, that, if any such Common Shares are being sold inside
    the United States pursuant to an exemption from registration provided by Rule 144 under the U.S. Securities Act or any other
    available exemption from the registration requirements of the U.S. Securities Act, the legend may be removed by delivery to
    the Corporation and its transfer agent of an opinion of counsel, of recognized standing reasonably satisfactory to the Issuer,
    to the effect that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities
    laws; and

 

	 	(c)	Provided
    that a declaration to the Corporation’s transfer agent in the form attached as Appendix “A” to Schedule
    D, or in such other form as the Corporation or its transfer agent may from time to time prescribe; and provided further, that,
    if any such Common Shares are being sold inside the United States pursuant to an exemption from registration provided by Rule
    144 under the U.S. Securities Act or any other available exemption from the registration requirements of the U.S. Securities
    Act, the Corporation agrees that it shall cause its counsel to issue a legal opinion with respect to the legend removal referenced
    in subsection 5(b)(ii) and shall pay all associated fees up to a maximum of $500.00 for legal counsel and up to a maximum
    of $500.00 for its transfer agent.

 

	6.	Representations
    and Warranties of the Corporation

 

The
Corporation hereby represents and warrants to the Subscriber (which representations and warranties will be true and correct as
of the Closing Date and shall survive Closing) as follows and acknowledges and confirms that the Subscriber is relying upon each
of such representations and warranties in entering into this Agreement and completing the transactions contemplated herein:

 

	 	(a)	Incorporation
    and Organization: The Corporation has been incorporated and organized and is a valid and subsisting corporation under
    the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to carry on its business
    as now conducted or proposed to be conducted and to own or lease and operate the property and assets thereof and the Corporation
    has all requisite corporate power and authority to enter into, execute and deliver this Agreement and to carry out the obligations
    thereof hereunder.
	 	 	 
	 	(b)	Authorized
Capital: The Corporation is authorized to issue, among other things, an unlimited number of common shares in the capital of
the corporation, of which, as of July 22, 2019, approximately 196,378,450 common shares of the Corporation were issued and outstanding
as fully paid and non-assessable shares.

	 	 	 
	 	(c)	Listing:
    The common shares in the capital of the Corporation are, and at the time of issue of the Common Shares will be, listed on
    the Stock Exchange.
	 	 	 
	 	(d)	Purchased
    Securities: The execution of this Agreement and the issue by the Corporation to the Subscriber of the Common Shares will
    be exempt from the registration and prospectus requirements of the applicable Securities Laws.

 

    	 

    	 	- 13 -	 

    

 

	 	(e)	Issue
    of Purchased Securities: All necessary corporate action has been taken to authorize the issue and sale of, and the delivery
    of certificates representing, the Common Shares and, upon payment of the requisite consideration therefor, the Common Shares
    will be validly issued as fully paid and non-assessable shares.
	 	 	 
	 	(f)	Authority
    and Authorization: The Corporation has full corporate power and authority to enter into this Agreement and to do all acts
    and things and execute and deliver all documents as are required hereunder and thereunder to be done, observed, performed
    or executed and delivered by it in accordance with the terms hereof and the Corporation has taken all necessary corporate
    action to authorize the execution, delivery and performance of this Agreement and to observe and perform the provisions of
    this Agreement in accordance with the provisions hereof including, without limitation, the issue of the Common Shares to the
    Subscriber for the consideration and upon the terms and conditions set forth herein.
	 	 	 
	 	(g)	Validity
    and Enforceability: This Agreement has been authorized, executed and delivered by the Corporation and constitutes a valid
    and legally binding obligation of the Corporation enforceable against the Corporation in accordance with the terms thereof.
	 	 	 
	 	(h)	Insolvency:
    The Corporation has not committed an act of bankruptcy or sought protection from the creditors thereof before any court or
    pursuant to any legislation, proposed a compromise or arrangement to the creditors thereof generally, taken any proceeding
    with respect to a compromise or arrangement, taken any proceeding to be declared bankrupt or wound up, taken any proceeding
    to have a receiver appointed of any of the assets thereof, had any Person holding any encumbrance, lien, charge, hypothec,
    pledge, mortgage, title retention agreement or other security interest or receiver take possession of any of the property
    thereof, had an execution or distress become enforceable or levied upon any portion of the property thereof or had any petition
    for a receiving order in bankruptcy filed against it.
	 	 	 
	 	(i)	Material
    Fact or Material Change: There is no “material fact” or “material change” (as those
    terms are defined in the applicable Securities Laws) related to the Corporation that has not been generally disclosed.
	 	 	 
	 	(j)	Certain
    Securities Law Matters: The Corporation is a reporting issuer only in the Reporting Provinces and the Common Shares are
    not registered under the Securities Exchange Act of 1934 (United States), as amended.

 

	7.	General

 

	 	(a)	Headings:
    The division of this Agreement into articles and sections and the insertion of headings are for convenience of reference only
    and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”,
    “hereunder”, “herein” and similar expressions refer to this Agreement and not to any particular article,
    section or other portion hereof and include any agreement supplemental thereto and any exhibits attached hereto. Unless something
    in the subject matter or context is inconsistent therewith, reference herein to articles, sections and paragraphs are to articles,
    sections, subsections and paragraphs of this Agreement.

 

    	 

    	 	- 14 -	 

    

 

	 	(b)	Number
    and Gender: Words importing the singular number only shall include the plural and vice versa, and words importing
    the masculine gender shall include the feminine gender and neuter and vice versa.
	 	 	 
	 	(c)	Severability:
    If one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under
    any applicable law, the validity, legality or enforceability of the remaining provisions hereof shall not be affected or impaired
    thereby. Each of the provisions of this Agreement is hereby declared to be separate and distinct.
	 	 	 
	 	(d)	Notices:
    All notices or other communications to be given hereunder shall be delivered by hand or by facsimile, and if delivered by
    hand, shall be deemed to have been given on the date of delivery or, if sent by facsimile, shall be deemed to have been given
    on the date of transmission if sent before 5:00 p.m. (Toronto time) and such day is a Business Day or, if not, on the first
    Business Day following the date of transmission.
	 	 	 
	 	(e)	Notices
    to the Corporation shall be addressed to:
	 	 	 
	 	 	BriaCell
    Therapeutics Corp.
	 	 	3rd
    Floor Bellevue Center
	 	 	235-15th
    Street
	 	 	West
    Vancouver, British Columbia V7T 2X1
	 	 	Canada

 

	Attention:
	William Williams
	Facsimile:	(604)
    921-1898
	Email:	williams@briacell.com

 

	 	with
    a copy (which shall not constitute notice) to:
	 	 
	 	Bennett
    Jones LLP
	 	3400
    One First Canadian Place
	 	P.O.
    Box 130
	 	Toronto,
    Ontario, M5X 1A4

 

	Attention:
    	Aaron
    Sonshine, Partner
	Facsimile:	416-863-1716
	Email:	sonshinea@bennettjones.com

 

Notices
to the Subscriber shall be addressed to the address of the Subscriber set out on the execution pages hereof.

 

Either
the Corporation or the Subscriber may change its address for service aforesaid by notice in writing to the other party hereto
specifying its new address for service hereunder.

 

	 	(f)	Further
    Assurances: Each party hereto shall from time to time at the request of the other party hereto do such further acts and
    execute and deliver such further instruments, deeds and documents as shall be reasonably required in order to fully perform
    and carry out the provisions of this Agreement. The parties hereto agree to act honestly and in good faith in the performance
    of their respective obligations hereunder.

 

    	 

    	 	- 15 -	 

    

 

	 	(g)	Successors
    and Assigns: Except as otherwise provided, this Agreement shall enure to the benefit of and shall be binding upon the
    parties hereto and their respective successors and permitted assigns.
	 	 	 
	 	(h)	Entire
    Agreement: The terms of this Agreement express and constitute the entire agreement between the parties hereto with respect
    to the subject matter hereof and no implied term or liability of any kind is created or shall arise by reason of anything
    in this Agreement.
	 	 	 
	 	(i)	Time
    of Essence: Time is of the essence of this Agreement.
	 	 	 
	 	(j)	Amendments:
    The provisions of this Agreement may only be amended with the written consent of all of the parties hereto.
	 	 	 
	 	(k)	Survival:
    Notwithstanding any other provision of this Agreement, the representations, warranties, covenants and indemnities of or by
    the Corporation contained herein or in any certificate, document or instrument delivered pursuant hereto shall survive the
    completion of the transactions contemplated by this Agreement.
	 	 	 
	 	(l)	Governing
    Law: This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia
    and the laws of Canada applicable therein and the parties hereto irrevocably attorn to the jurisdiction of the courts of the
    Province of British Columbia.
	 	 	 
	 	(m)	Counterparts:
    This Agreement may be executed in two or more counterparts which when taken together shall constitute one and the same agreement.
    Delivery of counterparts may be effected by facsimile or portable document format (“PDF”) transmission
    thereof.

 

If
the foregoing is in accordance with your understanding, please sign and return this Agreement together with the other required
documents signifying your agreement to purchase the Common Shares.

 

    	 

    	 

    

 

EXECUTION
PAGES

 

	TO:	BRIACELL THERAPEUTICS
    CORP.

 

The
undersigned hereby accepts the foregoing and agrees to be bound by the terms set forth herein and, without limitation, agrees
that you may rely upon the covenants, representations and warranties of the undersigned contained herein.

 

DATED
as of this _____ day of _______________, 2019.

 

	Number
    of Common Shares to be purchased at $0.07 each:	 
	Aggregate
    Purchase Price:	$	 
	Name
    (full legal name of Subscriber) and Residential Address of Subscriber:	 	 
	 	 
	 	 
	 	(residential
    address, including postal code)
	 	 
	 	 
	 	 
	 	 
	 	(telephone
    number)
	 	 
	 	 
	 	(facsimile
    number)
	 	 
	 	By:	                           
	 	(signature)
	 	 
	 	 
	 	(If
    person named above is not an individual, please print the name of the individual whose signature appears above and provide
    official capacity below)
	 	 
	 	 
	 	(official
    capacity, if applicable)

 

    	 

    	 	- 2 -	 

    

 

If
you are signing this Agreement as agent for a beneficial purchaser and are not a trust company, trust corporation or portfolio
manager deemed to be purchasing as principal under NI 45-106, please provide the following information for each beneficial purchaser:

 

	 	 
	 	(full
    legal name of beneficial purchaser)
	 	 
	 	 
	 	(residential
    address and telephone number of beneficial purchaser)
	 	 
	 	 

 

    	 

    	 	 	 

    

 

The
above-mentioned subscription is hereby accepted by BriaCell Therapeutics Corp.

 

DATED
as of this _____ day of _______________, 2019.

 

	 	BRIACELL
    THERAPEUTICS CORP.
	 	 
	 	By:	 
	 	 	Authorized
    Signing Officer

 

    	 

    	 	 	 

    

 

Schedule
A

 

INFORMATION
SHEET

 

Information
to be completed by the Subscriber:

 

	A.	Registration
    Form

 

The
Subscriber, if not an individual, either [check appropriate box]:

 

	[  ]	has
    previously filed with the TSX Venture Exchange (the “Exchange”) a Form 4C, Corporate Placee Registration
    Form, represents and warrants that there has been no change to any of the information in the Corporate Placee Registration
    Form previously filed with the Exchange up to the date hereof; or
	 	 
	[  ]	hereby
    delivers a completed Form 4C, Corporate Placee Registration Form, in the form attached as Appendix A to this Schedule B to
    the Corporation for filing with the Exchange.

 

	B.	Present Ownership
    of Securities

 

The
Subscriber either [check appropriate box]:

 

	[  ]	does
    not own, directly or indirectly, or exercise control or direction over, any common shares of the Corporation or securities
    convertible into common shares of the Corporation; or
	 	 
	[  ]	owns,
    directly or indirectly, or exercises control or direction over, ____________ outstanding common shares of the Corporation
    and convertible securities entitling the Subscriber to acquire additional common shares of the Corporation which, if converted,
    in the aggregate would represent ______________ common shares of the Corporation.

 

	C.	Insider
    Status

 

The
Subscriber either [check appropriate box]:

 

	[  ]	is
    an “Insider” of the Corporation as defined in the policies of the Exchange:

 

	 	(a)	a
    director or senior officer of the Corporation;
	 	(b)	a
    director or senior officer of a company that is itself an insider or subsidiary of the Corporation;
	 	(c)	a
    person that beneficially owns or controls, directly or indirectly, voting shares of the Corporation carrying more than 10%
    of the voting rights attached to all outstanding voting shares of the Corporation; or
	 	(d)	the
    Corporation itself if it holds any of its own securities.

 

	[  ]	is
    not an Insider of the Corporation.

 

    	 

    	 	A - 2	 

    

 

	D.	Member
    of “Pro Group”

 

The
Subscriber either [check appropriate box]:

 

	[  ]	is
    a Member of the “Pro Group” as defined in the Rules of the Exchange, as follows:

 

	 	(a)	subject
    to subparagraphs (b), (c) and (d), either individually or as a group:
	 	 	 
	 	 	(i)	the
    member (i.e. a member of the TSX Venture Exchange under the Exchange requirements);
	 	 	 	 
	 	 	(ii)	employees
    of the member;
	 	 	 	 
	 	 	(iii)	partners,
    officers or directors of the member;
	 	 	 	 
	 	 	(iv)	affiliates
    of the member; and
	 	 	 	 
	 	 	(v)	associates
    of any parties referred to in subparagraphs (i) through (iv);

 

	 	(b)	the
    Exchange may, in its discretion, include a person or party in the Pro Group for the purposes of a particular calculation where
    the Exchange determines that the person is not acting at arm’s length to the member;
	 	 	 
	 	(c)	the
    Exchange may, in its discretion, exclude a person from the Pro Group for the purposes of a particular calculation where the
    Exchange determines that the person is acting at arm’s length of the member;
	 	 	 
	 	(d)	the
    Exchange may deem a person who would otherwise be included in the Pro Group pursuant to subparagraph (a) to be excluded from
    the Pro Group where the Exchange determines that:

 

	 	(i)	the
    person is an affiliate or associate of the member acting at arm’s length of the member;
	 	 	 
	 	(ii)	the
    associate or affiliate has a separate corporate and reporting structure;
	 	 	 
	 	(iii)	there
    are sufficient controls on information flowing between the member and the associate or affiliate; and
	 	 	 
	 	(iv)	the
    member maintains a list of such excluded persons; or

 

	[  ]	is
    not a member of the Pro Group.

 

    	 

    	 	 	 

    

 

Appendix
“A” to Schedule A

 

FORM
4C

CORPORATE PLACEE REGISTRATION FORM

 

This
Form will remain on file with the Exchange. The corporation, trust, portfolio manager or other entity (the “Placee”)
need only file it on one time basis, and it will be referenced for all subsequent Private Placements in which it participates.
If any of the information provided in this Form changes, the Placee must notify the Exchange prior to participating in further
placements with Exchange listed issuers. If as a result of the Private Placement, the Placee becomes an Insider of the Issuer,
Insiders of the Placee are reminded that they must file a Personal Information Form (2A) or, if applicable, Declarations, with
the Exchange.

 

	1.	Placee
    Information.

 

	 	(a)	Name: _______________________________________________________________
	 	 	 
	 	(b)	Complete
    Address: _____________________________________________________
	 	 	 
	 	(c)	Jurisdiction
    of Incorporation or Creation: _____________________________________

 

	2.	 
	 	 	 
	 	(a)	Is
    the Placee purchasing securities as a portfolio manager (Yes/No)? _____________________
	 	 	 
	 	(b)	Is
    the Placee carrying on business as a portfolio manager outside of Canada (Yes/No)? _______

 

	3.	If
    the answer to 2(b) above was “Yes”, the undersigned certifies that:

 

	 	(a)	It
    is purchasing securities of an Issuer on behalf of managed accounts for which it is making the investment decision to purchase
    the securities and has full discretion to purchase or sell securities for such accounts without requiring the client’s
    express consent to a transaction;
	 	 	 
	 	(b)	it
    carries on the business of managing the investment portfolios of clients through discretionary authority granted by those
    clients (a “portfolio manager” business) in _______________  [jurisdiction], and it is permitted by law to carry on a portfolio manager business in that jurisdiction;
	 	 	 
	 	(c)	it
    was not created solely or primarily for the purpose of purchasing securities of the Issuer;
	 	 	 
	 	(d)	the
    total asset value of the investment portfolios it manages on behalf of clients is not less than $20,000,000; and
	 	 	 
	 	(e)	it
    has no reasonable grounds to believe, that any of the directors, senior officers and other insiders of the Issuer, and the
    persons that carry on investor relations activities for the Issuer has a beneficial interest in any of the managed accounts
    for which it is purchasing.

 

    	 

    	 	App. A Sch. A - 2 	 

    

 

	4.	If
    the answer to 2(a). above was “No”, please print the names and addresses of Control Persons of the Placee:

 

	Name*	 	City	 	Province
    or State	 	Country
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

*
If the Control Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of
the Control Person.

 

	5.	Acknowledgement
    - Personal Information and Securities Laws

 

	 	(a)	“Personal
    Information” means any information about an identifiable individual, and includes information contained in sections
    1, 2 and 4, as applicable, of this Form.

 

The
undersigned hereby acknowledges and agrees that it has obtained the express written consent of each individual to:

 

	 	(i)	the
    disclosure of Personal Information by the undersigned to the Exchange (as defined in Appendix 6B) pursuant to this Form; and
	 	 	 
	 	(ii)	the
    collection, use and disclosure of Personal Information by the Exchange for the purposes described in Appendix 6B or as otherwise
    identified by the Exchange, from time to time.

 

The
undersigned acknowledges that it is bound by the provisions of applicable Securities Law, including provisions concerning the
filing of insider reports and reports of acquisitions.

 

Dated
and certified (if applicable), acknowledged and agreed, at __________________ on _________________________.

 

	 	 
	 	(Name
    of Purchaser - please print)
	 	 
	 	 
	 	(Authorized
    Signature)
	 	 
	 	 
	 	(Official
    Capacity - please print)
	 	 
	 	 
	 	(Please
    print name of individual whose signature appears above)

 

THIS
IS NOT A PUBLIC DOCUMENT

 

    	 

    	 	 	 

    

 

Schedule
B

 

REGISTRATION
AND DELIVERY INSTRUCTIONS

 

	Delivery:
    Please deliver the certificates representing the Common Shares to:
	 
	 
	Name
	 
	 
	Account
    reference, if applicable
	 
	 
	Contact
    name
	 
	 
	Address,
    including postal code
	 
	 
	Telephone
    number
	 
	 
	Registration:
    The certificates representing the Common Shares which are to be delivered at Closing should be registered as follows:
	 
	 
	Name
	 
	 
	Account
    reference, if applicable
	 
	 
	Address,
    including postal code

 

Words
and terms herein with the initial letter or letters thereof capitalized and defined in the Agreement shall have the meanings given
to such capitalized words and terms in the Agreement.

 

    	 

    	 	 	 

    

 

Schedule
C

 

ACCREDITED
INVESTOR CERTIFICATE

 

	TO:	BRIACELL
    THERAPEUTICS CORP.

 

In
connection with the purchase of common shares (the “Purchased Securities”) in the capital of BriaCell Therapeutics
Corp. (the “Corporation”), the undersigned hereby represents, warrants and certifies to the Corporation (and
acknowledges that the Corporation and its counsel are relying thereon) that:

 

ALL
SUBSCRIBERS PURCHASING UNDER THE “ACCREDITED INVESTOR” EXEMPTION

 

	1.	the
    Subscriber is purchasing the Purchased Securities as principal or is deemed under National Instrument 45-106 - Prospectus
    Exemptions of the Canadian Securities Administrators (“NI 45-106”) to be purchasing the Purchased Securities
    as principal; and 
	 	 
	2.	the
    Subscriber is an “accredited investor” within the meaning of NI 45-106 by virtue of satisfying the indicated
    criterion as set out in Appendix “A” to this certificate (THE SUBSCRIBER MUST ALSO INITIAL OR PLACE A CHECK-MARK
    ON THE APPROPRIATE LINE IN APPENDIX A ATTACHED TO THIS CERTIFICATE); and
	 	 
	3.	upon
    execution of this Schedule “C” by the Subscriber, this Schedule “C” shall be incorporated into and
    form part of the Subscription Agreement to which this Schedule “C” is attached. 

 

The
above representations and warranties will be true and correct both as of the execution of this certificate and as of the closing
time of the purchase and sale of the Purchased Securities and the undersigned acknowledges that they will survive the completion
of the issue of the Purchased Securities.

 

The
undersigned acknowledges that the foregoing representations and warranties are made by the undersigned with the intent that they
be relied upon in determining the suitability of the Subscriber as a purchaser of the Purchased Securities and that this certificate
is incorporated into and forms part of the Subscription Agreement for the Purchased Securities and the undersigned undertakes
to immediately notify the Corporation of any change in any statement or other information relating to the Subscriber set forth
herein which takes place prior to the closing time of the purchase and sale of the Purchased Securities.

 

Dated:
____________________, 2019.

 

	 	 	 
	 	 	Print
    name of Purchaser (or person signing as agent)
	 	 	 
	 	By:	 
	 	 	Signature
	 	 	 
	 	 	Title
	 	 	 
	 	 	(please
    print name of individual whose signature appears above, if different from name of Purchaser or agent printed above)

 

    	 

    	 	 	 

    

 

Appendix
“A” to Schedule C

 

Accredited
Investor - (defined in NI 45-106) means:

 

	(a)	(i)	except
    in Ontario, a Canadian financial institution, or a Schedule III bank; or	 	[  ]
	 	 	 	 	
	 	(ii)	in
    Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank Act (Canada); (B) an association
    to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative credit society for which
    an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust corporation, insurance
    company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation
    that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be;	 	

 

	(b)	the
    Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);	 	[  ]
	 	 	 	 
	(c)	a
    subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary,
    except the voting securities required by law to be owned by directors of that subsidiary;	 	[  ]
	 	 	 	 
	(d)	a
    person or company registered under the securities legislation of a jurisdiction (province or territory) of Canada as an adviser
    or dealer (or in Ontario, except as otherwise prescribed by the regulations under the Securities Act (Ontario));	 	[  ]
	 	 	 	 
	(e)	an
    individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred
    to in paragraph (d);	 	[  ]
	 	 	 	 
	(e.1)	an
    individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly
    registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario)
    or the Securities Act (Newfoundland and Labrador);	 	[  ]
	 	 	 	 
	(f)	the
    Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government
    of Canada or a jurisdiction of Canada;	 	[  ]
	 	 	 	 
	(g)	a
    municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion
    de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;	 	[  ]
	 	 	 	 
	(h)	any
    national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency
    of that government;	 	[  ]
	 	 	 	 
	(i)	a
    pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada), a pension commission
    or similar regulatory authority of a jurisdiction of Canada;	 	[  ]
	 	 	 	 
	(j)	an
    individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that
    before taxes, but net of any related liabilities, exceeds $1,000,000;	 	[  ]
	 	[The
    Subscriber is required to complete and sign Appendix “B” to Schedule D.]	 	 
	(j.1)	an
    individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related
    liabilities, exceeds $5,000,000;	 	[  ]
	 	 	 	 
	(k)	an
    individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income
    before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either
    case, reasonably expects to exceed that net income level in the current calendar year;	 	[  ]
	 	[The
    Subscriber is required to complete and sign Appendix “B” to Schedule D.]	 	 
	 	 	 	 
	(l)	an
    individual who, either alone or with a spouse, has net assets of at least $5,000,000;	 	[  ]
	 	[The
    Subscriber is required to complete and sign Appendix “B” to Schedule D.]	 	 
	 	 	 	 
	(m)	a
    person, other than an individual or an investment fund, that has net assets of at least $5,000,000 as shown on its most recently
    prepared financial statements;	 	[  ]
	 	 	 	 
	(n)	an
    investment fund that distributes or has distributed its securities only to:	 	[  ]

 

	 	(i)	a
    person that is or was an accredited investor at the time of the distribution;	 	 
	 	 	 	 	 
	 	(ii)	a
    person that acquires or acquired securities in the circumstances referred to in sections 2.10 (Minimum amount investment),
    or 2.19 (Additional investment in investment funds) of NI 45-106; or	 	 

 

    	 

    	 	App. A Sch. C - 2	 

    

 

	 	(iii)	a
    person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 (Investment fund reinvestment)
    of NI 45-106;	 	 

 

	(o)	an
    investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the
    regulator or, in Québec, the securities regulatory authority, has issued a receipt;	 	[  ]
	 	 	 	 
	(p)	a
    trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act
    (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a
    fully managed account managed by the trust company or trust corporation, as the case may be;	 	[  ]
	 	 	 	 
	(q)	a
    person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry
    on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;	 	[  ]
	 	 	 	 
	(r)	a
    registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility
    adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice
    on the securities being traded;	 	[  ]
	 	 	 	 
	(s)	an
    entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or
    paragraph (i) in form and function;	 	[  ]
	 	 	 	 
	(t)	a
    person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required
    by law to be owned by directors, are persons that are accredited investors;	 	[  ]
	 	 	 	 
	(u)	an
    investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser;	 	[  ]
	 	 	 	 
	(v)	a
    person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the
    regulator as an accredited investor; or	 	[  ]
	 	 	 	 
	(w)	a
    trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority
    of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former
    spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor,
    of that accredited investor’s spouse or of that accredited investor’s former spouse.	 	[  ]
	 	 	 	 
	(x)	in
    Ontario, such other persons or companies as may be prescribed by the regulations under the Securities Act (Ontario).	 	[  ]
	 	 	 	
	 	***If
    checking this category (x), please provide a description of how this requirement is met.	 	 

 

	NOTE:	The
    investor must initial or place a check-mark beside the portion of the above definition applicable to the investor and, if
    the investor has placed a check mark beside any of (j), (k) or (l), the investor must also complete sign and return the Form
    45-106F9 - Form for Individual Accredited Investors attached as Appendix “B” to this Schedule C.

 

For
the purposes hereof:

 

	(i)	“Canadian
    financial institution” means
	 	 
	 	(i)	an
    association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for
    which an order has been made under section 473(1) of the Cooperative Credit Associations Act (Canada), or
	 	 	 
	 	(ii)	a
    bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire,
    financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of
    Canada to carry on business in Canada or a jurisdiction of Canada;
	 	 	 
	(ii)	“control
    person” has the meaning ascribed to that term in securities legislation except in Manitoba, Ontario, Québec,
    Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the Northwest Territories and Nunavut where “control person”
    means any person that holds or is one of a combination of persons that hold
	 	 
	 	(i)	a
    sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or
	 	 	 
	 	(ii)	more
    than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holding of those
    securities does not affect materially the control of that issuer;

 

    	 

    	 	App. A Sch. C - 3	 

    

 

	(iii)	“eligibility
    adviser” means
	 	 
	 	(i)	a
    person that is registered as an Investment Dealer or in an equivalent category of registration under the securities legislation
    of the jurisdiction of a purchaser and authorized to give advice with respect to the type of security being distributed, and
	 	 	 
	 	(ii)	in
    Saskatchewan or Manitoba, also means a lawyer who is a practising member in good standing with a law society of a jurisdiction
    of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants,
    certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or
    public accountant must not:
	 	 	 
	 	 	(A)	have
    a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders or
    control persons, and
	 	 	 	 
	 	 	(B)	have
    acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a
    person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control
    persons within the previous 12 months;
	 	 	 	 
	(iv)	“executive
    officer” means, for an issuer, an individual who is
	 	 
	 	(i)	a
    chair, vice-chair or president,
	 	 	 
	 	(ii)	a
    vice-president in charge of a principal business unit, division or function including sales, finance or production,
	 	 	 
	 	(iii)	an
    officer of the issuer or any of its subsidiaries and who performs a policy-making function in respect of the issuer, or
	 	 	 
	 	(iv)	performing
    a policy-making function in respect of the issuer;
	 	 
	(v)	“financial
    assets” means (i) cash, (ii) securities or (iii) a contract of insurance, a deposit or an evidence of a deposit
    that is not a security for the purposes of securities legislation;
	 	 
	(vi)	“founder”
    means, in respect of an issuer, a person who,
	 	 	 
	 	(i)	acting
    alone, in conjunction or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing
    or substantially reorganizing the business of the issuer, and
	 	 	 
	 	(ii)	at
    the time of the trade is actively involved in the business of the issuer;
	 	 
	(vii)	“fully
    managed account” means an account of a client for which a person makes the investment decisions if that person
    has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction;
	 	 
	(viii)	“investment
    fund” has the meaning ascribed thereto in National Instrument 81-106 - Investment Fund Continuous Disclosure;
	 	 
	(ix)	“person”
    includes 
	 	 	 
	 	(i)	an
    individual, 
	 	 	 
	 	(ii)	a
    corporation,
	 	 	 
	 	(iii)	a
    partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated
    or not, and

 

    	 

    	 	App. A Sch. C - 4	 

    

 

	 	(iv)	an
    individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal
    representative; 
	 	 
	(x)	“related
    liabilities” means 
	 	 	 
	 	(i)	liabilities
    incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or
	 	 	 
	 	(ii)	liabilities
    that are secured by financial assets.
	 	 
	(xi)	“spouse”
    means, an individual who, 
	 	 	 
	 	(i)	is
    married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada),
    from the other individual, 
	 	 	 
	 	(ii)	is
    living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals
    of the same gender, or
	 	 	 
	 	(iii)	in
    Alberta, is an individual referred to in paragraph (i) or (ii) immediately above or is an adult interdependent partner within
    the meaning of the Adult Interdependent Relationships Act (Alberta); and
	 	 
	(xii)	“subsidiary”
    means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

 

Affiliated
Entities and Control 

 

	1.	An
    issuer is considered to be an affiliate of another issuer if one of them is the subsidiary of the other, or if each of them
    is controlled by the same person.
	 	 
	2.	A
    person (first person) is considered to control another person (second person) if

 

	 	(a)	the
    first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person
    carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person,
    unless the first person holds the voting securities only to secure an obligation,
	 	 	 
	 	(b)	the
    second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests
    in the partnership, or
	 	 	 
	 	(c)	the
    second person is a limited partnership and the general partner of the limited partnership is the first person.

 

All
monetary references are in Canadian dollars

 

    	 

    	 	 	 

    

 

 

    	 

    	 	App. B Sch. C - 2	 

    

 

 

    	 

    	 	 	 

    

 

Schedule
D

 

CERTIFICATION
OF U.S. PURCHASER

 

	TO:	BRIACELL
    THERAPEUTICS CORP. (the “Issuer”)
	 	 
	RE:	SUBSCRIPTION
    FOR SECURITIES OF THE ISSUER

 

Capitalized
terms not specifically defined in this certification have the meaning ascribed to them in the Subscription Agreement to which
this Schedule D is attached. In the event of a conflict between the terms of this certification and such Subscription Agreement,
the terms of this certification shall prevail.

 

In
addition to the covenants, representations and warranties contained in the Subscription Agreement to which this Schedule E is
attached, the undersigned Subscriber covenants, represents and warrants to the Issuer that:

 

	(a)	It
    is (i) a U.S. Person or a person in the United States and (ii) authorized to consummate the purchase of the Common Shares.
	 	 
	(b)	The
    Issuer has provided to it the opportunity to ask questions and receive answers concerning the terms and conditions of the
    offering and it has had access to such information concerning the Issuer as it has considered necessary or appropriate in
    connection with its investment decision to acquire the Common Shares, including access to the Issuer’s public filings
    available on the Internet at www.sedar.com, and that any answers to questions and any request for information have been complied
    with to the Subscriber’s satisfaction.
	 	 
	(c)	It
    is purchasing the Common Shares for its own account or for the account or benefit of one or more persons for whom it is exercising
    sole investment discretion (a “Beneficial Purchaser”), for investment purposes only and not with a view
    to resale or distribution and, in particular, neither it nor any Beneficial Purchaser for whose account it is purchasing the
    Common Shares has any intention to distribute either directly or indirectly any of the Securities in the United States or
    to U.S. Persons; provided, however, that this paragraph shall not restrict the Subscriber from selling or otherwise disposing
    of any of the Securities pursuant to registration thereof pursuant to the 1933 Act and any applicable state securities laws
    or under an exemption from such registration requirements.
	 	 
	(d)	The
    address of the Subscriber set out on the execution pages of the Subscription Agreement is the true and correct principal address
    of the Subscriber and can be relied on by the Issuer for the purposes of state blue-sky laws and the Subscriber has not been
    formed for the specific purpose of purchasing the Securities.
	 	 
	(e)	It
    understands (i) the Securities have not been and will not be registered under the 1933 Act or the securities laws of any state
    of the United States and will be “restricted securities”, as defined in Rule 144 under the 1933 Act; (ii)
    the sale contemplated hereby is being made in reliance on an exemption from such registration requirements in reliance upon
    Rule 506(b) of Regulation D and/or section 4(a)(2) under the 1933 Act; and (iii) subject to certain exceptions provided under
    the 1933 Act, the Common Shares may not be transferred or exercised in the United States or by or on behalf of a U.S. Person
    unless such Securities are registered under the 1933 Act and applicable state securities laws, or unless an exemption from
    such registration requirements is available.
	 	 
	(f)	it,
    and, if applicable, each Beneficial Purchaser for whose account it is purchasing the Securities, is an accredited investor
    as defined in Rule 501(a) of Regulation D under the 1933 Act and satisfies one or more of the categories of an accredited
    investor, as indicated below (the Subscriber must initial “SUB” for the Subscriber, and “BP” for
    each Beneficial Purchaser, if any, on the appropriate line(s)):

 

	 	1.

        Initials
        _______
	A
    bank, as defined in Section 3(a)(2) of the 1933 Act, whether acting in its individual or fiduciary capacity; or
	 	 	 
	 	2.

        Initials
        _______
	A
    savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act, whether acting in its
    individual or fiduciary capacity; or

 

    	 

    	 	D - 2	 

    

 

	 	3.

    Initials _______	A
    broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934; or
	 	 	 
	 	4.

    Initials _______	An
    insurance company as defined in Section 2(13) of the 1933 Act; or
	 	 	 
	 	5.

    Initials _______	An
    investment company registered under the United States Investment Company Act of 1940; or
	 	 	 
	 	6.

    Initials _______	A
    business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or
	 	 	 
	 	7.

    Initials _______	A
    small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United
    States Small Business Investment Act of 1958; or
	 	 	 
	 	8.

    Initials _______	A
    plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its
    political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or
	 	 	 
	 	9.

    Initials _______	An
    employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which
    the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings
    and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in
    excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are Accredited Investors;
    or
	 	 	 
	 	10.

    Initials _______	A
    private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940;
    or
	 	 	 
	 	11.

    Initials _______	An
    organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts
    or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Securities offered, with
    total assets in excess of US$5,000,000; or
	 	 	 
	 	12.

    Initials _______	Any
    director or executive officer of the Issuer; or
	 	 	 
	 	13.

    Initials _______	A
    natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of this purchase
    exceeds US$1,000,000; provided, however, that (i) person’s primary residence shall not be included as an asset; (ii)
    indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary
    residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness
    outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a
    result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii)
    indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary
    residence at the time of the sale of securities shall be included as a liability; or
	 	 	 
	 	14.

    Initials _______ 	A
    natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with
    that person’s spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the
    same income level in the current year; or
	 	 	 
	 	15.

    Initials _______	A
    trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Securities offered,
    whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the 1933 Act; or

 

    	 

    	 	D - 3	 

    

 

	 	16.

    Initials _______ 	Any
    entity in which all of the equity owners meet the requirements of at least one of the above categories.

 

	(g)	The
    Subscriber has not purchased the Common Shares as a result of any form of general solicitation or general advertising (as
    those terms are used in Rule 502(c) of Regulation D under the 1933 Act), including advertisements, articles, notices or other
    communications published in any newspaper, magazine, the internet or similar media or broadcast over radio or television or
    the internet, or other form of telecommunications, including electronic display, or any seminar or meeting whose attendees
    have been invited by general solicitation or general advertising.
	 	 
	(h)	If
    the Subscriber decides to offer, sell or otherwise transfer any of the Common Shares, it will not offer, sell or otherwise
    transfer any of such Securities directly or indirectly, unless:

 

	 	(i)	the
    sale is to the Issuer;
	 	(ii)	the
    sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S under the 1933
    Act and in compliance with applicable local laws and regulations;
	 	(iii)	the
    sale is made pursuant to the exemption from the registration requirements under the 1933 Act provided by (a) Rule 144 or (b)
    Rule 144A thereunder, if available, and in accordance with any applicable state securities or “blue sky” laws;
    or
	 	(iv)	the
    securities are sold in a transaction that does not require registration under the 1933 Act or any applicable state laws and
    regulations governing the offer and sale of securities,

 

	 	and,
    in the case of each of (iii)(a) and (iv) it has prior to such sale furnished to the Issuer an opinion of counsel reasonably
    satisfactory to the Issuer stating that such transaction is exempt from registration under applicable securities laws and
    that the legends referred to in paragraph (j) below may be removed.
	 	 
	(i)	It
    acknowledges that it has not purchased the Common Shares as a result of, and will not itself engage in, any “directed
    selling efforts” (as defined in Rule 902(c) of Regulation S under the 1933 Act) in the United States in respect
    of the Common Shares which would include any activities undertaken for the purpose of, or that could reasonably be expected
    to have the effect of, conditioning the market in the United States for the resale of the Common Shares.
	 	 
	(j)	The
    certificates representing the Common Shares issued hereunder, until such time as is no longer required under the applicable
    requirements of the 1933 Act or applicable state securities laws, will bear, on the face of such certificate, the following
    legends:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF BRIACELL THERAPEUTICS CORP. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES, IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER
THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER
THE 1933 ACT PROVIDED BY RULE 144 UNDER THE 1933 ACT, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS;
(D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED
THAT IN THE CASE OF TRANSFERS PURSUANT TO (C) OR (D) ABOVE, THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED
STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT.”

 

    	 

    	 	D - 4	 

    

 

provided,
that if the Common Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation
S, the legends set forth above may be removed by providing an executed declaration to the registrar and transfer agent of the
Corporation, in substantially the form set forth as Appendix A attached hereto (or in such other forms as the Corporation may
prescribe from time to time) and, if requested by the Corporation or the transfer agent, an opinion of counsel of recognized standing
in form and substance satisfactory to the Corporation and the transfer agent to the effect that such sale is being made in compliance
with Rule 904 of Regulation S; and provided, further, that, if any Common Shares, are being sold otherwise than in accordance
with Regulation S and other than to the Corporation, the legend may be removed by delivery to the registrar and transfer agent
and the Corporation of an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation, that such legend
is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

 

	(k)	It
    understands and agrees that there may be material tax consequences to the Subscriber of an acquisition, disposition or exercise
    of any of the Common Shares. The Issuer gives no opinion and makes no representation with respect to the tax consequences
    to the Subscriber under United States, state, local or foreign tax law of the undersigned’s acquisition or disposition
    of such Securities; in particular, no determination has been made whether the Issuer will be a “passive foreign investment
    company” within the meaning of Section 1297 of the United States Internal Revenue Code.
	 	 
	(l)	It
    understands and acknowledges that the Issuer is incorporated outside the United States. Consequently, it may be difficult
    to provide service of process on the Issuer and it may be difficult to enforce any judgment against the Issuer.
	 	 
	(m)	It
    understands and agrees that the financial statements of the Issuer have been prepared in accordance with International Financial
    Reporting Standards and therefore may be materially different from financial statements prepared under U.S. generally accepted
    accounting principles and therefore may not be comparable to financial statements of United States companies.
	 	 
	(n)	It
    consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order
    to implement the restrictions on transfer set forth and described in this certification and the Subscription Agreement.
	 	 
	(o)	It
    understands and acknowledges that the Issuer is not obligated to remain a “foreign issuer” (as defined
    in Rule 902(e) of Regulation S).
	 	 
	(p)	It
    understands, that the funds representing the Aggregate Purchase Price which will be advanced by the Subscriber to the Issuer
    hereunder will not represent proceeds of crime for the purposes of the Uniting and Strengthening America by Providing Appropriate
    Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”) and the Subscriber acknowledges
    that the Issuer may in the future be required by law to disclose the Subscriber’s name and other information relating
    to the subscription agreement and the Subscriber’s subscription hereunder, on a confidential basis, pursuant to the
    PATRIOT Act. No portion of the Aggregate Purchase Price to be provided by the Subscriber (i) has been or will be derived from
    or related to any activity that is deemed criminal under the laws of the United States, or any other jurisdiction, or (ii)
    is being tendered on behalf of a person or entity who has not been identified to or by the Subscriber, and it shall promptly
    notify the Issuer if the Subscriber discovers that any of such representations ceases to be true and provide the Issuer with
    appropriate information in connection therewith.
	 	 
	(q)	It
    has no intention to distribute, and shall not transfer, either directly or indirectly, any of the Securities to any person
    within the United States or to U.S. persons except pursuant to an effective registration statement under the 1933 Act, or
    an exemption therefrom.

 

Dated
____________________, 2019.

 

	 	X	               
	 	Signature
    of individual (if Subscriber is an individual)
	 	 
	 	X	 
	 	Authorized
    signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name
    of Subscriber (please print)
	 	 
	 	 
	 	Name
    of authorized signatory (please print)
	 	 
	 	 
	 	Official
    capacity of authorized signatory (please print)

 

    	 

    	 	 	 

    

 

Appendix
“A” to Schedule D

 

CERTIFICATE
OF U.S. PERSON

 

Form
of Declaration for Removal of Legend

 

	TO:	BRIACELL
    THERAPEUTICS CORP. (the “Corporation”)
	 	 
	TO:	Registrar
    and transfer agent for the shares of the Corporation

 

The
undersigned (A) acknowledges that the sale of the securities of the Corporation to which this declaration relates is being made
in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the “1933
Act”), and (B) certifies that (1) the undersigned is not (a) an “affiliate”
of the Corporation (as that term is defined in Rule 405 under the 1933 Act) (b) a “distributor”
as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such securities was not made to a person in
the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller
and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was
executed on or through the facilities of the TSX Venture Exchange and neither the seller nor any person acting on its behalf knows
that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller
nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection
with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of “washing off”
the resale restrictions imposed because the securities are “restricted securities”
(as that term is defined in Rule 144(a)(3) under the 1933 Act); (5) the seller does not intend to replace such securities with
fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which,
although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.
S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the 1933 Act.

 

	DATED
                             20   	X	                  
	 	Signature
    of individual (if Purchaser is an individual)
	 	 
	 	X	 
	 	Authorized
    signatory (if Purchaser is not an individual)
	 	 
	 	 
	 	Name
    of Purchaser (please print)
	 	 
	 	 
	 	Name
    of authorized signatory (please print)
	 	 
	 	 
	 	Official
    capacity of authorized signatory (please print)Exhibit 4.1

 

HILLTOP SECURITIES INC.

 

Issuer

 

The
Bank of New York Mellon

Trustee

 

 

 

INDENTURE

 

Dated as of November 22, 2019

 

 

 

SECURED COMMERCIAL PAPER NOTES, SERIES
2019-1

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	Article I.        DEFINITIONS AND CONSTRUCTION	2
	Section 1.01	Definitions	2
	Section 1.02	Rules of Construction	7
	Section 1.03	Supplements Controlling	8
	Article II.       THE SERIES 2019-1 CP NOTES	8
	Section 2.01	Form Generally	8
	Section 2.02	Denominations	8
	Section 2.03	Execution, Authentication and Delivery	8
	Section 2.04	Authenticating Agent	9
	Section 2.05	Registration of and Limitations on Transfer and Exchange of Series 2019-1 CP Notes	10
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Series 2019-1 CP Notes	13
	Section 2.07	Persons Deemed Owners	14
	Section 2.08	Appointment of Paying Agent	14
	Section 2.09	Access to List of Series 2019-1 CP Noteholders' Names and Addresses	14
	Section 2.10	Cancellation	15
	Section 2.11.	Book Entry Series 2019-1 CP Notes	15
	Section 2.12	Notices to Clearing Agency	16
	Section 2.13.	Definitive Series 2019-1 CP Notes	16
	Section 2.14	Series 2019-1 CP Note Issuance Procedures	17
	Section 2.15	 Payment of Interest and Principal; Optional Redemption	20
	Section 2.16	CUSIP Numbers	21
	Article III.      REPRESENTATIONS AND COVENANTS OF ISSUER	21
	Section 3.01	Representations and Warranties of the Issuer	21
	Section 3.02	General Covenants of the Issuer	23
	Section 3.03	Collateral Maintenance; Substitution; Trustee Daily Collateral Reports	24
	Section 3.04	Money for Series 2019-1 CP Note Payments to Be Held in Trust	25
	Section 3.05	Unclaimed Funds	26
	Section 3.06	Successor Substituted	26
	Section 3.07	Authorized Representative	26
	Article IV.      SATISFACTION AND DISCHARGE	27
	Section 4.01	Satisfaction and Discharge	27
	Section 4.02	Application of Trust Money	27
	Article V.       DEFAULTS AND REMEDIES	28
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	29
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee	29
	Section 5.04	Remedies	31
	Section 5.05	Optional Preservation of Trust Assets	32
	Section 5.06	Trustee May Enforce Claims Without Possession of Notes	32
	Section 5.07	Limitation on Suits	33
	Section 5.08	Unconditional Rights of Series 2019-1 CP Noteholders to Receive Principal and Interest	33
	Section 5.09	Restoration of Rights and Remedies	33

 

    ii

     

    

 

	Section 5.10	Rights and Remedies Cumulative	34
	Section 5.11	Delay or Omission Not Waiver	34
	Section 5.12	Rights of Series 2019-1 CP Noteholders to Direct Trustee	34
	Section 5.13	Waiver of Past Defaults	34
	Section 5.14	Undertaking for Costs	35
	Section 5.15	Waiver of Stay or Extension Laws	35
	Section 5.16	Sale of Trust Assets	35
	Section 5.17	Action on Notes	36
	Section 5.18	Limited Rights of Certain Series 2019-1 CP Noteholders	36
	Article VI.      THE TRUSTEE	37
	Section 6.01	Duties of Trustee	37
	Section 6.02	Notice of Event of Default	38
	Section 6.03	Rights of Trustee	39
	Section 6.04	Not Responsible for Recitals or Issuance of Notes	40
	Section 6.05	May Hold Notes	41
	Section 6.06	Money Held in Trust	41
	Section 6.07	Compensation, Reimbursement and Indemnification	41
	Section 6.08	Replacement of Trustee	42
	Section 6.09	Successor Trustee by Merger	42
	Section 6.10	Appointment of Co-Trustee or Separate Trustee	43
	Section 6.11	Eligibility; Disqualification	44
	Section 6.12	Representations and Covenants of Trustee	44
	Section 6.13	Trustee as Paying Agent, Registrar and Authenticating Agent	45
	Section 6.14	Liability in Agent Capacity	45
	Article VII.    SERIES 2019-1 CP NOTEHOLDERS' LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER	46
	Section 7.01	Issuer to Furnish Trustee Names and Addresses of Series 2019-1 CP Noteholders	46
	Section 7.02	Preservation of Information; Communications to Series 2019-1 CP Noteholders	46
	Article VIII.    ACCOUNTS, ACCOUNTING AND RELEASES	47
	Section 8.01	Collection of Money	47
	Section 8.02	Distributions	47
	Section 8.03	Release of Trust Assets, Etc.	47
	Section 8.05	Establishment of Note Account	47
	Article IX.      SUPPLEMENTAL INDENTURES	48
	Section 9.01	Supplemental Indentures Without Consent of Series 2019-1 CP Noteholders	48
	Section 9.02	Supplemental Indentures with Consent of Series 2019-1 CP Noteholders	49
	Section 9.03	Execution of Supplemental Indentures	50
	Section 9.04	Effect of Supplemental Indenture	50
	Section 9.05	Reference in Series 2019-1 CP Notes to Supplemental Indentures	50
	Article X.       MISCELLANEOUS	50
	Section 10.01	Form of Documents Delivered to Trustee	50
	Section 10.02	Acts of Series 2019-1 CP Noteholders	51
	Section 10.03	Notices, Etc. to Trustee, Issuer and Issuer	52
	Section 10.04	Notices to Series 2019-1 CP Noteholders; Waiver	53

 

    iii

     

    

 

	Section 10.05	Alternate Payment and Notice Provisions	54
	Section 10.06	Effect of Headings and Table of Contents	54
	Section 10.07	Successors and Assigns	54
	Section 10.08	Separability	54
	Section 10.09	Benefits of Indenture	55
	Section 10.10	Legal Holidays	55
	Section 10.11	Governing Law	55
	Section 10.12	Counterparts	55
	Section 10.13	Issuer Obligation	55
	Section 10.14	No Petition	56
	Section 10.15	 Force Majeure	56
	EXHIBIT A- FORM OF MASTER SERIES 2019-1 CP NOTE	1
	EXHIBIT B - FORMS OF INVESTOR REPRESENTATION LETTERS FOR SERIES 2019-1 CP NOTES--QIB AND ACCREDITED INVESTOR	1
	EXHIBIT C - FORM OF NOTICE OF EXCLUSIVE CONTROL	1
	EXHIBIT D - FORM OF ISSUANCE NOTICE	1
	EXHIBIT E - FORM OF DAILY COLLATERAL REPORT	1
	EXHIBIT F - FORM OF COLLATERAL ACCOUNT CONTROL AGREEMENT	1

 

    iv

     

    

 

This INDENTURE is dated
as of November 22, 2019 (as amended, supplemented or restated from time to time, this “Indenture”), between
HILLTOP SECURITIES INC., a corporation organized under the laws of the State of Delaware (the “Issuer”), and
THE BANK OF NEW YORK MELLON, a New York banking corporation, as indenture trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, Trustee and
Issuer each have executed a Letter of Representations (the “Letter of Representations”, which term shall include
the procedures referred to therein) with the Issuer and the initial Clearing Agency, The Depository Trust Company (“DTC”)
and a Certificate Agreement (the “Certificate Agreement”) with DTC which establish, among other things, the
procedures to be followed by Trustee in connection with the issuance and custody of Book-Entry Series 2019-1 CP Notes.

 

WHEREAS, The Bank of
New York Mellon, as Securities Intermediary and, in its capacity as Trustee hereunder, as Secured Party, and Issuer, as Pledgor,
each have executed a Collateral Account Control Agreement, dated as of the date hereof, whereby the Securities Intermediary established
and maintained the Collateral Account (as defined herein).

 

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

 

GRANTING CLAUSES

 

To secure payment and
performance of the Series 2019-1 CP Notes and other obligations of the Issuer under this Indenture, the Issuer hereby unconditionally
grants, transfers, assigns, sets over, pledges and conveys to the Trustee, as Trustee and Secured Party, for the exclusive benefit
of it and the Holders of the Series 2019-1 CP Notes, subject to the terms of this Indenture and the Collateral Account Control
Agreement (pursuant to which the Securities Intermediary will take instructions from the Pledgor or the Secured Party, as specified
therein) a continuing security interest in and a lien on all of the Issuer's right, title and interest in and to all assets held
by the Securities Intermediary pursuant to the Collateral Account Control Agreement, including without limitation (a) all investment
property held in the Collateral Account whether now or hereafter existing, including all payments of principal and interest received,
collected or otherwise recovered on such investment property and all other proceeds received in respect of such investment property,
(b) all cash, instruments or other property that are held or required to be deposited in the Collateral Account, including all
investments made with funds in the Collateral Account, and (c) all proceeds of the conversion, voluntary or involuntary, of any
of the foregoing into cash or other liquid assets, including, without limitation, all insurance proceeds and condemnation awards
(collectively, the “Collateral”).

 

The foregoing
Grants are made in trust to secure the Series 2019-1 CP Notes equally and ratably without prejudice, priority or distinction
between any Series 2019-1 CP Note and any other Series 2019-1 CP Notes, except as expressly provided in this Indenture and to
secure (i) the payment of all amounts due on the Series 2019-1 CP Notes in accordance with their terms, (ii) the payment of
all other sums payable under this Indenture and (iii) compliance with the provisions of this Indenture, all as provided
herein (the “Secured Obligations”).

 

     

     

    

 

The Trustee acknowledges
such Grants, accepts the trusts hereunder in accordance with the provisions of this Indenture and agrees to perform the duties
herein required to the end that the interests of the Holders of the Series 2019-1 CP Notes may be adequately and effectively protected.

 

Article I.

DEFINITIONS AND CONSTRUCTION

 

		Section 1.01	Definitions.

 

As used in this Indenture and unless otherwise
defined herein, capitalized terms used in this Indenture shall have the meanings assigned to them in the Collateral Account Control
Agreement, the form of which is attached hereto as Exhibit F.

 

“Act”
or “Act of the Series 2019-1 CP Noteholders” has the meaning specified in Section 10.02 of this Indenture.

 

“Affiliate”
means, with respect to a particular Person, (a) any Person that, directly or indirectly, is in control of, is controlled by, or
is under common control with, such Person, or (b) any Person who is a director or officer or general partner (i) of such Person,
(ii) of any subsidiary of such Person, or (iii) of any Person described in clause (a) above. For purposes of this definition, control
of a Person shall mean the power, direct or indirect, (i) to vote 5% or more of the securities having ordinary voting power to
elect the directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether
by contract or otherwise.

 

“Authorized
Representative” has the meaning specified in Section 3.07 of this Indenture.

 

“Basic Documents”
means this Trust Indenture and the Collateral Account Control Agreement.

 

“Book Entry
Series 2019-1 CP Notes” means beneficial interests in Notes designated as “Book Entry Series 2019-1 CP Notes”
in this Indenture, ownership and transfers of which shall be evidenced or made through book entries by a Clearing Agency as described
in Section 2.11; provided, that after the occurrence of a condition whereupon Definitive Series 2019-1 CP Notes are to be issued
to Note Owners, such Book Entry Series 2019-1 CP Notes shall no longer be “Book Entry Series 2019-1 CP Notes.”

 

“Business
Day” means any day on which the Trustee and the appropriate depositories are open for business.

 

“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act,
as amended. As of the Closing Date, the Clearing Agency shall be The Depository Trust Company.

 

    2

     

    

 

“Clearing
Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency.

 

“Closing Date”
means each date of issuance of Series 2019-1 CP Notes.

 

“Collateral”
has the meaning specified in the Granting Clauses herein.

 

“Collateral
Account” means a custodial account, established and maintained by the Securities Intermediary under the Collateral Account
Control Agreement.

 

“Collateral
Account Control Agreement” means, the Collateral Account Control Agreement, dated as of November 22, 2019, among The
Bank of New York Mellon as Trustee, as Secured Party and, The Bank of New York Mellon, as Securities Intermediary, and the Issuer,
as Pledgor, as the same may be amended, supplemented, restated or otherwise modified from time to time.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of the execution of this Indenture is located at

 

The Bank of
New York Mellon

240 Greenwich
Street, Floor 7E

New York, New
York, 10286

Attention:
        SPV Admin – Anna Marrone

 

“Daily Collateral
Report” means a report provided by the Trustee pursuant to Section 3.03, containing the information required in Exhibit
E hereto.

 

“Definitive
Series 2019-1 CP Note” means a Series 2019-1 CP Note in the form of a registered, physical certificated security issued
or endorsed directly to the Holder thereof.

 

“Designated
Officer” shall mean an officer of the Trustee charged with the administration of this Indenture.

 

“Dollars”,
“$” or “U.S. $” means United States dollars and, where the context requires, means Dollars
paid and/or held in the form of cash monies or dollar-denominated commercial deposit accounts.

 

“DTC”
has the meaning specified in the Preamble to this Indenture.

 

“Eligible
Collateral” has the meaning specified in Article 1 and Schedule I of the Collateral Account Control Agreement.

 

“Event of
Default” has the meaning specified in Section 5.01 of this Indenture.

 

“Interest
Accrual Period” means, with respect to any interest-bearing Series 2019-1 CP Notes, on any Interest Payment Date,
the period from and including the preceding Interest Payment Date (or, in the case of the first Payment Date occurring after
the related Closing Date, such Closing Date) to and excluding such Payment Date, in each case calculated on the basis of
actual number of days over 360 days, subject to Section 10.10.

 

    3

     

    

 

“Interest
Payment Date” means, with respect to any interest-bearing Note, the fifteenth day of each calendar month or, if such
fifteenth day is not a Business Day, the next succeeding Business Day, commencing December 2019.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended from time to time.

 

“Issuance
Notice” means the notice required to be provided by the Issuer to the Trustee pursuant to Section 2.14(c) of this Indenture.

 

“Issuer”
means Hilltop Securities Inc., a Delaware corporation.

 

“Lien”
means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, participation or equity interest, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, and includes the filing of any financing statement
under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction
to evidence any of the foregoing.

 

“Majority
of Series 2019-1 CP Noteholders” or “Majority Series 2019-1 CP Noteholders”, means the Holders of
Series 2019-1 CP Notes evidencing in the aggregate more than 50% of the Outstanding amount of the Series 2019-1 CP Notes.

 

“Margin Percentage”
shall have the meaning specified in Article I of the Collateral Account Control Agreement.

 

“Margin Value”
shall have the meaning specified in Article 1 of the Collateral Account Control Agreement.

 

“Margin Value
Deficiency” means the excess of the Obligation Amount over the Margin Value.

 

“Master Series
2019-1 CP Note” has the meaning specified in Section 2.01 of this Indenture.

 

“Maturity
Date” means, as to each Series 2019-1 CP Note, the Maturity Date set forth on the face thereof; provided, however, the
Maturity Date of a Series 2019-1 CP Note shall not be greater than 270 days or less than 14 days after the related Closing Date;
and further provided that a Maturity Date must be on a Business Day.

 

“Note Account”
means the account of that name established pursuant to Section 8.05 of this Indenture.

 

    4

     

    

 

“Notice of
Exclusive Control” has the meaning set forth in Article 1 of the Collateral Account Control Agreement.

 

‘Obligation
Amount” has the meaning specified in Article 1 of the Collateral Account Control Agreement.

 

“Officer’s
Certificate” means a certificate signed by the Chief Executive Officer, the President, the Chief Financial Officer, the
Treasurer or any Assistant Treasurer of the relevant party and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel reasonably acceptable to the party to whom the opinion is directed, who may
be counsel for or an employee of the Person providing the opinion.

 

“Outstanding”
as of any date of determination and with respect to Series 2019-1 CP Notes, refers to all Series 2019-1 CP Notes theretofore authenticated
and delivered under this Indenture, except:

 

		(i)	Series 2019-1 CP Notes theretofore cancelled or delivered for cancellation, as specified in this
Indenture;

 

		(ii)	Series 2019-1 CP Notes or portions thereof for which payment or redemption money in the necessary
amount has been theretofore deposited as specified in this Indenture;

 

		(iii)	Series 2019-1 CP Notes in exchange for or in lieu of which other Series 2019-1 CP Notes have been
authenticated and delivered pursuant to this Indenture, unless proof is presented to the Trustee that any such Series 2019-1 CP
Notes are held by a holder in due course; and

 

		(iv)	Series 2019-1 CP Notes alleged to have been destroyed, lost or stolen and for which replacement
Series 2019-1 CP Notes have been issued as provided for in this Indenture.

 

“Paying Agent”
means any paying agent appointed pursuant to Section 2.08 of this Indenture, and shall initially be the Trustee.

 

“Payment Date”
means each Interest Payment Date, if any, and each Maturity Date.

 

“Permitted
Lien” means with respect to the Collateral, Liens in favor of the Trustee pursuant to this Indenture.

 

“Person”
means any legal person, including any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature.

 

“Prospective
Owner” means any person required to provide Exhibit B-1 or Exhibit B-2 in connection with a proposed acquisition of Series
2019-1 CP Notes.

 

    5

     

    

 

“Record Date”
means the Business Day immediately preceding a Payment Date or Interest Payment Date (with respect to any interest-bearing Note).

 

“Relevant
UCC State” means each jurisdiction in which the filing of a UCC financing statement is necessary to perfect the ownership
interest of the Issuer pursuant to the security interest granted to the Issuer or the Trustee.

 

“Secured Obligations”
has the meaning assigned in the granting clauses of this Indenture.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securities
Intermediary” has the meaning specified in the Collateral Account Control Agreement.

 

“Series 2019-1
CP Note Interest” means, with respect to any interest-bearing Series 2019-1 CP Note, the interest payable in respect
of such Series 2019-1 CP Notes (as calculated in accordance with Section 2.15 hereof and payable pursuant to Section 8.02 of this
Indenture), including any interest remaining unpaid from any prior Interest Payment Date.

 

“Series 2019-1
CP Note Principal” means principal payable in respect of the Series 2019-1 CP Notes pursuant to Section 8.02 of this
Indenture.

 

“Series 2019-1
CP Note Rate” means with respect to each Series 2019-1 CP Note, the rate set by the Issuer at the time of issuance thereof,
which rate shall be communicated to the Trustee by the Issuer in its Issuance Notice.

 

“Series 2019-1
CP Note Register” means the register maintained pursuant to Section 2.05(a) of this Indenture, providing for the registration
of the Series 2019-1 CP Notes and transfers and exchanges thereof.

 

“Series 2019-1
CP Noteholder or Holder” means the Person in whose name a Series 2019-1 CP Note is registered in the Series 2019-1 CP
Note Register.

 

“Series 2019-1
CP Notes” means the Issuer’s Secured Commercial Paper Notes, Series 2019-1, issued pursuant to Section 2.01 of
this Indenture and authenticated by the Trustee substantially in the form attached hereto as Exhibit A.

 

“Series 2019-1
CP Note Owner or Owner” means with respect to a Book Entry Series 2019-1 CP Note, the Person that is the beneficial owner
of such Book Entry Series 2019-1 CP Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining
an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency), and with respect to a Definitive Series 2019-1 CP Note, the Person that is
the registered owner of such Series 2019-1 CP Note as reflected in the Note Register.

 

“Transfer”
means to transfer, sell, exchange, pledge, hypothecate, participate, or otherwise assign, in whole or in part.

 

    6

     

    

 

“Transfer
Agent and Registrar” has the meaning specified in Section 2.05 of this Indenture.

 

“Trustee”
means The Bank of New York Mellon, in its capacity as indenture trustee under this Indenture, or any successor trustee appointed
as provided therein.

 

“UCC”
means the Uniform Commercial Code, as amended from time to time, as in effect in the applicable jurisdiction.

 

		Section 1.02	Rules of Construction.

 

Except as otherwise
expressly provided in this Indenture or unless the context otherwise clearly requires:

 

		(a)	Defined terms include, as appropriate, all genders and the plural as well as the singular. References
to designated articles, sections, and other subdivisions of this Indenture, such as “Section 2.04(a),” refer to the
designated article, section, or other subdivision of this Indenture as a whole and to all subdivisions of the designated article,
section, or other subdivision. The words “herein,” “hereof,” “hereto,” “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular article, section, or other subdivision
of this Indenture.

 

		(b)	Any term that relates to a document or a statute, rule or regulation includes any amendments, modifications,
supplements or any other changes that may have occurred since the document, statute or rule came into being, including changes
that occur after the date of this Indenture.

 

		(c)	Any party may execute any of its obligations under this Indenture either directly or through others,
and the right to cause something to be done rather than doing it directly shall be implicit in every requirement under this Indenture;
provide that any such party shall remain responsible to the other party hereto for the proper performance of its obligations hereunder.

 

		(d)	The term “including” and all its variations mean “including but not limited to.”
Except when used in conjunction with the word “either,” the word “or” is always used inclusively (for example,
the phrase “A or B” means “A or B or both,” not “either A or B but not both”).

 

		(e)	All accounting terms used in an accounting context shall be construed in accordance with generally
accepted accounting principles as in effect in the United States. Capitalized terms used in this Indenture without definition that
are defined in the Uniform Commercial Code are used in this Indenture as defined in the Uniform Commercial Code.

 

		(f)	In the computation of a period of time from a specified date to a later specified date, the word
 “from” means “from and including” and the words “to” or “until” mean “to
but excluding.”

 

    7

     

    

 

		Section 1.03	Supplements Controlling.

 

If a conflict exists
between the provisions of this Indenture and any Supplement, the provisions of the Supplement shall be controlling.

 

Article II.

 

THE SERIES 2019-1 CP NOTES

 

		Section 2.01	Form Generally.

 

The Notes shall be designated
as the “Hilltop Securities Inc. Secured Commercial Paper Notes, Series 2019-1.” The Notes, together with the Trustee’s
certificate of authentication, shall be in substantially the forms set forth in Exhibit A with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Series 2019-1 CP Notes, as evidenced by their execution of the Series 2019-1 CP Notes. Any portion of the text of
any Series 2019-1 CP Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Series
2019-1 CP Note.

 

The Definitive Series
2019-1 CP Notes and the global certificate (“Master Series 2019-1 CP Note”) representing the Book Entry Series 2019-1
CP Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such Series 2019-1 CP Notes, as evidenced by their execution
of such Series 2019-1 CP Notes.

 

Each Series 2019-1 CP
Note shall be dated the date of its authentication. The terms of the Series 2019-1 CP Notes set forth in Exhibit A are part of
the terms of this Indenture.

 

		Section 2.02	Denominations.

 

The Series 2019-1 CP
Notes shall be issued in minimum amounts of $100,000 and integral multiples of $1,000 in excess thereof. Series 2019-1 CP Notes
shall be issued without coupons attached.

 

		Section 2.03	Execution, Authentication and Delivery.

 

Each Series 2019-1
CP Note shall be executed by manual or facsimile signature by an Authorized Representative of the Issuer and shall be authenticated
by the Trustee at the written direction of an Authorized Representative of the Issuer.

 

Series 2019-1 CP Notes
bearing the manual or facsimile signature of an individual who was, at the time when the signature was affixed, authorized to sign
on behalf of the Issuer shall not be rendered invalid notwithstanding the fact that the individual ceased to be so authorized prior
to the authentication and delivery of the Series 2019-1 CP Notes or does not hold that office at the date of issuance of the Series
2019-1 CP Notes.

 

    8

     

    

 

No Series 2019-1 CP
Note shall be entitled to any benefit under this Indenture or be valid for any purpose unless a certificate of authentication appears
on the Series 2019-1 CP Note substantially in the form provided for in this Indenture executed by the Trustee by the manual signature
of a duly authorized signatory. The certificate of authentication upon any Series 2019-1 CP Note shall be conclusive evidence,
and the only evidence, that that Series 2019-1 CP Note has been duly authenticated and delivered.

 

The Issuer will from
time to time to the extent it determines to issue Definitive Series 2019-1 CP Notes, furnish to the Trustee an adequate supply
of Series 2019-1 CP Notes. Definitive Series 2019-1 CP Notes, if any, shall be in substantially the form agreed upon by the Issuer
and the Trustee and shall be serially numbered and shall have been executed by manual or facsimile signature of an Authorized Representative
(as hereafter defined), but shall otherwise be uncompleted. Book-Entry Series 2019-1 CP Notes shall be represented by a single
Master Series 2019-1 CP Notes substantially in the form attached hereto as Exhibit A and which shall be executed by manual or facsimile
signature by an Authorized Representative in accordance with the Letter of Representations. Pending receipt of instructions pursuant
to this Agreement, the Trustee will hold the Master Series 2019-1 CP Note in safekeeping for the account of the Issuer or the Clearing
Agency, as the case may be, in accordance with Trustee’s customary practice and the requirements of the Certificate Agreement.

 

Each Definitive Series
2019-1 CP Note or Master Series 2019-1 CP Note delivered to the Trustee shall be accompanied by a letter from the Issuer, as the
case may be, identifying the Definitive Series 2019-1 CP Note or Master Series 2019-1 CP Note(s) transmitted therewith, and the
Trustee shall acknowledge receipt of such Definitive Series 2019-1 CP Note(s) or Master Series 2019-1 CP Note(s) on the copy of
such letter or pursuant to some other form of written receipt deemed appropriate by the Trustee at the time of delivery to the
Trustee of such Definitive Series 2019-1 CP Note(s) or Master Series 2019-1 CP Note(s). Pending the issuance of Definitive Series
2019-1 CP Notes as provided in Section 2.13 of this Indenture, all Definitive Series 2019-1 CP Notes and Master Series 2019-1 CP
Note(s) delivered to the Trustee shall be held by the Trustee for the account of the Issuer or the Clearing Agency, as the case
may be, for safekeeping in accordance with the Trustee’s customary practice and the requirements of the Certificate Agreement.

 

		Section 2.04	Authenticating Agent.

 

		(a)	The Trustee may appoint authenticating agents (who must be Designated Officers of the Trustee)
for the Series 2019-1 CP Notes. Any authenticating agent shall be authorized to act on behalf of the Trustee in authenticating
the Series 2019-1 CP Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Series
2019-1 CP Notes. Whenever reference is made in this Indenture to the authentication of Series 2019-1 CP Notes by the Trustee or
the Trustee's certificate of authentication, that reference includes authentication on behalf of the Trustee by an authenticating
agent and a certificate of authentication executed on behalf of the Trustee by an authenticating agent. Each authenticating agent
must be acceptable to the Issuer.

 

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		(b)	Any institution succeeding to the corporate agency business of an authenticating agent shall continue
to be an authenticating agent without the execution or filing of any power or any further act on the part of the Trustee or the
authenticating agent.

 

		(c)	An authenticating agent may at any time resign by giving written notice of resignation to the Trustee
and to the Issuer. The Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination
to that authenticating agent and to the Issuer.

 

		(d)	The Issuer agrees to pay to each authenticating agent from time to time reasonable compensation
for its services under this Section.

 

		(e)	The provisions of Sections 6.01 and 6.04 shall be applicable to any authenticating agent.

 

		(f)	Pursuant to an appointment made under this Section, the Series 2019-1 CP Notes may be endorsed
using, in lieu of or in addition to the Trustee's certificate of authentication, an alternative certificate of authentication in
substantially the following form:

 

“This is one
of the Series 2019-1 CP Notes described in the within-mentioned Indenture.

 

	 	 
	 	 	 	as Authenticating Agent
	 	 	 	for the Trustee
	 	 
	 	By:	 
	 	 	 	Authorized Signatory”
	 	 
	 	Dated:	 

 

		Section 2.05	Registration of and Limitations on Transfer and Exchange
of Series 2019-1 CP Notes.

 

(a)       The
Issuer shall cause to be kept a register (the “Series 2019-1 CP Note Register”) in which, subject to such reasonable
regulations as it may prescribe and the restrictions on transfers of the Series 2019-1 CP Notes as provided herein, a transfer
agent and registrar (the “Transfer Agent and Registrar”) shall provide for the registration of the Series 2019-1
CP Notes and of transfers and exchanges of the Series 2019-1 CP Notes. The Transfer Agent and Registrar shall initially be the
Trustee, and the Series 2019-1 CP Note Register shall initially be kept at the office of the Trustee. Unless the context requires
otherwise, any reference in this Indenture to the Transfer Agent and Registrar shall include any co-transfer agent and registrar
appointed by the Trustee.

 

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The Trustee
shall be permitted to resign as Transfer Agent and Registrar upon 30 days' written notice to the Issuer and the Series 2019-1
CP Noteholders; provided, however, that such resignation shall not be effective and the Trustee shall continue
to perform its duties as Transfer Agent and Registrar until the Issuer at its own expense has appointed a successor Transfer
Agent and Registrar reasonably acceptable to the Trustee. If, after the date hereof, a Person other than the Trustee is
appointed by the Issuer as Transfer Agent and Registrar, the Issuer shall give the Trustee prompt written notice of that
appointment and of the location, and any change in the location, of the Series 2019-1 CP Note Register. The Trustee may
inspect the Series 2019-1 CP Note Register at all reasonable times and obtain copies of it, and the Trustee may conclusively
rely upon a certificate executed by the Transfer Agent and Registrar as to the names, addresses and taxpayer identification
numbers of the Series 2019-1 CP Noteholders and the principal balances and numbers of the Series 2019-1 CP Notes.

 

Upon surrender for
registration of transfer of any Series 2019-1 CP Note at any office or agency of the Transfer Agent and Registrar maintained for
such purpose, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Series 2019-1 CP Notes in any authorized denominations of like aggregate principal balance.

 

At the option of a
Series 2019-1 CP Noteholder, Series 2019-1 CP Notes may be exchanged for other Series 2019-1 CP Notes in any authorized denominations
of like aggregate principal balance, upon surrender of the Series 2019-1 CP Notes to be exchanged at any office or agency of the
Transfer Agent and Registrar maintained for such purpose. Whenever any Series 2019-1 CP Note is so surrendered for exchange, the
Issuer shall execute, and the Trustee shall authenticate and deliver, the Series 2019-1 CP Notes which the Series 2019-1 CP Noteholder
making the exchange is entitled to receive.

 

All Series 2019-1 CP
Notes issued upon any registration of transfer or exchange of Series 2019-1 CP Notes shall evidence the same obligations and the
same debt, and their Holders shall be entitled to the same rights and privileges under this Indenture, as the surrendered Series
2019-1 CP Notes or the Holders thereof, as applicable.

 

Every Series 2019-1
CP Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by (i) a
written instrument of transfer in a form satisfactory to the Transfer Agent and Registrar and duly executed by, its Holder or any
attorney-in-fact thereof duly authorized in writing, (ii) any representation letters or certifications required by the
Series 2019-1 CP Notes and (iii) any other documents reasonably required by the Transfer Agent and Registrar. Each Series 2019-1
CP Noteholder must satisfy all transfer restrictions set forth in the Series 2019-1 CP Notes.

 

Each Series 2019-1
CP Note shall be registered at all times as herein provided, and any transfer or exchange of such Series 2019-1 CP Note shall be
valid for purposes hereunder only upon registration of such transfer or exchange by the Transfer Agent and Registrar as provided
herein. Payments on any Payment Date shall be made to Series 2019-1 CP Noteholders of record on the immediately preceding Record
Date.

 

No service charge shall
be made for any registration of transfer or exchange of Series 2019-1 CP Notes, but the Transfer Agent and Registrar or any co-transfer
agent and registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer or exchange of the Series 2019-1 CP Notes.

 

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(b)     
The Transfer Agent and Registrar shall at all times maintain in The City of New York, an office or offices or agency or
agencies where Series 2019-1 CP Notes may be surrendered for registration of transfer or exchange.

 

(c)       The
Series 2019-1 CP Note are “restricted securities” within the meaning of Rule 144(a)(3) under the Act and may be offered,
sold, delivered or transferred (including, without limitation, by pledge or hypothecation) only to (1) Qualified Institutional
Buyers (“QIBs”) (as defined in Exhibit B-1 hereto), in each case purchasing for their own account or (2) accredited
investors, as such term is defined in Rule 501 of Regulation D promulgated pursuant to the Act, who qualify under one or more of
the tests set forth in Exhibit B-2 hereto. The Indenture Trustee shall have no obligation or responsibility to determine or monitor
whether or not a Prospective Owner or Holder is a QIB or an Accredited Investor. Each Series 2019-1 CP Note shall bear a restrictive
legend to the foregoing effect substantially in the form of the legends on the face of the form of Series 2019-1 CP Note at Exhibit
A.

 

(d)       Each
Prospective Owner shall represent and warrant in writing in substantially the form set forth in Exhibit B-1 or B-2, as applicable,
to the Issuer, Indenture Trustee and the Series 2019-1 CP Note Registrar and any of their respective successors that:

 

(i)        Such
Person is duly authorized to purchase such Series 2019-1 CP Notes and its purchase of investments having the characteristics of
such Series 2019-1 CP Notes is authorized under, and not directly or indirectly in contravention of, any law, charter, trust instrument
or other operative document, investment guidelines or list of permissible or impermissible investments that is applicable to the
investor; and

 

(ii)        Such
Person understands that each holder of such Series 2019-1 CP Note, by virtue of its acceptance thereof, assents to the terms, provisions
and conditions of this Indenture.

 

(e)       Each
Prospective Owner of a Series 2019-1 CP Note shall represent and warrant in writing, in substantially the form set forth in Exhibit
B-1 or B-2, as applicable, as applicable, to the Issuer, the Indenture Trustee and the Series 2019-1 CP Note Registrar and any
of their respective successors that:

 

(i)        Such
Person is (1) a QIB and is acquiring such Series 2019-1 CP Note for its own account or for the account of one or more QIBs for
whom it is authorized to act or (2) an accredited investor; and

 

(ii)       Such
Person understands that such Series 2019-1 CP Notes have not been registered under the Securities Act, and that, if in the future
it decides to offer, resell, pledge or otherwise transfer such Series 2019-1 CP Notes, such Series 2019-1 CP Notes may be offered,
resold, pledged or otherwise transferred only to a person whom the seller reasonably believes is a QIB that is purchasing such
Notes for its own account or for the account of a QIB, in each case in compliance with the requirements of this Indenture.

 

(f)        In
the event that a Series 2019-1 CP Note is transferred to a Person that does not meet the requirements of this Section 2.05,
such transfer shall be of no force and effect, shall be void ab initio, and shall not operate to transfer any rights to such
Person, notwithstanding any instructions to the contrary to the Issuer, the Trustee or any intermediary; and neither the
Indenture Trustee nor the Issuer shall make any payments on such Note for as long as such Person is the Series 2019-1 CP
Noteholders of such Series 2019-1 CP Note.

 

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(g)       Each
Holder of a Series 2019-1 CP Note (or Note Owner) desiring to effect such a transfer shall, and does hereby agree to, indemnify
the Issuer and the Trustee against any liability that may result if the transfer is not so exempt or is not made in accordance
with federal and state securities laws and any other restrictions specified in this Section 2.05. Each holder of a Book-Entry Series
2019-1 CP Note shall be deemed to have consented to such transfer restrictions.

 

(h)       The
Trustee shall cause each Series 2019-1 CP Note to contain a legend substantially similar to the applicable legend provided in Exhibit
A hereto stating that transfer of such Notes is subject to certain restrictions as set forth herein.

 

(i)       Any
purported transfer of a Series 2019-1 CP Note (or any interest therein) not in accordance with this Section 2.05 shall be null
and void and shall not be given effect for any purpose hereunder.

 

(j)        Neither
the Trustee nor the Issuer will have the ability to monitor transfers of the Series 2019-1 CP Notes while they are in book-entry
form and neither will have any liability for transfers of Book-Entry Series 2019-1 CP Notes in violation of any of the transfer
restrictions described in this Section 2.05.

 

		Section 2.06	Mutilated, Destroyed, Lost or Stolen Series 2019-1
CP Notes.

 

If (a) the Trustee
receives evidence to its reasonable satisfaction of the destruction, loss or theft of any Series 2019-1 CP Note, and there is delivered
to the Trustee such security or indemnity as may be required by it to hold the Issuer, the Transfer Agent and Registrar and the
Trustee harmless or (b) any mutilated Series 2019-1 CP Note is surrendered to the Trustee, then, in the absence of notice to the
Issuer, the Transfer Agent and Registrar or the Trustee that the Series 2019-1 CP Note has been acquired by a bona fide purchaser,
the Issuer shall execute, and the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Series 2019-1 CP Note, a replacement Series 2019-1 CP Note of like tenor (including the same date of issuance) and
principal amount, bearing a number not contemporaneously outstanding.

 

However, if the mutilated,
destroyed, lost or stolen Series 2019-1 CP Note shall have become or within seven days shall be due and payable, or shall have
been selected or called for redemption, instead of issuing a replacement Series 2019-1 CP Note, the Issuer may pay the Series 2019-1
CP Note without its surrender, except that any mutilated Series 2019-1 CP Note shall be surrendered. If a bona fide purchaser of
the original Series 2019-1 CP Note in lieu of which a replacement Series 2019-1 CP Note was issued (or payment was made) presents
for payment the original Series 2019-1 CP Note, the Issuer and the Trustee shall be entitled to recover the replacement Series
2019-1 CP Note (or the payment) from the Person to whom it was delivered or any Person taking the replacement Series 2019-1 CP
Note from the Person to whom the replacement Series 2019-1 CP Note was delivered or any assignee of that Person, except a bona
fide purchaser.

 

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Upon the issuance of
any replacement Series 2019-1 CP Note under this Section, the Issuer may require the payment by the Holder of the Series 2019-1
CP Note of a sum sufficient to cover any tax or other governmental charge that may be imposed on that issuance and any other reasonable
expenses (including the fees and expenses of the Trustee or the Transfer Agent and Registrar) connected with that issuance.

 

Every replacement Series
2019-1 CP Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Series 2019-1 CP Note
shall constitute complete and indefeasible evidence of a claim against the Issuer secured by the lien of this Indenture, as if
originally issued, whether or not the destroyed, lost or stolen Series 2019-1 CP Note shall be found at any time, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any other duly issued Series 2019-1 CP Notes.

 

The provisions of this
Section are exclusive and shall preclude all other rights and remedies regarding the replacement or payment of mutilated, destroyed,
lost or stolen Series 2019-1 CP Notes.

 

		Section 2.07	Persons Deemed Owners.

 

Prior to due presentation
for registration of transfer of any Series 2019-1 CP Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee shall
treat the Person in whose name any Series 2019-1 CP Note is registered as the owner of that Series 2019-1 CP Note for the purpose
of receiving distributions pursuant to the terms herein and for all other purposes whatsoever. Neither the Issuer, the Trustee,
nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.

 

		Section 2.08	Appointment of Paying Agent.

 

The Trustee shall always
be a Paying Agent for the Series 2019-1 CP Notes (and the Trustee hereby accepts its appointments as a Paying Agent hereunder).
The Issuer may appoint additional Paying Agents and may vary or terminate the appointment of any Paying Agent other than the Trustee.
Any additional Paying Agent appointed by the Issuer shall be a bank or other financial institution which, on the date of appointment,
has short-term debt ratings of at least “P-1” from Moody’s and “A-1” from Standard &
Poor's.

 

Notice of all changes
in the identity or specified office of a Paying Agent shall be delivered promptly to the Series 2019-1 CP Noteholders by the Issuer.

 

		Section 2.09	Access to List of Series 2019-1 CP Noteholders' Names
and Addresses.

 

(a)       The
Transfer Agent and Registrar shall furnish or cause to be furnished to the Issuer, the Trustee, any Owner or any Paying Agent requesting
it a list of the names and addresses of the Series 2019-1 CP Noteholders within five Business Days after receipt by the Transfer
Agent and Registrar of a written request therefor from that Person; provided, however, that in the case of a person claiming to
be an Owner requesting a list of such names and addresses the Transfer Agent and Registrar shall not furnish such list until the
Issuer shall have authorized release of such list and the Trustee shall have no liability for such release or the identity of the
requesting person.

 

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(b)       Every
Series 2019-1 CP Noteholder, by receiving and holding a Series 2019-1 CP Note, agrees that none of the Issuer, the Trustee, the
Transfer Agent and Registrar nor any of their respective agents and employees shall be held accountable for the disclosure of any
information as to the names and addresses of the Series 2019-1 CP Noteholders pursuant to clause (a) above.

 

		Section 2.10	Cancellation.

 

All Series 2019-1 CP
Notes surrendered for payment, registration of transfer, exchange, or redemption shall be delivered to the Trustee and promptly
canceled by it in accordance with its customary procedures. The Issuer may at any time deliver to the Trustee for cancellation
any Series 2019-1 CP Notes previously authenticated and delivered that the Issuer may have acquired in any lawful manner. All Series
2019-1 CP Notes so delivered shall be promptly canceled by the Trustee in accordance with its customary procedures. No Series 2019-1
CP Notes shall be authenticated in lieu of or in exchange for any Series 2019-1 CP Notes canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Series 2019-1 CP Notes held by the Trustee shall be disposed of by
it in its customary manner unless the Issuer directs by a timely order that they be returned to it. Promptly upon the written request
of the Issuer, Trustee shall cancel and return to the Issuer issued Certificated Series 2019-1 CP Notes in its possession at the
time of such request.

 

		Section 2.11.	Book Entry Series 2019-1 CP Notes.

 

The Series 2019-1 CP
Notes will be issued in the form of typewritten Notes or Master Series 2019-1 CP Notes representing Book Entry Series 2019-1 CP
Notes, to be delivered to, or to the Trustee, as custodian for, the Clearing Agency, by, or on behalf of, the Issuer. The Book
Entry Series 2019-1 CP Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the
Clearing Agency, and no Owner of Book Entry Series 2019-1 CP Notes thereof will receive a Definitive Series 2019-1 CP Note representing
such Series 2019-1 CP Note Owner’s interest in such Book-Entry Note, except as provided in Section 2.13. Unless and until
definitive, fully registered Notes (the “Definitive Series 2019-1 CP Notes”) have been issued to such Owners of Book
Entry Series 2019-1 CP Notes pursuant to Section 2.13:

 

(i)        the
provisions of this Section shall be in full force and effect;

 

(ii)       the
Note Registrar, the Trustee and the Issuer shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Book Entry Series 2019-1 CP Notes and the giving of instructions or
directions hereunder) as the sole holder of the Book Entry Series 2019-1 CP Notes, and shall have no obligation to the Owners of
Book Entry Series 2019-1 CP Notes;

 

(iii)      to
the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control;

 

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(iv)      the
rights of Owners of Book Entry Series 2019-1 CP Notes shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Owners of Book Entry Series 2019-1 CP Notes and the Clearing
Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Series
2019-1 CP Notes are issued pursuant to Section 2.13, neither the Trustee nor the Note Registrar shall register any transfer
of a beneficial interest in a Book-Entry Note; and the initial Clearing Agency will make book entry transfers among the
Clearing Agency Participants and receive and transmit payments of principal of and interest on the Book Entry Series 2019-1
CP Notes to such Clearing Agency Participants; and

 

(v)       whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding balance of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has received instructions to such effect from Owners of Book Entry Series 2019-1 CP Notes and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of the beneficial interest in the Book Entry Series
2019-1 CP Notes and has delivered such instructions to the Trustee.

 

		Section 2.12	Notices to Clearing Agency.

 

Whenever a notice or
other communication to the Series 2019-1 CP Noteholders is required under this Indenture, unless and until Definitive Series 2019-1
CP Notes shall have been issued to such Owners of Book Entry Series 2019-1 CP Notes pursuant to Section 2.13, the Trustee shall
give all such notices and communications specified herein to be given to Owners of Book Entry Series 2019-1 CP Notes to the Clearing
Agency, and shall have no obligation to such Series 2019-1 CP Noteholders.

 

		Section 2.13.	Definitive Series 2019-1 CP Notes.

 

If (i) the Clearing
Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book Entry Series 2019-1 CP
Notes and the Issuer is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default hereunder, Series
2019-1 CP Note Owners of the Book Entry Series 2019-1 CP Notes representing beneficial interests aggregating at least a majority
of the Outstanding Balance of the Book Entry Series 2019-1 CP Notes advise the Clearing Agency in writing that the continuation
of a book entry system through the Clearing Agency is no longer in the best interests of such Series 2019-1 CP Note Owners, then
the Clearing Agency shall notify all Owners of Book Entry Series 2019-1 CP Notes, the Trustee and the Note Registrar of the occurrence
of any such event and of the availability of Definitive Series 2019-1 CP Notes to Owners of Book Entry Series 2019-1 CP Notes requesting
the same. Upon surrender to the Note Registrar of the typewritten Notes representing the Book Entry Series 2019-1 CP Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Note Registrar shall authenticate the
Definitive Series 2019-1 CP Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar,
or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Series 2019-1 CP Notes, the Trustee and the Issuer shall recognize
the Holders of such Definitive Series 2019-1 CP Notes as Noteholders.

 

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		Section 2.14	Series 2019-1 CP Note Issuance Procedures.

 

(a)       On
the initial Closing Date, the Issuer shall execute and the Trustee shall authenticate and deliver the Master Series 2019-1 CP Note,
which shall not contain a specified principal amount but shall represent the entire amount of Series 2019-1 CP Notes Outstanding
from time to time hereunder; provided that the maximum principal aggregate amount of the Series 2019-1 CP Notes shall not exceed
$300,000,000 at any time. The Master Series 2019-1 CP Note shall be held by Trustee as Issuing Agent and custodian for the Depository.

 

(b)       From
time to time during the term of this Indenture and subject to the terms and conditions hereof, and upon the Trustee’s timely
receipt of written or telecopy instructions, notice transmitted directly to the Trustee’s computers or in such manner as
the Trustee then employs as its normal business practice (collectively, “Instructions”), not later than 5:00 p.m.,
New York City time, on a Business Day, from an Authorized Representative, on the day immediately preceding the day of issuance
( to be followed up by the Issuer’s entry in the “MMI/OIS” system (or any successor to such system) not later
than 11:00 a.m., New York City time on the day of issuance) of any Definitive Series 2019-1 CP Notes (in the case of instructions
from an Authorized Representative) the Trustee shall withdraw the respective Definitive Series 2019-1 CP Notes from safekeeping
and in accordance with the Instructions so received, take the following actions with respect to each such Definitive Series 2019-1
CP Notes:

 

(i)       
date each such Definitive Series 2019-1 CP Notes the date of issuance thereof (which shall be a Business Day) and insert
the maturity date thereof (provided that the Authorized Representative shall ensure that such date is a Business Day and that it
shall not less than 14 days or more than 270 days from the date of issue) and the face amount (provided that the Authorized Representative
shall ensure that such face amount is not less than $100,000) thereof in figures;

 

(ii)       
authenticate (by countersigning) each such Definitive Series 2019-1 CP Notes in the appropriate space provided thereon;
and

 

(iii)      deliver
in the Borough of Manhattan south of Chambers Street each such Definitive Series 2019-1 CP Notes to the person designated by such
Authorized Representative against Payment in immediately available funds of the principal amount of Series 2019-1 CP Notes.

 

(c)       In
the case of Book-Entry Series 2019-1 CP Notes, from time to time during the term of this Indenture and subject to the terms
and conditions hereof, and upon the Trustee’s timely receipt of written or telecopy instructions, notice transmitted
directly to the Trustee’s computers or in such a manner as the Trustee then employs as its normal business practices,
and confirmed by the Issuer by the submission of an Issuance Notice, not later than 5:00 p.m., New York City time, on a
Business Day, from an Authorized Representative, on the day immediately preceding the day of issuance ( to be followed up by
the Issuer’s entry in the “MMI/OIS” system (or any successor to such system) not later than 11:00 a.m., New
York City time on the day of issuance) of any Book-Entry Series 2019-1 CP Notes (in the case of instructions from an
Authorized Representative) the Trustee shall give issuance instructions for the issuance of Book-Entry Series 2019-1 CP Notes
to the Clearing Agency in a manner set forth in, and take other actions as are required by, the Letter of Representations and
the Certificate Agreement. Instructions for the issuance of Book-Entry Series 2019-1 CP Notes shall include the following
information with respect to each Book-Entry Series 2019-1 CP Note:

 

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(i)        the date of issuance
of each such Book-Entry Series 2019-1 CP Note (which shall be a Business Day);

 

(ii)       the maturity date
of each such Book-Entry Series 2019-1 CP Note (provided that the Authorized Representative shall ensure that such date is a Business
Day and that it shall not be less than 14 days or more than 270 days from the date of issue);

 

 (iii)      the face amount (provided that the Authorized Representative shall ensure that such face amount is not less than $100,000) in figures; and

 

 (iv)      the Interest Rate or discount factor.

 

Notwithstanding the
foregoing, instructions with respect to Book-Entry Series 2019-1 CP Notes to be issued on the date of this Agreement shall be provided
not later than 9:00 a.m., New York City time, on the date of issuance to be followed up by the Issuer’s entry in the “MMI/OIS”
system not later than 11:00 a.m., New York City time on the day of issuance.

 

(d)      Trustee
shall send a report (by telecopy or other means permitted hereunder) except if otherwise provided to the Issuer on a monthly basis
of the Trustee’s issuance of Series 2019-1 CP Notes under this Section 2.14, including the maturity date and face amounts
of each Series 2019-1 CP Note issued.

 

(e)       Instructions
must be received by the Trustee by 5:00 p.m., New York City time, on a Business Day, on the day immediately preceding the day of
issuance, for physical issuance or for book-entry issuance ( to be followed up by the Issuer’s entry in the “MMI/OIS”
system (or any successor to such system) not later than 11:00 a.m., New York City time on the day of issuance).

 

(f)       The
Issuer understands that although Trustee has been instructed to deliver Series 2019-1 CP Notes against payment, delivery of Series
2019-1 CP Notes may, in accordance with the custom prevailing in the commercial paper market, be made before receipt of payment
in immediately available funds. Therefore, once Trustee has delivered a Series 2019-1 CP Note as instructed by the Issuer, the
Issuer shall bear the risk that a Series 2019-1 CP Note purchaser fails to remit payment for the Series 2019-1 CP Note. Trustee
shall have no liability to the Issuer for any failure or inability on the part of a purchaser to make payment for Series 2019-1
CP Notes. Nothing in this Agreement shall require Trustee to purchase any Series 2019-1 CP Note or expend its own funds for the
purchase price of a Series 2019-1 CP Note or Series 2019-1 CP Notes.

 

(g)       Except
as may otherwise be provided in the Letter of Representations, if at any time the Issuer instructs Trustee to cease issuing
Definitive Series 2019-1 CP Notes and to issue only Book-Entry Series 2019-1 CP Notes, the Trustee agrees that all Series
2019-1 CP Notes will be issued as Book-Entry Series 2019-1 CP Notes and that no Definitive Series 2019-1 CP Notes shall be
exchanged for Book-Entry Series 2019-1 CP Notes unless and until the Trustee have received written instructions from an
Authorized Representative to the contrary.

 

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(h)       It
is understood that Trustee is not under any obligation to assess or review the financial condition or credit worthiness of any
person to or for whose account Trustee is instructed to deliver a Series 2019-1 CP Note pursuant to instructions from an Authorized
Representative or to advise the Issuer as to the results of any such appraisal or investigation Trustee may have conducted on its
own or of any adverse information concerning any such person that may in any way have come to Trustee’s attention.

 

(i)        It
is understood that the Clearing Agency may request the delivery of Definitive Series 2019-1 CP Notes in exchange for Book-Entry
Series 2019-1 CP Notes upon the termination of the Clearing Agency’s services pursuant to the Clearing Agency Letter of Representations.
Accordingly, upon such termination, Trustee is authorized to complete and deliver Definitive Series 2019-1 CP Notes in partial
or complete substitution for Book-Entry Series 2019-1 CP Notes of the same face amount and maturity as requested by the Clearing
Agency. Upon the completion or delivery of any such Definitive Series 2019-1 CP Notes, Trustee shall annotate its records regarding
the Master Series 2019-1 CP Note with respect to such Book-Entry Series 2019-1 CP Notes to reflect a corresponding reduction in
the face amount of the Outstanding Book-Entry Series 2019-1 CP Notes. Trustee’s authority to so complete and deliver such
Definitive Series 2019-1 CP Notes shall be irrevocable at all times from the time a Book-Entry Series 2019-1 CP Note is purchased
until the indebtedness evidenced thereby is paid in full.

 

(j)        If
Trustee shall receive instructions (confirmed in writing in accordance with this Indenture) from the Issuer not to issue or deliver
Series 2019-1 CP Notes, until revoked in writing or superseded by further written instructions from the Issuer, Trustee shall not
issue or deliver Series 2019-1 CP Notes, provided, however, that, Trustee shall be required to deliver Series 2019-1 CP Notes in
respect of agreements for the sale of Series 2019-1 CP Notes concluded by an Authorized Representative prior to receipt by the
Authorized Representative of notice of such instructions from the Issuer, if the Authorized Representative shall have confirmed
such delivery to Trustee in writing prior to Trustee’s delivery of the Series 2019-1 CP Notes. For purposes of this Section
(i), Trustee may rely on written notice given or delivered to Trustee by an Authorized Representative as to whether any particular
Series 2019-1 CP Notes are to be issued in respect of such agreements concluded by such Authorized Representative, and Trustee
shall have no obligation to make any other or further investigation.

 

(k)      
Each issuance of Series 2019-1 CP Notes hereunder shall be subject to the conditions (to be monitored by the Issuer) that:
(i) each representation, warranty and covenant of the Issuer contained in this Indenture is satisfied on the date of such
issuance, (ii) there shall be no occurrence and continuance of an Event of Default that remains uncured, and (iii) there
shall have been confirmed by the Securities Intermediary to the Trustee, on or prior to 12:00 noon, New York City time, that
there is no Margin Value Deficiency (i.e., the aggregate Series 2019-1 CP Note Principal Outstanding immediately after such
issuance, taking into account any concurrent maturities and redemptions, shall not exceed the Margin Value), and no issuance
shall occur unless these conditions are satisfied. Notwithstanding the foregoing, the confirmation from the Securities
Intermediary with respect to Book-Entry Series 2019-1 CP Notes to be issued on the date of this Agreement shall be provided
not later than 3:30 p.m., New York City time, on the date of issuance, or promptly thereafter.

 

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		Section 2.15	Payment of Interest and Principal; Optional Redemption.

 

(a)       Each
Series 2019-1 CP Note shall either (i) be sold at a discount to the face or par amount thereof and not bear interest or (ii) with
respect to any interest-bearing Note, accrue interest at the stated Series 2019-1 CP Note Rate and such interest shall be payable
on each Interest Payment Date. If Series 2019-1 CP Notes are issued with Interest, such Interest shall be computed on each such
Series 2019-1 CP Note on the basis of a 360-day year and the actual number of days elapsed in each Interest Accrual Period. The
principal of the Series 2019-1 CP Notes shall be payable on the related Maturity Date. Notwithstanding the foregoing, the entire
unpaid principal amount of the Series 2019-1 CP Notes shall be due and payable, if not previously paid, on the date on which an
Event of Default shall have occurred and be continuing, if the Trustee, or Majority CP Holders have declared the Series 2019-1
CP Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments on the Series 2019-1
CP Notes shall be made to the Series 2019-1 CP Noteholders entitled thereto.

 

(b)       By
10:00 a.m., New York City time, on each Payment Date, Issuer shall transfer to Paying Agent for deposit in the Note Account immediately
available funds at least equal to the sum of any Series 2019-1 CP Note Interest and the aggregate principal amount of all Series
2019-1 CP Notes maturing on such Payment Date. In the event Issuer fails to make the payment by such time, the Trustee may provide
DTC with a “refusal to pay” notice. Paying Agent shall then pay on the Payment Date to each holder of the Series 2019-1
CP Notes (which may, in the case of Book-Entry Series 2019-1 CP Notes held by Paying Agent pursuant to the Certificate Agreement,
be the Clearing Agency or a nominee of the Clearing Agency), (i) Series 2019-1 CP Note Interest, if any, and (ii) the principal
amount of all Series 2019-1 CP Notes maturing on such Payment Date that are presented to Paying Agent for payment at or prior to
3:00 p.m., New York City time, on such day (or if presented after 3:00 p.m., New York City time, then on the next succeeding Business
Day) to the extent of funds available in the Note Account. Upon payment by Paying Agent as aforesaid, Paying Agent shall mark Definitive
Series 2019-1 CP Note(s) presented as paid, cancel such Definitive Series 2019-1 CP Note(s) and dispose of such cancelled Definitive
Series 2019-1 CP Notes in accordance with Section 2.10 of this Indenture. After payment of any matured Book-Entry Series 2019-1
CP Note, Paying Agent shall also annotate its records to reflect the remaining aggregate Outstanding principal amount of Book-Entry
Series 2019-1 CP Notes in accordance with the Letter of Representations.

 

(c)       Any
Series 2019-1 CP Note Interest and principal payable on the Maturity Date of any Definitive Series 2019-1 CP Note shall be
paid on the applicable Payment Date (to the extent of funds available in the Note Account) to the Person in whose name such
Series 2019-1 CP Note is registered on the Record Date by check mailed first-class postage prepaid to such Person’s
address as it appears on the Note Register on such Record Date or, upon written request made to the Paying Agent with a copy
to the Trustee, if the Trustee is not the Paying Agent, at least five Business Days prior to the related Record Date, by the
Holder of a Series 2019-1 CP Note by wire transfer in immediately available funds to an account specified in the request and
at the expense of such Series 2019-1 CP Noteholder.

 

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(d)       Upon
the request of a Series 2019-1 CP Noteholder, the Issuer may agree to (but in no event shall Issuer be required to) redeem some
or all of such Noteholder’s Series 2019-1 CP Notes. If the Issuer agrees to such a redemption, the Issuer shall immediately
notify the Trustee of the particular Series 2019-1 CP Notes to be redeemed, including the related Maturity Date (and the new redemption
date), the principal amount of the redemption and the CUSIP number. The Trustee and the Issuer shall agree upon the procedures
to be followed to execute such redemption request. For all purposes hereunder, the redemption date shall be deemed to be the new
Maturity Date for such Series 2019-1 CP Notes so redeemed.

 

		Section 2.16	CUSIP Numbers.

 

The Issuer in issuing
the Series 2019-1 CP Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Series 2019-1 CP Notes or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers printed on the Series 2019-1 CP Notes, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any
change in the “CUSIP” numbers.

 

Article III.

 

REPRESENTATIONS AND COVENANTS OF ISSUER

 

		Section 3.01	Representations and Warranties of the Issuer--General.
The Issuer hereby represents and warrants to the Trustee and the Series 2019-1 CP 
	 	Noteholders, as of the Closing Date:

 

		(a)	Organization and Good Standing. The Issuer is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and has full power, authority and legal right to own its properties
and conduct its business as such properties are presently owned and such business is presently conducted, and to execute, deliver
and perform its obligations under this Indenture and the Collateral Account Control Agreement and to execute and deliver to the
Trustee the Series 2019-1 CP Notes pursuant hereto.

 

		(b)	Due Authorization; Enforceability. The execution and delivery of this Indenture and
                                                               the Collateral Account Control Agreement have been duly authorized by the Issuer by all necessary action on its part. This
                                                               Indenture, and the Collateral Account Control Agreement each constitutes the legal, valid and binding obligation of the
                                                               Issuer, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable
                                                               bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect, affecting the
                                                               enforcement of creditors’ rights in general and except as such enforceability
may be limited by general principles of equity (whether considered in a proceeding at law or in equity).

 

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		(c)	No Conflicts. The execution, delivery and performance of this Indenture and the Collateral
Account Control Agreement, the execution and delivery of the Notes, and the performance of the transactions contemplated under
the Basic Documents by the Issuer, do not (i) contravene its Articles of Incorporation or any other agreements pursuant to which
it is organized, (ii) violate any provision of, or require any filing (except for the filings under the UCC required by this Agreement,
each of which has been duly made and is in full force and effect), registration, consent or approval under, any law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to the Issuer, except
for such filings, registrations, consents or approvals as have already been obtained and are in full force and effect, (iii) result
in a breach of or constitute a default or require any consent under any indenture or loan or credit agreement or any other agreement,
lease or instrument to which the Issuer is a party or by which it or its properties may be bound or affected except those as to
which a consent or waiver has been obtained and is in full force and effect and an executed copy of which has been delivered to
the Trustee, or (iv) result in, or require, the creation or imposition of any Lien upon or with respect to any of the properties
now owned or hereafter acquired by the Issuer other than as specifically contemplated by this Agreement.

 

		(d)	Use of Proceeds. No proceeds of the issuance of any Series 2019-1 CP Note will be used by
the Issuer to purchase or carry any margin security within the meaning of, or otherwise contravene or conflict with any of, Regulations
T, U or X of the Board of Governors of the Federal Reserve System.

 

		(e)	Certain Security Interest Representations.     The Issuer further represents and warrants
as follows with respect to the security interest in the Collateral granted to the Trustee hereunder:

 

		(i)	This Agreement creates a valid and continuing security interest (as defined in the UCC) in the
Collateral pledged hereunder in favor of the Trustee, which security interest is prior to all other Liens and is enforceable as
such as against creditors of and purchasers from the Issuer.

 

		(ii)	The Issuer has taken or caused to be taken all steps necessary to perfect the security interest
against the Collateral.

 

		(iii)	At the time of conveyance hereunder the Issuer owned and had good and marketable title to the Collateral
free and clear of any Lien, claim or encumbrance of any Person (other than Permitted Liens and Liens, if any, which by their terms
are released in full upon conveyance hereunder).

 

		(iv)	The Issuer has caused the filing of all appropriate financing statements in the proper filing office
in the appropriate jurisdictions under applicable law in order to perfect the grant of the Collateral to the Trustee hereunder.

 

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		(v)	Other than the transfer to the Trustee pursuant to this Agreement, and any Liens or encumbrances
which by their terms or otherwise are released in full upon conveyance hereunder, the Issuer has not pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware
of any financing statements against the Issuer that include a description of collateral covering the Collateral Notes other than
any financing statement relating to the transfers hereunder or that has been or is being terminated or that relates to a Lien that
is or was released in full upon or prior to the transfer hereunder. The Issuer is not aware of any judgment or tax lien filings
against the Issuer.

 

For the purposes of the
representations and warranties contained in this Section 3.01 and made by the Issuer on the initial Closing Date, “Series
2019-1 CP Notes” shall mean the Series 2019-1 CP Notes issued on such Closing Date. The representations and warranties set
forth in this Section 3.01 shall survive the grant and assignment of the respective Collateral to the Trustee. The Issuer hereby
represents and warrants to the Trustee, as of each Closing Date that the representations and warranties of the Issuer set forth
in this Section 3.01 are true and correct as of such date. Upon discovery by the Issuer of a breach of any of the foregoing representations
and warranties, the Issuer shall give written notice to the Series 2019-1 CP Noteholders, within two (2) Business Days following
such discovery.

 

		Section 3.02	General Covenants of the Issuer.

 

The Issuer
hereby covenants that:

 

		(a)	Preservation of Legal Existence. It will preserve and maintain its legal existence, rights,
franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing in each jurisdiction
in which the ownership or lease of property or the conduct of its business requires such qualification, licenses or approvals.

 

		(b)	Reporting Requirements.  Unless the Trustee (upon written direction of a Majority of Series
2019-1 CP Noteholders) shall otherwise consent in writing:

 

(i) Event
of Default. As soon as possible, and in any event within five Business Days after the Issuer has knowledge of the occurrence
of any Event of Default, the Issuer shall furnish to the Trustee and the Trustee shall furnish to the Series 2019-1 CP Noteholders
a written statement of an Authorized Representative of the Issuer describing such event and the action that the Issuer proposes
to take with respect thereto, in each case in reasonable detail.

 

(ii) Financial
Statements. For so long as any Series 2019-1 CP Notes remain outstanding, the Issuer shall furnish to the Trustee and the Trustee
shall furnish to the Series 2019-1 CP Noteholders the Issuer’s audited financial statements.

 

(iii) Additional
Information. For so long as any Series 2019-1 CP Notes remain outstanding, the Issuer may furnish to securities analysts and
prospective investors, in each case, upon their request, the Issuer’s audited financial statements as well as all information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act

 

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		(c)	Issuer’s Covenants and Agreements. The Issuer will duly observe and perform all covenants
and agreements of the Issuer set forth in this Indenture and the Collateral Account Control Agreement.

 

		(d)	Security Interests. Except for the grants and assignments hereunder, the Issuer will not
sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than a
Permitted Lien), on any Collateral, whether now existing or hereafter created or arising, or any interest therein; the Issuer will
immediately notify the Trustee of the existence of any Lien (other than a Permitted Lien) on any Collateral; and the Issuer shall
defend the right, title and interest of the Trustee in, to and under the Collateral, whether now existing or hereafter created
or arising, against all claims of third parties claiming through or under the Issuer, including, but not limited to, the filing
of any continuation statements required by applicable law.

 

Upon discovery by an
Authorized Representative of the Issuer of a breach of any of the foregoing covenants, the Issuer shall give written notice to
the other parties hereto, and to the Series 2019-1 CP Noteholders, within two Business Days following such discovery. Upon receipt
by a Designated Officer of the Trustee of written notice of a breach of any of the foregoing covenants, the Trustee shall give
written notice to the other parties to hereto, and to the Series 2019-1 CP Noteholders, within two Business Days following receipt
of such written notice.

 

		Section 3.03	Collateral Maintenance; Substitution; Trustee Daily
Collateral Reports.

 

On the initial Closing
Date, the Issuer shall have deposited in the Collateral Account, Eligible Collateral with a Margin Value of not less than the Obligation
Amount. On each Business Day thereafter, Securities Intermediary will determine the Margin Value of the Collateral, in accordance
with Article III of the Collateral Account Control Agreement.

 

If at the opening of
any Business Day the Margin Value of Eligible Collateral is less than the Obligation Amount, the Issuer shall, by the close of
business on such Business Day, deliver to Securities Intermediary for deposit into the Collateral Account an amount of Collateral
at least equal to the Margin Deficiency in the manner specified in Article III of the Collateral Account Control Agreement.

 

Assuming that
Securities Intermediary has not received a Notice of Exclusive Control (in the form of Exhibit C hereto) from the Trustee, as
Secured Party, pursuant to Section 5.04, and provided that there shall not be a Collateral Deficiency immediately after any
substitution referred to herein, the Issuer shall be permitted at any time prior to 3:30 p.m. New York City time during any
Business Day, to substitute new Eligible Collateral for existing Eligible Collateral in the Collateral Account having at
least the same market value as the Eligible Collateral for which the substitution is made held; provided however that on any
Business Day on which new Series 2019-1 CP Notes are being issued, no such substitutions shall be permitted after 12:00 noon
New York City time. Such substitutions shall be effectuated by the Securities Intermediary upon receipt of Oral or Written
Instructions of the Issuer in the manner specified in Article III of the Collateral Account Control Agreement.

 

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The Trustee shall obtain
from the Securities Intermediary’s data base, Access Edge, the information needed to prepare and shall prepare and deliver
a Daily Collateral Report on each Business Day to the Issuer. The Daily Collateral Report shall be made available through GCT Investor
Reporting to beneficial owners of the Series 2019-1 CP Notes requesting such access. Accredited Investors may make a request of
the Issuer to obtain paper copies of Daily Collateral Reports.

 

		Section 3.04	Money for Series 2019-1 CP Note Payments to Be Held
in Trust.

 

The Issuer will cause
each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which that Paying Agent agrees
with the Trustee that it will, and the Trustee hereby agrees in its capacity as Paying Agent, subject to the provisions of this
Section, that it will:

 

		(i)	hold all sums held by it for the payment of amounts due on the Series 2019-1 CP Notes in trust
for the benefit of the Persons entitled to them until those sums are paid to the Persons entitled to them or otherwise disposed
of as provided in this Indenture, and pay those sums to the Persons entitled to them as provided in this Indenture;

 

		(ii)	give the Issuer and the Trustee notice of any default by the Issuer in the making of any payment
required to be made on the Series 2019-1 CP Notes of which it has received written notice;

 

		(iii)	at any time during the continuance of any payment default on the Series 2019-1 CP Notes, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in trust by it for the payment of Notes;

 

		(iv)	immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by it in trust
for the payment of Series 2019-1 CP Notes if at any time it ceases to meet the standards required to be met for a Paying Agent
at the time of its appointment; and

 

		(v)	withhold from any payments made by it on any Series 2019-1 CP Notes of any applicable withholding
taxes imposed on them and comply with any applicable withholding reporting requirements.

 

To obtain the satisfaction
and discharge of this Indenture or for any other purpose, the Issuer may at any time in writing direct any Paying Agent to pay
to the Trustee all sums held in trust by the Paying Agent. Those sums shall be held by the Trustee upon the same trusts as those
upon which they were held by the Paying Agent. Upon that payment by any Paying Agent to the Trustee, that Paying Agent shall be
released from all further liability regarding that money.

 

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	Section 3.05	Unclaimed Funds.

 

On the request of the
Issuer, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal
of or interest on any Series 2019-1 CP Note and remaining unclaimed for two years after it has become due and payable shall be
paid to the Issuer. The Holder of the Series 2019-1 CP Note on which payment was due shall thereafter look only to the Issuer for
payment as an unsecured general creditor. All liability of the Trustee or the Paying Agent regarding that trust money to the extent
so paid to the Issuer shall thereupon cease. The Trustee or the Paying Agent, before being required to make any payment, may at
the expense of the Issuer cause to be published once, in a newspaper of general circulation published in the English language and
customarily published on each Business Day in New York, New York and in the city in which the principal corporate trust office
of the Trustee is located, notice that such money remains unclaimed and that, after a date specified therein, which shall be not
less than 30 days from the date of the publication, any unclaimed balance of that money then remaining will be repaid to the Issuer.
The Trustee may also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of a release of
payment (including mailing notice of the release to Series 2019-1 CP Noteholders whose Series 2019-1 CP Notes have been called
but have not been surrendered for redemption or whose right to monies payable but not claimed is determinable from the records
of any Paying Agent, such notice to be mailed to the last address of record of each such Series 2019-1 CP Noteholder).

 

	Section 3.06	Successor Substituted.

 

Upon any consolidation
or merger or any transfer of the assets of the Issuer substantially as an entirety, the Person formed by or surviving the consolidation
or merger (if other than the Issuer) or the Person to which the transfer is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Issuer under this Indenture with the same effect as if that Person had been named as
the Issuer. The entity that was the Issuer prior to the transfer shall be released from its obligations under this Indenture as
Issuer immediately upon the effectiveness of the transfer, but shall not be released from any obligations or liabilities to the
Trustee or the Series 2019-1 CP Noteholders arising prior to such effectiveness.

 

	Section 3.07	Authorized Representative

 

The Issuer has
furnished to the Trustee, and from time to time thereafter may furnish to the Trustee and shall furnish to you upon the
Trustee’s request, certificates (“Incumbency Certificates”) of a responsible officer of the Issuer
certifying the incumbency and specimen signatures of officers or agents of the Issuer authorized to execute Series 2019-1 CP
Notes on behalf of the Issuer by manual or facsimile signature and/or to take other action hereunder on behalf of the Issuer
(each an “Authorized Representative”). Until the Trustee has received a subsequent incumbency certificate
of the Issuer, the Trustee is entitled to conclusively rely on the last such certificate delivered to the Trustee for
purposes of determining the Authorized Representatives. The Trustee shall not have any responsibility to the Issuer to
determine by whom or by what means a facsimile signature may have been affixed on the Series 2019-1 CP Notes, or to determine
whether any facsimile or manual signature resembles the specimen signature(s) filed with the Trustee by a duly authorized
officer of the Issuer. Any Series 2019-1 CP Note bearing the manual or facsimile signature of a person who is an Authorized
Representative on the date such signature is affixed shall be binding on the Issuer after the authentication thereof by
Trustee notwithstanding that such person shall have died or shall have otherwise ceased to hold his office on the date such
Series 2019-1 CP Note is countersigned or delivered to the Trustee.

 

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Article IV.

 

SATISFACTION AND DISCHARGE

 

	Section 4.01	Satisfaction and Discharge.

 

This Indenture shall
cease to be of further effect with respect to the Series 2019-1 CP Notes, except as to (a) rights of registration of transfer and
exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Series 2019-1 CP Noteholders to receive
payments of principal of and interest on the Notes, (d) the rights and immunities of the Trustee under this Indenture, including
the rights of the Trustee under Section 6.07 and the obligations of the Trustee under Section 4.02 and (e) the rights of Series
2019-1 CP Noteholders as beneficiaries of this Indenture regarding property deposited under Section 4.02 with the Trustee and payable
to any of them, and the Trustee shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with
respect to those Series 2019-1 CP Notes, on demand of and at the expense of the Issuer, when either:

 

 (i)    All Series 2019-1 CP Notes theretofore authenticated and delivered have been delivered to the Trustee for cancellation (other than (A) Series 2019-1 CP Notes that have been destroyed, lost, or stolen and that have been replaced or paid as provided in Section 2.06 and (B) Series 2019-1 CP Notes for whose full payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 4.02); or

 

 (ii)   (A)    the Issuer has deposited or caused to be deposited with the Trustee all other sums payable hereunder by the Issuer; and

 

(B)       the
Issuer has delivered to the Trustee an Officer's Certificate of the Issuer stating that all amounts payable under this Indenture
to the Series 2019-1 CP Noteholders have been paid.

 

Notwithstanding the
satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee, the obligations of the Issuer
to the Trustee under Section 6.07 and of the Trustee to the Series 2019-1 CP Noteholders under Section 4.02 shall survive such
satisfaction and discharge.

 

	Section 4.02	Application of Trust Money.

 

All monies
deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it in accordance with the
provisions of the Series 2019-1 CP Notes and this Indenture to make payments of all sums due and to become due on the Series
2019-1 CP Notes for principal and interest to the Series 2019-1 CP Noteholders for whose payment the monies have been
deposited with the Trustee. These payments may be made either directly or through any Paying Agent, as the Trustee may
determine. These monies need not be segregated from other funds except to the extent required herein.

 

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Article V.

 

DEFAULTS AND REMEDIES

 

	Section 5.01	Events of Default.

 

		(a)	The occurrence of any one of the following shall constitute a default (each an “Event of
Default”) by Issuer hereunder: (i) if Issuer shall fail to pay any (A) Series 2019-1 CP Note Principal, within five (5) days
after the date on which such payment shall become due and payable, or declared due and payable, or (B) Series 2019-1 CP Note Interest,
if any, within five (5) days after the date on which such payment of interest shall become due and payable, or declared due and
payable; (ii) if Issuer shall fail to pledge additional Collateral as required under Section 3.03 hereof; (iii) if Issuer shall
default in the performance or observance of any other of its obligations under this Indenture or the Collateral Account Control
Agreement and such default shall remain uncured for a period of fifteen (15) days after notice from Trustee; (iv) if any representation,
warranty, statement, report or certificate made or delivered by Issuer or any of its officers, employees or agents, to the Trustee
or Series 2019-1 CP Noteholders as required hereunder, is not true and correct in any material respect when made or deemed made;
(v) if Issuer shall (A) become insolvent, (B) not be paying its debts generally as such debts become due, (C) make an assignment
for the benefit of creditors or cause or suffer any of their respective assets to come within the possession of any receiver, trustee
or custodian, (D) have a petition filed by or against Issuer under the Bankruptcy Reform Act of 1978, as amended, or any similar
law or regulation, (E) have any of its assets attached, seized or levied upon, or (F) otherwise become the subject of any insolvency
or creditor enforcement proceedings, provided however, that any involuntary petition or other proceeding against Issuer shall not
be an Event of Default unless an order for relief is entered or such proceeding remains undismissed for at least sixty (60) days;
or (vi) if this Indenture, any Series 2019-1 CP Note, or the Collateral Account Control Agreement, shall cease to be in full force
and effect, shall be declared null and void, shall be revoked or terminated or shall be subject to any contest by Issuer as to
their validity and/or enforceability, for any reason, or if Issuer shall for any reason deny any further liability to the Series
2019-1 CP Noteholders hereunder and thereunder.

 

		(b)	Within five days after the occurrence of an Event of Default described in Section 5.01(iii) thorough
(vi), the Issuer shall deliver to the Trustee written notice in the form of an Officer's Certificate stating the particulars of
any event that with the giving of notice or the lapse of time or both would become an Event of Default, its status, and what action
the Issuer is taking or proposes to take regarding the event.

 

		(c)	Upon the occurrence and during the continuance of any Event of Default, Issuer may not request
the issuance of any additional Series 2019-1 CP Notes under this Indenture, and Trustee may then forthwith cease
authenticating and issuing any additional Series 2019-1 CP Notes under this Indenture without any notice to Issuer.

 

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	Section 5.02	Acceleration of Maturity; Rescission and Annulment.

 

		(a)	If an Event of Default in clause (v)(C), (D), (E) or (F) of the definition thereof shall occur,
the unpaid principal amount of the Notes, together with accrued and unpaid interest on the Series 2019-1 CP Notes through the date
of acceleration, shall become immediately due and payable and no notice to such effect from the Issuer, any Series 2019-1 CP Noteholder
or any other Person to the Trustee shall be required. Upon the occurrence and during the continuance of an Event of Default described
in Sections 5.01(i) or (ii), and upon the receipt of any notice of an Event of Default pursuant to Section 5.01(b), the Majority
Series 2019-1 CP Noteholders may declare all the Series 2019-1 CP Notes to be immediately due and payable by a notice in writing
to the Issuer and to the Trustee. Upon any such declaration the unpaid principal amount of the Notes, together with accrued and
unpaid interest on the Series 2019-1 CP Notes through the date of acceleration, shall become immediately due and payable.

 

		(b)	If at any time a declaration of acceleration of maturity has been made but before a judgment or
decree for payment of the money due has been obtained by the Trustee as provided in this Article, the Majority Series 2019-1 CP
Noteholders may rescind and annul the declaration and its consequences by written notice to the Issuer and the Trustee if:

 

		(i)	the Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

1)       all
payments of principal of and interest on the Series 2019-1 CP Notes and all other amounts that would then be due under this Indenture
or upon the Series 2019-1 CP Notes if the Event of Default giving rise to the acceleration had not occurred; and

 

2)       all
sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances of the Trustee and their
respective agents and outside counsel; and

 

		(ii)	all Events of Default, other than the nonpayment of the principal of the Series 2019-1 CP Notes
that has become due solely by such acceleration, have been cured or waived as provided in Section 5.14.

 

No such rescission
shall affect any subsequent default or impair any right consequent thereto.

 

	Section 5.03	Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

The Issuer
covenants that upon the acceleration of the maturity of the Series 2019-1 CP Notes pursuant to Section 5.02 and the demand of
the Trustee, the Issuer will immediately pay to the Trustee for the benefit of the Series 2019-1 CP Noteholders the whole
amount then due and payable on the Series 2019-1 CP Notes for principal and interest, with interest upon the overdue
principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of
interest, in the order set forth herein and, in addition thereto, any further amount necessary to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel.

 

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If the Issuer fails
to pay these amounts forthwith upon the demand of the Trustee, the Trustee, in its own name and as Trustee of an express trust,
may institute a proceeding for the collection of the sums so due and unpaid, and may prosecute the proceeding to judgment or final
decree, and may enforce the same against the Issuer and collect the monies adjudged or decreed to be payable in the manner provided
by law.

 

If an Event of Default
occurs and is continuing, the Trustee may, in its discretion and subject to the provisions of Section 5.02, Section 5.12 and Section
6.01, proceed to protect and enforce its rights and the rights of the Series 2019-1 CP Noteholders under this Indenture by whatever
appropriate proceedings the Trustee may deem necessary to protect and enforce any of those rights, whether for the specific enforcement
of any covenant or agreement contained in the Collateral Account Control Agreement or in aid of the exercise of any power granted
in this Indenture, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by law.

 

If proceedings relating
to the Issuer under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency, or other
similar law are pending, or if a receiver, assignee, or trustee in bankruptcy or reorganization, liquidator, sequestrator, or similar
official has been appointed for or taken possession of the Issuer or its property, or if any other comparable judicial proceedings
relating to the Issuer or the creditors or property of the Issuer are pending, then regardless of whether the principal of any
Series 2019-1 CP Notes shall then be payable by their terms or by declaration or otherwise and regardless of whether the Trustee
has made any demand pursuant to this Section, the Trustee shall be entitled and empowered, by intervention in the proceedings or
otherwise:

 

		(a)	to file and prove a claim for the whole amount of principal and interest owing and unpaid on the
Series 2019-1 CP Notes, and to file any other papers or documents that may be appropriate to have the claims of the Trustee and
of the Series 2019-1 CP Noteholders allowed in any proceedings relating to the Issuer upon the Notes, or to the creditors or property
of the Issuer,

 

		(b)	to vote on behalf of the Series 2019-1 CP Noteholders in any election of a trustee or a standby
trustee in any arrangement, reorganization, liquidation, or other bankruptcy or insolvency proceedings or in any election of any
Person performing similar functions in comparable proceedings, and

 

		(c)	to collect any monies or other property payable or deliverable on any such claims, and to distribute
all amounts received on the claims of the Series 2019-1 CP Noteholders and of the Trustee on their behalf,

 

and any trustee, receiver,
liquidator, custodian, or other similar official is authorized by each of the Series 2019-1 CP Noteholders to make payments
to the Trustee, and, if the Trustee consents to payments going directly to the Series 2019-1 CP Noteholders, to pay to the
Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee, and
their respective agents, attorneys, and counsel, and all other expenses and liabilities incurred (including attorneys' fees
and expenses), and all advances made, by the Trustee and each predecessor Trustee except as shall have been determined to
have been caused by its own gross negligence or willful misconduct.

 

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Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Series 2019-1
CP Noteholders any plan of reorganization, arrangement, adjustment, or composition affecting the Series 2019-1 CP Notes or the
rights of any Series 2019-1 CP Noteholder, or to authorize the Trustee to vote regarding the claim of any Series 2019-1 CP Noteholder
in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or Person performing similar functions.

 

In any proceedings
involving this Indenture or the Series 2019-1 CP Notes the Trustee shall represent all the Series 2019-1 CP Noteholders, and it
shall not be necessary to make any Series 2019-1 CP Noteholders parties to the proceedings.

 

	Section 5.04	Remedies.

 

		(a)	If an Event of Default has occurred and is continuing and the maturity of the Series 2019-1 CP
Notes has been accelerated, the Trustee shall immediately provide to the Securities Intermediary a Notice of Exclusive Control
in the form of Exhibit C hereto, after which Trustee shall have sole and exclusive authority to issue Oral and Written Instructions
with respect to the Collateral Account, and, subject to Section 5.05, Section 5.12 and Article VI hereof, shall do one or more
of the following:

 

		(i)	institute proceedings in its own name and as trustee for an express trust for the collection of
all amounts then payable on the Series 2019-1 CP Notes or under this Indenture (whether by declaration or otherwise), enforce any
judgment obtained, and collect from the Collateral Account securing the Series 2019-1 CP Notes monies adjudged due;

 

		(ii)	only if so instructed in writing by all Series 2019-1 CP Noteholders, sell or liquidate all or
a portion of the Collateral at one or more public or private sales called and conducted in accordance with Section 5.16 to the
extent permitted by law; provided, however, that if the proceeds of such sale or liquidation distributable to the
Series 2019-1 CP Noteholders are insufficient to discharge in full all amounts then due and unpaid upon the Series 2019-1 CP Notes
for principal and interest, the Trustee shall not proceed with such sale or liquidation unless the Holders of 100% of the Series
2019-1 CP Notes (other than any Series 2019-1 CP Notes then held by the Issuer or any Affiliate thereof) consent in writing thereto;

 

		(iii)	institute proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Collateral; and

 

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		(iv)	exercise any remedies of a secured party under the UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Trustee or the Series 2019-1 CP Noteholders under this Indenture.

 

For the purpose of determining the sufficiency
or insufficiency in clause (ii) above, the Trustee shall be provided by the Series 2019-1 CP Noteholders with and may conclusively
rely upon an opinion of an independent investment banking or accounting firm of national reputation as to the feasibility of the
proposed action and as to the sufficiency of the Collateral for these purposes.

 

		(b)	The proceeds of the sale or other liquidation of the Collateral shall be distributed as follows:

 

1)       first,
to the Trustee, any indemnities hereunder, all sums paid or advanced by the Trustee and the reasonable compensation, expenses,
disbursements and advances of the Trustee and its respective agents and outside counsel; and.

 

2)       second,
to the payments of principal of and interest on the Series 2019-1 CP Notes and all other amounts then due under this Indenture
or upon the Series 2019-1 CP Notes.

 

		(c)	The Trustee may fix a record date and payment date for any payment to Series 2019-1 CP Noteholders
pursuant to this Section. At least 15 days before that record date, the Trustee shall mail to each Series 2019-1 CP Noteholder
and the Issuer a notice that states the record date, the payment date and the amount to be paid.

 

	Section 5.05	Optional Preservation of Trust Assets.

 

If the Series 2019-1
CP Notes have been declared to be payable under Section 5.02 following an Event of Default and the declaration and its consequences
have not been rescinded and annulled, the Trustee may, but need not, elect to maintain possession of the Collateral. It is the
intent of the parties to this Indenture and the Series 2019-1 CP Noteholders that all principal of and interest on the Series 2019-1
CP Notes be paid in full when due. The Trustee shall take direction from 100% of the Series 2019-1 CP Noteholders in determining
whether to maintain possession of the Collateral, and may rely upon an opinion of an independent investment banking or accounting
firm of national reputation addressed to the Trustee as to the feasibility of the proposed action and as to the sufficiency of
the Collateral for these purposes.

 

	Section 5.06	Trustee May Enforce Claims Without Possession of Notes.

 

All rights of action
and claims under this Indenture or the Series 2019-1 CP Notes may be prosecuted and enforced by the Trustee without the possession
of any of the Series 2019-1 CP Notes or their production in any proceeding relating to them. Any proceeding instituted by the Trustee
shall be brought in its own name as Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Series
2019-1 CP Noteholders and any other parties entitled thereto upon which the judgment has been obtained.

 

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	Section 5.07	Limitation on Suits.

 

No Series 2019-1 CP
Noteholder shall have any right to institute any proceedings, judicial or otherwise, regarding this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

		(a)	the Majority Series 2019-1 CP Noteholders have made written request to the Trustee to institute
the proceeding in its own name as Trustee;

 

		(b)	those Series 2019-1 CP Noteholders have previously given written notice to the Trustee of a continuing
Event of Default;

 

		(c)	those Series 2019-1 CP Noteholders have offered to the Trustee indemnity satisfactory to it against
the costs, expenses, and liabilities to be incurred in compliance with their request;

 

		(d)	the Trustee for 60 days after its receipt of that notice, request and offer of indemnity has failed
to institute appropriate proceedings; and

 

		(e)	no direction inconsistent with the written request has been given to the Trustee during the 60-day
period by the Majority Series 2019-1 CP Noteholders.

 

No one or more Series
2019-1 CP Noteholders may in any manner whatever under any provision of this Indenture affect, disturb, or prejudice the rights
of any other Series 2019-1 CP Noteholder or obtain or seek to obtain priority or preference over any other Series 2019-1 CP Noteholder
or enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit
of all the Series 2019-1 CP Noteholders.

 

If the Trustee receives
conflicting or inconsistent requests and indemnity from two or more groups of Series 2019-1 CP Noteholders, each representing less
than Majority Series 2019-1 CP Noteholders, the Trustee in its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture; provided, however, that the Trustee shall be under no obligation to act
until it is directed by the Majority Series 2019-1 CP Noteholders.

 

	Section 5.08 	Unconditional Rights of Series 2019-1 CP Noteholders
to Receive Principal and Interest.

 

Notwithstanding any
other provision in this Indenture, each Series 2019-1 CP Noteholder shall have the absolute and unconditional right to receive
payment of the principal of and interest on its Series 2019-1 CP Note as that principal and interest becomes due and payable and
to institute suit for the enforcement of that payment. This right shall not be impaired without the consent of the affected Series
2019-1 CP Noteholder.

 

	Section 5.09	Restoration of Rights and Remedies.

 

If the Trustee
or any Series 2019-1 CP Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and that
proceeding has been discontinued or abandoned, or has been determined adversely to the Trustee or to the Series 2019-1 CP
Noteholder, then the Issuer, the Trustee, and the Series 2019-1 CP Noteholder shall, subject to any determination in that
proceeding, be restored to their former positions under this Indenture, and thereafter all rights and remedies of the Trustee
and the Series 2019-1 CP Noteholders shall continue as though no proceeding had been instituted.

 

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	Section 5.10	Rights and Remedies Cumulative.

 

No right, remedy, power,
or privilege herein conferred upon or reserved to the Trustee or to the Series 2019-1 CP Noteholders is intended to be exclusive
of any other right, remedy, power, or privilege. Every right, remedy, power, or privilege shall be cumulative and in addition to
every other right, remedy, power, or privilege given under this Indenture or now or hereafter existing at law or in equity or otherwise.
The assertion or exercise of any right, remedy, power, or privilege shall not preclude any other further assertion or the exercise
of any other appropriate right, remedy, power, or privilege.

 

	Section 5.11	Delay or Omission Not Waiver.

 

No failure to exercise
and no delay in exercising, on the part of the Trustee or of any Series 2019-1 CP Noteholder or other Person, any right, remedy,
power, or privilege upon any Event of Default shall impair that right, remedy, power, or privilege or constitute a waiver of it
or of the Event of Default or an acquiescence in the Event of Default. Every right, remedy, power, or privilege given by this Article
or by law to the Trustee or to the Series 2019-1 CP Noteholders may be exercised as often as may be deemed expedient by the Trustee
or by the Series 2019-1 CP Noteholders, as the case may be.

 

	Section 5.12	Rights of Series 2019-1 CP Noteholders to Direct Trustee.

 

Majority Series 2019-1
CP Noteholders may direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee regarding
the Series 2019-1 CP Notes or exercising any trust or power conferred on the Trustee regarding the Notes.

 

Notwithstanding the
foregoing and subject to Section 6.01:

 

		(a)	the Trustee may decline any direction if the Trustee, after being advised by counsel, determines
that the action so directed is in conflict with any rule of law or with this Indenture, and

 

		(b)	the Trustee may decline any direction if the Trustee in good faith, by a Designated Officer of
the Trustee, determines that the proceedings so directed would be illegal or involve the Trustee in personal liability or be unjustly
prejudicial to Series 2019-1 CP Noteholders not parties to that direction.

 

	Section 5.13	Waiver of Past Defaults.

 

Prior to the
declaration of the acceleration of the maturity of the Series 2019-1 CP Notes as provided in Section 5.02 (except in the case
of subsection (a)(ii) below), Majority Series 2019-1 CP Noteholders may, on behalf of all the Series 2019-1 CP Noteholders,
waive in writing any past default on the Series 2019-1 CP Notes and its consequences, except:

 

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		(a)	a default in the payment of the principal or interest on any Series 2019-1 CP Note (which may be
waived only with the consent of all of the Series 2019-1 CP Noteholders), or

 

		(b)	regarding any of the provisions under Section 9.02 that cannot be modified or amended without the
consent of the Series 2019-1 CP Noteholder of each outstanding Series 2019-1 CP Note affected.

 

Upon any written waiver,
the default shall cease to exist, and any Event of Default arising from it shall be deemed to have been cured for every purpose
of this Indenture. No such waiver shall extend to any subsequent or other default or impair any right consequent to it.

 

	Section 5.14	Undertaking for Costs.

 

All parties to this
Indenture agree, and each Series 2019-1 CP Noteholder by its acceptance of a Series 2019-1 CP Note shall be deemed to have agreed,
that in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered, or omitted by it as Trustee, any court may in its discretion require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and that the court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by that party litigant. The provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by the Majority Series 2019-1 CP Noteholders (in compliance with Section 5.07), or to any suit instituted
by any Series 2019-1 CP Noteholder for the enforcement of the payment of the principal or interest on any Series 2019-1 CP Note
on or after the Payment Date on which the principal or interest was due (or, in the case of redemption, on or after the applicable
redemption date).

 

	Section 5.15	Waiver of Stay or Extension Laws.

 

The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
adversely affect the covenants or the performance of this Indenture. The Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay, or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

	Section 5.16	Sale of Trust Assets.

 

		(a)	The method, manner, time, place, and terms of any sale of all or any portion of the Collateral
pursuant to Section 5.04 shall be commercially reasonable. Any sale of the Collateral by the Trustee shall be deemed to have been
commercially reasonable. The Trustee may from time to time postpone any sale by public announcement made at the time and place
of the sale.

 

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		(b)	In any sale of all or any portion of the Collateral pursuant to Section 5.04, any Series 2019-1
CP Noteholder may bid for and purchase the property offered for sale, and upon compliance with the terms of the sale may hold,
retain, and possess and dispose of the property, without further accountability, and may, in paying the purchase money for the
property, deliver any outstanding Series 2019-1 CP Notes or claims for interest on the Series 2019-1 CP Notes in lieu of cash up
to the amount that shall, upon distribution of the net proceeds of the sale, be payable thereon, and those Series 2019-1 CP Notes,
if the amounts so payable are less than the amount due on the Notes, and such Series 2019-1 CP Notes shall be returned to the Series
2019-1 CP Noteholder after being appropriately stamped to show partial payment.

 

		(c)	The Trustee may bid for and acquire any portion of the Collateral securing the Series 2019-1 CP
Notes in a public sale, and may pay all or part of the purchase price by crediting against amounts owing to the Trustee under this
Indenture, including, without limitation, the costs, charges and expenses incurred by the Trustee in connection with the sale notwithstanding
the provisions of Section 6.07.

 

		(d)	The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its
interest in any portion of the Collateral upon its sale. In addition, the Trustee is hereby irrevocably appointed the agent and
attorney-in-fact of the Issuer to transfer and convey its interest in any portion of the Collateral upon its sale, and
to take all action necessary to effect its sale. No purchaser or transferee of any portion of the Issuer's interest in the Collateral
shall be bound to ascertain the Trustee's authority, inquire into the satisfaction of any conditions precedent, or see to the application
of any monies.

 

	Section 5.17	Action on Notes.

 

The Trustee's right
to seek and recover judgment on the Series 2019-1 CP Notes or under this Indenture shall not be affected by the seeking or obtaining
of or application for any other relief under this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the
Trustee or the Series 2019-1 CP Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer
or by the levy of any execution under that judgment upon any portion of the Trust Assets or upon any of the assets of the Issuer.
Any money or property collected by the Trustee shall be applied as specified in Section 5.04 of this Indenture.

 

	Section 5.18	Limited Rights of Certain Series 2019-1 CP Noteholders.

 

Neither the Issuer
or any Affiliate thereof as Holders of any Series 2019-1 CP Notes issued pursuant to this Indenture related thereto shall have
any rights to direct the Trustee to take any action in respect of the Series 2019-1 CP Notes pursuant to this Indenture, unless
the Issuer or Affiliate owns 100% of the outstanding Series 2019-1 CP Notes or no Series 2019-1 CP Notes are then outstanding.

 

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Article VI.

 

THE TRUSTEE

 

	Section 6.01	Duties of Trustee.

 

		(a)	If an Event of Default has occurred and is continuing and the Trustee has received written notice
of that Event of Default, the Trustee shall, before receiving directions from Majority Series 2019-1 CP Noteholders, exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person
would exercise or use under the circumstances in the conduct of his own affairs.

 

		(b)	The Trustee undertakes to perform such duties and only such duties as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. In the absence
of willful misconduct or negligence on its part, the Trustee may conclusively rely (as to their truth and correctness) and shall
be fully protected in relying upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture.

 

		(c)	The Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders; or other instruments furnished to the Trustee that are specifically required to be furnished pursuant to any provision
of this Indenture, shall review them to determine whether they substantially conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

		(d)	No provision of this Indenture shall be construed to relieve the Trustee from liability for its
own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

		(i)	this subsection shall not be construed to limit the effect of subsection (b) of this Section;

 

		(ii)	the Trustee shall not be liable for any error of judgment made in good faith by a Designated Officer
of the Trustee unless the Trustee was negligent in ascertaining the pertinent facts; and

 

		(iii)	the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in
good faith in accordance with this Indenture or at the direction of Majority Series 2019-1 CP Noteholders relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or for exercising any trust or power conferred
upon the Trustee, under this Indenture. The Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith at the direction of the Issuer or at the direction of the requisite number of Series 2019-1 CP Noteholders.

 

		(e)	No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties under this Indenture or in the exercise of any of its rights
or powers.

 

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		(f)	The Trustee shall have no power to vary the Collateral, including (i) accepting any substitute
Collateral, (ii) adding any other investment, obligation, or security to the Collateral or (iii) withdrawing investments from the
Collateral Notwithstanding the foregoing or any other provision to the contrary in this Indenture, if the Trustee shall receive
a direction from (i) 100% of the Series 2019-1 CP Noteholders (including the Issuer or an Affiliate to vary the Collateral in accordance
with Section 5.18) or (ii) from the Issuer if no Series 2019-1 Notes are then outstanding, the Trustee shall be authorized to vary
the Collateral in accordance with such direction.

 

		(g)	The Trustee shall have no responsibility or liability for investment losses on the Collateral.
The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection,
priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action
or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence, bad faith
or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment
contained therein, for the validity of the title of the Issuer to the Collateral, for insuring the Collateral or for the payment
of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Trustee shall
have no duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture or any other document
by the Issuer

 

		(h)	For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge
of any Event of Default unless a Designated Officer of the Trustee has received written notice of it. For the purposes of determining
the Trustee's responsibility and liability under this Indenture, any reference to an Event of Default shall be construed to refer
only to such event of which the Trustee is deemed to have notice as described in this subsection.

 

		(i)	The Trustee shall have no duty or responsibility for
the preparation, filing, continuation or correctness of any financing statement or for the validity or perfection of any lien
or security interest.

 

		(j)	Delivery of any reports or information by the Trustee
shall not constitute actual or constructive knowledge of any condition or information specified therein.

 

		(k)	Any intellectual property created or generated in the
preparation of Daily Collateral Reports shall, as between the Trustee and Issuer, be owned by the Trustee, and Issuer shall have
no rights with respect thereto.

 

	Section 6.02	Notice of Event of Default.

 

Upon the occurrence
of any Event of Default of which a Designated Officer of the Trustee has received written notice, the Trustee shall transmit by
mail notice of the occurrence of the event to all Series 2019-1 CP Noteholders as their names and addresses appear on the Series
2019-1 CP Note Register within 5 days after it receives such written notice of the event.

 

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	Section 6.03	Rights of Trustee.

 

		(a)	The Trustee may conclusively rely and shall fully be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note
or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

		(b)	Whenever in the administration of this Indenture the Trustee deems it desirable that a matter be
proved or established prior to taking, suffering or omitting any action, the Trustee (unless other evidence is specifically prescribed)
may, in the absence of willful misconduct on its part, conclusively rely upon an Officer's Certificate of the Issuer;

 

		(c)	As a condition to the taking, suffering or omitting of any action by it, the Trustee may consult
with counsel, and the advice of counsel or any opinion of counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it in good faith and in reliance thereon;

 

		(d)	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture or to honor the request or direction of any of the Series 2019-1 CP Noteholders pursuant to this Indenture, unless
the Series 2019-1 CP Noteholders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against
the costs, expenses and liabilities that might be incurred by it in compliance with the request or direction;

 

		(e)	The Trustee shall not be bound to make any investigation into the matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other document,
but the Trustee, in its discretion, may make any further inquiry or investigation into those matters that it deems appropriate,
and, if the Trustee determines to inquire further, it shall be entitled to examine the books, records and premises of the Issuer,
personally or by agent or attorney at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry
or investigation;

 

		(f)	The Trustee may execute any of the trusts or powers under this Indenture or perform any duties
under this Indenture either directly or through agents, attorneys, custodians or nominees and the Trustee shall not be responsible
for (i) any misconduct or negligence on the part of any agent, attorney, custodians or nominees appointed with due care by it or
(ii) the supervision of those agents, attorneys, custodians or nominees appointed with due care;

 

		(g)	The Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith
and believed by it to be authorized or within the discretion or rights conferred upon the Trustee by this Indenture;

 

		(h)	The Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith
based upon instructions or notices contemplated in this Indenture which the Trustee reasonably believed in good faith
to have been given by an Authorized Representative; and

 

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		(i)	The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder.

 

		(j)	The Bank of New York Mellon, in whatever capacity acting, shall have no liability whatsoever for
the action or inaction of any Clearing Agency.
	 	 	 

		(k)	Trustee is authorized to utilize any generally recognized pricing information service (including
brokers and dealers of securities) or may rely on prices provided by the Securities Intermediary in order to perform its valuation
responsibilities hereunder, and the parties hereto agree that Trustee shall not be liable for any loss, damage or expense (including
attorney’s fees) incurred as a result of errors or omissions of any such pricing information service, broker or dealer, or
in any prices provided by the Securities Intermediary.
	 	 	 

		(l)	Unless the Trustee receives written notice of an error or omission related to financial information
or disbursements provided to Series 2019-1 CP Noteholders within ninety days of Series 2019-1CP Noteholders' receipt of the same,
the Trustee shall have no liability in connection with such and, absent direction by the requisite percentage of Series 2019-1
CP Noteholders entitled to direct the Trustee, no further obligations in connection thereof.
	 	 	 

		(m)	It is understood by the parties hereto other than the Trustee that the sole recourse of the parties
hereto other than the Trustee in respect of the obligations hereunder and under the other documents contemplated thereby and related
thereto to which it is a party shall be to the assets held hereunder and to the parties hereto other than the Trustee. In addition,
the Trustee is entering into this Indenture and the other documents contemplated thereby and related thereto to which it is a party
solely in its capacity as trustee under this Indenture and in its Agent Capacity and not in its individual capacity (except as
expressly stated herein) and in no case shall the Trustee (or any Person acting as successor trustee under this Indenture) be personally
liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of
the Issuer hereunder or thereunder, all such liability, if any, being expressly waived by the parties hereto and any person claiming
by, through or under such party, provided, however, that the Trustee (or any such successor trustee) shall be personally liable
hereunder and thereunder for its own negligence or willful misconduct, to the extent expressly covenanted or made in its individual
capacity. The provisions of this Section shall survive the termination of this Indenture.

 

	Section 6.04	Not Responsible for Recitals or Issuance of Notes.

 

The recitals
contained in this Indenture and in the Notes, except the certificate of authentication of the Trustee, shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representation as to the validity or sufficiency of this Indenture, the Notes, or any related document. The Trustee shall not
be accountable for the use or application by the Issuer of the proceeds from the Notes.

 

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	Section 6.05	May Hold Notes.

 

The Trustee, any Paying
Agent, any Transfer Agent and Registrar, or any other agent of the Issuer, in its individual or any other capacity, may become
the owner or pledgee of Series 2019-1 CP Notes and may otherwise deal with the Issuer with the same rights it would have if it
were not Trustee, Paying Agent, Transfer Agent and Registrar, or other agent.

 

	Section 6.06	Money Held in Trust.

 

Any money held by the
Trustee in trust under this Indenture need not be segregated from any other funds held by the Trustee in trust under this Indenture
except to the extent required by this Indenture. The Trustee shall be under no liability for interest on any money received by
it under this Indenture except as otherwise agreed upon in writing by the Trustee.

 

	Section 6.07	Compensation, Reimbursement and Indemnification.

 

		(a)	The Issuer agrees:

 

		(i)	to pay the Trustee the Trustee fees set forth in the Trustee Fee Letter;

 

		(ii)	except as otherwise expressly provided in this Indenture, to reimburse the Trustee upon its request,
and in accordance with the Trustee Fee Letter, for all expenses, disbursements, and advances incurred or made by the Trustee pursuant
to this Indenture (including all costs and expenses incurred by the Trustee exercising any remedies under this Indenture and the
reasonable compensation and the expenses and disbursements of its agents and counsel, except any such expense, disbursement, or
advance that shall be determined to have been caused by its own negligence or willful misconduct); and

 

		(iii)	to indemnify the Trustee, its officers, directors, employees, and agents against any loss, liability,
expense, damage, or injury suffered or sustained without negligence or willful misconduct on its part, arising in connection with
the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability
from the exercise or performance of any of its powers or duties under this Indenture.

 

		(b)	The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer
for the non-payment to the Trustee of any amounts provided by this Section until at least one year and one day after the payment
in full of all the Series 2019-1 CP Notes issued under this Indenture.

 

		(c)	When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(a)(v)
or Section 5.01(a)(vi), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the
services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law.

 

 

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		(d)	The provisions of this Section shall survive the termination of this Indenture.

 

		Section 6.08	Replacement of Trustee.

 

No resignation or removal
of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor
Trustee pursuant to this Section. The Trustee may resign at any time upon 60 days' written notice to the Issuer. Majority Series
2019-1 CP Noteholders may remove the Trustee with or without cause by so notifying the Trustee and may appoint a successor Trustee.
The Issuer shall remove the Trustee if:

 

		(i)	the Trustee fails to satisfy Section 6.11;

 

		(ii)	the Trustee is adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer takes charge of the Trustee or its property or its affairs for the purpose of rehabilitation,
conservation, or liquidation; or

 

		(iii)	the Trustee otherwise becomes legally unable to act.

 

If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to as the
retiring Trustee), the Issuer shall promptly appoint a successor Trustee satisfactory to the Series 2019-1 CP Noteholders.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and the Issuer. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers, and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Series 2019-1 CP Noteholders.
The retiring Trustee, upon payment of its charges hereunder, shall promptly transfer all property held by it as Trustee to the
successor Trustee.

 

If a successor Trustee
does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the
Issuer), the Issuer or Majority Series 2019-1 CP Noteholders may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

 

If the Trustee fails
to satisfy Section 6.11, any Series 2019-1 CP Noteholder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

 

Notwithstanding the
replacement of the Trustee pursuant to this Section, the Issuer's obligations under Section 6.07 shall continue for the benefit
of the removed or retiring Trustee.

 

		Section 6.09	Successor Trustee by Merger.

 

If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving, or transferee corporation or banking association
without any further act shall be the successor Trustee if that corporation or banking association is otherwise qualified and
eligible under Section 6.11. The Trustee shall provide the Issuer and all Series 2019-1 CP Noteholders prior written notice
of any such transaction.

 

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If any Series 2019-1
CP Notes have been authenticated but not delivered at the time a successor to the Trustee by merger, conversion, consolidation,
or transfer succeeds to the trusts created by this Indenture, the successor to the Trustee may adopt the certificate of authentication
of the predecessor Trustee and deliver the Series 2019-1 CP Notes so authenticated.

 

Any successor to the
Trustee may authenticate Series 2019-1 CP Notes in the name of the successor Trustee and those certificates of authentication shall
have the full force that it is anywhere provided in the Series 2019-1 CP Notes or in this Indenture that certificates of authentication
of the Trustee shall have.

 

		Section 6.10	Appointment of Co-Trustee or Separate Trustee.

 

		(a)	Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting
any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, the Trustee may execute
and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of any part of the Collateral, and to vest in those Persons, in such capacity and for the benefit of the Series
2019-1 CP Noteholders, title to any part of the Collateral and, subject to the other provisions of this Section, the powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee under
this Indenture shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Series
2019-1 CP Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08.

 

		(b)	Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions:

 

		(i)	all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred
or imposed upon and exercised or performed by the Trustee and the separate trustee or co-trustee jointly (the separate trustee
or co-trustee is not authorized to act separately without the Trustee joining in the act), except to the extent that under
any law of any jurisdiction in which any particular acts are to be performed the Trustee is incompetent or unqualified to act,
in which event the rights, powers, duties, and obligations shall be performed singly by the separate trustee or co-trustee,
but solely at the direction of the Trustee;

 

		(ii)	no trustee under this Indenture shall be personally liable by reason of any act or omission of
any other trustee; under this Indenture; and

 

		(iii)	the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

		(c)	Any notice, request, or other writing given to the Trustee shall be deemed to have been given to
each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Trustee. Every instrument of appointment shall be filed with the Trustee.

 

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		(d)	Any separate trustee or co-trustee may at any time constitute the Trustee its agent or attorney-in-fact
with full power and authority to do any lawful act under this Indenture on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign, or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, without the appointment of a new or successor trustee.

 

		Section 6.11	Eligibility; Disqualification.

 

The Trustee shall have
a combined capital and surplus of at least $500,000,000 as set forth in its most recently filed report of condition.

 

		Section 6.12	Representations and Covenants of Trustee.

 

The Trustee represents,
warrants and covenants that:

 

		(i)	it is a banking corporation duly organized and validly existing under the laws of the State of
New York;

 

		(ii)	it has full power and authority to deliver and perform this Indenture and has taken all necessary
action to authorize the execution, delivery, and performance by it of this Indenture and the Collateral Account Control Agreement;
and

 

		(iii)	each of this Indenture and the Collateral Account Control Agreement has been duly executed and
delivered by the Trustee and constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except
to the extent the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditor's
rights generally and subject also to the availability of equitable remedies if equitable remedies are sought.

 

		Section 6.13	Limitation of Liability.

 

It is understood
by the parties hereto other than The Bank of New York Mellon ("BNYM") that the sole recourse of the parties hereto
other than BNYM in respect of the obligations of the Indenture hereunder and under the other documents contemplated thereby
and related thereto to which it is a party shall be to the Trust Assets and to the parties hereto other than BNYM. In
addition, BNYM as Trustee is entering into this Indenture and the other documents contemplated thereby and related thereto to
which it is a party solely in its capacity as trustee under the Indenture and not in its individual capacity (except as
expressly stated herein) and in no case shall the Trustee (or any Person acting as successor trustee under the Indenture) be
personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to
be those of the Issuer hereunder or thereunder, all such liability, if any, being expressly waived by the parties hereto and
any person claiming by, through or under such party, provided, however, that the Trustee (or any such successor trustee)
shall be personally liable hereunder and thereunder for its own negligence or willful misconduct. The provisions of this
Section shall survive the termination of the Indenture.

 

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		Section 6.14	Trustee as Paying Agent, Registrar and Authenticating
Agent.

 

Where the Trustee shall
act in the capacity of Paying Agent, Registrar, Authenticating Agent and issuing agent (collectively, the “Agent Capacity”),
neither the Trustee nor its officers, employees or agents shall be liable for any act or omission thereunder, except in the case
of a judicial determination of its own gross negligence or willful misconduct as described in Section 6.14 in this Indenture. The
duties and obligations of the Trustee in its Agent Capacity and those of its officers and employees shall be determined by the
express provisions of this Indenture, and the Trustee and its officers, employees and agents shall be responsible for the performance
of only such duties and obligations as are specifically set forth herein and therein, and no implied covenants shall be read into
any such document against the Trustee or its officers, employees or agents. Neither the Trustee or its officers, employees or agents
shall be required to ascertain whether any issuance or sale of Series 2019-1 CP Note(s) (or any amendment or termination of this
Indenture) has been duly authorized or is in compliance with any other agreement, ordinance, resolution or other undertaking or
document to which the Issuer is a party or by which it or its property may be bound (whether or not the Trustee is a party to such
other agreement).

 

		Section 6.15	Liability in Agent Capacity.

 

The Issuer hereby indemnifies
and holds the Trustee in its Agent Capacity, and its employees and any of its officers and agents harmless, from and against, and
the Trustee in its Agent Capacity shall not be liable for, any and all losses, liabilities (including liabilities for penalties),
actions, suits, judgments, demands, damages, costs and expenses of any nature (including, without limitation, interest and reasonable
attorneys’ fees, expenses, and the allocable costs of in-house legal services) arising out of or resulting from the exercise
of its rights and/or the performance of its duties (or those of its agents and employees) hereunder; provided, however, that the
Issuer shall not be liable to indemnify or pay the Trustee with respect to any loss, liability, action, suit, judgment, demand,
damage, cost or expense that shall be determined to have been caused by the Trustee’s own gross negligence or willful misconduct
or that of its officers or employees. The foregoing indemnity includes, but is not limited to, any action taken or omitted to be
taken by the Trustee in its Agent Capacity upon electronically transmitted instructions (authorized herein) received by it from,
or believed by it in good faith to have been given by, the proper person or persons. The provisions of this Section 6.14 shall
survive (i) the Trustee’s resignation or removal in its Agent Capacity and (ii) the termination of this Indenture.

 

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In no event
shall the Trustee in its Agent Capacity be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

In no event shall the
Trustee, whether as Trustee or in its Agent Capacity be responsible or liable for special, indirect, or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action.

 

Article VII.

 

SERIES 2019-1 CP NOTEHOLDERS' LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER

 

		Section 7.01	Issuer to Furnish Trustee Names and Addresses of Series
2019-1 CP Noteholders.

 

Within five days after
each Record Date, the Transfer Agent and Registrar, at the direction of the Issuer, will cause to be furnished to the Trustee a
list, in such form as the Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the Series
2019-1 CP Noteholders as they appear on the Series 2019-1 CP Note Register as of that Record Date. At any other time the Trustee
may request the Issuer to furnish, on ten days' written notice, a list of similar form and content as of a date not more than 10
days prior to the time the list is furnished. So long as the Trustee is the Transfer Agent and Registrar, the Issuer shall not
be required to furnish such lists and the Trustee shall furnish to the Issuer such list upon ten days' written request.

 

		Section 7.02	Preservation of Information; Communications to Series
2019-1 CP Noteholders.

 

		(a)	The Trustee shall preserve, in as current a form as is reasonably practicable, the names, addresses
and taxpayer identification numbers of the Series 2019-1 CP Noteholders contained in the most recent list furnished to the Trustee
under Section 7.01 and the names, addresses and taxpayer identification numbers of the Series 2019-1 CP Noteholders received by
the Trustee in its capacity as Transfer Agent and Registrar. The Trustee may destroy any list furnished to it under Section 7.01
upon receipt of a new list so furnished.

 

		(b)	If any Series 2019-1 CP Noteholder applies in writing to the Trustee stating that it desires to
communicate with other Series 2019-1 CP Noteholders regarding their rights under this Indenture or under the Notes, then the Trustee
shall, within five Business Days after the receipt of the application, afford that Series 2019-1 CP Noteholder access to the information
preserved at the time by the Trustee in accordance with subsection (a) of this Section.

 

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		(c)	If any Owner applies in writing to the Trustee stating that it desires to communicate with other
Owners regarding their rights under this Indenture or under the Notes, then the Trustee shall, within five Business Days after
the receipt of the application, afford that Owner access to the information preserved at the time by the Trustee in accordance
with subsection (a) of this Section; provided, however, that in the case of a person claiming to be an Owner requesting such information,
the Trustee shall not furnish such information until the Issuer shall have authorized release of such information and the Trustee
shall have no liability for such release or the identity of the requesting person

 

Article VIII.

 

ACCOUNTS, ACCOUNTING AND RELEASES

 

		Section 8.01	Collection of Money.

 

Except as otherwise expressly provided in
this Indenture, the Trustee may demand payment or delivery of, and receive and collect, directly and without intervention or assistance
of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Trustee pursuant to this
Indenture. The Trustee shall hold all such money and property received by it in trust for the Series 2019-1 CP Noteholders and
shall apply such property and money as provided in this Indenture.

 

		Section 8.02	Distributions.

 

On each Payment Date,
the Trustee shall, in accordance with Section 2.15 of this Indenture, distribute to the Series 2019-1 CP Noteholders payments due
thereunder.

 

		Section 8.03	Release of Trust Assets, Etc..

 

		(a)	Subject to the payment of its fees and expenses, the Trustee, when required by the Basic Documents
shall, execute instruments to release property from the Lien of this Indenture, or convey the Trustee's interest in the same. No
party relying upon an instrument executed by the Trustee as provided in this Article shall be bound to ascertain the Trustee's
authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

		(b)	Upon written direction of an Authorized Representative of the Issuer, the Trustee shall, at such
time as there are no Series 2019-1 CP Notes outstanding, release and transfer, without recourse, all of the Collateral that secured
the Series 2019-1 CP Notes (other than any cash held for the payment of the Series 2019-1 CP Notes pursuant to Section 4.02).

 

		Section 8.05	Establishment of Note Account.

 

The Trustee, for the
benefit of the Series 2019-1 CP Noteholders, shall establish and maintain with a separate segregated trust account (the “Note
Account”), bearing a designation clearly indicating that the funds therein are held for the benefit of the Series 2019-1
CP Noteholders.

 

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		Section 8.06.	Assets Uninvested.

 

Any amounts held in
the Note Account or otherwise held hereunder shall be held uninvested without liability for interest.

 

Article IX.

 

SUPPLEMENTAL INDENTURES

 

		Section 9.01	Supplemental Indentures Without Consent of Series
2019-1 CP Noteholders.

 

		(a)	The Issuer and the Trustee, when authorized by a written direction of an Authorized Representative
of the Issuer, may enter into one or more indentures supplemental to this Indenture, in form satisfactory to the Trustee, for any
of the following purposes:

 

		(i)	to correct or amplify the description of any property subject to the Lien of this Indenture, or
better to assure, convey and confirm to the Trustee any property required to be subjected to the Lien of this Indenture, or to
subject to the Lien of this Indenture additional property;

 

		(ii)	to evidence the succession, in compliance with Section 3.06, of another Person to the Issuer, and
the assumption by the successor of the covenants of the Issuer herein and in the Series 2019-1 CP Notes;

 

		(iii)	to add to the covenants of the Issuer, for the benefit of the Series 2019-1 CP Noteholders, or
to surrender any right or power herein conferred upon the Issuer;

 

		(iv)	to convey, transfer, assign, mortgage or pledge any property to or with the Trustee;

 

		(v)	to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture
that may be inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with
respect to matters arising under this Indenture or in any supplemental indenture so long as the interests of any Series 2019-1
CP Noteholder are not adversely affected; or

 

		(vi)	to evidence the acceptance of the appointment under this Indenture of a successor trustee and to
add to or change any of the provisions of this Indenture necessary to facilitate the administration of the trusts under this Indenture
by more than one trustee, pursuant to the requirements of Article VI.

 

The Trustee is authorized to join in the
execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

 

		(b)	The Issuer and the Trustee, when authorized by a written direction of an Authorized
                                                                      Representative of the Issuer, may also enter into an indenture or indentures supplemental hereto for the purpose of adding
                                                                      any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any
                                                                      manner the rights of the Series 2019-1 CP
Noteholders under this Indenture; provided that such action will not, as evidenced by an Opinion of Counsel of the Issuer,
delivered and acceptable to the Trustee, adversely affect in any material respect the interests of any Series 2019-1 CP Noteholder.

 

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		Section 9.02	Supplemental Indentures with Consent of Series 2019-1
CP Noteholders.

 

The Issuer and the
Trustee, when authorized by a written direction of an Authorized Representative of the Issuer, also may, with the consent of a
Majority of Series 2019-1 CP Noteholders, by an Act of the Series 2019-1 CP Noteholders delivered to the Issuer and the Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any manner the rights of those Series 2019-1 CP Noteholders
under this Indenture. However, no such supplemental indenture shall, without the consent of each Series 2019-1 CP Noteholder affected
thereby:

 

		(i)	change the due date of any installment of principal of or interest on any Series 2019-1 CP Note,
or reduce the principal amount of any Series 2019-1 CP Note, the interest rate on any Series 2019-1 CP Note or the redemption price
of any Series 2019-1 CP Note or change any place of payment where, or the coin or currency in which, any Series 2019-1 CP Note
or any interest on it is payable;

 

		(ii)	impair the right to institute suit for the enforcement of the provisions of this Indenture requiring
the application of funds, as provided in Article V, to the payment of any amount due on the Series 2019-1 CP Notes on or after
the respective due dates thereof (or, in the case of redemption, on or after the redemption date);

 

		(iii)	reduce the percentage that constitutes “Majority Series 2019-1 CP Noteholders” or the
consent requirements of the Holders which is required for any such supplemental indenture, or the consent of the Holders of which
is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences
as provided for in this Indenture;

 

		(iv)	reduce the percentage of the aggregate outstanding amount of any Notes, the consent of the Holders
of which is required to direct the Trustee to sell or liquidate the Collateral if the proceeds of such sale would be insufficient
to pay the principal amount and accrued but unpaid interest on the outstanding Notes;

 

		(v)	decrease the percentage of the aggregate principal amount of the Series 2019-1 CP Notes required
to amend the sections of this Indenture that specify the applicable percentage of the aggregate principal amount of the Series
2019-1 CP Notes necessary to amend this Indenture;

 

		(vi)	modify or alter the provisions of this Indenture regarding the voting of Series 2019-1 CP Notes
held by the Issuer or any Affiliate thereof;

 

		(vii)	permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture
on any part of the Collateral for any Series 2019-1 CP Notes or, except as otherwise permitted or contemplated
herein, terminate the Lien of this Indenture on any Collateral assets or deprive any Series 2019-1 CP Noteholder of the security
provided by the Lien of this Indenture; or

 

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		(vi)	to provide for the termination or replacement of any external credit enhancement in accordance
with the provisions hereto.

 

Promptly after the
execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Series
2019-1 CP Noteholders to which that supplemental indenture relates written notice provided to the Trustee by the Issuer setting
forth in general terms the substance of that supplemental indenture. The failure of the Trustee to mail any such notice, or any
defect therein, shall not in any way impair or affect the validity of that supplemental indenture.

 

		Section 9.03	Execution of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be provided with, and (subject to Sections 6.01 and 6.03) shall be fully protected
in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any supplemental indenture
that affects the Trustee's own rights, duties, liabilities or immunities under this Indenture or otherwise.

 

		Section 9.04	Effect of Supplemental Indenture.

 

Upon the execution
of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and that supplemental
indenture shall form a part of this Indenture for all purposes, and every Holder of Series 2019-1 CP Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

 

		Section 9.05	Reference in Series 2019-1 CP Notes to Supplemental
Indentures.

 

Notes authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may bear a notation in form as to any
matter provided for in that supplemental indenture. If the Issuer so determines, new Series 2019-1 CP Notes so modified as to conform,
in the opinion of the Issuer, to that supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered
by the Trustee in exchange for outstanding Notes.

 

Article X.

 

MISCELLANEOUS

 

		Section 10.01	Compliance Certificates and Opinions.

 

Upon any
application or request by the Issuer to the Trustee to take any action under any provision of this Indenture (other than the
initial authentication of the Series 2019-1 CP Notes), the Issuer shall furnish to the Trustee such certificates and opinions
as may be required hereunder. Each such certificate or opinion shall be given in the form of an Officer’s Certificate,
if to be given by an officer of the Issuer or an Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements set forth in this Indenture.

 

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Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

		(i)	a statement that each individual signing such certificate or opinion has read such condition or
covenant and the definitions herein relating thereto;

 

		(ii)	a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based;

 

		(iii)	a statement that, in the opinion of each such individual, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such condition or covenant
has been complied with; and

 

		(iv)	a statement as to whether, in the opinion of each such individual, such condition or covenant has
been complied with.

 

		Section 10.02	Form of Documents Delivered to Trustee.

 

In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to those matters in one or several documents.

 

Any certificate or
opinion of an Authorized Representative of the Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to the matters upon which such officer's certificate or opinion is based
are erroneous. Any such certificate of an Authorized Representative or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the Issuer, stating
that the information with respect to those factual matters is in the possession of such party, unless such Authorized Representative
or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to those matters are erroneous.

 

Where any Person is
required to make, give, or execute two or more applications, requests, consents, certificates, statements, opinions, or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

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Whenever in this Indenture,
in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document
as a condition of the granting of such application, or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or at the effective date of that certificate or report
(as the case may be), of the facts and opinions stated in that document shall in such case be conditions precedent to the right
of the Issuer to have that application granted or to the sufficiency of that certificate or report. The foregoing shall not, however,
be construed to affect the Trustee's right to rely upon the truth and accuracy of any statement or opinion contained in any such
document as provided in Article VI.

 

		Section 10.03	Acts of Series 2019-1 CP Noteholders.

 

		(a)	Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Series 2019-1 CP Noteholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by those Series 2019-1 CP Noteholders in person or by agent duly appointed in writing and
satisfying any requisite percentages as to minimum number or dollar value of outstanding principal amount represented by those
Series 2019-1 CP Noteholders. Except as herein otherwise expressly provided, any such action shall become effective when such instrument
or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Series 2019-1 CP Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the
Issuer, if made in the manner provided in this Section.

 

		(b)	The fact and date of the execution by any Person of any such instrument or writing may be proved
in any manner which the Trustee deems sufficient.

 

		(c)	The ownership of Series 2019-1 CP Notes shall be proved by the Series 2019-1 CP Note Register.

 

		(d)	Any request, demand, authorization, direction, notice, consent, waiver, or other action by any
Series 2019-1 CP Noteholder shall bind the Holder (and any transferee thereof) of every Series 2019-1 CP Note issued upon the registration
thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or
the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

 

    52

     

    

 

		Section 10.04	Notices, Etc. to Trustee, Issuer and Issuer.

 

		(a)	Any request, demand, authorization, direction, notice, consent, waiver, or Act of Series 2019-1
CP Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:

 

		(i)	the Trustee by any Series 2019-1 CP Noteholder or by the Issuer shall be sufficient for every purpose
hereunder (x) if in writing and mailed, first-class postage prepaid, to the address set forth
below or (y) if made, given, furnished or filed in writing to a Designated Officer of the Trustee, by facsimile transmission or
by other electronic means acceptable to the Trustee to or with the Trustee at:

 

The Bank of New York Mellon

 

240 Greenwich Street, Floor 7E

New York, New York 10286

Attention:     SPV Admin - Anna Marrone

Telephone: (212) 815-3190

Facsimile No.: (732) 667-6372

Email: qsrnysettlements@bnymellon.com

 

In addition, the Trustee agrees
to accept and act upon instructions or directions from the Issuer pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile
transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency
certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated
persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.
If the Issuer elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and
the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall
be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent
with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties.

 

		(ii)	the Issuer by the Trustee or by any Series 2019-1 CP Noteholder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class postage prepaid, to the address set forth below or (y) if made, given, furnished
or filed in writing to the Issuer, by facsimile transmission or by other electronic means acceptable to the Issuer to or with the
Issuer at the address below or at any other address previously furnished in writing to the Trustee by the Issuer.:

 

Hilltop Securities Inc.

Attn: Director of Operations

1201 Elm Street, Suite 3500

Dallas, Texas 75270

Telephone: 214-859-5125

Facsimile: 214-859-6095

 

    53

     

    

 

		Section 10.05	Notices to Series 2019-1 CP Noteholders; Waiver.

 

Where this Indenture
provides for notice to Series 2019-1 CP Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed by registered or certified mail or first class postage prepaid or national overnight
courier service to each Series 2019-1 CP Noteholder affected by such event, at the address of that Series 2019-1 CP Noteholder
as it appears on the Series 2019-1 CP Note Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Series 2019-1 CP Noteholders is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Series 2019-1 CP Noteholder shall affect the sufficiency
of such notice with respect to other Series 2019-1 CP Noteholders, and any notice that is mailed in the manner herein provided
shall conclusively be presumed to have been duly given.

 

Where this Indenture
provides for notice in any manner, that notice may be waived in writing by any Person entitled to receive such notice, before the
event, and any such waiver shall be the equivalent of that notice.

 

If because of the suspension
of regular mail service, it is impractical to mail notice of any event to Series 2019-1 CP Noteholders when that notice is required
to be given, then any manner of giving that notice that is satisfactory to the Trustee shall be deemed to be a sufficient giving
of that notice.

 

The Issuer shall give
prompt written notice to each Series 2019-1 CP Noteholder of any of the following occurrences: (a) the appointment of a successor
Trustee and (b) the execution of a supplemental indenture pursuant to Article IX.

 

		Section 10.06	Alternate Payment and Notice Provisions.

 

Notwithstanding any
provision of this Indenture or any of the Series 2019-1 CP Notes to the contrary, the Issuer, with the consent of the Trustee,
may enter into any agreement with any Series 2019-1 CP Noteholder providing for a method of payment, or notice by the Trustee or
any Paying Agent to that Series 2019-1 CP Noteholder, that is different from the methods provided for in this Indenture for payments
or notices. The Issuer will furnish to the Trustee a copy of each such agreement and the Trustee will cause payments to be made
and notices to be given in accordance with those agreements.

 

		Section 10.07	Effect of Headings and Table of Contents.

 

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

 

		Section 10.08	Successors and Assigns.

 

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

 

    54

     

    

 

		Section 10.09	Separability.

 

If any provision in
this Indenture or in the Series 2019-1 CP Notes is invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

		Section 10.10	Benefits of Indenture.

 

Except as set forth
in Section 10.14, nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Series 2019-1 CP Noteholders, any benefit.

 

		Section 10.11	Legal Holidays.

 

In any case where the
date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Series 2019-1 CP
Notes or this Indenture) payment need not be made on that date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any
such nominal date.

 

		Section 10.12	Governing Law.

 

This
Indenture and each Series 2019-1 CP Note shall be construed in accordance with and governed by the laws of the State of New York,
without regard to the conflicts-of-law principles thereof, other than Sections 5-1401 and 5-1402 of the General Obligations
Law, applicable to agreements made and to be performed therein.

 

EACH OF THE ISSUER
AND THE TRUSTEE HEREBY CONSENT TO THE JURISDICTION OF A STATE OR FEDERAL COURT SITUATED IN NEW YORK, NEW YORK IN CONNECTION WITH
ANY SUIT HEREUNDER.

 

EACH OF THE ISSUER
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

		Section 10.13	Counterparts.

 

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

 

    55

     

    

 

		Section 10.14	Issuer Obligation.

 

No recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuer on the Series 2019-1 CP Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) any owner of a membership or other
equity interest in the Issuer or (iii) any manager, partner, owner, beneficiary, agent, officer, director, employee or agent of
the Issuer, or of any holder of a membership or other equity interest in the Issuer.

 

		Section 10.15	No Petition.

 

The Trustee, by entering
into this Indenture, and each Series 2019-1 CP Noteholder, by accepting a Note, hereby covenant that they will not at any time
institute against the Issuer, or join in any institution against the Issuer, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, this Indenture, until at least one year and one day after the payment in full of all
Series 2019-1 CP Notes issued under this Indenture.

 

		Section 10.16	Force Majeure.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

		Section 10.17	Foreign Account Tax Compliance Act (FATCA).

 

In order to comply with applicable tax
laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect
from time to time (“Applicable Law”) a foreign financial institution, issuer, trustee, paying agent, holder or other
institution is or has agreed to be subject to related to the Indenture, the Issuer agrees (i) to provide to The Bank of New York
Mellon sufficient information about holders or other applicable parties and/or transactions (including any modification to the
terms of such transactions) so The Bank of New York Mellon can determine whether it has tax related obligations under Applicable
Law, (ii) that The Bank of New York Mellon shall be entitled to make any withholding or deduction from payments under the Indenture
to the extent necessary to comply with Applicable Law for which The Bank of New York Mellon shall not have any liability, and (iii)
to hold harmless The Bank of New York Mellon for any losses it may suffer due to the actions it takes to comply with such Applicable
Law. The terms of this section shall survive the termination of this Indenture.

 

    56

     

    

  

 

IN WITNESS WHEREOF,
the Issuer and the Trustee have caused this Indenture to be duly executed by their respective officers thereunto duly authorized,
all as of the day and year first above written.

 

	 	HILLTOP SECURITIES INC., as
    Issuer
	 	 
	 	 
	 	By:	 /s/ MICHAEL MARZ
	 	Printed Name: Michael Marz
	 	Title: Vice Chairman
	 	 
	 	THE BANK OF NEW YORK
    MELLON, as Trustee
	 	 
	 	 
	 	By:	/s/ GLENN MCKEEVER
	 	Printed Name: Glenn McKeever
	 	Title: Vice President

 

    57

     

    

 

EXHIBIT A - FORM OF MASTER SERIES 2019-1
CP NOTE

 

HILLTOP SECURITIES INC.

 

SECURED COMMERCIAL PAPER NOTE, SERIES
2019-1

 

THIS MASTER NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS (I) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”),
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, (II) AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF REGULATION
D UNDER THE SECURITIES ACT (“ACCREDITED INVESTOR”), OR (III) A QUALIFIED PURCHASER (“QP”) WITHIN THE MEANING
OF SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER SIMILARLY
QUALIFIED PURCHASERS, PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION, SUBJECT TO THE RECEIPT BY THE INDENTURE TRUSTEE OF A
LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE.

 

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

 

    [Exhibit A]
 

     

    

 

HILLTOP SECURITIES INC.

SECURED COMMERCIAL PAPER NOTE, SERIES
2019-1

 

Date of Issuance: November 22,
2019

 

Hilltop
Securities Inc., a corporation organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal amount of all Series 2019-1
CP Notes Outstanding at the related Maturity Date therefor, which principal amounts and Maturity Dates shall be as identified on
the Issuing Agent’s records (the “Records”), as Custodian for Cede & Co., in accordance with Section 2.14
of the Indenture, plus Interest on each interest bearing Series 2019-1 CP Note on the related Interst Payment Date as set forth
in the Records. The principal of and interest on the Series 2019-1 CP Notes are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer
with respect to each Series 2019-1 CP Note shall be applied first to interest, if any, due and payable on such Series 2019-1 CP
Note and then to the unpaid principal of such Series 2019-1 CP Note.

 

Reference
is made to the further provisions of the Series 2019-1 CP Notes set forth on the reverse hereof, which shall have the same effect
as though fully set forth on the face of this Master Series 2019-1 CP Note.

 

Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
Series 2019-1 CP Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

    [Exhibit A]
 

     

    

 

IN WITNESS
WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Signatory as of the date
set forth below.

 

Date: November ___, 2019

 

	 	HILLTOP
    SECURITIES INC.
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

INDENTURE TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

This is
the Master Series 2019-1 CP Note of Hilltop Securities Inc. designated above and referred to in the within-mentioned Indenture.

 

Date: November ___, 2019

 

	 	THE
    BANK OF NEW YORK MELLON,
	 	not
    in its individual capacity but solely
	 	as
    Indenture Trustee,
	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

    [Exhibit A]
 

     

    

 

[REVERSE OF NOTE]

 

This Master
Series 2019-1 CP Note is being held by the Issuing Agent, as custodian for DTC acting as Depository, and registered in the name
of Cede & Co., a nominee of DTC. This Master Series 2019-1 CP Note represents the Issuer’s obligations under each duly
authorized issue of the Series 2019-1 CP Notes of the Issuer, designated as its Senior Secured Commercial Paper Notes (herein called
the “Series 2019-1 CP Notes”), all issued under an Indenture dated as of November 22, 2019 (such indenture, as supplemented
or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York Mellon, as indenture trustee
(the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), and as Issuing
Agent and Paying Agent, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Series 2019-1 CP Notes.
Each of the Series 2019-1 CP Notes represented by this Master Series 2019-1 CP Note shall be issued pursuant to the procedures
set forth in the Indenture, including an identification in the Issuing Agent’s records of the Issuance Date, the Maturity
Date, the Interest Rate, if any, the Discount, if any, and the CUSIP applied to such Series 2019-1 CP Note. All of the Series 2019-1
CP Notes represented by this Master Note are subject to all terms of the Indenture. All terms used in this Master Series 2019-1
CP Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant
to the Indenture, as so supplemented or amended.

 

As described
above, the entire unpaid principal amount of each Series 2019-1 CP Note represented by this Master Series 2019-1 CP Note shall
be due and payable on related Maturity Date set forth in the Records. Notwithstanding the foregoing, the entire unpaid principal
amount of each Series 2019-1 CP Note shall be due and payable on the date on which an Event of Default shall have occurred and
be continuing and the Indenture Trustee or the Majority Noteholders have declared the Series 2019-1 CP Notes to be immediately
due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Series 2019-1 CP Notes shall
be made pro rata to the Series 2019-1 CP Noteholders entitled thereto.

 

Each Series
2019-1 CP Noteholder or Series 2019-1 CP Note Owner, by acceptance of a Series 2019-1 CP Note or, in the case of a Series 2019-1
CP Note Owner, a beneficial interest in a Series 2019-1 CP Note covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer under the Indenture on the Series 2019-1 CP Notes or under any certificate
or other writing delivered in connection therewith, against the Indenture Trustee.

 

The Series
2019-1 CP Notes will not accrue interest. Instead, the Series 2019-1 CP Notes will be sold at a discount representing an interest
factor with payment of the face amount at maturity.

 

    [Exhibit A]
 

     

    

 

Distributions
on each Series 2019-1 CP Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person
entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee,
by wire transfer of immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register
without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate
facilities therefor.

 

This Master
Series 2019-1 CP Note is a direct an unconditional obligation of the Issuer and is secured equally and ratably by certain collections
and recoveries respecting the Collateral, all as more specifically set forth herein and in the Indenture and the Collateral Account
Control Agreement, dated as of November 22, 2019, between the Indenture Trustee, as Secured Party, The Bank of New York Mellon,
as Securities Intermediary and the Isuuer, as Pledgor. The Series 2019-1 CP Notes are not insured or guaranteed by the Federal
Deposit Insurance Corporation, the Securities Investor Protection Corporation or any other governmental agency.

 

As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Master Series 2019-1 CP Note is registrable
in the Note Register upon surrender of this Master Series 2019-1 CP Note for registration of transfer at the offices or agencies
maintained by the Note Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized
in writing, and thereupon one or more new Series 2019-1 CP Notes in authorized denominations evidencing the same aggregate undivided
Percentage Interest will be issued to the designated transferee or transferees. As of the date any such Series 2019-1 CP Notes
are issued, the obligations which are evidenced thereby shall no longer be evidenced by this Master Note

 

The Series
2019-1 CP Notes are issuable only as registered Series 2019-1 CP Notes. As provided in the Indenture and subject to certain limitations
therein set forth, the Series 2019-1 CP Notes are exchangeable for new Series 2019-1 CP Notes evidencing the same undivided ownership
interest, as requested by the holder surrendering the same.

 

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

 

The Issuer,
the Indenture Trustee, the Issuing Agent, the Paying Agent and the Note Registrar, and any agent of any of the foregoing, may treat
the person in whose name this Series 2019-1 CP Note is registered as the owner hereof for all purposes, and none of the foregoing
shall be affected by notice to the contrary.

 

THIS
MASTER SERIES 2019-1 CP NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

 

    [Exhibit A]
 

     

    

 

The obligations
and responsibilities created by the Indenture shall terminate upon the payment to Series 2019-1 CP Noteholders of all amounts required
to be paid to them pursuant to the Indenture and the disposition of all Collateral held by the Securities Intermediary on behalf
of the Trustee.

 

    [Exhibit A]
 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS
IN THE MASTER NOTE

 

 

 

The following
exchanges of a part of this Master Note for an interest in another Master Note or for an Individual Note, or exchanges of a part
of another Master Note or Individual Note for an interest in this Master Note, have been made:

 

	Date of Exchange	 	Amount of decrease 
in Principal Amount 
of this Master Note	 	Amount of Increase 
in Principal 
Amount of this 
Master Note	 	Principal Amount 
of this Master Note 
following such 
decrease 
(or increase)	 	Signature of 
authorized officer 
of Note Registrar
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    [Exhibit A]
 

     

    

 

ASSIGNMENT

 

 

[Social
Security or taxpayer I.D. or other identifying number of assignee]

 

	 	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto	 

 

                                                                                                                                                                               

 

(name and address of assignee)

 

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints                                             ,
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:   	 	 	 	 	1
	 	 	 	 	Signature Guaranteed

 

 

		1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the
within Note in every particular, without alteration, enlargement or any change whatsoever.

 

    [Exhibit A]
 

     

    

 

EXHIBIT B-1 - FORM OF INSTITUTIONAL QIB/QP
INVESTOR REPRESENTATION LETTER FOR SERIES 2019-1 CP NOTES

 

 

The Bank of New York Mellon

240 Greenwich Street, Floor 7E

New York, New York 10286

Attention:      SPV Admin - Anna Marrone

 

Hilltop Securities Inc.

1201 Elm Street, Suite 3500

Attention: Director of Operations

 

Re: Hilltop Securities Inc. Series 2019-1 CP Notes issued
pursuant to the Indenture, dated as of November 22, 2019, between Hilltop Securities Inc., as Issuer, and The Bank of New York
Mellon, as Indenture Trustee

 

In connection with our initial purchase
of the Series 2019-1 CP Notes, and any future purchases of the Series 2019-1 CP Notes we make while this letter is in effect, the
undersigned (the “Purchaser”) hereby acknowledges, represents to and agrees with Hilltop Securities Inc. (the “Issuer”)
and the Indenture Trustee as follows:

 

(1)       We
understand and acknowledge that the Series 2019-1 CP Notes are being sold in an exempt transaction under the Securities Act of
1933, as amended (the “Act”), pursuant to Section 4(a)(2) thereof and that the Issuer is offering the Series 2019-1
CP Notes only to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act of 1933, as amended)(“QIBs”)
and Qualified Purchasers (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended) (“QPs”).
We represent that we are a QIB and/or QP. “Investments” refers to securities of issuers that are not affiliated with
us, and the amount of Investments referred to above generally refers to the value thereof without regard to the stated or principal
amount.

 

(2)       We
are purchasing the Series 2019-1 CP Notes, and any future purchases of the Series 2019-1 CP Notes covered by this letter will be,
for our own account or for the accounts of one or more QIBs or QPs for which we are acting as a fiduciary or agent, in each case
for investment, and not with a view to, or for offer or sale in connection with any distribution thereof. We will (i) not make
any sale or other transfer of fractional interests in the Series 2019-1 CP Notes to any transferee, and (ii) only make transfers
to QIBs or QPs.

 

(3)       
We acknowledge that the Issuer and the Indenture Trustee and others will rely upon the truth and accuracy of the foregoing
acknowledgements, representations and agreements, in connection with this and any future purchases covered hereby, and agree
that, if any of the acknowledgements, representations or agreements deemed to have been made by our purchase of the Series
2019-1 CP Notes are no longer accurate, we shall promptly notify the addressees; and if we are acquiring any Series 2019-1 CP
Notes as a fiduciary or agent for one or more Persons who qualify as QIBs or QPs, we represent that we have sole investment
discretion with respect to each such Person and that we have full power to make the foregoing acknowledgements,
representations and agreements on behalf of each such Person. Each of the following acknowledgements, representations and
agreements will be deemed to be remade in their entirety for any future purchases we make that are covered by this
letter.

 

    [Exhibit B-1]
 

     

    

 

(4)       We
(i) have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks
(including for tax, legal, regulatory, accounting and other financial purposes) of our prospective investment in the Series 2019-1
CP Notes, (ii) are financially able to bear such risk, (iii) in making such investment are not relying on the advice or recommendations
of the Issuer or any of their respective affiliates (or any representative of any of the foregoing), and represent that none of
such parties or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for us and (iv)
have determined that an investment in the Series 2019-1 CP Notes is suitable and appropriate for us. We have had access to such
financial and other information concerning the Issuer and the Series 2019-1 CP Notes as we have deemed necessary to make our own
independent decision to purchase the Series 2019-1 CP Notes, including the opportunity, at a reasonable time prior to our purchase
of the Series 2019-1 CP Notes, to ask questions and receive answers concerning the Issuer and the terms and conditions of the offering
of the Series 2019-1 CP Notes.

 

(5)       We
understand that there is no trading market for the Series 2019-1 CP Notes and that the Series 2019-1 CP Notes are “restricted
securities” within the meaning of Rule 144(a)(3) under the Act. We further understand that any resale of the Series 2019-1
CP Notes may be made only in compliance with Rule 144A to Qualified Institutional Buyers (within the meaning of Rule 144A under
the Act) (“QIBs”) we will not resell the Series 2019-1 CP Notes to any persons who are not QIB. Accordingly, we are
prepared to hold the Series 2019-1 CP Notes for an indefinite period of time or until the Maturity Date.

 

(6)       The
Series 2019-1 CP Notes were not offered or sold to us by any form of general solicitation or advertising, including but not limited
to:

(a)       any
advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television
or radio; or

(b)       any
seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

(7)       We
understand and agree that in making decisions as to whether to purchase or sell the Series 2019-1 CP Notes, we must rely on our
own examination of the Issuer and the terms of the Series 2019-1 CP Notes and that the Issuer shall not be deemed to make any recommendation
regarding the amounts of any investment in the Series 2019-1 CP Notes or the suitability of an investment in the Series 2019-1
CP Notes by us. We have carefully reviewed the Offering Memorandum, dated as of November 22, 2019, and we acknowledge that (i)
the Issuer of the Series 2019-1 CP Notes is Hilltop Securities Inc., (ii) our registered representative at Hilltop Securities Inc.
in connection with this purchase is an employee of Hilltop Securities Inc., (iii) Hilltop Securities Inc. will compensate our registered
representative with a commission that is determined by reference to the dollar amount of the Series 2019-1 CP Notes we are purchasing
from you and (iv) we are aware that the relationships referred to above pose a potential conflict of interest.

 

    [Exhibit B-1]
 

     

    

 

(8)      
We are the beneficial owner of at least $1,000,000 of the Series 2019-1 CP Notes and hereby request access to the Daily
Collateral Reports pursuant to Section 3.03 of the Indenture and any other notices required under the Indenture to be sent to the
mailing address set forth in the signature page. We agree that any such reports shall be received by us as confidential and will
not be disseminated to any other person or organization.

 

We understand that this letter shall continue
in effect and apply to any purchases of the Series 2019-1 CP Notes that are sold pursuant to the Offering Memorandum, dated as
of November 22, 2019 and that if any of the acknowledgements, representations or agreements deemed to have been made upon each
purchase of the Series 2019-1 CP Notes are no longer accurate, we shall promptly notify the addressees.

 

Capitalized terms used but not defined
herein shall have the meanings assigned to such terms in the Indenture.

 

	Date:                                                        	 	 
		(Name of Purchaser)
	 	 
	By:_________________________________	 
	Printed	 
	Name:______________________________	 
	Title:_______________________________	 
	 	 
	Mailing Address of Purchaser:	 

 

    [Exhibit B-1]
 

     

    

 

EXHIBIT B-2 - FORM OF ACCREDITED INVESTOR
REPRESENTATION LETTER FOR SERIES 2019-1 CP NOTES

 

 

The Bank of New York Mellon

240 Greenwich Street, Floor 7E

New York, New York 10286

Attention:       SPV Admin - Anna Marrone

 

Hilltop Securities Inc.

1201 Elm Street, Suite 3500

Attention: Bill Vogelpohl

 

Re: Hilltop Securities Inc. Series 2019-1 CP Notes issued
pursuant to the Indenture, dated as of November 22, 2019, between Hilltop Securities Inc., as Issuer, and The Bank of New York
Mellon, as Indenture Trustee

 

In connection with our initial purchase
of the Series 2019-1 CP Notes, and any future purchases of the Series 2019-1 CP Notes we make while this letter is in effect, the
undersigned (the “Purchaser”) hereby acknowledges, represents to and agrees with Hilltop Securities Inc. (the “Issuer”)
and the Indenture Trustee as follows:

 

1       The
undersigned understands that the information, representations and warranties contained herein are being furnished in order for
Hilltop Securities Inc., a Delaware corporation (the “Issuer”), to determine the undersigned’s status as an accredited
investor pursuant to Rule 501 of Regulation D promulgated pursuant to the Securities Act of 1933, as amended (the “Act”)
for the purpose of acquiring the Notes. The undersigned understands that the Issuer and the Indenture Trustee will rely on the
accuracy or completeness of the information contained herein for purposes of such determination and agrees to indemnify and hold
the Issuer and the Indenture Trustee harmless from and against all damages, penalties, liabilities, costs, or expenses (including
reasonable attorneys’ fees) arising by reason of or in connection with any misrepresentation by the undersigned herein or
any breach of the undersigned’s representations and warranties herein.

 

2.       The
undersigned hereby represents and warrants to the Issuer that it has sufficient knowledge and experience in financial matters,
business matters and similar investments to be capable of evaluating the merits and risks of an unregistered, speculative, non-liquid,
high-risk investment, such as an investment in the Issuer, or has retained an attorney, accountant, financial advisor or consultant
as my representative for the purposes of evaluating the merits and risks of such an investment in the Issuer. If applicable, the
name, employer, address and telephone number of my representative is attached to this Investor Representation Letter.

 

3.       We
acknowledge that the Issuer and the Indenture Trustee and others will rely upon the truth and accuracy of the foregoing
acknowledgements, representations and agreements, in connection with this and any future purchases covered hereby, and agree
that, if any of the acknowledgements, representations or agreements deemed to have been made by our purchase of the Series
2019-1 CP Notes are no longer accurate, we shall promptly notify the addressees. Each of the following acknowledgements,
representations and agreements will be deemed to be remade in their entirety for any future purchases we make that are
covered by this letter.

 

    [Exhibit B-2]
 

     

    

 

(4)       We
(i) have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks
(including for tax, legal, regulatory, accounting and other financial purposes) of our prospective investment in the Series 2019-1
CP Notes, (ii) are financially able to bear such risk, (iii) in making such investment are not relying on the advice or recommendations
of the Issuer or any of their respective affiliates (or any representative of any of the foregoing), and represent that none of
such parties or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for us and (iv)
have determined that an investment in the Series 2019-1 CP Notes is suitable and appropriate for us. We have had access to such
financial and other information concerning the Issuer and the Series 2019-1 CP Notes as we have deemed necessary to make our own
independent decision to purchase the Series 2019-1 CP Notes, including the opportunity, at a reasonable time prior to our purchase
of the Series 2019-1 CP Notes, to ask questions and receive answers concerning the Issuer and the terms and conditions of the offering
of the Series 2019-1 CP Notes.

 

(5)       We
understand that there is no trading market for the Series 2019-1 CP Notes and that the Series 2019-1 CP Notes are “restricted
securities” within the meaning of Rule 144(a)(3) under the Act. We further understand that any resale of the Series 2019-1
CP Notes may be made only in compliance with Rule 144A to Qualified Institutional Buyers (within the meaning of Rule 144A under
the Act) (“QIBs”) we will not resell the Series 2019-1 CP Notes to any persons who are not QIB. Accordingly, we are
prepared to hold the Series 2019-1 CP Notes for an indefinite period of time or until the Maturity Date.

 

(6)       The
Series 2019-1 CP Notes were not offered or sold to us by any form of general solicitation or advertising, including but not limited
to:

(a)       any
advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television
or radio; or

(b)       any
seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

(7)       We
understand and agree that in making decisions as to whether to purchase or sell the Series 2019-1 CP Notes, we must rely on our
own examination of the Issuer and the terms of the Series 2019-1 CP Notes and that the Issuer shall not be deemed to make any recommendation
regarding the amounts of any investment in the Series 2019-1 CP Notes or the suitability of an investment in the Series 2019-1
CP Notes by us. We have carefully reviewed the Offering Memorandum, dated as of November 22, 2019, and we acknowledge that (i)
the Issuer of the Series 2019-1 CP Notes is Hilltop Securities Inc., (ii) our registered representative at Hilltop Securities Inc.
in connection with this purchase is an employee of Hilltop Securities Inc., (iii) Hilltop Securities Inc. will compensate our registered
representative with a commission that is determined by reference to the dollar amount of the Series 2019-1 CP Notes we are purchasing
from you and (iv) we are aware that the relationships referred to above pose a potential conflict of interest.

 

    [Exhibit B-2]
 

     

    

 

 

8.       The
undersigned hereby represents and warrants to the Issuer and the Indenture Trustee that the undersigned is an accredited investor,
as such term is defined in Rule 501 of Regulation D promulgated pursuant to the Act by reason of qualifying under one or more of
the tests initialed by the undersigned below. Capitalized terms used in this representation letter but not defined herein shall
have the meanings assigned to such terms in the Indenture. Capitalized terms used in the tests below but not defined shall have
the meanings assigned to them in Annex I to this Investor Representation Letter.

 

	______

Initial if Applicable	A.	Any director or Executive Officer of the Issuer;

                                     

	 	 	 
	______

Initial if Applicable	B.	Any natural person whose individual Net Worth, or joint Net Worth with that person’s spouse, at the time of his or her purchase exceeds $1,000,000;

                                     

	______

Initial if Applicable	C.	Any natural person who had an individual Income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same Income level in the current year;

                                     

	______

Initial if Applicable	D.	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership not formed for the specific purpose of acquiring the Interests, with total assets in excess of $5,000,000;

                                     

	______

Initial if Applicable	E.	
        Any trust, with total assets in excess
        of $5,000,000, not formed for the specific impose of acquiring the Interests, whose purchase is directed by a sophisticated person,
        as described in Rule 506(b) of Regulation D of the Act;

         

	______

Initial if Applicable	F.	Any private business development company, as defined in Section 202(a)(22) of the Investment Advisors Act of 1940;
	 	 	 
	______

Initial if Applicable	G.	
        An investment company registered under
        the Investment Company Act of 1940 or a business development company, as defined in Section 2(a)(48) of that act;

         

	______

Initial if Applicable	H.	Any entity in which all of the equity owners are Accredited Investors;
	 	 	 
	______

Initial if Applicable	I.	
        Any employee benefit plan within
the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary (as
defined in Section 3(21) of such Act) which is either a bank, savings and loan association, insurance company or registered investment
advisor, or if such employee benefit plan has total assets of more than $5,000,000, or if such employee benefit plan is a self
directed plan and the investment decisions are made solely by persons that are accredited investors;

 

[Exhibit B-2]

 

    

     

    

 

	______

Initial if Applicable	J.	
        A bank, as defined in Section 3(a)(2) of
        the Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in
        an individual or a fiduciary capacity;

         

	______

Initial if Applicable	K.	A broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended;
	 	 	 
	______

Initial if Applicable	L.	An insurance company, as defined in Section 2(13) of the Act; and
	 	 	 
	______

Initial if Applicable	M.	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

(Signature page follows)

 

[Exhibit B-2]

 

    

     

    

 

IN WITNESS WHEREOF,
the undersigned hereby executes this Investor Representation Letter as of the _____ day of __________, 2019.

 

	 	By:  	 
	 	 	Name:
	 	 	Title:

 

NAME OF INVESTOR REPRESENTATIVE

(IF APPLICABLE):

 

	 	 
	ORGANIZATION:	 	 
	ADDRESS:	 
	 	 
	 	 
	 	 
	PHONE:	 	 
	EMAIL:	 	 

 

Signature Page to Accredited Investor Representation Letter
of Hilltop Securities Inc.

 

    

     

    

 

ANNEX I TO EXHIBIT B-2

DEFINITIONS

 

"Executive Officer"
means the president; any vice president in charge of a principal business unit, division or function, such as sales, administration
or finance; or any other person or persons who perform(s) similar policymaking functions for the company.

 

"Income" means
annual adjusted gross income, as reported for federal income tax purposes, plus (i) the amount of any tax-exempt interest
income received; (ii) the amount of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for
depletion; (iv) amounts contributed to an IRA or Keogh retirement plan; and (vi) any gains excluded from the calculation of adjusted
gross income pursuant to the Internal Revenue Code of 1986, as amended.

 

"Net Worth" means
the excess of total assets at fair market value (including personal and real property, but excluding the estimated fair market
value of a person's primary home) over total liabilities. Total Liabilities excludes any mortgage on the primary home of an individual
in an amount of up to the home's estimated fair market value as long as the mortgage was incurred more than 60 days before the
Interests are purchased, but includes (i) any mortgage amount in excess of the home's fair market value and (ii) any mortgage amount
that was borrowed during the 60-day period before the closing date for the sale of Interest for the purpose of investing in the
Interests.

 

[Annex I to Exhibit B-2]

 

    

     

    

 

EXHIBIT C - FORM OF NOTICE OF EXCLUSIVE
CONTROL

 

 

The Bank of New York Mellon

240 Greenwich Street, Floor 7E

New York, New York 10286

Attention:   Broker Dealer Services

 

Re: Hilltop Securities Inc. Series 2019-1
CP Notes

 

We hereby instruct
you pursuant to Section 5.04 (a) of the Indenture, dated as of November 22, 2019 (as supplemented or amended, the “Indenture”),
between Hilltop Securities Inc., as Issuer, and The Bank of New York Mellon, as indenture trustee, and Article III, Section 5 of
the Collateral Account Control Agreement, dated as of November 22, 2019 (as supplemented or amended, the “Control Agreement”)
among the undersigned, as Securities Intermediary and Secured Party and Hilltop Securities Inc., as Pledgor, that (i) an uncured
Event of Default has occurred and is continuing under Section 5.01 of the Indenture, (ii) you (A) shall not follow any instructions
or entitlement orders of Pledgor with respect to the Collateral or the Collateral Account held by you for Pledgor, and (B) unless
and until otherwise expressly instructed by the undersigned, shall exclusively follow the entitlement orders and instructions of
the undersigned with respect to the Collateral or the Collateral Account.

 

Very truly yours,

 

The Bank of New York Mellon, not in its individual

capacity but solely as Indenture Trustee

 

	By:  	                  	                                                                        
	Authorized Signatory	 

 

[Exhibit C]

 

    

     

    

 

EXHIBIT D - FORM OF ISSUANCE NOTICE

 

 

The Bank of New York Mellon

240 Greenwich Street, Floor 7E

New York, New York 10286

Attention:      SPV Admin - Anna Marrone

 

Re: Hilltop Securities Inc., Series 2019-1
CP Notes $300,000,000

 

The undersigned, an
Authorized Representative of Hilltop Securities Inc., does hereby request The Bank of New York Mellon, as Issuing Agent under the
Indenture, dated as of November 22, 2019 (as supplemented or amended, the “Indenture”), between Hilltop Securities
Inc., as Issuer, and The Bank of New York Mellon, as Indenture Trustee, Issuing Agent and Paying Agent, to issue pursuant to Section
2.14 of the Indenture, Series 2019-1 CP Notes as follows:

 

Unless otherwise defined
herein, capitalized terms used in this request shall have the meanings assigned to them in the Indenture and the Collateral Account
Control Agreement, dated as of November 22, 2019, by and between the Issuer, as Pledgor, and The Bank of New York Mellon, as Securities
Intermediary and the Indenture Trustee, as Secured Party.

 

Date of Issuance: __________________

 

Type of Transaction:

(should specify either Free Delivery or Delivery vs. Payment)

 

DTC Participant#

 

Type of Series 2019-1 CP Note :

 

For Discount:

 

	Maturity Date	 	Principal

 Amount	 	Discount

 Rate
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

You are requested to increase the principal
amount of the Series 2019-1 CP Notes Outstanding on your Master Series 2019-1 CP Note Records to the aggregate principal amount
of $________________.

 

[Exhibit D]

 

    

     

    

 

Pursuant to Section 2.14 of the Indenture,
the undersigned hereby certifies that:

 

(i)                
After the issuance of the Series 2019-1 CP Notes as hereby requested, and the retirement of any Series 2019-1 CP Notes maturing
concurrently with the issuance requested hereunder, the aggregate principal amount of the Series 2019-1 CP Notes will not exceed
$300,000,000;

 

(ii)             
The term to Maturity of the Series 2019-1 CP Notes as hereby requested is not less than 14 days and does not exceed 270
days;

 

(iii)           
To the actual knowledge of the Issuer, no Event of Default has occurred and is now continuing;

 

(iv)            
Each representation, warranty and covenant of the Issuer contained in the Indenture is satisfied as of the date hereof,
and

 

(v)              
After the issuance of the Series 2019-1 CP Notes as hereby requested, and the retirement of any Series 2019-1 CP Notes maturing
concurrently with the issuance requested hereunder, there is no Margin Value Deficiency (i.e., the aggregate Series 2019-1 CP Note
Principal Outstanding immediately after the requested issuance shall not exceed the Margin Value).

 

	Dated:  	     	 

 

Hilltop Securities Inc.

 

	By:  	                     	 
	Authorized Representative	 

 

[Exhibit D]

 

    

     

    

 

EXHIBIT E - FORM OF DAILY COLLATERAL
REPORT

 

Intentionally Omitted

 

[Exhibit E]

 

    

     

    

 

EXHIBIT F - FORM OF COLLATERAL ACCOUNT
CONTROL AGREEMENT

 

Intentionally Omitted

 

[Exhibit F]

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