Document:

Exhibit 4.4

 

	
        

        Barclays
        Dryrock Issuance Trust

        as Issuer

        and

        U.S. BANK NATIONAL ASSOCIATION

        as Indenture Trustee

        SERIES 2015-2 INDENTURE SUPPLEMENT

        dated as of June 10, 2015

        to

        INDENTURE

         

 

Table
of Contents

Page

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

1

	Section 1.01.	Definitions	1
	Section 1.02.	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	13
	Section 1.03.	Counterparts	14
	Section 1.04.	Ratification of Indenture	14

ARTICLE
II

THE NOTES

15

	Section 2.01.	Designation	15
	Section 2.02.	Issuance of Series 2015-2 Notes	15
	Section 2.03.	Documentation	16

ARTICLE
III

SERVICING COMPENSATION

17

	Section 3.01.	Servicing Compensation	17

ARTICLE
IV

RIGHTS OF SERIES 2015-2 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

18

	Section 4.01.	Collections and Allocations	18
	Section 4.02.	Determination of Series 2015-2 Monthly Interest	19
	Section 4.03.	Determination of Series 2015-2 Monthly Principal	20
	Section 4.04.	Application of Series 2015-2 Available Finance Charge Collections on Deposit in the Collection Account	20
	Section 4.05.	Application of Series 2015-2 Available Principal Collections	21
	Section 4.06.	Principal Funding Account; Controlled Accumulation Period	23
	Section 4.07.	Investor Charge-Offs	24
	Section 4.08.	Reallocated Principal Collections	24
	Section 4.09.	Shared Excess Available Finance Charge Collections	25
	Section 4.10.	Shared Excess Available Principal Collections	25
	Section 4.11.	Accumulation Reserve Account	26

    	-i-

    	 

    

Table
of Contents

(continued)

 

	 		Page
	Section 4.12.	Investment Instructions	28
	Section 4.13.	[RESERVED]	28
	Section 4.14.	Sale of Collateral for Series 2015-2 Notes That Are Accelerated or Reach Legal Maturity	29
	Section 4.15.	Distribution Account	30

ARTICLE
V

EARLY AMORTIZATION OF NOTES

32

	Section 5.01.	Early Amortization Events	32
	Section 5.02.	Early Redemption Event	33

ARTICLE
VI

LEGAL MATURITY; FINAL PAYMENTS

34

	Section 6.01.	Legal Maturity	34

ARTICLE
VII

DELIVERY OF SERIES 2015-2 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2015-2 NOTEHOLDERS

35

	Section 7.01.	Form of Delivery for the Series 2015-2 Notes; Depository; Denominations	35
	Section 7.02.	Delivery and Payment for the Series 2015-2 Notes	35
	Section 7.03.	Distributions	35
	Section 7.04.	Reports and Statements to Series 2015-2 Noteholders	36
	Section 7.05.	Restrictions on Transfer of the Class B Notes	37

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

39

	Section 8.01.	Non-petition Covenant	39
	Section 8.02.	Actions by the Issuer	39
	Section 8.03.	Limitations on Liability	39
	Section 8.04.	FATCA	39
	Section 8.05.	[RESERVED]	40

    	-ii-

    	 

    

Table
of Contents

(continued)

 

	 	 	Page
	Section 8.06.	Amendments	40
	Section 8.07.	Class B Notes	40

ARTICLE
IX

INSOLVENCY PROCEEDING WITH RESPECT TO BBD

41

	Section 9.01.	Actions Upon Repudiation	41
	Section 9.02.	Notice	42
	Section 9.03.	Reservation of Rights	42

 

 

 

EXHIBITS

 

	
        EXHIBIT A-1

         
	[FORM OF] CLASS A NOTE
	
        EXHIBIT A-2

         
	[FORM OF] CLASS B NOTE
	
        EXHIBIT B-1

         
	
        [FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT

         

	
        EXHIBIT B-2

         
	[FORM OF] ANNUAL PAYMENT INFORMATION
	
        EXHIBIT B-3

         
	[FORM OF] DAILY SERVICER’S STATEMENT
	EXHIBIT C

                                                                                 
	[FORM OF] MONTHLY SERVICER’S CERTIFICATE

 

 

 

    	-iii-

    	 

    

SERIES 2015-2
INDENTURE SUPPLEMENT, dated as of June 10, 2015 (this “Indenture Supplement”), by and between Barclays
Dryrock Issuance Trust, a statutory trust organized under the laws of the State of Delaware (the “Issuer”),
having its principal office at Rodney Square North, 1100 North Market St., Wilmington, DE 19890, and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, in its capacity as Indenture Trustee (the “Indenture Trustee”).

Pursuant to this
Indenture Supplement, the Issuer shall create a new Series of Notes and shall specify the principal terms thereof. The Issuer has
tendered the notice of issuance required by Section 4.10(a)(i) of the Indenture and this Indenture Supplement is being entered
into by and between the Issuer and the Indenture Trustee as required by Section 4.10(a)(viii) of the Indenture to provide
for the issuance, authentication and delivery of each of the Class A Notes, Series 2015-2 and the Class B Notes,
Series 2015-2.

The transactions
set forth in this Indenture Supplement, together with the Transaction Documents, shall be an arm’s length, bona fide securitization
transaction.

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01.       
Definitions. For all purposes of this Indenture Supplement, except as otherwise expressly provided or unless the
context otherwise requires:

		(1)	the terms defined in this Article
                                         have the meanings assigned to them in this Article, and, along with any other term defined
                                         in any Section of this Indenture Supplement, apply to the singular as well as the plural
                                         forms of such terms and to the masculine as well as to the feminine and neuter gender
                                         of such terms;

		(2)	all other terms used herein which
                                         are defined in the Indenture, the Transfer Agreement or the Servicing Agreement, either
                                         directly or by reference therein, have the meanings assigned to them therein;

		(3)	all accounting terms not otherwise
                                         defined herein have the meanings assigned to them in accordance with generally accepted
                                         accounting principles and, except as otherwise herein expressly provided, the term “generally
                                         accepted accounting principles” with respect to any computation required or permitted
                                         hereunder means such accounting principles as are generally accepted in the United States
                                         of America at the date of such computation;

		(4)	all references in this Indenture
                                         Supplement to designated “Articles,” “Sections” and other subdivisions
                                         are to the designated Articles, Sections and other subdivisions of this Indenture Supplement.
                                         The words “herein,” “hereof” and “hereunder” and
                                         other words of similar import refer to this Indenture Supplement as a whole and not to
                                         any particular Article, Section or other subdivision;

    	1

    	 

    

		(5)	in the event that any term or provision
                                         contained herein shall conflict with or be inconsistent with any term or provision contained
                                         in the Indenture, the Transfer Agreement or the Servicing Agreement, the terms and provisions
                                         of this Indenture Supplement shall be controlling;

		(6)	each capitalized term defined herein
                                         shall relate only to the Series 2015-2 Notes and no other Series of Notes issued
                                         by the Issuer; and

		(7)	“including” and words
                                         of similar import shall be deemed to be followed by “without limitation.”

“Accumulation
Reserve Account” has the meaning specified in Section 4.11(a).

“Accumulation
Reserve Account Funding Period” means a period commencing on the first Payment Date on which a condition in the right
column of the following table was in effect on the immediately preceding Payment Date, if the Payment Date is a Payment Date described
in the corresponding left column of the following table, and ending on the earliest to occur of: (i) the day on which the Allocation
Amount is reduced to zero, (ii) the first Payment Date with respect to the Early Amortization Period, (iii) the Expected Final
Payment Date and (iv) the termination of the Trust pursuant to the Trust Agreement; provided, that if the Controlled
Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Account Funding Period.

	Payment Date:	Condition:
	(a)  The Payment Date occurring three (3) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is greater than or equal to 4%.
	(b)  The Payment Date occurring four (4) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 4% but greater than or equal to 3%.
	(c)  The Payment Date occurring six (6) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 3% but greater than or equal to 2%.

    	2

    	 

    

 

	Payment Date:	Condition:
	(d)  The Payment Date occurring twelve (12) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 2%.

 

“Accumulation
Reserve Account Surplus” means, as of any date of determination, the amount, if any, by which the amount on deposit
in the Accumulation Reserve Account exceeds the Required Accumulation Reserve Account Amount.

“Accumulation
Reserve Draw Amount” has the meaning specified in Section 4.11(c).

“Additional
Interest” means, with respect to any Payment Date, any Class A Additional Interest and any Class B Additional Interest
for such Payment Date.

“Adjusted
Outstanding Dollar Principal Amount” means, as of any date of determination, the Outstanding Dollar Principal Amount
of the Series 2015-2 Notes on such date of determination, less any funds then on deposit with respect to principal
in the Supplemental Issuer Accounts for the benefit of such Series 2015-2 Notes on such date of determination.

“Administrator”
means BBD, in its capacity as administrator of the Issuer, and any permitted successors or assigns thereto.

“Aggregate
Series Available Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the
related Note Transfer Date, the sum of the Series Available Finance Charge Collections Shortfalls (as such term is defined in each
of the applicable Indenture Supplements) for each Shared Excess Available Finance Charge Collections Series in Shared Excess Available
Finance Charge Collections Group One for such Monthly Period.

“Aggregate
Series Available Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related
Note Transfer Date, the sum of the Series Available Principal Collections Shortfalls (as such term is defined in each of the applicable
Indenture Supplements) for each Shared Excess Available Principal Collections Series in Shared Excess Available Principal Collections
Group One for such Monthly Period.

“Allocation
Amount” means, as of the Closing Date, the Series 2015-2 Stated Principal Amount and on any date of determination
thereafter, the sum of, without duplication, (a) the Allocation Amount determined as of the later of the Closing Date or the
date of determination immediately prior to the then current date of determination, plus (b) the amount of all increases
in the Series 2015-2 Stated Principal Amount resulting from the issuance of additional Series 2015-2 Notes since the prior date
of determination, plus (c) all reimbursements, as provided in Section 4.04(e) or otherwise, of reductions in the
Allocation Amount due to

    	3

    	 

    

Investor Charge-Offs or Reallocated
Principal Collections since the prior date of determination, minus (d) the amount of the reduction in the Allocation
Amount due to Investor Charge-Offs since the prior date of determination, determined as set forth in Section 4.07,
minus (e) the amount of the reduction in the Allocation Amount due to the application of Reallocated Principal Collections
since the prior date of determination, determined as set forth in Section 4.08, minus (f) the amount deposited
into the Principal Funding Account or (without duplication) deposited into the Distribution Account pursuant to Section 4.05(c)
or paid to the Series 2015-2 Noteholders (in each case, after giving effect to any deposits, allocations, reallocations or
withdrawals to be made on that day) since the prior date of determination; provided, however, that (1) the Allocation
Amount may never be less than zero, (2) the Allocation Amount may never be greater than the Adjusted Outstanding Dollar Principal
Amount and (3) if there is a sale of Collateral in accordance with Section 4.14, the Allocation Amount will be
reduced to zero upon such sale.

“Applicable
Distribution Date” has the meaning specified in Section 9.01(b).

“Available
Accumulation Reserve Account Amount” means, for any Payment Date, the lesser of (a) the amount on deposit in the
Accumulation Reserve Account on such date (before giving effect to any deposit to be made to the Accumulation Reserve Account on
such date) and (b) the Required Accumulation Reserve Account Amount.

“Available
Principal Collections” means, with respect to the Series 2015-2 Notes, the Series 2015-2 Available Principal
Collections and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for
such Series of Notes.

“Base Rate”
means, with respect to any Payment Date, the sum of (a) the annualized percentage equivalent of a fraction, the numerator
of which is equal to the sum of the Class A Monthly Interest and the Class B Monthly Interest for such Payment Date and
the denominator of which is the Outstanding Dollar Principal Amount as of the Record Date for such Payment Date and (b) the
Servicing Fee Percentage for such Payment Date.

“Class”
means the Class A Notes and the Class B Notes, as applicable.

“Class A
Additional Interest” has the meaning specified in Section 4.02(a).

“Class A
Interest Shortfall” has the meaning specified in Section 4.02(a).

“Class A Monthly Interest”
has the meaning specified in Section 4.02(a).

“Class A
Note” means any one of the Notes substantially in the form of Exhibit A-1, which is duly executed and authenticated
in accordance with the Indenture.

“Class A
Note Interest Rate” means, for any Interest Period with respect to the Class A Notes, a per annum rate equal
to 1.56%.

“Class A
Noteholder” means the Person in whose name a Class A Note is registered in the Note Register.

    	4

    	 

    

“Class A
Stated Principal Amount” means $500,000,000.

“Class B Additional Interest”
has the meaning specified in Section 4.02(b).

“Class B Interest Shortfall”
has the meaning specified in Section 4.02(b).

“Class B Monthly Interest”
has the meaning specified in Section 4.02(b).

“Class B
Note” means any one of the Notes substantially in the form of Exhibit A-2, which is duly executed and authenticated
in accordance with the Indenture.

“Class B
Note Interest Rate” means, for any Interest Period with respect to the Class B Notes, a per annum rate equal
to 0%.

“Class B
Noteholder” means the Person in whose name a Class B Note is registered in the Note Register.

“Class B Stated Principal
Amount” means $109,757,000.

“Closing
Date” means June 10, 2015.

“Controlled
Accumulation Amount” means $50,813,083.34; provided, however, that if the Servicer elects to postpone the
commencement of the Controlled Accumulation Period in accordance with Section 4.06(c), it shall be an amount equal
to the Outstanding Dollar Principal Amount of such Series of Notes as of the first day of the Controlled Accumulation Period divided
by the Controlled Accumulation Period Length.

“Controlled
Accumulation Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period beginning
on the first Business Day of the May 2017 Monthly Period or such later date as is determined in accordance with Section 4.06(c)
and ending on the earlier to occur of (a) the commencement of the Early Amortization Period and (b) the payment in full
of the Series 2015-2 Stated Principal Amount of, and any Monthly Interest due on, the Series 2015-2 Notes.

“Controlled
Accumulation Period Length” has the meaning specified in Section 4.06(c).

“Controlled
Deposit Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, an amount equal to the
sum of the Controlled Accumulation Amount for such Payment Date and any Deficit Controlled Accumulation Amount from the immediately
preceding Payment Date.

“Covered
Amount” means, for any Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation
Period and (ii) the first Payment Date of the Early Amortization Period, an amount equal to the sum of (a) the product of
(i) the Class A Note Interest Rate in effect with respect to such Interest Period, (ii) a fraction, the numerator
of which is 30 and the denominator of which is 360 and (iii) the Principal Funding Account Balance, if any, as of the immediately
preceding Payment Date, up to the Outstanding

    	5

    	 

    

Dollar Principal Amount of the Class A
Notes as of the last day of the immediately preceding Monthly Period, and (b) the product of (i) the Class B Note
Interest Rate in effect with respect to such Interest Period, (ii) a fraction, the numerator of which is 30 and the denominator
of which is 360 and (iii) the lesser of (x) the Principal Funding Account Balance, if any, as of the preceding Payment
Date in excess of the Outstanding Dollar Principal Amount of the Class A Notes as of the last day of the immediately preceding
Monthly Period and (y) the Outstanding Dollar Principal Amount of the Class B Notes as of the last day of the immediately
preceding Monthly Period.

“Credit
Risk and Performance Disclosure” means written information that the Issuer shall cause to be distributed about the Notes
and the Receivables at the financial asset or pool level, as appropriate for the Receivables, and security-level to enable evaluation
and analysis of the credit risk and performance of the Notes and the Receivables, which information and its disclosure, at a minimum,
shall comply with the requirements of Regulation AB (to the extent then in effect) or any successor disclosure requirements
for public issuances, even if the Notes are issued in a private placement or are not otherwise required to be registered; provided,
that information that is unknown or not available to the Issuer after reasonable investigation may be omitted if there is included
in the offering document a statement that the specific information is otherwise unavailable.

“DACA”
has the meaning specified in the Trust Agreement.

“Daily Servicer’s
Certificate” has the meaning specified in the Servicing Agreement and shall be substantially in the form of Exhibit B-3.

“Deficit
Controlled Accumulation Amount” means (a) on the first Payment Date with respect to the Controlled Accumulation
Period, the excess, if any, of the Controlled Accumulation Amount for such Payment Date over the amount deposited in the
Principal Funding Account on such Payment Date and (b) on each subsequent Payment Date with respect to the Controlled Accumulation
Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Payment Date over the amount deposited
in the Principal Funding Account on such subsequent Payment Date.

“Distribution
Account” means the Eligible Deposit Account designated as such and established pursuant to Section 4.15.

“Early Amortization
Event” means, with respect to the Series 2015-2 Notes, the events specified in Section 5.01 hereof and
Article XII of the Indenture.

“Early Amortization
Period” means the period commencing at the close of business on the Business Day immediately preceding the day on which
an Early Amortization Event with respect to Series 2015-2 is deemed to have occurred, and ending on the first to occur of
(a) the payment in full of the Series 2015-2 Stated Principal Amount of, and any Series 2015-2 Monthly Interest
due on, the Series 2015-2 Notes, (b) the date on which Collateral is sold pursuant to Section 4.14, and (c) the
Legal Maturity Date.

“Early Redemption
Event” has the meaning specified in Section 5.02.

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“Excess
Spread Percentage” means, with respect to each Payment Date, as determined on the second preceding Business Day, an amount
equal to the Series 2015-2 Portfolio Yield with respect to the related Monthly Period minus the Base Rate with respect
to such Payment Date.

“Expected
Final Payment Date” means the May 2018 Payment Date.

“Fitch”
means Fitch Ratings, Inc., or any successor thereto.

“Floating
Allocation Percentage” means, with respect to the Series 2015-2 Notes, the Series 2015-2 Floating Allocation
Percentage and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for
such Series of Notes.

“IAI”
has the meaning specified in Section 8.07(b).

“Indenture”
means the Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013, between
the Issuer and the Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Indenture
Supplement” has (a) with respect to Series 2015-2, the meaning specified in the preamble hereto and (b) with
respect to any other Series of Notes, the meaning specified in the Indenture.

“Indenture
Trustee” means U.S. Bank National Association, in its capacity as indenture trustee under the Indenture, its successors
in interest and any successor indenture trustee under the Indenture.

“Initial
Payment Date” means July 15, 2015.

“Interest
Period” means, with respect to any Payment Date, the period from and including the Payment Date immediately preceding
such Payment Date (or, in the case of the Initial Payment Date, from and including the Closing Date) and to but excluding such
Payment Date.

“Investor Charge-Off”
has the meaning specified in Section 4.07.

“Issuer”
has the meaning specified in the preamble hereto.

“Legal Maturity
Date” means the March 2021 Payment Date.

“Monthly Interest”
means the Series 2015-2 Monthly Interest.

“Monthly
Subordination Amount” means, with respect to any Payment Date, an amount (which shall never be less than zero) equal
to the lesser of (i) the excess of the amounts distributable pursuant to Section 4.04(a) and Section 4.04(b)
over the Series 2015-2 Available Finance Charge Collections and Shared Excess Available Finance Charge Collections
available to make such distribution pursuant to Section 4.04(a) and Section 4.04(b), and (ii) (1)
the Class B

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Stated Principal Amount minus
(2) the amount of unreimbursed Investor Charge-offs (after giving effect to Investor Charge-offs as of the current Payment Date)
and unreimbursed Reallocated Principal Collections (as of the previous Payment Date).

“Note Rating
Agency” means Standard & Poor’s or Fitch.

“Owner Trustee”
has the meaning specified in the Trust Agreement.

“Payment
Date” means (i) with respect to Series 2015-2, the Initial Payment Date and the 15th day of each
calendar month thereafter, or, if such 15th day is not a Business Day, the next succeeding Business Day and (ii) with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Principal
Allocation Percentage” means, with respect to the Series 2015-2 Notes, the Series 2015-2 Principal Allocation
Percentage and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for
such Series of Notes.

“Principal
Funding Account” means the Eligible Deposit Account designated as such and established pursuant to Section 4.06(a).

“Principal Funding Account Balance”
shall mean, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any,
on deposit in the Principal Funding Account on such date of determination.

“Principal
Funding Account Investment Proceeds” shall have the meaning specified in Section 4.06(a)(ii).

“QIB”
has the meaning specified in Section 8.07(b).

“Quarterly
Excess Spread Percentage” means (a) with respect to the July 2015 Payment Date, the Excess Spread Percentage with
respect to the immediately preceding Monthly Period, (b) with respect to the August 2015 Payment Date, the percentage equivalent
of a fraction, the numerator of which is the sum of the Excess Spread Percentages for the immediately preceding two (2) Monthly
Periods and the denominator of which is two (2) and (c) with respect to the September 2015 Payment Date and each Payment
Date thereafter, the percentage equivalent of a fraction, the numerator of which is the sum of the Excess Spread Percentages for
the immediately preceding three (3) Monthly Periods and the denominator of which is three (3).

“Reallocated
Principal Collections” means, with respect to any Payment Date, Series 2015-2 Principal Collections applied in accordance
with Section 4.08.

“Record
Date” means the last day of the Monthly Period immediately preceding the related Payment Date.

“Reference
Banks” means four (4) major banks in the London interbank market selected by the Servicer.

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“Required Accumulation
Reserve Account Amount” means, with respect to any Payment Date during the Accumulation Reserve Account Funding
Period, an amount equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series 2015-2 Notes as of the
Record Date for such Payment Date or (b) any other amount designated by the Transferor; provided, that if the amount
is less than that determined under clause (a), the Note Rating Agency Condition shall have been satisfied with respect to such
designation and written evidence of the satisfaction of the Note Rating Agency Condition has been delivered to the Servicer, the
Indenture Trustee and the Owner Trustee.

“Required
Excess Spread Percentage” means 0%; provided, however, that the Issuer may, from time to time, change such
percentage (which shall never be less than zero) (a) upon written notice to the Indenture Trustee, (b) upon satisfaction
of the Note Rating Agency Condition, and (c) provided the Issuer reasonably believes, as evidenced by an Officer’s Certificate
of the Transferor delivered to the Indenture Trustee, that such change will not have an Adverse Effect.

“Revolving
Period” means the period beginning on the Closing Date and ending on the earlier of (a) the close of business on
the day immediately preceding the day the Controlled Accumulation Period commences and (b) the close of business on the day
the Early Amortization Period commences.

“Rule 144A”
has the meaning specified in Section 8.07(b).

“Senior
Class” means, with respect to the Class B Notes, the Class A Notes.

“Series”
has the meaning specified in the Indenture and, when used with respect to the Series of Notes issued pursuant to this Indenture
Supplement, means Series 2015-2.

“Series 2015-2
Available Finance Charge Collections” means, with respect to any Monthly Period, an amount equal to the sum of (a) the
Series 2015-2 Finance Charge Collections with respect to such Monthly Period, (b) Principal Funding Account Investment Proceeds,
if any, with respect to the related Payment Date and (c) amounts, if any, to be withdrawn from the Accumulation Reserve Account,
which shall be deposited into the Collection Account on the related Note Transfer Date to be treated as Series 2015-2 Available
Finance Charge Collections pursuant to Section 4.11(b) and (d).

“Series 2015-2
Available Principal Collections” means, with respect to any Monthly Period, an amount equal to (a) the Series 2015-2
Principal Collections with respect to such Monthly Period, minus (b) Reallocated Principal Collections determined as
of the related Payment Date for such Monthly Period, plus (c) any Series 2015-2 Available Finance Charge Collections
available with respect to such Monthly Period to cover the Series 2015-2 Default Amount or to reimburse any reductions in
the Allocation Amount from an allocation of Investor Charge-Offs or from the application of Reallocated Principal Collections,
plus (d) following an Event of Default and acceleration of the Series 2015-2 Notes, Series 2015-2 Available
Finance Charge Collections, if any, with respect to such Monthly Period, available pursuant to Section 4.04(g).

    	9

    	 

    

“Series 2015-2
Default Amount” means, with respect to any Monthly Period, an amount equal to the Default Amount allocated to the Series 2015-2
Notes pursuant to Section 4.01(d).

“Series 2015-2
Finance Charge Collections” means, with respect to any Monthly Period, the Finance Charge Collections allocated to the
Series 2015-2 Notes pursuant to Section 4.01(b).

“Series 2015-2
Floating Allocation Percentage” means, with respect to any Monthly Period for such Monthly Period, and any date of determination
as of such date of determination in such Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is the Allocation Amount as of the beginning of the first day of such Monthly Period (or, (x)
in the case of the first Monthly Period, the Series 2015-2 Stated Principal Amount and (y) with respect to any Monthly Period in
which there is an issuance of additional Series 2015-2 Notes occurring in such Monthly Period, the Allocation Amount (after giving
effect to any increase to the Allocation Amount resulting from the issuance of the additional Series 2015-2 Notes) as of any date
of determination on or after the date of such issuance of additional Series 2015-2 Notes), and the denominator of which is the
greater of (i) the Pool Balance as of the beginning of the first day of such Monthly Period as adjusted in accordance with
the provisions below related to this clause (i), or (ii) the sum of the numerators used to calculate the Floating Allocation
Percentages for all Series of Notes as of the beginning of the first day of such Monthly Period as adjusted in accordance with
the provisions below related to this clause (ii). With respect to any Monthly Period in which an Addition Date or a Removal Date
occurs, on such Addition Date or Removal Date, as applicable, the amount calculated above pursuant to clause (i) shall be
adjusted to give effect to all increases and decreases in the Pool Balance occurring in such Monthly Period from the first day
of such Monthly Period to and including such Addition Date or Removal Date. With respect to any Monthly Period in which there is
a new issuance of Notes or an additional issuance of Notes of an Outstanding Series of Notes, in each case, pursuant to Section
4.10 of the Indenture, the amount calculated above pursuant to clause (ii) shall be adjusted to give effect to all increases in
the sum of the allocation amounts resulting from such new Series of Notes or additional issuance of Notes of an Outstanding Series
of Notes occurring in such Monthly Period from the immediately preceding date of determination in such Monthly Period to and including
the date of issuance of such new Series of Notes or the additional issuance of Notes of an Outstanding Series of Notes.

“Series 2015-2
Monthly Interest” means, with respect to any Payment Date, (a) the Class A Monthly Interest, (b) any Class A
Monthly Interest previously due but not paid to the Class A Noteholders, (c) the Class B Monthly Interest, (d) any
Class B Monthly Interest previously due but not paid to the Class B Noteholders, (e) the amount of Additional Interest,
if any, and (f) any Additional Interest previously due but not paid to the Series 2015-2 Noteholders, in each case for
such Payment Date.

“Series 2015-2
Monthly Principal” has the meaning specified in Section 4.03.

“Series 2015-2
Noteholders” means a Class A Noteholder or a Class B Noteholder.

    	10

    	 

    

“Series 2015-2 Note”
means a Class A Note or a Class B Note.

“Series 2015-2
Portfolio Yield” means, for any Monthly Period (which, in the case of the first Monthly Period, shall be determined pursuant
to Section 2.01(e)), the annualized percentage equivalent of a fraction:

(a)               
the numerator of which is equal to the sum of:

(A)             
the Series 2015-2 Available Finance Charge Collections with respect to such Monthly Period; minus

(B)             
the Series 2015-2 Default Amount for such Monthly Period; and

(b)              
the denominator of which is the Allocation Amount as of the last day of the preceding Monthly Period. 

“Series 2015-2
Principal Allocation Percentage” means, with respect to any Monthly Period for such Monthly Period, and any date of determination
as of such date of determination in such Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is (a) during the Revolving Period, the Allocation Amount as of the beginning of the first day
of such Monthly Period (or, (x) in the case of the first Monthly Period, the Series 2015-2 Stated Principal Amount and (y) with
respect to any Monthly Period in which there is an issuance of additional Series 2015-2 Notes occurring in such Monthly Period,
the Allocation Amount (after giving effect to any increase to the Allocation Amount resulting from the issuance of the additional
Series 2015-2 Notes) as of any date of determination on or after the date of such issuance of additional Series 2015-2 Notes) and
(b) during the Controlled Accumulation Period or the Early Amortization Period, the Allocation Amount as of the close of business
on the date on which the Revolving Period shall have terminated, and the denominator of which is the greater of (i) the Pool
Balance as of the beginning of the first day of such Monthly Period as adjusted in accordance with the provisions below related
to this clause (i), or (ii) the sum of the numerators used to calculate the Principal Allocation Percentages for all Series
of Notes as adjusted in accordance with the provisions below related to this clause (ii). With respect to any Monthly Period in
which an Addition Date or a Removal Date occurs, on such Addition Date or Removal Date, as applicable, the amount calculated above
pursuant to clause (i) shall be adjusted to give effect to all increases and decreases in the Pool Balance occurring in such
Monthly Period from the first day of such Monthly Period to and including such Addition Date or Removal Date. With respect to any
Monthly Period in which there is a new issuance of Notes or an additional issuance of Notes of an Outstanding Series of Notes,
in each case, pursuant to Section 4.10 of the Indenture, the amount calculated above pursuant to clause (ii) shall be adjusted
to give effect to all increases in the sum of the allocation amounts resulting from such new Series of Notes or additional issuance
of Notes of an Outstanding Series of Notes occurring in such Monthly Period from the immediately preceding date of determination
in such Monthly Period to and including the date of issuance of such new Series of Notes or the additional issuance of Notes of
an Outstanding Series of Notes.

    	11

    	 

    

“Series 2015-2
Principal Collections” means, with respect to any Monthly Period, the Principal Collections allocated to the Series 2015-2
Notes pursuant to Section 4.01(c).

“Series 2015-2
Servicing Fee” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicing Fee
with respect to such Monthly Period and (b) the Series 2015-2 Floating Allocation Percentage with respect to such Monthly
Period.

“Series 2015-2 Stated Principal
Amount” means $609,757,000.

“Series
Available Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related
Note Transfer Date, (a) with respect to Series 2015-2, the excess, if any, of (i) the aggregate amount targeted
to be paid or applied pursuant to Sections 4.04(a) through (f) for such Monthly Period over (ii) the
Series 2015-2 Available Finance Charge Collections with respect to such Monthly Period and (b) with respect to any other
Series, the amount set forth in the applicable Indenture Supplement for such Monthly Period; provided, however, that
the Issuer, when authorized by an Officer’s Certificate of the Transferor, may amend or otherwise modify this definition
of Series Available Finance Charge Collections Shortfall provided that the Note Rating Agency Condition is satisfied.

“Series
Available Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note
Transfer Date, (a) with respect to Series 2015-2, the excess, if any, of (i) the lesser of the amounts determined
pursuant to Sections 4.03(b)(ii) and (iii), for such Monthly Period over (ii) the Series 2015-2
Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), with respect
to such Monthly Period and (b) with respect to any other Series of Notes, the amount set forth in the applicable Indenture
Supplement for such Monthly Period; provided, however, that the Issuer, when authorized by an Officer’s Certificate
of the Transferor, may amend or otherwise modify this definition of Series Available Principal Collections Shortfall provided that
the Note Rating Agency Condition is satisfied.

“Servicing
Agreement” means the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, among Barclays Dryrock Funding LLC, as Transferor, the Servicer and the Indenture Trustee, as amended,
restated, supplemented or otherwise modified from time to time.

“Shared
Excess Available Finance Charge Collections” means, with respect to any Monthly Period as determined on the related Note
Transfer Date, with respect to any Series of Notes in Shared Excess Available Finance Charge Collections Group One, the sum
of (a) the amount of Series 2015-2 Available Finance Charge Collections with respect to such Monthly Period, available
after application in accordance with Section 4.04(a) through (g) and (b) the Finance Charge Collections remaining
after all required payments and deposits from all other Series identified as belonging to Shared Excess Available Finance Charge
Collections Group One which the applicable Indenture Supplements for such Series specify are to be treated as “Shared
Excess Available Finance Charge Collections” with respect to such Monthly Period.

    	12

    	 

    

“Shared
Excess Available Finance Charge Collections Group One” means the Shared Excess Available Finance Charge Collections
Group to which Series 2015-2 has been designated for inclusion under Section 4.09(a).

“Shared
Excess Available Principal Collections” means, with respect to any Monthly Period as determined on the related Note Transfer
Date, the sum of (a) with respect to Series 2015-2, the amount of Series 2015-2 Available Principal Collections,
less any amount released and used to purchase Receivables under Section 4.01(f), for such Monthly Period available after
application in accordance with Sections 4.05(b)(i) through (iii) and (b) with respect to any other Series
included in Shared Excess Available Principal Collections Group One, the Principal Collections allocated to such other Series
remaining after all required payments and deposits, which the applicable Indenture Supplements for such Series specify are to be
treated as “Shared Excess Available Principal Collections” with respect to such Monthly Period.

“Shared
Excess Available Principal Collections Group One” means the Shared Excess Available Principal Collections Group
to which Series 2015-2 has been designated for inclusion under Section 4.10(a).

“Stated
Principal Amount” means, with respect to the Series 2015-2 Notes, the Series 2015-2 Stated Principal Amount
and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series
of Notes

“Subordinated
Class” means, with respect to the Class A Notes, the Class B Notes.

“Transfer
Agreement” means the Amended and Restated Transfer Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, by and among Barclays Dryrock Funding LLC, as Transferor, the Issuer, and the Indenture Trustee, as amended,
restated, supplemented or otherwise modified from time to time.

“Transferor
Amount Measurement Date” means the Record Date.

Section 1.02.       
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)               This Indenture
Supplement will be construed in accordance with and governed by the laws of the State of New York, including Section 5-1401
of the General Obligations Law, without reference to its conflict of law provisions and the obligations, rights, and remedies
of the parties hereunder shall be determined in accordance with such laws.

(b)               Each party
hereto hereby consents and agrees that the state or federal courts located in the Borough of Manhattan in New York City shall
have exclusive jurisdiction to hear and determine any claims or disputes between them pertaining to this Indenture Supplement
or to any matter arising out of or relating to this Indenture Supplement; provided, that each party hereto acknowledges that any
appeals from those courts may have to be heard by a court located outside of the Borough of Manhattan in New York City; provided,
further, that nothing in this Indenture Supplement shall be deemed or operate to preclude the Indenture Trustee from bringing
suit or taking other legal action in any other jurisdiction to realize on the

    	13

    	 

    

Receivables or any security for the
obligations of the Issuer arising hereunder or to enforce a judgment or other court order in favor of the Indenture Trustee. Each
party hereto submits and consents in advance to such jurisdiction in any action or suite commenced in any such court, and each
party hereto hereby waives any objection that such party may have based upon lack of personal jurisdiction, improper venue or
forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court.
Each party hereto hereby waives personal service of the summons, complaint and other process issued in any such action or suit
and agrees that service of such summons, complaint, and other process may be made by registered or certified mail addressed to
such party at its address, and that service so made shall be deemed completed upon the earlier of such party’s actual receipt
thereof or three (3) days after deposit in the United States mail, proper postage prepaid. Nothing in this Section 1.02
shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

(c)               Because disputes
arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert
person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that
their disputes be resolved by a judge applying such applicable laws. Therefore, to achieve the best combination of the benefits
of the judicial system and of arbitration, the parties hereto waive all rights to trial by jury in any action, suit, or proceeding
brought to resolve any dispute, whether sounding in contract, tort or otherwise, arising out of, or connection with, related to,
or incidental to the relationship established among them in connection with this Indenture Supplement or the transactions contemplated
hereby.

Section 1.03.       
Counterparts. This Indenture Supplement may be executed in two (2) or more counterparts (and by different parties
on separate counterparts), each of which shall be deemed an original, and all of which when taken together shall constitute one
and the same instrument.

Section 1.04.       
Ratification of Indenture. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified
and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the
same instrument.

[END OF ARTICLE
I]

    	14

    	 

    

ARTICLE II

THE NOTES

Section 2.01.       
Designation.

(a)               
There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known
as “Barclays Dryrock Issuance Trust, Series 2015-2” or the “Series 2015-2 Notes.” The Series 2015-2
Notes shall be issued in two (2) Classes, the first of which shall be known as the “Class A Series 2015-2
Fixed Rate Asset Backed Notes” and the second of which shall be known as the “Class B Series 2015-2 Fixed
Rate Asset Backed Notes.” The Series 2015-2 Notes shall be due and payable on the Legal Maturity Date.

(b)              
The Series 2015-2 Notes shall be secured by the Collateral. For the avoidance of doubt, the parties agree that the
payment of principal and interest on the Series 2015-2 Notes shall be primarily based on the performance of the Receivables
and, except for interest rate or currency mismatches between the Receivables and the Series 2015-2 Notes, shall not be contingent
on market or credit events that are independent of such financial assets.

(c)              Series 2015-2
shall be a Shared Excess Available Finance Charge Collections Series and shall be included in Shared Excess Available Finance
Charge Collections Group One. Series 2015-2 shall be a Shared Excess Available Principal Collections Series and shall
be included in Shared Excess Available Principal Collections Group One. Other than as specified in this Section 2.01(c),
Series 2015-2 shall not be in any other Group.

(d)              
Series 2015-2 shall not be subordinated to any other Series of Notes.

(e)               
Notwithstanding any provision in the Indenture or in this Indenture Supplement to the contrary, the first Payment Date
with respect to Series 2015-2 shall be the July 2015 Payment Date, and the first Monthly Period shall begin on and include
the Closing Date and end on and include June 30, 2015.

(f)                
The Series 2015-2 Notes shall not be predominantly sold to an affiliate (other than a wholly-owned subsidiary
consolidated for accounting and capital purposes with BBD) or insider of BBD.

Section 2.02.       
Issuance of Series 2015-2 Notes. The Issuer may issue Notes of any Class of the Series 2015-2 Notes, so
long as the conditions precedent set forth in Section 4.10 of the Indenture are satisfied.

.       

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Section 2.03        Documentation.
This Indenture Supplement, together with the Transaction Documents, shall (a) define the contractual rights and responsibilities
of the parties, including, but not limited to, representations and warranties and ongoing disclosure requirements, and any measures
to avoid conflicts of interest; and (b) provide authority for the parties, including, but not limited to, BBD, the Servicer
and the Series 2015-2 Noteholders to fulfill their respective duties and exercise their rights under the contracts and clearly
distinguish between any multiple roles performed by any party.

[END OF ARTICLE II]

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ARTICLE III

SERVICING
COMPENSATION

Section 3.01.       
Servicing Compensation. The share of the Servicing Fee allocable to the Series 2015-2 Noteholders with respect
to any Payment Date shall equal the Series 2015-2 Servicing Fee. The portion of the Servicing Fee that is not allocable to
the Series 2015-2 Noteholders shall be paid by the holders of the Transferor Interest or the Noteholders of other Series of
Notes (as provided in the related Indenture Supplements), and in no event shall the Issuer, the Owner Trustee, the Indenture Trustee
or the Series 2015-2 Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the Transferor
Interest or the Noteholders of any other Series of Notes.

[END OF ARTICLE III]

    	17

    	 

    

ARTICLE IV

RIGHTS OF SERIES 2015-2 NOTEHOLDERS AND ALLOCATION AND 

APPLICATION OF COLLECTIONS

Section 4.01.       
Collections and Allocations.

(a)               
Allocations. Finance Charge Collections, Principal Collections, the Default Amount and the Servicing Fee
shall be allocated pursuant to Article V of the Indenture and shall be allocated to Series 2015-2 and distributed as
set forth in this Article IV.

(b)              
Allocations of Finance Charge Collections to the Series 2015-2 Notes. With respect to each date
on which the Servicer deposits Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer
as set forth in the Daily Servicer’s Certificate, shall allocate to the Series 2015-2 Noteholders and retain in the
Collection Account for application as provided herein an amount equal to the product of (i) the Series 2015-2 Floating
Allocation Percentage and (ii) the amount of Finance Charge Collections deposited into the Collection Account on such date.

(c)               
Allocations of Principal Collections to the Series 2015-2 Notes. With respect to each date on
which the Servicer deposits Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as
set forth in the Daily Servicer’s Certificate, shall allocate to the Series 2015-2 Noteholders an amount equal to the
product of (i) the Series 2015-2 Principal Allocation Percentage and (ii) the amount of Principal Collections deposited
into the Collection Account on such date.

(d)              
Allocations of the Default Amount to the Series 2015-2 Notes. With respect to each Monthly Period,
the Indenture Trustee, at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the
Series 2015-2 Notes an amount equal to the product of (i) the Series 2015-2 Floating Allocation Percentage and
(ii) the Default Amount with respect to such Monthly Period.

(e)               
Allocations of the Servicing Fee to the Series 2015-2 Notes. With respect to each Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the Series 2015-2
Notes an amount equal to the product of (i) the Series 2015-2 Floating Allocation Percentage and (ii) the Servicing
Fee with respect to such Monthly Period.

(f)                
Release of Principal Collections to Purchase Receivables. Principal Collections allocated to the Series 2015-2 Notes
as provided in Section 4.01(c) and on deposit in the Collection Account with respect to each Monthly Period may, upon request
made by the Servicer on behalf of the Transferor to the Indenture Trustee, on any date, subject to the restrictions set forth
below in this Section 4.01(f), be released from the Collection Account to the Transferor free and clear of the lien of
the Indenture to be used solely for the purpose of purchasing Receivables. The release of Principal Collections under this Section
4.01(f), shall be subject to the following limitations: (1) no Principal Collections may be released if an Early Amortization
Event has occurred and is continuing for one or more Series of Notes in Shared

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Excess Available Principal Collections
Group One; (2) on each date of transfer only the excess of (a) the amount determined pursuant to Section 4.01(c), over
(b) an amount equal to the product of (i) the amount determined pursuant to Section 4.01(c), and (ii) a fraction, the numerator
of which is the Class B Stated Principal Amount and the denominator of which is the Series 2015-2 Stated Principal Amount, may
be released; and (3) if one or more Series of Notes in Shared Excess Available Principal Collections Group One is in a Controlled
Accumulation Period, no Principal Collections for such Monthly Period may be released if the amount of Principal Collections remaining
in the Collection Account for such Monthly Period allocable to Shared Excess Available Principal Collections Group One would be
less than the sum of the Controlled Deposit Amounts for such Series of Notes in Shared Excess Available Principal Collections
Group One in a Controlled Accumulation Period due on the Payment Date for the related Monthly Period.

Section 4.02.       
Determination of Series 2015-2 Monthly Interest.

(a)               The
amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with
respect to the Class A Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction,
the numerator of which thirty (30) and the denominator of which is 360, times (y) the Class A Note Interest Rate
in effect for the related Interest Period and (ii) the Outstanding Dollar Principal Amount of the Class A Notes as of
the close of business on the Record Date; provided, however, that for the first Payment Date, the Class A Monthly Interest
shall equal $758,333.34.

On the Note Transfer
Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”),
of (i) the Class A Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained
in the Collection Account and allocated and available to pay such Class A Monthly Interest on such Payment Date. If the Class A
Interest Shortfall with respect to any Payment Date is greater than zero, on each subsequent Payment Date until such Class A
Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal
to the product of (i) (x) a fraction, the numerator of which is thirty (30) and the denominator of which is 360, times
(y) the Class A Note Interest Rate in effect for the related Interest Period plus 2% per annum and (ii) such
Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable
as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional
Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

(b)               The amount
of monthly interest (“Class B Monthly Interest”) distributable from the Collection Account with respect
to the Class B Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator
of which is thirty (30) and the denominator of which is 360, times (y) the Class B Note Interest Rate in effect
for the related Interest Period and (iii) the Outstanding Dollar Principal Amount of the Class B Notes as of the close
of business on the Record Date. 

On the Note Transfer
Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class B Interest Shortfall”),
of (i) the Class B Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained
in the Collection

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Account and allocated and available
to pay such Class B Monthly Interest on such Payment Date. If the Class B Interest Shortfall with respect to any Payment
Date is greater than zero, on each subsequent Payment Date until such Class B Interest Shortfall is fully paid, an additional
amount (“Class B Additional Interest”) equal to the product of (i) (x) a fraction,
the numerator of which is thirty (30) and the denominator of which is 360, times (y) the Class B Note Interest
Rate in effect for the related Interest Period plus 2% per annum and (ii) such Class B Interest Shortfall
(or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect
to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable
or distributed to the Class B Noteholders only to the extent permitted by applicable law.

 

Section 4.03.       
Determination of Series 2015-2 Monthly Principal. The amount of monthly principal made available with respect
to the Series 2015-2 Notes for any Payment Date (the “Series 2015-2 Monthly Principal”), shall be
equal to (a) during the Revolving Period, zero and (b) beginning with the Payment Date in the month following the month
in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least
of (i) the Series 2015-2 Available Principal Collections, less any amount released and used to purchase Receivables under
Section 4.01(f), currently on deposit in the Collection Account with respect to such Payment Date, (ii) for each Payment
Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii) the Allocation
Amount for such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04,
Section 4.07, and Section 4.08).

Section 4.04.       
Application of Series 2015-2 Available Finance Charge Collections on Deposit in the Collection Account. On each
Note Transfer Date the Servicer shall, or shall instruct the Indenture Trustee in writing, to withdraw from the Collection Account
and deposit into the Distribution Account from the Series 2015-2 Available Finance Charge Collections with respect to the related
Payment Date an amount equal to the amount determined under Section 4.04(a). The Servicer shall apply, or shall instruct
the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B-3), to apply on each Payment
Date, (i) the Series 2015-2 Available Finance Charge Collections with respect to the related Payment Date on deposit in the Collection
Account and (ii) with respect to Section 4.04(a) the funds on deposit in the Distribution Account, as applicable, in the
following priority:

(a)               
an amount equal to Class A Monthly Interest for such Payment Date, plus the amount of any Class A Monthly
Interest, or portion thereof, previously due but not paid to Class A Noteholders on a prior Payment Date, plus the
amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest,
or portion thereof, previously due but not paid to Class A Noteholders on a prior Payment Date, shall be distributed to the
Paying Agent for payment to Class A Noteholders on such Payment Date;

(b)              
an amount equal to the Series 2015-2 Servicing Fee for such Payment Date, plus the amount of any Series 2015-2
Servicing Fee, or portion thereof, previously due but not paid to the Servicer on a prior Payment Date, shall be distributed to
the Servicer;

    	20

    	 

    

(c)               
an amount equal to Class B Monthly Interest for such Payment Date, plus the amount of any Class B Monthly
Interest, or portion thereof, previously due but not paid to Class B Noteholders on a prior Payment Date, plus the
amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest,
or portion thereof, previously due but not paid to Class B Noteholders on a prior Payment Date, shall be distributed to the
Paying Agent for the payment to Class B Noteholders on such Payment Date;

(d)              
an amount equal to the Series 2015-2 Default Amount for such Payment Date shall be treated as a portion of Series 2015-2
Available Principal Collections for such Payment Date;

(e)               
an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections
which have not previously been reimbursed shall be used to reimburse such amount pursuant to this Section 4.04(e) and treated
as Series 2015-2 Available Principal Collections for such Payment Date; 

(f)                
on each Payment Date during the Accumulation Reserve Account Funding Period an amount equal to the excess, if any, of the
Required Accumulation Reserve Account Amount over the Available Accumulation Reserve Account Amount shall be deposited
into the Accumulation Reserve Account; 

(g)               
upon the occurrence of an Event of Default with respect to Series 2015-2 and acceleration of the maturity of the Series 2015-2
Notes pursuant to Section 7.02 of the Indenture, the balance, if any, up to the Outstanding Dollar Principal Amount, less
the amount of Series 2015-2 Available Principal Collections (less any amount released and used to purchase Receivables
under Section 4.01(f)) currently on deposit in the Collection Account allocated to Series 2015-2 on such Payment Date
(other than pursuant to this clause (g)), shall be treated as Series 2015-2 Available Principal Collections for such
Payment Date;

(h)               
the balance, if any, shall constitute a portion of Shared Excess Available Finance Charge Collections for such Payment
Date and shall be available for allocation to other Series in Shared Excess Available Finance Charge Collections Group One,
to the extent needed; and

(i)                 
first, an amount equal to that needed to pay any other obligations of the Issuer under the Transaction Documents or any
DACA shall be applied to pay such obligations, and the balance shall be paid to the holders of the Transferor Interest.

Section 4.05.       
Application of Series 2015-2 Available Principal Collections.

(a)               
On or before each Payment Date with respect to the Revolving Period, an amount equal to Series 2015-2 Available Principal
Collections deposited in the Collection Account with respect to the related Monthly Period, less any amount released and used
to purchase Receivables under Section 4.01(f), shall be treated as Shared Excess Available Principal Collections with respect
to such Monthly Period.

(b)              
With respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Series 2015-2
Available Principal Collections, less

    	21

    	 

    

any amount released and used to purchase
Receivables under Section 4.01(f), currently on deposit in the Collection Account for the related Monthly Period, shall
be distributed or deposited on the following dates and in the following order of priority:

(i)                  during
the Controlled Accumulation Period, and prior to the payment in full of the Class A Notes and the Class B Notes, an
amount equal to the Series 2015-2 Monthly Principal, for each Payment Date shall be deposited into the Principal
Funding Account on such Payment Date; provided, however, that with respect to the calendar month in which the
Expected Final Payment Date occurs, such deposit shall be made on the applicable Note Transfer Date;

(ii)               
during the Early Amortization Period, on each Note Transfer Date an amount equal to the lesser of (i) the Series 2015-2
Monthly Principal, for the related Payment Date or (ii) the Class A Stated Principal Amount, shall be deposited into the Distribution
Account and on the related Payment Date distributed to the Paying Agent for payment to the Class A Noteholders on such Payment
Date until the Class A Stated Principal Amount has been paid in full;

(iii)              
during the Early Amortization Period on each Payment Date, after giving effect to the deposit on the related Note Transfer
Date referred to in clause (ii) above, an amount equal to the Series 2015-2 Monthly Principal for such Payment Date remaining,
if any, shall be distributed to the Paying Agent for payment to the Class B Noteholders on such Payment Date until the Class B
Stated Principal Amount has been paid in full; and

(iv)             
on each Payment Date the balance of such Series 2015-2 Available Principal Collections after giving effect to the
distributions referred to in clauses (i)-(iii) above shall be treated as Shared Excess Available Principal Collections for the
benefit of other Series in the Shared Excess Available Principal Collections Group One.

(c)                On
the earlier to occur of the Note Transfer Date relating to (i) the first Payment Date with respect to the
Early Amortization Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with
instructions from the Servicer, shall withdraw from the amounts deposited into the Principal Funding Account pursuant to
Section 4.05(b)(i) and deposit into the Distribution Account an amount equal to the lesser of the amount in the
Principal Funding Account and the Class A Stated Principal Amount, and the Indenture Trustee, acting in accordance with
instructions from the Servicer, shall distribute such funds to the Paying Agent for payment to the Class A Noteholders
on the related Payment Date. On the earlier to occur of (i) the first Payment Date with respect to the Early Amortization
Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with instructions from the
Servicer, shall withdraw from the remaining amounts, if any, in the Principal Funding Account an amount equal to the lesser
of such remaining amount and the Class B Stated Principal Amount, and the Indenture Trustee, acting in accordance with
instructions from the Servicer, shall distribute such funds to the Paying Agent for payment to the Class B Noteholders
on such Payment Date.

     

    	22

    	 

    

Section 4.06.       
Principal Funding Account; Controlled Accumulation Period. 

(a)               
(i)The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Principal Funding
Account”), bearing a designation clearly indicating that the funds and other property credited thereto are held for
the benefit of the Indenture Trustee and the Series 2015-2 Noteholders in accordance with Section 5.02(c) of the Indenture.

(ii)                If
a securities intermediary has been appointed, funds on deposit in the Principal Funding Account shall be invested by the
Indenture Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the
Servicer. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Series 2015-2
Noteholders; provided, that with respect to each Payment Date, all interest and other investment income (net of losses and
investment expenses) (“Principal Funding Account Investment Proceeds”) on funds on deposit therein shall
be applied as set forth in Section 4.06(a)(iii) below; and provided, further, that funds on
deposit in the Principal Funding Account shall be invested in Eligible Investments that shall mature so that such funds shall
be available at the opening of business on the Note Transfer Date preceding the following Payment Date. Unless the Servicer
directs otherwise, funds deposited in the Principal Funding Account on a Note Transfer Date upon the maturity of any Eligible
Investments are not required to be invested. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that
the Indenture Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such
Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect to such Eligible
Investment; provided further, however, that the Servicer shall deliver prompt written notice to
the Indenture Trustee of any such default; and provided further, that, subject to Section 8.01 of the
Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in such Principal Funding
Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture
Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial
capacity, in accordance with their terms.

(iii)              
On each Note Transfer Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Indenture
Trustee in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding
Account Investment Proceeds, if any, then on deposit in the Principal Funding Account and such Principal Funding Account Investment
Proceeds, if any, shall be treated as a portion of Series 2015-2 Available Finance Charge Collections.

(iv)             
Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall not be considered
to be principal amounts on deposit therein for purposes of this Indenture Supplement.

(b)              
(i)The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited
to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the exclusive control
of the Indenture Trustee for the benefit of the Series 2015-2 Noteholders. If, at any time (i) the Principal Funding Account
ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer or the Owner Trustee for the Issuer) shall within
thirty (30) Business Days (or such

    	23

    	 

    

longer period upon satisfaction of
the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business Days) establish a new Principal
Funding Account meeting the conditions specified in Section 4.06(a)(i) above as an Eligible Deposit Account and shall
transfer any funds or other property to such new Principal Funding Account or (ii) the Issuer determines for any reason that the
Principal Funding Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture
Trustee, the Issuer shall establish or cause to be established a new Principal Funding Account that is an Eligible Deposit Account
and shall transfer any funds or other property from such Principal Funding Account to such new Principal Funding account. From
the date each such new Principal Funding Account is established, it shall be the “Principal Funding Account.”

(ii)               
Pursuant to the authority granted to the Servicer in Section 3.1 of the Servicing Agreement, the Servicer shall have
the power to instruct the Indenture Trustee to make withdrawals and payments from the Principal Funding Account for the purposes
of carrying out the Servicer’s or Indenture Trustee’s duties hereunder. 

(c)               
The Controlled Accumulation Period is scheduled to commence the first Business Day of the month that is twelve (12) calendar
months prior to the Expected Final Payment Date; provided, however, that if the Controlled Accumulation Period Length
(determined as described below) is less than twelve (12) months, then the date on which the Controlled Accumulation Period actually
commences will be the first Business Day of the month that is the number of whole months prior to the Expected Final Payment Date
at least equal to the Controlled Accumulation Period Length. On or before the second Business Day immediately preceding the first
Business Day of the month that is twelve (12) months prior to the Expected Final Payment Date, the Servicer shall determine the
“Controlled Accumulation Period Length,” which shall equal the number of months not less than the number of
whole calendar months reasonably expected by the Servicer to be necessary to accumulate from Series 2015-2 Available Principal
Collections and Shared Excess Available Principal Collections expected to be available to Series 2015-2 from other Shared
Excess Available Principal Collections Series during the Controlled Accumulation Period an amount equal to the Series 2015-2
Stated Principal Amount; provided, however, that the Controlled Accumulation Period Length shall not be determined
to be less than one month.

Section 4.07.       
Investor Charge-Offs. On or prior to each Note Transfer Date, the Servicer shall calculate the Series 2015-2
Default Amount, if any, for the related Payment Date. If, for any Payment Date, the Series 2015-2 Default Amount for the related
Monthly Period exceeds the amount available therefor pursuant to Section 4.04(d) with respect to such Monthly Period,
the Allocation Amount will be reduced by the amount of such excess, but not by more than the Series 2015-2 Default Amount
for such Payment Date (such reduction, an “Investor Charge-Off”).

Section 4.08.       
Reallocated Principal Collections. On each Payment Date, the Servicer shall apply, to the extent permitted herein,
or shall instruct the Indenture Trustee in writing to apply Reallocated Principal Collections with respect to such Payment Date,
in an amount equal to the lesser of (a) the Series 2015-2 Principal Collections, less any amount released and used to
purchase Receivables under Section 4.01(f), for the related Monthly Period or (b) the Monthly Subordination Amount
for such Payment Date in accordance with the priority

    	24

    	 

    

set forth in Sections 4.04(a)
and (b). On each Payment Date, the Allocation Amount shall be reduced by the amount of Reallocated Principal Collections
for such Payment Date.

Section 4.09.       
Shared Excess Available Finance Charge Collections.

(a)               
Series 2015-2 shall be included in Shared Excess Available Finance Charge Collections Group One for the purpose
of sharing Shared Excess Available Finance Charge Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Finance
Charge Collections with respect to any Monthly Period shall be shared within Shared Excess Available Finance Charge Collections
Group One to cover the applicable Series Available Finance Charge Collections Shortfalls for such Monthly Period, if any,
and applied on the Note Transfer Date in the immediately succeeding Monthly Period for each Shared Excess Available Finance Charge
Collections Group Series with a Series Available Finance Charge Collections Shortfall for such Monthly Period. Shared Excess Available
Finance Charge Collections allocable to Series 2015-2 with respect to each Monthly Period shall mean an amount equal to the
Series Available Finance Charge Collections Shortfall, if any, with respect to Series 2015-2 for such Monthly Period; provided,
however, that if the aggregate amount of Shared Excess Available Finance Charge Collections for all Series in Shared Excess
Available Finance Charge Collections Group One for each Monthly Period is less than the Aggregate Series Available Finance
Charge Collections Shortfall for such Monthly Period, then Shared Excess Available Finance Charge Collections allocable to Series 2015-2
with respect to such Monthly Period shall equal the product of (i) Shared Excess Available Finance Charge Collections for
all Series in Shared Excess Available Finance Charge Collections Group One for such Monthly Period and (ii) a fraction,
the numerator of which is the Series Available Finance Charge Collections Shortfall with respect to Series 2015-2 for such
Monthly Period and the denominator of which is the Aggregate Series Available Finance Charge Collections Shortfall for such Monthly
Period.

(c)               
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Finance Charge Collections
Group One, any Shared Excess Available Finance Charge Collections for each Series in Shared Excess Available Finance Charge Collections
Group One for any Monthly Period which shall remain after application pursuant to clause (b) above shall be paid to the holders
of the Transferor Interest. Shared Excess Available Finance Charge Collections will not be available for application by other
Series of Notes that are not included in Shared Excess Available Finance Charge Collections Group One.

Section 4.10.       
Shared Excess Available Principal Collections.

(a)               
Series 2015-2 shall be included in Shared Excess Available Principal Collections Group One for the purpose of
sharing Shared Excess Available Principal Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Principal
Collections with respect to any Monthly Period shall be shared within Shared Excess Available Principal Collections Group One
to cover the

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applicable Series Available Principal
Collections Shortfalls for such Monthly Period, if any, for each Shared Excess Available Principal Collections Series with a Series
Available Principal Collections Shortfall for such Monthly Period, and such Shared Excess Available Principal Collections allocable
to Series 2015-2 shall be distributed or deposited on the dates and in the order of priority provided for under Sections 4.05(b)(i)-(iii).
Shared Excess Available Principal Collections allocable to Series 2015-2 with respect to each Monthly Period shall mean an
amount equal to the Series Available Principal Collections Shortfall, if any, with respect to Series 2015-2 for such Monthly
Period; provided, however, that if the aggregate amount of Shared Excess Available Principal Collections for all
Series in Shared Excess Available Principal Collections Group One for each Monthly Period is less than the Aggregate Series
Available Principal Collections Shortfall for such Monthly Period, then Shared Excess Available Principal Collections allocable
to Series 2015-2 with respect to such Monthly Period shall equal the product of (i) Shared Excess Available Principal
Collections for all Series in Shared Excess Available Principal Collections Group One for such Monthly Period and (ii) a
fraction, the numerator of which is the Series Available Principal Collections Shortfall with respect to Series 2015-2 for
such Monthly Period and the denominator of which is the Aggregate Series Available Principal Collections Shortfall for such Monthly
Period.

(c)               
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Principal Collections
Group One, any Shared Excess Available Principal Collections for each Series in Shared Excess Available Principal Collections
Group One for any Monthly Period which shall remain after application pursuant to clause (b) above shall be paid to
the holders of the Transferor Interest. Shared Excess Available Principal Collections will not be available for application by
other Series of Notes that are not included in Shared Excess Available Principal Collections Group One.

Section 4.11.       
Accumulation Reserve Account.

(a)               
The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve
Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the
benefit of the Indenture Trustee and the Series 2015-2 Noteholders in accordance with Section 5.02(c) of the Indenture.
The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the
Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control
of the Indenture Trustee for the benefit of the Series 2015-2 Noteholders. If at any time (i) the Accumulation Reserve Account
ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being
notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30)
Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency
Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account,
and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any
reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice
to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an
Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation
Reserve

    	26

    	 

    

Account. From the date each such new
Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee,
at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an
amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement,
and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation
Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

(b)              
If a securities intermediary has been appointed, funds on deposit in the Accumulation Reserve Account, on any Note Transfer
Date, after giving effect to any withdrawals from the Accumulation Reserve Account on such Note Transfer Date, shall be invested
by the Indenture Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer;
provided, that the funds are invested in investments that shall mature so that such funds shall be available for withdrawal
on or prior to the following Note Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided,
however, that the Indenture Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior
to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect
to such Eligible Investment; provided further, however, that the Servicer shall deliver prompt written notice
to the Indenture Trustee of any such default; and provided further, that, subject to Section 8.01 of
the Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in such Accumulation Reserve
Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity, in accordance
with their terms. On each Note Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since
the preceding Note Transfer Date on funds on deposit in the Accumulation Reserve Account shall be retained in the Accumulation
Reserve Account (to the extent that the Available Accumulation Reserve Account Amount is less than the Required Accumulation Reserve
Account Amount) and the balance, if any, shall be deposited in the Collection Account for application in accordance with Section
4.04. For purposes of determining the availability of funds or the balance in the Accumulation Reserve Account for any reason
under this Indenture Supplement, except as otherwise provided in the preceding sentence, investment earnings, if any, on such
funds shall be deemed not to be available or on deposit.

(c)               
On the Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation Period and (ii) the
first Payment Date of the Early Amortization Period, the Servicer shall calculate the “Accumulation Reserve Draw Amount”
which shall be equal to the excess, if any, of the Covered Amount with respect to such Payment Date over the Principal
Funding Account Investment Proceeds with respect to such Payment Date.

(d)              
In the event that for any Payment Date the Accumulation Reserve Draw Amount is greater than zero, the Accumulation Reserve
Draw Amount, up to the Available Accumulation Reserve Account Amount, shall be (i) withdrawn from the Accumulation Reserve
Account on the Note Transfer Date on which such Accumulation Reserve Draw Amount is calculated by the Indenture Trustee (acting
in accordance with the instructions of the Servicer)

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and (ii) deposited into the Collection
Account for application as Series 2015-2 Available Finance Charge Collections for such Payment Date.

(e)               
In the event that the Accumulation Reserve Account Surplus on any Payment Date, after giving effect to all deposits to
and withdrawals from the Accumulation Reserve Account with respect to such Payment Date, is greater than zero, the Indenture Trustee
(acting in accordance with the instructions of the Servicer) shall withdraw from the Accumulation Reserve Account, and pay to
the Owner Trustee for distribution in accordance with the Trust Agreement an amount equal to such Accumulation Reserve Account
Surplus.

(f)                
Upon the earliest to occur of (i) the day on which the Allocation Amount is reduced to zero, (ii) the occurrence
of an Event of Default with respect to the Series 2015-2 Notes and acceleration of such Series 2015-2 Notes pursuant
to Section 7.02 of the Indenture, (iii) the first Payment Date with respect to the Early Amortization Period, (iv) the
Expected Final Payment Date, and (v) the termination of the Trust pursuant to the Trust Agreement, the Indenture Trustee
(acting in accordance with the instructions of the Servicer) after the prior payment of all amounts owing to the Series 2015-2
Noteholders which are payable from the Accumulation Reserve Account as provided herein, shall withdraw from the Accumulation Reserve
Account and pay to the holders of the Transferor Interest all amounts, if any, on deposit in the Accumulation Reserve Account
and the Accumulation Reserve Account shall be deemed to have terminated for purposes of this Indenture Supplement.

(g)               
Notwithstanding the foregoing, following an Event of Default with respect to the Series 2015-2 Notes and acceleration
of such Series 2015-2 Notes, any Accumulation Reserve Account Surplus or other amounts on deposit in the Accumulation Reserve
Account shall be applied toward payment of any amounts owing with respect to the Series 2015-2 Notes before such amounts
are paid to the holders of the Transferor Interest.

Section 4.12.       
Investment Instructions. Any investment instructions given to the Indenture Trustee pursuant to the terms hereof
must be given to the Indenture Trustee no later than 1:00 P.M. (New York City time) on the date such investment is to be made.
In the event the Indenture Trustee receives such investment instruction later than such time, the Indenture Trustee may, but shall
have no obligation to, make such investment. In the event the Indenture Trustee is unable to make an investment required in an
investment instruction received by the Indenture Trustee after 1:00 P.M. (New York City time) on such day, such investment shall
be made by the Indenture Trustee on the next succeeding Business Day. In no event shall the Indenture Trustee be liable for any
investment not made pursuant to investment instructions received after 1:00 P.M. (New York City time) on the day such investment
is requested to be made.

Section 4.13.       
[RESERVED].

 

    

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Section 4.14.       
Sale of Collateral for Series 2015-2
Notes That Are Accelerated or Reach Legal Maturity.

(a)               If the Series 2015-2
Notes have been accelerated pursuant to Section 7.02 of the Indenture following an Event of Default, the Indenture Trustee
may, subject to the conditions specified in Section 4.14(b), and at the direction of the Holders of more than 66 2⁄3%
of the Outstanding Dollar Principal Amount of the Series 2015-2 Notes will, subject to the conditions specified in Section
4.14(b), sell Principal Receivables (or interests therein) in an amount (as determined by the Issuer and provided to the
Indenture Trustee) not to exceed the Allocation Amount as of the close of business on the day preceding such sale, plus
any related Finance Charge Receivables.

(b)               Such a sale
will be permitted only if at least one of the following conditions is met:

(i)                 
the Holders of more than 90% of the aggregate Outstanding Dollar Principal Amount of the Series 2015-2 Notes consent;
or

(ii)               
the net proceeds of such sale (plus amounts on deposit in the Issuer Accounts) would be sufficient to pay all amounts
due on the Series 2015-2 Notes; or

(iii)              
the Indenture Trustee in consultation with the Servicer determines that the funds to be allocated to the Series 2015-2
Notes, including (1) Series 2015-2 Available Finance Charge Collections and Series 2015-2 Available Principal Collections
and (2) amounts on deposit in the Issuer Accounts, may not be sufficient on an ongoing basis to make all payments on the
Series 2015-2 Notes as such payments would have become due if such obligations had not been declared due and payable, and
Series 2015-2 Noteholders evidencing more than 66 2⁄3% of the aggregate Outstanding Dollar Principal Amount of the Series 2015-2
Notes consent to the sale; provided, that the Issuer will provide the Indenture Trustee with the information reasonably
requested by the Indenture Trustee to make such determination.

(c)               If the Allocation
Amount is greater than zero on the Legal Maturity Date (after giving effect to any allocations, deposits and payments otherwise
to be made on that Legal Maturity Date), the Indenture Trustee shall, no later than the Legal Maturity Date, sell or cause to
be sold Principal Receivables (or interests therein) in an amount not to exceed the Allocation Amount as of the close of business
on the day preceding such sale, plus any related Finance Charge Receivables.

(d)               Upon the
occurrence of such sale, the Allocation Amount shall be automatically reduced to zero and Principal Collections and Finance Charge
Collections shall no longer be allocated to the Series 2015-2 Notes. 

(e)               Sale proceeds
received with respect to the Series 2015-2 Notes pursuant to clause (a) or (c) above will be applied as specified in Section
7.06 of the Indenture, and amounts available for application pursuant to clause (b) of Section 7.06 should be allocated and paid
in the following priority:

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first,
to the Class A Noteholders, until the Class A Stated Principal Amount and all current and past due Class A Monthly
Interest and Class A Additional Interest has been paid in full; and

second,
to the Class B Noteholders, until the Class B Stated Principal Amount and all current and past due Class B Monthly
Interest and Class B Additional Interest has been paid in full.

Section 4.15.       
Distribution Account. The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Distribution
Account”), bearing a designation clearly indicating that the funds and other property credited thereto are held for the
benefit of the Indenture Trustee and the Class A Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture
Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Distribution Account
and in all proceeds thereof. The Distribution Account shall be under the exclusive control of the Indenture Trustee for the benefit
of the Class A Noteholders. If, at any time the Distribution Account ceases to be an Eligible Deposit Account, the Indenture Trustee
shall within thirty (30) Business Days (or such longer period upon satisfaction of the Note Rating Agency Condition, but in
any event not to exceed forty-five (45) Business Days) establish a new Distribution Account meeting the conditions specified
above as an Eligible Deposit Account and shall transfer any funds or other property to such new Distribution Account. Pursuant
to the authority granted to the Servicer in Section 3.1 of the Servicing Agreement, the Servicer shall have the power to instruct
the Indenture Trustee to make withdrawals and payments from the Distribution Account for the purposes of carrying out the Servicer’s
or Indenture Trustee’s duties hereunder.

[END OF ARTICLE IV]

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ARTICLE V

EARLY AMORTIZATION OF NOTES

Section 5.01.       
Early Amortization Events. In addition to the events identified as Early Amortization Events in Article XII
of the Indenture, the occurrence of any of the following events (each, an “Early Amortization Event”) shall
result in an early amortization event for the Series 2015-2 Notes:

(a)               
if the Quarterly Excess Spread Percentage is less than the Required Excess Spread Percentage; or

(b)              
a failure by Transferor under the Transfer Agreement to convey Receivables in Additional Accounts within five Business
Days after the day on which it is required to convey such Receivables pursuant to Section 2.11(a) of the Transfer Agreement
or, if applicable, Section 2.15(c) of the Transfer Agreement; or

(c)               
if any Servicer Default occurs which would have a material adverse effect on the Series 2015-2 Noteholders; or

(d)              
the failure to pay the Notes in full on the Expected Final Payment Date; or

(e)               
the occurrence of an Event of Default and acceleration of the Series 2015-2 Notes pursuant to Article VII of the Indenture;
or

(f)                
(i)  failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the
Transfer Agreement on or before the date occurring five Business Days after the date such payment or deposit is required to be
made therein or (ii) failure of the Transferor duly to observe or perform in any material respect any of its covenants or agreements
set forth in the Transfer Agreement, which failure has a material adverse effect on the Series 2015-2 Noteholders and which continues
unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder
of the Series 2015-2 Notes; or 

(g)               
any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account
schedule required to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material
respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by
the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2015-2 Notes and as a result
of which the interests of the Series 2015-2 Noteholders are materially and adversely affected for such period; provided,
however, that an Early Amortization Event pursuant to this Section 5.01(g) shall not be deemed to have occurred
hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during
such period in accordance with the provisions of the Transfer Agreement.

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In the case of any event described in Sections
5.01(a), (b), (d), or (e), an Early Amortization Event shall occur without any notice or other action
on the part of the Indenture Trustee or the Noteholders immediately upon the occurrence of such event. In the case of any event
described in Sections 5.01(c), (f) or (g), after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the holders of Series 2015-2 Notes evidencing more than 50% of the aggregate unpaid principal amount
of Series 2015-2 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2015-2
Noteholders) may declare that an Early Amortization Event has occurred with respect to the Series 2015-2 Notes as of the date of
such notice.

 

Section
5.02.        Early Redemption Event. If Principal Receivables having an aggregate principal
balance in an amount equal to or greater than 30% of the Pool Balance are designated for reassignment to the Transferor pursuant
to Section 2.12(d) of the Transfer Agreement, and the Servicer determines that the Transferor Amount would be less than the Required
Transferor Amount after giving effect to such reassignment, and giving effect to any scheduled payments on the Notes and any Account
Additions that are scheduled to occur on or prior to the Removal Date, then an “Early Redemption Event” will be deemed
to have occurred with respect to the Series 2015-2 Notes on the related Removal Date. If an Early Redemption Event occurs under
this Section 5.02, the Issuer will apply all funds received from the Transferor in connection with such reassignment on
the first Payment Date following the Monthly Period in which such Early Redemption Event occurred to redeem Series 2015-2 Notes
and Notes of each other Series subject to early redemption pursuant to a provision similar to this Section 5.02, on a pro
rata basis among each such Series and within each such Series on a pro rata basis between each Class of Notes of such Series,
based on the respective Stated Principal Amounts of each such Series and each such Class of Notes subject to early redemption.

[END
OF ARTICLE V]

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ARTICLE VI

LEGAL MATURITY; FINAL PAYMENTS

Section 6.01.       
Legal Maturity. The Series 2015-2 Notes shall be considered to be paid in full, the Holders of such Series 2015-2
Notes shall have no further right or claim, and the Issuer shall have no further obligation or liability with respect to such Series 2015-2
Notes on the earliest to occur of (i) the date on which the Outstanding Dollar Principal Amount with respect to Series 2015-2,
and all Monthly Interest on such Series 2015-2 Notes, is paid in full, (ii) the date on which Collateral is sold and
the proceeds in respect thereof applied in accordance with Section 7.08 of the Indenture and Section 4.14, and
(iii) the Legal Maturity Date, in each case after giving effect to all deposits, allocations, reimbursements, reallocations,
sales of Collateral and payments to be made in connection therewith.

[END OF ARTICLE VI]

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ARTICLE VII

DELIVERY OF SERIES 2015-2 NOTES; DISTRIBUTIONS

AND REPORTS TO SERIES 2015-2 NOTEHOLDERS

Section 7.01.       
Form of Delivery for the Series 2015-2 Notes; Depository; Denominations.

(a)               The Class
A Notes shall be delivered in the form of global Registered Notes as provided in Section 3.02 of the Indenture.

(b)               The Class
B Notes shall be delivered in the form of definitive Notes as provided in Section 3.02 of the Indenture.

(c)               The Depository
for the Class A Notes shall be The Depository Trust Company, and the Class A Notes shall initially be registered in the name of
Cede & Co., its nominee.

(d)               The Series 2015-2
Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000.

Section 7.02.       
Delivery and Payment for the Series 2015-2 Notes. The Issuer shall execute and deliver the Series 2015-2
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Series 2015-2 Notes when authenticated,
each in accordance with Section 4.03 of the Indenture.

Section 7.03.       
Distributions.

(a)               On
each Payment Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class A Noteholder of record on the related Record Date such Class A Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class A
Notes pursuant to this Indenture Supplement.

(b)               On each Payment Date
with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall distribute, based
upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class A Noteholder of
record on the related Record Date such Class A Noteholder's pro rata share of the amounts on deposit in the Principal
Funding Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of
the Class A Notes pursuant to this Indenture Supplement.

 

(c)               On each Payment
Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class B Noteholder of record on the related Record Date such Class B Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class B
Notes pursuant to this Indenture Supplement.

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(d)               On each Payment
Date with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall distribute, based
upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class B Noteholder of
record on the related Record Date such Class B Noteholder's pro rata share of the amounts on deposit in the Principal
Funding Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of
the Class B Notes pursuant to this Indenture Supplement.

(e)               The distributions
to be made pursuant to this Section 7.03 are subject to the provisions of Sections 2.7 and Section 4.1 of
the Transfer Agreement and Section 6.1 of the Servicing Agreement.

(f)               Except as
provided in Section 13.08 of the Indenture with respect to a final distribution, distributions to Series 2015-2 Noteholders
hereunder shall be made by check mailed to each Series 2015-2 Noteholder at such Series 2015-2 Noteholder’s address
appearing in the Note Register without presentation or surrender of any Series 2015-2 Note or the making of any notation thereon;
provided, however, that with respect to the Class A Notes registered in the name of a clearing agency, such
distributions shall be made to such clearing agency in immediately available funds and with respect to the Holder of any Class
B Note if such Holder shall have provided written wire transfer instructions to the Indenture Trustee not less than five Business
Days prior to the Payment Date, then the Indenture Trustee shall make distributions to such Holder by wire transfer of immediately
available funds.

Section 7.04.       
Reports and Statements to Series 2015-2 Noteholders.

(a)               
On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, shall forward to each Series 2015-2 Noteholder
a statement substantially in the form of Exhibit B-1 (or otherwise containing substantially comparable information)
prepared by the Servicer and delivered to the Paying Agent, which shall (amongst other things) set forth the Transferor Percentage
as of the Transferor Amount Measurement Date.

(b)              
On or prior to the second Business Day preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee,
the Paying Agent, the Transferor, each Note Rating Agency and the Owner Trustee (i) a statement substantially in the form
of Exhibit B-3 (or otherwise containing substantially comparable information) prepared by the Servicer and (ii) a
certificate of a Servicing Officer substantially in the form of Exhibit C (or otherwise containing substantially comparable
information).

(c)               
On or before the date that is forty-five (45) days after each calendar quarter, beginning with the second quarter
of 2015, the Servicer shall provide to the Paying Agent, and the Paying Agent on behalf of the Indenture Trustee, shall forward
to each Series 2015-2 Noteholder: 

(i)                 
information with respect to the credit performance of the Series 2015-2 Notes and the Receivables, including periodic
and cumulative Receivables performance data, delinquency and modification data for the Receivables, substitutions and removals
of the Receivables, servicer advances, if applicable, as well as losses that were allocated to the

    	35

    	 

    

Series 2015-2 Notes, if applicable,
the remaining balance of the Receivables, and the percentage of each Class of Series 2015-2 Notes in relation to the Series 2015-2
Notes as a whole; and

(ii)               
a statement regarding any changes to the information that was disclosed in connection with the issuance of the Series 2015-2
Notes regarding the nature and amount of compensation paid to BBD, each Note Rating Agency (if applicable), any third-party advisor,
any mortgage or other broker, and the Servicer, the extent to which any risk of loss on the Receivables is retained by any of
them, and the amount and nature of any deferred compensation or similar arrangements.

(d)              
At the time of delivery of any periodic distribution report and in any event at least once per calendar quarter, while
the Series 2015-2 Notes are outstanding, the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2015-2
Noteholder copies of the Credit Risk and Performance Disclosure.

(e)               
A copy of each statement or certificate provided pursuant to Section 7.04(a), (b) or (c) above
may be obtained by any Series 2015-2 Noteholder or any Note Owner thereof by a request in writing to the Servicer.

(f)                
On or before January 31 of each calendar year, beginning with calendar year 2016, the Paying Agent, on behalf of the
Indenture Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was
a Series 2015-2 Noteholder, a statement substantially in the form of Exhibit B-2 to this Indenture Supplement
prepared by the Servicer for such calendar year or the applicable portion thereof during which such Person was a Series 2015-2
Noteholder, together with other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation
of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided
by the Paying Agent pursuant to any requirements of the Code as from time to time in effect.

Section 7.05.       
Restrictions on Transfer of the Class B Notes. The Class B Notes (i) shall be subject to the transfer restrictions
set forth in Section 8.07 of this Indenture Supplement, (ii) shall bear the legend set forth in Section 4.05(j) of the Indenture
and be subject to the terms and transfer restrictions provided in such Section 4.05(j) and (iii) shall bear the following legend
and be subject to the transfer restrictions provided therein:

THIS CLASS B NOTE (OR ANY INTEREST
HEREIN) MAY NOT BE PURCHASED WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
(II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S
INVESTMENT IN THE ENTITY. IF PURCHASER IS (OR IS ACTING ON BEHALF OF) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO
ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF

    	36

    	 

    

ERISA OR SECTION 4975 OF THE CODE
(“SIMILAR LAW”), THE ACQUISITION, HOLDING AND DISPOSITION WILL NOT RESULT IN A VIOLATION OF SIMILAR LAW. NO CLASS B
NOTE HOLDER WILL BE PERMITTED TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY
MAKE THE FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF ANY INTEREST IN CLASS B NOTES
MAY OCCUR EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

 

[END OF ARTICLE VII]

    	37

    	 

    

ARTICLE VIII

MISCELLANEOUS PROVISIONS

Section 8.01.       
Non-petition Covenant. To the fullest extent permitted by applicable law, the Indenture Trustee, by entering into
this Indenture Supplement, agrees that it will not at any time, acquiesce, petition or otherwise invoke or cause the Issuer or
the Transferor to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the
Issuer or the Transferor under any Debtor Relief Law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian,
sequestrator or other similar official for the Issuer or the Transferor or any substantial part of its property or ordering the
winding-up or liquidation of the affairs of the Issuer or the Transferor.

Section 8.02.       
Actions by the Issuer. Subject to the Servicing Agreement, all action to be taken by the Issuer under this Indenture
Supplement shall be taken by the Administrator or the Owner Trustee on behalf of the Issuer and all notices to be given or received
by the Issuer under this Indenture Supplement shall be given or received by the Administrator or the Owner Trustee, on behalf of
the Issuer.

Section 8.03.       
Limitations on Liability.

(a)               
It is expressly understood and agreed by the parties hereto that (i) this Indenture Supplement is executed and delivered
by the Owner Trustee, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of
the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee
but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as
creating any liability on the Owner Trustee, individually or personally, to perform any covenant of the Issuer either expressed
or implied contained herein, all such liability, if any, being expressly waived by the parties to the Indenture and by any Person
claiming by, through or under them and (iv) under no circumstances shall the Owner Trustee be personally liable for the payment
of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Issuer under this Indenture Supplement or any related documents.

(b)              
None of the Indenture Trustee, the Owner Trustee, the Servicer, the Administrator, the Beneficiary or any other beneficiary
of the Issuer or any of their respective officers, directors, employees, members, incorporators or agents shall have any liability
with respect to this Indenture Supplement, and any recourse may be had solely to the Collateral.

Section 8.04.       
FATCA. Each Series 2015-2 Noteholder or Note Owner, by the purchase of such Series 2015-2 Note or its acceptance
of a beneficial interest therein, acknowledges that interest on the Series 2015-2 Notes will be treated as United States source
interest, and, as such, United States withholding tax may apply. Each Series 2015-2 Noteholder or Note Owner further agrees, upon
request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status
and understands that if it

    	38

    	 

    

ceases to satisfy the foregoing requirements
or provide requested documentation, payments to it under the Series 2015-2 Notes may be subject to United States withholding tax
(without any corresponding gross-up). Without limiting the foregoing, if a payment made under this Indenture Supplement or the
Indenture would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment were to fail
to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall deliver
to the Issuer, with a copy to the Paying Agent, at the time or times prescribed by the Code and at such time or times reasonably
requested by the Issuer or the Paying Agent, such documentation prescribed by the Code (including as prescribed by Code Section
1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Issuer or the Paying Agent to comply with their
respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under
FATCA, or to determine the amount to deduct and withhold from such payment. For these purposes, “FATCA” means Section
1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure,
notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from
taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and
including any amendments made to FATCA after the date of this Indenture Supplement.

Section 8.05.       
[RESERVED].

Section 8.06.       
Amendments. Except as expressly set forth in Article X of the Indenture, this Indenture Supplement may not be
amended, restated, supplemented or modified.

Section 8.07.       
Class B Notes.

(a)               
Notwithstanding anything to the contrary in this Supplement, no interest in the Class B Notes may be directly or indirectly
sold, transferred, assigned, exchanged, participated or otherwise conveyed, pledged, hypothecated or rehypothecated or made the
subject of a security interest (each such transaction for purposes of this Section 8.07, a “Transfer”) except
to a Person who is a “United States person” for United Stated federal income tax purposes and only upon the prior
delivery of an Issuer Tax Opinion to the Indenture Trustee with respect to such Transfer, and any Transfer in violation of these
requirements shall be null and void ab initio.

(b)              
If not transferred in compliance with the registration provisions of the Securities Act, then no interest in the Class
B Notes may be offered, sold or transferred, except (i) pursuant to Rule 144A under the Securities Act (“Rule 144A”)
to a person the Noteholder reasonably believes is a “qualified institutional buyer” (a “QIB”) in
a transaction meeting the requirements of Rule 144A, purchasing for its own account or for the account of a QIB, whom it has informed
that such offer, sale or other transfer is being made in reliance on Rule 144A, or (ii) in an offshore transaction meeting the
requirements of Rule 903 or 904 of Regulation S under the Securities Act to a person it reasonably believes is an accredited investor
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) of Regulation D under the Securities Act and any entity in
which all of the equity owners come within such paragraphs (an “IAI”) or a QIB, purchasing for its own account
or for the account of another IAI or a QIB. 

    	39

    	 

    

[END OF ARTICLE VIII]

    	40

    	 

    

ARTICLE IX

INSOLVENCY PROCEEDING WITH RESPECT TO BBD

Section 9.01.       
Actions Upon Repudiation.

(a)               
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for BBD exercises
its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the
FDIC in such capacity will pay damages in cash as provided in such paragraph (d)(4)(ii). Upon making such determination,
the Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee.

(b)              
Upon receipt of the notice specified in Section 9.01(a), the Indenture Trustee shall determine the date (the
“Applicable Distribution Date”) for making a distribution to the Series 2015-2 Noteholders of such damages,
which date shall be the earlier of (i) the next Payment Date on which such damages could be distributed and (ii) the
earliest practicable date by which the Indenture Trustee could declare a special distribution date, in each case subject to all
applicable provisions of the Indenture, applicable law and the procedures of any applicable clearing agency. The Indenture Trustee
is authorized and instructed to retain possession and control of the Accumulation Reserve Account and the Collection Account and
all amounts on deposit therein.

(c)               
When the Applicable Distribution Date is determined, the Servicer, shall promptly compute the amount of interest to be
paid on each Class of Notes on the Applicable Distribution Date, which interest (unless such Applicable Distribution Date is a
Payment Date) shall be the amount accruing up to the Applicable Distribution Date and which shall be computed by pro rating the
amount that would otherwise be payable on the next succeeding Payment Date on the basis of (i) the number of days elapsed
from such preceding Payment Date divided by (ii) thirty (30). The Servicer shall notify the Indenture Trustee of the
applicable amounts of principal and interest to be paid on each Class of Notes not later than the Business Day following the day
on which the Applicable Distribution Date is determined.

(d)              
If the Applicable Distribution Date is a special distribution date, the Indenture Trustee shall (i) declare such special
distribution date (the record date for which shall be the close of business on the day immediately preceding such special distribution
date), (ii) declare a special distribution to the Series 2015-2 Noteholders consisting of unpaid interest on each Series 2015-2
Note and the outstanding principal balance of each Series 2015-2 Note and (iii) deliver notice to the Series 2015-2
Noteholders of such special distribution date and special distribution.

(e)               
Following payment by the FDIC of such damages:

(i)                 
Such damages shall be deposited into the Principal Funding Account;

(ii)               
The Servicer shall promptly, and no later than one Business Day after such damages have been paid by the FDIC, (A) compute
the amount, if any, required to be withdrawn from available funds in the Accumulation Reserve Account (and, if necessary, the
Collection

    	41

    	 

    

Account) and transferred to the Principal
Funding Account so that the amount on deposit in the Principal Funding Account shall equal the aggregate amount to be distributed
as specified in Section 9.01(c), and (B) promptly inform the Indenture Trustee of such computation; and

(iii)              
On the Applicable Distribution Date, the Indenture Trustee shall, based on the computations in Section 9.01(c),
first, withdraw from monies on deposit in the Accumulation Reserve Account and, if necessary, the Collection Account the
amount so computed and cause such amount to be deposited into the Principal Funding Account and, second, cause all amounts
deposited into the Principal Funding Account pursuant to this Section 9.01 to be applied in accordance with Section 7.06
of the Indenture and amounts available for application pursuant to clause (b) of Section 7.06 of the Indenture shall be allocated
and paid as provided in Section 4.14(e).

(f)                
Any funds remaining in the Collection Account and the Accumulation Reserve Account shall be distributed on the following
Payment Date (or on such Applicable Distribution Date, if it is not a Payment Date), such distributions to be made in accordance
with the applicable provisions of the Transaction Documents, with the Servicer to adjust the amounts of such distributions in
its records to take into account the amounts distributed on the Applicable Distribution Date.

Section 9.02.       
Notice.

(a)               
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides
a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice
shall promptly deliver such notice to each of the Servicer, the Transferor, the Trust and the Indenture Trustee.

(b)              
If the FDIC (i) is appointed as a conservator or receiver of BBD and (ii) is in monetary default hereunder or
under the other Transaction Documents, the Indenture Trustee shall, at the direction of the Majority Holders of all Outstanding
Notes, the Servicer or a Series 2015-2 Noteholder, be entitled to deliver written notice to the FDIC requesting the exercise
of contractual rights hereunder and under the other Transaction Documents.

Section 9.03.       
Reservation of Rights. Neither the inclusion of this Article IX in this Indenture Supplement nor the
compliance by any Person with, or the acknowledgement by any Person of, this Article’s provisions constitutes an agreement
or acknowledgment by any Person that, in the case of an insolvency proceeding with respect to BBD, a receiver or conservator will
have any rights with respect to the Trust Assets.

[END OF ARTICLE IX]

 

    	42

    	 

    

 

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

 

		BARCLAYS DRYROCK ISSUANCE TRUST, as Issuer
	 	 
	 	By: 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Owner Trustee on behalf of the Trust

	 	By: 	/s/ Roseline K. Maney
	 	 	Name: Roseline K.
    Maney
Title:    Administrative Vice President

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and not in its individual
    capacity
	 	 
	 	By: 	/s/ Tamara Schultz-Fugh
	 	 	Name:  Tamara Schultz-Fugh
Title:    Vice
    President

 

 

 

 

[Signature
Page to Series 2015-2 Indenture Supplement]

 

 

 

 

    	43

    	 

    

ACKNOWLEDGED AND AGREED TO:

 

BARCLAYS BANK DELAWARE, 

as Servicer

 

 

By:/s/ Michael Stern                                                

     Name: Michael Stern

     Title:    Controller

 

 

 

[Signature
Page to Series 2015-2 Indenture Supplement]

 

    	44

    	 

    

EXHIBIT
A-1

FORM OF

CLASS A SERIES 2015-2 FIXED RATE ASSET BACKED NOTE

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

 

THE
HOLDER OF THIS CLASS A NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER
OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY
OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

 

THE
HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS
A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF
ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

BY
ITS ACQUISITION OF THIS CLASS A NOTE (OR ANY INTEREST THEREIN), EACH HOLDER SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT
(ON THE DATE OF ACQUISITION OF THIS CLASS A NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS A NOTE
(OR ANY INTEREST HEREIN) THAT EITHER (I) IT IS NOT ACQUIRING THIS CLASS A NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR A GOVERNMENTAL, NON-U.S.
OR CHURCH PLAN THAT IS SUBJECT TO STATE, LOCAL OR OTHER LAWS THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL
REVENUE CODE (“SIMILAR LAW”); OR (II)(A) THIS CLASS A NOTE IS RATED AT LEAST INVESTMENT GRADE OR ITS EQUIVALENT BY
A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AT THE TIME OF PURCHASE OF

    	A-1-1

    	 

    

TRANSFER,
AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CLASS A NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OR A VIOLATION OF SIMILAR LAW. NO CLASS A NOTE HOLDER WILL
BE PERMITTED TO TRANSFER THIS CLASS A NOTE TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE
FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH.

    	A-1-2

    	 

    

INITIAL
DOLLAR PRINCIPAL AMOUNT

	REGISTERED	$500,000,0001

	No. R-1	CUSIP
NO. 06742L AJ 2

   

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES 2015-2 FIXED RATE ASSET BACKED
NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by the Second Amended and Restated Trust Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013,
for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal
sum of $500,000,000 payable on the May 2018  Payment Date (the “Expected Final Payment Date”) in accordance
with the Indenture, except as otherwise provided below; provided, however, that the principal amount of this Note shall
be due and payable on the March 2021  Payment Date (the “Legal Maturity Date”) in accordance with the Indenture.
The Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date
until the principal amount of this Note is paid in full. Interest on this Note will accrue for each Payment Date from and including
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date,
from and including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse
hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal balance of this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled
to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

 

 

1    Denominations
of $100,000 and increments of $1,000 in excess thereof. 

 

    	A-1-3

    	 

    

IN
WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly executed.

 

 

 

 

		BARCLAYS DRYROCK ISSUANCE TRUST, as Issuer
	 	 
	 	By: 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Owner Trustee under the Trust Agreement

	 	By: 	
	 	 	Name: 
Title:    

 

 

 

Dated:
_______ ___, 2015

 

    	A-1-4

    	 

    

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

 

This
is one of the Class A Notes described in the within-mentioned Indenture.

 

 

	
	 	U.S.
                                                                                                             BANK NATIONAL ASSOCIATION,

as
Indenture Trustee

	 	 	

	 	By: 	
	 	 	Authorized
Signatory 

 

 

 

Dated:
_______ ___, 2015

 

    	A-1-5

    	 

    

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES 2015-2 FIXED RATE ASSET BACKED
NOTE

 

[Reverse of Class A Note]

 

 

This Class A Note is one
of a duly authorized issue of Notes of the Issuer, designated as its Barclays Dryrock Issuance
Trust, Series 2015-2 (the “Series 2015-2 Notes”),
issued under an Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (the
“Indenture”), between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee,” which term includes any successor Indenture Trustee under the Indenture), as supplemented by the Indenture
Supplement, dated as of June 10, 2015 (the “Indenture Supplement”), and representing the right to receive certain
payments from the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented
by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Series 2015-2 Notes
also include the Class B Notes issued under the Indenture simultaneously with the Class A Notes.

 

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance
with the Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable
under this Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

The Expected Final Payment
Date is the May 2018    Payment Date, but principal with respect to the Class A Notes may be paid earlier or later under
certain circumstances described in the Indenture. If for one or more months during the Controlled Accumulation Period there are
not sufficient funds to deposit the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess
funds are not available on subsequent Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls,
the final payment of principal of the Notes will occur later than the Expected Final Payment Date. Payments
of principal of the Notes shall be payable in accordance with the provisions of the Indenture.

 

    	A-1-6

    	 

    

Subject
to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series of notes or additional notes of any Series. 

 

On each Payment Date, the
Paying Agent shall distribute to each Class A Noteholder of record on the related Record Date (except
for the final distribution in respect of this Class A Note) such Class A Noteholder’s pro rata share of the
amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class
A Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series 2015-2 Noteholders shall be made (i) by check mailed to each
Series 2015-2 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect to any
Series 2015-2 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the
Indenture Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds and (ii) without
presentation or surrender of any Series 2015-2 Note or the making of any notation thereon. Final
payment of this Class A Note will be made only upon presentation and surrender of this Class A Note at the office or agency specified
in the notice of final distribution delivered by the Indenture Trustee to the Series 2015-2 Noteholders
in accordance with the Indenture.

 

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2015-2 Notes is reduced to less than 10% of its
highest Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the
Series 2015-2 Notes at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2015-2 Notes,
plus accrued, unpaid and additional interest or principal accreted and unpaid on such Notes to but excluding the date of redemption;
provided, however, that in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal
Amount of the Series 2015-2 Notes is still outstanding.

 

This
Class A Note does not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware, or any Affiliate of
any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

 

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

 

Except
as otherwise provided in the Indenture Supplement, the Class A Notes are issuable only in minimum denominations of $100,000 and
$1,000 increments in excess thereof. The transfer of this Class A Note shall be registered in the Note Register upon surrender
of this Class A Note for registration of transfer at the office or agency of the Issuer in a Place of Payment, accompanied
by a written instrument of transfer, in a form satisfactory to the Issuer and the Note

    	A-1-7

    	 

    

Registrar,
duly executed by the Class A Noteholder or such Class A Noteholder’s attorney, and duly authorized in writing with such signature
guaranteed, and thereupon one or more new Class A Notes in any authorized denominations of like aggregate Stated Principal
Amount, Expected Final Payment Date and Legal Maturity Date and of like terms will be issued
to the designated transferee or transferees. 

 

As
provided in the Indenture and subject to certain limitations therein set forth, Class
A Notes are exchangeable for new Class A Notes in any authorized denominations and of like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of such Notes to be exchanged at
the office or agency of the Issuer in a Place of Payment. No service charge may be
imposed for any such exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. 

 

The
Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee shall
treat the person in whose name this Class A Note is registered as the owner hereof for
all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer, the Transferor
or the Indenture Trustee shall be affected by notice to the contrary.

 

THIS
CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401
OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    	A-1-8

    	 

    

ASSIGNMENT

 

Social
Security or other identifying number of assignee ______________________________

 

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

(name
and address of assignee)

 

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

 

	Dated: ____________	______________________2
	 	 
	 	Signature Guaranteed:  
	 	 
	 	______________________

 

 

 

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

 

 

    	A-1-9

    	 

    

EXHIBIT
A-2

FORM OF

CLASS B SERIES 2015-2 FIXED RATE ASSET BACKED NOTE

THIS CLASS B NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS CLASS
B NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS CLASS B NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE
INDENTURE REFERRED TO HEREIN.

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR
THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY
OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

 

THE
HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS
B NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF
ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME AT ANY TIME DURING WHICH THE CLASS B NOTES ARE DEEMED TO BE ISSUED AND OUTSTANDING
FOR SUCH PURPOSES.

 

THIS CLASS B NOTE (OR ANY
INTEREST HEREIN) MAY NOT BE PURCHASED WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3)
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF
TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. IF PURCHASER IS (OR IS ACTING ON BEHALF OF) A GOVERNMENTAL, NON-U.S.
OR CHURCH PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”), THE ACQUISITION, HOLDING AND DISPOSITION WILL NOT RESULT IN A VIOLATION OF SIMILAR LAW. NO CLASS
B NOTE HOLDER WILL BE PERMITTED TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF
TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF

    	A-2-1

    	 

    

ANY INTEREST IN CLASS B NOTES MAY OCCUR EXCEPT
IN COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

    	A-2-2

    	 

    

INITIAL
DOLLAR PRINCIPAL AMOUNT

	REGISTERED	$109,757,0003

No. R-1

 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES 2015-2 FIXED RATE ASSET BACKED
NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by the Second Amended and Restated Trust Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013,
for value received, hereby promises to pay to Barclays Dryrock Funding LLC, subject to the following provisions, the principal
sum of $109,757,000 payable on the May 2018  Payment Date (the “Expected Final Payment Date”) in accordance
with the Indenture, except as otherwise provided below; provided, however, that the amount of this Note shall be due and
payable on the March 2021  Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The
Issuer will pay interest on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Payment Date until
the principal amount of this Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from
and including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal balance of this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate of
authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled
to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

 

THIS CLASS B NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

 

 

 

3
Denominations of $100,000 and $1,000 increments in excess thereof.

    	A-2-3

    	 

    

IN
WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed.

 

 

		BARCLAYS DRYROCK ISSUANCE TRUST,

    as Issuer
	 	 
	 	By: 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the Trust AgreemeNT

 

	 	By: 	
	 	 	Name:
Title:

 

 

 

Dated:
_______ ___, 2015

 

 

    	A-2-4

    	 

    

INDENTURE
TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

 

This
is one of the Class B Notes described in the within-mentioned Indenture.

 

	
	 	 	

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 

	 	By: 	
	 	 	Authorized
Signatory

 

 

 

 

Dated:
_______ ___, 2015

    	A-2-5

    	 

    

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES 2015-2 FIXED RATE ASSET BACKED
NOTE

 

[Reverse of Class B Note]

 

This Class B Note is one
of a duly authorized issue of Notes of the Issuer, designated as its Barclays Dryrock Issuance
Trust, Series 2015-2 (the “Series 2015-2 Notes”),
issued under an Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (the,
“Indenture”), between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee,” which term includes any successor Indenture Trustee under the Indenture), as supplemented by the Indenture
Supplement dated as of June 10, 2015 (the “Indenture Supplement”), and representing the right to receive certain
payments from the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented
by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Series 2015-2 Notes
also include the Class A Notes issued under the Indenture simultaneously with the Class B Notes. The Class B Notes are subordinate
to the Class A Notes.

 

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance
with the Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable
under the Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

The Expected Final Payment
Date is the May 2018 Payment Date, but principal with respect to the Class B Notes may be paid earlier or later under certain
circumstances described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient
funds to deposit the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not
available on subsequent Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final
payment of principal of the Notes will occur later than the Expected Final Payment Date. Payments
of principal of the Notes shall be payable in accordance with the provisions of the Indenture.

 

    	A-2-6

    	 

    

Subject
to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series of notes or additional notes of any Series. 

 

On each Payment Date, the
Paying Agent shall distribute to each Class B Noteholder of record on the related Record Date (except
for the final distribution in respect of this Class B Note) such Class B Noteholder’s pro rata share of the
amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class
B Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series 2015-2 Noteholders shall be made by (i) check mailed to each
Series 2015-2 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect to any
Series 2015-2 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the
Indenture Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds to the Class
B Noteholder and (ii) without presentation or surrender of any Series 2015-2 Note or the making of any notation thereon. Final
payment of this Class B Note will be made only upon presentation and surrender of this Class B Note at the office or agency specified
in the notice of final distribution delivered by the Indenture Trustee to the Series 2015-2 Noteholders
in accordance with the Indenture.

 

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2015-2 Notes is reduced to less than 10% of its
highest Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the
Series 2015-2 Notes at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2015-2 Notes,
plus accrued, unpaid and additional interest or principal accreted and unpaid on such Notes to but excluding the date of redemption;
provided, however, that in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal
Amount of the Series 2015-2 Notes is still outstanding.

 

This
Class B Note does not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware or any Affiliate of
any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

 

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

 

Except
as otherwise provided in the Indenture Supplement, the Class B Notes are issuable only in minimum denominations of $100,000 and
$1,000 increments in excess thereof. The transfer of this Class B Note shall be registered in the Note Register upon surrender
of this Class B Note for registration of transfer at the office or agency of the Issuer in a Place of Payment, accompanied
by a written instrument of transfer, in a form satisfactory to the Issuer and the Note

    	A-2-7

    	 

    

Registrar,
duly executed by the Class B Noteholder or such Class B Noteholder’s attorney, and duly authorized in writing with such signature
guaranteed, and thereupon one or more new Class B Notes in any authorized denominations of like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms will be issued to the designated transferee or transferees.

 

As
provided in the Indenture and subject to certain limitations therein set forth, Class
B Notes are exchangeable for new Class B Notes in any authorized denominations and of like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of such Notes to be exchanged at
the office or agency of the Issuer in a Place of Payment. No service charge may be
imposed for any such exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. 

 

The
Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee shall
treat the person in whose name this Class B Note is registered as the owner hereof for
all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer, the Transferor
or the Indenture Trustee shall be affected by notice to the contrary.

 

THIS
CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401
OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    	A-2-8

    	 

    

ASSIGNMENT

 

Social
Security or other identifying number of assignee ______________________________

 

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

(name
and address of assignee)

 

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

 

	Dated: ____________	______________________4
	 	 
	 	Signature Guaranteed:  
	 	 
	 	______________________

 

 

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

 

 

    	A-2-9

    	 

    

EXHIBIT B-1

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

 

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2015-2

 

MONTHLY PERIOD ENDING [●] [●] 20[●]

 

Pursuant to (i) the Amended
and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (the “Indenture”),
between Barclays Dryrock Issuance Trust (the “Issuer” or the “Trust”), and U.S. Bank National
Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement, dated
as of June 10, 2015 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee, and (ii) the
Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (the “Servicing
Agreement”), among Barclays Dryrock Funding LLC, as transferor (the “Transferor”), Barclays Bank Delaware,
as servicer and administrator (“BBD” or the “Servicer”), the Issuer and the Indenture Trustee,
BBD as Servicer is required to prepare certain information each month regarding current payments to the Series 2015-2 Noteholders
and the performance of the Trust during the previous monthly period. The information prepared with respect to the Payment Date
of [●][●], 20[●] is set forth below. Certain terms used in this Monthly Noteholders’ Statement have their
respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

 

	A)	Information regarding payments in respect of the Class A Notes 	 
	 	(1)	The total amount of the payment in respect of the Class A Notes	$_______
	 	(2)	The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest	$_______
	 	(3)	The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest previously due but not distributed on a prior Payment Date	$_______
	 	(4)	The amount of the payment set forth in line item (1) above in respect of Class A Additional Interest and the amount of Class A Additional Interest previously due but not distributed on a prior Payment Date	$_______
	 	(5)	The amount of the payment set forth in line item (1) above in respect of principal of the Class A Notes	 

    	B-1-1

    	 

    

 

	B)	Information regarding payments in respect of the Class B Notes	$_______
	 	(1)	The total amount of the payment in respect of the Class B Notes	$_______
	 	(2)	The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest	$_______
	 	(3)	The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest previously due but not distributed on a prior Payment Date	$_______
	 	(4)	The amount of the payment set forth in line item (1) above in respect of Class B Additional Interest and the amount of Class B Additional Interest previously due but not distributed on a prior Payment Date	$_______
	 	(5)	The amount of the payment set forth in line item (1) above in respect of principal of the Class B Notes	$_______

 

 

	 	BARCLAYS BANK DELAWARE, as Servicer

	

	 	 	 
		By: 	 
	 	 	Name:
	 	 	Title

    	B-1-2

    	 

    

 

FORM OF MONTHLY SERVICER STATEMENT

 

BARCLAYS DRYROCK ISSUANCE
TRUST

SERIES 2015-2

 

MONTHLY PERIOD ENDING [●] [●] 20[●]

 

	Record date	[●][●], 20[●]
	Payment date	[●][●], 20[●]
	Monthly period beginning	[●][●], 20[●]
	Monthly period ending	[●][●], 20[●]
	Previous payment date	[●][●], 20[●]
	Interest period beginning	[●][●], 20[●]
	Interest period ending	[●][●], 20[●]
	Days in monthly period	[●]
	Days in interest period	[●]

 

	
        TRUST RECEIVABLES INFORMATION

         
	 
	Beginning of monthly period principal receivables balance	$[●]
	Beginning of monthly period non-principal receivables balance	$[●]
	Beginning of monthly period total receivables balance	$[●]
	Addition of principal receivables balance	$[●]
	Addition of non-principal receivables balance	$[●]
	Removal of principal receivables balance	$[●]
	Removal of non-principal receivables balance	$[●]
	End of monthly period principal receivables balance	$[●]
	End of monthly period non-principal receivables balance	$[●]
	End of monthly period total receivables balance	$[●]

 

    	B-1-3

    	 

    

 

	
        TRUST COLLECTIONS INFORMATION

         

	Finance charge collections	$[●]
	Fees	$[●]
	Interchange	$[●]
	Recoveries	$[●]
	Investment earnings on Issuer Accounts	$[●]
	Total finance charge collections	$[●]
	Principal collections	$[●]
	*Total payment rate	[●]%
	 	 
	(*Total payment rate does not include investment earnings)	 

 

	
        TRUST DEFAULT INFORMATION

         

	Default amount	$[●]
	Gross loss rate	[●]%
	Delinquency Data 	Percentage	Total receivables
	1-30 days delinquent	[●]%	$[●]
	31-60 days delinquent	[●]%	$[●]
	61-90 days delinquent	[●]%	$[●]
	91-120 days delinquent	[●]%	$[●]
	121-150 days delinquent	[●]%	$[●]
	151-180 days delinquent	[●]%	$[●]
	181 and greater days delinquent	[●]%	$[●]

 

	
        TRANSFEROR INFORMATION

         

	Transferor Percentage as of the Transferor Amount Measurement Date	[●]%
	Required Transferor Amount Percentage	[●]%

 

	ISSUER ACCOUNT INFORMATION
	Barclays Dryrock Issuance Trust Collection Account balance as of the end of monthly period	$[●]
	Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period	$[●]

 

    	B-1-4

    	 

    

 

 

	BARCLAYS DRYROCK ISSUANCE TRUST
	Series Name	2015-2
	Expected Final Payment Date	May 15, 2018 
	Scheduled start of accumulation period	May 1, 2017 
	Series 2015-2 Stated Principal Amount	$[·]
	Series 2015-2 Allocation Amount	$[·]
	Series 2015-2 Floating Allocation Percentage	[·]%
	Series 2015-2 Principal Allocation Percentage	[·]%

 

	Class Details	Margin	Total Interest Rate	Stated Principal Amount
	Class A	[·]%	[·]%	$[·]
	Class B	[·]%	[·]%	$[·]

 

	
        ALLOCATION OF SERIES 2015-2 AVAILABLE FINANCE CHARGE COLLECTIONS

         

	 1)  Series 2015-2 Available Finance Charge Collections 	$[·]
	 2)  Class A Notes	 
	     a)  Class A Monthly Interest	$[·]
	     b)  Class A Monthly Interest previously due but not paid	$[·]
	     c)  Class A Additional Interest and Class A Additional Interest previously due but not paid	$[·]
	 3)  Series 2015-2 Servicing Fee paid to Servicer	$[·]
	 4)  Series 2015-2 Servicing Fee, previously due but not paid	$[·]
	 5)  Class B Notes	 
	     a)  Class B Monthly Interest	$[·]
	     b)  Class B Monthly Interest previously due but not paid	$[·]
	     c)  Class B Additional Interest and Class B Additional Interest previously due but not paid	$[·]
	 6)  Series 2015-2 Default Amount treated as Series 2015-2 Available Principal Collections	$[·]
	 7)  Unreimbursed Investor Charge-offs and Reallocated Principal Collections treated as Series 2015-2 Available principal Collections	$[·]
	 8)  Accumulation Reserve Account funding	$[·]
	 9)  In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2015-2 Available Principal Collections	$[·]
	10)  Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group 1)	$[·]

 

    	B-1-5

    	 

    

 

	11)  Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents	$[·]
	12)  Holder of the Transferor Interest	$[·]

 

	APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2015-2
	1)  Shared Excess Available Finance Charge Collections allocated to Series 2015-2	$[·]
	2)  Series 2015-2 Available Finance Charge Collections Shortfall	$[·]
	3)  Class A Monthly Interest and Class A Additional Interest and any past due amounts 	$[·]
	4)  Unpaid Servicing Fee	$[·]
	5)  Class B Monthly Interest and Class B Additional Interest and any past due amounts	$[·]
	6)  Default Amount treated as Available Principal Collections	$[·]
	7)  Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series 2015-2 Available Principal Collections	$[·]
	8)  Accumulation Reserve Account	$[·]
	9)  Holder of the Transferor Interest	$[·]

 

	APPLICATION OF SERIES 2015-2 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	1)  Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group 1)	$[·]

 

	APPLICATION OF SERIES 2015-2 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD
	1)  Principal Funding Account	$[·]
	2)  Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available principal Collections (Group 1)	$[·]

 

	APPLICATION OF SERIES 2015-2 PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD
	1)  Paid to the Class A Noteholders	$[·]

 

    	B-1-6

    	 

    

 

	2)  Paid to the Class B Noteholders	$[·]
	3)  Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group 1)	$[·]

 

	APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2015-2
	1)  Shared Excess Available Principal Collections allocated to Series 2015-2	$[·]
	2)  Series 2015-2 Available Principal Collections Shortfall	$[·]
	3)  During the Controlled Accumulation Period:	 
	     3a) Amount deposited in the Principal Funding Account	$[·]
	4)  During the Early Amortization Period:	 
	     4a) Paid to the Class A Noteholders	$[·]
	     4b) Paid to the Class B Noteholders	$[·]
	5)  Holder of the Transferor Interest	$[·]

 

	SERIES 2015-2 ACCOUNT INFORMATION
	Accumulation Reserve Account balance	$[·]
	Principal Funding Account balance	$[·]

 

	SERIES 2015-2 PERFORMANCE DATA
	Portfolio Yield	 
	          Current Monthly Period	[·]%
	          Prior Monthly Period	[·]%
	          Second Prior Monthly Period	[·]%
	Base Rate	 
	          Current Payment Date	[·]%
	          Prior Payment Date	[·]%
	          Second Prior Payment Date	[·]%
	Excess Spread Percentage	 
	          Current Monthly Period	[·]%
	          Prior Monthly Period	[·]%
	          Second Prior Monthly Period	[·]%
	Quarterly Excess Spread Percentage	[·]%

    	B-1-7

    	 

    

 

 

	Required Excess Spread Percentage	[·]%
	Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage?	[Yes/No]

 

To the knowledge of the undersigned, no
Early Amortization Event or Early Redemption Event has occurred.

Capitalized terms used in this Monthly
Servicer Statement have their respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

 

	 	BARCLAYS BANK DELAWARE, as Servicer
	 	 
	 	 By:
	 	 	Name
Title

 

    	B-1-8

    	 

    

EXHIBIT B-2

FORM OF
ANNUAL PAYMENT INFORMATION

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES
2015-2

 

FOR THE
YEAR ENDED DECEMBER 31, 20[__]

 

The
undersigned, a duly authorized representative of Barclays Bank Delaware (“BBD”), as Servicer pursuant to the Amended
and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (the “Indenture”),
between Barclays Dryrock Issuance Trust (the “Issuer” or the “Trust”),
and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture
Supplement, dated as of June 10, 2015 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee, and
(ii) the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013
(the “Servicing Agreement”), among Barclays Dryrock Funding LLC, as transferor (the “Transferor”), Barclays
Bank Delaware, as servicer and administrator (“BBD” or “Servicer”), the Issuer and the Indenture Trustee,
does hereby certify as follows: 

 

Capitalized
terms used in this Certificate have their respective meanings set forth in the Indenture, the Indenture Supplement, and the Servicing
Agreement.

 

Pursuant
to Section 7.03 of the Indenture Supplement, the Servicer instructed the Indenture Trustee to pay in accordance with Section 7.03
from amounts in the collection Account and allocated to Series 2015-2 or the Principal Funding Account, as applicable, the following
aggregate amounts during the year ended December 31, 20[__]:

 

	 	A)	Pursuant to subsection 7.03(a):	 
	 	 	Interest distributed to Class A Noteholders	$_______
	 	B)	Pursuant to subsection 7.03(b):	 
	 	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class A Noteholders	$_______
	 	C)	Pursuant to subsection 7.03(c):	 
	 	 	Interest distributed to Class B Noteholders	$_______
	 	D)	Pursuant to subsection 7.03(d):	 
	 	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class B Noteholders	$_______

 

    	B-2-1

    	 

    

 

IN WITNESS
WHEREOF, the undersigned has duly executed this Certificate this [_] day of [_______], 20[__].

 

 

	 	BARCLAYS BANK DELAWARE, as Servicer

                                             

	 	 
	 	 By:
	 	 	Name
Title

 

 

 

    	B-2-2

    	 

    

EXHIBIT B-3

FORM OF DAILY SERVICER’S STATEMENT

 

[·][·],
20[·]

 

Barclays Dryrock Issuance Trust

c/o Wilmington Trust National Association

Rodney Square North, 1100 North Market Street

Wilmington, DE 19890

 

Dear Sirs

 

In accordance with the terms of the Servicing
Agreement, Indenture and the Series 2015-2 Indenture Supplement

 

	 	1.	We hereby notify you that, as of the beginning of the day on [·][·], 20[·], the following accounts had cash balances set out below:

 

	 	Collection Account	050-705806	$[·]
	 	 	 	 
	 	Excess Funding Account (EFA)	050-705814	$[·]

 

	 	2.	
        The movements of each Account on [·][·],
        20[·] are as follows:

        

 

	 	 	i.	Collection Account	 
	 	 	 	 	 
	 	 	 	Daily Transfers	 
	 	 	 	Collections	$[·]
	 	 	 	Investment proceeds on Collection Account	$[·]
	 	 	 	Transferor portion of finance charge collections to Barclays Dryrock Funding LLC	$[·]
	 	 	 	Transferor portion of principal collection to Barclays Dryrock Funding LLC	$[·]
	 	 	 	Transferor portion of principal collections to EFA	$[·]
	 	 	 	 	 
	 	 	 	Monthly Transfers	 
	 	 	 	Class A Monthly Interest	$[·]
	 	 	 	Servicing Fee	$[·]
	 	 	 	Transferor portion of Servicing Fee prefunding excess	$[·]
	 	 	 	Series Default Amount	$[·]
	 	 	 	Series Additional Amount	$[·]
	 	 	 	Event of Default	$[·]
	 	 	 	Excess Spread to Transferor	$[·]

    	B-3-1

    	 

    

 

	 	 	 	All other Trust Obligations	$[·]
	 	 	 	Deposit from the EFA (Excess EFA balance in accumulation period, treated as principal Investment earning on the EFA)	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	ii.	Excess Funding Account (EFA)	 
	 	 	 	 	 
	 	 	 	Opening cash balance	$[·]
	 	 	 	Transferor portion of principal collections received from Collection Account	$[·]
	 	 	 	Excess EFA balance to Barclays Dryrock Funding LLC	$[·]
	 	 	 	Excess EFA balance to Collection Account	$[·]
	 	 	 	Withdrawal of investment earnings to Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	iii.	Principal Funding Account (PFA)	 
	 	 	 	 	 
	 	 	 	Principal Funding Account (PFA) Series 2015-2	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Accumulation deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]
	 	 	 	Principal Payments to Indenture Trustee	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	 	Principal Funding Account (PFA) Series 2015-2	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Accumulation deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]
	 	 	 	Principal Payments to Indenture Trustee	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	iv.	Accumulation Reserve Account	 
	 	 	 	 	 
	 	 	 	Accumulation Reserve Account Series 2015-2	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]

    	B-3-2

    	 

    

 

	 	 	 	Accumulation Reserve Draw Amount to Collection Account	$[·]
	 	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock Funding LLC	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	 	Accumulation Reserve Account Series 2015-2	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]
	 	 	 	Accumulation Reserve Draw Amount to Collection Account	$[·]
	 	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock Funding LLC	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	3.	We hereby advise you to make the following transfers:	 

 

	From	Amount	To
	 	 	 
	
        Collection Account

        050-705806
	$[·]	
        Barclays Dryrock Funding LLC

        [Account #]

	
        Collection Account

        050-705806
	$[·]	
        Excess Funding Account

        050-705814

	
        Collection Account

        050-705806
	$[·]	
        Barclays Dryrock Funding LLC

        [Account #]

	
        Collection Account

        050-705806
	$[·]	
        US Bank National Association

        [Account #]

	
        Collection Account

        050-705806
	$[·]	
        Barclays Bank Delaware

        [Account #]

	
        Collection Account

        050-705806
	$[·]	
        Principal Funding Series 2015-2

        050-708953

	
        Principal Funding Series 2015-2

        050-708953
	$[·]	
        Collection Account

        050-705806

	
        Principal Funding Series 2015-2

        050-708953
	$[·]	
        US Bank National Association

        [Account #]

	
        Collection Account

        050-705806
	$[·]	
        Principal Funding Series 2015-2

        050-708953

	
        Principal Funding Series 2015-2

        050-708953
	$[·]	
        Collection Account

        050-705806

	
        Principal Funding Series 2015-2

        050-708953
	$[·]	
        US Bank National Association

        [Account #]

 

    	B-3-3

    	 

    

 

	
        Collection Account

        050-705806
	$[·]	
        Accumulation Reserve Series
        2015-2

        050-708945

	
        Accumulation Reserve Series
        2015-2

        050-708945
	$[·]	
        Collection Account

        050-705806

	
        Accumulation Reserve Series
        2015-2

        050-708945
	$[·]	
        Owner Trustee

        (to be distributed to Barclays
        Dryrock Funding LLC]

	
        Collection Account

        050-705806
	$[·]	
        Accumulation Reserve Series
        2015-2

        050-708945

	
        Accumulation Reserve Series
        2015-2

        050-708945
	$[·]	
        Collection Account

        050-705806

	
        Accumulation Reserve Series
        2015-2

        050-708945
	$[·]	
        Owner Trustee

        (to be distributed to Barclays
        Dryrock Funding LLC]

 

 

    	B-3-4

    	 

    

IN WITNESS WHEREOF, the undersigned has
duly executed and delivered this Certificate this __ day of __________, _____.

 

	 	BARCLAYS BANK DELAWARE,

 as Servicer
	 

                                     
	 
	 	 By:
	 	 	Name
Title

 

 

 

 

    	B-3-5

    	 

    

EXHIBIT C

FORM OF MONTHLY SERVICER’S CERTIFICATE

 

BARCLAYS BANK DELAWARE

 

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2015-2

 

 

The undersigned, a duly
authorized representative of Barclays Bank Delaware, as servicer (“BBD”), pursuant to the Amended and Restated
Servicing Agreement, dated August 1, 2012, as amended and restated as of December 17, 2013
(the “Agreement”), among Barclays Dryrock Funding LLC, a Delaware
limited liability company, as transferor, BBD, as servicer and administrator, Barclays
Dryrock Issuance Trust, a statutory trust created under the laws of the State of Delaware (the “Trust”),
and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”), does hereby certify that:

 

1.                 
Capitalized terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and
Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17,
2013 (the “Indenture”), between the Trust and the Indenture Trustee, as supplemented by the Series 2015-2
Indenture Supplement, dated as of June 10, 2015, between the Trust and the Indenture Trustee (the “Indenture Supplement”
and together with the Indenture, the “Indenture”), as applicable.

2.                 
BBD is, as of the date hereof, the Servicer under the Agreement.

3.                 
The undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement to execute and
deliver this Certificate to the Indenture Trustee.

4.                 
This Certificate relates to the Payment Date occurring on [__________ ____, 20__].

5.                 
As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects its
obligations under the Agreement and the Indenture through the Monthly Period preceding such Payment Date and no material default
in the performance of such obligations has occurred or is continuing except as set forth in paragraph 6 below.

6.                 
The following is a description of each material default in the performance of the Servicer’s obligations under the
provisions of the Agreement known to me to have been made by the Servicer through the Monthly Period preceding such Payment Date,
which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default: [If applicable, insert “None.”]

    	C-1

    	 

    

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate this [____] day of [____, ____].

 

 

	 	BARCLAYS BANK DELAWARE,  as Servicer
	 

                                     
	 
	 	 By:
	 	 	Name
Title

 

    	C-2Exhibit 10.1 - BGScenicPointOffice2-HealthEquityLeaseNewBuilding

LEASE AGREEMENT
    

		
	LANDLORD:
	BG SCENIC POINT OFFICE 2, L.C.

TENANT:    HEALTHEQUITY, INC. 

LEASE SUMMARY

		
	1.
	“Landlord”:   BG SCENIC POINT OFFICE 2, L.C., a Utah limited liability company

		
	2.
	“Tenant”: HEALTHEQUITY, INC., a Delaware corporation 

		
	3.
	“Rentable Square Feet of Leased Premises”: Approximately 50,000 rentable square feet subject to final measurement as outlined in Article 1.1(a).

		
	4.
	“Leased Premises”:  The second (2nd) and third (3rd) floors of a to-be constructed building containing approximately 75,000 rentable square feet.

		
	5.
	“Parking”:  Six (6) non-exclusive stalls per 1,000 rentable square feet of the Leased Premises, subject to modification as provided in Section 20.3 of the Lease. 

		
	6.
	“Term”: 129 full calendar months plus the partial calendar month in which the Commencement Date occurs if the Commencement Date is a day other than the first day of the calendar month, as such term may be extended as provided in this Lease.

		
	7.
	“Commencement Date”:   See Section 2.2.

		
	8.
	“Tenant Improvement Allowance”: Forty-Five dollars ($45.00) per useable square foot of the Leased Premises.

		
	9.
	“Basic Annual Rent”: Initially, $20.13 per rentable square foot of the Leased Premises, subject to annual increases as provided in this Lease. 

		
	10.
	“Escalations”: Two and one-half percent (2.5%) per year.

		
	11.
	“Estimated Costs”:  See Section 4.1.

		
	12.
	“Tenant’s Proportionate Share”: See Section 4.1.

		
	13.
	“Landlord’s address for notice”: 

BG Scenic Point Office 2, L.C.
101 South 200 East, Suite 200
Salt Lake City, UT 84111
Attention: President

or at such other place as Landlord may hereafter designate in writing.

		
	14.
	“Tenant’s address for notice (if other than the Leased Premises)”:

i

HealthEquity
15 West Scenic Pointe Drive
Suite 100
Draper, UT 84020
Attn: Controller

With a required copies to:

Lora Munson
Cresa
136 South Main Street
Suite 500
Salt Lake City, UT 84101

Dorsey & Whitney
136 South Main Street, Suite 1000
Salt Lake City, Utah  84101
Attn: Mark B. Durrant

		
	15.
	“Broker(s)”:    Tenant’s Broker: Cresa of Salt Lake City

Landlord’s Broker: None

		
	16.
	“Usable Square Feet”: Approximately 43,500 Usable Square Feet subject to final measurement outlined in Article 1.1(a). 

ii

LEASE AGREEMENT

THIS LEASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Lease”) is made and entered into as of this 15th day of May, 2015, by and between BG SCENIC POINT OFFICE 2, L.C., a Utah limited liability company (the “Landlord”), and HEALTHEQUITY, INC., a Delaware corporation (the “Tenant”).

For and in consideration of the rental to be paid and of the covenants and agreements set forth below to be kept and performed by Tenant, Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Leased Premises (as hereafter defined) and certain other areas, rights and privileges for the term, at the rental and subject to and upon all of the terms, covenants and agreements hereinafter set forth.

I.    LEASED PREMISES

1.1    Description of Leased Premises.  Landlord does hereby demise, lease and let unto Tenant, and Tenant does hereby take and receive from Landlord the following:

(a)    The floor area containing approximately 50,000 rentable square feet (the “Leased Premises”) in a to-be-built office building containing approximately 75,000 rentable square feet (the “Building”), located in Draper, Utah, on the real property more particularly described on Exhibit “A” attached hereto and by this reference incorporated herein (the “Property”).  The Leased Premises shall be delivered in two separate phases, each consisting of one (1) floor of the building.  The third (3rd) floor is referred to herein as the “First Expansion Premises” and the second (2nd) floor is referred to herein as the “Second Expansion Premises.” The Leased Premises is depicted on the floor plan shown on Exhibit “B” which is attached hereto and by this reference incorporated herein; Notwithstanding anything herein to the contrary, upon substantial completion of the Building, the Building and Premises shall be measured in accordance with BOMA 1996 standards and an addendum to this Lease shall be entered into verifying the exact rentable square feet and usable square feet of the Leased Premises.  All items in this Lease which are calculated based on square footage such as rent, parking, tenant improvement allowances, pro rata share, etc. shall be amended accordingly.  Tenant has the right to verify Landlord’s architect’s calculations at Tenant’s expense.

(b)    A non‐exclusive right during the term of this Lease to use the Common Areas (as defined in Section 20.1 below);

(c)    A non-exclusive right during the term of this Lease to use such rights‐of‐way, easements and similar rights with respect to the Building and 

1

Property as may be reasonably necessary for access to and egress from the Leased Premises; and

(d)    A non‐exclusive right during the term of this Lease to use those areas designated and suitable for vehicular parking as set forth in Section 20.3 below.

1.2    Landlord and Tenant’s Construction Obligations.  

(a)    The obligation of Landlord and Tenant to perform the work and supply the necessary materials and labor to prepare the Leased Premises for occupancy is described in detail on Exhibit “C,” which is attached hereto and by reference incorporated herein.  Landlord and Tenant shall expend all funds and do all acts required of them as described on Exhibit “C” and shall perform or have the work performed promptly and diligently in a first class and workmanlike manner.

(b)    In the event the Turnover Condition (as defined in Exhibit “C”) has not occurred by the applicable “Turnover Condition Deadline” set forth in the Work Schedule (as defined in Exhibit “C,” and as such date may be extended for Tenant Construction Delays (as defined in Exhibit “C”), Tenant shall be entitled to receive from Landlord, as liquidated damages, a payment of (i) $3,000 per day for the first 30 days of delay, and (ii) $5,000 per day, for each day of delay thereafter, until the Turnover Condition occurs.  

(c)    In the event the Turnover Condition has not occurred by the “Outside Turnover Condition Deadline” as set forth in the Work Schedule (as such date may be extended for Tenant Construction Delays), Tenant shall have the option, in its sole discretion, either to (i) continue to receive the liquidated damages specified in Section 1.2(b) above, or (ii) terminate this Lease by delivering written notice to Landlord prior to the Turnover Condition being satisfied.  In the event Tenant elects to terminate this Lease pursuant to this Section 1.2(c), Tenant shall not be entitled to any further remedies against Landlord, provided, Tenant shall be entitled to receive, and Landlord shall pay to Tenant within 30 days after receiving Tenant’s notice of termination, all payments owing under Section 1.2(b) accrued through the effective date of such termination.    

(d)    In the event Landlord fails to apply for all necessary footing and foundation permits required for Landlord’s Improvements by September 1, 2015 (as such date may be extended for Tenant Construction Delays), Tenant, as its sole remedy, may elect to terminate this Lease by delivering written notice to Landlord prior to the time Landlord applies for such permits. 

(e)    In the event the Turnover Condition has not occurred by the “Outside Turnover Condition Deadline” and Tenant has not elected to terminate the Lease pursuant to Section 1.2 (C) above, Landlord shall use commercially reasonable efforts to cooperate with Tenant, at no out of pocket cost to Landlord, in obtaining rights for Tenant to locate 

2

on the Property, on property owned by an affiliate of Landlord, or on property owned by a third party, temporary offices for up to 150 employees for a period not to exceed ninety (90) days.  Landlord cannot guaranty that any such property will be available to Tenant for the use as temporary offices.  Subject to Landlord obtaining consent of the architectural control committee which has been established with respect to the Property, which Landlord agrees to use commercially reasonable efforts to obtain, Landlord’s agrees to make portions of the Property available to Tenant so long as Tenant’s use of the Property does not materially interfere with the completion of the construction of the Building.  The temporary offices will be Tenant’s responsibility to maintain safe and secure, and all power, communication, lavatory facilities, to the extent permitted or required by law, will be provided by Tenant at its sole cost and expense.  To the extent not prohibited by applicable laws and to the extent available without adversely affecting Landlord’s ability to construct the Building, Tenant is permitted use the power (backup generator) and communication (LAN/WAN) facilities in the Building during such period of temporary occupancy. At such time as the Turnover Condition has been completed, or if Tenant elects to terminate this Lease as permitted by Section 1.2(c) above, Tenant shall remove all such temporary offices and restore such property to the same condition it existed in prior to Tenant’s occupancy of the same. 

1.3    Changes to Building.  Landlord hereby reserves the right at any time and from time to time to make changes or alterations to the Building or to the Property provided such changes or alterations do not materially interfere with Tenant’s ability to conduct business or materially adversely affect Tenant’s rights hereunder.  Tenant shall not, in such event, claim or be allowed any damages for injury, eviction (constructive or actual) or inconvenience occasioned thereby and shall not be entitled to terminate this Lease or receive an abatement of any amounts payable under this Lease, provided, however, that in the event such changes or alterations materially adversely interfere with Tenant’s access to or use of the Leased Premises for a period of at least three (3) consecutive business days, Basic Annual Rent shall be thereafter be abated during the period of such interference. In connection with any of the foregoing activities of Landlord, Landlord shall use reasonable efforts while conducting such activities to minimize any interference with Tenant’s use of the Leased Premises.

1.4    Intentionally Deleted. 

1.5    Right of First Refusal.   
    
(a)    Proposal to Lease.  If Landlord receives a bona fide offer to lease any space in the Building (the “ROFR Space”) during the term of this Lease as extended, or negotiates a bona fide lease of ROFR Space (other than a Lease for which Tenant has not elected to exercise Tenant’s Right of First Refusal to Lease) during the term of this Lease as extended with a third party, and so long as (i) no default exists under this Lease, and (ii) this Lease is in full force and effect, Landlord shall provide a copy of such written offer or lease to Tenant (the “Written Notice of Lease”).  

3

(b)    Exercise of Right of First Refusal to Lease.  Tenant shall have the right (the “Tenant’s Right of First Refusal to Lease”) for a period of ten (10) business days from and after Tenant’s receipt of the Written Notice of Lease to elect to lease the entire ROFR Space on the terms set forth in the Written Notice of Lease; provided, however, at Tenant’s election, during the first five (5) years of the term of this Lease following the Commencement Date, the term of the lease for the ROFR Space may be adjusted to be co-terminus with the remaining term of this Lease, provided, further, if Tenant elects to have term of the lease for the ROFR Space to be co-terminus with the remaining term of this Lease, all concessions and tenant improvement allowances set forth in the Written Notice of Lease shall be proportionately adjusted based on number of months Tenant is leasing the ROFR Space compared to the number of months the ROFR Space was offered for its initial term pursuant to the Written Notice of Lease.  If Tenant exercises Tenant’s Right of First Refusal to Lease, Landlord and Tenant shall, within fifteen (15) business days after Tenant exercises Tenant’s Right of First Refusal to Lease, enter into an amendment to this Lease, incorporating the terms set forth in the Written Notice of Lease with respect to the ROFR Space (and such other terms as are acceptable to Landlord and Tenant), while maintaining the original terms of the Lease with respect to the Leased Premises.  Failure of Tenant to so elect to exercise Tenant’s Right of First Refusal to Lease within such ten (10) business day period by giving such written notice to Landlord shall be deemed to be an election by Tenant to not exercise Tenant’s Right of First Refusal to Lease. Tenant’s ROFR shall continue during the term of the Lease.  Tenant’s Right of First Refusal to Lease shall not apply to any extension options or expansion options which are specified in a Written Notice of Lease. Tenant’s Right of First Refusal shall continue throughout the Lease Term, as may be extended. 

(c)    Failure to Exercise Tenant’s Right of First Refusal to Lease.  In the event Tenant fails to, or is deemed to have failed to, exercise Tenant’s Right of First Refusal, Landlord shall be free thereafter to lease the ROFR Space, within six (6) months after Tenant’s receipt of the Written Notice of Lease, provided, however, that if Landlord does not lease such space within six (6) months of Tenant’s receipt of the Written Notice of Lease, or if Landlord proposes to lease the ROFR Space on terms materially different than those contained in the Written Notice of Lease, Landlord shall be required to again offer the ROFR Space to Tenant prior to leasing the ROFR Space to the originally named party on the Written Notice of Lease.

(d)    Limitations on Tenant’s Right of First Refusal to Lease.  Tenant’s Right of First Refusal to Lease shall be subject and subordinate to any Mortgage encumbering the Property. 

(e)     Non Assignable.  Notwithstanding anything contained herein to the contrary, except for a Related Entity, the rights under this Section 1.5 may not be exercised by any assignee, sublessee or other transferee of Tenant.  

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1.6    Contingency Acquisition.  Landlord does not currently own the Property.  Tenant’s and Landlord’s obligations under this Lease are contingent upon Landlord acquiring the Property. In the event Landlord does not acquire the Property on or before July 31, 2015, either party may at any time thereafter, and until such time as Landlord has acquired the Property, elect to terminate this Lease by delivering written notice to the other party.

II.    TERM    

2.1    Length of Term.  The term of this Lease shall be for a period of 129 full calendar months plus the partial calendar month, if any, occurring after the Commencement Date (as hereinafter defined) if the Commencement Date occurs other than on the first day of a calendar month.

2.2    Commencement Date.  The term of this Lease shall commence on the date which is ninety (90) days after the Actual Turnover Condition Date (as defined in Exhibit “C”) has occurred with respect to the First Expansion Premises (the “Commencement Date”), which estimated to be July 15, 2016. Unless otherwise agreed by Landlord in writing, Tenant shall not be entitled to occupy the Second Expansion Premises except for the period which is three (3) weeks prior to the Second Expansion Premises Rent Commencement Date (defined below), except for storage and staging purposes.  

2.3    Rent Commencement Date.  Tenant’s obligation to pay Basic Annual Rent and Additional Rent for the Leased Premises, subject to the provisions of Section 3.2, shall commence upon (a) with respect to First Expansion Premises, the Commencement Date (the “First Expansion Premises Rent Commencement Date”), and (b) with respect to the Second Expansion Premises, the earlier to occur of (i) the date Tenant conducts business within the Second Expansion Premises, or (ii) three (3) weeks after the first (1st) anniversary of the First Expansion Premises Rent Commencement Date (the “Second Expansion Premises Rent Commencement Date”). 

2.4    Construction of Leased Premises.  Landlord shall provide a tenant improvement allowance (the “Tenant Improvement Allowance”) to pay for Tenant Improvements in accordance with the requirements of Exhibit “C”.  

2.5    Amendment to Lease Recognizing the Commencement Date Within thirty (30) days after the Commencement Date, Landlord and Tenant will enter into an amendment to this Lease in the form attached hereto as Exhibit “E”.

2.6    Extension of Lease.  So long as Tenant is not then in default beyond any applicable cure period, under any term or covenant of this Lease at the time Tenant delivers an Exercise Notice (as defined below) or as of the first day of the Extension Period, Tenant is hereby granted the right (each such right, an “Extension Option”) to 

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renew the term of this Lease for two (2) additional periods of five (5) years each (each such period, an “Extension Period”).  An Extension Option may be exercised as to the entire Leased Premises then leased by Tenant, or Tenant may elect on a one-time basis to surrender one full floor of the Leased Premises and exercise the applicable Extension Option with respect to only the remaining portion of the Leased Premises. Any portion of the Leased Premises for which Tenant is not exercising an Extension Option (the “Surrendered Premises”) (a) shall be surrendered to Landlord at the end of the then applicable term of this Lease (and prior to the Extension Period) in the conditioned required by this Lease, and (b) must be a single full floor of the Building.    Tenant may elect to exercise an Extension Option by delivering written notice to Landlord (the “Exercise Notice”) indicating that Tenant elects to exercise such Extension Option, which notice must be delivered to Landlord at least twelve (12) months prior the expiration of the then applicable term of this Lease and which Exercise Notice must specify the location of the Surrendered Premises, if applicable.  In the event Tenant elects to exercise an Extension Option in accordance with the immediately preceding sentence, all terms and conditions set forth in this Lease shall continue to apply during the Extension Period, except that Basic Annual Rent applicable to the first year of such Extension Period shall be equal to the lesser of (i) Basic Annual Rent as of the end of the prior term increased by two and one-half of one percent (2.5%) or (ii) the FMRR (as defined in Exhibit “H”).   

III.    BASIC ANNUAL RENTAL PAYMENTS 

3.1    Basic Annual Rent.  Commencing on the First Expansion Premises Rent Commencement Date, Tenant agrees to pay to Landlord as basic annual rent for the First Expansion Premises at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever, except as expressly permitted herein, the sum of twenty and 13/100 dollars ($20.13) per rentable square foot per year for the First Expansion Premises.  Commencing on the Second Expansion Premises Rent Commencement Date, in addition to Basic Annual Rent payable in connection with the First Expansion Premises, Tenant agrees to pay to Landlord as basic annual rent for the Second Expansion Premises at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever, except as expressly permitted herein, the basic annual rent (as determined on a per rentable square foot basis) as Tenant is then paying Landlord with respect to the First Expansion Premises.  The amounts payable by Tenant hereunder are referred to herein as “Basic Annual Rent.”  The Basic Annual Rent shall be due and payable in twelve (12) equal monthly installments to be paid in advance on or before the first day of each calendar month during the term of the Lease.  Commencing on the first anniversary of the Commencement Date and on each anniversary of the Commencement Date thereafter, Basic Annual Rent shall escalate using a two and one-half of one percent (2.5%) annually compounded rate (the “Escalation Rate”). In the event the First Expansion Premises Rent Commencement Date or the Second Expansion Premises Rent Commencement Date, as applicable, occurs on a day other than the first day of a calendar month, then rent shall be paid on such date for 

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the initial fractional calendar month prorated on a per‐diem basis (based upon a thirty (30) day month).  

3.2    Rent Abatement.  

(a)    Tenant shall be entitled to an abatement of Basic Annual Rent with respect to the First Expansion Premises in an amount equal to nine (9) full months of Basic Annual Rent payable with respect to the First Expansion Premises, which abatement shall be applied to the period commencing on the First Expansion Premises Rent Commencement Date and until such abatement has been entirely applied , except that Tenant shall not be entitled to an abatement of a portion of the Basic Annual Rent in the amount equal to sixty-five cents ($0.65) per rentable square feet of the First Expansion Premises, which amount shall otherwise be paid as required by Section 3.1 above.  

(b)    Tenant shall be entitled to an abatement of Basic Annual Rent with respect to the Second Expansion Premises in an amount equal to seven (7) full months of Basic Annual Rent payable with respect to the Second Expansion Premises, which abatement shall be applied to the period commencing on the Second Expansion Premises Rent Commencement Date and until such abatement has been entirely applied , except that Tenant shall not be entitled to an abatement of a portion of the Basic Annual Rent in the amount equal to sixty-seven cents ($0.67) per rentable square feet of the Second Expansion Premises, which amount shall otherwise be paid as required by Section 3.1 above. 

3.3    Additional Monetary Obligations.  Tenant shall also pay as rent (in addition to the Basic Annual Rent) all other sums of money as shall become due and payable by Tenant to Landlord under this Lease.  Landlord shall have the same remedies in the case of a default in the payment of said other sums of money as are available in the case of a default in the payment of one or more installments of Basic Annual Rent. 

IV.    ADDITIONAL RENT    

4.1    Definitions.  It is the intent of both parties that the Basic Annual Rent herein specified shall be absolutely net to Landlord throughout the term of this Lease, and that all costs, expenses and obligations (unless otherwise expressly excluded herein) relating to the Building, the Common Areas, the Property and/or the Leased Premises which may arise or become due during the term shall be paid by Tenant in the manner hereafter provided.  For purposes of this Lease, the terms set forth below shall mean the following:

(a)    “Additional Rent” shall mean the sum of Tenant’s Proportionate Share of Common Area Expenses plus all other amounts due and payable by Tenant under this Lease.

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(b)    “Common Area Expenses” shall mean all actual costs and expenses incurred by Landlord in connection with the ownership, operation, management and maintenance of the Common Areas, the Building, Property, and related improvements located thereon (the “Improvements”).  Common Area Expenses includes, but is not limited to, all expenses incurred by Landlord as a result of Landlord’s compliance with any and all of its obligations under this Lease (or under similar leases with other tenants) other than the performance of its work under Section 2.3 of this Lease or similar provisions of leases with other tenants. Common Area Expenses do not included Common Area Expenses Exclusions.   In explanation of the foregoing, and not in limitation thereof, Common Area Expenses shall include:  

(i)all real and personal property taxes, local improvement rates, and other ad valorem assessments (whether general or special, known or unknown, foreseen or unforeseen) and any tax or assessment levied or charged in lieu thereof, whether assessed against Landlord and/or Tenant and whether collected from Landlord and/or Tenant, including, without limitation, any privilege or excise tax, provided, however that Common Expenses shall not include any income, franchise or corporate tax, sales, capital levy, capital stock, excess profits, transfer, revenue, or any other tax, assessment or charge upon or measured by rent payable to Landlord, unless such amounts payable on rents are assessed in lieu of real and personal property taxes; 

(ii)the cost of all insurance maintained by Landlord on or with respect to the Building, the Improvements, the Common Areas or the Property, including, without limitation, casualty insurance, liability insurance, rental interruption, workers compensation, any insurance required to be maintained by Landlord’s lender, and any deductible applicable to any claims made by Landlord under such insurance;

(iii)snow removal, trash removal, cost of services of independent contractors, cost of compensation (including employment taxes and fringe benefits) of all persons who perform regular and recurring duties connected with day‐to‐day operation, maintenance, repair, and replacement of the Building, the Improvements, the Common Areas or the Property, its equipment and the adjacent walk and landscaped area (including, but not limited to janitorial, scavenger, gardening, security, parking, elevator, painting, plumbing, electrical, mechanical, carpentry, window washing, structural and roof repairs and reserves, signing and advertising), but excluding persons performing services not uniformly available to or performed for substantially all Building tenants;

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(iv)costs of all gas, water, sewer, electricity and other utilities used in the maintenance, operation or use of the Building, the Improvements, the Property and the Common Areas, cost of equipment or devices used to conserve or monitor energy consumption, supplies, licenses, permits and inspection fees, except that electric and HVAC services for the Leased Premises shall be separately sub-metered and billed directly to Tenant by Landlord based on Tenant’s use.  Gas shall not be separately metered to each tenant’s premises, but shall be allocated based on Tenant’s Proportionate Share.  Tenant may elect, at Tenant’s expense, to cause the Leased Premises to be separately metered with the utility companies, in which case, Tenant shall pay the utility companies directly for such separately metered services, and such separately metered services shall not be included for purposes of calculating Common Area Expenses; 

(v)accounting and legal fees; 

(vi)payments required to be made in connection with the maintenance or operation of any easement or right of way or other instrument through which Landlord claims title in the Property or to which Landlord’s title in the Property is subject; and

(vii)Property management fees not to exceed three and one-half percent (3.5%) of all revenues (including Basic Annual Rent and Common Area Expenses reimbursements) received from the Building, the Improvements and the Common Areas.

(e)    “Common Area Expenses Exclusions” means each of the following expenses incurred by Landlord:

(i)    depreciation and amortization; 

(ii)    expenses incurred by Landlord to prepare, renovate, repaint, redecorate, or perform any other work in any space leased to an existing tenant or prospective tenant of a Building; 

(iii)    expenses incurred by Landlord for repairs or other work occasioned by fire, windstorm, or other insurable casualty or condemnation (other than deductibles under such insurance which deductible shall not exceed $25,000 per occurrence); 

(iv)    expenses incurred by Landlord to lease space to new tenants or to retain existing tenants, including leasing commissions, 

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advertising, and promotional expenditures, including tenant appreciation gifts or expenses;

(v)    expenses incurred by Landlord to resolve disputes, enforce, or negotiate lease terms with prospective or existing tenants, or in connection with any financing, sale, or syndication of the Property;

(vi)    interest, principal, points and fees, amortization, or other costs associated with any debt and rent payable under any lease to which this Lease is subject and all costs and expenses associated with any such debt or lease and any ground lease rent, irrespective of whether this Lease is subject or subordinate thereto;

(vii)    expenses incurred for the repair, maintenance, or operation of any pay parking garage not associated with the Building, including but not limited to salaries and benefits of any attendants, electricity, insurance, and taxes;

(viii)    cost of alterations, capital improvements, equipment replacement, and other items which under generally accepted accounting principles are properly classified as capital expenditures, except for (a) capital repairs (such as parking lot resurfacing and roof repairs), and (b) capital improvements which decrease the Common Area Expenses, provided, however, the amount included as Common Area Expenses shall be amortized on a straight-line basis over the useful life of such capital improvements and provided such capital improvements actually decrease the Common Area Expenses;

(ix)    expenses for the replacement of any item covered under warranty;

(x)    cost to correct any penalty or fine incurred by Landlord due to Landlord’s (but not Tenant’s) violation of any federal, state, or local law or regulation and any interest or penalties due for late payment by Landlord of any of the Common Area Expenses except to the extent Tenant did not timely reimburse Landlord for Tenant’s Proportionate Share of Common Area Expenses to the extent required by this Lease; 

(xi)    cost of repairs necessitated by Landlord’s negligence or willful misconduct, or of correcting any latent defects or original design defects in the Building’s construction, materials, or equipment;

(xii)    expenses for any item or service which Tenant pays directly to a third party or separately reimburses Landlord and expenses incurred 

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by Landlord to the extent the same are reimbursable or reimbursed from any other tenants, occupants of the property, or third parties (other than as reimbursement as Common Area Expenses);

(xiii)    expenses for any item or service not provided to Tenant but exclusively to certain other tenants in the Building;
    
(xiv)    management costs or fees in excess of three and one-half of one percent (3.5%) of all rent received from the operation of the Property; 

(xv)    salaries of employees above the grade of building superintendent or building manager, and the portion of employee expenses for employees whose time is not spent directly and solely in the operation of the Building;

(xvi)    Landlord’s general corporate overhead and administrative expenses including travel of ownership to the Building or any tenant appreciation events or gifts;

(xvii)    expenses incurred by Landlord in order for the Building and Property to comply with all present laws, ordinances, requirements, orders, directives, rules, and regulations of federal, state, county, and city governments and of all other governmental authorities having or claiming jurisdiction over the Building, including without limitation the Americans with Disabilities Act of 1990 (as amended), the Federal Occupational Safety and Health Act of 1970 (as amended), the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (as amended), and any of said laws, rules, and regulations relating to environmental, health, or safety matters; 

(xviii)    replacement reserves;

(xix)     except as contemplated by subsection (xiv) above, fees paid by Landlord or affiliates of Landlord to the extent that such fees exceed the customary amount charged for the services provided;

(xx)    Common Area Expenses incurred by Landlord relative to retail stores, hotels, and any specialty services in the Building which are not conducted by Tenant;

(xxi)    Landlord’s cost of electricity and other services that are sold to tenants or for which Landlord is entitled to be reimbursed by tenants or other parties (other than as a reimbursement of Common Area Expenses);

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(xxii)    all costs incurred by Landlord for alterations, repairs, and replacements which have a useful life of more than one (1) year but such costs may be amortized over the useful life of such replacement and such amortization shall be included as a Common Area Expense;

(xxiii)    all costs incurred due to violation by Landlord or any tenant, other than Tenant, of the terms and conditions of any lease;

(xxiv)    costs and expenses due to termination or under-funding of any plan under ERISA or any other law or regulation governing employee pension plans or other benefits; 

(xxv)    HVAC modifications and replacement obligations necessary to comply with any Clean Air Act requirements, including ASHRAE standards, for the following but not limited to: maintenance, fresh air, chlorofluorocarbons (CFCs), and hydro chlorofluorocarbons (HCFCs);

(xxvi)    cost of sculptures, paintings, and other objects of art;

(xxvii)    cost of gifts arising from Landlord’s charitable or political contributions;

(xxviii)     travel and entertainment costs;

(xxix)    late fees assessed for Landlord’s failure to timely make any payment except to the extent Tenant did not timely reimburse Landlord for Tenant’s Proportionate Share of Common Area Expenses to the extent required by this Lease; 

(xxx)    costs associated with the removal of substances considered to be detrimental to the environment or the health of occupants of the Building (other than costs for substances brought onto the Leased Premises by Tenant); 

(xxxi) allowances specified in Exhibit “C” for expenses incurred by Landlord for improvements to the Leased Premises;

(xxxiii) the excess cost of any work or service performed for or facilities furnished to any tenant to a substantially greater extent or in a manner materially more favorable to such tenant than that performed for or furnished to Tenant hereunder, but only to the extent of such more favorable services; 

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(xxxiv) sums which constitute insured repairs or other work necessitated by fire or other casualty (other than the deductible for such insurance); 

(xxxv) expenditures paid to a related corporation, entity or persons which are in excess of the amount which would be paid in an arm’s-length transaction; 

(xxxvi) expenditures resulting from the relocation or moving of tenants in the Building to another location; and

(xxxi)    Controllable Common Area Expenses to the extent such Controllable Common Area Expenses are increased by more than four percent (4%) over the Common Area Expenses incurred in the prior year.

(f)    “Common Areas” is defined in Section 20.1.

(g)    “Controllable Common Area Expenses” shall mean all Common Area Expenses that are within the reasonable control and influence of Landlord by use of commercially reasonable, good faith efforts, but shall not include taxes, insurance, utilities and snow removal.

(h)    “Estimated Costs” shall mean Landlord’s estimate of Tenant’s Proportionate Share of Common Area Expenses for a particular calendar year, excluding costs of electricity and HVAC services, which will be separately metered and billed to Tenant directly.

(i)    “Tenant’s Proportionate Share” shall mean the percentage derived from the fraction, the numerator of which is the rentable square footage of the Leased Premises, the denominator of which is the rentable square footage of the Building. Upon the First Expansion Premises Commencement Date the Tenant’s pro‐rata share is 33.333%.   Upon the Second Expansion Premises Commencement Date the Tenant’s Proportionate Share will be 66.667% Notwithstanding the foregoing, if the Building does not have ninety-five percent (95%) occupancy during an entire calendar year, then the variable cost component of “Common Area Expenses” shall be equitably adjusted so that the total amount of Common Area Expenses equals the total amount which would have been paid or incurred by Landlord had the Building been ninety-five percent (95%) occupied for the entire calendar year. In no event shall Landlord be entitled to receive from Tenant and any other tenants in the Building an aggregate amount in excess of actual Common Area Expenses incurred by Landlord.

4.2    Payment of Additional Rent.  Additional Rent shall be paid as follows:

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(a)    Prior to the Commencement Date and prior to the beginning of each calendar year after the Commencement Date, Landlord shall deliver to Tenant a statement showing the Estimated Costs for such calendar year.  If Landlord fails to deliver such statement prior to January 1 of the applicable year, until the delivery of such statement, Tenant’s Estimated Costs shall be deemed to be the same amount of the Estimated Costs for the prior year; provided, however, if Landlord subsequently furnishes to Tenant a statement of such Estimated Costs, to the extent such Estimated Costs are greater than or less than the Estimated Costs paid on a year to date basis, Tenant shall either receive a credit or make a payment, in the amount of such difference on the next date on which Tenant makes a rental payment hereunder.

(b)    Concurrent with each monthly payment of Basic Annual Rent due pursuant to Section 3.1 above, Tenant shall pay to Landlord, without offset or deduction,  one‐twelfth (l/12th) of the Estimated Costs, plus all other amounts due and owing by Tenant under this Lease which are not included as part of Estimated Costs (e.g., late payment charges).  

4.3    Report of Common Area Expenses and Statement of Estimated Costs    .  Within one hundred twenty (120) days after each calendar year occurring during the term of this Lease, Landlord shall furnish Tenant with a written reconciliation statement (the “Landlord’s Statement”) comparing the actual amount of Tenant’s Proportionate Share of Common Area Expenses payable during the previous calendar year against the amounts actually paid by Tenant during the previous calendar year pursuant to Section 4.2 above.  If the annual reconciliation statement of costs indicates that the Estimated Costs paid by Tenant for any year exceeded the actual amount of Tenant’s Proportionate Share of Common Area Expenses, Landlord, at its election, shall either (a) promptly pay the amount of such excess to Tenant, or (b) apply such excess against the next installment of Basic Annual Rental or Additional Rent due hereunder.  If the annual reconciliation statement of costs indicates that Estimated Costs paid by Tenant for any year is less than the actual amount of Tenant’s Proportionate Share of Common Area Expenses, paid by Tenant for such calendar year, Tenant shall pay to Landlord any such deficiency within thirty (30) days of Tenant’s receipt of such reconciliation statement.

4.4    Audit Rights.  Every statement given by Landlord pursuant to Section 4.3 shall be conclusive and binding upon Tenant unless within 120 days after the receipt of such statement Tenant shall notify Landlord that it disputes the correctness thereof. During the period of 120 days after receipt of Landlord’s Statement, Tenant’s advisor (which must be a real estate professional who is in the business of reviewing reconciliation statements on behalf of third party tenants) or certified public accountant which, in either case, is not compensated on a contingency basis may, for the purpose of verifying the Common Area Expenses, inspect the records of the material reflected in 

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Landlord’s Statement, including such materials and statements for previous years, as applicable, at a reasonable time mutually-agreeable to Landlord and Tenant. Such material shall include but not be limited to the general ledger of the Common Area Expenses on a line item basis.  The audit shall be concluded within thirty (30) days of the commencement of such audit and Tenant shall provide Landlord with the results of such audit within sixty (60) days of the conclusion of such audit.  The parties recognize the confidential nature of Landlord’s books and records and hence agree that before Landlord shall afford Tenant’s advisor or its certified public accountant reasonable access to Landlord’s books and records, including the copying of said material in order to complete a thorough analysis of the expenses, Tenant and its advisor or certified public accountant shall enter into a confidentiality agreement in form and substance reasonably satisfactory to Landlord, whereby Tenant and its advisor or certified public accountant shall agree, as a condition precedent to their review of such books and records, not to disclose any of the information disclosed in connection with such review to any third party (subject to standard nondisclosure exceptions, including without limitation, disclosures ordered by a court or otherwise required to comply with applicable law).  Failure of Tenant to challenge any item in Landlord’s Statement within one hundred twenty (120) days after Tenant’s receipt of Landlord’s Statement shall be construed as a waiver of Tenant’s right to challenge such item for such year and such determination shall be conclusive for both Landlord and Tenant.  In the event Tenant’s audit of Landlord’s Statement discloses discrepancies, Tenant shall disclose the results of such audit to Landlord.  Landlord shall have a period of thirty (30) days to review Tenant’s audit reports and determine if Landlord disputes such reports.  If Landlord disputes the results of Tenant’s audit reports, Landlord shall give written notice of such disputes within such thirty (30) day period.  Landlord and Tenant shall work in good faith to resolve any disagreements resulting from Tenant’s audit. If Landlord and Tenant cannot resolve such disputes within thirty (30) days of the date Landlord gives notice to Tenant of Landlord’s dispute, either party may refer the decision of the issues raised, if any, to a reputable, nationally-recognized independent firm of certified public accountants (or other organization whose core competency is deemed to be within this specialty area) selected by Tenant and reasonably approved by Landlord.   The selected firm shall be deemed to be acting as an expert and not as an arbitrator, and a determination signed by the selected expert shall be final and binding on both Landlord and Tenant.  Landlord shall afford such accountants/specialists reasonable access to Landlord’s books and records to the extent such accountants/specialists deem necessary in order to reach their decision.  In connection therewith, Tenant and such accountants/specialists shall execute and deliver to Landlord a confidentiality agreement, in form and substance reasonably satisfactory to Landlord, whereby such parties shall agree not to disclose any of the information disclosed in connection with such review to any third party (subject to standard nondisclosure exceptions, including without limitation, disclosures ordered by a court or otherwise required to comply with applicable law).  Notwithstanding the foregoing, in the event such certified public accountant/specialists shall determine that Landlord’s Statement for the subject year or any previous years, if applicable, has overcharged Tenant for Common Area Expenses (and such determination is not successfully challenged by Landlord), then 

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Landlord shall refund or credit to Tenant the amount of the overcharge.  If such audit shall determine that Landlord has overstated actual Common Area Expenses by more than five percent (5%), Landlord shall, in addition, reimburse Tenant for the reasonable out-of-pocket expenses incurred by Tenant in connection with such audit (including the out of pocket costs of retaining its advisor) and, if applicable, expert review.  If such audit and, if applicable, expert review, shall determine that (1) Landlord has not overstated actual Common Area Expenses, or (2) has overstated actual Common Area Expenses by less than five percent (5%) then, Tenant shall pay the costs of such audit (including the out of pocket costs of retaining its advisor) and, if applicable, the expert review.

4.5    Limitations.  Nothing contained in this Part IV shall be construed at any time so as to reduce the monthly installments of Basic Annual Rent payable hereunder below the amount set forth in Section 3.1 of this Lease. 

V.    INTENTIONALLY DELETED    

VI.    USE    

6.1    Use of Leased Premises.  The Leased Premises shall be used and occupied by Tenant for general office purposes consistent with a Class “A” office building, any uses ancillary or incidental thereto, a call center and for no other purpose whatsoever without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed.

6.2    Prohibition of Certain Activities or Uses.  Tenant shall not do or permit anything to be done in or about, or bring or keep anything in the Leased Premises or the Property which is prohibited by this Lease or will, in any way or to any extent:

(a)    adversely affect any fire, liability, or other insurance policy carried with respect to the Building, the Improvements, the Common Areas, the Property, or any of the contents of the foregoing (except with Landlord’s express written permission, which will not be unreasonably withheld, but which may be contingent upon Tenant’s agreement to bear any additional costs, expenses or liability for risk that may be involved);

(b)    materially obstruct, interfere with any right of, or injure any other tenant or occupant of the Building, the Common Areas, the Improvements, or the Property;  

(c)    conflict with or violate any law, statute, ordinance, rule, regulation or requirement of any governmental unit, agency, or authority (whether existing 

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or enacted as promulgated in the future, known or unknown, foreseen or unforeseen);

(d)    adversely overload the floors or otherwise damage the structural soundness of the Leased Premises or a Building, or any part thereof (except with Landlord’s express written permission, which will not be unreasonably withheld, but which may be contingent upon Tenant’s agreement to bear any additional costs, expenses, or liability for risk that may be involved); or

(e)     take any action which causes a violation of any restrictive covenants or any other instrument of record applying to the Property provided such records have been provided to Tenant. 

6.3    Affirmative Obligations with Respect to Use    .  

(a)    Except with respect to Landlord’s obligations hereunder, Tenant will (i) comply with all governmental laws, ordinances, regulations, and requirements, now in force or which hereafter may be in force, of any lawful governmental body or authorities having jurisdiction over the Leased Premises; (ii) keep the Leased Premises and every part thereof in a clean, neat, and orderly condition, free of objectionable noise, odors, or nuisances; (iii) in all respects and at all times fully comply with all health and policy regulations; and (iv) not suffer, permit, or commit any waste. 

(b)    Except with respect to Landlord’s obligations hereunder, at all times during the term hereof, Tenant shall, at Tenant’s sole cost and expense, comply with all statutes, ordinances, laws, orders, rules,  regulations, and requirements of all applicable federal, state, county, municipal and other agencies or authorities, now in effect or which may hereafter become effective, which shall impose any duty upon Landlord or Tenant with respect to the use, occupation or alterations of the Leased Premises (including, without limitation, all applicable requirements of the Americans with Disabilities Act of 1990 and all other applicable laws relating to persons with disabilities, and all rules and regulations which may be promulgated thereunder from time to time and whether relating to barrier removal, providing auxiliary aids and services or otherwise (the “ADA”)) and upon request of Landlord shall deliver evidence thereof to Landlord.  Notwithstanding the foregoing, Tenant shall only be obligated to comply with laws which require improvements, modifications or alterations to the Leased Premises if and to the extent such compliance obligation is implicated by Tenant’s specific or unique use of the Leased Premises or alterations or additions made to the Leased Premises by Tenant, and not such laws as are applicable to all users of office space.   Except where the obligation to comply with applicable law is Tenant’s obligation hereunder, Landlord shall be responsible for compliance with 

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all laws applicable to the Leased Premises, the Building, the Common Areas and the Property.

6.4    Suitability.  Tenant acknowledges that except as expressly set forth in this Lease, neither Landlord nor any other person has made any representation or warranty with respect to the Leased Premises or any other portion of the Building, the Common Areas, or the Improvements and that no representation has been made or relied on with respect to the suitability of the Leased Premises or any other portion of the Building, the Common Areas, or Improvements for the conduct of Tenant’s business.  Except as expressly provided herein, the Leased Premises, Building, and Improvements (and each and every part thereof) shall be deemed to be in satisfactory condition unless, within sixty (60) days after the Substantial Completion Date, Tenant shall give Landlord written notice specifying, in reasonable detail, the respects in which the Leased Premises, Building, or Improvements are not in satisfactory condition.  

6.5    Taxes.  Tenant shall pay all taxes, assessments, charges, and fees which during the term hereof may be imposed, assessed, or levied by any governmental or public authority against or upon Tenant’s use of the Leased Premises or any personal property or fixture kept or installed therein by Tenant. 

6.6    Landlord’s Representations and Warranties.  Notwithstanding anything in this Lease to the contrary, Landlord represents that, to its knowledge, upon occupancy, the Building will be in compliance with the requirements of the ADA.  Landlord further represents that, to its knowledge, the Building is in compliance with all (a) judicial decisions, orders, injunctions, writs, statutes, rulings, rules, regulations, promulgations, directives, permits, certificates or ordinances of any governmental authority in any way applicable to Tenant or the Building, including but not limited to the Rules and Regulations, zoning, environmental and utility conservation matters, (b) requirements imposed on Landlord by any Landlord’s mortgagee, (c) insurance requirements, and (d) other documents, instruments or agreements relating to the Building or to which the Building may be bound or encumbered. 

In addition, Landlord hereby covenants and agrees that for a period of one (1) year after the Commencement Date (the “Warranty Period”), the Building systems (“Systems”) shall be in good working order and condition.  At any time prior to the expiration of the Warranty Period, Tenant shall have the right to notify Landlord, in writing (a “Systems Notice”), of any deficiencies in the Systems, which deficiencies shall be promptly repaired or replaced by Landlord, at Landlord’s sole cost and expense; provided, however, that if any such deficiencies are as a result of the negligence or misconduct of Tenant or any Tenant Parties or the misuse of the Leased Premises or the Property by Tenant or the Tenant Parties, Tenant shall reimburse Landlord for all reasonable costs incurred by Landlord to remedy such deficiencies upon demand as Additional Rent.  From and after the expiration of the Warranty Period, repairs and replacements to the Systems shall be governed by Section 4.1 (except for any repairs that are necessary as set 

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forth in a Systems Notice delivered to Landlord prior to the expiration of the Warranty Period).

VII.    UTILITIES AND SERVICE    

7.1    Obligation of Landlord.  During the term of this Lease, Landlord agrees to cause to be furnished to the Leased Premises at all times the following utilities and services, the cost and expense of which shall be included in Common Area Expenses except to the extent any such utilities are separately metered or sub-metered and billed directly to Tenant as permitted hereunder: 

(a)    Electricity, water, gas and sewer service.  The electrical service shall provide 4.5 watts per rentable square foot of space within the Leased Premises.

(b)    Telephone connection, but not including telephone stations and equipment (it being expressly understood and agreed that Tenant shall be responsible for the ordering and installation of telephone lines and equipment which pertain to the Leased Premises).

(c)    Heat and air‐conditioning to such extent and to such levels as, in Landlord’s reasonable judgment, is reasonably required for the comfortable use and occupancy of the Leased Premises subject however to any limitations imposed by any government agency.  

(d)    Janitorial service in accordance with Exhibit “I”.

(e)    A card-access security system (“Building Card-Access Security System”) with card readers at all exterior Building entries and exits, all elevators, and all fire stairway entries and exits.  Landlord shall furnish Tenant, at Landlord’s expense, with up six (6) access cards per 1,000 rentable square feet in the Leased Premises, and at Tenant’s expense with such additional keys and access cards as Tenant may request, to unlock or allow access to the Building and each corridor door entering the Leased Premises.  Upon the expiration or termination of the Term, Tenant shall surrender all such keys and access cards to Landlord and shall deliver to Landlord the combination to all locks on all safes, cabinets and vaults which will remain in the Leased Premises.  In the event Tenant fails to return all access cards, or in the event Tenant requires a replacement access cards, Tenant shall pay an amount equal to $10.00 for each access card not returned to Landlord or replaced by Landlord.

(f)    Exterior security lighting around the Building and in the parking areas, consistent with other Class A Office Building in the Salt Lake Metropolitan area.

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(g)    Snow removal service.

(h)    Landscaping and grounds keeping service.

		
	(i)
	Access to the Leased Premises, including elevator service twenty-four (24) hours a day.

7.2    Tenant’s Obligations.  Tenant shall arrange for and shall pay the entire cost and expense of all telephone stations, equipment and use charges, electric light bulbs (but not LED bulbs used in fixtures originally installed in the Leased Premises) and all other materials and services not expressly required to be provided and paid for pursuant to the provisions of Section 7.1 above.

7.3    Additional Limitations.

(a)    Tenant will not, without the written consent of Landlord, which shall not be unreasonably withheld, use any apparatus or device on  the Leased Premises (including but without limitation thereto, electronic data processing machines or machines using current in excess of 110 volts) which will in any way or to any extent increase the amount of electricity or water usually furnished or supplied for use on the Leased Premises for the use designated in Section 6.1 above, nor connect with either electrical current (except through existing electrical outlets in the Leased Premises), water pipes, or any apparatus or device, for the purposes of using electric current or water.  Without limiting the generality of the foregoing, any uses for utilities which are in excess of normal operating uses for offices, including, without limitation, those relating to supplemental heating or cooling requirements, may, at Landlord’s option, be sub-metered and billed separately to Tenant and shall not be included as part of Common Area Expenses.  

(b)    If Tenant shall require water or electric current in excess of that usually furnished or supplied for use of the Leased Premises, or for purposes other than those designated in Section 6.l above, Tenant shall first procure the consent of Landlord for the use thereof, which consent Landlord shall not be unreasonably withheld, conditioned or delayed.  Landlord may cause a water meter or electric current meter to be installed in the Leased Premises, so as to measure the amount of water and/or electric current consumed for any such use.  Tenant shall pay for the cost of such meters and of installation, maintenance and repair thereof.  Tenant agrees to pay Landlord promptly upon demand for all such water and electric current consumed as shown by said meters at the rates charged for such service either by the city or county in which the Building is located or by the local public utility, as the case may be, together with any additional expense incurred in keeping account of the water and electric current so consumed.

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(c)    If and where heat generating machines are used in the Leased Premises which affect the temperature otherwise maintained by the air conditioning system, Landlord reserves the right to install additional or supplementary air conditioning units for the Leased Premises, and the entire cost of installing, operating, maintaining and repairing the same shall be paid by Tenant to Landlord promptly after demand by Landlord.

7.4    Limitation on Landlord’s Liability.  Except as set forth in this Section 7.4, Landlord shall not be liable for any failure to provide or furnish any of the foregoing utilities or services if such failure was reasonably beyond the control of Landlord and Tenant shall not be entitled to terminate this Lease or to effectuate any abatement or reduction of rent by reason of any such failure.  If utilities and services are interrupted for more than three (3) consecutive calendar days as a result of Landlord’s or another tenants’ acts or omissions (other than a sublessee or assignee of Tenant), and not a result of Tenant’s acts or omissions, then Tenant shall have the right to cease payment of Basic Annual Rent and Tenant’s Proportionate Share of the Common Area Expenses beginning with the day of interruption pro-rated until such service is reinstated.  If such interruption shall continue for sixty (60) consecutive days, Tenant shall have the right, in its sole discretion and in addition to any other remedies available to Tenant, to terminate the Lease by delivering written notice to Landlord at any time prior to the date such utilities are restored. In no event shall Landlord be liable for loss or injury to persons or property, however, arising or occurring in connection with or attributable to any failure to furnish such utilities or services even if within the control of Landlord, provided, however that Landlord shall use reasonable diligence to promptly restore the same.

7.5    Property Management Personnel.  Tenant may give written notice to Landlord of any unsatisfactory performance (in Tenant’s reasonable determination) of property management personnel for the Property.  Landlord shall have thirty (30) days following such notice in which to correct such performance or such longer period of time as may be reasonably necessary, so long as Landlord promptly commences such correction following such notice and thereafter diligently prosecutes the same to completion.  If Landlord fails to correct such performance in accordance with the immediately preceding sentence, Tenant may, by written notice, direct Landlord to replace such non-performing personnel.  If Landlord fails to replace such non-performing personnel within thirty (30) days after such second notice, or if Landlord fails to correct unsatisfactory performance of property management personnel for the Property within the applicable notice and cure period on more than two (2) occasions in any twelve (12) month period, then Tenant may, by a third written notice given to Landlord, direct Landlord to utilize a third-party property management company for the Property that is reasonably satisfactory to both Landlord and Tenant.

VIII.    MAINTENANCE AND REPAIRS; ALTERATIONS; ACCESS    

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8.1    Maintenance and Repairs by Landlord.  Landlord shall maintain in good order, condition, and repair the Building, the Common Areas, and the Improvements except the Leased Premises and those other portions of the Building leased, rented, or otherwise occupied by persons not affiliated with Landlord.  Such maintenance and repair obligations shall include, but shall not be limited to, maintaining and making necessary foundational, roof and structural repairs and repairs to plumbing, sewer, septic, electrical, mechanical and heating, ventilation or air conditioning equipment servicing the Leased Premises.  If Landlord is required to repair or replace any damage to the Building, the Common Areas or the Improvements occasioned by the willful misconduct or negligence of Tenant or the Tenant Related Parties (as defined in Section 10.1 below), Landlord shall replace or repair such damage at Tenant’s sole cost and expenses, provided if the damage is in excess of $100,000 and is covered by Landlord’s insurance, and provided Tenant is not in default beyond all applicable notice and cure periods under its Lease, Landlord agrees to submit such claim on such insurance   

8.2    Maintenance and Repairs by Tenant.  Tenant, at Tenant’s sole cost and expense and without prior demand being made, shall maintain the Leased Premises in good order, condition and repair, and will be responsible for the painting, carpeting, or other interior design work of the Leased Premises beyond the initial construction phase as specified in Section 2.3 and Exhibit “C” of the Lease and shall maintain all equipment and fixtures installed by Tenant.   Tenant shall in a good and workmanlike manner repair or replace any damage to the Leased Premises occasioned by the willful misconduct or negligence of Tenant or the Tenant Related Parties.

8.3    Alterations.  Except as set forth on Exhibit “C” attached hereto, Tenant shall not without first obtaining Landlord’s written approval: (a) make or cause to be made any alterations, additions, or improvements (collectively, “Alterations”); (b) install or cause to be installed any fixtures, signs, floor coverings, interior or exterior lighting, plumbing fixtures, shades or awnings; or (c) make any other changes to the Leased Premises without first obtaining Landlord’s written approval.  The foregoing notwithstanding, if the proposed Alteration is, in Landlord’s judgment, (a) likely to affect the structure of the Building or the electrical, plumbing, life safety or HVAC systems or otherwise adversely impacts the value of the Building, (b) does not comply with applicable laws, (c) affects the exterior of the Leased Premises, (d) violates any existing covenants, conditions or restrictions affecting the Property or violates Landlord’s loan documents, or (e) would unreasonably interfere with the normal business operations of other tenants in the Building, if any, such consent may be withheld at the sole and absolute discretion of Landlord; except for the foregoing, Landlord’s approval shall not be unreasonably withheld, conditioned or delayed. Tenant shall present to Landlord plans and specifications for such work at the time approval is sought.  In the event Landlord consents to the making of any Alterations to the Leased Premises by Tenant, the same shall be made by Tenant at Tenant’s sole cost and expense.  All such work shall be done only by contractors or mechanics approved by Landlord, which approval shall not be unreasonably withheld.  All such work with respect to any Alterations shall be done in a 

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good and workmanlike manner and diligently prosecuted to completion such that, except as absolutely necessary during the course of such work, the Leased Premises shall at all times be a complete operating unit.  Any such Alterations shall be performed and done strictly in accordance with all laws and ordinances relating thereto.  In performing the work or any such alterations, additions, or changes, Tenant shall have the same performed in such a manner as not to obstruct access to any portion of the Building.  Any Alterations to or of the Leased Premises, including, but not limited to, wallcovering, paneling, and built‐in cabinet work, but excepting movable furniture and equipment, shall at once become a part of the realty and shall be surrendered with the Leased Premises unless Landlord otherwise elects at the time permission is granted to Tenant to install such items.  

Notwithstanding anything herein to the contrary, with respect to any non-structural alteration which (i) does not affect any Building system or any portion of the Building outside the Leased Premises and (ii) does not cost more than $25,000 in the aggregate in a twelve (12) month period, the consent of Landlord will not be required, provided Landlord receives at least 10 days advance notice thereof.

8.4    Landlord’s Access to Leased Premises.  Landlord shall have the right to place, maintain, and repair all utility equipment of any kind in, upon, and under the Leased Premises as may be necessary for the servicing of the Leased Premises and other portions of the Building.  Upon providing at least 48 hours’ prior notice to Tenant, Landlord shall also have the right to enter the Leased Premises at all times to inspect or to exhibit the same to prospective purchasers and mortgagees, and to make such repairs, additions, alterations, or improvements as Landlord may deem desirable.  Landlord shall be allowed to take all material upon said Leased Premises that may be required therefor without the same constituting an actual or constructive eviction of Tenant in whole or in part, the rents reserved herein shall in no wise abate while said work is in progress by reason of loss or interruption of Tenant’s business or otherwise, and Tenant shall have no claim for damages. During the six (6) month period prior to expiration of this Lease or of any renewal term, Landlord may exhibit the Leased Premises to prospective tenants or lessees and may place upon the Leased Premises reasonable “For Lease” or “For Sale” signs which Tenant shall permit to remain thereon. In connection with any of the foregoing activities of Landlord, Landlord shall use commercially reasonable efforts while conducting such activities to minimize any interference with Tenant’s use of the Leased Premises.

IX.    ASSIGNMENT    

9.1    Definitions. As used in this Lease:

(a) “Pledge” means to pledge, encumber, mortgage, assign (whether as collateral or absolutely) or otherwise grant a lien or security interest in this Lease or 

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any portion of the Leased Premises as security for, or to otherwise assure, performance of any obligation of Tenant or any other person. 

(b)“Sublease” means to lease or enter into any other form of agreement with any other person, whether written or oral, which allows that person or any other person to occupy or possess any part of the Leased Premises for any period of time or for any purpose. 

(c)“Transfer” means to sell, assign, transfer, exchange or otherwise dispose of or alienate any interest of Tenant in this Lease, whether voluntary or involuntary or by operation of law including, without limitation: (i) any such Transfer by death, incompetency, foreclosure sale, deed in lieu of foreclosure, levy or attachment; (ii) if Tenant is not a human being, any direct or indirect Transfer of fifty percent (50%) or more of any one of the voting, capital or profits interests in Tenant; and (iii) if Tenant is not a human being, any Transfer of this Lease from Tenant by merger, consolidation, transfer of assets, or liquidation or any similar transaction under any law pertaining to corporations, partnerships, limited liability companies or other forms of organizations.  

9.2    Transfers, Subleases and Pledges Prohibited.  Except with the prior written consent of Landlord in each instance, which shall not be unreasonably withheld conditioned or delayed, and except as permitted in Section 9.5, Tenant shall not Transfer or Pledge this Lease, or Sublease or Pledge all or any part of the Leased Premises, excluding Tenant’s personal property. Consent of Landlord to any of the actions described in the previous sentence shall be deemed granted and delivered only if obtained strictly in accordance with and pursuant to the procedure set forth in Section 9.3 of this Lease and is memorialized in a writing signed by Landlord that refers on its face to Section 9.3 of this Lease. Any other purported Transfer, Sublease or Pledge shall be null and void, and shall constitute a default under this Lease which, at the option and election of Landlord exercisable in writing at its sole discretion, shall result in the immediate termination of this Lease; provided, if Landlord does not terminate this Lease, it may exercise any other remedies available to it under this Lease or at law or equity.  Consent by Landlord to any Transfer, Sublease or Pledge shall not operate as a waiver of the necessity for consent to any subsequent Transfer, Sublease or Pledge, and the terms of Landlord’s written consent shall be binding upon any person holding by, under, or through Tenant.  Except as provided in Section 9.5, any Transfer, Sublease or Pledge shall not relieve Tenant from any of its obligations under this Lease, all of which shall continue in full force and effect notwithstanding any assumption or agreement of the person to whom the Transfer, Sublease or Pledge pertains.

9.3    Consent of Landlord Required:

(a)If Tenant proposes to make any Transfer, Sublease or Pledge it shall promptly notify Landlord in writing of the details of the proposed Transfer, Sublease or Pledge, and shall also promptly furnish to Landlord sufficient written information and documentation 

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reasonably required by Landlord to allow Landlord to assess the business to be conducted in the Leased Premises by the person to whom the Transfer, Sublease or Pledge is proposed to be made, the financial condition of such person and the nature of the transaction in which the Transfer, Sublease or Pledge is to occur, provided, that it shall be deemed unreasonable for Landlord to require more than three (3) years of financial information.  In the event Landlord fails to disapprove of such Transfer, Sublease or Pledge within ten (10) business days of Landlord’s receipt of the information required by this Section 9.3(a), Landlord shall be deemed to have approved of such Transfer, Sublease or Pledge. It shall be deemed reasonable for Landlord to withhold its consent to a Transfer or Sublease for any of the following reasons: (i) a proposed transferee has managerial skills, or an operational, business history or financial capacity inadequate with respect to the obligations under this Lease, as determined by Landlord in its reasonable discretion; and/or (ii) the character and reputation of the proposed transferee or sublessee is not reasonably satisfactory to Landlord; and/or (iii) the occupancy of the Leased Premises by the proposed transferee or sublessee would likely violate a provision of this Lease or any other lease or agreement in effect prior to the date of this Lease concerning the Building or the Property.  Tenant shall provide Landlord with all information reasonably requested for Landlord to accurately evaluate the person to whom the Transfer or Sublease shall be made.  

(b)Landlord shall have the absolute right to reject any proposed Transfer, Pledge or Sublease under any of the following circumstances:

(i)If, as a result of the Transfer, Sublease or Pledge, Landlord or the Leased Premises would be subject to compliance with any law, ordinance, regulation or similar governmental requirement to which Landlord or the Leased Premises were not previously subject, or as to which Landlord or the Leased Premises has a variance, exemption or similar right not to comply including, without limitation, that certain act commonly known as the “Americans with Disabilities Act of l990”, and any related rules or regulations, or similar state or local laws relating to persons with disabilities. 

(ii)A Transfer, Sublease or Pledge to any other person which is the landlord or sublandlord under any leases or subleases for office space within a ten (10) mile radius of the Leased Premises. 

(iii)A Transfer, Sublease or Pledge to any other person which is at that time has an enforceable lease for any other space in the Building or any prospective tenant with whom Landlord has, in the prior six (6) months entered into a letter of intent or responded to a request for proposal, and provided Landlord has space in the Building to accommodate such persons request. 

(iv)The person to whom the Transfer, Sublease or Pledge is to be made will not agree in writing to be bound by the terms and conditions of this Lease; provided that the Lease shall not be enforceable against person to whom the Lease or 

25

Leased Premises is to be Pledged until after the foreclosure or other realization upon its lien or security interest. 

(c)Except as set forth in Section 9.3(b), Landlord’s consent shall not be unreasonably withheld, provided that: (i) Tenant promptly provides to Landlord all information requested by Landlord pursuant to Section 9.3(a) and Landlord determines that such information is sufficient to allow Landlord to accurately evaluate the financial condition of the person to whom the Transfer, Sublease or Pledge is to be made; and (ii) Tenant and the person to whom the Transfer, Sublease or Pledge is to be made, agree in writing to all of the rights of Landlord set forth in Section 9.4.  

9.4    Landlord’s Right in Event of Assignment or Sublease.  

(a)    If Landlord consents in writing to any Transfer or any Sublease, Landlord may collect rent and other charges and amounts due under this Lease from the person to whom the Transfer was made or under the sublease from any person who entered into the Sublease, and Landlord shall apply all such amounts collected to the rent and other charges to be paid by Tenant under this Lease.  If Landlord consents in writing to any Pledge of this Lease or any portion of the Leased Premises, and the person to whom the Pledge was made forecloses or otherwise realizes upon any interest in this Lease or in any portion of the Leased Premises, Landlord may collect rent and other charges and amounts due under this Lease from such person, and Landlord shall apply the amount collected to the rent and other charges and amounts to be paid by Tenant under this Lease.  Such collection, however, shall not constitute consent or waiver of the necessity of written consent to such Transfer, Sublease or Pledge, nor shall such collection constitute the recognition of such person or any other person as the “Tenant” under this Lease or constitute or result in a release of Tenant from the further performance of all of the covenants and obligations pursuant to this Lease, including the obligation to pay rent and other charges and other amounts due under this Lease.  

(b)    In the event that any rent or additional consideration payable after a Transfer exceed the rents and additional consideration payable under this Lease, Landlord and Tenant shall share equally in the amount of any profits.  In the event that the rent and additional consideration payable under a Sublease exceed the rents and other consideration payable under this Lease (prorated to the space being subleased pursuant to the Sublease), Landlord and Tenant shall share equally in the amount of any profits.  For the purposes set forth in this Section 9.4(b), the term “profits” shall mean the gross revenue received from the assignee or sublessee during the sublease term or during the assignment less: (i) the gross revenue (exclusive of any such profits) paid to Landlord by Tenant during the period of the sublease term or during the assignment for the space covered by the sublease or assignment (“Sublease Space”); (ii) any improvement allowance or other out of pocket economic expense (space planning allowance, moving expenses, etc.) paid by Tenant to sublessee or assignee; (iii) any broker’s commission incurred by Tenant; (iv) reasonable out of pocket attorneys’ fees incurred by Tenant; (v) 

26

any lease takeover costs; and (vi) costs of advertising and marketing such Sublease Space.

(c)    In the event that Tenant shall request that Landlord consent to a Transfer, Sublease or Pledge, Tenant and/or the person to whom the Transfer, Sublease or Pledge was made shall pay to Landlord reasonable legal fees and costs, not to exceed $2,500.00, incurred in connection with processing of documents reasonably necessary to effect the Transfer, Sublease or Pledge. 

9.5    Permitted Transfer or Sublease.  Notwithstanding anything in this Lease to the contrary, Tenant shall have the right, without the prior consent of Landlord, to assign the Lease or sublet the whole or any part of the Leased Premises (a “Permitted Transfer”) to a corporation or entity (a “Related Entity”) which:  (i) is Tenant’s parent organization, or (ii) is a wholly-owned subsidiary of Tenant or Tenant’s parent organization, or (iii) is an organization of which Tenant or Tenant’s parent owns in excess of fifty percent (50%) of the outstanding capital stock or has in excess of fifty percent (50%) ownership or control interest, or (iv) is the result of a consolidation, merger or reorganization with Tenant and/or Tenant’s parent organization, or (v) is the transferee of substantially all of Tenant’s assets; provided, in the case of a Transfer which is permitted pursuant to clauses (iv) and (v) above, immediately after such Transfer, the “Tenant” shall annual revenue which is not less than ten million and no/100 dollars ($10,000,000) per year and a tangible net worth that is not less than Tenant’s as of the date of this Lease.    

In connection with a Transfer or Sublease permitted under this Section 9.5(b), Tenant shall (i) give Landlord fifteen (15) days prior written notice of such Transfer or Sublease, and (ii) deliver to Landlord copies of (x) an assignment and assumption of this Lease (in the case of a Transfer of the Lease), which shall be in form and substances satisfactory to Landlord in its reasonable discretion, and (y) the Sublease, which shall be subject and subordinate to this Lease.

Further, except in the case of any Permitted Transfer that is a Sublease, in the event of any Permitted Transfer, Tenant shall be relieved of and released from all liability and obligations under the Lease accruing and/or arising from and after the effective date of such Permitted Transfer so long as immediately following such Permitted Transfer such transferee shall has the financial capability (including a tangible net worth and revenues) which are acceptable to Landlord (as determined by Landlord in its reasonable discretion).  A release of Tenant from liability under this Lease, if any, shall be confirmed in a separate agreement signed by Landlord.

X.    INDEMNITY AND HAZARDOUS MATERIALS    

10.1     Indemnity.

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(a)Tenant’s Indemnity.  Subject to the provisions of Section 11.5 below and to the fullest extent permitted by law, except to the extent caused by the gross negligence or willful misconduct of Landlord, Tenant shall protect, defend, indemnify and hold harmless Landlord and its affiliates against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys’ fees and costs of litigation), resulting from or incurred by Landlord or any affiliate of Landlord on account of any of the following: (a) the use of the Leased Premises by Tenant or by its agents, contractors and employees, (the “Tenant Related Parties”), the conduct of its business or profession, or any other activity permitted or suffered by Tenant or the Tenant Related Parties within the Leased Premises; or (b) any breach by Tenant of this Lease.  Tenant shall defend all suits brought upon such claims and pay all costs and expenses incidental thereto.  Notwithstanding the foregoing, Landlord shall have the right, at its option, to participate in the defense of any such suit without relieving Tenant of any obligation hereunder.

(b)Landlord’s Indemnity.  Subject to the provisions of Section 11.2, below, and to the fullest extent permitted by law, Landlord shall protect, defend, indemnify and hold harmless Tenant and Tenant Related Parties against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys’ fees and costs of litigation), resulting from or incurred by Tenant or any Tenant Related Parties on account of (a)    the gross negligence or willful misconduct of Landlord or its agents, contractors, and employees (the “Landlord Related Parties”), or (b) any breach or default by Landlord in the performance of its obligations and covenants under this Lease.  Landlord shall defend all suits brought upon such claims and pay all costs and expenses incidental thereto.  Notwithstanding the foregoing, Tenant shall have the right, at its option and expense, to participate in the defense of any such suit without relieving Landlord of any obligation hereunder.

10.2.    Notice.  Tenant shall give prompt notice to Landlord in case of fire or accidents in the Leased Premises or in the Building of which the Leased Premises are a part or of defects therein or in any fixtures or equipment.

10.3    Environmental Indemnification.  

(a)Tenant Indemnity.  In addition to and without limiting the scope of any other indemnities provided under this Lease, Tenant shall indemnify, defend (with counsel reasonably acceptable to Landlord) and hold harmless Landlord from and against any and all demands, losses, costs, expenses, damages, bodily injury, wrongful death, property damage, claims, cross-claims, charges, action, lawsuits, liabilities, obligations, penalties, investigation costs, removal costs, response costs, remediation costs, natural resources damages, governmental administrative actions, and reasonable attorneys’ and consultants’ fees and expenses arising out of, directly or indirectly, in whole or in part, or relating to (i) the release of Hazardous Materials (as defined in Section 10.4 below) by Tenant or the Tenant Related Parties, (ii) the violation of any Hazardous Materials laws 

28

by Tenant or the Tenant Related Parties, or (iii) the use, storage, generation or disposal of Hazardous Materials in, on, about, or from the Property by Tenant or the Tenant Related Parties (the items listed in clauses (i) through and including (iii) being referred to herein individually as a “Tenant Release” and collectively as the “Tenant Releases”), provided, however, that the foregoing shall not prohibit the storage, use or disposal of cleaning materials, ink, toner and other typical office supplies that are stored in reasonable quantities and are transported, stored, used and disposed of in accordance with applicable law.  

(b)Landlord’s Indemnity.  In addition to and without limiting the scope of any other indemnities provided under this Lease, Landlord shall indemnify, defend (with counsel reasonably acceptable to Tenant) and hold harmless Tenant from and against any and all demands, losses, costs, expenses, damages, bodily injury, wrongful death, property damage, claims, cross-claims, charges, action, lawsuits, liabilities, obligations, penalties, investigation costs, removal costs, response costs, remediation costs, natural resources damages, governmental administrative actions, and reasonable attorneys’ and consultants’ fees and expenses arising out of, directly or indirectly, in whole or in part, or relating to (i) the release of Hazardous Materials (as defined in Section 10.4, below) by Landlord or the Landlord Related Parties, (ii) the violation of any Hazardous Materials laws by Landlord or the Landlord Related Parties, or (iii) the use, storage, generation or disposal of Hazardous Materials in, on, about, or from the Property by Landlord or the Landlord Related Parties (the items listed in clauses (i) through and including (iii) being referred to herein individually as a “Landlord Release” and collectively as the “Landlord Releases”).  
10.4    Definition of Hazardous Materials.  The term “Hazardous Materials” shall mean any substance:

(a)    which is flammable, explosive, radioactive, toxic, corrosive, infectious, carcinogenic, mutagenic, or otherwise hazardous and which is or becomes regulated by any governmental authority, agency, department, commission, board or instrumentality of the United States, the state in which the Property is located or any political subdivision thereof; 

(b)    which contains asbestos, organic compounds known as polychlorinated biphenyls; chemicals known to cause cancer or reproductive toxicity or petroleum, including crude oil or any fraction thereof; or which is or becomes defined as a pollutant, contaminant, hazardous waste, hazardous substance, hazardous material or toxic substance under the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901-6992k; the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. §§ 9601-9657; the Hazardous Materials Transportation Authorization Act of 1994, 49 U.S.C. §§ 5101-5127; the Clean Water Act, 33 U.S.C. §§ 1251-1387; the Clear Air Act, 42 U.S.C. §§ 7401-7671q; the Toxic Substances Control Act, 15 U.S.C. §§ 2601-2692; the Safe Drinking Water Act, 42 U.S.C. §§ 300f to 300j-26; the Emergency Planning and Community Right-To-Know Act of 1986, 42 

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U.S.C. §§ 11001-11050; and title 19, chapter 6 of the Utah Code, as any of the same have been or from time to time may be amended; and any similar federal, state and local laws, statutes, ordinances, codes, rules, regulations, orders or decrees relating to environmental conditions, industrial hygiene or Hazardous Materials on the Property, including all interpretations, policies, guidelines and/or directives of the various governmental authorities responsible for administering any of the foregoing, now in effect or hereafter adopted, published and/or promulgated; 

(c)    the presence of which on the Property requires investigation or remediation under any federal, state, or local statute, regulation, ordinance, order, action, policy, or common law; or

(d)    the presence of which on the Property causes or threatens to cause a nuisance on the Property or to adjacent properties or poses or threatens to pose a hazard to the health and safety of persons on or about the Property.

10.5    Use of Hazardous Materials.  Tenant shall not, and shall not permit any Tenant Related Parties to use, store, generate, release, or dispose of Hazardous Materials in, on, about, or from the Property in violation of applicable law.  Landlord shall not, and shall not permit any Landlord Related Parties to use, store, generate, release, or dispose of Hazardous Materials in, on, about, or from the Property in violation of applicable law.

10.6    Release of Hazardous Materials.  If Tenant discovers that any spill, leak, or release of any quantity of any Hazardous Materials has occurred on, in or under the Property, Tenant shall promptly notify Landlord.  In the event such release is a Tenant Release, Tenant shall (or shall cause others to) promptly and fully investigate, cleanup, remediate and remove all such Hazardous Materials as may remain and so much of any portion of the environment as shall have become contaminated, all in accordance with applicable government requirements, and shall replace any removed portion of the environment (such as soil) with uncontaminated material of the same character as existed prior to contamination.  In the event such release is a Landlord Release, Landlord shall (or shall cause others to) promptly and fully investigate, cleanup, remediate and remove all such Hazardous Materials as may remain and so much of any portion of the environment as shall have become contaminated, all in accordance with applicable government requirements, and shall replace any removed portion of the environment (such as soil) with uncontaminated material of the same character as existed prior to contamination.  Within twenty (20) days after any such spill, leak, or release, the party responsible for the remediation of such release shall give the other party a detailed written description of the event and of such responsible parties investigation and remediation efforts to date.  Within twenty (20) days after receipt, such responsible party shall provide the other party with a copy of any report or analytical results relating to any such spill, leak, or release.  In the event of a release of Hazardous Material in, on, or under the Property by the Tenant Related Parties, Tenant shall not be entitled to an abatement of Rent during any period of abatement, provided, however, that in the event a 

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Landlord Release causes the Leased Premises to be untenantable for a period of three (3) consecutive business days, Basic Annual Rent shall be thereafter be abated during the period which the Leased Premises are untenantable.   

10.7     Release of Landlord.  Except as expressly provided herein and except resulting from the gross negligence or willful misconduct of Landlord, Landlord shall not be responsible or liable at any time for any loss or damage to Tenant’s personal property or to Tenant’s business, including any loss or damage to either the person or property of Tenant or Tenant Related Parties that may be occasioned by or through the acts or omissions of persons occupying adjacent, connecting, or adjoining space.  Except as expressly provided in this Lease, Tenant shall store its property in and shall use and enjoy the Leased Premises and all other portions of the Building and Improvements at its own risk, and hereby releases Landlord, to the fullest extent permitted by law, from all claims of every kind resulting in loss of life, personal or bodily injury, or property damage unless resulting from the gross negligence or willful misconduct of Landlord.

XI.    INSURANCE    

11.1    Insurance on Tenant’s Personal Property and Fixtures.  At all times during the term of this Lease, Tenant shall keep in force at its sole cost and expense with insurance companies acceptable to Landlord, hazard insurance on an [“all-risk type”] or equivalent policy form, and shall include fire, theft, extended coverages, vandalism, and malicious mischief.  Coverage shall be equal to 100% of the Replacement Cost value of Tenant’s contents, fixtures, furnishings, equipment, and all improvements or additions (excluding the initial Tenant Improvements) made by Tenant to the Leased Premises.  The deductible under such insurance coverage shall not exceed $10,000.00.  Such policy shall name Landlord as Additional Insured and shall provide that coverage for the Additional Insured is primary and not contributory with other insurance.  The policy shall provide that such policy not be cancelled or materially changed without first giving Landlord thirty (30) days written notice.

11.2    Property Coverage.  Landlord shall obtain and maintain in force an “all-risk type” or equivalent policy form for the full replacement value of the Building, Landlord’s Improvements and personal property owned by Landlord, as the values may exist from time to time, and shall include fire, theft, extended coverages, vandalism, and malicious mischief on the Building during the term of the Lease and any extension thereof.  Landlord may obtain, at Landlord’s discretion, coverage for flood and earthquake if commercially available at reasonable rates.  Such insurance shall also include coverage against loss of rental income.

11.3    Automobile.  Commercial Automobile Liability insurance with limits of not less than One Million Dollars ($1,000,000) for any one accident and shall include owned, hired and non-owned automobiles.

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11.4    Liability Insurance.  During the entire term hereof and at its sole cost and expense, Tenant shall keep in full force and effect with insurance companies acceptable to Landlord a policy of Commercial General Liability Insurance with limits of not less than $2,000,000 each Occurrence and $5,000,000 General Aggregate.  The policy shall apply to the Leased Premises and all operations of Tenant’s business.  Such policy shall name Landlord as Additional Insured and shall provide that coverage for the Additional Insured is primary and not contributory with other insurance.  The policy shall provide that such policy not be cancelled or materially changed without first giving Landlord thirty (30) days written notice.  Tenant shall at all times during the term hereof provide Landlord with evidence of current insurance coverage.  All public liability, property damage, and other liability policies shall be written as primary policies, not contributing with coverage which Landlord may carry.  All such policies shall contain a provision that Landlord, although named as an insured, shall nevertheless be entitled to recover under said policies for any loss occasioned to it, its servants, agents, and employees by reason of the negligence of Tenant.  All such insurance shall specifically insure the performance by Tenant of the indemnity agreement as to liability for injury to or death of persons or injury or damage to property contained in Part X.

11.5    Waiver of Subrogation.  Landlord and Tenant hereby waive all rights to recover against each other, against any other tenant or occupant of a Building, and against each other’s officers, directors, shareholders, partners, joint venturers, employees, agents, customers, invitees or business visitors or of any other tenant or occupant of a Building, for any loss or damage arising from any cause covered by any insurance carried by the waiving party, to the extent that such loss or damage is actually covered.

11.6    Lender    .  Any mortgage lender interest in any part of a Building or Improvements may, at Landlord’s option, be afforded coverage under any policy required to be secured by Tenant hereunder, by use of a mortgagee’s endorsement to the policy concerned.

XII.    DESTRUCTION    

If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty.  Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable.  If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and 

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surrender the Leased Premises to Landlord. If any of the following occur:  (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‐monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs.  Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty.  In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein.  If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent.  Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

XIII.    CONDEMNATION    

13.1    Total Condemnation.  If the whole of the Leased Premises shall be acquired or taken by Condemnation Proceeding, then this Lease shall cease and terminate as of the date of title vesting in such Condemnation Proceeding.

13.2    Partial Condemnation.  If any part of the Leased Premises shall be taken as aforesaid, and such partial taking shall render the remaining portion unsuitable for Tenant’s business, then this Lease shall cease and terminate as aforesaid.  If the Leased Premises remain suitable for Tenant’s business following such partial taking, then this Lease shall continue in effect except that the Basic Annual Rent and Additional Rent including any charges for parking shall be reduced in the same proportion that the portion of the Leased Premises or Common Areas taken bears to the total area initially demised.  Landlord shall, upon receipt of the award, make all necessary repairs or alterations to the Building in which the Leased Premises are located, provided that Landlord shall not be required to expend for such work an amount in excess of the amount received by Landlord as damages for the part of the Leased Premises so taken.  “Amount received by Landlord” shall mean that part of the award from the Condemnation Proceeding, less any costs or expenses incurred by Landlord in the collection of the award, which is free and 

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clear to Landlord of any collection by mortgage lenders for the value of the diminished fee. 

13.3    Landlord’s Option to Terminate.  If more than twenty percent (20%) of the Building shall be taken as aforesaid, Landlord may, by written notice to Tenant, terminate this Lease.  If a portion of the Property or Common Areas is taken such that Tenant cannot, access the Leased Premises, or Landlord cannot provide parking stalls as required by this Lease for a period in excess of one hundred eighty (180) days and Landlord has failed to provide reasonable alternative parking, Tenant may terminate this Lease by delivering written notice to Landlord within thirty (30) days of the date Tenant is given written notice of such taking by Landlord.  If this Lease is terminated as provided in this Section, rent shall be paid up to the day that possession is so taken by public authority and Landlord shall make an equitable refund of any rent paid by Tenant in advance.

13.4    Award.  Tenant shall not be entitled to and expressly waives all claim to any condemnation award for any taking, whether whole or partial and whether for diminution in value of the leasehold or to the fee.  Tenant shall have the right to claim from the condemning party, but not from Landlord, such compensation as may be recoverable by Tenant in its own right for damages to Tenant’s business and fixtures to the extent that the same shall not reduce Landlord’s award.

13.5    Definition of Condemnation Proceeding.  As used in this Lease the term “Condemnation Proceeding” means any action or proceeding in which any interest in the Leased Premises is taken for any public or quasi‐public purpose by any lawful authority through exercise of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof.

XIV.    LANDLORD’S RIGHTS TO CURE    

14.1    General Right.  In the event of Landlord’s breach, default, or noncompliance hereunder, Tenant shall, before exercising any right or remedy available to it, give Landlord written notice of the claimed breach, default, or noncompliance.  If prior to its giving such notice, Tenant has been notified in writing (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of a lender which has furnished any of the financing referred to in Part XV hereof, concurrently with giving the aforesaid notice to Landlord, Tenant shall, by certified mail, return receipt requested, transmit a copy thereof to such lender.  For the thirty (30) days following the giving of the notice(s) required by the foregoing portion of this Section (or such longer period of time as may be reasonably required to cure a matter which, due to its nature, cannot reasonably be rectified within thirty (30) days), Landlord shall have the right to cure the breach, default, or noncompliance involved.  If Landlord has failed to cure a default within said period, any such lender shall have an additional thirty (30) days within which to cure the same or, if such default cannot be cured within that period, such additional 

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time as may be necessary if within such thirty (30) day period said lender has commenced and is diligently pursuing the actions or remedies necessary to cure the breach default, or noncompliance involved (including, but not limited to, commencement and prosecution of proceedings to foreclose or otherwise exercise its rights under its mortgage or other security instrument, if necessary to effect such cure), in which event this Lease shall not be terminated by Tenant so long as such actions or remedies are being diligently pursued by said lender.

14.2    Mechanic’s Liens.  Should any mechanic’s or other lien be filed against the Leased Premises or any part thereof by reason of Tenant’s acts or omissions or because of a claim against Tenant, Tenant shall cause the same to be canceled and discharged of record by bond or otherwise within thirty (30) days after notice by Landlord.  If Tenant fails to comply with its obligations in the immediately preceding sentence within such ten (10) day period, Landlord may perform such obligations at Tenant’s expenses, in which case all of Landlord’s costs and expenses in discharging shall be immediately due and payable by Tenant and shall bear interest at the rate set forth in Section 16.3 hereof.  Tenant shall cause any person or entity directly or indirectly supplying work or materials to Tenant to acknowledge and agree, and Landlord hereby notifies any such contractor, that: (a) no agency relationship, whether express or implied, exists between Landlord and any contractor retained by Tenant; (b) all construction contracted for by Tenant is being done for the exclusive benefit of Tenant; and (c) Landlord neither has required nor obligated Tenant to make the improvements done by the contractor.

XV.    FINANCING; SUBORDINATION    

15.1    Subordination.  This Lease is and shall continue to be subordinate to any mortgage, deed of trust, or other security interest now existing or hereafter placed on Landlord’s interest in the Property by a mortgage lender (as amended, restated, supplemented, or otherwise modified from time to time, including any refinancing thereof, a “Mortgage”); provided, however, such subordination is subject to the condition upon Landlord delivering an SNDA to Tenant.  Landlord shall deliver to Tenant concurrently with the execution of the Lease by Landlord and Tenant, a Subordination, Non Disturbance, and Attornment Agreements (“SNDA”) in the form attached hereto as Exhibit “J” together with modifications reasonably requested by Landlord’s lenders (the “Lenders”).  Tenant’s obligation to subordinate its interest in the Lease to future Lenders shall be conditioned upon receiving a similar SNDA.  If requested by a holder of the Mortgage, Tenant agrees at any time and from time to time to execute and deliver an SNDA.  If elected by the holder of a Mortgage, this Lease shall be superior to such Mortgage, in which case Tenant shall execute and deliver an instrument confirming the same.  Tenant shall not subordinate its interests hereunder or in the Leased Premises to any lien or encumbrance other than the Mortgages described in and specified pursuant to this Section 15.1 without the prior written consent of Landlord and of the lender 

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interested under each Mortgage then affecting the Leased Premises.  Any such unauthorized subordination by Tenant shall be void and of no force or effect whatsoever.

15.2    Amendment.  Tenant recognizes that Landlord’s ability from time to time to obtain construction, acquisition, standing, and/or permanent mortgage loan financing for the Building and/or the Leased Premises may in part be dependent upon the acceptability of the terms of this Lease to the lender concerned.  Accordingly, Tenant agrees that from time to time it shall, if so requested by Landlord and if doing so will not substantially or adversely affect Tenant’s rights or economic interests hereunder, join with Landlord in amending this Lease so as to meet the commercially reasonable needs or requirements of any lender which is considering making or which has made a loan secured by a Mortgage affecting the Leased Premises. 

15.3    Attornment.  Any sale, assignment, or transfer of Landlord’s interest under this Lease or in the Leased Premises including any such disposition resulting from Landlord’s default under a Mortgage, shall be subject to this Lease.  Upon assumption by the transferee of Landlord’s obligations under this Lease from and after the date of such assumption, Tenant shall attorn to Landlord’s successor and assigns and shall recognize such successor or assigns as Landlord under this Lease, regardless of any rule of law to the contrary or absence of privity of contract . 

15.4    Financial Information.  As a condition to Landlord’s acceptance of this Lease, Tenant shall provide Tenant’s audited financial statements for the Tenant’s most recently completed fiscal year and a year to date balance sheet and income statement, to verify the financial condition of Tenant, its assignees or subtenants from time to time during the term of the Lease; provided, however, so long as Tenant is a publically traded company, Tenant’s obligations under this Section 15.4 shall be deemed satisfied so long as Tenant has made such statement available as required by applicable laws.  Tenant shall not be required to provide such information more than two (2) times during any twelve (12) month period.  Tenant hereby represents and warrants that such information, taken as a whole, will not contain any untrue statement of material fact, nor will any audited financial statements provided by Tenant omit any material fact necessary to make the statements contained therein not misleading.  If required by Landlord’s lender or a potential purchaser, Tenant shall cause such financial statements to be certified by Tenant’s chief financial officer, solely in his or her capacity as chief financial officer, that such financial statements do not contain any untrue statement of material fact, nor do any audited financial statements provided by Tenant omit any material fact necessary to make the statements contained therein not misleading.

XVI.    EVENTS OF DEFAULT; REMEDIES     

16.1    Default by Tenant.  Upon the occurrence of any of the following events, Landlord shall have the remedies set forth in Section 16.2:

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(a)    Tenant fails to pay any installment of Basic Annual Rent or Additional Rent or any other sum due hereunder within five (5) days after such Rent is due after written notice from Landlord of such failure; provided, however, Landlord shall not be required to provide a written notice of such monetary default more than two (2) times in any twelve (12) month period.

(b)    Tenant fails to perform any other term, condition, or covenant to be performed by it pursuant to this Lease within thirty (30) days after written notice that such performance is due shall have been given to Tenant by Landlord or; provided, if cure of any nonmonetary default would reasonably require more than thirty (30) days to complete, if Tenant fails to commence performance within the thirty (30) day period or, after timely commencing, fails diligently to pursue such cure to completion but in no event to exceed ninety (90) days.

(c)    Tenant or any guarantor of this Lease shall become bankrupt or insolvent or file any debtor proceedings or have taken against such party in any court pursuant to state or federal statute, a petition in bankruptcy or insolvency, reorganization, or appointment of a receiver or trustee; or Tenant petitions for or enters into a voluntary arrangement under applicable bankruptcy law; or suffers this Lease to be taken under a writ of execution.     

16.2    Remedies.   Subject to applicable Utah law, in the event of any default by Tenant hereunder beyond any applicable notice and cure periods, Landlord may at any time, without waiving or limiting any other right or remedy available to it, terminate Tenant’s rights under this Lease by written notice, reenter and take possession of the Leased Premises by any lawful means (with or without terminating this Lease), or pursue any other remedy allowed by law.  Tenant agrees to pay to Landlord the cost of recovering possession of the Leased Premises, all costs of reletting, and all other actual and reasonable costs and damages arising out of Tenant’s default, including attorneys’ fees.  Notwithstanding any reentry, the liability of Tenant for the rent reserved herein shall not be extinguished for the balance of the Term, and Tenant agrees to compensate Landlord upon demand for any deficiency arising from reletting the Leased Premises at a lesser rent than applies under this Lease.  

16.3    Past Due Sums.  If Tenant fails to pay within five (5) days from written notice from Landlord, any Basic Annual Rent, Additional Rent, or other sum required to be paid by it hereunder, such unpaid amounts shall bear interest from the due date thereof to the date of payment at a rate of twelve percent (12%) per annum.  In addition thereto, Tenant shall pay a sum of five percent (5%) of such unpaid amounts of Basic Annual Rent, Additional Rent, or other sum to be paid by it hereunder as a service fee.  Notwithstanding the foregoing, however, Landlord’s right concerning such interest and service fee shall be limited by the maximum amount which may properly be charged by Landlord for such purposes under applicable law.

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16.4    Default by Landlord.  Landlord shall be in default of the performance of its obligations under this Lease if Landlord defaults in the performance or observation of any agreement, liability, or obligation imposed on it by this Lease and Landlord fails to cure such default within thirty (30) days after written notice by Tenant to Landlord specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligations is such that more than thirty (30) days are required for performance then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently and continuously prosecutes the same to completion (a “Landlord’s Default”).  Upon the occurrence of a Landlord’s Default under this Lease, Tenant, at its option, without further notice or demand, and without limiting its right to receive any late delivery payments in connection with Landlord’s delivery of the Leased Premises as specified above, may: (a) pursue the remedy of specific performance or injunction; (b) seek declaratory relief; (c) pursue an action for actual and direct damages for loss; and (d) unless such Landlord’s Default results from Landlord’s failure to perform any construction obligations hereunder, but including without limitation repair and maintenance obligations of Landlord, take reasonable measures to cure such Landlord’s Default to the extent relating to the repair or maintenance of the Leased Premises on Landlord’s account, in which event Landlord shall reimburse Tenant for any actual out-of-pocket reasonable costs or contractual liability incurred by Tenant in connection with such cure (including reasonable attorneys’ fees) within thirty (30) days of Landlord’s receipt of a written demand, statement or invoice, including reasonable back-up documentation; provided that Tenant shall have the right to withhold from its payments of Basic Annual Rent and Additional Rent any such amounts that remain unreimbursed by Landlord beyond such thirty (30) day period until all such amounts have been fully reimbursed, and any such amounts not paid to Tenant when due shall accrue interest thereafter at the Default Rate.  

XVII.    PROVISIONS APPLICABLE AT TERMINATION OF LEASE    

17.1    Surrender of Leased Premises    .  At the expiration of this Lease, except for changes made by Tenant that were approved by Landlord and the initial Tenant Improvements, Tenant shall surrender the Leased Premises in the same condition, less reasonable wear and tear, as they were in upon delivery of possession thereto under this Lease and shall deliver all keys to Landlord.  Before surrendering the Leased Premises, Tenant shall remove all of its personal property and trade fixtures and such property or the removal thereof shall in no way damage the Leased Premises, and Tenant shall be responsible for all costs, expenses and damages incurred in the removal thereof.  If Tenant fails to remove its personal property and fixtures upon the expiration of this Lease, the same shall be deemed abandoned and shall become the property of Landlord.  

17.2    Holding Over.  Any holding over after the expiration of the term hereof or of any renewal term with the prior written consent of Landlord shall be construed to be a tenancy from month to month except that Basic Annual Rent shall be increased to an 

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amount equal to 125% of the then Basic Annual Rent plus, and in addition to the Basic Annual Rent, all other sums of money as shall become due and payable by Tenant to Landlord under this Lease and on the terms herein specified so far as possible.  Such month-to-month tenancy shall be subject to every other term, covenant, and agreement contained in this Lease.  Nothing contained in this Section 17.2 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Leased Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease.  If Landlord has delivered to Tenant notice of a termination of a month-to-month holdover and Tenant continues to holdover thereafter, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender, and any lost profits to Landlord resulting therefrom.

XVIII.    ATTORNEYS’ FEES

In the event that at any time during the term of this Lease either Landlord or Tenant institutes any action or proceeding against the other relating to the provisions of this Lease or any default hereunder, then the unsuccessful party in such action or proceeding agrees to reimburse the successful party for the reasonable expenses of such action including reasonable attorneys’ fees, incurred therein by the successful party.

XIX.    ESTOPPEL CERTIFICATE    

19.1    Estoppel Certificate.  Each party shall, within fifteen (15) days after the other party’s request, execute and deliver to such requesting party a written declaration, in form and substance similar to Exhibit “D”, plus such additional other information as the requesting party may reasonably request.  Landlord’s mortgage lenders and/or purchasers shall be entitled to rely upon such declaration. 

19.2    Effect of Failure to Provide Estoppel Certificate.  Tenant’s failure to furnish any estoppel certificate as required pursuant to Section 19.1 within fifteen (15) days after request therefor shall be deemed a default hereunder and moreover, it shall be conclusively presumed that:  (a)  this Lease is in full force and effect without modification in accordance  with the terms set forth in the request;  (b)  that there are no unusual breaches or defaults on the part of Landlord; and  (c)  no more than one (1) month’s rent has been paid in advance. 

XX.    COMMON AREAS    

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20.1    Definition of Common Areas.  “Common Areas” means all areas, space, equipment, and special services provided for the joint or common use and benefit of the tenants or occupants of the Building, the Improvements, and Property or portions thereof, and their employees, agents, servants, patients, customers, and other invitees (collectively referred to herein as “Occupants”) including, without limitation, parking, access roads, driveways, retaining walls, landscaped areas, serviceways, loading docks, pedestrian walks; courts, stairs, ramps, and sidewalks; common corridors, rooms and restrooms; air‐conditioning, fan, janitorial, electrical, and telephone rooms or closets; and all other areas within the Building which are not specified for exclusive use or occupancy by Landlord or any tenant (whether or not they are leased or occupied). 

20.2    License to Use Common Areas.  The Common Areas shall be available for the common use of all Occupants.  If the amount of such areas shall be changed or diminished, Landlord shall not be subject to any liability nor shall Tenant be entitled to any compensation or diminution or abatement of rent nor shall revocation or diminution of such areas be deemed constructive or actual eviction, provided, however, that such changes or dimishment of the Common Areas shall not materially adversely affect Tenant’s rights under this Lease.  All Common Areas shall be subject to the exclusive control and management of Landlord.  Landlord shall have the right (a) to construct, maintain, and operate lighting and other facilities on all said areas and improvements; (b) to police the same; (c) to change the area, level, location, and arrangement of parking areas and other facilities, provided, Landlord shall not make changes to the parking areas which decreases the stalls below those required under this Lease without Tenant’s prior written approval; (d) to close all or any portion of said areas or facilities to such extent as may be legally sufficient to prevent a dedication thereof or the accrual of any right to any person or the public therein; and (e) to close temporarily all or any portion of the parking areas or facilities to discourage non‐occupant parking.  Landlord shall operate and maintain the Common Areas in such manner as Landlord in its reasonable discretion shall determine, shall have full right and authority to employ and discharge all personnel with respect thereto, and shall have the right, through reasonable rules, regulations, and/or restrictive covenants promulgated by it from time to time, to control the use and operation of the Common Areas in order that the same may occur in a proper and orderly fashion, provided that such rules, regulations and restrictive covenants shall not materially adversely affect Tenant’s rights under this Lease. 

20.3    Parking.  Landlord shall provide an allocation of six (6) parking spaces for each 1,000 rentable square feet of the Leased Premises leased by Tenant in the parking area immediately adjacent to the Building as approximately shown on the preliminary site plan attached Exhibit “A-1”. In the event the Leased Premises is contracted during the Term, Tenant’s allocation of parking shall be adjusted in accordance with the aforementioned ratio Tenant may utilize any stalls provided by Landlord as visitor stalls for parking of Tenant’s visitors.  If requested by Tenant, food trucks serving Tenant’s occupants may be parked on the Property in areas reasonably designated by Landlord, 

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provided, however, Tenant shall be responsible for any repairs or maintenance required as a result of such food trucks entry onto the Property, and Tenant shall protect, defend, indemnify and hold harmless Landlord and its affiliates against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys’ fees and costs of litigation), resulting from or incurred by Landlord or any affiliate of Landlord on account of such food truck’s entry onto and use of the Property.

20.4    Generator.  Tenant may elect, by delivering written notice to Landlord, to install an emergency generator which serves the Leased Premises.   In the event Tenant elects to install a generator, Landlord shall designate a reasonable spot for the location of the generator.  The generator shall be installed by Tenant pursuant to plans and specifications approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.  If Tenant installs the generator on or before the date which is six (6) months after the First Expansion Premises Rent Commencement Date, Landlord shall contribute up to $40,000, for the actual costs of such generator.  The generator, once installed, shall become the property of the Landlord; provided, however, upon the expiration of the term of this Agreement, Tenant may elect to purchase the generator for an amount equal to the costs contributed by Landlord for the generator, depreciated over the useful life of the generator.  

XXI.    SIGNS, AWNINGS, AND CANOPIES

Tenant shall have the right to non-exclusive crown building signage on the Building, which signage shall be subject to Landlord’s approval, which shall not be unreasonably withheld, conditioned or delayed. Landlord shall not grant any other tenant crown building signage unless said tenant occupies at a minimum of 15,000 square feet of Building.  Landlord shall provide lobby directory signage at no cost to Tenant.  Landlord acknowledges and agrees that signage similar to Tenant’s signage on the adjacent existing building is hereby approved by Landlord, but remains subject to continuing governmental approvals.  Tenant shall not place or suffer to be placed or maintained on any exterior door, wall, or window of the Leased Premises, or elsewhere in the Building, any sign, awning, marquee, decoration, lettering, attachment, or canopy, or advertising matter or other thing of any kind and will not place or maintain any decoration, lettering, or advertising matter on the glass of any window or door of the exterior of the Leased Premises without first obtaining Landlord’s written approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Tenant further agrees to maintain such sign, awning, canopy, decoration, lettering, advertising matter, or other things, as may be approved, in good condition and repair at all times.  Landlord may, at Tenant’s cost, and without liability to Tenant, enter the Leased Premises and remove any item erected in violation of this Section.  Landlord may establish rules and regulations governing the size, type, and design of all signs, decorations, etc., and Tenant agrees to abide thereby, provided, however, that such rules and regulations shall not materially adversely affect Tenant’s rights under this Lease. 

41

XXII.    MISCELLANEOUS PROVISIONS    

22.1    No Partnership.  Nothing contained herein shall be deemed or construed by the parties hereto, or by any third party, as creating the relationship of principal and agent, or of partnership, or of joint venture between the parties hereto, it being understood and agreed that neither the method of computation of rent nor any other provision contained herein, nor any acts of the parties hereto, shall be deemed to create any relationship between the parties hereto other than the relationship of landlord and tenant.

22.2    Force Majeure    .  Landlord shall be excused for the period of any delay in the performance of any obligations hereunder when prevented from so doing by cause or causes beyond Landlord’s control, including, without limitation, labor disputes, civil commotion, war, governmental regulations or controls, fire or other casualty, inability to obtain any material or service, or acts of God, or the acts or omissions of Tenant or the Tenant Related Parties (“Force Majeure Delays”).

22.3    No Waiver.  Failure of Landlord to insist upon the strict performance of any provision or to exercise any option hereunder shall not be deemed a waiver of such breach.  No provision of this Lease shall be deemed to have been waived unless such waiver be in writing signed by Landlord. 

22.4    Notice.  Any notice, demand, request, or other instrument which may be or is required to be given under this Lease shall be delivered in person or sent by United States certified or registered mail, postage prepaid and shall be addressed  (a)  if to Landlord, at the place specified for payment of rent, which is set forth below, and   (b)  if to Tenant at the address set forth below.  Either party may designate such other address as shall be given by written notice.  

Landlord:    BG Scenic Point Office 2, L.C. 
101 South 200 East, Suite 200
Salt Lake City, Utah 84111
Attention: President

		
	Tenant:
	HealthEquity

15 West Scenic Pointe Drive
Suite 100
Draper, UT 84020
Attn: Controller

With a required copies to:

Lora Munson

42

Cresa
136 South Main Street
Suite 500
Salt Lake City, UT 84101

Dorsey & Whitney
136 South Main Street, Suite 1000
Salt Lake City, Utah  84101
Attn: Mark B. Durrant

    
22.5    Captions; Attachments; Defined Terms:

(a)    The captions to the Section of this Lease are for convenience of reference only and shall not be deemed relevant in resolving questions of construction or interpretation under this Lease.

(b)    Exhibits referred to in this Lease, and any addendums and schedules attached to this Lease shall be deemed to be incorporated in this Lease as though part thereof.

22.6    Recording.  Tenant may not record this Lease or a memorandum thereof without the written consent of Landlord, which consent shall not be unreasonably withheld.  Landlord, at its option and at any time, may file this Lease for record with the Recorder of the County in which the Building is located.

22.7    Partial Invalidity.  If any provision of this Lease or the application thereof to any person or circumstance shall to any extent be invalid, the remainder of this Lease or the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby and each provision of this Lease shall be valid and enforced to the fullest extent permitted by law.

22.8    Broker’s Commissions.  Tenant represents and warrants that, except for Cresa Salt Lake City (“Tenant’s Broker”), there are no claims for brokerage commissions or finder’s fees in connection with this Lease and agrees to indemnify Landlord against and hold it harmless from all liabilities arising from such claims, including any attorneys’ fees connected therewith.  Landlord agrees to pay Tenant’s Broker a commission pursuant to a separate agreement between Landlord and Tenant’s Broker.

22.9    Tenant Defined; Use of Pronouns.  The word “Tenant” shall be deemed and taken to mean each and every person or party executing this document as a Tenant herein.  If there is more than one person or organization set forth on the signature line as Tenant, their liability hereunder shall be joint and several.  If there is more than one Tenant, any notice required or permitted by the terms of this Lease may be given by or to 

43

any one thereof, and shall have the same force and effect as if given by or to all thereof.  The use of the neuter singular pronoun to refer to Landlord or Tenant shall be deemed a proper reference even though Landlord or Tenant may be an individual, a partnership, a corporation, or a group of two or more individuals or corporations.  The necessary grammatical changes required to make the provisions of this Lease apply in the plural sense where there is more than one Landlord or Tenant and to corporations, associations, partnerships, or individuals, males or females, shall in all instances be assumed as though in each case fully expressed.

22.10    Provisions Binding, Etc.      Except as otherwise expressly set forth herein including, specifically and without limitation, Section 9, all provisions herein shall be binding upon and shall inure to the benefit of the parties, their legal representative, heirs, successors, and assigns.  Each provision to be performed by Tenant shall be construed to be both a covenant and a condition, and if there shall be more than one Tenant, they shall all be bound, jointly and severally, by such provisions.  In the event of any sale or assignment (except for purposes of security or collateral) by Landlord of the Building, the Leased Premises or this Lease, Landlord shall, from and after the Commencement Date (irrespective of when such sale or assignment occurs), be entirely relieved of all of its obligations hereunder upon assumption by the transferee of Landlord’s obligations under this Lease from and after the date of such transfer.  Nothing set forth herein shall require Landlord to obtain Tenant’s consent to any assignment, transfer or other encumbrance of any of Landlord’s interest in the Property, the Leased Premises, the Improvements or the Common Areas.

22.11    Entire Agreement, Etc.   This Lease and the Exhibits, Riders, and/or Addenda, if any, attached hereto, constitute the entire agreement between the parties.  Any guaranty attached hereto is an integral part of this Lease and constitutes consideration given to Landlord to enter in this Lease.  Any prior conversations or writings are merged herein and extinguished.  No subsequent amendment to this Lease shall be binding upon Landlord or Tenant unless reduced to writing and signed.  Submission of this Lease for examination does not constitute an option for the Leased Premises and becomes effective as a lease only upon execution and delivery thereof by Landlord to Tenant.  If any provision contained in the rider or addenda is inconsistent with a provision in the body of this Lease, the provision contained in said rider or addenda shall control.  It is hereby agreed that this Lease contains no restrictive covenants or exclusives in favor of Tenant.  The captions and Section numbers appearing herein are inserted only as a matter of convenience and are not intended to define, limit, construe, or describe the scope or intent of any Section or paragraph.

22.12    Governing Law.  The interpretation of this Lease shall be governed by the laws of the State of Utah.  Tenant hereby expressly and irrevocably agrees that Landlord may bring any action or claim to enforce the provisions of this Lease in the State of Utah, County of Salt Lake, and Tenant irrevocably consents to personal jurisdiction in the State of Utah for the purposes of any such action or claim.  Tenant further irrevocably consents 

44

to service of process in accordance with the provisions of the laws of the State of Utah.  Nothing herein shall be deemed to preclude or prevent Landlord from bringing any action or claim to enforce the provisions of this Lease in any other appropriate place or forum. 

22.13    Recourse by Tenant.  Anything in this Lease to the contrary notwithstanding, Tenant agrees that it shall look solely to the estate and property of Landlord in the land, Building and Improvements thereto, and subject to prior rights of any mortgagee, for the collection of any judgment (or other judicial process) requiring the payment of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants, and conditions of this Lease to be observed and/or performed by Landlord, and no other assets of Landlord or any of its partners, shareholders, successors, or assigns shall be subject to levy, execution, or other procedures for the satisfaction of Tenant’s remedies.

22.14    Rules and Regulations.  Tenant and the Tenants Related Parties shall faithfully observe and comply with all of the rules and regulations set forth on the attached Exhibit “G”, and Landlord may from time to time reasonably amend, modify or make additions to or deletions from such rules and regulations, provided, such modifications shall not materially adversely affect Tenant’s rights under this Lease.  Such amendments, modifications, additions and deletions shall be effective on thirty (30) days’ prior written notice to Tenant.  On any breach of any of such rules and regulations, Landlord may exercise any or all of the remedies provided in this Lease on a default by Tenant under this Lease and may, in addition, exercise any remedies available at law or in equity including the right to enjoin any breach of such rules and regulations.  Landlord shall not be responsible to Tenant for the failure of any other tenant or person to observe any such rules and regulations.

22.15    Tenant’s Representations and Warranties.  Tenant represents and warrants to Landlord as follows:

(a)    Tenant is duly organized and validly existing under the laws of the state of its formation and has full power and authority to enter into this Lease, without the consent, joinder or approval of any other person or entity, including, without limitation, any mortgagee(s).  This Lease has been validly executed and delivered by Tenant and constitutes the legal, valid and binding obligations of Tenant, enforceable against Tenant in accordance with its terms.

(b)    Tenant is not a party to any agreement or litigation which could adversely affect the ability of Tenant to perform its obligations under this Lease or which would constitute a default on the part of Tenant under this Lease, or otherwise materially adversely affect Landlord’s rights or entitlements under this Lease.

22.15    No Construction Against Preparer.    This Lease has been prepared by Landlord and its professional advisors and reviewed by Tenant and its professional 

45

advisors.  Landlord, Tenant and their separate advisors believe that this Lease is the product of their joint efforts, that it expresses their agreement, and that it should not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant merely because of their efforts in its preparation.

22.16    Number and Gender.   The terms “Landlord” and “Tenant,” wherever used herein, shall be applicable to one or more persons or entities, as the case may be, and the singular shall include the plural and the neuter shall include the masculine and feminine and, if there be more than one person or entity with respect to either party, the obligations hereof of such party shall be joint and several.

22.17    Counterparts.  This Lease may be executed and delivered in counterparts for the convenience of the parties, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same agreement.

22.18    Waiver of Trial by Jury.    Landlord and Tenant hereby waive trial by jury in any action, proceeding or counterclaim brought by either against the other, upon any matters whatsoever arising out of or in any way connected with this Lease, Tenant’s use or occupancy of the Leased Premises, and/or any claim of injury or damage.

22.19    Merger.  If both Landlord’s and Tenant’s estates in the Leased Premises have both become vested in the same owner, this Lease shall nevertheless not be terminated by application of a doctrine of merger unless agreed in writing by Landlord, Tenant and any holder of a Mortgage.

22.20    No Right to Relocate.  Landlord shall have no right to relocate Tenant from the Leased Premises or otherwise within the Property during the Term of the Lease (including any extensions or expansions).

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

46

IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease on the date first set forth above. 

		
	LANDLORD:
	BG SCENIC POINT OFFICE 2 L.C., a Utah limited liability company

		
	By:
	___/s/ Ray Beck__________ 
Name: Ray Beck 
Title:  Manager

[signatures continue on next page]

47

		
	TENANT:
	HEALTHEQUITY, INC., a Delaware corporation

By:    /s/ Darcy Mott    
Its:    EVP and Chief Financial Officer     
 

48

EXHIBIT “A”

LEGAL DESCRIPTION OF PROPERTY

B-1

EXHIBIT “A-1”

SITE PLAN OF PROPERTY

B-1

EXHIBIT “B”

PLANS OF LEASED PREMISES

EXHIBIT “B” TO BE PROVIDED FOLLOWING COMPLETION OF ARCHITECTURAL CONCEPTUAL DRAWINGS.

B-2

EXHIBIT “C”

WORK LETTER

CONSTRUCTION AND/OR FINISHING OF  
IMPROVEMENTS TO LEASED PREMISES

C-1

EXHIBIT “D”

ACKNOWLEDGMENT OF COMMENCEMENT DATE
 AND TENANT ESTOPPEL CERTIFICATE

TO:                        DATE:

RE:     
           
           
           

Gentlemen:

The undersigned, as Tenant, has been advised that the Lease has been or will be assigned to you as a result of your financing of the above‐referenced property, and as an inducement therefor hereby confirms the following:

		
	1.
	That it has accepted possession and is in full occupancy of the Leased Premises, that the Lease is in full force and effect, that Tenant has received no notice of any default of any of its obligations under the Lease, and that the Lease Commencement Date is _______________________________________.

		
	2.
	That the improvements and space required to be furnished according to the Lease have been completed and paid for in all respects, and that to the best of its knowledge, Landlord has fulfilled all of its duties under the terms, covenants and obligations of the Lease and is not currently in default thereunder.

		
	3.
	That the Lease has not been modified, altered, or amended, and represents the entire agreement of the parties, except as follows:

__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________

		
	4.
	That no default, and no event which with the giving of notice or passage of time or both would constitute a default has occurred and is continuing.  That there are 

D-1

no offsets, counterclaims or credits against rentals, nor have rentals been prepaid or forgiven, except as provided by the terms of the Lease.

		
	5.
	That said rental payments commenced or will commence to accrue on _____________, and the Lease term expires ___________________________.  The amount of the security deposit and all other deposits paid to Landlord is $__________________.

		
	6.
	That Tenant has no actual notice of a prior assignment, hypothecation or pledge of rents of the Lease, except:  __________________________________________  _________________________________________________________________________________________________.

		
	7.
	That this letter shall inure to your benefit and to the benefit of your successors and assigns, and shall be binding upon Tenant and Tenant’s heirs, personal representatives, successors and assigns.  This letter shall not be deemed to alter or modify any of the terms, covenants or obligations of the Lease.

The above statements are made with the understanding that you will rely on them in connection with the purchase of the above‐referenced property. 

Very truly yours,

_________________________________________

Date of Signature: _____________    By: ______________________________________

D-2

EXHIBIT “E”

FIRST AMENDMENT TO LEASE AGREEMENT

This First Amendment to Lease Agreement (this “Amendment”) is made and entered into as of this [____] day of [_______], by and between BG SCENIC POINT OFFICE 2, L.C. (the “Landlord”), and HEALTHEQUITY, INC. (the “Tenant”).

RECITALS
WHERAS, on May____, 2015, Landlord and Tenant entered into that certain Lease Agreement (the “Lease”) pursuant to which Landlord agreed to lease to Tenant, and Tenant agreed to lease from Tenant, the Leased Premises (as defined in the Lease).  Capitalized terms used but not defined herein shall have their respective meanings set forth in the Lease.

WHEREAS, in accordance with Section 2.5 of the Lease, Landlord and Tenant agreed to enter into this Amendment.

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agrees as follows:

AGREEMENT

1.Amendment to Section 2.2.  Section 2.2 of the Lease is hereby deleted in its entirety and replaced with the following:

“2.2    Commencement Date.  The term of this Lease shall commence on [_________________] (the “Commencement Date”).

2.Any and all other terms and provisions of the Lease are hereby amended and modified wherever necessary, and even though not specifically addressed herein, so as to conform to the amendments set forth in the preceding paragraph. Except as expressly modified and amended hereby, all other terms and conditions of the Lease shall continue in full force and effect. 
3.This Amendment contains the entire understanding of Tenant and Landlord and supersedes all prior oral or written understandings relating to the subject matter set forth herein.
4.This Amendment may be executed in counterparts each of which shall be deemed an original.  An executed counterpart of this Amendment transmitted by facsimile shall be equally as effective as a manually executed counterpart.

E-1

5.This Amendment shall inure for the benefit of and shall be binding on each of the parties hereto and their respective successors and/or assigns.
6.Each individual executing this Amendment does thereby represent and warrant to each other person so signing (and to each other entity for which such other person may be signing) that he or she has been duly authorized to deliver this Amendment in the capacity and for the entity set forth where she or he signs.
[SIGNATURE PAGE FOLLOWS]

E-2

IN WITNESS WHEREOF, Landlord and Tenant have entered into this Amendment as of the date first set forth above.

		
	LANDLORD:
	BG SCENIC POINT OFFICE 2 L.C., a Utah limited liability company

		
	By:
	_______________________ 
Name: 
Title:  Manager

By:     
    
Its:        

		
	TENANT:
	HEALTHEQUITY, INC., a Delaware corporation

By:        
Its:        

E-3

EXHIBIT “F”

BUILDING STANDARD FINISHES

Landlord shall provide the Base Building at Landlord’s sole cost. Base Building shall generally be defined to include all core and shell elements of the Building, elevator systems and finished elevator cabs, all toilet/washrooms and the building’s main entry lobby(s) and all elevator lobbies, all of which shall be constructed and finished to standards in-line with new Class-A buildings in the Salt Lake City Metropolitan area (specific finishes to be determined).  In the case of Tenant’s elevator lobbies, Tenant may elect to improve those areas in accordance with their overall design plan for the floor, in which event Landlord will contribute the amount Landlord would have otherwise spent improving the 2nd and 3rd floor elevator lobbies to Tenant’s Tenant Improvement Allowance.  The Base Building shall include fire exit stairways, electrical risers, telephone risers, plumbing risers, the main fire sprinkler systems (less head drops), the building mechanical/HVAC systems including the main air handling loop  and controls, the main electrical service and distribution to all floors of the building, janitorial closets, telephone closets, and electrical closets. All Base building improvements shall be performed prior to or in concurrence with the Tenant Improvements as follows:

GENERAL REQUIREMENTS
		
	•
	Architectural, civil, structural, mechanical, and electrical engineering as necessary to provide construction documents for the Shell Building is included.   The documents will be prepared by architects and engineers registered in the State of Utah and will be adequate for the purposes of obtaining building permits and defining the scope of work for the project.

		
	•
	The project will be designed in accordance with all applicable codes, regulations, ordinances, standards and design guidelines.

		
	•
	Fees for all required building permits, impact fees, etc. from state and/or local governing authorities are included, other than impact fees and fees payable by Tenant for the construction of its improvements.

		
	•
	The required utility connection fees from the local governing authorities are included.

		
	•
	The following pre-design services are included in the project cost:

Geo-technical investigation - Additional bores for building pad areas
Phase I Environmental Assessment
Site and building as-built survey
		
	•
	Temporary utilities, signage, and field office will be provided throughout construction.

		
	•
	Concrete and soil testing, and structural inspection will be provided throughout the course of the project to ensure quality performance of the earthwork, placement of concrete and erection of structural steel and/or concrete as applicable.

A.  SHELL BUILDING
		
	1.
	Size:  The new building will consist of a 3-story approximately 75,000 RSF building with floor plates of approximately 25,000 RSF, as measured in accordance with the 

F-1

standards set forth in ANSI Z65.1 1996, as promulgated by the Building Owners and Managers Association (“BOMA”).  
		
	2.
	Parking: Minimum of six (6) per 1000 RSF with a minimum of  9’ wide x 18’ long spaces; Landlord may reduce up to ten percent (10%) of the size of the stalls to 8.5’ wide by 16’ long.

3.    Minimum 9’ AFF office ceiling height
4.    Elevators: Assume stainless steel cab finishes at all elevators
5.    Restrooms:
		
	a.
	The toilet/washrooms rooms shall include the following minimum number of fixtures: Woman’s to have 5 toilets and 3 wash basins.  Men’s to have 2 urinals, 3 toilets and 3 wash basins.  Additional fixtures required by Tenant will be provided under the Tenant Improvement Allowance

		
	6.
	Stairwells: Provide concrete-filled pan stairs with metal structure (or equivalent) per code egress widths including railings – paint to match Tenant color palette

7.    Concrete or Steel Structure
		
	a.
	Assume 80 psf Live Load in Office areas in addition to 20 psf for Furniture and Partition Loads

		
	b.
	Floor Finish & Floor Level requirements typical of industry practices per type of structure, coordinated to accommodate expected finishes.  While minor cracking will occur, deflection tolerances should be maintained that ensures on-going spalling of finishes does not occur.

8.    Exterior Wall Construction:
		
	a.
	Glazing – minimum of 50% Surface Area consisting of 1” insulated, thermally broken, low-E glazing system 

Glazing-50%, EIFS -50%, stone- 0%
		
	b.
	Insulation – per applicable Building & Energy Code requirements in the area

		
	c.
	Curtainwall Glazing Systems may be utilized in limited areas of the building (i.e. - Lobby, Perimeter Stairwells, etc.) as identified in the design

		
	d.
	Architectural screening of rooftop mechanical units should consist with overall skin of the building

The above may be changed subject to Tenant approving the proposed building design.

9.    Roofing
		
	a.
	Membrane roofing should have a minimum 10 year warranty per FM requirements for the Area and include roof walkpads as necessary to service MEP equipment

		
	10.
	Mechanical -The HVAC system is an ultra-high efficiency VRF system. Base Building cost includes compressors, dedicated outdoor air unit, primary duct loop, energy recovery units and branch controller units to all floors. Tenant Improvement Allowance will include Tenant-area ducting, refrigerant and condensate piping, fan coil boxes, and controls in the Leased Premises. 

		
	a.
	Complete HVAC systems servicing all common areas of the Building (including, restrooms and elevator lobbies on Tenant’s floors) will be provided as part of the Base Building.

F-2

11.    Plumbing
		
	a.
	Provide all domestic water (hot and cold), sanitary and venting to all common areas extended to each floor (as necessary) with two points of access for same on each Tenant floor.

		
	b.
	Provide hot water for common area restrooms and janitor closets

		
	c.
	All roof drains will be routed internally along the exterior wall and connected to an underground storm water system

12.    Fire Protection
		
	a.
	Provide all fire protection/sprinkler/fire alarms as required by life safety codes and local jurisdictions

		
	b.
	Provide all flow and tamper switches required by code or local jurisdiction.

		
	c.
	Provide fire pump (if required) by local jurisdiction

13.    Electrical
		
	a.
	Electrical load – minimum of 4.5 watts per rentable square footage connected load for Tenants use - exclusive of the HVAC system.  Electrical to include: switchgear, transformers and 208v/277v and 120v boards (20amp circuits) to accommodate estimated capacity requirements.

		
	b.
	Landlord to provide emergency backup generator as required for life safety requirements associated with the buildings with a minimum capacity of 150 KW, 480V, Three Phase.  If Tenant elects to upsize the generator, it may apply the $40k core/shell generator cost to the cost of the new upsized generator.  Landlord shall provide a concrete pad and enclosure for said generator, as well as the conduits necessary to tie the generator to the electrical systems. Any additional generator needs will be in the Tenant Improvement Allowance.

		
	c.
	Lighting - Preferences on types of lighting is T8 with further energy savings if LED-type to be evaluated at a later date.  Tenant anticipates installing combination indirect/direct pendant fixtures.

		
	d.
	Alternative energy efficient electrical systems will be considered based on Return On Investment (ROI) thresholds

		
	e.
	Security should include card access readers at all exterior entries and exits in the Shell Building.  Tenant shall install the card-access security system at all other areas at Tenant’s sole cost and expense (Tenant may use Tenant Improvement Allowance for the same). Tenant and Landlord shall cooperate to ensure the entire security system shall be fully integrated and controlled with one access card to all areas of the building. 

14.    General Office Core & Shell Condition:
		
	a.
	Corridor Walls/Restrooms/Stairwells should have drywall installed (common area side), taped, mud and finished to receive prime paint

		
	b.
	Common Area Doors & HM Frames should be minimum 3’-0” x 7’-0” and comply with fire rating requirements.  All interior doors should be solid core stained to Tenant color palette

		
	c.
	Furnish and install main sprinkler loop. Branch piping and sprinkler heads shall be the responsibility of the Tenant.  Tenant buildout will turn down as necessary per future interior design

F-3

		
	d.
	Landlord will provide a $10,000 allowance per floor for window shades.  Costs in excess of such amounts shall be paid by Tenant.

		
	e.
	Provide restrooms compliant with ADA including ceramic tile on floors and all wet walls and assume solid surface countertops at the lavatory surfaces.

		
	f.
	Furnish and install code required common area signage

		
	g.
	Furnish and install the main loop duct above the corridors with accommodation for branch ducts and FCB’s as required in the Tenant buildout

		
	h.
	Furnish and install a fire alarm system sized to accommodate all points required for future tenant buildout

15.    Landscaping for the Building(s) and any exterior common areas shall be included in the Base Building.

F-4

EXHIBIT “G”

RULES AND REGULATIONS

The rules and regulations set forth in this Exhibit are a part of the foregoing Lease.  Whenever the term "Tenant" is used in these rules and regulations, such term shall be deemed to include Tenant and the Tenant Related Parties.  The following rules and regulations may from time to time be modified by Landlord in the manner set forth in the Lease, provided that such modifications shall not materially adversely affect Tenant’s rights under the Lease.  These rules are in addition to those set forth in any restrictions of record prior to Landlord and Tenant entering into the Lease and Tenant shall be subject to all such rules and regulations set forth in such restrictions of record. The terms capitalized in this Exhibit shall have the same meaning as set forth in the Lease.

1.Tenant shall have the right to non-exclusive use in common with Landlord, other tenants and their occupants of the parking areas, driveways, sidewalks and access points of the Property, subject to reasonable rules and regulations prescribed from time to time by Landlord.  

2.Tenant shall not obstruct the sidewalks or use the sidewalks in any way other than as a means of pedestrian passage to and from the offices of Tenant.  Tenant shall not obstruct the driveways, parking areas or access to and from the Property or individual tenant parking spaces.  Any vehicle so obstructing and belonging to Tenant may be towed by Landlord, at Tenant's sole cost and expense.

3.Tenant shall not bring into, or store, test or use any materials in, the Building which could cause fire or an explosion, fumes, vapor or odor unless explicitly authorized by the terms of the Lease.

4.Tenant shall not do, or permit anything to be done in or about the Leased Premises, or keep or bring anything into the Leased Premises, which will in any way increase the rate of insurance cost for the Property.  Unless explicitly provided for in the Lease, Tenant shall not bring, use, store, generate, dispose or allow combustible, flammable or hazardous materials on the Property or the Leased Premises.

5.Tenant shall immediately pay for any damage caused during moving of Tenant's property in or out of the Leased Premises.

6.No repair or maintenance of vehicles, either corporate or private, shall be performed on or about the Property.

7.No outside storage of company or personal property, vehicles or boats in or about the Leased Premises is permitted.  This includes, without limitation, transportation and storage items such as automobiles, trucks, trailers, boats, pallets, debris, trash or litter.

G-1

8.Except as provided in Section 7.1(e) of the Lease, no additional lock or locks shall be placed by Tenant on any door in the Building, without prior written consent of Landlord, Tenant shall not change any locks.  All keys to doors shall be returned to Landlord at the termination of the tenancy, and in the event of loss of keys furnished, Tenant shall pay Landlord the cost of replacement.

9.The Leased Premises shall not be used for lodging or sleeping purposes.  No immoral or unlawful purpose is allowed on the Property or in or about the Leased Premises.  Vending machines for the use of Tenant's employees only are permitted.  Tenant may have delivered for use on the Leased Premises ice, drinking water, food, beverage, towel or other similar services.

10.Landlord shall have the right to control and operate the common areas of the Property, as well as the facilities and areas furnished for the common use of the tenants in such manner as Landlord deems best for the benefit of the tenants and the Property generally, considered as a first class institutional facility.

11.No animals or birds of any kind shall be brought into or kept in or about the Leased Premises, except for guide dogs for vision or hearing impaired persons and other certified service animals.

12.Bicycles are permitted within the Building in areas designated from time to time by Landlord for such purposes.

13.Canvassing, soliciting, distribution of handbills or any other written materials or peddling on or about the Property are prohibited, and Tenant shall cooperate to prevent the same.

14.Tenant shall not throw any substance, debris, litter or trash of any kind out of the windows or doors of the Building, and will use only designated areas for proper disposal of these materials.

15.Waterclosets and urinals shall not used for any purpose other than those for which they are constructed, and no sweepings, rubbish, ashes, newspaper, coffee grounds or any other substances of any kind shall be thrown into them.

16.Waste and excessive or unusual use of water is prohibited without the prior written consent of Landlord.

17.Tenant shall not penetrate the walls or roof of the Building and shall not attach any equipment or antenna to the roof or exterior of the Building without Landlord's prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.  Tenant shall not step onto the roof of the Building for any reason.  No television, radio or other audiovisual medium shall be played in such manner as to cause a nuisance to other tenants or persons using the common areas.

18.Landlord shall not be responsible for lost, stolen or damaged personal property, equipment, money, merchandise or any article from the Leased Premises or the common areas regardless of whether or not the theft, loss or damage occurs when the Leased Premises are locked.

G-2

19.Landlord reserves the right to expel from the Property anyone who in Landlord's reasonable judgment is intoxicated or under the influence of alcohol, drugs or other substance, or who is in violation of the rules and regulations of the Property.

20.Landlord shall have the right, exercisable without notice and without liability to Tenant, to change the name or street address of the Building or the Property.

21.These rules and regulations are in addition to, and shall not be construed to in any way modify, alter or amend, in whole or in part, the terms, covenants, agreements and conditions of the Lease.

22.Landlord may, from time to time, waive any one or more of these rules and regulations for the benefit of any particular tenant or tenants, but no such waiver by Landlord shall be construed as a waiver of such rules and regulations in favor of any other tenant or tenants, nor prevent Landlord from thereafter enforcing them against any or all of the tenants of the Property.

23.The use of the Leased Premises for business activities is to be conducted within the interior of Tenant's space to the greatest extent possible.  Extensive business activities outside Tenant's space is not permitted without the prior written consent of Landlord.

24.If a Tenant is in violation of these rules and regulations and has not corrected such violation within ten (10) days after written notice Landlord may, without forfeiting any other rights or recourses permitted under the Lease, correct the violation at Tenant's expense to include levying a $25.00 administrative charge per violation for coordinating and managing the correction of the violation.  Costs associated with Landlord's reasonable actions to correct the violation including the administrative charge will be considered additional rent as defined in the Lease.

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EXHIBIT “H”
Definition of Fair Market Value 

Fair Market Value (“FMV”) shall be defined as the then fair market NNN value of the Leased Premises as of the date of commencement of the renewal term, determined in accordance with the provisions set forth below.  The FMV of the Leased Premises shall mean the NNN rental that would be agreed to by a landlord and a new tenant, each of whom is willing, but neither of whom is compelled, to enter into the lease transaction.  The FMV shall be determined on the basis of the assumptions that the FMV shall be projected to the commencement date of the applicable renewal term.  The FMV shall not take into account any existing tenant improvements, but shall take into account the following factors:

		
	i.
	Rental for comparable premises in comparable existing and/or newly constructed (as applicable)  buildings (taking into consideration, but not limited to, use, location and/or floor level within the applicable building, definition of net gross area, building load factor/efficiency, quality, age, and location of the applicable buildings), or any special uses or rights afforded to the Tenant under the Lease in connection with the Leased Premises;

		
	ii.
	The rentable area of the Leased Premises being leased;

		
	iii.
	The length of the pertinent renewal term;

		
	iv.
	Tenant improvement allowance, rent credit, moving allowance, space planning, or similar inducements;

		
	v.
	The quality of credit worthiness of Tenant; and

		
	vi.
	The extent to which commissions are due or payable by Landlord as a result of Tenant’s exercising its option to renew this Lease.

If Landlord and Tenant are unable to agree upon the FMV within 30 days after the date of Tenant’s notice of intent to renew (“Negotiation Period”), either party may elect, by written notice delivered to the other party, to determine the FMV by appraiser opinion of value as follows.  The determination of FMV shall be determined by three independent MAI appraisers licensed in the State of Utah and selected one by the Tenant, one by the Landlord and the third appraiser being selected by the two appraisers selected by Landlord and Tenant. The appraisers shall have a minimum experience of 10 years in the Salt Lake City office market.  The appraisers selected by Tenant and Landlord shall present his/her opinion of FMV within 30 days following the Negotiation Period. In the event the two opinions of FMV are within 5% of each other in overall value than the average value will be used to determine the final terms of the lease renewal.  In the event the two opinions differ by more than 5% then the third agent shall review the opinions of value of the other original two appraisers and shall prepare a final opinion of value based on his or her assessment of the market that shall be binding on both parties. The third agent shall not be bound to pick one or the other of the opinions but may determine its opinion unrelated to the other two.  The cost of the appraiser panel shall be shared equally by Landlord and Tenant.

H-1

H-2

EXHIBIT “I”
Janitorial Services

Landlord will contract with a competent janitorial service to provide the following:

Five Days per Week:

Empty Trash and replace liners as needed.
Clean trash cans as needed.
Clean entry door glass.
Dust desks, telephones and other desk accessories, files, and counters.
Remove beverage rings and spills from desk tops.
Clean restrooms, which consist of the following tasks:

(i) Empty trash; (ii) Replace liners; (iii) Clean all horizontal surfaces with disinfectant strength germicidal cleansers (iv) Clean and sanitize sinks, toilet bowls in and out, both sides of toilet seats, urinals; (i) Clean and refill dispensers; (vi) Clean chrome and metal fittings; (vii) Clean mirrors and frames; (viii) Clean and polish brightwork; (ix) Spot clean splash areas; (x) Spot clean walls, partitions and doors to remove smudges; (xi) Damp mop floors, using disinfectant cleaner.

Clean stairways and corridors leading to stairways, which consist of the following tasks:

(i) Remove trash; (ii) Mop floors and/or vacuum carpet; (iii) Clean glass in doors, door jams, thresholds, baseboards, steps, step fronts, handrails, I-beams; (iv) Wash walls as needed.

Clean elevators, which consist of the following tasks:

(i)Vacuum daily; (ii) Keep elevator thresholds clean; (iii) Clean light covers as needed; (iv) Clean metal around buttons as needed; (v) Clean walls and doors as needed; (vi) Clean and maintain floors as needed. 

Spot wash area around light switches, doors and door frames.
Clean area around light switches, doors and door frames.
Clean drinking fountain tops, sides and fronts.
Dust, mop, damp mop, and maintain hard surface floors.
Vacuum carpets and entry mats.
Spot clean carpets to remove adhesive material, minor spots, and minor stains.
Properly position furniture.
Report any damage or unusual occurrences.
Clean janitor closet and properly store all chemicals and cleaning equipment.
Perform security procedures, which includes the following tasks:  (i) Check and lock windows and doors, (ii) Leave on designated lights
Services Once per Week:

Dust ledges and sills, picture frames and wall hangings, open area of bookshelves.
Clean outside of flowerpots and furnishings.
Completely clean out and sanitize all refrigerators.
Mop boards/base trim.
Knock down cobwebs.
Vacuum and edge all carpet.

Services Once per Month:

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Dust chair legs and rungs, blinds, and sides of desks and files.
Dust all light fixtures.
Vacuum drapes as they hang on rod (do not remove drapes).
Damp mop stairwells.
Dust all desktops.
Dust all horizontal surfaces, shelves, molding, and air ducts.
Clean coat racks, chairs, cupboard fronts, bookcases, tables, files, countertops, etc. 
Completely clean out and sanitize all freezers.
Clean lights, vents, directional signs and glass on doors.
High dusting, which includes dusting light fixtures, air vents and grills.

Window Cleaning:

Bi-annual service on inside and outside windows (May, October).
Clean all exterior windows and door glass inside and out.
Wipe sills clean and dry.
Knock down cobwebs from around windows and frames

Extra Cleaning Costs to the Tenant:

For special cleaning services required by Tenant and not covered in the Lease, Tenant will have the right to solicit desired extraordinary services from the existing cleaning contractor at its own expense, i.e., day porter service, cleaning of upholstery, carpet cleaning, vinyl floor stripping, waxing and polishing, cleaning of artwork and displays, etc.  Tenant required cleaning will be paid by Tenant as the Tenant requests this service.

Miscellaneous

The main lobby area and entryways into the building will be maintained in keeping with a “Class A” Office Building on a daily basis (Monday through Friday).  Landscaping areas will be maintained and manicured as is appropriate for the particular growing season.

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EXHIBIT “J”

FORM OF SNDA

SUBORDINATION AGREEMENT, ACKNOWLEDGMENT OF LEASE ASSIGNMENT, ESTOPPEL, ATTORNMENT AND NON-DISTURBANCE AGREEMENT
(Lease to Security Instrument)

NOTICE:    THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.

THIS SUBORDINATION AGREEMENT, ACKNOWLEDGMENT OF LEASE ASSIGNMENT, ESTOPPEL, ATTORNMENT AND NON-DISTURBANCE AGREEMENT (“Agreement”) is made [_____________] by and among [_____________], owners of the real property hereinafter described (“Mortgagor”), [_____________] (“Tenant”) and [_____________] (collectively with its successors or assigns, “Lender”).

R E C I T A L S

A.    Pursuant to the terms and provisions of a lease dated [_____________] (“Lease”), Mortgagor granted to Tenant a leasehold estate in and to a portion of the property described on Exhibit A attached hereto and incorporated herein by this reference (which property, together with all improvements now or hereafter located on the property, is defined as the “Property”).

B.    Mortgagor has executed, or proposes to execute, that certain [Deed of Trust, Assignment, Security Agreement and Fixture Filing] (“Deed of Trust”) (hereinafter referred to as “Security Instrument”) securing, among other things, that certain Promissory Note in favor of Lender (“Loan”).  

C.    As a condition to Lender making the Loan secured by the Security Instrument, Lender requires that the Security Instrument be unconditionally and at all times remain a lien on the Property, prior and superior to all the rights of Tenant under the Lease and that the Tenant specifically and unconditionally subordinate the Lease to the lien of the Security Instrument. 

D.    Mortgagor and Tenant have agreed to the subordination, attornment and other agreements herein in favor of Lender.

NOW THEREFORE, for valuable consideration and to induce Lender to make the Loan, Mortgagor and Tenant hereby agree for the benefit of Lender as follows:

		
	1.
	SUBORDINATION.  Mortgagor and Tenant hereby agree that:

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	1.1
	Prior Lien.  The Security Instrument securing the Note in favor of Lender, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;

		
	1.2
	Subordination.  Lender would not make the Loan without this agreement to subordinate; and

		
	1.3
	Whole Agreement.  This Agreement shall be the whole agreement and only agreement with regard to the subordination of the Lease to the lien of the Security Instrument and shall supersede and cancel, but only insofar as would affect the priority between the Security Instrument and the Lease, any prior agreements as to such subordination, including, without limitation, those provisions, if any, contained in the Lease which provide for the subordination of the Lease to a deed or deeds of trust or to a mortgage or mortgages. 

AND FURTHER, Tenant individually declares, agrees and acknowledges for the benefit of Lender, that:

		
	1.4
	Use of Proceeds.  Lender, in making disbursements pursuant to the Note, the Security Instrument or any loan agreements with respect to the Property, is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds, and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat this agreement to subordinate in whole or in part; and

		
	1.5
	Waiver, Relinquishment and Subordination.  Tenant intentionally and unconditionally waives, relinquishes and subordinates all of Tenant's right, title and interest in and to the Property to the lien of the Security Instrument and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made by Lender and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination.

2.    ASSIGNMENT.  Tenant acknowledges and consents to the assignment of the Lease by Mortgagor in favor of Lender.

		
	3.
	ESTOPPEL.  Tenant acknowledges and represents that:

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	3.1
	Entire Agreement.  The Lease constitutes the entire agreement between Mortgagor and Tenant with respect to the Property and Tenant claims no rights with respect to the Property other than as set forth in the Lease; 

		
	3.2
	No Prepaid Rent.  No deposits or prepayments of rent have been made in connection with the Lease, except as follows (if none, state “None”):                                                          ;

		
	3.3
	No Default.  To the best of Tenant's knowledge, as of the date hereof:  (i) there exists no breach, default, or event or condition which, with the giving of notice or the passage of time or both, would constitute a breach or default under the Lease; and (ii) there are no existing claims, defenses or offsets against rental due or to become due under the Lease;

		
	3.4
	Lease Effective.  The Lease has been duly executed and delivered by Tenant and, subject to the terms and conditions thereof, the Lease is in full force and effect, the obligations of Tenant thereunder are valid and binding and there have been no [[further]] amendments, modifications or additions to the Lease, written or oral; and

		
	3.5
	No Broker Liens.  Neither Tenant nor Mortgagor has incurred any fee or commission with any real estate broker which would give rise to any lien right under state or local law, except as follows (if none, state “None”):                                                                  .

		
	4
	ADDITIONAL AGREEMENTS.  Tenant covenants and agrees that, during all such times as Lender is the Beneficiary under the Security Instrument:

I-3

		
	4.1
	Modification, Termination and Cancellation.  Lender shall not be bound by any amendment or modification to the Lease made without the prior written consent of Lender;

		
	4.2
	Notice of Default.  Tenant will notify Lender in writing concurrently with any notice given to Mortgagor of any default by Mortgagor under the Lease, and Tenant agrees that Lender has the right (but not the obligation) to cure any breach or default specified in such notice within the time periods set forth in the Lease plus an additional thirty (30) days, and Tenant will not declare a default of the Lease, as to Lender, if Lender cures such default within thirty (30) days from and after the expiration of the time period provided in the Lease for the cure thereof by Mortgagor; provided, however, that if such default, as to Lender, cannot with diligence be cured by Lender within such thirty (30) day period, the commencement of action by Lender within such thirty (30) day period to remedy the same shall be deemed sufficient so long as Lender pursues such cure with diligence. 

		
	4.3
	No Advance Rents.  Other than the payment of amounts required or permitted to be paid by Tenant under the terms of the Lease, such as prepayment of the first months’ rent, Tenant will make no payments or prepayments of rent more than one (1) month in advance of the time when the same become due under the Lease; and 

		
	4.4
	Assignment of Rents.  Mortgagor hereby advises Tenant that the Security Instrument provides for the direct payment to Lender of all rents and other monies due and to become due to Mortgagor under the Lease upon the occurrence of certain conditions as set forth in the Security Instrument without Lender's taking possession of the Property or otherwise assuming Mortgagor's position or any of Mortgagor's obligations under the Lease. After written notice is given to Tenant by Lender in form reasonably acceptable to Tenant as to authenticity, that Mortgagor has defaulted under the Security Instrument and that the rentals under the Lease should be paid to Lender, Tenant shall pay to Lender, or in accordance with the direction of Lender all rentals and other monies due and to become due to the Mortgagor under the Lease, and Mortgagor hereby expressly authorizes Tenant to make such payments as directed by Lender and hereby releases and discharges Tenant of, and from any liability to Mortgagor on account of any such payments. Tenant shall have no responsibility to ascertain whether such demand by Lender is permitted under the Security Instrument. Furthermore, in connection with the aforesaid, and notwithstanding anything to the contrary contained elsewhere, Mortgagor, its successor and/or assigns hereby agree to indemnify and hold harmless Tenant against any expenses, claims, losses, or damages incurred by Tenant resulting from or arising out of claims by Mortgagor, it successors or assigns that such rental payments should not have been, or cannot be, made to Lender or the like.. 

5    ATTORNMENT.  In the event Lender comes into possession of or acquires title to all or any portion of the Property as a result of foreclosure or other enforcement of the Security Instrument, or as a result of any other means, Lender agrees to recognize Tenant's possession of the Property 

I-4

and Tenant agrees to attorn to and accept Lender as landlord under the Lease for the balance then remaining of the term of the Lease, subject to all of the terms and conditions of the Lease. Upon any attornment under this Paragraph 5, the Lease shall continue in full force and effect as a direct lease between Tenant and Lender and Lender will assume and perform all of Mortgagor 's obligations under the Lease and in such event Tenant agrees for the benefit of Lender (including, without limitation, for this purpose any transferee of Lender or any transferee of Mortgagor ‘s title in and to the Property by Lender's exercise of remedies (including, without limitation, foreclosure) under the Security Instrument) as follows:

		
	5.1
	Payment of Rent.  Tenant shall pay to Lender all rental payments required to be made by Tenant pursuant to the terms of the Lease for the duration of the term of the Lease;

		
	5.2
	Continuation of Performance.  Tenant shall be bound to Lender in accordance with all of the provisions of the Lease for the balance of the term thereof, and Tenant hereby attorns to Lender as its landlord, such attornment to be effective and self-operative without the execution of any further instrument immediately upon Lender succeeding to Mortgagor's interest in the Lease and giving written notice thereof to Tenant;

		
	5.3
	No Offset. Lender shall not be liable for, nor subject to, any offsets or defenses which Tenant may have by reason of any act or omission of Borrower under the Lease, nor for the return of any sums which Tenant may have paid to Borrower under the Lease as and for security deposits, advance rentals or otherwise, except to the extent that such sums are actually delivered by Borrower to Lender; and

		
	5.4
	Subsequent Transfer.  If Lender, by succeeding to the interest of Mortgagor under the Lease, should become obligated to perform the covenants of Mortgagor thereunder, then, upon any further transfer of Mortgagor's interest by Lender to an assignee that assumes such obligations in writing from and after the date of such transfer, all of such obligations shall terminate as to Lender from and after the date of such transfer.

		
	6.
	NON-DISTURBANCE.  In the event of a foreclosure under the Security Instrument, deed in lieu of foreclosure or other exercise of rights under the Security Instrument, Lender agrees for itself and its successors and assigns that the leasehold interest of Tenant under the Lease shall not be extinguished or terminated by reason of such foreclosure, but rather the Lease shall continue in full force and effect and Lender shall recognize and accept Tenant as tenant under the Lease subject to the terms and provisions of the Lease except as modified by this Agreement; provided, however, that Tenant and Lender agree that the following provisions of the Lease (if any) shall not be binding on Lender:  any option to purchase with respect to the Property; any right of first refusal with respect to the Property; it being understood that any and all rights that Tenant may have to extend the term of the Lease shall be binding upon Lender.

		
	7.
	MISCELLANEOUS. 

I-5

		
	7.1
	Remedies Cumulative.  All rights of Lender herein to collect rental payments on behalf of Mortgagor under the Lease are cumulative and shall be in addition to any and all other rights and remedies provided by law and by other agreements between Lender and Mortgagor or others. 

		
	7.2
	Notices.  All notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth below (subject to change from time to time by written notice to all other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal Service mail, postage prepaid, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid, except that notice of Default may be sent by certified mail, return receipt requested, charges prepaid.  Notices so sent shall be effective three (3) days after mailing, if mailed by first class mail, and otherwise upon delivery or refusal; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.  For purposes of notice, the address of the parties shall be:

	
		
	Mortgagor:

With a copy to:
	[__________________]
[__________________]
[__________________]
[__________________]

[__________________]
[__________________]
[__________________]
[__________________]

	
		
	Tenant:
	__________________________
__________________________
__________________________
Attn: ______________________

I-6

	
		
	Lender:
	[__________________]
[__________________]
[__________________]
[__________________]

	With a copy to:
	[__________________]
[__________________]
[__________________]
[__________________]

Any party shall have the right to change its address for notice hereunder to any other location within the continental United States by the giving of thirty (30) days’ notice to the other party in the manner set forth hereinabove.

		
	7.3
	Heirs, Successors and Assigns.  Except as otherwise expressly provided under the terms and conditions herein, the terms of this Agreement shall bind and inure to the benefit of the heirs, executors, administrators, nominees, successors and assigns of the parties hereto.

		
	7.4
	Headings.  All article, section or other headings appearing in this Agreement are for convenience of reference only and shall be disregarded in construing this Agreement.

		
	7.5
	Counterparts.  To facilitate execution, this document may be executed in as many counterparts as may be convenient or required.  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.  Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 

		
	7.6
	Exhibits, Schedules and Riders.  All exhibits, schedules, riders and other items attached hereto are incorporated into this Agreement by such attachment for all purposes.

[Remainder of Page Intentionally Left Blank]
[Signature Page Follows]

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4848-1739-7795, v.  6

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