Document:

Document

Exhibit 4.8

COLONY BANKCORP, INC.
SUBORDINATED INDENTURE
DATED AS OF                  , 20   
WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE
 

TABLE OF CONTENTS
Page Number

						
	Article I    DEFINITIONS AND INCORPORATION BY REFERENCE
	1

	Section 1.1    Definitions
	1

	Section 1.2    Other Definitions
	5

	Section 1.3    Incorporation by Reference of Trust Indenture Act
	5

	Section 1.4    Rules of Construction
	6

	Article II    THE SECURITIES
	6

	Section 2.1    Issuable in Series
	6

	Section 2.2    Establishment of Terms of Series of Securities
	6

	Section 2.3    Execution and Authentication
	8

	Section 2.4    Registrar and Paying Agent
	9
	Section 2.5    Paying Agent to Hold Money in Trust
	10
	Section 2.6    Securityholder Lists
	10
	Section 2.7    Transfer and Exchange
	10
	Section 2.8    Mutilated, Destroyed, Lost and Stolen Securities
	11
	Section 2.9    Outstanding Securities
	11
	Section 2.10    Treasury Securities
	12
	Section 2.11    Temporary Securities
	12
	Section 2.12    Cancellation
	12
	Section 2.13    Defaulted Interest
	12
	Section 2.14    Global Securities
	12
	Section 2.15    CUSIP Numbers
	14
	Article III    REDEMPTION
	14
	Section 3.1    Notice to Trustee
	14
	Section 3.2    Selection of Securities to be Redeemed
	14
	Section 3.3    Notice of Redemption
	15
	Section 3.4    Effect of Notice of Redemption
	15
	Section 3.5    Deposit of Redemption Price
	15
	Section 3.6    Securities Redeemed in Part
	16
	Article IV    COVENANTS
	16
	Section 4.1    Payment of Principal and Interest
	16
	Section 4.2    SEC Reports
	16
	Section 4.3    Compliance Certificate
	16
	Section 4.4    Stay, Extension and Usury Laws
	16
	Section 4.5    Corporate Existence
	17
	Section 4.6    Taxes
	17
	Article V    SUCCESSORS
	17
	Section 5.1    When Company May Merge, Etc
	17
	Section 5.2    Successor Corporation Substituted
	17
	Article VI    DEFAULTS AND REMEDIES
	17
	Section 6.1    Events of Default
	17
	Section 6.2    Acceleration of Maturity; Rescission and Annulment
	19

	Section 6.3    Collection of Indebtedness and Suits for Enforcement by Trustee
	19

i

						
	Section 6.4    Trustee may File Proofs of Claim
	20

	Section 6.5    Trustee may Enforce Claims Without Possession of Securities
	20

	Section 6.6    Application of Money Collected
	20

	Section 6.7    Limitation on Suits
	21

	Section 6.8    Unconditional Right of Holders to Receive Principal and Interest
	21

	Section 6.9    Restoration of Rights and Remedies
	21

	Section 6.10    Rights and Remedies Cumulative
	22

	Section 6.11    Delay or Omission Not Waiver
	22

	Section 6.12    Control by Holders
	22

	Section 6.13    Waiver of Past Defaults
	22

	Section 6.14    Undertaking for Costs
	23

	Article VII    TRUSTEE
	23

	Section 7.1    Duties of Trustee
	23

	Section 7.2    Rights of Trustee
	24

	Section 7.3    Individual Rights of Trustee
	26

	Section 7.4    Trustee’s Disclaimer
	26

	Section 7.5    Notice of Defaults
	26

	Section 7.6    Reports by Trustee to Holders
	27

	Section 7.7    Compensation and Indemnity
	27

	Section 7.8    Replacement of Trustee
	27

	Section 7.9    Successor Trustee by Merger, Etc
	28

	Section 7.10    Eligibility; Disqualification
	28

	Section 7.11    Referential Collection of Claims Against Company
	29

	Article VIII    SATISFACTION AND DISCHARGE; DEFEASANCE
	29

	Section 8.1    Satisfaction and Discharge of Indenture
	29

	Section 8.2    Application of Trust Funds; Indemnification
	30

	Section 8.3    Legal Defeasance of Securities of any Series
	30

	Section 8.4    Covenant Defeasance
	31

	Section 8.5    Repayment to Company
	32

	Article IX    AMENDMENTS AND WAIVERS
	33

	Section 9.1    Without Consent of Holders
	33

	Section 9.2    With Consent of Holders
	34

	Section 9.3    Limitations
	34

	Section 9.4    Compliance with Trust Indenture Act
	35

	Section 9.5    Revocation and Effect of Consents
	35

	Section 9.6    Notation on or Exchange of Securities
	35

	Section 9.7    Trustee Protected
	35

	Article X    MISCELLANEOUS
	35

	Section 10.1    Trust Indenture Act Controls
	35

	Section 10.2    Notices
	35

	Section 10.3    Communication by Holders with Other Holders
	36

	Section 10.4    Certificate and Opinion as to Conditions Precedent
	36

	Section 10.5    Statements Required in Certificate or Opinion
	37

	Section 10.6    Rules by Trustee and Agents
	37

	Section 10.7    Legal Holidays
	37

ii

						
	Section 10.8    No Recourse Against Others
	37

	Section 10.9    Counterparts
	37

	Section 10.10    Governing Laws; Waiver of Jury Trial; Jurisdiction
	37

	Section 10.11    No Adverse Interpretation of Other Agreements
	38

	Section 10.12    Successors
	38

	Section 10.13    Severability
	38

	Section 10.14    Table of Contents, Headings, Etc
	38

	Article XI    SINKING FUNDS
	38

	Section 11.1    Applicability of Article
	38

	Section 11.2    Satisfaction of Sinking Fund Payments with Securities
	38

	Section 11.3    Redemption of Securities for Sinking Fund
	39

	Article XII    SUBORDINATION OF SECURITIES
	39

	Section 12.1    Agreement of Subordination
	39

	Section 12.2    Payments to Holders
	40

	Section 12.3    Subrogation of Securities
	42

	Section 12.4    Authorization to Effect Subordination
	43

	Section 12.5    Notice to Trustee
	43

	Section 12.6    Trustee’s Relation to Senior Indebtedness
	44

	Section 12.7    No Impairment of Subordination
	44

	Section 12.8    Article Applicable to Paying Agents
	44

	Section 12.9    Senior Indebtedness Entitled to Rely
	44

iii

CROSS REFERENCE TABLE 															
	Trust Indenture				Indenture
	Act Section				Section
	Section 310		(a)(1)		7.1
			(a)(2)		7.1
			(a)(3)		N/A
			(a)(4)		N/A
			(a)(5)		7.1
			(b)		7.1
	Section 311		(a)		7.11
			(b)		7.11
			(c)		N/A
	Section 312		(a)		2.6
			(b)		10.3
			(c)		10.3
	Section 313		(a)		7.6
			(b)(1)		7.6
			(b)(2)		7.6
			(c)(1)		7.6
			(d)		7.6
	Section 314		(a)		4.2, 10.5
			(b)		N/A
			(c)(1)		10.4
			(c)(2)		10.4
			(c)(3)		N/A
			(d)		N/A
			(e)		10.5
			(f)		N/A
	Section 315		(a)		7.1
			(b)		7.5
			(c)		7.1
			(d)		7.1
			(e)		6.14
	Section 316		(a)		2.1
			(a)(1)(A)		6.12
			(a)(1)(B)		6.13
			(b)		6.8
	Section 317		(a)(1)		6.3
			(a)(2)		6.4
			(b)		2.5
	Section 318		(a)		10.1

* This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.
iv

This SUBORDINATED INDENTURE, dated as of            , 20      is made by and between COLONY BANKCORP, INC., a Georgia corporation (the “Company”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee (the “Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture:
Article I
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1Definitions.
“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.
“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar, Paying Agent or Service Agent.
“Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
“Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday, a legal holiday or any other day on which banking institutions in the City of New York, New York, any Place of Payment, or the city in which the Corporate Trust Office is located, are authorized or required by law, regulation or executive order to close.
“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.
“Company” means the party named as such above until a successor replaces it and thereafter means the successor.
“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.

“Company Request” means a written request signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer. 
“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, DE 19890, Attention: Colony Bankcorp, Inc. Administrator, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).
“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.
“Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.
“Designated Senior Indebtedness” means any of the Company’s Senior Indebtedness that expressly provides that it is “designated senior indebtedness” for purposes of this Indenture (provided that the instrument, agreement or other document creating or evidencing such Senior Indebtedness may place limitations and conditions on the right of such Senior Indebtedness to exercise the rights of Designated Senior Indebtedness).
“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.2.
“Dollars” and “$” means the currency of the United States of America. “Exchange Act” means the Securities Exchange Act of 1934, as amended.
“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination.
“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.
“Holder” or “Securityholder” means a person in whose name a Security is registered.
“Indebtedness” means, with respect to any person, and without duplication, (a) all indebtedness, obligations and other liabilities (contingent or otherwise) of such person for borrowed money (including obligations of the Company in respect of overdrafts, foreign exchange contracts, currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, whether or not evidenced by notes or similar instruments) or evidenced by bonds, debentures, notes or similar 
2

instruments (whether or not the recourse of the lender is to the whole of the assets of such person or to only a portion thereof) (other than any account payable or other accrued current liability or obligation incurred in the ordinary course of business in connection with the obtaining of materials or services), (b) all reimbursement obligations and other liabilities (contingent or otherwise) of such person with respect to letters of credit, bank guarantees or bankers’ acceptances, (c) all obligations and liabilities (contingent or otherwise) in respect of leases of such person required, in conformity with generally accepted accounting principles, to be accounted for as capitalized lease obligations on the balance sheet of such person and all obligations and other liabilities (contingent or otherwise) under any lease or related document (including a purchase agreement) in connection with the lease of real property which provides that such person is contractually obligated to purchase or cause a third party to purchase the leased property and thereby guarantee a minimum residual value of the leased property to the lessor and the obligations of such person under such lease or related document to purchase or to cause a third party to purchase such leased property, (d) all obligations of such person (contingent or otherwise) with respect to an interest rate or other swap, cap or collar agreement or other similar instrument or agreement or foreign currency hedge, exchange, purchase or similar instrument or agreement, (e) all direct or indirect guaranties or similar agreements by such person in respect of, and obligations or liabilities (contingent or otherwise) of such person to purchase or otherwise acquire or otherwise assure a creditor against loss in respect of indebtedness, obligations or liabilities of another person of the kind described in clauses (a) through (d), (f) any indebtedness or other obligations described in clauses (a) through (e) secured by any mortgage, pledge, lien or other encumbrance existing on property which is owned or held by such person, regardless of whether the indebtedness or other obligation secured thereby shall have been assumed by such person and (g) any and all refinancings, replacements, deferrals, renewals, extensions and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability of the kind described in clauses (a) through (f).
“Indenture” means this Subordinated Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Maturity,” when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, or otherwise.
“Officer” means the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.
“Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.
“Opinion of Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company or outside counsel designated by the Company, rendered, if applicable, in accordance with Section 314(c) of the Trust Indenture Act.
3

“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“Place of Payment”, when used with respect to the Securities of or within any Series, means the place or places where the principal of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.
“principal” or “principal amount” of a Security means the principal amount of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Representative” means the (a) indenture trustee or other trustee, agent or representative for any Senior Indebtedness or (b) with respect to any Senior Indebtedness that does not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness issued pursuant to an agreement providing for voting arrangements as among the holders or owners of such Senior Indebtedness, any holder or owner of such Senior Indebtedness acting with the consent of the required persons necessary to bind such holders or owners of such Senior Indebtedness and (ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior Indebtedness.
“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject, in each case, who has direct responsibility for the administration of this Indenture.
“SEC” means the Securities and Exchange Commission.
“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Senior Indebtedness” means the principal, premium, if any, interest, including any interest accruing after bankruptcy, Additional Amounts, if any, and rent or termination payment on or other amounts due on the Company’s current or future Indebtedness, whether created, incurred, assumed, guaranteed or in effect guaranteed by the Company, including any deferrals, renewals, extensions, refundings, amendments, modifications or supplements to the above.  However, Senior Indebtedness does not include: (i) Indebtedness that expressly provides that it shall not be senior in right of payment to the Securities or expressly provides that it is on the same basis or junior in right of payment to the Securities; (ii) the Company’s Indebtedness to any of the Company’s Subsidiaries; and (iii) the Securities.
“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2.
“Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.
“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.
4

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.
“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations” means securities which are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and which in the case of clauses (a) and (b) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.
Section 1.2Other Definitions.
									
	Term		Defined in Section
	“Bankruptcy Law”		6.1
	“Custodian”		6.1
	“Event of Default”		6.1
	“Legal Holiday”		10.7
	“mandatory sinking fund payment”		11.1
	“optional sinking fund payment”		11.1
	“Paying Agent”		2.4
	“Payment Blockage Notice”		12.2
	“Registrar”		2.4
	“Service Agent”		2.4
	“successor person”		5.1

Section 1.3Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:
“Commission” means the SEC.
“indenture securities” means the Securities.
“indenture security holder” means a Securityholder.
5

“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Trustee.
“obligor” on the indenture securities means the Company and any successor obligor upon the Securities.
All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.
Section 1.4Rules of Construction.  Unless the context otherwise requires:
(a)a term has the meaning assigned to it;
(b)an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles;
(c)references to “generally accepted accounting principles” and “GAAP” shall mean generally accepted accounting principles, consistently applied, in effect as of the time when and for the period as to which such accounting principles are to be applied;
(d)“or” is not exclusive;
(e)words in the singular include the plural, and in the plural include the singular; and
(f)provisions apply to successive events and transactions.
Article II
THE SECURITIES
Section 2.1Issuable in Series.  The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series.  All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.  In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters; provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture, but all Securities issued hereunder shall be subordinate and junior in right of payment, to the extent and in the manner set forth in Article XII, to all Senior Indebtedness of the Company.
Section 2.2Establishment of Terms of Series of Securities.  At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Section 2.2(a) and either as to such Securities within the Series or as to the Series generally, in the case of Sections 2.2(b) through 2.2(q)) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officers’ Certificate:
6

(a)the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);
(b)the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;
(c)any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);
(d)the date or dates on which the principal of the Securities of the Series is payable;
(e)the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;
(f)the Place of Payment where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other means;
(g)if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;
(h)the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(i)the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;
(j)if other than minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof, the denominations in which the Securities of the Series shall be issuable;
(k)the forms of the Securities of the Series (which shall be in fully registered form) and whether the Securities will be issuable as Global Securities;
(l)if other than the entire principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;
7

(m)the provisions, if any, relating to any lien, security or encumbrance provided for the Securities of the Series;
(n)any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;
(o)any addition to or change in the covenants set forth in Article IV or V which applies to Securities of the Series;
(p)any other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar as it applies to such Series); and
(q)any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein.
All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.
Section 2.3Execution and Authentication.
Two Officers shall sign the Securities for the Company by manual, facsimile signature, or electronic signature. Unless otherwise provided herein or in any other Securities, the words “execute”, “execution”, “signed”, and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any other Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee. 
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.  Such a signature shall be conclusive evidence that the Security has been authenticated under this Indenture.
The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.  Such Company Order may authorize 
8

authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.  Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.
The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.
Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.
The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the issuance of such Securities will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.
Section 2.4Registrar and Paying Agent.  The Company shall maintain, with respect to each Series of Securities, at the Place of Payment specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (the “Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (the “Registrar”) and where notices and demands (other than service of process) to or upon the Company in respect of the Securities of such Series and this Indenture may be served (the “Service Agent”).  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent.  If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands (other than any service of process).
The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of 
9

any such co-registrar, additional paying agent or additional service agent.  The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any additional service agent.
The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.
Section 2.5Paying Agent to Hold Money in Trust.  The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.  If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.
Section 2.6Securityholder Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee at such times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities; provided that no such list need be furnished by the Company to the Trustee so long as the Trustee is acting as Registrar. The Trustee may destroy any list furnished to it as provided in Section 2.6 upon receipt of a new list so furnished. 
Section 2.7Transfer and Exchange.  Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.  No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6 or 9.6).
Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business 15 days immediately preceding the date a notice of redemption of Securities of that Series selected for redemption is given and ending at the close of business on the day of such notice, (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part, or (c) to register the transfer of or exchange Securities of any Series between a record date and the relevant payment date.
10

Section 2.8Mutilated, Destroyed, Lost and Stolen Securities.  If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or satisfactory indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of written notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and, upon receipt of a Company Order, the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 2.9Outstanding Securities.  The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.
If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a protected purchaser.
If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue (to the extent of the Maturity of such Security if less than the entire principal amount is due and payable on such date of Maturity).
A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.
In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the 
11

principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.
Section 2.10Treasury Securities.  In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.
Section 2.11Temporary Securities.  Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon receipt of a Company Order.  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt of a Company Order, shall authenticate definitive Securities of the same Series and Stated Maturity in exchange for temporary Securities.  Until so exchanged, temporary Securities shall have the same rights under this Indenture as the definitive Securities.
Section 2.12Cancellation.  All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee.  The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee.  If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation.  No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.  Cancelled Securities and coupons held by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures.  The Company by Company Order may direct the Trustee to deliver a certificate of such destruction to the Company.
Section 2.13Defaulted Interest.  If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date.  The Company shall fix the special record date and payment date.  At least 10 days before the special record date, the Company shall give to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.
Section 2.14Global Securities.
(a)Terms of Securities.  A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in 
12

part in the form of one or more Global Securities and the Depository for such Global Security or Securities.
(b)Transfer and Exchange.  Notwithstanding any provisions to the contrary contained in Section 2.7 and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 for Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.
Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.
(c)Legend.  Any Global Security issued hereunder shall bear a legend in substantially the following form:
“This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee of the Depository.  This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”
(d)Acts of Holders.  The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture.
(e)Payments.  Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.
(f)Consents, Declaration and Directions.  Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall 
13

be specified in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.
Section 2.15CUSIP Numbers.  The Company in issuing the Securities 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 Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
Article III
REDEMPTION
Section 3.1Notice to Trustee.  The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed.  The Company shall give the foregoing notice at least 45 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).
Section 3.2Selection of Securities to be Redeemed.  Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of any Series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 45 days prior to the redemption date by the Trustee, from the Outstanding Securities of such Series issued on such date with the same terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, and, in the case of Global Securities, the particular Securities to be redeemed shall be selected in accordance with the procedures of the Depository; provided that such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed (and the Company shall notify the Trustee of any such listing), and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that Series or any integral multiple thereof) of the principal amount of Securities of such Series of a denomination larger than the minimum authorized denomination for Securities of that Series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such Series.
The Trustee shall promptly notify the Company and the Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.
14

Notwithstanding the foregoing, if any Security to be redeemed is a Global Security then any partial redemption of that Series of Securities will be made in accordance with the Depository’s applicable procedures among all Holders of such Series of Securities.
Section 3.3Notice of Redemption.  Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall give a notice of redemption in accordance with Section 10.2 to each Holder whose Securities are to be redeemed.
The notice shall identify the Securities of the Series to be redeemed and shall state:
(a)the redemption date;
(b)the redemption price and accrued interest, if any, to the redemption date payable as provided;
(c)the name and address of the Paying Agent;
(d)that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(e)that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;
(f)the CUSIP number, if any;
(g)any conditions precedent that must be satisfied prior to the redemption; and
(h)any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.
At the Company’s request given at least five Business Days prior to the date such notice is to be given to Holders accompanied by the form of notice of redemption, the Trustee shall give the notice of redemption to the Holders of the Securities to be redeemed in the Company’s name and at its expense.
Section 3.4Effect of Notice of Redemption.  Once notice of redemption is given as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price, subject to, with respect to any redemption that is conditioned upon the satisfaction of any conditions precedent, (i) the delay of such redemption date until such time as any or all of such conditions precedent have been satisfied or (ii) the revocation of such redemption if the Company determines that such conditions precedent will not be satisfied.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to, but excluding, the redemption date; provided that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture.
Section 3.5Deposit of Redemption Price.  On or before 11:00 A.M. New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.
15

Section 3.6Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.
Article IV
COVENANTS
Section 4.1Payment of Principal and Interest.  The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.
Section 4.2SEC Reports.  The Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company also shall comply with the other provisions of TIA Section 314(a).  Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate). The Trustee shall have no duty to monitor or confirm, on a continuing basis or otherwise, whether any financial information has been filed with the SEC or posted on the EDGAR system (or any successor electronic delivery procedure) or any website or whether the Company has delivered the reports described under this Section 4.2 or otherwise complied with its obligations under this Section 4.2.
Section 4.3Compliance Certificate.  The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge).
The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.
Section 4.4Stay, Extension and Usury Laws.  The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, 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 has been enacted.
16

Section 4.5Corporate Existence.  Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory), licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right, license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.
Section 4.6Taxes.  The Company shall pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings.
Article V
SUCCESSORS
Section 5.1When Company May Merge, Etc.  The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”), nor shall the Company permit any other person to consolidate with or merge into it or convey, transfer or lease all or substantially all of its properties and assets to it, in either case unless:
(a)the Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and
(b)immediately after giving effect to the transaction, and treating any indebtedness that becomes the obligation of the Company or any of its Subsidiaries as having been incurred at the effective date of such transaction no Default or Event of Default shall have occurred and be continuing.
The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.
Section 5.2Successor Corporation Substituted.  Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Securities with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.
Article VI
DEFAULTS AND REMEDIES
Section 6.1Events of Default.  “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board 
17

Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:
(a)default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days);
(b)default in the payment of principal of any Security of that Series at its Maturity;
(c)default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series;
(d)default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section 6.1 and other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default or breach continues uncured or unwaived in accordance with the provisions of this Indenture for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25.0% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
(e)the Company pursuant to or within the meaning of any Bankruptcy Law:
i.commences a voluntary case,
ii.consents to the entry of an order for relief against it in an involuntary case,
iii.consents to the appointment of a Custodian of it or for all or substantially all of its property,
iv.makes a general assignment for the benefit of its creditors, or
v.generally is unable to pay its debts as the same become due; or
(f)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
i.is for relief against the Company in an involuntary case,
ii.appoints a Custodian of the Company or for all or substantially all of its property, or
iii.orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or
18

(g)any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(n).
The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
Section 6.2Acceleration of Maturity; Rescission and Annulment.  Except to the extent provided otherwise in the establishing Board Resolution, supplemental indenture or Officers’ Certificate for such Series, if an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or 6.1(f)), then in every such case the Trustee or the Holders of not less than 25.0% in aggregate principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or portion thereof) and accrued and unpaid interest, if any, shall become immediately due and payable.  If an Event of Default specified in Section 6.1(e) or 6.1(f) shall occur, the principal amount (or portion thereof) of and accrued and unpaid interest, if any, on all outstanding Securities shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.
No such rescission shall affect any subsequent Default or impair any right consequent thereon.
Section 6.3Collection of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that if:
(a)default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days,
(b)default is made in the payment of principal of any Security at the Maturity thereof, or
(c)default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,
then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
19

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
Section 6.4Trustee may File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.5Trustee may Enforce Claims Without Possession of Securities.  All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and 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 Holders of the Securities in respect of which such judgment has been recovered.
Section 6.6Application of Money Collected.  Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case 
20

of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
First: To the payment of all amounts due the Trustee under Section 7.7; and
Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and
Third: To the Company.
Section 6.7Limitation on Suits.  No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(a)such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;
(b)the Holders of not less than 25.0% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(c)such Holder or Holders have offered to the Trustee indemnity or security satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;
(d)the Trustee for 60 days after its receipt of such notice, request and offer of indemnity or security has failed to institute any such proceeding; and
(e)no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.
Section 6.8Unconditional Right of Holders to Receive Principal and Interest.  Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
Section 6.9Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the 
21

Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 6.10Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 6.11Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section 6.12Control by Holders.  The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series; provided that:
(a)the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that such direction shall be in conflict with any rule of law or with this Indenture;
(b)the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and
(c)the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified, or is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 
Section 6.13Waiver of Past Defaults.  The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default (a) in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration) or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each outstanding Security of such Series affected.  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be 
22

deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
Section 6.14Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, 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, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).
Article VII
TRUSTEE
Section 7.1Duties of Trustee.
(a)If an Event of Default has occurred and is continuing, the Trustee shall 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 such person’s own affairs.
(b)Except during the continuance of an Event of Default:
i.the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee, and
ii.the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.
(c)The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
i.this paragraph does not limit the effect of paragraph (b) of this Section.
ii.the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and
23

iii.the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.
(d)Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section.
(e)The Trustee may refuse to perform any duty or exercise any right or power at the request or direction of any Holder or Holders pursuant to this Indenture, unless such Holder or Holders shall have offered and, if requested, provided to the Trustee security or indemnity satisfactory to the Trustee in its sole and absolute discretion against any costs, losses, liabilities and expenses which might be incurred by it in compliance with such request or direction. 
(f)The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(g)No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or satisfactory indemnity against such risk is not assured to it.
(h)The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (b) and (c) of this Section with respect to the Trustee.
(i)The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers. 
(j)The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture. 
(k)The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 
Section 7.2Rights of Trustee.
(a)The Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained therein.  The Trustee need not investigate any fact or matter stated in the document.
24

(b)Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate, an Opinion of Counsel, or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate and/or Opinion of Counsel.
(c)The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.  No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.
(d)The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute negligence or willful misconduct.
(e)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered and, if requested, provided to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
(f)The Trustee may consult with counsel of its selection and the advice of such 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 hereunder without negligence and in good faith and in reliance thereon.
(g)The Trustee may conclusively rely upon and shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.
(h)The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.
(i)Delivery of reports, information and documents (including, without limitation, reports contemplated in this Section) to the Trustee is for information purposes only, and the Trustee’s receipts thereof shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with covenants under this Indenture, Securities, and guarantees (if any), as to which the Trustee is entitled to rely exclusively on Officers’ Certificates.
(j)The Trustee shall have no responsibility for monitoring the Company’s compliance with any of its covenants under this Indenture.
(k)The Trustee shall not be responsible or liable for punitive, special, indirect, incidental, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss 
25

of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of actions.
(l)Any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture shall not be construed as a duty.
(m)The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; terrorism; wars; civil or military disturbances; sabotage; epidemics; pandemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authorities and governmental action or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
(n)The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of any Series, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.
Section 7.3Individual Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.10 and 7.11.
Section 7.4Trustee’s Disclaimer.  The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and all persons, including without limitation the Holders of Securities and the Company having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. 
Section 7.5Notice of Defaults.  If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that Series.
26

Section 7.6Reports by Trustee to Holders.  Within 60 days after              in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar a brief report dated as of such            , in accordance with, and to the extent required under, TIA Section 313.
A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange, if any, on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.
Section 7.7Compensation and Indemnity.  The Company shall pay to the Trustee from time to time compensation for its services hereunder as the Company and the Trustee shall from time to time agree upon in writing.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it in connection with the performance of its duties under this Indenture.  Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
The Company shall indemnify each of the Trustee and any predecessor Trustee for and hold it harmless (including the cost of defending itself) against any and all loss, liability, claim, suit or expense (including attorneys’ fees and expenses, and including other than taxes based upon, measured by or determined by the income of the Trustee), including without limitation the costs and expenses of defending itself against any third-party claim (whether asserted by any Holder or any other person), without negligence or willful misconduct, as finally determined by a court of competent jurisdiction, arising out of or in connection with its acceptance or administration of the trust or trusts hereunder, including the performance of its duties  or the exercise of its powers hereunder and including the enforcement of this Indenture (including, without limitation, this Section 7.7). With respect to any such claim other than a claim brought by the Company, (i) the Trustee shall notify the Company promptly of any claim for which it may seek indemnity, (ii) the Company may at its option defend the claim, in which event the Trustee shall cooperate in the defense and the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel and (iii) the Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.  This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.
To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or 6.1(f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.
The provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture.
Section 7.8Replacement of Trustee.  A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.  The Holders of a majority in 
27

principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.  The Company may remove the Trustee with respect to Securities of one or more Series if:
(a)the Trustee fails to comply with Section 7.10;
(b)the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(c)a Custodian or public officer takes charge of the Trustee or its property; or
(d)the Trustee becomes incapable of acting.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.
If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the outstanding Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, 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 with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall give a notice of its succession to each Securityholder of each such Series in accordance with Section 10.2.  Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.
Section 7.9Successor Trustee by Merger, Etc.  Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to or acquiring all or substantially all the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided such corporation shall be  otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not  delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to, or by  succession to or acquisition of all or substantially all of the corporate trust business of, such successor Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
Section 7.10Eligibility; Disqualification.  This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5).  The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA Section 310(b).
28

Section 7.11Referential Collection of Claims Against Company.  The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.
Article VIII
SATISFACTION AND DISCHARGE; DEFEASANCE
Section 8.1Satisfaction and Discharge of Indenture.  This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when
(a)either:
i.all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or
ii.all such Securities not theretofore delivered to the Trustee for cancellation
(1)have become due and payable, or
(2)will become due and payable at their Stated Maturity within one year, or
(3)are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; or
(4)are deemed paid and discharged pursuant to Section 8.3, as applicable;
and the Company, in the case of clauses (1), (2) and (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;
(b)the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
(c)the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.
29

Section 8.2Application of Trust Funds; Indemnification.
(a)Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Section 8.3 or 8.4.
(b)The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations deposited pursuant to Section 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.
(c)The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations held under this Indenture.
Section 8.3Legal Defeasance of Securities of any Series.  Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2(p), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 90th day after the date of the deposit referred to in subparagraph (c) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:
(a)the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (c) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;
(b)the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and 
(c)the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:
i.the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the 
30

purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;
ii.such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
iii.no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 90th day after such date;
iv.the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;
v.the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
vi.the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the legal defeasance contemplated by this Section have been complied with.
Section 8.4Covenant Defeasance.  Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p) to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.6, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of 
31

Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(p) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(n) and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series; provided that the following conditions shall have been satisfied:
(a)With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;
(b)Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
(c)No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 90th day after such date;
(d)The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; and
(e)The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.
Section 8.5Repayment to Company.  The Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal and interest that remains unclaimed for six months.  After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.
32

Article IX
AMENDMENTS AND WAIVERS
Section 9.1Without Consent of Holders.  The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder by indentures supplemental hereto:
(a)to cure any ambiguity, defect or inconsistency;
(b)to comply with Article V;
(c)to evidence the succession of another corporation to the Company, or successive successions, pursuant to Article V, and the assumption by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Securities;
(d)to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth, with such period of grace, if any, and subject to such conditions as such supplemental indenture may provide;
(e)to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA, or under any similar federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly permitted by the TIA, excluding however, the provisions referred to in Section 316(a)(2) of the TIA or any corresponding provision in any similar federal statute hereafter enacted;
(f)to add any additional Events of Default (and if such Events of Default are to be for the benefit of less than all Series of Securities, stating that such are expressly being included solely for the benefit of such Series);  
(g)to modify, eliminate or add to any of the provisions of this Indenture; provided that any such change or elimination (i) shall become effective only when there is no Security of any Series Outstanding and created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision or (ii) shall not apply to any Security outstanding;
(h)to provide for uncertificated Securities in addition to or in place of certificated Securities;
(i)to make any change that does not adversely affect the rights of any Securityholder;
(j)to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;
(k)to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any 
33

of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or
(l)to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.
Section 9.2With Consent of Holders.  The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.  Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by written notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.
It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this Section becomes effective, the Company shall give to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver in accordance with Section 10.2.  Any failure by the Company to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Section 9.3Limitations.  Without the consent of each Securityholder affected, an amendment or waiver may not:
(a)reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver;
(b)reduce the rate of or extend the time for payment of interest (including default interest) on any Security;
(c)reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;
(d)reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;
(e)waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);
(f)make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;
34

(g)make any change in Section 6.8, 6.13, or 9.3 (this sentence); or
(h)waive a redemption payment with respect to any Security.
Section 9.4Compliance with Trust Indenture Act.  Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.
Section 9.5Revocation and Effect of Consents.  Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.
Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
Section 9.6Notation on or Exchange of Securities.  The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.  The Company in exchange for Securities of that Series may issue and the Trustee shall, upon receipt of a Company Order, authenticate new Securities of that Series that reflect the amendment or waiver.
Section 9.7Trustee Protected.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent have been satisfied, the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.  The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects it.
Article X
MISCELLANEOUS
Section 10.1    Trust Indenture Act Controls.  If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.
Section 10.2    Notices.  Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail:
35

if to the Company:

Colony Bankcorp, Inc.
115 South Grant Street
Fitzgerald, Georgia 31750
Attention:  Tracie Youngblood, Executive Vice President and Chief Financial Officer
Telephone:  (229) 426-6000

if to the Trustee:

Wilmington Trust, National Association
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attention: Colony Bankcorp, Inc. Administrator
Telephone:  (302) 636-6398

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar.  Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
If a notice or communication is given in the manner provided in this Section 10.2, within the time prescribed, it is duly given, whether or not the Securityholder receives it.
If the Company gives a notice or communication to Securityholders, it shall give a copy to the Trustee and each Agent at the same time.  Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a Securityholder of a Security (whether by mail or otherwise), such notice shall be sufficiently given in respect of Global Securities if given to Depository (or its designee) pursuant to the applicable procedures from Depository or its designee, including by electronic mail in accordance with accepted practices at Depository.
Section 10.3    Communication by Holders with Other Holders.  Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).
Section 10.4    Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:
(a)an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and
36

(b)an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.
Section 10.5    Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:
(a)a statement that the person making such certificate or opinion has read such covenant or condition;
(b)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;
(c)a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(d)a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.
Section 10.6    Rules by Trustee and Agents.  The Trustee may make reasonable rules for action by, or a meeting of, Securityholders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.
Section 10.7    Legal Holidays.  Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day.  If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.
Section 10.8    No Recourse Against Others.  A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.
Section 10.9    Counterparts.  This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all purposes.
Section 10.10    Governing Laws; Waiver of Jury Trial; Jurisdiction.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED WITH THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER 
37

JURISDICTION WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY. 
The parties hereby (i) irrevocably submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the City of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient forum or do not have jurisdiction over any party. 
Section 10.11    No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
Section 10.12    Successors.  All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.
Section 10.13    Severability.  In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 10.14    Table of Contents, Headings, Etc.  The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Article XI
SINKING FUNDS
Section 11.1    Applicability of Article.  The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.
The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2.  Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.
Section 11.2    Satisfaction of Sinking Fund Payments with Securities.  The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other 
38

optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.  Such Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment; provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.
Section 11.3    Redemption of Securities for Sinking Fund.  Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.
Article XII
SUBORDINATION OF SECURITIES
Section 12.1    Agreement of Subordination.  The Company covenants and agrees, and each Holder of Securities issued hereunder by accepting a Security likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article XII; and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such provisions.
The payment of the principal of and interest on all Securities (including, but not limited to, the redemption price with respect to the Securities called for redemption in accordance with Article III as provided in this Indenture) issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred.
No provision of this Article XII shall prevent the occurrence of any Default or Event of Default hereunder.
39

Section 12.2    Payments to Holders.  Except as otherwise provided in a supplemental indenture, no payment shall be made with respect to the principal of or interest on the Securities (including, but not limited to, the redemption price with respect to the Securities to be called for redemption in accordance with Article III as provided in this Indenture), except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 12.5, if:
(a)a default in the payment of principal, premium, interest, rent or other obligations due on any Senior Indebtedness occurs and is continuing (or, in the case of Senior Indebtedness for which there is a period of grace, in the event of such a default that continues beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness) (a “payment default”), unless and until such default shall have been cured or waived or shall have ceased to exist; or
(b)a default, other than a payment default, on a Designated Senior Indebtedness occurs and is continuing that then permits holders of such Designated Senior Indebtedness to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a Representative or the Company.
If the Trustee receives any Payment Blockage Notice pursuant to clause (b) above, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until (A) at least 365 days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice, and (B) all scheduled payments of principal, premium, if any, and interest on the Securities that have come due have been paid in full in cash.  No non-payment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.
The Company may and shall resume payments on and distributions in respect of the Securities upon the earlier of:
(i)the date upon which the applicable default is cured or waived or ceases to exist, or
(ii)in the case of a default referred to in clause (b) above, 179 days pass after notice is received if the maturity of such Designated Senior Indebtedness has not been accelerated, unless this Article XII otherwise prohibits the payment or distribution at the time of such payment or distribution.
Upon any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior Indebtedness shall first be paid in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, or payment thereof in accordance with its terms provided for in cash or other payment satisfactory to the holders of such Senior Indebtedness, before any payment is made on account of the principal of or interest on the Securities (except payments made pursuant to Article VI from monies deposited with the Trustee pursuant thereto prior to commencement of proceedings for such dissolution, winding-up, liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization of the Company or bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, 
40

property or securities, to which the Holders of the Securities or the Trustee would be entitled, except for the provision of this Article XII, shall (except as aforesaid) be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, or as otherwise required by law or a court order) or their Representative or Representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness in full, in cash or other payment satisfactory to the holders of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution or provision therefor is made to the Holders of the Securities or to the Trustee.
For purposes of this Article XII, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other person provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article XII with respect to the Securities to the payment of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new person, if any, resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Indebtedness (other than leases which are not assumed by the Company or the new person, as the case may be) are not, without the consent of such holders, altered by such reorganization or readjustment.  The consolidation of the Company with, or the merger of the Company into, another person or the liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another person upon the terms and conditions provided for in Article V shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 12.2 if such other person shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article V.
In the event of the acceleration of the Securities because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder of Securities in respect of the principal of or interest on the Securities (including, but not limited to, the redemption price with respect to the Securities called for redemption in accordance with Article III as provided in this Indenture), except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 12.5, until all Senior Indebtedness has been paid in full in cash or other payment satisfactory to the holders of Senior Indebtedness or such acceleration is rescinded in accordance with the terms of this Indenture.  If payment of the Securities is accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Indebtedness of the acceleration at the address set forth in the notice from the Agent (or successor agent) to the Trustee as being the address to which the Trustee should send its notice pursuant to this Section 12.2, unless there are no payment obligations of the Company thereunder and all obligations thereunder to extend credit have been terminated or expired.
In the event that, notwithstanding the foregoing provisions, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities (including, without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall be received by the Trustee or the Holders of the Securities before all Senior Indebtedness is paid in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, or provision is made for such payment thereof in accordance with its terms in cash or other payment satisfactory to the holders of such Senior Indebtedness, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or their representative or representatives, or to the 
41

trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.
Nothing in this Section 12.2 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.7.  This Section 12.2 shall be subject to the further provisions of Section 12.5.
Section 12.3    Subrogation of Securities.  Subject to the payment in full of all Senior Indebtedness, the rights of the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article XII (equally and ratably with the holders of all Indebtedness of the Company which by its express terms is subordinated to other Indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payment over pursuant to the provisions of this Article XII, to or for the benefit of the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment by the Company to or on account of the Senior Indebtedness; and no payments or distributions of cash, property or securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provisions of this Article XII, which would otherwise have been paid to the holders of Senior Indebtedness shall be deemed to be a payment by the Company to or for the account of the Securities.  It is understood that the provisions of this Article XII are and are intended solely for the purposes of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.
Nothing contained in this Article XII or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XII of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.
Upon any payment or distribution of assets of the Company referred to in this Article XII, the Trustee, subject to the provisions of Section 7.1, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the 
42

persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon and all other facts pertinent thereto or to this Article XII.
Section 12.4    Authorization to Effect Subordination.  Each Holder of a Security by the holder’s acceptance thereof authorizes and directs the Trustee on the holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article XII and appoints the Trustee to act as the holder’s attorney-in-fact for any and all such purposes.  If the Trustee does not file a proper proof of claim or proof of debt in the form required in any proceeding referred to in Section 6.3 hereof at least 30 days before the expiration of the time to file such claim, the holders of any Senior Indebtedness or their representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders of the Securities.
Section 12.5    Notice to Trustee.  The Company shall give prompt written notice in the form of an Officers’ Certificate to a Responsible Officer of the Trustee and to any paying agent of any fact known to the Company which would prohibit the making of any payment of monies to or by the Trustee or any paying agent in respect of the Securities pursuant to the provisions of this Article XII.  Notwithstanding the provisions of this Article XII or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article XII, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office from the Company (in the form of an Officers’ Certificate) or a Representative or a holder or holders of Senior Indebtedness or from any trustee thereof; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 7.1, shall be entitled in all respects to assume that no such facts exist; provided that if on a date not fewer than two Business Days prior to the date upon which by the terms hereof any such monies may become payable for any purpose (including, without limitation, the payment of the principal of, or premium, if any, or interest on any Security) the Trustee shall not have received, with respect to such monies, the notice provided for in this Section 12.5, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date.
Notwithstanding anything in this Article XII to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited with it pursuant to Section 8.1, and any such payment shall not be subject to the provisions of Section 12.1 or 12.2.
The Trustee, subject to the provisions of Section 7.1, shall be entitled to rely on the delivery to it of a written notice by a Representative or a person representing himself or herself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a Representative or a holder of Senior Indebtedness or a trustee on behalf of any such holder or holders.  In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article XII, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such person, the extent to which such person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such person under this Article XII, and if such evidence is not furnished the Trustee may defer any payment to such person pending judicial determination as to the right of such person to receive such payment.
43

Section 12.6    Trustee’s Relation to Senior Indebtedness.  The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article XII in respect of any Senior Indebtedness at any time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in Section 7.11 or elsewhere in this Indenture shall deprive the Trustee of any of its rights as such holder.  Nothing in this Article XII shall apply to the Company’s obligations to the Trustee under Section 7.7.
With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article XII, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee.  The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and, subject to the provisions of Section 7.1, the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders of Securities, the Company or any other person money or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article XII or otherwise.
Section 12.7    No Impairment of Subordination.  No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.
Section 12.8    Article Applicable to Paying Agents.  If at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that the first paragraph of Section 12.5 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.
Section 12.9    Senior Indebtedness Entitled to Rely.  The holders of Senior Indebtedness (including, without limitation, Designated Senior Indebtedness) shall have the right to rely upon this Article XII, and no amendment or modification of the provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed in writing thereto.
44

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

By:______________________________________
Name: 
Title:   

 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

By:______________________________________
Name: 
Title:   

45Exhibit 10.1

 

Ares Capital
Corporation

 

Up to $500,000,000

Shares of Common Stock

(par value $0.001 per share)

 

Amended
and Restated EQUITY DISTRIBUTION AGREEMENT 

 

October 26,
2021

 

Regions Securities LLC

615 South College St., Suite 600

Charlotte, NC 28202

 

Ladies and Gentlemen:

 

Ares Capital Corporation,
a Maryland corporation (the “Company”), Ares Capital Management LLC, a Delaware limited liability company (the “Adviser”),
and Ares Operations LLC, a Delaware limited liability company (the “Administrator”), confirm their agreement (this
“Agreement”) with Region Securities LLC (the “Manager”), as follows. This Agreement amends and restates
the terms of the Amended and Restated Equity Distribution Agreement, dated as of April 29, 2021, among the Company, the Adviser, the Administrator
and the Manager.

 

Section
1. Description of Securities. The Company proposes to issue and sell through or to the Manager (or any Alternative Manager
(as defined below)), as sales agent and/or principal, shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), having an aggregate offering price of up to $500,000,000 (the “Maximum Amount”) on the terms set
forth in Section 4 of this Agreement. The shares of Common Stock to be sold through or to the Manager pursuant hereto or pursuant
to a Terms Agreement (as defined below) or through or to an Alternative Manager pursuant to an Alternative Equity Distribution Agreement
or Alternative Terms Agreement (each term as defined below) are referred to herein as the “Shares.”

 

The Company may also enter into separate equity distribution agreements
(each, an “Alternative Equity Distribution Agreement” and collectively, the “Alternative Equity Distribution
Agreements”), dated of even date herewith, with each of the entities listed on Schedule A hereto, as sales agent and/or
principal (each, an “Alternative Manager” and collectively, the “Alternative Managers”). The Company
agrees that whenever it determines to sell the Shares directly to the Manager or an Alternative Manager as principal, it will enter into
a separate agreement (each, a “Terms Agreement” or “Alternative Terms Agreement”, respectively)
in substantially the form of Annex I hereto, relating to such sale in accordance with Section 4 of this Agreement. This Agreement
and the Alternative Equity Distribution Agreements are sometimes hereinafter referred to as the “Distribution Agreements.”
The Manager and the Alternative Managers are sometimes hereinafter referred to as the “Distribution Managers.” In addition,
the Company has adopted a dividend reinvestment plan (the “Dividend Reinvestment Plan”) pursuant to which holders of
Common Stock of the Company have their dividends automatically reinvested in additional shares of Common Stock of the Company unless they
elect to receive such dividends in cash.

 

The aggregate offering price for the Shares that may be sold pursuant
to this Agreement, the Alternative Equity Distribution Agreements, any Terms Agreement and any Alternative Terms Agreement shall not exceed
the Maximum Amount.

 

    

    

    

 

As used herein, “Registration Statement” shall
mean the registration statement referred to in Section 2(a) below, including all exhibits, financial statements and schedules
thereto and all documents incorporated or deemed to be incorporated therein by reference pursuant to the rules or regulations of the
Securities and Exchange Commission (the “Commission”), and any prospectus supplement relating to the Shares that
is filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended (collectively with the rules and
regulations of the Commission thereunder, the “1933 Act”), or such other 1933 Act rule as may be applicable to
the Company, and deemed part of such registration statement pursuant to Rule 430B under the 1933 Act, as amended on each Effective
Date (as defined below) and, in the event any post-effective amendment thereto becomes effective, shall also mean such registration
statement as so amended, and shall also mean any new registration statement or post-effective amendment as may have been filed
pursuant to Section 5(e) of this Agreement. “Effective Date” shall mean each date and time that the
Registration Statement, any post-effective amendment or amendments thereto became or become effective. “Basic
Prospectus” shall mean the prospectus referred to in Section 2(a) below contained in the Registration Statement at
the Effective Date, including documents incorporated or deemed to be incorporated therein by reference pursuant to the rules or
regulations of the Commission. “Prospectus” shall mean any Prospectus Supplement filed with the Commission
pursuant to Rule 424(b) under the 1933 Act, or such other 1933 Act rule as may be applicable to the Company, relating to the
Shares, including documents incorporated or deemed to be incorporated therein by reference pursuant to the rules or regulations of
the Commission, together with the Basic Prospectus.

 

The Company has entered into the Second Amended and Restated Investment
Advisory and Management Agreement, dated as of June 6, 2019 (the “Investment Advisory Agreement”), with the Adviser,
which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder
(collectively, the “Advisers Act”). The Company has entered into an Amended and Restated Administration Agreement,
dated as of June 1, 2007 (the “Administration Agreement”), with the Administrator. Collectively, the Investment
Advisory Agreement and the Administration Agreement are herein referred to as the “Company Agreements.”

 

All references in this Agreement to financial statements and schedules
and other information which is “contained,” “included” or “incorporated” in, or “a part of”,
the Registration Statement, the Basic Prospectus or the Prospectus, any prospectus supplement or any amendment or supplement thereto (and
all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information
which is or is deemed to be incorporated by reference in or otherwise deemed under the rules or regulations of the Commission to be a
part of or included in the Registration Statement, the Basic Prospectus or the Prospectus, any prospectus supplement or any amendment
or supplement thereto, as the case may be, as of any specified date; and all references in this Agreement to amendments or supplements
to the Registration Statement, the Basic Prospectus or the Prospectus, including those made pursuant to Rule 424(b) under the 1933
Act or such other 1933 Act rule as may be applicable to the Company, shall be deemed to mean and include, without limitation, the
filing of any document under the Exchange Act (as defined below) which is or is deemed to be incorporated by reference in or otherwise
deemed under the rules or regulations of the Commission to be a part of or included in the Registration Statement, the Basic Prospectus
or the Prospectus, as the case may be, as of any specified date.

 

A Form N-54A – Notification of Election to be Subject to Sections
55 through 65 of the Investment Company Act of 1940 Filed Pursuant to Section 54(a) of the 1933 Act (File No. 814-00663) (the
“Notification of Election”) was filed by the Company with the Commission on April 21, 2004 under the Investment Company
Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively called the “1940 Act”).

 

Section
2. Representations and Warranties of the Company. The Company represents and warrants to and agrees with the Manager that:

 

(a) Compliance
with Registration Requirements. The Company has prepared and filed with the Commission a registration statement (File
No. 333-256733) on Form N-2, including a related basic prospectus, for registration under the 1933 Act of the offering and sale
of certain securities of the Company, including the Shares. Such Registration Statement, including any post-effective amendments
thereto filed prior to the date and time that this Agreement is executed and delivered by the parties hereto (the
“Execution Time”), has become effective and no stop order suspending the effectiveness of the Registration
Statement (and the Registration Statement as amended by any post-effective amendment if the Company shall have made any amendments
thereto after the effective date of the Registration Statement) has been issued under the 1933 Act and no proceedings for that
purpose or pursuant to Section 8A of the 1933 Act have been instituted or are pending or, to the knowledge of the Company, are
contemplated by the Commission, and any request on the part of the Commission for additional information has been complied with. The
Company may have filed, as part of an amendment to the Registration Statement or pursuant to Rule 424(b) under the 1933 Act or such
other 1933 Act rule as may be applicable to the Company, one or more amendments thereto, each of which has previously been furnished
to you. The Company will file with the Commission one or more prospectus supplements (collectively, the “Prospectus
Supplement”) related to the Shares in accordance with Rule 424(b)under the 1933 Act, or such other 1933 Act rule as may be
applicable to the Company, including all documents incorporated or deemed to be incorporated therein by reference pursuant to the
rules or regulations of the Commission. As filed, such Prospectus Supplement, together with the Basic Prospectus, shall contain all
information required by the 1933 Act and the 1940 Act and, except to the extent the Manager shall agree in writing to a
modification, shall be in all substantive respects in the form furnished to you prior to the Execution Time or prior to any such
time this representation is repeated or deemed to be made. The Registration Statement, at the Execution Time, as of the time of each
sale of Shares pursuant to this Agreement (each, a “Time of Sale”), at each Settlement Date (as defined in
Section 4(a)(vi) hereof), and at all times during which a prospectus is required by the 1933 Act to be delivered in connection
with any sale of Shares, meets or will meet the requirements set forth in Rule 415(a)(1)(x) under the 1933 Act.

 

    

    

    

 

On the Effective Date, the Registration Statement did, and when the
Prospectus is first filed in accordance with Rule 424(b) under the 1933 Act, or such other 1933 Act rule as may be applicable to the Company,
as of the date that it is filed with the Commission, the date of the Prospectus Supplement, as of each Time of Sale, at each Settlement
Date, and at all times during which a prospectus is required by the 1933 Act to be delivered in connection with any sale of Shares, the
Prospectus (and any supplements thereto) will comply in all material respects with the applicable requirements of the 1933 Act and the
1940 Act; on the Effective Date, at the Execution Time and, as amended or supplemented, as of each Time of Sale, at each Settlement Date
and at all times during which a prospectus is required by the 1933 Act to be delivered in connection with any sale of Shares, the Registration
Statement did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein not misleading; and at no time during the period that begins on the date
of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required
by the 1933 Act to be delivered in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, include
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations
or warranties as to the information contained in or omitted from the Registration Statement, or the Prospectus (or any amendment or supplement
thereto), in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Manager specifically
for inclusion in the Registration Statement or the Prospectus (or any amendment or supplement thereto), it being understood and agreed
that the only such information furnished by the Manager consists of the name and address of the Manager set forth in the last paragraph
under the heading “Plan of Distribution —Conflicts of Interest” in the Prospectus. The Commission has not issued any
order preventing or suspending the use of the Prospectus.

 

The documents incorporated or deemed to be incorporated by reference
in the Registration Statement and the Prospectus (or any amendment or supplement thereto) (i) at the time they were or hereafter are filed
with the Commission, complied or will comply in all material respects with the requirements of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder (collectively called the “Exchange Act”) and (ii)
at the time they were or hereafter are filed with the Commission, when read together with the other information in the Registration Statement
or the Prospectus, as the case may be, did not or will not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(b)
Independent Accountants.  The accountants who certified the Company’s financial statements included or incorporated
by reference in the Registration Statement and the Prospectus are independent public accountants as required by the 1933 Act and the Exchange
Act.

 

(c) Financial
Statements.  The financial statements included or incorporated by reference in the Registration Statement and the
Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the
Company and its Subsidiaries (as defined below) at the dates indicated and the consolidated statement of operations, consolidated
statement of stockholders’ equity and consolidated statement of cash flows of the Company and its Subsidiaries for the periods
specified; there are no financial statements that are required to be included in the Registration Statement or the Prospectus that
are not included as required; said financial statements have been prepared in conformity with generally accepted accounting
principles in the United States (“GAAP”) applied on a consistent basis throughout the periods involved.  The
“Selected Condensed Consolidated Financial Data of Ares Capital” included in the Registration Statement and the
Prospectus present fairly, in all material respects, the information shown therein as of the date presented and have been compiled
on a basis consistent with that of the audited financial statements included in the Registration Statement and the Prospectus. 
The financial data set forth in the Prospectus under the caption “Capitalization” fairly presents the information set
forth therein on a basis consistent with that of the audited financial statements and related notes thereto contained in the
Registration Statement.  The pro forma financial information, if any, included in the Registration Statement, the Basic
Prospectus and the Prospectus presents fairly in all material respects the information contained therein, has been prepared in
accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and has been properly
presented on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments
used therein are appropriate to give effect to the transactions and circumstances referred to therein. There is no other pro forma
financial information that is required to be included in the Registration Statement, the Basic Prospectus and the Prospectus that is
not included as required.

 

    

    

    

 

(d)
No Material Adverse Change in Business.  Since the respective dates as of which information is given in the Registration
Statement and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries considered as one
enterprise, whether or not arising in the ordinary course of business (a “Material Adverse Effect”), (B) there
have been no transactions entered into by the Company or its Subsidiaries, other than those in the ordinary course of business, which
are material with respect to the Company and its Subsidiaries considered as one enterprise, and (C)  there has been no dividend or
distribution of any kind declared, paid or made by the Company on any class of its capital stock.

 

(e)
Good Standing of the Company.  The Company has been duly organized and is validly existing as a corporation in good
standing under the laws of the State of Maryland and has the corporate power and authority to own, lease and operate its properties and
to conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its obligations under
the Distribution Agreements, any Terms Agreement or Alternative Terms Agreement, the Investment Advisory Agreement and the Administration
Agreement; and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except
where the failure so to qualify or to be in good standing would not reasonably be expected to result in a Material Adverse Effect.

 

(f)
Subsidiaries.  The Company’s only subsidiaries that are consolidated with the Company for financial reporting
purposes under GAAP are those listed on Schedule B hereto (each, a “Subsidiary” and collectively, the “Subsidiaries”). 
Each of the Subsidiaries has been duly organized and is validly existing as a corporation, limited liability company or limited partnership
in good standing under the laws of the jurisdiction of its organization, has power and authority to own, lease and operate its properties
and to conduct its business as described in the Prospectus and is duly qualified as a foreign corporation, limited liability company or
limited partnership to transact business and is in good standing in each jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except where the failure to be so qualified or to be in
good standing would not reasonably be expected to result in a Material Adverse Effect; except as otherwise disclosed in the Registration
Statement, all of the issued and outstanding capital stock of each such Subsidiary has been duly authorized and validly issued and is
fully paid and non-assessable; none of the outstanding shares of capital stock of any of the Subsidiaries was issued in violation of the
preemptive or other similar rights of any securityholder of such Subsidiary. Except (A) as set forth in the Registration Statement
and the Prospectus and (B) portfolio investments made after the most recently completed fiscal quarter, the Company does not own,
directly or indirectly, any shares of stock or any other equity or debt securities of any corporation or have any equity or debt interest
in any firm, partnership, joint venture, association or other entity that is not a Subsidiary.

 

(g)
Capitalization.  The authorized, issued and outstanding capital stock of the Company is as set forth in the Prospectus
under the caption “Capitalization” (except for subsequent issuances, if any, pursuant to this Agreement, pursuant to the Company’s
Dividend Reinvestment Plan or pursuant to reservations or agreements or employee benefit plans, if any, referred to in the Prospectus
or pursuant to the exercise of convertible securities or options, if any, referred to in the Prospectus).  The shares of issued and
outstanding capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable; none of the
outstanding shares of capital stock of the Company was issued in violation of preemptive or other similar rights of any securityholder
of the Company.

 

    

    

    

 

(h)
 Authorization of Agreements.  The execution and delivery of and the performance by the Company of its obligations
under this Agreement, the Alternative Equity Distribution Agreements and the Company Agreements have been, and the execution and delivery
and performance by the Company of its obligations under any Terms Agreement and any Alternative Terms Agreement will have been at the
time of execution thereof, duly and validly authorized by the Company and this Agreement, the Alternative Equity Distribution Agreements
and the Company Agreements have been, and any Terms Agreement and any Alternative Terms Agreement will have been at the time of the execution
thereof, duly executed and delivered by the Company and constitute the valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms, except as rights to indemnity and contribution hereunder may be limited by federal or state
securities laws or principles of public policy and subject to the qualifications that the enforceability of the Company’s obligations
hereunder and thereunder may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or thereafter
in effect relating to creditors’ rights generally and by general principles of equity and the discretion of the court before
which any proceeding therefor may be brought.

 

(i)
Authorization and Description of Securities.  The Shares have been duly authorized for issuance and sale through or
to the Distribution Managers pursuant to the Distribution Agreements or any Terms Agreement or Alternative Terms Agreement and, when issued
and delivered by the Company pursuant to the provisions of the Distribution Agreements, any Terms Agreement or Alternative Terms Agreement
against payment of the consideration set forth in the Distribution Agreements, will be validly issued and fully paid and non-assessable;
the Common Stock conforms in all material respects to the statements relating thereto contained in the Prospectus; and the issuance of
the Shares is not subject to preemptive or other similar rights of any securityholder of the Company.

 

(j)
Absence of Defaults and Conflicts.  Neither the Company nor any of the Subsidiaries is in violation of its charter,
by-laws or other organizational documents.  Further, neither the Company nor any of the Subsidiaries is in default in the performance
or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan
or credit agreement, note, lease or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which
any of them may be bound, or to which any of the property or assets of the Company or any of the Subsidiaries is subject (collectively,
“Agreements and Instruments”) except for such defaults that would not result in a Material Adverse Effect; neither
the execution, delivery or performance of this Agreement, the Alternative Equity Distribution Agreements, any Terms Agreement, any Alternative
Terms Agreement or any of the Company Agreements, nor the consummation of the transactions herein or therein contemplated (including the
issuance and sale of the Shares and the use of proceeds from the sale of the Shares as described in the Prospectus under the caption “Use
of Proceeds”), nor the fulfillment of the terms hereof or thereof, whether with or without the giving of notice or passage of time
or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of the Subsidiaries pursuant to, the Agreements
and Instruments, except for such conflicts, breaches, defaults or Repayment Events that would not result in a Material Adverse Effect,
nor will such action result in any violation of the provisions of the charter, by-laws or other organizational documents of the Company
or any of the Subsidiaries or any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government
instrumentality or court, domestic or foreign, having jurisdiction over the Company or any of the Subsidiaries or any of their assets,
properties or operations.  As used herein, a “Repayment Event” means any event or condition which gives the holder
of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of the Subsidiaries.

 

(k) Absence
of Proceedings.  Other than as disclosed in the Registration Statement and the Prospectus, there is no action, suit or
proceeding or, to the knowledge of the Company, inquiry or investigation, before or brought by any court or governmental agency or
body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened, against or affecting the Company or any of
the Subsidiaries, which is required to be disclosed in the Registration Statement or Prospectus, or which would result in a Material
Adverse Effect, or which would materially and adversely affect the properties or assets thereof or the consummation of the
transactions contemplated in this Agreement, the Alternative Equity Distribution Agreements, any Terms Agreement, any Alternative
Terms Agreement or any of the Company Agreements or the performance by the Company of its obligations hereunder or thereunder; the
aggregate of all pending legal or governmental proceedings to which the Company or any of the Subsidiaries is a party or of which
any of their respective property or assets is the subject which are not described in the Registration Statement and the Prospectus,
including ordinary routine litigation incidental to the business, would not result in a Material Adverse Effect.

 

    

    

    

 

(l)
Accuracy of Exhibits.  There are no contracts or documents which are required to be described in the Registration Statement
or the Prospectus or to be filed as exhibits thereto which have not been so described and filed as required.

 

(m)
Possession of Intellectual Property.  The Company and the Subsidiaries own or possess, or can acquire on reasonable
terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual
property (collectively, “Intellectual Property”) necessary to carry on the business now operated by them or currently
proposed to be operated by them, except where the failure to own or possess or otherwise be able to acquire such rights in a timely manner
would not otherwise reasonably be expected to result in a Material Adverse Effect, and neither the Company nor any of the Subsidiaries
has received any notice of or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any
Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the
interest of the Company or any of the Subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision,
ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would reasonably be expected to result in a Material Adverse
Effect.

 

(n)
Absence of Further Requirements.  No filing with, or authorization, approval, consent, license, order, registration,
qualification or decree of, any court or governmental authority or agency is necessary or required for the performance by the Company
of its obligations hereunder, in connection with the offering, issuance or sale of the Shares hereunder or the consummation of the transactions
contemplated by this Agreement, the Alternative Equity Distribution Agreements, any Terms Agreement, any Alternative Terms Agreement,
any of the Company Agreements, or the Prospectus (including the use of the proceeds from the sale of the Shares as described in the Prospectus
under the caption “Use of Proceeds”), except (A) such as have been already obtained under the 1933 Act or the 1940 Act,
(B) such as may be required under state securities laws, and (C) the filing of the Notification of Election under the 1940 Act,
which has been effected.

 

(o)
Absence of Manipulation.  Neither the Company nor any affiliate of the Company has taken, nor will the Company or any
affiliate take, directly or indirectly, any action which is designed to or which has constituted or which would be expected to cause or
result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares in
violation of any law, statute, regulation or rule applicable to the Company or its affiliates.

 

(p)
Possession of Licenses and Permits.  The Company and the Subsidiaries possess such permits, licenses, approvals, consents
and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or
foreign regulatory agencies or bodies necessary to conduct the business now operated by them or currently proposed to be operated by them,
except where the failure so to possess would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect;
the Company and the Subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure
so to comply would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect; all of the Governmental
Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental
Licenses to be in full force and effect would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse
Effect; and neither the Company nor any of the Subsidiaries has received any notice of proceedings relating to the revocation or modification
of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would
reasonably be expected to result in a Material Adverse Effect.

 

(q)
Investment Company Act.  The Company is not required, and upon the issuance and sale of the Shares as herein contemplated
and the application of the net proceeds therefrom as described in the Prospectus will not be required, to register as a “registered
management investment company” under the 1940 Act.

 

(r)
Registration Rights.  There are no persons with registration rights or other similar rights to have any securities
registered pursuant to the Registration Statement or otherwise registered by the Company under the 1933 Act.

 

    

    

    

 

(s)
 Related Party Transactions.  There are no business relationships or related party transactions involving the Company,
any of the Subsidiaries or any other person required to be described in the Prospectus which have not been described as required.

 

(t)
Notification of Election.  When the Notification of Election was filed with the Commission, it (A) contained
all statements required to be stated therein in accordance with, and complied in all material respects with the requirements of, the 1940
Act and (B) did not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading.

 

(u)
Investment Advisory Agreement.  (A) The terms of the Investment Advisory Agreement, including compensation terms,
comply in all material respects with all applicable provisions of the 1940 Act and the Advisers Act and (B) the approvals by the
board of directors and the stockholders of the Company of the Investment Advisory Agreement have been made in accordance with the requirements
of Section 15 of the 1940 Act applicable to companies that have elected to be regulated as business development companies under the
1940 Act.

 

(v)
Interested Persons.  Except as disclosed in the Registration Statement and the Prospectus (A) no person is serving
or acting as an officer, director or investment adviser of the Company, except in accordance with the provisions of the 1940 Act and the
Advisers Act, and (B) to the knowledge of the Company, no director of the Company is an “interested person” (as defined
in the 1940 Act) of the Company or an “affiliated person” (as defined in the 1940 Act) of any of the Distribution Managers.

 

(w)
Business Development Company.  (A) The Company has duly elected to be treated by the Commission under the 1940
Act as a business development company, such election is effective and all required action has been taken by the Company under the 1933
Act and the 1940 Act to make the public offering and consummate the sale of the Shares as provided in the Distribution Agreements; (B) the
provisions of the corporate charter and by-laws of the Company, and the investment objectives, policies and restrictions described in
the Registration Statement and the Prospectus, assuming they are implemented as described, will comply in all material respects with the
requirements of the 1940 Act; and (C) the operations of the Company are in compliance in all material respects with the provisions
of the 1940 Act applicable to business development companies.

 

(x)
Employees and Executives.  The Company is not aware that (A) any executive, key employee or significant group
of employees of the Company, any of the Subsidiaries, the Adviser or the Administrator plans to terminate employment with the Company,
any of the Subsidiaries, the Adviser or the Administrator or (B) any such executive or key employee is subject to any noncompete,
nondisclosure, confidentiality, employment, consulting or similar arrangement that would be violated by the present or proposed business
activities of the Company, any of the Subsidiaries, the Adviser or the Administrator except where such termination or violation would
not reasonably be expected to have a Material Adverse Effect.

 

(y)
No Extension of Credit. The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged
to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the
Company.

 

(z)
Accounting Controls.  The Company has established and maintains an effective system of internal accounting controls
sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s authorization;
(B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; and (C) access to assets is permitted only in accordance with management’s authorization.

 

(aa)
Disclosure Controls.  The Company has established and employs effective disclosure controls and procedures that are
designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms,
and is accumulated and communicated to the Company’s management, including its principal executive officer or officers and principal
financial officer or officers, as appropriate to allow timely decisions regarding disclosure.

 

    

    

    

 

(bb)
 Tax Returns.  The Company and the Subsidiaries have filed all federal, state, local and foreign tax returns that are
required to have been filed by them pursuant to applicable foreign, federal, state, local or other law or have duly requested extensions
thereof, except insofar as the failure to file such returns or request such extensions would not reasonably be expected to result in a
Material Adverse Effect, and have paid all taxes shown as due pursuant to such returns or pursuant to any assessment received by the Company
and the Subsidiaries, except for such taxes or assessments, if any, as are being contested in good faith and as to which adequate reserves
have been provided or where the failure to pay would not reasonably be expected to result in a Material Adverse Effect.

 

(cc)
No Unlawful Payments.  Neither the Company nor the Subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee or other person associated with or acting on behalf of the Company or any of the Subsidiaries has (A) used
any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) made
any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (C) violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (D) made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment.

 

(dd)
Compliance with Anti-Money Laundering Laws.  The operations of the Company and the Subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended (the “CFTRA”), the applicable money laundering statutes of all other jurisdictions
having jurisdiction over the Company or any of the Subsidiaries, the applicable rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any other governmental agency having jurisdiction over
the Company or any of the Subsidiaries (collectively, the “Other Anti-Money Laundering Laws”), and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of the Subsidiaries
with respect to the CFTRA or Other Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(ee)
No Conflicts with Sanctions Laws. None of the Company, the Subsidiaries or, to the knowledge of the Company, any of their
respective directors, officers, agents, employees or affiliates is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council, the European Union or Her Majesty’s
Treasury (collectively, “Sanctions”); and the Company will not, directly or indirectly, use the proceeds of the offering
of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or
other person or entity (i) to fund any activities of or business with any person that, at the time of such funding, is the subject of
Sanctions, (ii) to fund any activities of or business in Cuba, Iran, North Korea, Syria or the Crimea region of Ukraine or (iii) in any
other manner that will result in a violation by any person of Sanctions.

 

(ff)
Sarbanes-Oxley Act.  Except as disclosed in the Registration Statement and the Prospectus, the Company is, and to the
knowledge of the Company, the Company’s directors and officers, in their capacities as such, are, in compliance in all material
respects with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection
therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications.

 

(gg)
Cybersecurity. (A) The Company is not aware of any security breach or incident, unauthorized access or disclosure, or other
compromise relating to the Adviser’s information technology and computer systems, data and databases used by the Company (collectively,
“IT Systems and Data”) except in each case as would not reasonably expected to, individually or in the aggregate, have
a Material Adverse Effect, and (B) to the Company’s knowledge, the Adviser has implemented appropriate controls, policies, procedures,
and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of its IT Systems and
Data reasonably consistent with in all material respects with industry standards and practices, or as required by applicable regulatory
standards. To the Company’s knowledge, the Adviser is presently in material compliance with all applicable laws and regulations
relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification.

 

    

    

    

 

(hh)
 Distribution of Offering Materials. The Company has not distributed and will not distribute material in connection with
the offering and sale of the Shares other than the Registration Statement, the Prospectus and the Additional Disclosure Items (as defined
below).

 

(ii)
Additional Disclosure Items. The Company represents and agrees that, without the prior consent of the Manager, (i) it will
not distribute any offering material other than the Registration Statement, the Prospectus and the Additional Disclosure Items, and (ii)
it has not made and will not make any offer relating to the Shares that would constitute a “free writing prospectus” as defined
in Rule 405 under the 1933 Act and which the parties agree, for the purposes of this Agreement, includes (x) any “advertisement”
as defined in Rule 482 under the 1933 Act; and (y) any sales literature, materials or information provided to investors by, or with the
approval of, the Company in connection with the offering of the Shares (the materials and information referred to in this Section 2(ii)(ii)
are herein referred to as an “Additional Disclosure Item”).

 

Any certificate signed by any officer of the Company and delivered
to the Manager or counsel for the Manager in connection with the offering of the Shares shall be deemed a representation and warranty
by the Company, as to matters covered therein, to the Manager.

 

Section
3. Representations and Warranties of the Adviser and the Administrator. The Adviser and the Administrator, jointly and severally,
represent and warrant to, and agree with, the Manager as follows:

 

(a)
No Material Adverse Change in Business.  Since the respective dates as of which information is given in the Registration
Statement and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition, financial
or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether
or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect. For purposes
of this Section 3, “Material Adverse Effect” means, in addition to a “Material Adverse Effect” as defined in Section
2(d), any material adverse effect on the ability of the Advisor or Administrator, as applicable, to fulfill its obligations under the
Distribution Agreements.

 

(b)
Good Standing.  Each of the Adviser and the Administrator has been duly organized and is validly existing as a limited
liability company in good standing under the laws of the State of Delaware, and has limited liability company power and authority to own,
lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus and to enter
into and perform its obligations under the Distribution Agreements and any Terms Agreement or Alternative Terms Agreement; the Adviser
has limited liability company power and authority to execute and deliver and perform its obligations under the Investment Advisory Agreement;
the Administrator has limited liability company power and authority to enter into and perform its obligations under the Administration
Agreement; and each of the Adviser and the Administrator is duly qualified to transact business as a foreign entity and is in good standing
in each other jurisdiction in which such qualification is required, whether by reason of ownership or leasing of its property or the conduct
of business, except where the failure to qualify or be in good standing would not otherwise reasonably be expected to result in a Material
Adverse Effect.

 

(c)
Registration Under Advisers Act.  The Adviser is duly registered with the Commission as an investment adviser under
the Advisers Act and is not prohibited by the Advisers Act or the 1940 Act from acting under the Investment Advisory Agreement for the
Company as contemplated by the Registration Statement and the Prospectus. There does not exist any proceeding or, to the Adviser’s
knowledge, any facts or circumstances the existence of which could lead to any proceeding which might adversely affect the registration
of the Adviser with the Commission.

 

(d) Absence
of Proceedings.  There is no action, suit or proceeding or, to the knowledge of the Adviser or the Administrator, inquiry
or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending, or, to the
knowledge of the Adviser or the Administrator, threatened, against or affecting either the Adviser or the Administrator, which is
required to be disclosed in the Registration Statement and Prospectus Supplement (other than as disclosed therein), or which would
reasonably be expected to result in a Material Adverse Effect, or which would reasonably be expected to materially and adversely
affect the consummation of the transactions contemplated in the Distribution Agreements and any Terms Agreement or Alternative Terms
Agreement or the Company Agreements; the aggregate of all pending legal or governmental proceedings to which the Adviser or the
Administrator is a party or of which any of their respective property or assets is the subject which are not described in the
Registration Statement and the Prospectus, including ordinary routine litigation incidental to their business, would not reasonably
be expected to result in a Material Adverse Effect.

 

    

    

    

 

(e)
Absence of Defaults and Conflicts.  Neither the Adviser nor the Administrator is in violation of its limited liability
company operating agreement or in default in the performance or observance of any obligation, agreement, covenant or condition contained
in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the
Adviser or the Administrator is a party or by which it or any of them may be bound, or to which any of the property or assets of the Adviser
or the Administrator is subject (collectively, the “Adviser/Administrator Agreements and Instruments”), or in violation
of any law, statute, rule, regulation, judgment, order or decree except for such violations or defaults that would not reasonably be expected
to result in a Material Adverse Effect; and the execution, delivery and performance of the Distribution Agreements, any Terms Agreement
or Alternative Terms Agreement or the Company Agreements and the consummation of the transactions contemplated herein and therein and
in the Registration Statement and the Prospectus  (including the issuance and sale of the Shares and the use of the proceeds from
the sale of the Shares as described in the Prospectus under the caption “Use of Proceeds”) and compliance by the Adviser and
the Administrator with their respective obligations hereunder and under the Investment Advisory Agreement and the Administration Agreement
do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of,
or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Adviser
or the Administrator pursuant to, the Adviser/Administrator Agreements and Instruments except for such violations or defaults that would
not reasonably be expected to result in a Material Adverse Effect, nor will such action result in any violation of the provisions of the
limited liability company operating agreement of the Adviser or Administrator, respectively, or any applicable law, statute, rule, regulation,
judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign, having jurisdiction over
the Adviser or the Administrator or any of their assets, properties or operations.

 

(f)
Authorization of Agreements.  The execution and delivery of and the performance by the Adviser or the Administrator,
as applicable, of their obligations under this Agreement, the Alternative Equity Distribution Agreements and the Company Agreements have
been, and the execution and delivery and performance by the Adviser or the Administrator, as applicable, of their obligations under any
Terms Agreement and any Alternative Terms Agreement will have been at the time of execution thereof, duly and validly authorized by the
Adviser or the Administrator, as applicable, and this Agreement, the Alternative Equity Distribution Agreements and the Company Agreements
have been, and any Terms Agreement and any Alternative Terms Agreement will have been at the time of the execution thereof, duly executed
and delivered by the Adviser or the Administrator, as applicable, and constitute the valid and binding obligations of the Adviser or the
Administrator, as applicable, enforceable against the Adviser or Administrator, as applicable, in accordance with their terms, except
as rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public policy and
subject to the qualifications that the enforceability of the Adviser or the Administrator’s obligations hereunder and thereunder
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors’
rights generally and by general principles of equity and the discretion of the court before which any proceeding therefor may be
brought.

 

(g)
Absence of Further Requirements.  No filing with, or authorization, approval, consent, license, order, registration,
qualification or decree of, any court or governmental authority or agency is necessary or required for the performance by the Adviser
or the Administrator of their obligations hereunder, in connection with the offering, issuance or sale of the Shares hereunder or the
consummation of the transactions contemplated by this Agreement, the Alternative Equity Distribution Agreements, any Terms Agreement,
any Alternative Terms Agreement, any of the Company Agreements, or the Prospectus (including the use of the proceeds from the sale of
the Shares as described in the Prospectus under the caption “Use of Proceeds”), except such as have been already obtained
under the 1933 Act or the 1940 Act.

 

(h)
Description of Adviser and Administrator. The description of the Adviser and the Administrator contained in the Registration
Statement and the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances in which they were made, not misleading.

 

    

    

    

 

(i)
 Possession of Licenses and Permits.  The Adviser and the Administrator possess such Governmental Licenses issued by
the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them,
except where the failure so to possess would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect;
the Adviser and the Administrator are in compliance with the terms and conditions of all such Governmental Licenses, except where the
failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are
valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses
to be in full force and effect would not, singly or in the aggregate, result in a Material Adverse Effect; and neither the Adviser nor
the Administrator has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result
in a Material Adverse Effect.

 

(j)
Stabilization and Manipulation. Neither the Adviser, the Administrator nor any of their respective partners, officers, affiliates
or controlling persons has taken, directly or indirectly, any action designed, under the Exchange Act, to result in the stabilization
or manipulation of the price of any security of the Company to facilitate the sale of the Shares in violation of any law, statute, regulation
or rule applicable to the Adviser, the Administrator or any of their respective partners, officers, affiliates or controlling persons.

 

(k)
Employment Status. The Adviser is not aware that (A) any executive, key employee or significant group of employees
of the Company, if any, any of the Subsidiaries, the Adviser or the Administrator, as applicable, plans to terminate employment with the
Company, any of the Subsidiaries, the Adviser or the Administrator or (B) any such executive or key employee is subject to any noncompete,
nondisclosure, confidentiality, employment, consulting or similar agreement that would be violated by the present or proposed business
activities of the Company, the Subsidiaries or the Adviser except where such termination or violation would not reasonably be expected
to have a Material Adverse Effect.

 

(l)
Internal Controls.  The Adviser is using its commercially reasonable efforts to operate a system of internal controls
sufficient to provide reasonable assurance that (A) transactions effectuated by it under the Investment Advisory Agreement are executed
in accordance with its management’s general or specific authorization; and (B) access to the Company’s assets that are
in its possession or control is permitted only in accordance with its management’s general or specific authorization.

 

(m)
Accounting Controls.  The Administrator is using its commercially reasonable efforts to operate a system of internal
accounting controls sufficient to provide reasonable assurance that (A) transactions for which it has bookkeeping and record keeping
responsibility for under the Administration Agreement are recorded as necessary to permit preparation of the Company’s financial
statements in conformity with GAAP and to maintain financial statements in conformity with GAAP and to maintain accountability for the
Company’s assets and (B) the recorded accountability for such assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

Any certificate signed by any officer of the Adviser or Administrator
and delivered to the Manager or counsel for the Manager in connection with the offering of the Shares shall be deemed a representation
and warranty by the Adviser or Administrator, as applicable, as to matters covered therein, to the Manager.

 

Section
4. Sale and Delivery of Shares. 

 

(a)
On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell through the Manager, as sales agent, and the Manager agrees to use its commercially reasonable
efforts to sell, as sales agent for the Company, the Shares on the following terms.

 

    

    

    

 

(i) Each time that the Company wishes to issue and sell Shares on
any day that is a trading day for the Nasdaq Global Select Market (the “NASDAQ”) (a “Trading
Day”) (other than a Trading Day on which the NASDAQ is scheduled to close prior to its regular weekday closing time)
pursuant to this Agreement (each, a “Placement”), it will instruct the Manager by telephone of the parameters in
accordance with which it desires Shares to be sold, which shall at a minimum include the number of Shares to be offered, the time
period during which sales are requested to be made, the minimum price below which sales may not be made and any limitation on the
number of Shares that may be sold in any one day (a “Placement Notice”). If the Manager wishes to accept such
proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole discretion) or, following
discussion with the Company, wishes to accept amended terms, the Manager will, prior to 4:30 p.m. (New York City time) or, if later,
within three hours after receipt of the Placement Notice, on the same business day (as defined below) on which such Placement Notice
is delivered to the Manager, issue to the Company a notice by email addressed to all of the authorized representatives of the
Company on Schedule C hereto (the “Authorized Company Representatives”) confirming all of the parameters
of the Placement or setting forth the terms it is willing to accept. Where the terms provided in the Placement Notice are amended as
provided for in the immediately preceding sentence, such terms will not be binding on the Company or the Manager until the Company
delivers to the Manager an acceptance by email (or other method mutually agreed to in writing by the parties) of all of the terms of
such Placement Notice, as amended (the “Acceptance”). The Placement Notice (as amended by the corresponding
Acceptance, if applicable) shall be effective upon receipt by any of the Authorized Company Representatives of the email notice from
the Manager or upon receipt by the Manager of the Company’s Acceptance, as the case may be, unless and until (i) the entire
amount of the Shares covered by the Placement Notice have been sold, (ii) in accordance with Section 4(a)(ii) hereof, the Company
suspends or terminates the Placement Notice, (iii) the Company issues a subsequent Placement Notice with parameters superseding
those on the earlier dated Placement Notice, or (iv) this Agreement has been terminated under the provisions of Section 10. Subject
to the terms and conditions hereof (including, without limitation, the accuracy of the representations and warranties of the
Company, the Adviser and the Administrator, the performance by the Company of its covenants and other obligations contained herein
and the satisfaction of additional conditions specified in Section 6) the Manager shall use its commercially reasonable efforts,
consistent with its normal trading and sales practices and applicable law and regulations, to offer and sell all of the Shares
designated in the Placement Notice; provided, however, that the Manager shall have no obligation to offer or sell
any Shares, and the Company acknowledges and agrees that the Manager shall have no such obligation in the event an offer or sale of
the Shares on behalf of the Company may in the judgment of the Manager constitute the sale of a “block” under Rule
10b-18(a)(5) under the Exchange Act or a “distribution” within the meaning of Rule 100 of Regulation M under the
Exchange Act or the Manager reasonably believes it may be deemed an “underwriter” under the 1933 Act in a transaction
that is other than (A) by means of ordinary brokers’ transactions between members of the NASDAQ that qualify for delivery of a
Prospectus to the NASDAQ in accordance with Rule 153 under the 1933 Act or (B) directly on or through an electronic communication
network, a “dark pool” or any similar market venue (the transactions described in (A) and (B) are hereinafter referred
to as “At the Market Offerings”).

 

(ii) Notwithstanding the foregoing, the Company or the Manager may,
upon notice to the other party by telephone (confirmed promptly by electronic mail from such party), suspend the offering of the Shares
pursuant to this Agreement or suspend or terminate a previously issued Placement Notice; provided, however, that such suspension
or termination shall not affect or impair the parties’ respective obligations with respect to the Shares sold hereunder prior to
the giving of such notice.

 

(iii) The Manager hereby covenants and agrees not to make any sales
of the Shares on behalf of the Company, pursuant to this Section 4(a), other than (A) by means of At the Market Offerings and
(B) such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company
and the Manager.

 

(iv) The gross sales price of any Shares sold pursuant to this Agreement
by the Manager acting as sales agent of the Company shall be equal to, in the discretion of the Manager, the market price prevailing at
the time of sale for the Shares sold by the Manager on the NASDAQ or otherwise, at prices related to prevailing market prices or at negotiated
prices (but in no event shall such gross sales price be less than the minimum price per Share designated by the Company at which such
Shares may be sold). The compensation to the Manager, as an agent of the Company, for sales of the Shares shall be up to 1.5% of the gross
sales price of the Shares sold pursuant to this Section 4(a). The foregoing rate of compensation shall not apply when the Manager
acts as principal, in which case the Company may sell Shares to the Manager as principal at a price agreed upon at the relevant applicable
time pursuant to a Terms Agreement. The remaining proceeds, after further deduction for any transaction fees, transfer taxes or any similar
taxes imposed by any governmental or self-regulatory organization in connection with such sales, shall constitute the net proceeds to
the Company for such Shares (the “Net Proceeds”).

 

    

    

    

 

(v) The Manager shall provide written confirmation to the Company as
soon as practicable following the close of trading on the NASDAQ each day in which the Shares are sold under this Section 4(a) setting
forth the aggregate amount of the Shares sold on such day, the aggregate Net Proceeds to the Company, and the aggregate compensation payable
by the Company to the Manager with respect to such sales. If requested in the Placement Notice, the Manager shall provide written confirmation
to the Company’s transfer agent (at the address set forth in the Placement Notice) of the aggregate amount of the Shares sold on
such day, at the time the Company is sent such information.

 

(vi) Settlement for sales of the Shares pursuant to this Section 4(a)
will occur on the second Trading Day following the date on which such sales are made (provided that, if such second Trading Day is not
a business day, then settlement will occur on the next succeeding Trading Day that is also a business day), unless another date shall
be agreed upon by the Company and the Manager (each such date, a “Settlement Date”). As used herein, the term “business
day” means any day other than a Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law, regulation or executive order to close. On each Settlement Date, the Shares sold through the Manager for settlement
on such date shall be issued and delivered by the Company to the Manager against payment of the Net Proceeds for the sale of such Shares.
Settlement for all such Shares shall be effected by electronically transferring the Shares by the Company or its transfer agent to the
Manager’s account, or to the account of the Manager’s designee, at The Depository Trust Company (“DTC”)
through its Deposit and Withdrawal at Custodian System (“DWAC”) or by such other means of delivery as may be mutually
agreed upon by the Company and the Manager, which in all cases shall be freely tradable, transferable, registered shares eligible for
delivery through DTC, in return for payments in same day funds delivered to the account designated by the Company. If the Company, or
its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify
and hold the Manager harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay
the Manager any commission to which it would otherwise be entitled absent such default. The Authorized Company Representatives, or any
designees thereof as notified to the Manager in writing, shall be the contact persons for the Company for all matters related to the settlement
of the transfer of the Shares through DWAC for purposes of this Section 4(a)(vi).

 

(vii) At each Time of Sale, Settlement Date and Representation Date
(as defined in Section 5(s) hereof), the Company, the Adviser and the Administrator shall be deemed to have affirmed their respective
representations and warranties contained in this Agreement. Any obligation of the Manager to use its commercially reasonable efforts to
sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company,
the Adviser and the Administrator herein, to the performance by the Company, the Adviser and the Administrator of their obligations hereunder
and to the continuing satisfaction of the additional conditions specified in Section 6 of this Agreement.

 

(b)
(i) If the Company wishes to issue and sell the Shares other than as set forth in Section 4(a) of this Agreement or as set forth
in Section 4(a) of any Alternative Equity Distribution Agreement, it may elect, in its sole discretion, to notify the Manager of the proposed
terms of such sale. If the Manager, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason
in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Manager, the Company and, if applicable,
the Alternative Managers will enter into a Terms Agreement setting forth the terms of such Placement. In the event of a conflict between
the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control. For avoidance of doubt,
nothing contained in this Agreement shall be construed to require the Company to engage the Manager or any Alternative Managers in connection
with the offer and sale of any of the Company’s securities, including shares of its Common Stock, whether in connection with an
underwritten offering or otherwise.

 

(c)
In the event the Company engages the Manager for a sale of Shares that would constitute the sale of a “block” under
Rule 10b-18(a)(5) under the Exchange Act or a “distribution,” within the meaning of Rule 100 of Regulation M under the Exchange
Act, the Company and the Manager will agree to compensation and deliverables that are customary for the Manager with respect to such transactions.

 

    

    

    

 

(d) (i)
Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to the sale of
such Shares, the aggregate gross sales proceeds or the aggregate number of the Shares sold pursuant to this Agreement and any
Alternative Equity Distribution Agreement would exceed the lesser of (A) the Maximum Amount, (B) the amount available for
offer and sale under the currently effective Registration Statement (C) the amount authorized from time to time to be issued
and sold under this Agreement and any Alternative Equity Distribution Agreement by the Company’s board of directors, or a duly
authorized committee thereof, and notified to the Manager in writing, and (D) the amount that would require approval of the
stockholders of the Company under Nasdaq Rule 5635 (or any successor rule). Under no circumstances shall the Company cause or
request the offer or sale of any Shares (i) at a price lower than the minimum price authorized from time to time by the
Company’s board of directors or a duly authorized committee thereof, and notified to the Manager in writing and (ii) at a
price (net of the Manager’s commission, discount or other compensation for such sales payable by the Company pursuant to this
Section 4) lower than the Company’s then current net asset value per share (as calculated pursuant to the 1940 Act),
unless the Company has received the requisite approval from the Company’s stockholders and the board of directors or a duly
authorized committee thereof as required by the 1940 Act, and notifies the Manager in writing. Notwithstanding anything to the
contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 4(d) on the
number and the price of the Shares to be issued and sold under this Agreement shall be the sole responsibility of the Company, and
the Manager shall have no obligation in connection with such compliance. The Manager shall have no responsibility for maintaining
records with respect to the Shares available for sale under the Registration Statement.

 

(ii) If any party has reason to believe that the exemptive provisions
set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify
the other parties and sales of the Shares under this Agreement and any Alternative Equity Distribution Agreement shall be suspended until
that or other exemptive provisions have been satisfied in the judgment of each party. Upon the reasonable request of the Company in writing
to the Manager (which such request may be by electronic mail), the Manager shall promptly calculate and provide in writing to the Company
a report setting forth, for the prior week, the average daily trading volume (as defined in Rule 100 of Regulation M under the Exchange
Act) of the Common Stock.

 

(e)
Each sale of the Shares to or through the Manager or any Alternative Manager, as applicable, shall be made in accordance with the
terms of this Agreement or, if applicable, a Terms Agreement, or the respective Alternative Equity Distribution Agreement or, if applicable,
an Alternative Terms Agreement, as applicable. The commitment of the Manager to purchase the Shares pursuant to any Terms Agreement shall
be deemed to have been made on the basis of the representations and warranties of the Company, the Adviser and the Administrator herein
contained and shall be subject to the terms and conditions herein set forth. Each Terms Agreement shall specify the number of the Shares
to be purchased by the Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating to rights
of, and default by, underwriters acting together with the Manager in the reoffering of the Shares, any provisions relating to the granting
of an option to purchase additional Shares, and the time and date (each such time and date being referred to herein as a “Time
of Delivery”) and place of delivery of and payment for such Shares. Such Terms Agreement shall also specify any requirements
for opinions of counsel, accountants’ letters and officers’ certificates pursuant to Section 6 hereof and any other information
or documents required by the Manager.

 

(f)
Subject to such further limitations on offers and sales of Shares or delivery of instructions to offer and sell Shares as are set
forth herein, or in any Alternative Equity Distribution Agreement, and as may be mutually agreed upon by the Company and the Manager or
any Alternative Manager, as applicable, offers and sales of Shares pursuant to this Agreement or any Alternative Equity Distribution Agreement,
as applicable, shall not be requested by the Company and need not be made by the Manager or any Alternative Manager, as applicable, at
any time when or during any period in which (i) the Company is or could be deemed to be in possession of material non-public information,
or (ii) without the prior written consent of the Manager or any Alternative Manager, as applicable, at any time during the period commencing
on the 5th business day prior to the time the Company issues a press release containing, or otherwise publicly announces, its earnings,
revenues or other operating results for a fiscal period or periods (each, an “Earnings Announcement”) through and including
(A) if the Company incorporates by reference into the Registration Statement its periodic reports filed with the Commission, the time
that is 24 hours after the time that the Company files a quarterly report on Form 10-Q or an annual report on Form 10-K that includes
consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement,
or (B) if the Company does not incorporate by reference into the Registration Statement its periodic reports filed with the Commission,
the date on which the Company files with the Commission a Prospectus Supplement under Rule 424(b) relating to the Shares that includes
(x) updated unaudited financial information as of the end of the Company’s most recent quarterly period or (y) updated audited financial
information as of the end of the Company’s most recent fiscal year, as applicable.

 

    

    

    

 

(g)
 The Company acknowledges and agrees that (A) there can be no assurance that the Manager or any Alternative Manager will be
successful in selling the Shares, (B) neither the Manager nor any Alternative Manager will incur any liability or obligation to the
Company or any other person or entity if such Manager does not sell Shares for any reason other than a failure by the Manager or any Alternative
Manager to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations
to sell such Shares in accordance with the terms of this Agreement or any Alternative Equity Distribution Agreement, as applicable, and
(C) neither the Manager nor any Alternative Manager shall be under any obligation to purchase Shares on a principal basis pursuant
to this Agreement or any Alternative Equity Distribution Agreement, as applicable, except as otherwise specifically agreed in writing
by the Manager and the Company or any Alternative Manager and the Company, as applicable. For purposes of clarification, the Manager shall
only be deemed to be acting as a sales agent under this Agreement during the period beginning with the delivery of a Placement Notice
from the Company to the Manager and ending upon the suspension or termination of such Placement Notice or the completion of the sale of
Shares in accordance with such Placement Notice.

 

(h)
The Company agrees that, during the term of this Agreement, any offer to sell, any solicitation of an offer to buy, or any sales
of Shares or sales of Common Stock pursuant to any At the Market Offering (as defined herein and within the meaning of Rule 415(a)(4)
under the 1933 Act) shall only be effected by or through the Manager or an Alternative Manager, but in no event may more than one Distribution
Manager be selling Shares under the Distribution Agreements on any single given day, and the Company shall in no event request that more
than one Distribution Manager sell Shares on the same day. Notwithstanding the foregoing or anything else herein to the contrary, nothing
contained in this Agreement shall be construed to limit the Company’s ability to engage additional Distribution Managers subsequent
to the date hereof. The Company will notify the Manager and the Alternative Managers in the event that it engages one or more additional
Distribution Managers subsequent to the date hereof and Schedule A hereto shall be deemed to incorporate by reference the names of each
of the Distribution Managers (other than the Manager) listed on Schedule A of the Distribution Agreements subsequently entered into by
the Company and such additional Distribution Managers.

 

Section
5. Covenants of the Company. The Company agrees with the Manager:

 

(a)
The Company, subject to Section 5(b), will comply with the requirements of Rule 415, Rule 430B and Rule 424, in connection with
the sale of the Shares, and will notify the Manager immediately, and confirm the notice in writing, (i) when, during any period that
a prospectus relating to the Shares is required to be delivered under the 1933 Act (whether physically, deemed to be delivered pursuant
to Rule 153 or any similar rule), any post-effective amendment to the Registration Statement shall become effective, or any supplement
to the Prospectus or any amended Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission relating
to the Registration Statement, (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment
or supplement to the Prospectus, including any document incorporated by reference therein, or for additional information, and (iv) of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing
or suspending the use of any prospectus or of any proceeding under Section 8A of the 1933 Act, or of the suspension of the qualification
of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes.
The Company will promptly effect the filings necessary pursuant to Rule 424, and will take such steps as it deems necessary to ascertain
promptly whether the form of prospectus transmitted for filing under Rule 424, was received for filing by the Commission and, in the event
that it was not, it will promptly file such prospectus. During any period that a prospectus relating to the Shares is required to be delivered
under the 1933 Act (whether physically, deemed to be delivered pursuant to Rule 153 or any similar rule), the Company will use its reasonable
efforts to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible
moment.

 

(b)
The Company shall notify the Manager promptly of the time on or after the date of this Agreement when any amendment to the Registration
Statement has been filed or becomes effective or when the Basic Prospectus or the Prospectus or any supplement to any of the foregoing
has been filed; and the Company shall cause the Basic Prospectus, the Prospectus Supplement and the Prospectus and each amendment or supplement
to the Basic Prospectus, the Prospectus Supplement or the Prospectus to be filed with the Commission as required pursuant to Rule 424
under the 1933 Act, within the time period prescribed.

 

    

    

    

 

(c)
 Upon the Manager’s written request, the Company will deliver to the Manager, without charge, conformed copies of the Registration
Statement as originally filed, and of each amendment thereto (including exhibits filed therewith or incorporated by reference therein
and documents incorporated or deemed to be incorporated by reference therein) and conformed copies of all consents and certificates of
experts, and, upon the Manager’s request, will also deliver to the Manager, without charge, a conformed copy of the Registration
Statement as originally filed and of each amendment thereto (without exhibits). The copies of the Registration Statement and each amendment
thereto furnished to the Manager will be identical to the electronically transmitted copies thereof filed with the Commission pursuant
to EDGAR, except to the extent permitted by Regulation S-T, or as filed with the Commission in paper form as permitted by Regulation S-T.

 

(d)
The Company shall make available to the Manager, as soon as practicable after this Agreement becomes effective, and thereafter
from time to time shall furnish to the Manager, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the
Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Manager may
reasonably request for the purposes contemplated by the 1933 Act; in case the Manager is required to deliver (whether physically, deemed
to be delivered pursuant to Rule 153 or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month
period referred to in Section 10(a)(3) of the 1933 Act, or after the time a post-effective amendment to the Registration Statement
is required pursuant to Item 512(a) of Regulation S-K under the 1933 Act, the Company will prepare, at its expense, such amendment
or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section 10(a)(3)
of the 1933 Act or Item 512(a) of Regulation S-K under the 1933 Act, as the case may be.

 

(e)
The Company will use its commercially reasonable efforts to comply with the 1933 Act so as to permit the distribution of the Shares
as contemplated in this Agreement and in the Prospectus. If at any time when a prospectus is required by the 1933 Act to be delivered
in connection with sales of the Shares, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion
of counsel for the Manager or for the Company, to amend the Registration Statement or amend or supplement the Prospectus in order that
the Prospectus will not include any untrue statements of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall
be necessary, in the opinion of such counsel, at any such time to amend the Registration Statement or amend or supplement the Prospectus,
including, without limitation, the filing of any document incorporated by reference therein, in order to comply with the requirements
of the 1933 Act or the Exchange Act, the Company will promptly prepare and file with the Commission, subject to Section 5(b), such amendment
or supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus, or any
document incorporated by reference therein, comply with such requirements, and use its reasonable efforts to cause any amendment to the
Registration Statement to be declared effective by the Commission as soon as possible. The Company will furnish to the Manager such number
of copies of such amendment or supplement as the Manager may reasonably request.

 

(f)
The Company will use its commercially reasonable efforts, in cooperation with the Manager, to qualify the Shares for offering and
sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Manager may designate and
to maintain such qualifications in effect for as long as the Manager reasonably requests; provided, however, that the Company shall not
be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in
any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject.

 

(g)
The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to
its securityholders as soon as reasonably practicable an earnings statement for the purposes of, and to provide the benefits contemplated
by, the last paragraph of Section 11(a) of the 1933 Act

 

(h)
The Company will use the Net Proceeds received by it from the sale of the Shares in the manner specified in the Prospectus under
“Use of Proceeds”.

 

(i)
The Company will use its commercially reasonable efforts to effect and maintain the listing of the Common Stock on the NASDAQ.

 

    

    

    

 

(j)
 At any time during the pendency of a Placement Notice, the Company shall not, and will not publicly disclose the intention to,
(i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into or exchangeable or exercisable for Common Stock (including without limitation, any options, warrants
or other rights to purchase Common Stock) or file any registration statement under the 1933 Act with respect to any of the foregoing,
or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the
economic consequence of ownership of the Common Stock, whether any such swap or transaction described in clause (i) or (ii) above is to
be settled by delivery of Common Stock or such other securities, in cash or otherwise, in each case without giving the Manager at least
two Trading Days’ prior written notice specifying the nature of the proposed sale and the date of such proposed sale. The foregoing
sentence shall not apply to (i) the Shares to be offered and sold to the Manager or any Alternative Manager pursuant to this Agreement
or any Terms Agreement, Alternative Equity Distribution Agreement or Alternative Terms Agreement, as applicable, (ii) the issuance of
any shares of Common Stock issued by the Company upon the exercise of an option or warrant or the conversion of a security referred to
in the Prospectus, (iii) any shares of Common Stock issued or options to purchase shares of Common Stock granted pursuant to existing
dividend reinvestment plans or employee benefit plans of the Company referred to in the Prospectus, and any registration related thereto,
(iv) any shares of Common Stock issued pursuant to any non-employee director stock plan or dividend reinvestment plan, and any registration
related thereto, (v) any shares of Common Stock issued to directors in lieu of directors’ fees, and any registration related thereto
or (vi) the issuance by the Company of any shares of Common Stock as consideration for any strategic acquisitions. In the event that notice
of a proposed sale is provided by the Company pursuant to this subsection (j), the Manager will suspend activity under this Agreement
for such period of time as requested by the Company or as may be deemed appropriate by the Manager.

 

(k)
The Company, during the term of this Agreement, will use its commercially reasonable efforts to maintain its status as a business
development company; provided, however, the Company may cease to be, or withdraw its election as, a business development
company, with the approval of the board of directors and a vote of stockholders as required by Section 58 of the 1940 Act or any successor
provision.

 

(l)
During the term of this Agreement, the Company will use its commercially reasonable efforts to qualify and elect to be treated
as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to
maintain such qualification and election in effect for each full fiscal year during which it is a business development company under the
1940 Act.

 

(m)
The Company will use its commercially reasonable efforts to maintain a system of internal accounting controls sufficient to provide
reasonable assurances that (A) material information relating to the Company and the assets managed by the Adviser is promptly made known
to the officers responsible for establishing and maintaining the system of internal accounting controls; and (B) any significant deficiencies
or weaknesses in the design or operation of internal accounting controls which could adversely affect the Company’s ability to record,
process, summarize and report financial data, and any fraud whether or not material that involves management or other employees who have
a significant role in internal controls, are adequately and promptly disclosed to the Company’s independent auditors and the audit
committee of the Company’s board of directors.

 

(n)
If, at the time the Registration Statement can no longer be used by the Company in accordance with the rules and regulations of
the Commission, this Agreement is still in effect or any Shares purchased by the Manager as principal remain unsold, the Company will
promptly file a new registration statement relating to the Shares on a proper form (including, if it is eligible to do so, an automatic
shelf registration statement) in form and substance satisfactory to the Manager.  The Company will take all other action necessary
or appropriate to permit the offering and sale of the Shares to continue as contemplated in the expired Registration Statement. 
References herein to the “Registration Statement” shall include such new shelf registration statement or such new automatic
shelf registration statement, as the case may be.

 

    

    

    

 

(o) The
Company shall pay all expenses incident to the performance of its obligations under this Agreement, whether or not the transactions
contemplated hereby are consummated or this Agreement is terminated, including (i) the preparation and filing of the
Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements thereto,
and the printing and furnishing of copies of each thereof to the Manager (including costs of mailing and shipment), (ii) the
printing and delivery to the Manager of this Agreement and such other documents as may be required in connection with the offering,
purchase, sale, issuance or delivery of the Shares, (iii) the issuance and delivery of the Shares through or to the Manager,
including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Shares
through or to the Manager, (iv) the fees and disbursements of the Company’s, the Adviser’s and the
Administrator’s counsel, accountants and other advisors, (v) the qualification of the Shares under securities laws in
accordance with the provisions of Section 5(f) hereof, including filing fees and the reasonable fees and disbursements of
counsel for the Manager in connection therewith and in connection with the preparation of Blue Sky Surveys and any supplement
thereto, (vi) the printing and delivery to the Manager of copies of the Prospectus and any amendments or supplements thereto,
(vii) the preparation, printing and delivery to the Manager of copies of the Blue Sky Survey and any supplement thereto,
(viii) the fees and expenses of any transfer agent or registrar for the Shares, (ix) the filing fees incident to, and the
reasonable fees and disbursements of counsel to the Manager in connection with, the review by the Financial Industry Regulatory
Authority (“FINRA”) of the terms of the sale of the Shares, and (x) the fees and expenses incurred in
connection with the listing of the Shares on the NASDAQ. Except as set forth herein, the Manager will pay all of its other
out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this
Agreement, including, without limitation, travel and similar expenses, whether or not the transactions contemplated hereby are
consummated or this Agreement is terminated.

 

(p)
The Company shall not, at any time at or after the execution of this Agreement, offer or sell any Shares by means of any “prospectus”
(within the meaning of the 1933 Act), or use any “prospectus” (within the meaning of the 1933 Act) in connection with the
offer or sale of the Shares, in each case other than the Prospectus and the Additional Disclosure Items.

 

(q)
Neither the Company nor any affiliate of the Company will take, directly or indirectly, any action designed, or which will constitute,
or has constituted, or might reasonably be expected to cause or result in (i) the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Shares or (ii) a violation of Regulation M. The Company shall notify
the Manager of any violation of Regulation M by the Company, any of its affiliates or any of their respective officers or directors promptly
after the Company has received notice or obtained knowledge of any such violation.

 

(r)
The Company shall advise the Manager promptly after it shall have received notice or obtained knowledge thereof, of any information
or fact that would materially alter or affect any opinion, certificate, letter and other document provided to the Manager pursuant to
Section 6 herein.

 

(s) Upon
commencement of the offering of the Shares under this Agreement (and upon the recommencement of the offering of the Shares under
this Agreement following the termination of a Suspension Period (as defined below)), and each time that (i) the Registration
Statement or the Prospectus shall be amended or supplemented (other than (A) by an amendment or supplement that is filed solely
to report sales of the Shares pursuant to this Agreement or any Alternative Equity Distribution Agreement or an amendment solely to
add exhibits to the Registration Statement, (B) in connection with the filing of any Current Reports
on Form 8-K (other than any Current Reports on Form 8-K which contain capsule financial information,
financial statements, supporting schedules or other financial data) or the incorporation of other documents by reference into the
Registration Statement or Prospectus except as set forth in clauses (ii) and (iii) below, or (C) by a prospectus
supplement relating solely to the offering of other securities, including, without limitation, other shares of Common Stock and any
debt securities of the Company), (ii) the Company files an annual report on Form 10-K under the Exchange Act, or
an amendment thereto, (iii) the Company files a quarterly report on Form 10-Q under the Exchange Act,
(iv) the Shares are delivered to the Manager pursuant to a Terms Agreement, or (v) the Manager may reasonably request (the
date of commencement of the offering of the Shares under this Agreement, the date of commencement of the offering of the Shares
under this Agreement following the termination of a Suspension Period and each date referred to in subclauses (i) through
(v) above, each a “Representation Date”), the Company shall furnish or cause to be furnished to the Manager
forthwith certificates signed by the chief executive officer or president (or with respect to the Adviser or Administrator, an
authorized officer) and of the chief financial or chief accounting officer of each of the Company, the Adviser and the Administrator
of the Company, as the case may be, dated and delivered as of the Representation Date, in form satisfactory to the Manager to the
effect that the statements contained in the certificate referred to in Section 6(c) of this Agreement which was last furnished
to the Manager are true and correct as of such Representation Date as though made at and as of such date (except that such
certificates shall state that such statements shall be deemed to relate to the Registration Statement and the Prospectus, in each
case as amended and supplemented to such date) or, in lieu of such certificates, certificates of the same tenor as the certificates
referred to in said Section 6(c), modified as necessary to relate to the Registration Statement and the Prospectus, in each
case as amended and supplemented to the time of delivery of such certificate; provided that the obligations under this subsection
(s) shall be deferred when no Placement Notice is pending for any Distribution Manager or for any period that the Company has
suspended the offering of Shares pursuant to Section 4(a)(ii) hereof (each, a “Suspension Period”) and shall
recommence upon the termination of such Suspension Period and/or the Company’s submission of a Placement Notice to any
Distribution Manager (in which case the Company shall be required to deliver the required deliverable to the Manager at such time if
it was not delivered at the last Representation Date).

 

    

    

    

 

(t)
At or promptly after each Representation Date, the Company shall furnish or cause to be furnished forthwith to the Manager written
opinions of Kirkland & Ellis LLP, counsel to the Company (“Company Counsel”), and Eversheds Sutherland (US) LLP,
special regulatory counsel for the Company (“Regulatory Counsel”), dated and delivered as of such Representation Date,
in form and substance reasonably satisfactory to the Manager, of the same tenor as the opinions referred to in Section 6(d) of this
Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus, in each case as amended and supplemented
to the time of delivery of such opinions; provided that the obligation of the Company under this subsection (t) shall be deferred
when no Placement Notice is pending for any Distribution Manager or for any Suspension Period and shall recommence upon the termination
of such Suspension Period and/or the Company’s submission of a Placement Notice to any Distribution Manager (in which case the Company
shall be required to deliver the required deliverable to the Manager at such time if it was not delivered at the last Representation Date).

 

(u)
At or promptly after each Representation Date, the Company shall furnish or cause to be furnished forthwith to the Manager a written
opinion of Venable LLP, Maryland counsel to the Company (“Maryland Counsel”), dated and delivered as of such Representation
Date, in form and substance reasonably satisfactory to the Manager, of the same tenor as the opinion referred to in Section 6(e)
of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to
the time of delivery of such opinion; provided that the obligation of the Company under this subsection (u) shall be deferred when
no Placement Notice is pending for any Distribution Manager or for any Suspension Period and shall recommence upon the termination of
such Suspension Period and/or the Company’s submission of a Placement Notice to any Distribution Manager (in which case the Company
shall be required to deliver the required deliverable to the Manager at such time if it was not delivered at the last Representation Date).

 

(v)
At or promptly after each Representation Date, the Company shall furnish or cause to be furnished to the Manager forthwith certificates
of the Secretary or Assistant Secretary of the Company, the Adviser and the Administrator, dated and delivered as of such Representation
Date, in form and substance reasonably satisfactory to the Manager, of the same tenor as the certificate referred to in Section 6(f)
of this Agreement but modified to relate to the Registration Statement and the Prospectus, in each case as amended and supplemented to
the date of such certificates; provided that the obligations under this subsection (v) shall be deferred when no Placement Notice
is pending for any Distribution Manager or for any Suspension Period and shall recommence upon the termination of such Suspension Period
and/or the Company’s submission of a Placement Notice to any Distribution Manager (in which case the Company shall be required to
deliver the required deliverable to the Manager at such time if it was not delivered at the last Representation Date).

 

(w)
At or promptly after each Representation Date, Freshfields Bruckhaus Deringer US LLP, counsel to the Distribution Managers, shall
deliver a written opinion, dated and delivered as of such Representation Date, in form and substance reasonably satisfactory to the Manager;
provided that the obligation under this subsection (w) shall be deferred when no Placement Notice is pending for any Distribution Manager
or for any Suspension Period and shall recommence upon the termination of such Suspension Period and/or the Company’s submission
of a Placement Notice to any Distribution Manager (in which case the Company shall be required to deliver the required deliverable to
the Manager at such time if it was not delivered at the last Representation Date).

 

    

    

    

 

(x) At
or promptly after each Representation Date, the Company shall cause the independent registered public accountants of the Company, or
other independent accountants satisfactory to the Manager, forthwith to furnish the Manager a letter, dated and delivered as of or
promptly after such Representation Date, in form and substance reasonably satisfactory to the Manager, of the same tenor as the
letter referred to in Section 6(h) of this Agreement but modified to relate to the Registration Statement and the Prospectus as
amended and supplemented to the date of such letter; provided that the obligation of the Company under this subsection
(x) shall be deferred when no Placement Notice is pending for any Distribution Manager or for any Suspension Period and shall
recommence upon the termination of such Suspension Period and/or the Company’s submission of a Placement Notice to any
Distribution Manager (in which case the Company shall be required to deliver the required deliverable to the Manager at such time if
it was not delivered at the last Representation Date).

 

(y)
At or promptly after each Representation Date, the Company shall furnish to the Manager forthwith a certificate of the chief financial
officer of the Company, dated as of or promptly after such Representation Date, in form and substance reasonably satisfactory to the Manager,
of the same tenor as the certificate referred to in Section 6(i) of this Agreement but modified to relate to the Registration Statement
and the Prospectus as amended and supplemented to the date of such certificate; provided that the obligation of the Company under this
subsection (y) shall be deferred when no Placement Notice is pending for any Distribution Manager or for any Suspension Period and
shall recommence upon the termination of such Suspension Period and/or the Company’s submission of a Placement Notice to any Distribution
Manager (in which case the Company shall be required to deliver the required deliverable to the Manager at such time if it was not delivered
at the last Representation Date).

 

(z)
In connection with each Representation Date, the Company shall conduct a due diligence session, in form and substance reasonably
satisfactory to the Manager, which shall include representatives of the management and the independent registered public accountants of
the Company; provided that the obligation of the Company under this subsection (z) shall be deferred when no Placement Notice is
pending or for any Suspension Period and shall recommence upon the termination of such Suspension Period and/or the Company’s submission
of a Placement Notice to any Distribution Manager (in which case the Company shall be required to conduct a due diligence session at such
time if it was not conducted at the last Representation Date). For the avoidance of doubt, all Distribution Managers shall be invited
by the Company to participate in any due diligence session conducted pursuant to this Section 5(z). The Company shall cooperate with any
reasonable due diligence review conducted by the Manager (or its counsel or other representatives) from time to time (on a Representation
Date or otherwise) in connection with the transactions contemplated by this Agreement, including, without limitation, providing information
and making available documents and senior corporate officers, as the Manager may reasonably request; provided, however,
that the Company shall be required to make available documents and senior corporate officers only (i) at the Company’s or Company
counsel’s principal offices and (ii) during the Company’s ordinary business hours.

 

(aa)
The Company consents to the Manager trading in the Common Stock for the Manager’s own account and for the account of its
clients at the same time as sales of the Shares occur pursuant to this Agreement.

 

(bb)
If to the knowledge of the Company, any condition set forth in Section 6(a) shall not have been satisfied, or any of the representations
and warranties of the Company, the Adviser and the Administrator contained in this Agreement shall not be true and correct, on the applicable
Settlement Date or Time of Delivery, as the case may be, the Company shall offer to any person who has agreed to purchase the Shares from
the Company as the result of an offer to purchase solicited by the Manager the right to refuse to purchase and pay for such Shares.

 

(cc)
The Company agrees that on such dates as the 1933 Act shall require, the Company will file a prospectus supplement with the Commission
pursuant to Rule 424 under the 1933 Act or otherwise include in a filed annual report on Form 10-K or quarterly report on Form 10-Q, which
is incorporated by reference into the Registration Statement, which prospectus supplement, Form 10-K or Form 10-Q, as applicable, will
set forth the number of the Shares sold through or to the Manager under this Agreement, the Net Proceeds to the Company and the compensation
paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.

 

(dd)
The Company agrees to ensure that prior to instructing the Manager to sell Shares the Company shall have obtained all necessary
corporate authority for the offer and sale of such Shares.

 

(ee)
Concurrently with the delivery of each Placement Notice, the Company shall deliver to the Manager a then current list of “controlled”
companies (as defined in Section 2(a)(9) of the 1940 Act) of the Company.

 

    

    

    

 

 

(ff)
 Each acceptance by the Company of an offer to purchase the Shares hereunder, and each execution and delivery by the Company of
a Terms Agreement, shall be deemed to be an affirmation to the Manager that the representations and warranties of the Company contained
in or made pursuant to this Agreement are true and correct as of the date of such acceptance or of such Terms Agreement as though made
at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date
for the Shares relating to such acceptance or as of the Time of Delivery relating to such sale, as the case may be, as though made at
and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus
as amended and supplemented relating to such Shares).

 

Section
6. Conditions of Manager’s Obligations. The obligations of the Manager hereunder are subject to (i) the accuracy
of the representations and warranties on the part of the Company, the Adviser and the Administrator on the date hereof, any applicable
Representation Date, as of each Time of Sale and as of each Settlement Date and Time of Delivery, (ii) the performance by the Company,
the Adviser and the Administrator of their obligations hereunder and (iii) to the following additional conditions precedent.

 

(a)
 No stop order suspending the effectiveness of the Registration Statement shall have been issued under the 1933 Act or proceedings
therefor or pursuant to Section 8A of the 1933 Act initiated or threatened by the Commission, and any request on the part of the Commission
for additional information shall have been complied with to the reasonable satisfaction of counsel to the Manager. All filings related
to the offering of the Shares with the Commission required by Rule 497 or 424 under the 1933 Act, as applicable, shall have been made
within the applicable time period prescribed for such filing under the 1933 Act.

 

(b)
Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus and the
Prospectus, no material and adverse change, financial or otherwise (other than as referred to in the Registration Statement and Prospectus),
in the business, condition or prospects of the Company, the Adviser or the Administrator, shall occur or become known and no transaction
which is material and adverse to the Company, the Adviser or the Administrator (other than as referred to in the Registration Statement
and Prospectus), shall have been entered into by the Company, the Adviser or the Administrator.

 

(c)
Each of the Company, the Adviser and the Administrator shall deliver to the Manager, at such times specified in Section 5(s) of
this Agreement, a certificate signed by the chief executive officer or president (or with respect to the Adviser and the Administrator,
an authorized officer) and the chief financial or chief accounting officer of each of the Company, the Adviser and the Administrator of
the Company, as the case may be, to the effect that (i) the representations and warranties of the Company, the Adviser or the Administrator,
as the case may be, as set forth in this Agreement are true and correct as of the Representation Date, (ii) the Company, the Adviser
or the Administrator, as the case may be, has performed such of its obligations under this Agreement as are to be performed at or before
such Representation Date, and (iii) the conditions set forth in paragraphs (a) and (b) of Section 6 have been met.
Each certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required
to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company’s board of directors
or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.

 

(d)
The Company shall furnish to the Manager, at such times specified in Section 5(t) of this Agreement, opinions of Company Counsel
and Regulatory Counsel, addressed to the Manager, and dated as of such date, and in form and substance reasonably satisfactory to the
Manager, in substantially the form set forth in Exhibit A-1 and Exhibit A-2 hereto or as otherwise satisfactory
to the Manager.

 

(e)
The Company shall furnish to the Manager, at such times specified in Section 5(u) of this Agreement, an opinion of Maryland Counsel,
addressed to the Manager, and dated as of such date, and in form and substance reasonably satisfactory to the Manager, in substantially
the form set forth in Exhibit B hereto or as otherwise satisfactory to the Manager.

 

(f)
The Manager shall have received, at such times specified in Section 5(v) of this Agreement, a certificate of the Secretary or Assistant
Secretary of the Company, the Adviser and the Administrator, dated as of such date, and in form and substance reasonably satisfactory
to the Manager.

 

     

     

    

 

(g)
 The Manager shall have received, at such times specified in Section 5(w) of this Agreement, the favorable opinion of Freshfields
Bruckhaus Deringer US LLP, counsel to the Distribution Managers, dated as of such date, and in form and substance reasonably satisfactory
to the Manager.

 

(h)
At such times specified in Section 5(x) of this Agreement, the Manager shall have received from the accountants of the Company
letters dated the date of delivery thereof and addressed to the Manager in form and substance reasonably satisfactory to the Manager.

 

(i)
The Company shall furnish to the Manager, at such times specified in Section 5(y) of this Agreement, a certificate of the chief
financial or chief accounting officer of the Company with respect to certain financial matters, dated the date of delivery thereof and
addressed to the Manager in form and substance reasonably satisfactory to the Manager.

 

(j)
At such times specified in Section 5(z) of this Agreement and on such other dates as reasonably requested by the Manager, the Company
shall have conducted due diligence sessions, in form and substance reasonably satisfactory to the Manager, which shall include the participation
of representatives of the management of the Company and the independent registered public accountants of the Company, and the Company
shall use commercially reasonable efforts to provide Freshfields Bruckhaus Deringer US LLP access to customary due diligence materials.

 

(k)
The Shares shall have been approved for listing on the NASDAQ, subject only to notice of issuance at or prior to the Settlement
Date or the Time of Delivery, as the case may be.

 

(l)
The Common Stock shall be an “actively-traded security” excepted from the requirements of Rule 101 of Regulation M
under the Exchange Act by subsection (c)(1) of such rule.

 

Section
7. Indemnification.

 

(a)
(1) Indemnification of the Manager by the Company. The Company agrees to indemnify and hold harmless the Manager, its affiliates,
as such term is defined in Rule 501(b) under the 1933 Act (each, an “Affiliate”), its directors, officers, selling
agents and each person, if any, who controls any Manager within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange
Act as follows:

 

(i) against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to
be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue
statement of a material fact included in the Prospectus (or any amendment or supplement thereto) or any Additional Disclosure Item (when
taken together with the Prospectus), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading;

 

(ii) against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement
or omission, or any such alleged untrue statement or omission; provided that (subject to Section 7(d) below) any such settlement is effected
with the written consent of the Company;

 

(iii) against any and all expense whatsoever, as
incurred (including the fees and disbursements of counsel chosen by the Manager), reasonably incurred in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense
is not paid under (i) or (ii) above;

 

provided, however, that this indemnity agreement
shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by
such Manager expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or
supplement thereto.

 

     

     

    

 

(2) Indemnification of the Manager by the Adviser and the Administrator.
Each of the Adviser and the Administrator agree, jointly and severally, to indemnify and hold harmless the Manager, its Affiliates, its
directors, officers, selling agents and each person, if any, who controls any Manager within the meaning of Section 15 of the 1933 Act
or Section 20 of the Exchange Act as follows:

 

(i)       against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue
statement or alleged untrue statement of a material fact included in any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading to the extent the loss, liability, claim, damage and expense
relates to information concerning the Adviser or the Administrator;

 

(ii)       against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission related to the Adviser or the Administrator or any such alleged untrue statement or omission
related to the Adviser or the Administrator; provided that (subject to Section 7(d) below) any such settlement is effected with the written
consent of the Company;

 

(iii)       against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Manager), reasonably incurred
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission related to the Adviser or the Administrator,
or any such alleged untrue statement or omission related to the Adviser or the Administrator, to the extent that any such expense is not
paid under (i) or (ii) above;

 

provided, however, that this indemnity agreement shall not apply to
any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information furnished to the Company by such Manager expressly for use
in the Registration Statement (or any amendment thereto), or the Prospectus (or any amendment or supplement thereto).

 

(b)
Indemnification of Company, Directors, Officers, Adviser and Administrator. The Manager agrees to indemnify and hold harmless
each of the Company, the Adviser, the Administrator, each of their directors and officers, and each person, if any, who controls the Company,
the Adviser or the Administrator within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, against any and all
loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information
furnished to the Company by the Manager expressly for use in the Registration Statement (or any amendment thereto), or the Prospectus
(or any amendment or supplement thereto), which information is set forth in the second paragraph of Section 2(a).

 

     

     

    

 

(c) Actions
against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder (an
“Action”), but failure to so notify an indemnifying party shall not relieve such indemnifying party from any
liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any
liability which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to
Section 7(a) above, counsel to the indemnified parties shall be selected by the Manager, and, in the case of parties indemnified
pursuant to Section 7(b) above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may
participate at its own expense in the defense of any such Action; provided, however, that counsel to the indemnifying
party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the
indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one Action or separate but similar or related Actions in the same
jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or
any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of
which indemnification or contribution could be sought under this Section 7 or Section 8 hereof (whether or not the indemnified
parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional
release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii)
does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. Notwithstanding anything to the contrary herein, neither the assumption of the defense of any such Action nor the payment of
any fees or expenses related thereto shall be deemed to be an admission by the indemnifying party that it has an obligation to
indemnify any person pursuant to this Agreement.

 

(d)
Settlement Without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for
any settlement of the nature contemplated by Section 7(a)(1)(ii) or 7(a)(2)(ii) effected without its written consent if (i) such settlement
is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

 

(e)
Acknowledgement by the Company, the Adviser and the Administrator. The Company, the Adviser and the Administrator also acknowledge
and agree that (i) the purchase and sale of any Shares pursuant to this Agreement, including any discounts and commissions, is an arm’s-length
commercial transaction between the Company, on the one hand, and the Manager of such Shares, on the other hand, (ii) in connection with
the offering of the Shares and the process leading to such transaction the Manager will act solely as a sales agent of the Company (unless
provided otherwise pursuant to a Terms Agreement), (iii) the Manager will not assume an advisory or fiduciary responsibility in favor
of the Company with respect to the offering of the Shares contemplated hereby or the process leading thereto (irrespective of whether
the Manager has advised or is currently advising the Company on other matters) and the Manager will not have any obligation to the Company
with respect to the offering except the obligations expressly set forth herein, (iv) the Manager and its Affiliates may be engaged in
a broad range of transactions that involve interests that differ from those of the Company, and (v) the Manager has not provided and will
not provide any legal, accounting, regulatory or tax advice with respect to the offering of the Shares and the Company has consulted and
will consult its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

Section
8. Contribution. If the indemnification provided for in Section 7 hereof is for any reason unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, the
Adviser and the Administrator on the one hand and the Manager on the other hand from the offering of the Shares pursuant to this Agreement
or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative fault of the Company, the Adviser and the Administrator
on the one hand and of the Manager on the other hand in connection with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative benefits received by the Company, the Adviser and
the Administrator on the one hand and the Manager on the other hand in connection with the offering of the Shares pursuant to this
Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Shares
pursuant to this Agreement (before deducting expenses) received by the Company and the total compensation received by the Manager
pursuant to the Distribution Agreements and any Terms Agreement or Alternative Terms Agreement, in each case as determined as of the
date of such Action referred to in Section 7(a) or (b), as applicable which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.

 

     

     

    

 

The relative fault of the Company, the Adviser and the Administrator
on the one hand and the Manager on the other hand shall be determined by reference to, among other things, whether any such untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by
the Company, the Adviser and the Administrator or by the Manager and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

 

The Company, the Adviser, the Administrator and the Manager agree that
it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Distribution
Managers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to above in this Section 8. The aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 8 shall be deemed to include any legal or other expenses reasonably incurred
by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or
alleged omission.

 

Notwithstanding the provisions of this Section 8, the Manager shall
not be required to contribute any amount in excess of the amount by which the total price at which the Shares sold by it under this Agreement
exceeds the amount of any damages which such Manager has otherwise been required to pay by reason of any such untrue or alleged untrue
statement or omission or alleged omission.

 

No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this Section 8, each person, if any, who controls the
Manager within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act and the Manager’s Affiliates, directors,
officers, and selling agents shall have the same rights to contribution as such Manager, and each director of the Company, each officer
of the Company, and each person, if any, who controls the Company, Adviser or Administrator within the meaning of Section 15 of the 1933
Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company, Adviser or Administrator, as the case
may be.

 

Notwithstanding any other provision of Section 7 and this Section 8,
no party shall be entitled to indemnification or contribution under this Agreement in violation of Section 17(i) of the 1940 Act.

 

Section
9. Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained
in this Agreement or in certificates of officers of the Company, the Adviser and the Administrator submitted pursuant hereto, shall remain
operative and in full force and effect regardless of (i) any investigation made by or on behalf of the Manager or its Affiliates
or selling agents, any person controlling the Manager, its officers or directors or any person controlling the Company and (ii) delivery
of and payment for the Shares.

 

Section
10. Termination.

 

(a)
The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that (i) if any of the Shares have been sold through the Manager for the Company,
then Section 5(bb) shall remain in full force and effect, (ii) with respect to any pending sale, through the Manager for the
Company, the obligations of the Company, the Adviser and the Administrator, including in respect of compensation of the Manager, shall
remain in full force and effect notwithstanding the termination and (iii) the provisions of Sections 5(o), 7, 8, 9, 10, 11, 12, 13,
14 and 15 of this Agreement shall remain in full force and effect notwithstanding such termination.

 

     

     

    

 

(b)
 The Manager shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that the provisions of Sections 5(o), 7, 8, 9, 10, 11, 12, 13, 14 and 15 of this Agreement
shall remain in full force and effect notwithstanding such termination.

 

(c)
This Agreement shall remain in full force and effect unless terminated pursuant to Sections 10(a) or (b) above or otherwise
by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that
the provisions of Sections 5(o), 7, 8, 9, 10, 11, 12, 13, 14 and 15 of this Agreement shall remain in full force and effect notwithstanding
such termination.

 

(d)
Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Manager or the Company, as the case may
be. If such termination shall occur prior to the Settlement Date or Time of Delivery for any sale of the Shares, such sale shall settle
in accordance with the provisions of Section 4(a)(vi) of this Agreement.

 

Section
11. Tax Disclosure. Notwithstanding any other provision of this Agreement, from the commencement of discussions with respect
to the transactions contemplated hereby, you and the Company (and each employee, representative or other agent of the Company) may disclose
to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement
and all materials of any kind (including opinions or other tax analyses) that are provided relating to such tax treatment and tax structure.

 

Section
12. Notices. Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement
shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices
to the Manager shall be directed to Regions Securities LLC, 615 South College St., Suite 600, Charlotte, NC 28202, Attention: Ed Armstrong
and Brit Stephens, with a copy to Freshfields Bruckhaus Deringer US LLP, 601 Lexington Avenue, New York, NY 10022, attention: Valerie
Ford Jacob and Michael Levitt. Notices to the Company, the Adviser and Administrator shall be directed to them at 245 Park Avenue 44th
Floor, New York, New York 10167, Attention: General Counsel, with a copy to Kirkland & Ellis LLP, 2049 Century Park East, Suite 3700,
Los Angeles, CA 90067, Attention: Monica Shilling and Christopher Wu.

 

Section
13. Parties. This Agreement shall each inure to the benefit of and be binding upon the Manager and the Company and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Manager, the Company, the Adviser and the Administrator and their respective successors and the controlling
persons, officers, directors and other persons referred to in Sections 7 and 8 and their heirs and legal representatives, any legal
or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions
and provisions hereof are intended to be for the sole and exclusive benefit of the Manager, the Company, the Adviser and the Administrator
and their respective successors, and said controlling persons, officers, directors and other persons referred to in Sections 7 and
8 and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Shares from
any Manager shall be deemed to be a successor by reason merely of such purchase.

 

Section
14. Governing Law. This Agreement and any claim, controversy or dispute arising under or related thereto shall be governed
by and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401 of the New York General
Obligations Law.

 

Section
15. Submission to Jurisdiction. Except as set forth below, no claim or action may be commenced, prosecuted or
continued in any court other than the courts of the State of New York located in the City and County of New York or in the United
States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such
matters, and both the Manager, the Company, the Adviser and the Administrator consent to the jurisdiction of such courts and
personal service with respect thereto. The Company, the Adviser and the Administrator hereby consent to personal jurisdiction,
service and venue in any court in which any claim or action arising out of or in any way relating to this Agreement is brought by
any third party against the Manager or any indemnified party. The Manager, the Company, the Adviser and the Administrator (on its
behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waive all right to trial by
jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or
relating to this Agreement.

 

     

     

    

 

Section
16. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all such counterparts shall together constitute one and the same Agreement.

 

Section
17. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section
18. USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), the Manager is required to obtain, verify and record information that identifies their respective clients, including
the Company, which information may include the name and address of their respective clients, as well as other information that will allow
the Manager to properly identify its clients.

 

Section
19. Research Independence. In addition, the Company, the Adviser and the Administrator acknowledge that each Manager’s
research analysts and research departments are required to be independent from their respective investment banking divisions and are subject
to certain regulations and internal policies, and that the Manager’s research analysts may hold and make statements or investment
recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment
bankers. The Company, the Adviser and the Administrator hereby waive and release, to the fullest extent permitted by law, any claims that
the Company, the Adviser and the Administrator, as applicable, may have against the Manager with respect to any conflict of interest that
may arise from the fact that the views expressed by the Manager’s independent research analysts and research departments may be
different from or inconsistent with the views or advice communicated to the Company by the Manager’s investment banking divisions.
The Company, the Adviser and the Administrator acknowledge that the Manager is a full service securities firm and as such from time to
time, subject to applicable securities laws, may effect transactions for its own accounts or the accounts of their customers and hold
long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this
Agreement and any Terms Agreement.

 

Section
20. Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any stock split, stock dividend, reverse stock split or similar transaction effected with respect
to the Shares.

 

Section
21. Recognition of the U.S. Special Resolution Regimes.

 

(a) In the event that any Manager that is a Covered
Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Manager of this Agreement, and any
interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the
U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States
or a state of the United States.

 

(b) In the event that any Manager that is a Covered
Entity or a BHC Act Affiliate of such Manager becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
this Agreement that may be exercised against such Manager are permitted to be exercised to no greater extent than such Default Rights
could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state
of the United States.

 

“BHC Act Affiliate” has the meaning assigned
to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

 

“Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii)
a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“U.S. Special Resolution Regime” means
each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

[Signature Pages Follow]

 

 

     

     

    

 

 

If the foregoing correctly sets forth the understanding
among the Company, the Adviser, the Administrator and the Manager, please so indicate in the space provided below for that purpose, whereupon
this Agreement and your acceptance shall constitute a binding agreement among the Company, the Adviser, the Administrator and the Manager.
Alternatively, the execution of this Agreement by the Company, the Adviser and the Administrator and its acceptance by or on behalf of
the Manager may be evidenced by an exchange of telegraphic or other written communications.

 

	 	Very truly yours,
	 	 
	 	COMPANY:
	 	ARES CAPITAL CORPORATION
	 	 
	 	 
	 	By 	/s/ R. Kipp deVeer
	 	 	Name: R. Kipp deVeer
	 	 	Title:   Chief Executive Officer
	 	 
	 	ADVISER:
	 	ARES CAPITAL MANAGEMENT LLC
	 	 
	 	 
	 	By 	/s/ Joshua M. Bloomstein
	 	 	Name: Joshua M. Bloomstein
	 	 	Title:   Authorized Signatory
	 	 
	 	ADMINISTRATOR:
	 	ARES OPERATIONS LLC
	 	 
	 	 
	 	By 	/s/ Naseem Sagati Aghili
	 	 	Name: Naseem Sagati Aghili
	 	 	Title:   Authorized Signatory

 

ACCEPTED as of the date first above written

 

REGIONS SECURITIES LLC

 

	By:	/s/ Edward L. Armstrong	 
	 	Name: Edward L. Armstrong	 
	 	Title: Managing Director - ECM	 

 

     

     

    

 

Annex I 

 

[FORM OF TERMS AGREEMENT]

 

Ares Capital Corporation 

 

[    ] Shares of Common Stock

(par value $0.001 per share)

 

TERMS AGREEMENT 

[DATE]

 

[Insert Bank & Address]

 

Ladies and Gentlemen:

 

Ares Capital Corporation, a Maryland corporation (the “Company”),
proposes, subject to the terms and conditions stated herein and in the Amended and Restated Equity Distribution Agreement, dated [Month]
[Day], [Year] (the “Equity Distribution Agreement”), by and among the Company, the Adviser, the Administrator (each
as defined therein) and [Bank] (the “Manager”), to issue and sell to the Manager the securities specified in Schedule
I hereto (the “Purchased Securities”)[, and to grant to the Manager the option to purchase the additional securities
specified in Schedule I hereto (the “Additional Securities”)].

 

[The Manager shall have the right to purchase from the Company all
or a portion of the Additional Securities at the same purchase price per share to be paid by the Manager to the Company for the Purchased
Securities. This option may be exercised by the Manager at any time (but not more than once) on or before the 30th day following the date
hereof, by written notice to the Company. Such notice shall set forth the aggregate number of Additional Securities as to which the option
is being exercised, and the date and time when the Additional Securities are to be delivered (such date and time being herein referred
to as the “Option Closing Date”); provided, however, that the Option Closing Date shall not be earlier than the Time
of Delivery (as set forth in Schedule I hereto) nor earlier than the second business day after the date on which the option shall
have been exercised nor later than the fifth business day after the date on which the option shall have been exercised. Payment of the
purchase price for the Additional Securities shall be made at the Option Closing Date in the same manner and at the same office as the
payment for the Purchased Securities.]

 

Each of the provisions of the Equity Distribution Agreement not specifically
related to the solicitation by the Manager, as agent of the Company, of offers to purchase securities is incorporated herein by reference
in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in
full herein. Each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this
Terms Agreement[ and][,] the Time of Delivery[ and any Option Closing Date], except that each representation and warranty in Section 2
and Section 3 of the Equity Distribution Agreement which makes reference to the Prospectus (as therein defined) shall be deemed to
be a representation and warranty as of the date of the Equity Distribution Agreement in relation to the Prospectus, and also a representation
and warranty as of the date of this Terms Agreement[ and] [,] the Time of Delivery[ and any Option Closing Date] in relation to the Prospectus
as amended and supplemented to relate to the Purchased Securities.

 

[An amendment to the Registration Statement (as defined in the Equity
Distribution Agreement), or a supplement to the Prospectus, as the case may be, relating to the Purchased Securities[ and the Additional
Securities], in the form heretofore delivered to the Manager is now proposed to be filed with the Commission.]

 

Subject to the terms and conditions set forth herein and in the Equity
Distribution Agreement which are incorporated herein by reference, the Company agrees to issue and sell to the Manager and the latter
agrees to purchase from the Company the number of shares of the Purchased Securities at the time and place and at the purchase price set
forth in Schedule I hereto.

 

     

     

    

 

All capitalized terms used herein and not otherwise defined shall have
the respective meanings assigned to them in the Equity Distribution Agreement.

 

[The remainder of this page is intentionally
left blank]

 

     

     

    

 

If the foregoing is in accordance with your understanding,
please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including those provisions of the Equity Distribution
Agreement incorporated herein by reference, shall constitute a binding agreement among the Manager, the Company the Adviser and the Administrator.

 

	 	Very truly yours,
	 	 
	 	COMPANY:
	 	ARES CAPITAL CORPORATION
	 	 
	 	 
	 	By 	                                  
	 	 	Name: 
	 	 	Title: 
	 	 
	 	ADVISER:
	 	ARES CAPITAL MANAGEMENT LLC
	 	 
	 	 
	 	By 	 
	 	 	Name: 
	 	 	Title: 
	 	 
	 	ADMINISTRATOR:
	 	ARES OPERATIONS LLC
	 	 
	 	 
	 	By 	 
	 	 	Name: 
	 	 	Title: 

 

ACCEPTED as of the date first above written

 

[Bank]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule I to the Terms Agreement 

 

Title of Purchased Securities[ and Additional Securities]:

 

Common Stock, par value $0.001 per share

 

Number of Purchased Securities:

 

[Number of Additional Securities:]

 

[Price to Public:]

 

Purchase Price by the Manager:

 

Method of and Specified Funds for Payment of Purchase Price:

 

By wire transfer to a bank account specified by the Company in same
day funds.

 

Method of Delivery:

 

Free delivery of the Shares to the Manager’s account at The Depository
Trust Company in return for payment of the Purchase Price.

 

Time of Delivery:

 

Closing Location:

 

Documents to be Delivered:

 

The following documents referred to in the Equity Distribution Agreement
shall be delivered as a condition to closing at the time of execution of this Terms Agreement:

 

(1) The accountants’ letter referred to in
Section 5(x).

(2) The certificate referred to in Section 5(s).

 

The following documents referred to in the Equity Distribution Agreement
shall be delivered as a condition to closing at the Time of Delivery[ and on any Option Closing Date]:

 

(1) The officers’ certificates referred to in Section 5(s).

(2) The opinions referred to in Section 5(t).

(3) The opinion referred to in Section 5(u).

(4) The certificates referred to in Section 5(v).

(5) The opinion referred to in Section 5(w).

(6) The accountants’ letter referred to in Section 5(x).

(7) The certificate referred to in Section 5(y).

(8) Such other documents as the Manager shall reasonably request.

 

     

     

    

 

Schedule A 

ALTERNATIVE MANAGERS

 

Truist Securities, Inc.

SMBC Nikko Securities America, Inc.

 

     

     

    

 

Schedule B 

ARES CAPITAL CORPORATION

 

CONSOLIDATED SUBSIDIARIES

 

		1.	AC CORPORATE HOLDINGS, INC. - DE

		2.	ACAS CRE CDO 2007-1 Depositor, LLC - DE

		3.	ACAS CRE CDO 2007-1, LLC

		4.	ACAS CRE Services, LLC

		5.	ACAS Real Estate Holdings Corporation

		6.	ACAS, LLC - DE

		7.	ALLIED CRESCENT EQUITY, LLC - DE

		8.	ARCC BEACON LLC - DE

		9.	ARCC BLOCKER CORP. – DE

		10.	ARCC BLOCKER II LLC – DE

		11.	ARCC BLOCKER III LLC – DE

		12.	ARCC BLOCKER IV LLC – DE

		13.	ARCC BLOCKER V LLC - DE

		14.	ARCC CP LLC - DE

		15.	ARCC CR LLC - DE

		16.	ARCC ED CORP.

		17.	ARCC FB FUNDING LLC - DE

		18.	ARCC FD CORP. – DE

		19.	ARCC FGP LLC - DE

		20.	ARCC FL CORP. - DE

		21.	ARCC FM CORP. - DE

		22.	ARCC GAC LLC – DE

		23.	ARCC GREEN ENERGY PARTNERS BLOCKER LLC

		24.	ARCC HEELSTONE LLC - DE

		25.	ARCC HS LLC - DE

		26.	ARCC KPS CORP. - DE

		27.	ARCC LSQ LLC - DE

		28.	ARCC MBU Holding LLC - DE

		29.	ARCC MCF 2 LLC - DE

		30.	ARCC MCF I, LLC (F/K/A DYNAMIC EQUITY, LLC - DE

		31.	ARCC MH LLC - DE

		32.	ARCC NR LLC - DE

		33.	ARCC NV1 CORP. - DE

		34.	ARCC NV2 CORP. - DE

		35.	ARCC OTG CORP. - DE

		36.	ARCC OTG PREFERRED CORP. - DE

		37.	ARCC PCGI III AIV BLOCKER, INC. - DE

		38.	ARCC PCP G.P., LLC - DE

		39.	ARCC PCP L.P. - CAYMAN ISLANDS

		40.	ARCC PG LLC - DE

		41.	ARCC PH CORP. - DE

		42.	ARCC PJMB LLC - DE

 

     

     

    

 

		43.	ARCC PT CORP. - DE

		44.	ARCC PVA LLC - DE

		45.	ARCC RB LLC - DE

		46.	ARCC RT LLC - DE

		47.	ARCC S2 LLC (F/K/A AC POSTLE, LLC) - DE

		48.	ARCC SC LLC - DE

		49.	ARCC SHC LLC -DE

		50.	ARCC SK BLOCKER CORP. - DE

		51.	ARCC TM CORP. - DE

		52.	ARCC ULTIMUS LLC - DE

		53.	ARCC UNIVERSAL CORP. - DE

		54.	ARCC VP LLC - DE

		55.	ARCC VS CORP. - DE

		56.	ARES CAPITAL CP FUNDING HOLDINGS LLC - DE

		57.	ARES CAPITAL CP FUNDING LLC - DE

		58.	ARES CAPITAL JB FUNDING LLC - DE

		59.	BW LANDCO LLC — DE

		60.	CALDER EQUITY, LLC - DE

		61.	Capital Placement Holdings, Inc. - DE

		62.	ECAS 2016 Ltd. – Guernsey

		63.	European Capital Limited - Guernsey

		64.	HCI EQUITY, LLC - IL

		65.	IVY HILL ASSET MANAGEMENT GP, LLC - DE

		66.	MULTIAD EQUITY CORP. - DE

		67.	S2 EQUITY, CORP. - DE

		68.	STARTEC EQUITY, LLC – DE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]