Document:

Exhibit 4.1

 

INDENTURE

 

3.625% Senior Notes Due 2028

 

among

 

BLACK KNIGHT INFOSERV, LLC,

 

as the Issuer,

 

THE GUARANTORS PARTY HERETO

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

Dated August 26, 2020

 

    

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	 	 	 
	Section 1.01	 	Definitions	 	1
	Section 1.02	 	Other Definitions	 	32
	Section 1.03	 	Rules of Construction	 	32
	Section 1.04	 	Acts of Holders	 	33
	 	 	 	 	 
	Article II THE NOTES	 	35
	 	 	 
	Section 2.01	 	Form and Dating; Terms	 	35
	Section 2.02	 	Execution and Authentication	 	36
	Section 2.03	 	Registrar and Paying Agent	 	36
	Section 2.04	 	Paying Agent to Hold Money in Trust	 	37
	Section 2.05	 	Holder Lists	 	37
	Section 2.06	 	Transfer and Exchange	 	37
	Section 2.07	 	Replacement Notes	 	48
	Section 2.08	 	Outstanding Notes	 	48
	Section 2.09	 	Treasury Notes	 	49
	Section 2.10	 	Temporary Notes	 	49
	Section 2.11	 	Cancellation	 	49
	Section 2.12	 	Defaulted Interest	 	50
	Section 2.13	 	CUSIP/ISIN Numbers	 	50
	 	 	 	 	 
	Article III REDEMPTION	 	50
	 	 	 
	Section 3.01	 	Notices to Trustee	 	50
	Section 3.02	 	Selection of Notes to Be Redeemed or Purchased	 	51
	Section 3.03	 	Notice of Redemption	 	51
	Section 3.04	 	Effect of Notice of Redemption	 	52
	Section 3.05	 	Deposit of Redemption or Repurchase Price	 	52
	Section 3.06	 	Notes Redeemed or Purchased in Part	 	53
	Section 3.07	 	Optional Redemption	 	53
	Section 3.08	 	Mandatory Redemption	 	54
	Section 3.09	 	Special Mandatory Redemption	 	54
	 	 	 	 	 
	Article IV COVENANTS	 	55
	 	 	 
	Section 4.01	 	Payment of Notes	 	55
	Section 4.02	 	Maintenance of Office or Agency	 	56
	Section 4.03	 	Reports and Other Information	 	56
	Section 4.04	 	Compliance Certificate	 	57
	Section 4.05	 	Taxes	 	58
	Section 4.06	 	Stay, Extension and Usury Laws	 	58

 

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	Section 4.07	 	Liens	 	58
	Section 4.08	 	Corporate Existence	 	59
	Section 4.09	 	Offer to Repurchase Upon Change of Control Triggering Event	 	60
	Section 4.10	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	 	62
	Section 4.11	 	Suspension of Certain Covenants	 	63
	Section 4.12	 	Financial Calculations for Limited Condition Transaction	 	63
	 	 	 	 	 
	Article V SUCCESSORS	 	65
	 	 	 
	Section 5.01	 	Merger, Consolidation or Sale of All or Substantially All Assets	 	65
	Section 5.02	 	Successor Substituted	 	67
	 	 	 	 	 
	Article VI DEFAULTS AND REMEDIES	 	68
	 	 	 
	Section 6.01	 	Events of Default	 	68
	Section 6.02	 	Acceleration	 	70
	Section 6.03	 	Other Remedies	 	70
	Section 6.04	 	Waiver of Defaults	 	70
	Section 6.05	 	Control by Majority	 	71
	Section 6.06	 	Limitation on Suits	 	71
	Section 6.07	 	Rights of Holders of Notes to Receive Payment	 	71
	Section 6.08	 	Collection Suit by Trustee	 	71
	Section 6.09	 	Restoration of Rights and Remedies	 	72
	Section 6.10	 	Rights and Remedies Cumulative	 	72
	Section 6.11	 	Delay or Omission Not Waiver	 	72
	Section 6.12	 	Trustee May File Proofs of Claim	 	72
	Section 6.13	 	Priorities	 	73
	Section 6.14	 	Undertaking for Costs	 	73
	 	 	 	 	 
	Article VII TRUSTEE	 	73
	 	 	 
	Section 7.01	 	Duties of Trustee	 	73
	Section 7.02	 	Rights of Trustee	 	75
	Section 7.03	 	Individual Rights of Trustee	 	76
	Section 7.04	 	Trustee’s Disclaimer	 	76
	Section 7.05	 	Notice of Defaults	 	76
	Section 7.06	 	Compensation and Indemnity	 	77
	Section 7.07	 	Replacement of Trustee	 	77
	Section 7.08	 	Successor Trustee by Merger, etc.	 	78
	Section 7.09	 	Eligibility; Disqualification	 	79
	 	 	 	 	 
	Article VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 	79
	 	 	 
	Section 8.01	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	79
	Section 8.02	 	Legal Defeasance and Discharge	 	79
	Section 8.03	 	Covenant Defeasance	 	80
	Section 8.04	 	Conditions to Legal or Covenant Defeasance	 	80

 

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	Section 8.05	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	 	81
	Section 8.06	 	Repayment to Issuer	 	82
	Section 8.07	 	Reinstatement	 	82
	 	 	 	 	 
	Article IX AMENDMENT, SUPPLEMENT AND WAIVER	 	83
	 	 	 
	Section 9.01	 	Without Consent of Holders of Notes	 	83
	Section 9.02	 	With Consent of Holders of Notes	 	84
	Section 9.03	 	Revocation and Effect of Consents	 	86
	Section 9.04	 	Notation on or Exchange of Notes	 	86
	Section 9.05	 	Trustee to Sign Amendments, etc.	 	86
	 	 	 	 	 
	Article X GUARANTEES	 	86
	 	 	 
	Section 10.01	 	Guarantee	 	86
	Section 10.02	 	Limitation on Guarantor Liability	 	88
	Section 10.03	 	Execution and Delivery	 	88
	Section 10.04	 	Subrogation	 	89
	Section 10.05	 	Benefits Acknowledged	 	89
	Section 10.06	 	Release of Guarantees	 	89
	 	 	 	 	 
	Article XI SATISFACTION AND DISCHARGE	 	90
	 	 	 
	Section 11.01	 	Satisfaction and Discharge	 	90
	Section 11.02	 	Application of Trust Money	 	91
	 	 	 	 	 
	Article XII MISCELLANEOUS	 	92
	 	 	 
	Section 12.01	 	Notices	 	92
	Section 12.02	 	Certificate and Opinion as to Conditions Precedent	 	93
	Section 12.03	 	Statements Required in Certificate or Opinion	 	93
	Section 12.04	 	Rules by Trustee and Agents	 	94
	Section 12.05	 	No Personal Liability of Directors, Officers, Employees and Stockholders	 	94
	Section 12.06	 	Governing Law	 	94
	Section 12.07	 	Waiver of Jury Trial	 	94
	Section 12.08	 	Force Majeure	 	94
	Section 12.09	 	No Adverse Interpretation of Other Agreements	 	94
	Section 12.10	 	Successors	 	94
	Section 12.11	 	Severability	 	95
	Section 12.12	 	Counterpart Originals	 	95
	Section 12.13	 	Table of Contents, Headings, etc.	 	95
	Section 12.14	 	Waiver of Immunity	 	95
	Section 12.15	 	USA Patriot Act       	 	95

 

    -iii-

     

    

 

	EXHIBITS
	 	 	 	 	 
	EXHIBIT A Form of Note	 	 
	EXHIBIT B Form of Certificate of Transfer	 	 
	EXHIBIT C Form of Certificate of Exchange	 	 
	EXHIBIT D Form of Supplemental Indenture to be Delivered by Subsequent Guarantors	 	 

 

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INDENTURE, dated as of August 26, 2020,
among Black Knight InfoServ, LLC, a Delaware limited liability company (the “Issuer”), the Guarantors (as defined
herein) and Wells Fargo Bank, National Association, as Trustee (as defined herein).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has duly authorized
the creation of an issue of $1,000,000,000 aggregate principal amount of 3.625% Senior Notes due 2028 (the “Initial Notes”
and, together with any Additional Notes (as defined herein), the “Notes”); and

 

WHEREAS, the Issuer has duly authorized
the execution and delivery of this Indenture.

 

NOW, THEREFORE, the Issuer, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined
herein) of the Notes.

 

Article I

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.01         Definitions.

 

“144A Global Note” means
a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in
an initial denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“Acquired EBITDA” means,
with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary (any of the foregoing, a “Pro Forma
Entity”) for any period, the amount for such period of EBITDA of such Pro Forma Entity (determined using such definitions
as if references to the Issuer and the Restricted Subsidiaries therein were to such Pro Forma Entity and its Restricted Subsidiaries),
all as determined on a consolidated basis for such Pro Forma Entity in accordance with GAAP.

 

“Acquired Entity or Business”
has the meaning provided in the definition of the term “EBITDA”.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”),
as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar
or Paying Agent.

 

    	 	-1-	 

     

    

 

“Amended and Restated Credit Facilities”
means the Amended and Restated Credit and Guaranty Agreement, dated as of April 30, 2018, and as amended on August 7,
2020, among the Issuer, the other borrowers named therein, the other guarantors named therein, the lenders party thereto in their
capacities as lenders thereunder and JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto including
any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements,
modifications, extensions, renewals, restatements, refundings or refinancings thereof and any indentures or credit facilities or
commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of
the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility
or indenture that increases the amount borrowable thereunder or alters the maturity thereof.

 

“Applicable Premium”
means, with respect to any Note on any Redemption Date, the greater of:

 

(1)           1.0%
of the principal amount of such Note on such Redemption Date; and

 

(2)           the
excess, if any, of (a)(i) the sum of the present value at such Redemption Date of (A) the redemption price of such Note
at September 1, 2023 (such redemption price being set forth in the table appearing in Section 3.07(b)) plus
(B) all required interest payments due on such Note through, September 1, 2023, discounted to such Redemption Date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate as of such Redemption Date
plus 50 basis points; minus (ii) accrued but unpaid interest to, but excluding, the Redemption Date, over (b) the
principal amount of such Note.

 

The Issuer or such Person as designated
by the Issuer shall determine the Applicable Premium.

 

“Applicable Procedures”
means, with respect to any payment, tender, redemption, transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such payment, tender, redemption, transfer
or exchange.

 

“Bankruptcy Law” means
Title 11, U.S. Code or any similar federal or state law or applicable foreign law for the relief of debtors.

 

“BKFS Holdings” means
Black Knight Financial Services, LLC.

 

“Business Day” means
each day which is not a Legal Holiday.

 

“Capital Stock” means:

 

(1)           in
the case of a corporation, corporate stock or shares in the capital of such corporation;

 

    	 	-2-	 

     

    

 

(2)           in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)           in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)           any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Capitalized Lease Obligation”
means a lease obligation that has been or should be (i) prior to January 1, 2019, recorded as a capitalized lease on
a balance sheet of the lessee in accordance with GAAP or (ii) on or after January 1, 2019, recorded as a financing lease
on a balance sheet of the lessee in accordance with GAAP; provided that, with respect to this clause (ii), such financing
lease shall only be a “Capitalized Lease Obligation” to the extent such financing lease would have been recorded prior
to January 1, 2019 as a capitalized lease on a balance sheet of the lessee in accordance with GAAP as in effect on December 31,
2015. Notwithstanding the foregoing, all obligations of any Person that are or would be characterized as operating lease obligations
in accordance with GAAP immediately prior to December 31, 2019 (whether or not such operating lease obligations were in effect
on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized Lease Obligations) for
purposes of this Indenture, regardless of any change in GAAP following the date that would otherwise require such obligations to
be recharacterized as Capitalized Lease Obligations.

 

“Capitalized Software Expenditures”
means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by BKFS Holdings, the
Issuer and the Restricted Subsidiaries during such period in respect of purchased software or internally developed software and
software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated
balance sheet of BKFS Holdings, the Issuer and the Restricted Subsidiaries.

 

“Cash Equivalents” means:

 

(1)           United
States dollars, pounds sterling, Canadian dollars, euros, yen, swiss francs or any national currency of any Participating Member
State in the European Union, or local currencies held from time to time in the ordinary course of business;

 

(2)           securities
issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality
thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities
of 24 months or less from the date of acquisition;

 

(3)           deposits,
money market deposits, certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less
from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in
each case, with any commercial bank having capital and surplus of not less than $250.0 million in the case of U.S. banks and $100.0
million (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks;

 

    	 	-3-	 

     

    

 

(4)           repurchase
obligations and reserve purchase obligations for underlying securities of the types described in clauses (2) and (3) above
entered into with any financial institution meeting the qualifications specified in clause (3) above;

 

(5)           commercial
paper rated at least P-2 by Moody’s or at least A-2 by S&P and, in each case, maturing within 24 months after the date
of creation thereof;

 

(6)           marketable
short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency) and, in each case, maturing within 24 months after the date of creation thereof;

 

(7)           investment
funds investing 90% of their assets in securities of the types described in clauses (1) through (6) above and (8) through
(12) below;

 

(8)           readily
marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision
or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months
or less from the date of acquisition;

 

(9)           Investments
with average maturities of 24 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof)
or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s;

 

(10)         Indebtedness
or preferred stock issued by Persons with a rating of A or higher from S&P or A2 or higher from Moody’s with maturities
of 24 months or less from the date of acquisition;

 

(11)         institutional
money market funds registered under the Investment Company Act of 1940; and

 

(12)         solely
with respect to any Restricted Subsidiary that is a Foreign Subsidiary, investments of comparable tenor and credit quality to those
described in the foregoing clauses (2) through (11) customarily utilized in countries in which such Foreign Subsidiary operates
for short term cash management purposes.

 

Notwithstanding the foregoing, Cash Equivalents
shall include amounts denominated in currencies other than those set forth in clause (1) above; provided that such
amounts are converted into any currency listed in clause (1) as promptly as practicable and in any event within ten Business
Days following the receipt of such amounts.

 

“Cash Management Services”
means any of the following: treasury, depository and/or cash management services, including, without limitation, other netting
services, overdraft protections, automated clearing-house arrangements, purchasing card services, employee credit card programs,
controlled disbursement services, ACH transactions, return items, interstate depository network services, foreign exchange facilities,
deposit and other accounts and merchant services.

 

    	 	-4-	 

     

    

 

“Certificate of Exchange”
means a certificate substantially in the form of Exhibit C hereto.

 

“Certificate of Transfer”
means a certificate substantially in the form of Exhibit B hereto.

 

“CFC” means a controlled
foreign corporation within the meaning of Section 957 of the Code.

 

“Change of Control” means
the occurrence of any of the following:

 

(1)           the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of Holdings and
its Subsidiaries, taken as a whole, to any other Person other than one or more Permitted Holders; or

 

(2)           the
acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
Act or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within
the meaning of Rule 13d-5(b)(1) under the Exchange Act or any successor provision), other than one or more Permitted
Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination
or purchase, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision)
of a majority or more of the total voting power of the Voting Stock of Holdings.

 

For purposes of this definition, any direct
or indirect holding company of Holdings shall not itself be considered a “Person” or “group”
for purposes of clause (2) above; provided that no “Person” or “group” beneficially owns, directly
or indirectly, more than a majority of the total voting power of the Voting Stock of such holding company.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a related Ratings Event. Notwithstanding the foregoing, for the avoidance
of doubt, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control
unless and until such Change of Control has actually been consummated.

 

“Clearstream” means Clearstream
Banking, Société Anonyme.

 

“Code” means the United
States Internal Revenue Code of 1986, as amended.

 

“Consolidated Depreciation and
Amortization Expense” means with respect to any Person for any period, the total amount of depreciation and amortization
expense, including the amortization of intangible goodwill, deferred financing fees or costs, debt issuance costs, commissions,
fees, and expenses, capitalized expenditures (including Capitalized Software Expenditures), customer acquisition costs, the amortization
of original issue discount resulting from the issuance of Indebtedness at less than par and incentive payments, conversion costs,
and contract acquisition costs of such Person and its Subsidiaries (other than its Unrestricted Subsidiaries) for such period on
a consolidated basis and otherwise determined in accordance with GAAP.

 

    	 	-5-	 

     

    

 

“Consolidated Indebtedness”
means, as of any date of determination, the sum, without duplication, of the total amount of Indebtedness of BKFS Holdings, the
Issuer and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, total interest expense of such Person and its Subsidiaries (other than its Unrestricted
Subsidiaries) determined on a consolidated basis and otherwise in accordance with GAAP.

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries (other than
its Unrestricted Subsidiaries) for that period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided
that, without duplication:

 

(1)           extraordinary,
non-recurring or unusual gains or losses or expenses (including any unusual or non-recurring operating expenses directly attributable
to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or
unusual items), shall be excluded;

 

(2)           the
Net Income for such period shall not include the cumulative effect of a change in accounting principles and changes as a result
of the adoption or modification of accounting policies during such period;

 

(3)           any
gain (loss) (less all fees and expenses relating thereto) on asset sales, disposals or abandonments (other than asset sales, disposals
or abandonments in the ordinary course of business) or discontinued operations (but if such operations are classified as discontinued
due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations
are actually disposed of), shall be excluded;

 

(4)           any
after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or abandonments
other than in the ordinary course of business, as determined in good faith by the board of directors or senior management of the
Issuer, shall be excluded;

 

(5)           the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by
the equity method of accounting, shall be excluded; provided that Consolidated Net Income shall be increased by the amount
of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents)
to the referent Person or a Restricted Subsidiary thereof in respect of such period;

 

(6)           (a) any
after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments
(including deferred financing costs written off and premiums paid), (b) any non-cash charges resulting from mark-to-market
accounting relating to Equity Interests and (c) any unrealized or realized net gain or loss resulting from currency translation
or transaction gains or losses impacting net income (including currency remeasurements of Indebtedness) and any foreign currency
translation or transaction gains or losses, including those resulting from intercompany Indebtedness and any unrealized net gains
and losses resulting from obligations in respect of any Hedging Obligations in accordance with GAAP or any other derivative instrument
pursuant the application of Accounting Standards Codification Topic Number 815 “Derivatives and Hedging”, shall be
excluded;

 

    	 	-6-	 

     

    

 

(7)           any
impairment charge, asset write-off, or write-down pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP
shall be excluded;

 

(8)           any non-cash compensation
expense, charge, cost, accrued or reserve recorded from grants of stock appreciation or similar rights, phantom equity, stock options
units, restricted stock, or other rights to officers, directors, managers, or employees;

 

(9)           any
fees commissions and expenses incurred during such period, or any amortization thereof for such period, in connection with any
acquisition, Investment, recapitalization, disposition, issuance, or repayment of Indebtedness, issuance of Equity Interests,
refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated
prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred
during such period as a result of any such transaction shall be excluded;

 

(10)         accruals
and reserves (including contingent liabilities) that are established or adjusted within twelve months after the Issue Date that
are so required to be established as a result of the issuance of the Notes in accordance with GAAP, or changes as a result of adoption
or modification of accounting policies, shall be excluded; and

 

(11)         any
deferred tax expense associated with tax deductions or net operating losses arising as a result of the issuance of the Notes, or
the release of any valuation allowance related to such items, shall be excluded.

 

“Consolidated Secured Debt Ratio”
means, as of the date of determination (such date, the “Consolidated Secured Debt Ratio Calculation Date”),
the ratio of (a) the Consolidated Indebtedness that is secured by Liens, less cash and Cash Equivalents that would be stated
on the balance sheet of BKFS Holdings, the Issuer and its Restricted Subsidiaries and held by BKFS Holdings, the Issuer and its
Restricted Subsidiaries, as of the date for which internal financial statements are available immediately preceding the date on
which the event for which such calculation is being made shall occur, as determined in accordance with GAAP, to (b) EBITDA
of BKFS Holdings, the Issuer and its Restricted Subsidiaries for the four fiscal quarters ending on the date of the balance sheet
referred to in clause (a) above, on a Pro Forma Basis.

 

    	 	-7-	 

     

    

 

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do
not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

 

(1)         to
purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(2)         to
advance or supply funds:

 

(a)            for
the purchase or payment of any such primary obligation, or

 

(b)           to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, or

 

(3)         to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Converted Restricted Subsidiary”
has the meaning provided in the definition of the term “EBITDA”.

 

“Converted Unrestricted Subsidiary”
has the meaning provided in the definition of the term “EBITDA”.

 

“Corporate Trust Office of the
Trustee” shall be at the address of the Trustee specified in Section 12.01 or such other address as to which
the Trustee may give notice to the Holders and the Issuer.

 

“Credit Facilities” means
one or more debt facilities, including the Amended and Restated Credit Facilities, or other financing arrangements (including,
without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit
or other short or long-term indebtedness, including any notes, debt securities, mortgages, guarantees, collateral documents, instruments,
indentures and other agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals,
restatements or refundings thereof and any debt facilities or financing arrangements that replace, refund or refinance any part
of the loans, letters of credit, notes, debt securities, or other indebtedness or credit facilities commitments thereunder, including
any such replacement, refunding or refinancing facility or financing arrangements that increases the amount permitted to be borrowed
thereunder or alters the maturity thereof or adds additional borrowers or guarantors thereunder and whether by the same or any
other agent, lender or group of lenders, trustee or investors or group of investors.

 

“Custodian” means the
Trustee when serving as custodian for the Depositary with respect to the Global Notes, or any successor entity thereto.

 

“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

    	 	-8-	 

     

    

 

“Definitive Note” means
a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c), substantially
in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as
the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Disposed EBITDA” means,
with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period
of EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined as if references to the Issuer and the
Restricted Subsidiaries in the definition of EBITDA were references to such Sold Entity or Business or Converted Unrestricted Subsidiary
and its respective Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business or Converted Unrestricted
Subsidiary, as the case may be.

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which
it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable
(other than solely as a result of a fundamental change, change of control or asset sale) for cash or in exchange for Indebtedness
pursuant to a sinking fund obligation or otherwise, or is redeemable or repurchasable for cash or in exchange of Indebtedness at
the option of the holder thereof (other than solely as a result of a fundamental change, change of control or asset sale), in whole
or in part, in each case prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes are
no longer outstanding; provided that only the portion of Capital Stock which so matures or is mandatorily redeemable, is
so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be
Disqualified Stock; provided, further, that, if such Capital Stock is issued to any plan for the benefit of employees,
directors, officers or consultants of Holdings, the Issuer or any of their respective Subsidiaries or by any such plan to such
Persons, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by Holdings,
the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such Person’s
termination, death or disability.

 

“DTC” means The Depository
Trust Company or any successor securities clearing agency.

 

“EBITDA” means, with
respect to any Person and its Subsidiaries (other than Unrestricted Subsidiaries) for any period, an amount equal to (a) Consolidated
Net Income of such Person for such period plus (b), without duplication, the sum of

 

(i)             provision
for taxes based on income or profits or capital, including, without limitation, U.S. federal, state, non-U.S., franchise, excise,
value added, and similar taxes and foreign withholding taxes paid or accrued during such period deducted, including any penalties
and interest related to such taxes or arising from any tax examinations (and not added back) in computing Consolidated Net Income;

 

    	 	-9-	 

     

    

 

(ii)            Consolidated
Interest Expense;

 

(iii)           Consolidated
Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted in computing Consolidated
Net Income;

 

(iv)          any
expenses, fees, charges, or losses (other than depreciation or amortization expense) related to any equity offering, Investment,
stock repurchase, dividend, debt payment, acquisition, disposition, recapitalization, or the incurrence of Indebtedness (including
a refinancing thereof) (whether or not successful and including any such transaction consummated prior to the Issue Date), including
(1) such fees, expenses, or charges related to any credit facility, and (2) any amendment or other modification of the
Notes and other Indebtedness and (iii) commissions, discounts, yield and other fees and charges, in each case, deducted (and
not added back) in computing Consolidated Net Income;

 

(v)           any
non-cash purchase accounting adjustment and any non-cash write-up, write-down or write-off with respect to re-valuing assets and
liabilities;

 

(vi)          any
other non-cash expenses and charges, including (i) any write offs or write downs, (ii) equity based awards compensation
expense, (iii) losses on sales, disposals or abandonment of, or any impairment charges or asset write off related to, intangible
assets, long-lived assets and investments in debt and equity securities, (iv) all losses from investments recorded using the
equity method (other than to the extent funded with cash) and (v) other non-cash charges, non-cash expenses or non-cash losses
reducing Consolidated Net Income for such period (provided that if any such non-cash charges, expenses or losses represent an accrual
or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted
from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period);

 

(vii)         the
amount of any net income (loss) attributable to non-controlling interests in any non- Wholly-Owned Subsidiary deducted (and not
added back) in such period in calculating Consolidated Net Income;

 

(viii)        costs
of surety bonds incurred in such period in connection with financing activities;

 

(ix)           the
amount of reasonably identifiable and factually supportable ‘‘run-rate’’ cost savings, operating expense
reductions, and synergies that are projected by the Issuer in good faith to result from actions either taken or expected to be
taken within 24 months of the determination to take such action, net of the amount of actual benefits realized prior to or during
such period from such actions (which cost savings, operating expense reductions, and synergies shall be calculated and given pro
forma effect as though such cost savings, operating expense reductions, or synergies had been realized on the first day of such
period);

 

    	 	-10-	 

     

    

 

(x)            the
amount of loss or discount on sale of receivables and related assets to the Receivables Subsidiary in connection with a Receivables
Facility;

 

(xi)           any
costs or expense incurred by BKFS Holdings, the Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock
option or phantom equity plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder
agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of BKFS Holdings or
the Issuer or net cash proceeds of an issuance of equity interests of BKFS Holdings or the Issuer;

 

(xii)          the
amount of expenses relating to payments made to option, phantom equity or profits interest holders of any direct or indirect parent
company of the Issuer or any of its direct or indirect parent companies in connection with, or as a result of, any distribution
being made to shareholders of such Person or its direct or indirect parent companies, which payments are being made to compensate
such option, phantom equity or profits interest holders as though they were shareholders at the time of, and entitled to share
in, such distribution, in each case to the extent permitted under this Agreement and expenses relating to distributions made to
equity holders of such Person or its direct or indirect parent companies resulting from the application of Financial Accounting
Standards Codification Topic 718- Compensation—Stock Compensation (formerly Financial Accounting Standards Board Statement
No. 123 (Revised 2004));

 

(xiii)         with
respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in
clauses (i) and (iii) above relating to such joint venture corresponding to BKFS Holdings’, the Issuer’s
and the Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated Net Income (determined as
if such joint venture were a Restricted Subsidiary);

 

(xiv)         costs
associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002
and the rules and regulations promulgated in connection therewith and Public Company Costs;

 

(xv)          to
the extent covered by insurance or indemnification and actually reimbursed, or, so long as the Issuer has made a good faith determination
that such amount will in fact be reimbursed by the insurer or indemnifying party;

 

(xvi)         expenses
consisting of internal software development costs that are expensed during the period but could have been capitalized under alternative
accounting policies in accordance with GAAP;

 

    	 	-11-	 

     

    

 

(xvii)        any
loss from disposed or discontinued operations or disposed property or assets;

 

(xviii)       cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing EBITDA or Net Income in any period
to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (a) below
for any previous period and not added back;

 

(xix)         earn-out
and contingent consideration obligations incurred or accrued in connection with any acquisition or Investment and paid or accrued
during such period and on similar acquisitions or Investments completed prior to the Issue Date to the extent the same was deducted
(and not added back) in computing Consolidated Net Income;

 

(xx)          charges
attributable to the undertaking and/or implementation of cost savings initiatives, operating expense reductions and other synergies
and similar initiatives, integration, transition, reconstruction, decommissioning, recommissioning or reconfiguration of fixed
assets for alternative uses, facilities opening and preopening (including unused warehouse space costs), business optimization
and other restructuring and integration costs (including those related to tax restructurings), charges, accruals, reserves and
expenses (including, without limitation, inventory optimization programs, software development costs, systems implementation and
upgrade expenses, costs related to the closure or consolidation of facilities (including but not limited to severance, rent termination
costs, moving costs and legal costs), costs related to curtailments, costs related to entry into new markets (including unused
warehouse space costs, strategic initiatives and contracts, consulting fees, signing costs, retention or completion bonuses, expansion
and relocation expenses, severance payments, and modifications to pension and post-retirement employee benefit plans, new systems
design and implementation costs and project startup costs), in an aggregate amount not to exceed 25% of Consolidated EBITDA for
such period (calculated before giving effect to the adjustments in clause (ix) or this clause (xx));

 

(xxi)         all
extraordinary, unusual or non-recurring charges, expenses, costs, accruals or reserves; and

 

(xxii)        letter
of credit fees; minus

 

(a)          Non-cash
gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains which represent the reversal
of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period other than non-cash gains
relating to the application of Financial Accounting Standards Codification Topic 840- Leases (formerly Financial Accounting
Standards Board Statement No. 13); provided that, to the extent non cash gains are deducted pursuant to this clause
(a) for any previous period and not otherwise added back to EBITDA, EBITDA shall be increased by the amount of any cash receipts
(or any netting arrangements resulting in reduced cash expenses) in respect of such non cash gains received in subsequent periods
to the extent not already included therein; plus or minus

 

    	 	-12-	 

     

    

 

(b)           (i) any
net gain or loss resulting in such period from currency gains or losses related to Indebtedness, intercompany balances, and other
balance sheet items, plus or minus, as the case may be, and (ii) any net gain or loss resulting in such period from Hedging
Obligations, and the application of Financial Accounting Standards Codification Topic 815-Derivatives and Hedging (ASC 815) (formerly
Financing Accounting Standards Board Statement No. 133), and its related pronouncements and interpretations, or the equivalent
accounting standard under GAAP or an alternative basis of accounting applied in lieu of GAAP.

 

For the avoidance of doubt:

 

(i)             to
the extent included in Consolidated Net Income, there shall be excluded in determining EBITDA for any period any adjustments resulting
from the application of ASC 815 and its related pronouncements and interpretations, or the equivalent accounting standard under
GAAP or an alternative basis of accounting applied in lieu of GAAP;

 

(ii)            there
shall be included in determining EBITDA for any period, without duplication, (1) the Acquired EBITDA of any Person or business,
or attributable to any property or asset acquired by BKFS Holdings, the Issuer or any Restricted Subsidiary during such period
(but not the Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or property, in
each case to the extent not so acquired) to the extent not subsequently sold, transferred, abandoned, or otherwise disposed by
BKFS Holdings, the Issuer or such Restricted Subsidiary during such period (each such Person, business, property, or asset acquired
and not subsequently so disposed of, an ‘‘Acquired Entity or Business’’) and the Acquired EBITDA
of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a ‘‘Converted
Restricted Subsidiary’’), based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted
Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition or conversion) and (2) an
adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such
Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition); and

 

(iii)           to
the extent included in Consolidated Net Income, there shall be excluded in determining EBITDA for any period the Disposed EBITDA
of any Person, property, business, or asset sold, transferred, abandoned, or otherwise disposed of, closed or classified as discontinued
operations by BKFS Holdings, the Issuer or any Restricted Subsidiary during such period (each such Person, property, business,
or asset so sold or disposed of, a “Sold Entity or Business”), and the Disposed EBITDA of any Restricted Subsidiary
that is converted into an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted Subsidiary”)
based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including
the portion thereof occurring prior to such sale, transfer, or disposition or conversion); provided that for the avoidance
of doubt, notwithstanding any classification under GAAP of any Person or business in respect of which a definitive agreement for
the disposition thereof has been entered into as discontinued operations, the Disposed EBITDA of such Person or business shall
not be excluded pursuant to this paragraph until such disposition shall have been consummated.

 

    	 	-13-	 

     

    

 

“EMU” means the economic
and monetary union as contemplated in the Treaty on European Union.

 

“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock.

 

“Equity Offering” means
any public or private sale of Equity Interests of the Issuer or any direct or indirect parent of the Issuer, other than:

 

(1)           public
offerings with respect to any such Person’s common stock registered on Form S-8; and

 

(2)           issuances
to any Subsidiary of the Issuer.

 

“Escrow Agent” means
Regions Bank, an Alabama banking corporation.

 

“Escrow Agreement” means
the Escrow Agreement, dated as of August 26, 2020, among the Trustee, the Escrow Agent and the Issuer.

 

“euro” means the single
currency of participating member states of the EMU.

 

“Euroclear” means Euroclear
S.A./N.V., as operator of the Euroclear system.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Fitch” means Fitch Rating
Inc. and any successor to its ratings agency business.

 

“Foreign Subsidiary”
means any Restricted Subsidiary that is (a) not organized or existing under the laws of the United States, any state thereof,
the District of Columbia, or any territory thereof or (b) any Subsidiary of an entity described in item (a) of this definition.

 

“FSHCO” means, with respect
to any Person, any Subsidiary substantially all the assets of which consist of (a) Equity Interests of (and/or intercompany
obligations owed or treated as owed by) one or more CFCs and/or (b) Equity Interests of (and/or intercompany obligations owed
or treated as owed by) one or more Subsidiaries described in this definition.

 

    	 	-14-	 

     

    

 

“GAAP” means generally
accepted accounting principles in the United States which are in effect on the Issue Date, except with respect to any reports or
financial information required to be delivered pursuant to Section 4.03, which shall be prepared in accordance with
GAAP as in effect on the date thereof and except as the context otherwise requires herein.

 

“Global Note Legend”
means the legend set forth in Section 2.06(f)(2), which is required to be placed on all Global Notes issued under this
Indenture.

 

“Global Notes” means
a Note in global form that evidences all or part of the Notes and is registered in the name of the Depositary for the Notes or
a nominee thereof, and includes, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes, substantially in the form of Exhibit A hereto, issued in accordance with Section 2.01, 2.06(b) or
2.06(d).

 

“Government Securities”
means securities that are:

 

(1)           direct
obligations of, or obligations guaranteed by, the United States of America for the timely payment of which its full faith and credit
is pledged; or

 

(2)           obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either
case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by
a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities
or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the
holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such
depository receipt.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness
or other obligations.

 

“Guarantee” means the
guarantee by any Guarantor of the Issuer’s Obligations under this Indenture.

 

“Guarantor” means Holdings,
BKFS Holdings and each other Person that Guarantees the Notes in accordance with the terms of this Indenture.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any and all interest rate swap agreement, interest rate
cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contract, currency swap agreement, basis swaps, credit derivative transactions, forward rate transactions, commodity options,
forward contracts, futures contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, repurchase agreements, reverse
repurchase agreements, sell buy backs and buy sell back agreements, and securities lending and borrowing agreements or any other
similar agreement providing for the transfer or mitigation of interest rate, commodity risks either generally or under specific
contingencies, (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or
subject to any master agreement.

 

    	 	-15-	 

     

    

 

“Holder” means the Person
in whose name a Note is registered on the Registrar’s books.

 

“Holdings” means Black
Knight, Inc.

 

“Indebtedness” means,
with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent
(a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit
or bankers’ acceptances (or, without double counting, reimbursement agreements in respect thereof) and similar credit transactions,
(c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations),
or (d) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters
of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such
Person prepared in accordance with GAAP; provided that Indebtedness of any direct or indirect parent company appearing upon
the balance sheet of the Issuer solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent
not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations
of the type referred to in clause (i) of another Person (whether or not such items would appear upon the balance sheet of
such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business,
and (iii) to the extent not otherwise included, the obligations of the type referred to in clause (i) of another Person
secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; provided that
notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in
the ordinary course of business, (2) obligations under or in respect of Receivables Facilities, (3) prepaid or deferred
revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business
in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of
such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary
course of business, (6) any earn-out obligation until such obligation, within 60 days of becoming due and payable, has not
been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any
obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent
or potential) with respect thereto, (8) accrued expenses and royalties or (9) asset retirement obligations and obligations
in respect of workers’ compensation (including pensions and retiree medical care) that are not overdue by more than 60 days.
The amount of Indebtedness of any Person for purposes of clause (iii) above shall (unless such Indebtedness has been
assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the
fair market value of the property encumbered thereby as determined by such Person in good faith.

 

    	 	-16-	 

     

    

 

For all purposes hereof, the Indebtedness
of BKFS Holdings, the Issuer and its Restricted Subsidiaries, shall exclude all intercompany Indebtedness having a term not exceeding
365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.

 

“Indenture” means this
Indenture, as amended or supplemented from time to time.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes” has the
meaning assigned to such term in the recitals hereto.

 

“Interest Payment Date”
means the September 1 and March 1 of each year, beginning on March 1, 2021, to stated maturity.

 

“Investment Grade Rating”
means a rating equal to or higher than (1) Baa3 (or the equivalent) by Moody’s, (2) BBB- (or the equivalent) by
S&P or (3) BBB- (or the equivalent) by Fitch or, if the applicable securities are not then rated by Moody’s, S&P
or Fitch for reasons outside the Issuer’s control, an equivalent rating by any other Rating Agency specified by the Issuer.

 

“Investments” means,
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including
guarantees), advances or capital contributions (excluding accounts receivable, trade credit, deposits, advances to customers, commission,
travel and similar advances to officers and employees, in each case, made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments
that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person in the same manner as
the other investments included in this definition to the extent such transactions involve the transfer of cash or other property;
provided that Investments shall not include, in the case of BKFS Holdings, the Issuer and its Restricted Subsidiaries, intercompany
loans (including guarantees), advances, or Indebtedness either (i) having a term not exceeding 364 days (inclusive of any
roll-over or extensions of terms) and made in the ordinary course of business or (ii) arising from cash management, tax and/or
accounting operations and made in the ordinary course of business or consistent with past practice.

 

“Issue Date” means August 26,
2020.

 

“Issuer” has the meaning
assigned to such term in the introductory paragraph hereto.

 

“Issuer’s Order”
means a written request or order signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive
officer, the principal financial officer, the treasurer or the principal accounting officer of the respective Issuer, and delivered
to the Trustee.

 

    	 	-17-	 

     

    

 

“Legal Holiday” means
a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or
in the place of payment.

 

“Lien” means, with respect
to any asset, any mortgage, lien (statutory or otherwise), pledge, charge, security interest or similar encumbrance in respect
of such asset, including any conditional sale or other title retention agreement.

 

“Limited Condition Transaction”
means (x) any acquisition or investment, including by way of merger, amalgamation, consolidation or other business combination
or the acquisition of Equity Interests or otherwise, by one or more of Holdings or its Subsidiaries of or in any assets, business
or Person, in each case, whose consummation is not conditioned on the availability of, or on obtaining, third-party financing or
(y) any redemption, purchase, repurchase, defeasance, satisfaction and discharge or prepayment or repayment of Indebtedness,
Disqualified Stock or preferred stock by one or more of Holdings and its Subsidiaries requiring irrevocable notice in advance thereof.

 

“Moody’s” means
Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Net Income” means with
respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect
of preferred stock dividends.

 

“Non-Capitalized Lease Obligations”
means a lease obligation that is not required to be accounted for as a financing or capital lease on both the balance sheet and
the income statement for financial reporting purposes in accordance with GAAP. For avoidance of doubt, a straight-line or operating
lease shall be considered a Non-Capitalized Lease Obligation.

 

“Non-U.S. Person” means
a Person who is not a U.S. Person.

 

“Notes” has the meaning
assigned to such term in the recitals hereto and more particularly means any Note authenticated and delivered under this Indenture.
For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under
a supplemental indenture. All Notes shall be treated as a single class for all purposes under this Indenture.

 

“Obligations” means any
principal (including any accretion), interest (including any interest accruing subsequent to the filing of a petition in bankruptcy,
reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest
is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including
reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and
guarantees of payment of such principal (including any accretion), interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities, payable under the documentation governing any Indebtedness.

 

“Offering Memorandum”
means the offering memorandum, dated August 12, 2020, relating to the sale of the Initial Notes.

 

    	 	-18-	 

     

    

 

“Officer” means the Chairman
of the Board, the Chief Executive Officer, the President, any Executive Vice President, Senior Vice President or Vice President,
the Treasurer, Assistant Treasurer, the Secretary or the Assistant Secretary of the Issuer.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer, that meets the requirements set forth in this Indenture.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the
Issuer.

 

“Optimal Blue” means
Optimal Blue Holdings, LLC.

 

“Optimal Blue Acquisition”
means the pending acquisition of Optimal Blue pursuant to the Equity Purchase Agreement, dated as of July 26, 2020, among
Holdings, GTCR Fund XI/C LP, GTCR/OB Blocker Corp., GTCR/OB Splitter LP, OB Holdings I, LLC, OB Acquisition, LLC and OB Holdings
I, LLC, in its capacity as representative.

 

“Participant” means,
with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Participating Member State”
means any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation
of the European Union relating to economic and monetary union.

 

“Pending Mergers” means
the mergers, consolidations or similar winding up of certain subsidiaries (the “Pending Merger Subsidiaries”)
of the Issuer with an into certain Guarantors as to which a certificate of merger (or other document, instrument or filing to effect
such merger, consolidation or winding up) was filed prior to the date of the Offering Memorandum.

 

“Permitted Holder” means
officers, directors and members of management of the Issuer (and/or its direct or indirect parent including Holdings or management
investment vehicle) who are holders of Equity Interests of the Issuer (and/or its direct or indirect parent company or management
investment vehicle) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group, such
officers, directors and members of management own more than 50% of the Voting Stock of the Issuer (or its direct or indirect parent)
owned by such group.

 

“Permitted Liens” means,
with respect to any Person:

 

(1)           pledges,
deposits or security by such Person under workmen’s compensation laws, unemployment insurance, employers’ health tax,
and other social security laws or similar legislation or other insurance related obligations (including, but not limited to, in
respect of deductibles, self-insured retention amounts and premiums and adjustments thereto) or indemnification obligations of
(including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property,
casualty or liability insurance, or good faith deposits in connection with bids, tenders, contracts (other than for the payment
of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person
or deposits of cash or U.S. government bonds to secure surety, stay, customs or appeal bonds to which such Person is a party, or
deposits as security for contested taxes or import duties or for the payment of rent, performance and return of money bonds and
other similar obligations (including letters of credit issued in lieu of any such bonds or to support the issuance thereof and
including those to secure health, safety and environmental obligations) or Liens of carriers, warehousemen, mechanics, materialmen
and suppliers and other Liens imposed by law or pursuant to customary reservations or retentions of title, in each case, incurred
in the ordinary course of business;

 

    	 	-19-	 

     

    

 

(2)           Liens
imposed by law or regulation or pursuant to customary reservations or retentions of title arising in the ordinary course of business,
such as carriers’, warehousemen’s, materialmen’s and mechanics’ Liens, in each case, (i) for sums
not yet overdue for a period of more than 60 days (ii) being contested in good faith by appropriate proceedings or (iii) with
respect to which the failure to make payment could not reasonably be expected to have a material adverse effect on the condition
(financial or otherwise), results of operations, business or assets of Holdings, the Issuer and its Restricted Subsidiaries, taken
as a whole; or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then
be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books
of such Person in accordance with GAAP;

 

(3)           Liens
for taxes, assessments or other governmental charges not yet overdue for a period of more than 60 days or which are being contested
in good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
books of such Person in accordance with GAAP or for which failure to pay would not reasonably be expected to have a material adverse
effect;

 

(4)           Liens
in favor of issuers of performance, surety bonds, trade contracts, leases (other than Indebtedness) or bid, governmental contracts,
indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit or
bankers’ acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the
account of such Person in the ordinary course of its business or consistent with past practice prior to the Issue Date;

 

(5)           minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions (including, without limitation,
minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the
conduct of the business of such Person or to the ownership of its properties which were not incurred or created in connection with
the Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair
their use in the ordinary operation of the business of such Person;

 

    	 	-20-	 

     

    

 

(6)           Liens
securing Indebtedness (including Capitalized Lease Obligations) and Obligations in respect thereof incurred or issued to finance
the purchase, lease, construction, repair, expansion, installation, maintenance, upgrade, replacement or improvement of property
(real or personal) or equipment or other assets, whether through the direct purchase of assets or the Capital Stock of any Person
owning such assets and Indebtedness and obligations in respect thereof arising from the conversion of the obligations under or
pursuant to any ‘‘synthetic lease’’ transactions to on-balance sheet Indebtedness of the Issuer or any
Restricted Subsidiary; provided that the aggregate principal amount of such Indebtedness so secured under this clause (6),
when aggregated with the principal amount of all other Indebtedness then outstanding and so secured under this clause (6), does
not exceed the greater of (a) $220 million and (b) 40% of Pro Forma EBITDA of BKFS Holdings, the Issuer and its Restricted
Subsidiaries at the time of incurrence (for the period of the most recently ended four fiscal quarters for which internal financial
statements are available immediately preceding the date of such incurrence of Indebtedness);

 

(7)           Liens
securing Indebtedness and Obligations in respect thereof of Restricted Subsidiaries that are not Guarantors in an aggregate principal
amount incurred, together with any other Indebtedness outstanding and so secured under this clause (7) not to exceed the greater
of (a) $165 million and (b) 30% of Pro Forma EBITDA of BKFS Holdings, the Issuer and its Restricted Subsidiaries at the
time of incurrence (for the period of the most recently ended four fiscal quarters for which internal financial statements are
available immediately preceding the date of such incurrence of Indebtedness);

 

(8)           Liens
(other than Liens with respect to the Amended and Restated Credit Facilities which shall be deemed incurred under clause (29) of
this definition of Permitted Liens) existing on the Issue Date;

 

(9)           Liens
on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, that
such Liens may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries (other than, with respect
to such Person, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject
to such Liens, and the proceeds and the products thereof and customary security deposits in respect thereof);

 

(10)         Liens
on property at the time the Issuer or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger
or consolidation with or into the Issuer or any of its Restricted Subsidiaries or the designation of an Unrestricted Subsidiary
as a Restricted Subsidiary; provided that the Liens may not extend to any other property owned by the Issuer or any of its
Restricted Subsidiaries (other than, with respect to such property, any replacements of such property or assets and additions and
accessions thereto, after-acquired property subject to such Liens, and the proceeds and the products thereof);

 

(11)         Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer, Holdings or another Restricted Subsidiary;

 

    	 	-21-	 

     

    

 

 

(12)        Liens
securing Hedging Obligations;

 

(13)        Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances, bank guarantees or trade letters of credit issued or created for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or other goods;

 

(14)        leases,
subleases, licenses or sublicenses, grants or permits (including of intellectual property and software);

 

(15)        Liens
arising from Uniform Commercial Code (or equivalent statute or equivalent filings, registrations or agreements in foreign jurisdictions)
financing statement filings regarding leases, accounts or consignments not prohibited by this Indenture;

 

(16)        Liens
in favor of the Issuer or any Guarantor;

 

(17)        Liens
on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business;

 

(18)        Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7),
(8), (9) and (10), this clause (18) and clauses (29) and (30) below; provided that (a) such new Lien shall be
limited to all or part of the same property and assets that secured the original Lien (plus any replacements of such property or
assets and additions and accessions thereto, after-acquired property subject to such Liens, and the proceeds and the products thereof
and customary security deposits in respect thereof), and (b) the Indebtedness secured by such Lien at such time is not increased
to any amount greater than the sum of (i) the outstanding principal amount of the Indebtedness (including any Increased Amount)
at the time of such refinancing, refunding, extension, renewal or replacement, and (ii) an amount necessary to pay any costs,
fees and expenses, including premiums, tender offer premiums and consent payments, and accrued and unpaid interest related to such
refinancing, refunding, extension, renewal or replacement;

 

(19)        deposits
made in the ordinary course of business to secure liability to insurance carriers;

 

(20)        Liens
securing judgments for the payment of money not constituting an Event of Default under Section 6.01(a)(5);

 

(21)        Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods in the ordinary course of business;

 

    -22-

     

    

 

(22)        Liens
(i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision
on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred
in the ordinary course of business, and (iii) in favor of banking or other financial institutions or other electronic payment
service arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters
customary in the banking or finance industry;

 

(23)        Liens
deemed to exist in connection with Investments in repurchase agreements; provided that such Liens do not extend to any assets
other than those that are the subject of such repurchase agreement;

 

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

 

(25)        Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Issuer
and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the
Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

(26)        Liens
on the Equity Interests of Unrestricted Subsidiaries or Foreign Subsidiaries that secure Indebtedness of such Unrestricted Subsidiaries
or Foreign Subsidiaries;

 

(27)        any
encumbrance or restriction (including purchase options, put and call arrangements or similar rights) with respect to capital stock
of any joint venture or similar arrangement pursuant to any joint venture or similar agreement and rights of first refusal and
tag, drag and similar rights in joint venture agreements or similar arrangement pursuant to any joint venture or similar agreement;

 

(28)        Liens
on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness;

 

(29)        Liens
securing (i) Indebtedness and Obligations in respect thereof under Credit Facilities, including any letter of credit relating
thereto; provided that immediately after giving effect to any such incurrence, the then outstanding aggregate principal
amount of all such Indebtedness secured by under this clause (29) does not exceed an amount equal to the sum of (x) $2,500
million plus (y) the maximum principal amount of Indebtedness that could be incurred such that giving effect to such
incurrence, the Consolidated Secured Debt Ratio does not exceed 4.50 to 1.00 after giving Pro Forma Effect to the incurrence of
such Indebtedness and the application of the net proceeds therefrom), in each case in this clause (y) with the calculation
of such Consolidated Secured Debt Ratio excluding any concurrent incurrence under clause (x) above; and (ii) Indebtedness
and Obligations in respect thereof (x) under Hedging Obligations entered into for bona fide hedging purposes and not for speculation
and (y) in respect of treasury and cash management services provided by, or entered into with, the lenders under Credit Facilities
or their affiliates;

 

    -23-

     

    

 

(30)        other
Liens securing Indebtedness and Obligations in respect thereof the aggregate principal amount of which does not exceed, at any
one time outstanding, the greater of (a) $220 million and (b) 40% of Pro Forma EBITDA of BKFS Holdings, the Issuer and
its Restricted Subsidiaries at the time of incurrence (for the period of the most recently ended four fiscal quarters for which
internal financial statements are available immediately preceding the date on which the event for which the calculation is being
made shall occur);

 

(31)        Liens
on cash advances in favor of the seller of any property to be acquired in an Investment to be applied against the purchase price
for such Investment solely to the extent such Investment would have been permitted on the date of the creation of such Lien;

 

(32)        Liens
solely on any cash earnest money deposits or advances made in connection with any letter of intent, purchase agreement or other
investment permitted under this Indenture;

 

(33)        receipt
of progress payments and advances from customers in the ordinary course of business to the extent same creates a Lien on the related
inventory and proceeds thereof;

 

(34)        Liens
of sellers of goods to the Issuer or any of its Restricted Subsidiaries arising under Article 2 of the Uniform Commercial
Code or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only
the unpaid purchase price for such goods and related expenses;

 

(35)        (a) Liens
on assets of the type specified in the definition of “Receivables Facility” incurred in connection with a Receivables
Facility, and (b) Liens securing obligations under or in respect of any Receivables Facility;

 

(36)        Liens
on property subject to Sale and Leaseback Transactions permitted by this Indenture, security deposits, related contract rights
and payment intangibles related thereto;

 

(37)        rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit held by the Issuer or any of the
Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant, or permit, or to require
annual or periodic payments as a condition to the continuance thereof;

 

(38)        restrictive
covenants affecting the use to which real property may be put; provided that the covenants are complied with;

 

(39)        security
given to a public utility or any municipality or governmental authority when required by such utility or authority in connection
with the operations of that Person in the ordinary course of business;

 

    -24-

     

    

 

(40)        Liens
arising out of conditional sale, title retention, consignment, or similar arrangements for sale of goods entered into by the Issuer
or any Restricted Subsidiary in the ordinary course of business;

 

(41)        Liens
on goods purchased in the ordinary course of business the purchase price of which is financed by a documentary letter of credit
issued for the account of the Issuer or any of its Restricted Subsidiaries;

 

(42)        any
Lien granted pursuant to a security agreement between the Issuer or any Restricted Subsidiary and a licensee of intellectual property
to secure the damages, if any, of such licensee resulting from the rejection of the licensee of such licensee in a bankruptcy,
reorganization or similar proceeding with respect to the Issuer or such Restricted Subsidiary; provided that such Liens,
in the aggregate, do not encumber any assets of the Issuer or any Restricted Subsidiary other than the assets securing such Liens
in existence on the Issue Date;

 

(43)        to
the extent pursuant to a requirement of law, Liens on cash or investments securing swap obligations in the ordinary course of business;

 

(44)        Liens
created for the benefit of (or to secure) all of the Notes and the related Guarantees;

 

(45)        Liens
arising from Personal Property Security Act financing statement filings regarding leases entered into by the Issuer or any of its
Restricted Subsidiaries in the ordinary course of business;

 

(46)        zoning
by-laws and other land use restrictions, including, without limitation, siteplan agreements, development agreements and contract
zoning agreements; and

 

(47)        with
respect to any owned real property, matters listed as exceptions to title in the title policy covering such real property and the
matters disclosed in any survey with respect to such real property.

 

For the avoidance of doubt, the inclusion
of specific Liens in the definition of Permitted Liens shall not create any implication that the obligations secured by such Liens
constitute Indebtedness.

 

“Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other entity.

 

“Preferred Stock” means
any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Private Placement Legend”
means the legend set forth in Section 2.06(f)(1)(A) to be placed on all Notes issued under this Indenture, except
where otherwise permitted by the provisions of this Indenture.

 

    -25-

     

    

 

“Pro Forma Adjustment”
means, for any period that includes all or any part of a fiscal quarter included in any period beginning on the date of consummation
of an acquisition and ending on the last day of the eight full consecutive fiscal quarter immediately following the date on which
such acquisition is consummated (the “Post-Acquisition Period”), with respect to the Acquired EBITDA of the
applicable Acquired Entity or Business or Converted Restricted Subsidiary or the EBITDA, the pro forma increase or decrease
in such Acquired EBITDA or such EBITDA, as the case may be, projected by the Issuer in good faith as a result of (i) actions
taken during such Post-Acquisition Period for the purposes of realizing reasonably identifiable and factually supportable cost
savings or (ii) any additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination
of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Issuer and
the Restricted Subsidiaries; provided that (a) at the election of the Issuer, such Pro Forma Adjustment shall not be
required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate consideration
paid in connection with such acquisition was less than $10,000,000 and (b) so long as such actions are taken during such Post-Acquisition
Period or such costs are incurred during such Post-Acquisition Period, as applicable, it may be assumed, for purposes of projecting
such pro forma increase or decrease to such Acquired EBITDA or such EBITDA, as the case may be, that the applicable amount
of such cost savings will be realizable during the entirety of such period, or the applicable amount of such additional costs,
as applicable, will be incurred during the entirety of such period; provided further, that any such pro forma increase
or decrease to such Acquired EBITDA or such EBITDA, as the case may be, shall be without duplication for cost savings or additional
costs already included in such Acquired EBITDA or such EBITDA, as the case may be, for such period.

 

“Pro Forma Basis” and
“Pro Forma Effect” mean, with respect to compliance with any test, financial ratio, or covenant under this Indenture,
that (i) to the extent applicable, the Pro Forma Adjustment shall have been made and (ii) all Specified Transactions/Initiatives
taking place subsequent to the first day of the most recently ended four fiscal quarters for which internal financial statements
are available at such date of determination and prior to or concurrently with the transaction for which such test, financial ratio
or covenant is being made (the “Test Period”) (and any increase or decrease in EBIDTA and the component financial
definitions used therein attributable to such Specified Transaction/Initiative) had occurred on the first day of the Test Period.

 

Whenever Pro Forma Effect is to be given
to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the
Issuer. If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness
shall be calculated as if the rate in effect on the Consolidated Secured Debt Ratio Calculation Date had been the applicable rate
for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized
Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer
of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of
making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma
Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the
greater of (i) the maximum commitments under such revolving credit facility as of the date of determination and (ii) the
aggregate principal amount of loans outstanding under such revolving credit facility on such date). Interest on Indebtedness that
may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered
rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional
rate chosen as the Issuer may designate

 

    -26-

     

    

 

“Pro Forma EBITDA” means,
with respect to any period, the EBITDA of BKFS Holdings, the Issuer and its Restricted Subsidiaries for such period calculated
on a Pro Forma Basis.

 

“Public Company Costs”
means costs relating to compliance with the provisions of the Securities Act and the Exchange Act, as applicable to companies with
equity or debt securities held by the public, the rules of national securities exchange companies with listed equity or debt
securities, directors’ or managers’ compensation, fees and expense reimbursement, costs relating to investor relations,
shareholder meetings and reports to shareholders or debtholders, directors’ and officers’ insurance and other executive
costs, legal and other professional fees, and listing fees.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Rating Agencies” means
Moody’s, S&P and Fitch or if Moody’s, S&P or Fitch or each shall not make a rating on the Notes publicly available,
a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be substituted
for Moody’s, S&P and Fitch or each, as the case may be.

 

“Ratings Event” means
the ratings on the Notes are lowered and the Notes are rated below an Investment Grade Rating by two of three of the Rating Agencies
on any day during the period that (1) begins on the earlier of (a) the date of the first public announcement of the occurrence
of such Change of Control or of the intention by the Issuer to effect such Change of Control or (b) the occurrence of such
Change of Control and (2) ends on the 60th calendar day following consummation of such Change of Control; provided,
however, that such period shall be extended for so long as the rating of the Notes is under publicly announced consideration
for possible downgrade by any Rating Agency.

 

“Receivables Facility”
means any of one or more receivables financing facilities (and any guarantee of such financing facility), as amended, supplemented,
modified, extended, renewed, restated, or refunded from time to time, the obligations of which are non-recourse (except for customary
representations, warranties, covenants, and indemnities made in connection with such facilities) to the Issuer and the Restricted
Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any Restricted Subsidiary sells, directly or
indirectly, grants a security interest in or otherwise transfers its accounts receivable to either (i) a Person that is not
a Restricted Subsidiary or (ii) a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts
receivable to a Person that is not a Restricted Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary
that in turn funds itself by borrowing from such a Person.

 

    -27-

     

    

 

“Receivables Subsidiary”
means any Subsidiary formed for the purpose of facilitating or entering into one or more Receivables Facilities, and in each case
engages only in activities reasonably related or incidental thereto or another Person formed for the purposes of engaging in a
Receivables Facility in which the Issuer or any Subsidiary makes an Investment and to which the Issuer or any Subsidiary transfers
accounts receivables and related assets.

 

“Record Date” for the
interest payable on any applicable Interest Payment Date means the February 15 or August 15 (whether or not a Business
Day) next preceding such Interest Payment Date.

 

“Regulation S” means
Regulation S promulgated under the Securities Act.

 

“Regulation S Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee (or any successor
department or group of the Trustee), including any vice president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter relating to this Indenture is referred
because of such Person’s knowledge of and familiarity with the particular subject and, in each case, who shall have direct
responsibility for the administration of this Indenture.

 

“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

 

“Restricted Global Note”
means a Global Note bearing the Private Placement Legend.

 

“Restricted Period” means
the 40-day distribution compliance period as defined in Regulation S.

 

“Restricted Subsidiary”
means, at any time, each direct and indirect Subsidiary of the Issuer that is not then an Unrestricted Subsidiary; provided
that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included
in the definition of “Restricted Subsidiary.” As of the Issue Date, all of the Issuer’s Subsidiaries will be
Restricted Subsidiaries.

 

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

 

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

 

“Rule 903” means
Rule 903 promulgated under the Securities Act.

 

“Rule 904” means
Rule 904 promulgated under the Securities Act.

 

    -28-

     

    

 

“S&P” means Standard &
Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business.

 

“Sale and Leaseback Transaction”
means any arrangement providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal
property, which property has been or is to be sold or transferred for value by the Issuer or such Restricted Subsidiary to a third
Person in contemplation of such leasing.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Significant Subsidiary”
means any Restricted Subsidiary or any group of Restricted Subsidiaries that would be a “significant subsidiary” of
Holdings as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the Issue Date.

 

“Sold Entity or Business”
has the meaning provided in the definition of the term “EBITDA”.

 

“Specified Transaction/Initiative”
means, with respect to any period, (a) any incurrence or issuance or repayment, prepayment, redemption, purchase, repurchase,
defeasance or other satisfaction of Indebtedness (other than for working capital purposes or under a revolving facility), Preferred
Stock or Disqualified Stock, (b) any Investment that results in a Person becoming a Subsidiary, (c) any acquisition or
Investment constituting an acquisition of assets or equity constituting a business unit, line of business or division of another
Person, (d) any disposition of a business, company, segment, operating division or line of business, or (e) any operating
improvement, restructuring, cost savings initiative or similar activity or initiative.

 

“Subordinated Indebtedness”
means:

 

(1)          any
Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and

 

(2)          any
Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity of the Notes.

 

“Subsidiary” means, with
respect to any Person:

 

(1)          any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
and

 

    -29-

     

    

 

(2)          any
partnership, joint venture, limited liability company or similar entity of which

 

(x)             more
than 50.0% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and

 

(y)            such
Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

“Subsidiary Guarantor”
means any Guarantor other than Holdings or BKFS Holdings.

 

“Synthetic Lease” means
any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing arrangement whereby
the arrangement is considered borrowed money indebtedness for tax purposes but is classified as an operating lease or does not
otherwise appear on a balance sheet under GAAP.

 

“Treasury Rate” means,
as of any Redemption Date, the yield to maturity as of the applicable notice of redemption of U.S. Treasury securities with a constant
maturity (as compiled and published in the most recent statistical release designated as “H.15” under the caption “Treasury
Constant Maturities” or any successor publication which is published at least weekly by the Board of Governors of the Federal
Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System) and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity that has become publicly
available at least two Business Days prior to the date of such notice (or, if such statistical release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the applicable Redemption Date to September 1,
2023.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended.

 

“Trustee” means Wells
Fargo Bank, National Association, as trustee, until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder.

 

“Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State
of New York.

 

“Unrestricted Definitive Note”
means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend.

 

“Unrestricted Global Note”
means a permanent Global Note, substantially in the form of Exhibit A hereto, that bears the Global Note Legend and
that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited
with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend.

 

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“Unrestricted Subsidiary”
means:

 

(1)          any
Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided
below); and

 

(2)          any
Subsidiary of an Unrestricted Subsidiary.

 

Unrestricted Subsidiaries will not be subject
to any of the restrictive covenants set forth in this Indenture. The Issuer may designate any Subsidiary of the Issuer (including
any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary
or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer
or any Subsidiary of the Issuer (other than solely any Subsidiary of the Subsidiary to be so designated); provided that:

 

(1)          at
or prior to the time of designation, the Subsidiary to be so designated shall be designated an unrestricted subsidiary under the
Amended and Restated Credit Facilities or any Credit Facility that replaces, refunds or refinances any part of the loans or commitments
thereunder; and

 

(2)          each
of (a) the Subsidiary to be so designated and (b) its Subsidiaries has not at the time of designation, and does not thereafter,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant
to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary.

 

The Issuer may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation, no Default
shall have occurred and be continuing.

 

Any such designation by the Issuer shall
be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution of the board of directors
of the Issuer or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing provisions.

 

“U.S. Person” means a
U.S. person as defined in Rule 902(k) under the Securities Act.

 

“Voting Stock” of any
Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the board
of directors of such Person.

 

“Wholly-Owned Subsidiary”
of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other than directors’
qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

 

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Section 1.02        Other
Definitions.

 

	Term	 	Defined in Section
	“Additional Notes”	 	2.01
	“Applicable Premium Deficit”	 	8.04
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.09
	“Change of Control Payment”	 	4.09
	“Change of Control Payment Date”	 	4.09
	“Covenant Defeasance”	 	8.03
	“Covenant Suspension Event”	 	4.11
	“Event of Default”	 	6.01
	“Escrow Account”	 	Section 3.09(a)
	“Escrow Property”	 	Section 3.09(a)
	“Escrow Release Condition”	 	Section 3.09(b)
	“Increased Amount”	 	4.07
	“Initial Default”	 	6.01
	“LCT Election”	 	4.12
	“LCT Test Date”	 	4.12
	“Legal Defeasance”	 	8.02
	“Note Register”	 	2.03
	“Outside Date”	 	Section 3.09(b)
	“Paying Agent”	 	2.03
	“Redemption Date”	 	3.07
	“Registrar”	 	2.03
	“Reversion Date”	 	4.11
	“Special Mandatory Redemption Date”	 	Section 3.09(d)
	“Special Mandatory Redemption Event”	 	Section 3.09(d)
	“Special Mandatory Redemption Notice Date”	 	Section 3.09(d)
	“Special Mandatory Redemption Price”	 	Section 3.09(d)
	“Successor”	 	5.01
	“Successor Person”	 	5.01
	“Suspended Covenant”	 	4.11
	“Suspension Period”	 	4.11

 

Section 1.03        Rules of
Construction. Unless the context otherwise requires:

 

(a)          a
term has the meaning assigned to it;

 

(b)          an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)          “or”
is not exclusive;

 

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(d)          words
in the singular include the plural, and in the plural include the singular;

 

(e)          “will”
shall be interpreted to express a command;

 

(f)          provisions
apply to successive events and transactions;

 

(g)          references
to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor sections
or rules adopted by the SEC from time to time;

 

(h)          any
reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause,
as the case may be, of this Indenture;

 

(i)           (i) the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause or other subdivision;

 

(j)           (j) the
phrase “in writing” or any similar phrase as used herein shall be deemed to include PDF attachments and other electronic
means of transmission, unless otherwise indicated; and

 

(k)          “including”
means including without limitation.

 

Section 1.04        Acts
of Holders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required,
to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person
of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Section 1.04.

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by or
on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority
of the Person executing the same. The fact and date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.

 

(c)          The
ownership of Notes shall be proved by the Note Register.

 

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(d)          Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.

 

(e)          The
Issuer may set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization,
direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or
permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer prior to the first solicitation
of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record
date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation.

 

(f)           Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given
or taken by separate Holders of each such different part.

 

(g)          Without
limiting the generality of the foregoing, a Holder, including DTC, may make, give or take, by a proxy or proxies duly appointed
in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to
be made, given or taken by Holders, and DTC may provide its proxy or proxies to the beneficial owners of interests in any such
Global Note through the Applicable Procedures and its other standing instructions and customary practices.

 

(h)          The
Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by DTC entitled under the Applicable Procedures to make, give or take, by a proxy or proxies duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given
or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent,
waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after
such record date.

 

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Article II

 

THE
NOTES

 

Section 2.01        Form and
Dating; Terms.

 

(a)          General.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be
dated the date of the Trustee’s authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples
of $1,000 in excess of $2,000.

 

(b)          Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A hereto (including the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in definitive form shall be substantially in the form of Exhibit A hereto (but without the Global Note Legend
thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global
Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in
the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount
of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may
from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note
to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall
be made by the Trustee as Custodian, in accordance with instructions given by the Holder thereof as required by Section 2.06.

 

(c)          Terms.
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Guarantors and the Trustee,
by their execution and delivery of this Indenture or a supplemental indenture in the form of Exhibit D hereto, expressly
agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 

The Notes shall be subject to repurchase
by the Issuer pursuant to a Change of Control Offer as provided in Section 4.09. The Notes shall not be redeemable,
other than as provided in Article III.

 

Additional Notes ranking pari passu
with the Initial Notes (“Additional Notes”) may be created and issued from time to time by the Issuer without
notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have
the same terms as to status, waivers, amendments, redemptions, offers to purchase and otherwise as the Initial Notes; provided,
that Additional Notes shall not be issued with the same CUSIP or ISIN, if any, as the Initial Notes unless such Additional Notes
are fungible with the Initial Notes for U.S. federal income tax purposes. Additional Notes that are Regulation S Notes shall have
a separate CUSIP or ISIN during the Restricted Period.

 

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Section 2.02        Execution
and Authentication. At least one Officer of the Issuer shall execute the Notes by manual, facsimile, PDF attachment
or other electronically transmitted signature.

 

If an Officer whose signature is on a Note
no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

 

A Note shall not be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose until authenticated substantially in the form of Exhibit A
hereto by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated
and delivered under this Indenture.

 

On the Issue Date, the Trustee shall, upon
receipt of an Issuer Order (an “Authentication Order”), authenticate and deliver the Initial Notes. In addition,
at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any Additional
Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder. In connection
with authenticating such Additional Notes, the Trustee shall be entitled to receive an Opinion of Counsel stating that such Additional
Notes, when authenticated and delivered by the Trustee will constitute valid and legally binding obligations of the Issuer, enforceable
in accordance with their terms, subject to customary carve-outs and assumptions.

 

The Trustee may appoint an authenticating
agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may
do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer.

 

Section 2.03        Registrar
and Paying Agent. The Issuer shall maintain (i) an office or agency where Notes may be presented for registration
of transfer or for exchange (“Registrar”) and (ii) an office or agency in the United States where Notes
may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes (“Note
Register”) and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar. The Issuer shall maintain a registrar in the
United States. The term “Paying Agent” includes any additional paying agents. The Issuer initially appoints
the Trustee as (i) Registrar and Paying Agent and (ii) the Custodian with respect to the Global Notes. The Issuer may
change any Paying Agent or Registrar without prior notice to any Holder. The Issuer shall notify the Trustee in writing of the
name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar
or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Issuer initially appoint DTC to act
as Depositary with respect to the Global Notes.

 

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Section 2.04        Paying
Agent to Hold Money in Trust. The Issuer shall require the Paying Agent other than the Trustee to agree in writing
that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the
payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee in writing of any default by the
Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Issuer or one of its Subsidiaries) shall have no further liability for
the money. If the Issuer or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund
for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Issuer, the Trustee shall serve as Paying Agent for the Notes.

 

Section 2.05        Holder
Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee
at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a
list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.

 

Section 2.06        Transfer
and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor.
A beneficial interest in a Global Note shall be exchangeable for a Definitive Note if (i) the Depositary (x) notifies
the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing
agency registered under the Exchange Act, and, in either case, a successor Depositary is not appointed by the Issuer within 120
days or (ii) in the case of any Global Note, there shall have occurred and be continuing an Event of Default with respect
to such Global Note and the Depositary shall have requested the issuance of Definitive Notes. Upon the occurrence of any of the
preceding events in clause (i) or (ii) above, Definitive Notes delivered in exchange for any Global Note or beneficial
interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the
Depositary (in accordance with the Applicable Procedures). Global Notes also may be exchanged or replaced, in whole or in part,
as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a
Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or Section 2.10,
shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent
to any of the preceding events in clause (i) or (ii) above and pursuant to Section 2.06(c). A Global Note
may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however,
that beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or
(c).

 

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(b)         Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only
for beneficial interests in Global Notes pursuant to this subsection (b). Transfers of beneficial interests in the Global Notes
also shall require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the
other following subparagraphs, as applicable:

 

(1)          Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an initial purchaser of the Notes) unless permitted by applicable law and made in compliance with
subsections (2) or (3) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)          All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1), the transferor of such beneficial interest must deliver to the
Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in
whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided
that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global
Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of a duly completed Certificate
of Transfer or Certificate of Exchange, as applicable, required by the Issuer to establish compliance with Rule 903 of the
Securities Act.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h).

 

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(3)          Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) and the Registrar receives the following:

 

(A)            if
the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver
a duly completed Certificate of Transfer, including the certifications in clause (1) thereof; or

 

(B)            if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must
deliver a duly completed Certificate of Transfer, including the certifications in clause (2) thereof.

 

(4)          Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note, if the exchange or transfer complies with the requirements of Section 2.06(b)(2) and the Registrar receives
the following: (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note, a duly completed Certificate of Exchange from such Holder, including
the certifications in clause (1)(a) thereof; or (ii) if the holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest
in an Unrestricted Global Note, a duly completed Certificate of Transfer from such Holder, including the certifications in clause
(5) thereof; and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is
in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

If any such transfer is so effected at a
time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.02, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests so transferred.

 

(5)          If
the Issuer determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably require)
that a Note is eligible (without limits) for resale pursuant to Rule 144 (or a successor provision) and that the Private Placement
Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest
therein) are effected in compliance with the Securities Act, the Issuer shall instruct in writing the Trustee to cancel the Notes
and issue to the non-affiliate Holders thereof (or to their transferees) new Notes of like tenor and amount, registered in the
name of the Holder thereof (or to their transferees), that does not bear the Private Placement Legend, and the Trustee will comply
with such instruction.

 

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(6)          Beneficial
interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note.

 

(c)          Transfer
or Exchange of Beneficial Interests for Definitive Notes. Beneficial interests in Global Notes shall be exchanged only for
Definitive Notes pursuant to this clause (c).

 

(1)          Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the
occurrence of any of the events in clause (i) or (ii) of Section 2.06(a) and receipt by the Registrar
of the following documentation:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a duly completed Certificate of Exchange from such Holder, including the certifications in clause (2)(a) thereof;

 

(B)            if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a duly completed Certificate of Transfer,
including the certifications in clause (1) thereof;

 

(C)            if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a duly completed Certificate of Transfer, including the certifications in clause (2) thereof;

 

(D)            if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a duly completed Certificate of Transfer, including the certifications in clause (4)(a) thereof;

 

(E)            if
such beneficial interest is being transferred to the Issuer or any of the Restricted Subsidiaries, a duly completed Certificate
of Transfer, including the certifications in clause (4)(b) thereof; or

 

(F)            if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a duly
completed Certificate of Transfer, including the certifications in clause (4)(c) thereof, and the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and
the Issuer shall execute and, upon receipt of the Authentication Order, the Trustee shall authenticate and mail to the Person designated
in the instructions a Definitive Note in the applicable principal amount.

 

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Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee
shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest in Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(2)          Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in clause
(i) or (ii) of Section 2.06(a) and if the Registrar receives (i) if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a duly
completed Certificate of Exchange from such Holder, including the certifications in clause (1)(b) thereof; or (ii) if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a duly completed Certificate of Transfer, including
the certifications in clause (5) thereof; and, in each case, if the Registrar or the Issuer so request or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuer to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)          Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in clause (i) or
(ii) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(2), the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h),
and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive
Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) shall
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The
Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) shall not bear the Private Placement
Legend.

 

    -41-

     

    

 

(d)         Transfer
and Exchange of Definitive Notes for Beneficial Interests. Restricted Definitive Notes shall be exchanged only for beneficial
interests in Restricted Global Notes pursuant to this subsection (d).

 

(1)          Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:

 

(A)           if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a duly completed Certificate of Exchange from such Holder, including the certifications in clause (2)(b) thereof;

 

(B)            if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a duly completed Certificate of
Transfer, including the certifications in clause (1) thereof;

 

(C)            if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a duly completed Certificate of Transfer, including the certifications in clause (2) thereof;

 

(D)            if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a duly completed Certificate of Transfer, including the certifications in clause (4)(a) thereof;

 

(E)            if
such Restricted Definitive Note is being transferred to the Issuer or any of the Restricted Subsidiaries, a duly completed Certificate
of Transfer, including the certifications in clause (4)(b) thereof; or

 

(F)            if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a duly completed Certificate of Transfer, including the certifications in clause (4)(c) thereof, and the Trustee shall cancel
the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above,
the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of
clause (C) above, the applicable Regulation S Global Note.

 

    -42-

     

    

 

(2)          Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives (i) if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a duly completed Certificate of Exchange from such Holder, including the certifications in item (1)(c) thereof; or (ii) if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted Global Note, a duly completed Certificate of Transfer from such Holder, including the
certifications in clause (5) thereof; and, in each case, if the Registrar or the Issuer so request or if the Applicable Procedures
so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuer to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

Upon satisfaction of the conditions of any
of the subparagraphs in this Section 2.06(d)(2), the Trustee shall cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

 

(3)          Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer from a
Definitive Note to a beneficial interest is effected pursuant to subsection (1)(B) or (3) above of this Section 2.06(d) at
a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of Definitive Notes so transferred.

 

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive
Notes. Definitive Notes shall be exchanged only for Definitive Notes pursuant to this subsection (e). Prior to such registration
of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney,
duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information,
as applicable, required pursuant to the following provisions of this Section 2.06(e):

 

    -43-

     

    

 

(1)          Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)            if
the transfer will be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a duly completed
Certificate of Transfer, including the certifications in item (1) thereof;

 

(B)            if
the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a duly completed Certificate
of Transfer, including the certifications in clause (2) thereof; or

 

(C)            if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a duly completed Certificate of Transfer, including the certifications required by clause (4) thereof, if applicable.

 

(2)          Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for
an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following (i) if the Holder of such Restricted Definitive Notes proposes to
exchange such Notes for an Unrestricted Definitive Note, a duly completed Certificate of Exchange from such Holder, including the
certifications in clause (1)(d) thereof; or (ii) if the Holder of such Restricted Definitive Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a duly completed Certificate
of Transfer from such Holder, including the certifications in clause (5) thereof; and, in each case, if the Registrar or the
Issuer so request, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuer to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)          Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer,
the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

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(f)          Legends.
The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture:

 

(1)          Private
Placement Legend.

 

(A)           Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the legend in substantially the following form:

 

“THE OFFERING AND SALE OF
THIS NOTE (OR ITS PREDECESSOR) HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES
OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF
A BENEFICIAL INTEREST HEREIN, THE HOLDER:

 

(1) REPRESENTS THAT IT IS
NOT AN “AFFILIATE” (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF BLACK KNIGHT INFORSERV, LLC AND (A) IS
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), OR (B) IT
HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,

 

(2) AGREES THAT IT WILL NOT
RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT (A) TO BLACK KNIGHT INFOSERV, LLC OR ANY OF
ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF
RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE
SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED
UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE TRUSTEE) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

AS USED HEREIN, THE TERMS “OFFSHORE
TRANSACTIONS” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES
ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE
FOREGOING.”

 

    -45-

     

    

 

(B)            Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or
(e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear
the Private Placement Legend.

 

(2)          Global
Note Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate changes in the last
sentence if DTC is not the Depositary):

 

“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

 

(g)          Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of
Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee to reflect such increase.

 

    -46-

     

    

 

 

(h)            General
Provisions Relating to Transfers and Exchanges.

 

(1)            To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 

(2)            No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 4.09 and 9.04).

 

(3)            All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(4)            Neither
the Issuer nor the Registrar shall be required (A) to issue, to register the transfer of or to exchange any Notes during a
period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02
and ending at the close of business on the day of selection or (B) to register the transfer of or to exchange any Note so
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(5)            Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer
shall be affected by notice to the contrary.

 

(6)            Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 4.02,
the Issuer shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees,
one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.

 

(7)            At
the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate
principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive
Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and mail, the replacement Global
Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02.

 

    	 	-47-	 

     

    

 

(8)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by email or facsimile.

 

(9)            Neither
the Registrar nor the Trustee shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Participants or beneficial owners of interests in any Global Notes) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

(10)            Neither
the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

 

(11)            In
connection with any proposed transfer from a Global Note to a Definitive Note, the Issuer shall use commercially reasonable efforts
to provide or cause to be provided to the Trustee all information within its possession that is requested by the Trustee and necessary
to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting
obligations under Internal Revenue Code Section 6045. The Trustee may rely on any such information provided to it and shall
have no responsibility to verify or ensure the accuracy of such information.

 

Section 2.07     Replacement
Notes. If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the Trustee receives
evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee,
upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An
indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee to protect the Trustee and in
the judgment of the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. The Issuer may charge for its expenses (including the expenses of the Trustee) in replacing
a Note.

 

Every replacement Note is a contractual
obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other
Notes duly issued hereunder.

 

Section 2.08     Outstanding
Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance
with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09,
a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

    	 	-48-	 

     

    

 

If a Note is replaced pursuant to Section 2.07,
it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide
purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Issuer,
a Subsidiary of the Issuer or an Affiliate of any thereof) holds, on a Redemption Date or maturity date, money sufficient to pay
Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease
to accrue interest.

 

Section 2.09     Treasury
Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned
which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the
Issuer or any obligor upon the Notes or any Affiliate of the Issuer or of such other obligor.

 

Section 2.10     Temporary
Notes. Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon
receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive
Notes in exchange for temporary Notes.

 

Holders and beneficial holders, as the case
may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of
Notes under this Indenture.

 

Section 2.11     Cancellation.
The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the
Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of cancelled Notes (subject to the record retention requirement of the
Exchange Act in accordance with its customary procedures). Certification of the disposal of all cancelled Notes shall be delivered
to the Issuer upon its written request. The Issuer may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation.

 

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Section 2.12     Defaulted
Interest. If the Issuer default in a payment of interest on the Notes, the Issuer shall pay the defaulted interest
in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are Holders of
Notes on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The
Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of
the proposed payment, and at the same time the Issuer shall deposit with the Trustee, an amount of money equal to the aggregate
amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee, for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to be fixed each
such special record date and payment date; provided that no such special record date shall be less than 10 days prior to
the related payment date for such defaulted interest. The Issuer shall promptly notify the Trustee of such special record date.
At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer made at least 1 Business
Day prior to the date on which notice is to be sent (or such shorter period as agreed to by the Trustee), the Trustee, in the
name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid or delivered electronically
in accordance with the Applicable Procedures, to each Holder a notice at his or her address as it appears in the Note Register
that states the special record date, the related payment date and the amount of such interest to be paid.

 

Subject to the foregoing provisions of this
Section 2.12 and for greater certainty, each Note delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Note.

 

Section 2.13     CUSIP/ISIN
Numbers. The Issuer in issuing the Notes may use CUSIP or ISIN numbers, as applicable, (if then generally in use)
and, if so, the Trustee shall use CUSIP or ISIN numbers, as applicable, in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The
Issuer will as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN numbers, as applicable.

 

Article III

 

REDEMPTION

 

Section 3.01     Notices
to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the
Trustee, at least five Business Days before notice of redemption is required to be given or caused to be given to the applicable
Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee) but not more than 60
days before a Redemption Date, an Officer’s Certificate setting forth (i) the section of this Indenture pursuant to
which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed and
(iv) the redemption price (or manner of calculation if not then known).

 

    	 	-50-	 

     

    

 

Section 3.02     Selection
of Notes to Be Redeemed or Purchased. If fewer than all of the Notes are to be redeemed or purchased in an offer
to purchase at any time, the Trustee shall select the Notes to be redeemed or purchased (a) if the Notes are listed on any
national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes
are listed and in accordance with the Applicable Procedures of the Depositary or (b) if the Notes are not listed on a national
securities exchange or registered with DTC, or if DTC prescribes no method of selection, on a pro rata basis or by lot. In the
event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise
provided herein, not less than 10 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes
not previously called for redemption or purchase.

 

The Trustee shall promptly notify the Issuer
in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase,
the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or
whole multiples of $1,000 in excess thereof; no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes
of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple
of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply
to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

 

In no event shall the Trustee be responsible
for monitoring, or charged with knowledge of, the maximum aggregate amount of the Notes eligible to be redeemed.

 

Section 3.03     Notice
of Redemption. The Issuer shall deliver in accordance with the Applicable Procedures or mail or cause to be mailed
by first-class mail, postage prepaid, notices of redemption at least 10 days but not more than 60 days before the Redemption Date
to each Holder of Notes to be redeemed at such Holder’s registered address, except that redemption notices may be sent more
than 60 days prior to a Redemption Date if the notice is issued in connection with Article VIII or Article XI.

 

The notice shall identify the Notes to be
redeemed (including the CUSIP or ISIN number) and shall state:

 

(a)            the
Redemption Date;

 

(b)            the
redemption price;

 

(c)            if
any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, after
the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the
original Note representing the same indebtedness to the extent not redeemed will be issued in the name of the Holder of the Notes
upon cancellation of the original Note;

 

(d)            the
name and address of the Paying Agent;

 

    	 	-51-	 

     

    

 

(e)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)            that,
unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date;

 

(g)            the
section of this Indenture pursuant to which the Notes called for redemption are being redeemed;

 

(h)            that
no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, as applicable, if any, listed in such
notice or printed on the Notes; and

 

(i)            if
such redemption or purchase is subject to satisfaction of one or more conditions precedent, a description of each condition to
such redemption or purchase and, if applicable, that, in the Issuer’s discretion, the Redemption Date or purchase date may
be delayed until such time (including more than 60 days after the date the notice of redemption was sent, including by electronic
transmission) as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and such notice may
be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date or the purchase
date, or by the Redemption Date or purchase date as so delayed, or such notice may be rescinded at any time in the Issuer’s
discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied, and that, in the Issuer’s
discretion, payment of the redemption or purchase price and performance of the Issuer’s obligations with respect to such
redemption or purchase may be performed by another Person.

 

At the Issuer’s request, the Trustee
shall give the notice of redemption in the Issuer’s name and at its expense; provided that the Issuer shall have delivered
to the Trustee, at least five Business Days before notice of redemption is required to be given or caused to be given to Holders
pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

 

Section 3.04     Effect
of Notice of Redemption. Once notice of redemption is given in accordance with Section 3.03 and any
conditions thereto are satisfied, Notes called for redemption become irrevocably due and payable on the Redemption Date at the
redemption price (except as provided for in Section 3.03(i)). The notice, if given in a manner herein provided, shall
be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such
notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the
validity of the proceedings for the redemption of any other Note.

 

Subject to Section 3.05, on
and after the Redemption Date, interest ceases to accrue on Notes or portions of Notes called for redemption.

 

Section 3.05     Deposit
of Redemption or Repurchase Price. Prior to 12:00 p.m.  (New York City time) on the redemption or purchase
date, the Issuer shall deposit with the Paying Agent an amount of money, in immediately available funds, sufficient to pay the
redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or repurchased on that date. The Paying
Agent shall promptly return to the Issuer any money deposited with the Paying Agent by the Issuer in excess of the amounts necessary
to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or repurchased.

 

    	 	-52-	 

     

    

 

If the Issuer complies with the provisions
of the preceding paragraph and any conditions thereto are satisfied, on and after the Redemption Date or Repurchase Date, interest
shall cease to accrue on the Notes, or the portions of Notes, as applicable, called for redemption or purchase. If a Note is redeemed
or repurchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest
to the Redemption Date or Repurchase Date shall be paid to the Person in whose name such Note was registered at the close of business
on such Record Date, and no additional interest will be payable to Holders whose Notes are so redeemed or repurchased. If any Note
called for redemption or repurchase shall not be so paid upon surrender for redemption or purchase because of the failure of the
Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the Redemption Date or Repurchase
Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption Date or Repurchase Date not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01.

 

Section 3.06     Notes
Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or repurchased in part, the Issuer shall
issue and the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the
unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased;
provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is
understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of
Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note.

 

Section 3.07     Optional
Redemption. Except as set forth below in this Section 3.07 or in Section 4.09, the Issuer
will not be entitled to redeem the Notes at its option prior to September 1, 2023.

 

(a)            At
any time prior to September 1, 2023, the Issuer may on one or more occasions redeem the Notes, in whole or in part, upon not
less than 10 nor more than 60 days’ prior notice as described under Section 3.02, at a redemption price equal
to 100% of the principal amount of the Notes being redeemed plus the Applicable Premium as of the date of redemption (the “Redemption
Date”), and accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject to the rights of Holders
on the relevant Record Date to receive interest due on the relevant Interest Payment Date in accordance with Section 3.05.
Calculation of the Applicable Premium will be made by the Issuer or on behalf of the Issuer or by such Person as the Issuer shall
designate; provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee acting
in any capacity under this Indenture.

 

    	 	-53-	 

     

    

 

(b)            On
and after September 1, 2023, the Issuer may on one or more occasions redeem the Notes, in whole or in part, upon not less
than 10 nor more than 60 days’ prior notice as described under Section 3.02, at the redemption prices (expressed
as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any,
thereon to, but excluding, the applicable Redemption Date, subject to the rights of Holders on the relevant Record Date to receive
interest due on the relevant Interest Payment Date in accordance with Section 3.05, if redeemed during the twelve-month
period beginning on September 1 of each of the years indicated below:

 

	Year	 	 	Optional Redemption Price	 
	2023	 	 	 	101.813	%
	2024	 	 	 	100.906	%
	2025 and thereafter	 	 	 	100.000	%

 

In addition, prior to September 1, 2023, the Issuer may,
at its option, upon not less than 10 nor more than 60 days; prior notice as described under Section 3.02, on one or
more occasions, redeem up to 40% of the aggregate principal amount of Notes issued by it at a redemption price equal to 103.625%
of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable
Redemption Date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date in accordance with Section 3.05, with the net cash proceeds of one or more Equity Offerings; provided
that at least 50% of the aggregate principal amount of Notes issued under this Indenture (giving effect to the issuance of any
Additional Notes) remains outstanding immediately after the occurrence of each such redemption; provided, further,
that each such redemption occurs within 180 days of the date of closing of each such Equity Offering.

 

(c)            Notice
of any redemption or purchase of the Notes may, at the Issuer’s discretion, be subject to one or more conditions precedent,
including the completion of an Equity Offering or other corporate transaction.

 

(d)            Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06.

 

Section 3.08     Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect
to the Notes, except as set forth in Section 3.09. The Issuer and its Affiliates may acquire Notes by means other
than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable
securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture.

 

Section 3.09     Special
Mandatory Redemption.

 

(a)            Concurrently
with the issuance of the Notes, the Issuer will enter into the Escrow Agreement with the Escrow Agent, pursuant to which the Issuer
shall deposit, or cause to be deposited, into an account under the control of the Escrow Agent (the “Escrow Account”)
the net proceeds from the issuance of the Notes (together with any other property from time to time held in the Escrow Account,
the “Escrow Property”). As long as the Escrow Property is deposited with the Escrow Agent, it will be invested
by the Escrow Agent at the Issuer’s instruction in U.S. Treasury securities and certain other permitted investments as directed
by the Issuer.

 

    	 	-54-	 

     

    

 

(b)            In
order to cause the Escrow Agent to release the Escrow Property to the Issuer, on or prior to May 26, 2021 (the “Outside
Date”), the Issuer must deliver an Officer’s Certificate to the Escrow Agent and the Trustee certifying that the
Optimal Blue Acquisition will be consummated simultaneously or substantially concurrently with the release of funds from the Escrow
Account (the “Escrow Release Condition”).

 

(c)            If
the Escrow Release Condition is satisfied prior to 11:59 p.m. (New York City time) on the Outside Date, the Escrow Agent shall
release the Escrow Property (including investment earnings) to or at the instruction of the Issuer.

 

(d)            If
(i) the Escrow Release Condition has not been satisfied prior to 11:59 p.m. (New York City time) on the Outside Date
or (ii) the Issuer delivers a termination notice to the Escrow Agent and the Trustee prior to 11:59 p.m. (New York City
time) on the Outside Date indicating that (a) Holdings will not pursue the consummation of the Optimal Blue Acquisition or
(b) the Issuer has determined in its sole discretion that the Escrow Release Condition cannot or is not reasonably likely
to be satisfied by 11:59 p.m. (New York City time) on the Outside Date (any event described in clauses (i) or (ii) of
this sentence, a “Special Mandatory Redemption Event”), (x) the Issuer shall promptly (but in no event
later than three Business Days following such Special Mandatory Redemption Event) send a notice of special mandatory redemption
to the Holders (with a copy of such notice to be simultaneously delivered to the Trustee) (such date of notification to the Holders,
the “Special Mandatory Redemption Notice Date”), that the Notes will be redeemed no later than five Business
Days (and no sooner than two Business Days) after the Special Mandatory Redemption Notice Date (such date, the “Special
Mandatory Redemption Date”), (y) the Issuer shall redeem the Notes on the Special Mandatory Redemption Date at a
special mandatory redemption price equal to 100% of the initial issue price of the Notes, plus accrued and unpaid interest from
the date of initial issuance of the Notes to, but not including, the Special Mandatory Redemption Date (the “Special Mandatory
Redemption Price”). On or before the Business Day immediately prior to the Special Mandatory Redemption Date, the Escrow
Agent shall release the Escrow Property (including investment earnings) to the Trustee, without the requirement of notice to or
action by the Issuer, the Trustee or any other Person, and, on or prior to the Special Mandatory Redemption Date, the Issuer will
provide to the Trustee any additional amounts necessary to fund the redemption of the Notes at the Special Mandatory Redemption
Price. On the Special Mandatory Redemption Date, the Trustee shall cause the redemption of the Notes and the payment to the Holders
of the Special Mandatory Redemption Price.

 

(e)            For
the avoidance of doubt, Section 3.07 shall not apply to the Special Mandatory Redemption.

 

Article IV

 

COVENANTS

 

Section 4.01     Payment
of Notes. The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes
on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the
date due if the Paying Agent, if other than the Issuer or a Subsidiary, holds as of 12:00 p.m.  (New York City time) on the
due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due. With respect to Definitive Notes, if any, presentation is due at maturity.

 

    	 	-55-	 

     

    

 

The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable
interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the
extent lawful.

 

Section 4.02     Maintenance
of Office or Agency. The Issuer shall maintain the office or agency required under Section 2.03 where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee; provided that no service of legal process may be made upon
the Issuer at the Corporate Trust Office of the Trustee.

 

The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain an office or agency required under Section 2.03. The Issuer shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03.

 

Section 4.03     Reports
and Other Information.

 

Whether or not required by the rules and
regulations of the SEC, so long as any Notes are outstanding under this Indenture:

 

(a)            Holdings
shall furnish to the Holders and the Trustee the following information, such information, in each case, to comply in all material
respects with the applicable requirements of the specified form:

 

(i)            within
90 days after the end of each fiscal year (or if such day is not a Business Day, on the next succeeding Business Day), all financial
information that would be required to be contained in an annual report on Form 10-K, or any successor or comparable form,
filed by Holdings with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and a report on the annual financial statements by the Holdings’ independent registered public accounting
firm;

 

    	 	-56-	 

     

    

 

(ii)            within
45 days after the end of each of the first three fiscal quarters of each fiscal year (or if such day is not a Business Day, on
the next succeeding Business Day), all financial information that would be required to be contained in a quarterly report on Form 10-Q,
or any successor or comparable form, filed by Holdings with the SEC, including a “Management’s Discussion and Analysis
of Financial Condition and Results of Operations,” and financial statements prepared in accordance with GAAP; and

 

(iii)            all
information required by current reports that would be required to be filed with the SEC by Holdings on Form 8-K, or any successor
or comparable form, if Holdings were required to file such reports, in each case within five Business Days of the date on which
time periods specified in the SEC’s rules and regulations;

 

In addition, for so long as any Notes remain
outstanding, Holdings will furnish to the Holders and to securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(b)            Holdings
will be deemed to have furnished such information referred to in paragraph (a) above to the Trustee and the Holders if Holdings
or any direct or indirect parent of Holdings has filed such information with the SEC via the EDGAR (or successor) filing system
and such information is publicly available.

 

(c)            To
the extent any such reports referred to in paragraph (a) above is not so filed or furnished, as applicable, within the time
periods specified above and such reports are subsequently filed or furnished, as applicable, Holdings will be deemed to have satisfied
its obligations with respect thereto at such time and any Default or Event of Default with respect thereto shall be deemed to have
been cured.

 

(d)            Delivery
of reports, information and documents to the Trustee under this Section 4.03 are for informational purposes only and
the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein
or determinable from information contained therein, including compliance with any of the covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no liability or responsibility for the
filing, timeliness or content of such reports.

 

Section 4.04     Compliance
Certificate.

 

(a)            Holdings
shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date, a certificate from
the principal executive officer, principal financial officer or principal accounting officer stating that, in the course of the
performance by the signer of his or her duties as an officer, he or she would normally have knowledge of any default by the Issuer
in the performance of any of its obligations contained in this Indenture, and that a review of the activities of Holdings, the
Issuer and the Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer
with a view to determining whether Holdings, the Issuer and the Restricted Subsidiaries have kept, observed, performed and fulfilled
their obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his
or her knowledge Holdings, the Issuer and the Restricted Subsidiaries have kept, observed, performed and fulfilled each and every
condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms,
provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred and is continuing, describing all
such Defaults of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto).

 

    	 	-57-	 

     

    

 

(b)            When
any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of Indebtedness
of the Issuer or any of the Restricted Subsidiaries gives any notice or takes any other action with respect to a claimed Default,
the Issuer shall promptly (which shall be no more than ten Business Days after becoming aware of any Default) deliver to the Trustee
by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such Default, its status
and what actions the Issuer is taking or proposes to take with respect thereto.

 

Section 4.05     Taxes.
Holdings shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments,
and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the
failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

 

Section 4.06     Stay,
Extension and Usury Laws. The Issuer and each of the Guarantors covenant (to the extent that they may lawfully
do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or
the performance of this Indenture; and the Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby
expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder,
delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such
power as though no such law has been enacted.

 

Section 4.07     Liens.

 

(a)            The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist
any Lien (except Permitted Liens) that secures Indebtedness on any asset or property of the Issuer or any Restricted Subsidiary,
unless:

 

(1)            in
the case of Liens securing Subordinated Indebtedness, the Notes and related Guarantees are secured by a Lien on such property,
assets or proceeds that is senior in priority to such Liens; or

 

(2)            in
all other cases, the Notes or the related Guarantees are equally and ratably secured.

 

(b)            The
documentation for any Lien created for the benefit of the Holders of the Notes pursuant to this Section 4.07 shall
provide that such Lien shall be deemed automatically and unconditionally released and discharged upon the release and discharge
of the applicable Lien described in clauses (1) and (2) of Section 4.07(a).

 

    	 	-58-	 

     

    

 

(c)            For
purposes of determining compliance with this Section 4.07, (A) a Lien securing an item of Indebtedness need not
be permitted solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted
Liens” or pursuant to Section 4.07(a) but may be permitted in part under any combination thereof and (B) in
the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories
of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.07(a),
the Issuer may, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if incurred at such
later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant
and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any
portion thereof) in one of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted
Liens” or pursuant to Section 4.07(a) and, in such event, such Lien securing such item of Indebtedness (or
any portion thereof) will be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof)
or pursuant to Section 4.07(a) without giving Pro Forma Effect to such item (or portion thereof) when calculating
the amount of Liens or Indebtedness that may be Incurred pursuant to any other clause or paragraph. In addition, with respect to
the creation of any Lien permitted by the provisions of this Indenture in reliance on the pro forma calculation of the Consolidated
Secured Debt Ratio, EBITDA or Pro Forma EBITDA, as applicable, Pro Forma Effect shall not be given to any Lien created (or expected
to be made) substantially simultaneously or contemporaneously with creation of such Lien in reliance on any other “non-ratio
basket” set forth in this Indenture.

 

(d)            With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms, accretion of original issue discount or liquidation preference and increase in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing
Indebtedness.

 

Section 4.08     Corporate
Existence. Subject to Article V, Holdings shall do or cause to be done all things necessary to preserve
and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each
of BKFS Holdings, the Issuer and the Restricted Subsidiaries, in accordance with the respective organizational documents (as the
same may be amended from time to time) of Holdings, BKFS Holdings, the Issuer and each of the Restricted Subsidiaries and (ii) the
rights (charter and statutory), licenses and franchises of Holdings, BKFS Holdings, the Issuer and the Restricted Subsidiaries;
provided that Holdings shall not be required to preserve any such right, license or franchise, or the corporate, partnership
or other existence of any of BKFS Holdings, the Issuer or the Restricted Subsidiaries, if Holdings in good faith shall determine
that the preservation thereof is no longer desirable in the conduct of the business of Holdings, BKFS Holdings, the Issuer and
the Restricted Subsidiaries, taken as a whole.

 

    	 	-59-	 

     

    

 

Section 4.09     Offer
to Repurchase Upon Change of Control Triggering Event.

 

(a)            If
a Change of Control Triggering Event occurs after the Issue Date, the Issuer shall make an offer to repurchase all of the Notes
pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change
of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest,
if any, to, but excluding, the date of repurchase, subject to the right of Holders of the Notes of record on the relevant Record
Date to receive interest due on the corresponding Interest Payment Date. Within 30 days following any Change of Control Triggering
Event, the Issuer shall send notice of such Change of Control Offer electronically or by first-class mail, with a copy to the Trustee,
to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with the Applicable
Procedures, with the following information:

 

(1)            that
a Change of Control Offer is being made pursuant to this Section 4.09 and that all Notes properly tendered pursuant
to such Change of Control Offer will be accepted for payment by the Issuer;

 

(2)            the
repurchase price and the repurchase date, which will be no earlier than 10 days nor later than 60 days from the date such notice
is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer
made in advance of a Change of Control as described below;

 

(3)            that
any Note not properly tendered will remain outstanding and continue to accrue interest;

 

(4)            that
unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest on the Change of Control Payment Date;

 

(5)            that
Holders electing to have any Notes repurchased pursuant to a Change of Control Offer will be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Repurchase” on the reverse of such Notes completed, or otherwise
in accordance with the Applicable Procedures, to the paying agent specified in the notice at the address specified in the notice
prior to the close of business on the third Business Day immediately preceding the Change of Control Payment Date;

 

(6)            that
Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to repurchase such Notes, provided
that the paying agent receives, not later than the expiration time of the Change of Control Offer, a facsimile transmission or
letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for repurchase, and a statement
that such Holder is withdrawing its tendered Notes and its election to have such Notes repurchased and any other information as
may be required by the paying agent, or otherwise in accordance with the applicable procedures of DTC;

 

    	 	-60-	 

     

    

 

(7)            that
if the Issuer is redeeming fewer than all of the Notes, the Holders of the remaining Notes will be issued new Notes and such new
Notes will be equal in principal amount to the unrepurchased portion of the Notes surrendered. The unrepurchased portion of the
Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)            if
such notice is sent prior to the occurrence of a Change of Control Triggering Event, that the Change of Control Offer is conditioned
on the occurrence of such Change of Control Triggering Event, and, if applicable, that, in the Issuer’s discretion, the Change
of Control Payment Date may be delayed until such time as any or all applicable conditions shall be satisfied, or that such purchase
may not occur and such notice may be rescinded in the event that the Issuer shall determine that the Change of Control Triggering
Event will not occur by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed; and

 

(9)            the
other instructions, as determined by the Issuer, consistent with this Section 4.09, that a Holder must follow.

 

The notice, if given in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice
is given in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but
it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings
for the purchase of the Notes as to all other Holders that property received such notice without defect. The Issuer shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.09,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Section 4.09 by virtue thereof.

 

(b)            On
the Change of Control Payment Date, the Issuer shall, to the extent permitted by law:

 

(1)            accept
for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer;

 

(2)            deposit,
or cause to be deposited, with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes
or portions thereof so tendered; and

 

(3)            deliver,
or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to
the Trustee stating that such Notes or portions thereof have been tendered to and repurchased by the Issuer.

 

(c)            The
Issuer shall not be required to make a Change of Control Offer following a Change of Control Triggering Event and a Holder will
not have the right to require the Issuer to repurchase any Notes pursuant to a Change of Control Offer if (1) a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Section 4.09 applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and
not withdrawn under such Change of Control Offer or (2) a notice of redemption of all outstanding Notes has been given pursuant
to Sections 3.03 and 3.07, unless and until there is a default in the payment of the redemption price on the applicable
Redemption Date or the redemption is not consummated due to the failure of a condition precedent contained in the applicable redemption
notice to be satisfied. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a
Change of Control Triggering Event, conditioned upon the occurrence of such Change of Control Triggering Event, if a definitive
agreement is in place for the related Change of Control at the time of making of the Change of Control Offer.

 

    	 	-61-	 

     

    

 

(d)            If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described
in this Section 4.09, repurchase all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or
such third party shall have the right, upon not less than 10 days nor more than 60 days’ prior notice (provided that such
notice is given not more than 30 days following such repurchase pursuant to the Change of Control Offer described above), to redeem
all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the right of Holders of
the Notes of record on the relevant Record Date to receive interest due on the corresponding Interest Payment Date.

 

(e)            Other
than as specifically provided in this Section 4.09, any repurchase pursuant to this Section 4.09 shall be made
pursuant to the provisions of Section 3.02, Section 3.05 and Section 3.06.

 

Section 4.10     Limitation
on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any Restricted Subsidiary
that is a Wholly-Owned Subsidiary (other than a Guarantor, a Pending Merger Subsidiary, any Foreign Subsidiary and any FSHCO),
to become a guarantor or borrower with respect to Indebtedness under the Amended and Restated Credit Facilities, unless:

 

(1)            such
Restricted Subsidiary within 60 days thereafter shall have executed and delivered a supplemental indenture to this Indenture, the
form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary; and

 

(2)            such
Restricted Subsidiary within 60 days thereafter shall have delivered to the Trustee an Opinion of Counsel.

 

The Issuer may elect, in its sole discretion,
to cause any Person that is not otherwise required to be a Guarantor to become a Guarantor, in which case such Person shall only
be required to execute and deliver a supplemental indenture to this Indenture providing for a Guarantee by such Person.

 

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Section 4.11     Suspension
of Certain Covenants.

 

(a)            If
(i) the Notes have an Investment Grade Rating from any two of the three Rating Agencies and (ii) no Default has occurred
and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being
collectively referred to as a “Covenant Suspension Event”), the Issuer and the Restricted Subsidiaries will
not be subject to Section 4.10 (the “Suspended Covenant”).

 

(b)            In
the event that the Issuer, the Guarantors and the other Restricted Subsidiaries are not subject to the Suspended Covenants under
this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”)
the Notes do not have an Investment Grade Rating from any of the three Rating Agencies, then the Issuer, the Guarantors and the
other Restricted Subsidiaries will thereafter again be subject to the Suspended Covenant with respect to future events. Notwithstanding
that the Suspended Covenants may be reinstated, no Default, Event of Default or breach of any kind shall be deemed to exist under
this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants, and none of the Issuer, the Guarantors nor
any of the other Restricted Subsidiaries shall bear any liability for any actions taken or events occurring during the Suspension
Period, or any actions taken at any time pursuant to any contractual obligation arising prior to the Reversion Date, as a result
of a failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period
or after that time based solely on events that occurred during the Suspension Period solely to the extent arising from the failure
to comply with the Suspended Covenants during the Suspension Period).

 

(c)            The
period of time from and including the date of the Covenant Suspension Event to (and excluding) the Reversion Date is referred to
in this description as the “Suspension Period.” In the event of any such reinstatement, no action taken or omitted
to be taken by the Issuer, the Guarantors or any of the other Restricted Subsidiaries prior to such reinstatement will give rise
to a Default or Event of Default under this Indenture with respect to the Notes with respect to the Suspended Covenant. No Subsidiaries
shall be designated as Unrestricted Subsidiaries during any Suspension Period.

 

(d)            The
Issuer may provide an Officer’s Certificate to the Trustee indicating the occurrence of any Covenant Suspension Event or
Reversion Date; provided that a Suspension Period will not commence until the delivery of any such Officer’s Certificate.
The Trustee may provide a copy of such Officer’s Certificate to any Holder upon written request. The Trustee will have no
obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination regarding
the impact of actions taken during the Suspension Period on the Issuer’s and its Restricted Subsidiaries’ future compliance
with their covenants or (iii) notify the Holders of any Covenant Suspension Event or Reversion Date.

 

Section 4.12     Financial
Calculations for Limited Condition Transaction. When determining the availability under any basket, ratio or test
under this Indenture or compliance with any provision of this Indenture, in each case in connection with a Limited Condition Transaction
and any actions or transactions related thereto (including the incurrence of Liens and any acquisitions, Investments, incurrence
or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof and repayments of Indebtedness
and asset sales), the date of determination of such basket, ratio or test and whether any such action or transaction is permitted
(or any requirement or condition therefor is complied with or satisfied) and of any Default or Event of Default may, at the option
of the Issuer (the Issuer’s election to exercise such option, an “LCT Election”), be (1) in the
case of any acquisition (including by way of merger) or Investment (and any Indebtedness, Disqualified Stock or Preferred Stock
incurred or assumed or asset sales consummated in connection therewith in connection therewith), at the time of either (x) the
execution of the definitive agreements with respect to such acquisition or Investment or (y) the consummation of such acquisition
or Investment and (2) in the case of any voluntary or optional prepayment, redemption, purchase, repurchase, defeasance or
other satisfaction of any Indebtedness, Disqualified Stock or Preferred Stock, at the time of (x) delivery of irrevocable
notice with respect to such prepayment, redemption, purchase, defeasance or other satisfaction of such Indebtedness, Disqualified
Stock or Preferred Stock or (y) the making of such voluntary or optional prepayment, redemption, purchase, defeasance or
other satisfaction of such Indebtedness, Disqualified Stock or Preferred Stock (such date of determination, the “LCT
Test Date”).

 

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If, after giving Pro Forma Effect to the
Limited Condition Transaction and any actions or transactions related thereto (including the incurrence of Liens and any acquisitions, Investments,
incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof and repayments of
Indebtedness and asset sales) and any related Pro Forma Adjustments, the Issuer or any of its Restricted Subsidiaries would have
been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such basket,
ratio or test (and any related requirements and conditions), such basket, ratio or test (and any related requirements and conditions)
shall be deemed to have been complied with (or satisfied) for all purposes; provided that (a) if financial statements
for one or more subsequent fiscal quarters shall have become available, the Issuer may elect, in its sole discretion, to re-determine
all such baskets, ratios or tests on the basis of such financial statements, in which case, such date of redetermination shall
thereafter be deemed to be the applicable LCT Test Date for purposes of such baskets, ratios or tests, (b) except as contemplated
in the foregoing clause (a), compliance with such baskets, ratios or tests (and any related requirements and conditions) shall
not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions
or transactions related thereto (including the incurrence of Liens and any acquisitions, Investments, incurrence or issuance
of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof and repayments of Indebtedness and asset
sales) and (c) Consolidated Interest Expense will be calculated using an assumed interest rate based on the indicative interest
margin contained in any financing commitment documentation with respect to such Indebtedness or, if no such indicative interest
margin exists, as reasonably determined by the Issuer in good faith.

 

For the avoidance of doubt, if the Issuer
has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined or tested as of the
LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a
result of fluctuations in any such ratio, test or basket, including due to fluctuations in Pro Forma EBITDA, such baskets, tests
or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations; (2) if
any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance
or satisfaction was determined or tested as of the LCT Test Date would at any time after the LCT Test Date not have been complied
with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such requirements and conditions
will not be deemed to have been failed to be complied with or satisfied (and such Default or Event of Default shall be deemed not
to have occurred or be continuing); and (3) in calculating the availability under any ratio, test or basket in connection
with any action or transaction unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to
the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or
date for redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated,
expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall
be determined or tested giving Pro Forma Effect to such Limited Condition Transaction and other transactions in connection therewith
(including any incurrence of Indebtedness and the use of proceeds thereof).

 

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With respect to any such calculations of
the availability under any basket, ratio or test under this Indenture or compliance with any provision of this Indenture, in each
case in connection with a Limited Condition Transaction and any actions or transactions related thereto (including the incurrence
of Liens, and any acquisitions, Investments, incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock
and the use of proceeds thereof and repayments of Indebtedness and asset sales), the Issuer will deliver to the Trustee promptly
following the date the definitive agreement for such Limited Condition Transaction is entered into an Officer’s Certificate
stating that such definitive agreement has been executed and that the Issuer has made any applicable basket, ratio or test calculations
in accordance this provision and in compliance with the terms of this Indenture. The Trustee shall have no liability or responsibility
in connection with any Limited Condition Transaction or any information or calculation therewith.

 

Article V

 

SUCCESSORS

 

Section 5.01     Merger,
Consolidation or Sale of All or Substantially All Assets.

 

(a)            None
of Holdings, BKFS Holdings or the Issuer may consolidate or merge with or into or wind up into (whether or not Holdings, BKFS Holdings
or the Issuer, as the case may be, is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of all
or substantially all of its respective Subsidiaries’ properties or assets, taken as a whole, in one or more related transactions,
to any Person unless:

 

(1)            Holdings,
BKFS Holdings or the Issuer is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other
than Holdings, BKFS Holdings or the Issuer, as the case may be) or the Person to whom such sale, assignment, transfer, lease, conveyance
or other disposition will have been made is a corporation, partnership, limited liability company or similar entity organized or
existing under the laws of the United States, any state thereof or the District of Columbia (such Person, as the case may be, being
herein called the “Successor”);

 

    	 	-65-	 

     

    

 

(2)            the
Successor expressly assumes all the obligations of Holdings, BKFS Holdings or the Issuer, as the case may be, under this Indenture
and the Notes pursuant to supplemental indentures or other documents or instruments;

 

(3)            except
in the case of a transaction with a Guarantor, immediately after such transaction, no Event of Default exists; and

 

(4)            in
any transaction in which there is a Successor, the Issuer (or Successor) shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, wind up, sale, assignment, transfer, lease,
conveyance or other disposition and such supplemental indentures, if any, comply with this Indenture.

 

(b)            The
Successor will succeed to, and be substituted for, Holdings, BKFS Holdings or the Issuer, as the case may be, under this Indenture,
the Guarantees and the Notes, as applicable, and Holdings, BKFS Holdings or the Issuer, as the case may be, will automatically
be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding clause (3) of subsection
(a) of this Section 5.01:

 

(1)            any
Restricted Subsidiary may consolidate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or
part of its properties and assets to the Issuer or any other Restricted Subsidiary;

 

(2)            the
Issuer may merge with an Affiliate of the Issuer solely for the purpose of reorganizing the Issuer in a State of the United States
or the District of Columbia; and

 

(3)            Holdings,
BKFS Holdings or the Issuer or any of its Subsidiaries may be converted into, or reorganized or reconstituted as a limited liability
company, limited partnership or corporation organized or existing under the laws of a jurisdiction in the United States.

 

(c)            Except
pursuant to Section 10.06, no Subsidiary Guarantor will, and the Issuer will not permit any such Subsidiary Guarantor
to, consolidate or merge with or into or wind up into (whether or not Holdings, BKFS Holdings, the Issuer or such Guarantor is
the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
or assets, in one or more related transactions, to any Person (other than the Issuer or any other Guarantor) unless:

 

(1)            such
Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor),
or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made, is (x) a Person organized
or existing under the laws of the jurisdiction of organization of such Guarantor, as the case may be, or the laws of the United
States, any State thereof or the District of Columbia or (y) another Guarantor (such Guarantor or such Person, as the case
may be, being herein called the “Successor Person”);

 

    	 	-66-	 

     

    

 

(2)            the
Successor Person, if other than such Guarantor, the Issuer or another Guarantor, expressly assumes all the obligations of such
Guarantor under this Indenture and such Guarantor’s related Guarantee, pursuant to supplemental indentures or other documents
or instruments;

 

(3)            immediately
after such transaction, no Event of Default exists under clauses (1), (2) or (6) of Section 6.01(a); and

 

(4)            in
any transaction in which there is a Successor Person, the Issuer shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other
disposition and such supplemental indentures, if any, comply with this Indenture.

 

Notwithstanding the foregoing clause (4),
no Officer’s Certificate or Opinion of Counsel will be required in respect of the Pending Mergers.

 

(d)            In
the case of clause (1) of subsection (c) of this Section 5.01, the Successor Person will succeed to, and
be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee and such Guarantor will automatically
be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the
foregoing, any Guarantor may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuer
and any Guarantor may be converted into, or reorganized or reconstituted as a limited liability company, limited partnership or
corporation organized or existing under the laws of a jurisdiction of the Unites States.

 

Section 5.02     Successor
Substituted. Upon any consolidation, merger or wind up, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of Holdings, BKFS Holdings or the Issuer, as the case may be, in accordance
with Section 5.01, the Successor shall succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, wind up, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture
referring to Holdings, BKFS Holdings or the Issuer, as the case may be, shall refer instead to the Successor and not to Holdings,
BKFS Holdings or the Issuer, as the case may be), and may exercise every right and power of Holdings, BKFS Holdings or the Issuer,
as the case may be, under this Indenture with the same effect as if the Successor had been named as Holdings, BKFS Holdings or
the Issuer as the case may be herein; provided that the predecessor Holdings, BKFS Holdings, or the Issuer, as the case
may be, shall not be relieved from the obligation to pay the principal of and interest, if any, on the Notes except in the case
of a sale, assignment, transfer, conveyance or other disposition of all of the applicable Holdings’, BKFS Holdings’
or the Issuer’s assets that meets the requirements of Section 5.01.

 

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Article VI

 

DEFAULTS
AND REMEDIES

 

Section 6.01     Events
of Default.

 

(a)            An
“Event of Default” wherever used herein, means any one of the following events with respect to the Notes:

 

(1)            default
in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on, the Notes;

 

(2)            default
for 30 days or more in the payment when due of interest on or with respect to the Notes;

 

(3)            failure
by Holdings, BKFS Holdings, the Issuer or any Restricted Subsidiary for (i) 60 days after receipt of written notice given
to the Issuer by the Trustee or to the Issuer with a copy to the Trustee by the Holders of not less than 30% in principal amount
of the Notes then outstanding to comply with any of its obligations, covenants or agreements (other than a default referred to
in clause (1) or (2) above or in subclause (ii) of this clause (3)) contained in this Indenture or the Notes or
(ii) 270 days after receipt of written notice given by the Trustee or the Holders of not less than 30% in principal amount
of the Notes then outstanding to comply with Section 4.03;

 

(4)            default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by Holdings, BKFS Holdings, the Issuer or any of its Significant Subsidiaries or the payment of which is guaranteed
by Holdings, BKFS Holdings, the Issuer or any of its Significant Subsidiaries, other than Indebtedness owed to Holdings, BKFS Holdings,
the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the
Notes, if both:

 

(A)            such
default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect
to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity; and

 

(B)            (ii) the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been
so accelerated, aggregate $100.0 million or more at any one time outstanding;

 

(5)            The
failure to consummate the Special Mandatory Redemption, to the extent required by Section 3.09;

 

(6)            Holdings,
BKFS Holdings, the Issuer or any Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

 

(i)            commences
proceedings to be adjudicated bankrupt or insolvent;

 

    	 	-68-	 

     

    

 

(ii)            consents
to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy Law;

 

(iii)            consents
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially
all of its property;

 

(iv)            makes
a general assignment for the benefit of its creditors; or

 

(v)            generally
is not paying its debts as they become due;

 

(7)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)            is
for relief against Holdings, BKFS Holdings, the Issuer or any Significant Subsidiary in a proceeding in which the Issuer or any
such Significant Subsidiary is to be adjudicated bankrupt or insolvent;

 

(ii)            appoints
a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any Significant Subsidiary,
or for all or substantially all of the property of Holdings, BKFS Holdings, the Issuer or any Significant Subsidiary; or (iii) orders
the liquidation of the Issuer or any Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive
days; or

 

(8)            the
Guarantee of Holdings, BKFS Holdings or any Significant Subsidiary that is a Guarantor shall for any reason cease to be in full
force and effect or be declared null and void or any responsible officer of any of Holdings, BKFS Holdings or any other Guarantor
that is a Significant Subsidiary, as the case may be, denies that it has any further liability under its Guarantee or gives written
notice to such effect, other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance
with this Indenture.

 

(b)            A
Default under clauses (3) or (4) of Section 6.01(a) will not constitute an Event of Default until the
Trustee or the Holders of 30% in principal amount of the outstanding Notes notify the Issuer of the Default and, with respect to
clause (3) of Section 6.01(a), the Issuer does not cure such Default within the time specified in clause (3) of
Section 6.01(a) after receipt of such notice.

 

(c)            If
a Default for a failure to report or failure to deliver a required certificate in connection with another default (the “Initial
Default”) occurs, then, at the time such Initial Default is cured, such Default for a failure to report or failure to
deliver a required certificate in connection with another Default that resulted solely because of that Initial Default will also
be cured without any further action. In addition, any Default or Event of Default for the failure to comply with the time periods
prescribed in Section 4.03 or otherwise to deliver any notice or certificate pursuant to any other provision of this
Indenture shall be deemed to be cured upon the delivery of any such report required by Section 4.03 or such notice
or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.

 

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Section 6.02         Acceleration.
If any Event of Default (other than an Event of Default specified in clause (6) or (7) of Section 6.01(a) with
respect to Holdings, BKFS Holdings or the Issuer) occurs and is continuing under this Indenture, the Trustee by written notice
to the Issuer or the Holders of at least 30% in principal amount of the then total outstanding Notes by written notice to the
Issuer and the Trustee, may declare the principal, premium, if any, interest and any other monetary obligations on all the then
outstanding Notes to be due and payable immediately. Upon the effectiveness of such declaration, such principal, premium, if any,
and interest with respect to the Notes shall be due and payable immediately. Notwithstanding the foregoing, in the case of an
Event of Default arising under clause (6) or (7) of Section 6.01(a) with respect to Holdings, BKFS
Holdings or the Issuer, all outstanding Notes shall be due and payable without further action or notice.

 

Section 6.03         Other
Remedies. Subject to the duties of the Trustee as provided for in Article VII, if an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

Section 6.04         Waiver
of Defaults. Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice
to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its consequences hereunder, except
a continuing Default in the payment of interest on premium, if any, or on the principal of any Note held by a non-consenting Holder;
and may rescind any acceleration and its consequences with respect to the Notes. In the event of any Event of Default specified
in clause (4) of Section 6.01(a), such Event of Default and all consequences thereof (excluding any resulting
payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded automatically and
without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose the Issuer delivers an Officer’s
Certificate to the Trustee stating that:

 

(1)           the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or

 

(2)           the
holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of
Default; or

 

(3)           the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration
of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events.

 

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Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05         Control
by Majority. Holders of a majority in principal amount of the total outstanding Notes may direct in writing the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or
that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee
in personal liability (it being understood that the Trustee shall have no duty to determine whether such direction is prejudicial
to the rights of the Holders).

 

Section 6.06         Limitation
on Suits. Subject to Section 6.07, no Holder of a Note may pursue any remedy with respect to this Indenture
or the Notes unless:

 

(a)           such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(b)           Holders
of at least 30% in principal amount of the total outstanding Notes have requested in writing the Trustee to pursue the remedy;

 

(c)           Holders
of the Notes have offered, and if requested, provided, the Trustee security or indemnity satisfactory to the Trustee in its sole
discretion against any loss, liability or expense;

 

(d)           the
Trustee has not complied with such written request within 60 days after the receipt thereof and the offer of security or indemnity;
and

 

(e)           Holders
of a majority in principal amount of the total outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period.

 

A Holder of a Note may not use this Indenture
to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders).

 

Section 6.07         Rights
of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates
expressed in the Note (including in connection with a Change of Control Offer), or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section 6.08         Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(a)(1) or (2) occurs
and is continuing, without the possession of any of the Notes or the production thereof in any proceeding related thereto, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole
amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to
the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel (including without limitation
any amounts due to the Trustee pursuant to Section 7.06).

 

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Section 6.09         Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuer, the
Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.

 

Section 6.10         Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section 6.11         Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of
Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

 

Section 6.12         Trustee
May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial
proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property
and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter
and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.06. To the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 out
of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall
be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section 6.13         Priorities.
If the Trustee or any Agent collects any money or property pursuant to this Article VI, it shall pay out the money
and property in the following order:

 

(a)            to
the Trustee, the Agents, their agents and attorneys for amounts due to such parties under this Indenture, including payment of
all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses
of collection;

 

(b)            to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

(c)            to
the Issuer or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 6.13.

 

Section 6.14         Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee,
a suit by a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of
the then outstanding Notes.

 

Article VII

 

TRUSTEE

 

Section 7.01         Duties
of Trustee.

 

(a)            If
an Event of Default has occurred and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

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(b)           Except
during the continuance of an Event of Default:

 

(i)            the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be
read into this Indenture against the Trustee nor shall any discretionary or permissive right or privilege of the Trustee set forth
herein be construed as a duty or obligation; and (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates
and opinions to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculation or other facts stated therein).

 

(c)           The
Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or
its own willful misconduct, except that:

 

(i)            this
paragraph (c) does not limit the effect of paragraph (b) of this Section 7.01;

 

(ii)           the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court
of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee shall
not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it
pursuant to Section 6.05.

 

(d)            Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b) and (c) of this Section 7.01 and Section 7.02(f).

 

(e)            The
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction
of any of the Holders of the Notes unless the Holders have offered, and if requested, provided, to the Trustee indemnity or security
satisfactory to the Trustee, in its sole discretion, against any loss, liability or expense.

 

(f)            The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

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Section 7.02         Rights
of Trustee.

 

(a)            The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally
or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation.

 

(b)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both, except
as otherwise set forth herein. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance
on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)            The
Trustee may act through its attorneys and agents and shall not be responsible for the conduct of any agent or attorney appointed
with due care.

 

(d)            The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.

 

(e)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient
if signed by an Officer of the Issuer. The Trustee shall not be liable for any action taken or omitted by it in good faith at
the direction of the Issuer.

 

(f)            None
of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

(g)            Except
with respect to Section 4.01 if the Trustee is the Paying Agent, the Trustee shall have no duty to inquire as to the
performance by the Issuer with respect to the covenants contained in Article IV. The Trustee shall not be deemed to
have notice of any event, Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof
or unless written notice of any such event, Default or Event of Default is received by a Responsible Officer of the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

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

 

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

 

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(j)            The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(k)           The
Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

(l)            The
Trustee shall not be liable for any action taken or omitted by it in good faith at the direction of the Holders of not less than
a majority in principal amount of the outstanding Notes as to the time, method and place of conducting any proceedings for any
remedy available to the Trustee or the exercising of any power conferred by this Indenture, except for the Trustee’s own
gross negligence or willful misconduct.

 

(m)          All
of the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, including as
Agent and Custodian.

 

Section 7.03         Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee.
However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties.

 

Section 7.04         Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money
paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than its certificate of authentication.

 

Section 7.05         Notice
of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the
Trustee, the Trustee shall send to Holders of Notes a notice of the Default within 90 days after the Trustee’s receipt of
notice of the occurrence of the Default. Except in the case of a Default relating to the payment of principal, premium, if any,
or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as it in good
faith determines that withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed
to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Notes and this Indenture.

 

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Section 7.06         Compensation
and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for its acceptance of this
Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its
services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel.

 

The Issuer and the Guarantors, jointly
and severally, shall indemnify the Trustee for, and hold the Trustee, its officers, directors, employees and agents harmless against,
any and all loss, damage, claims, liability, cost or expense (including, without limitation, attorneys’ fees and expenses
and court costs) incurred by it (as evidenced in an invoice from the Trustee) in connection with the acceptance or administration
of this trust and the performance of its duties hereunder (including reasonable attorney’s fees and expenses and the other
costs and expenses and court costs of enforcing this Indenture against the Issuer or any of the Guarantors (including this Section 7.06)
or defending itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or liability in connection
with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuer promptly
of any claim for which it may seek indemnity, but failure by the Trustee to so notify the Issuer shall not relieve the Issuer
of its obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall
pay the fees and expenses of such counsel. The Issuer need not reimburse any expense or indemnify against any loss, liability
or expense incurred by the Trustee through the Trustee’s own willful misconduct or gross negligence.

 

The obligations of the Issuer under this
Section 7.06 shall survive the satisfaction and discharge of this Indenture, including any termination or rejection
hereof under any Bankruptcy Law, or the earlier resignation, removal or replacement of the Trustee.

 

To secure the payment obligations of the
Issuer and the Guarantors in this Section 7.06, the Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall
survive the satisfaction and discharge of this Indenture, or the earlier resignation, removal or replacement of the Trustee.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(a)(6) or (7) occurs, the expenses and
the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy Law.

 

Section 7.07         Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.07.

 

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The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount
of the then outstanding Notes may remove the Trustee upon no less than 30 days’ advance written notice by so notifying the
Trustee and the Issuer in writing. The Issuer may remove the Trustee upon no less than 30 days’ advance written notice if:

 

(a)           the
Trustee fails to comply with Section 7.09;

 

(b)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)           a
custodian or public officer takes charge of the Trustee or its property; or

 

(d)           the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. Within one
year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 

If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Issuer’s expense), the Issuer
or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

If the Trustee, after written request by
any Holder who has been a Holder for at least six months, fails to comply with Section 7.09, such Holder may petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been
paid and subject to the Lien provided for in Section 7.06. Notwithstanding replacement of the Trustee pursuant to
this Section 7.07, the Issuer’s obligations under Section 7.06 shall continue for the benefit of
the retiring Trustee.

 

Section 7.08         Successor
Trustee by Merger, etc. If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the successor corporation without any further act
shall be the successor Trustee.

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall
have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes
or in this Indenture provided that the certificate of the Trustee shall have.

 

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Section 7.09         Eligibility;
Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and doing business
under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual report of condition.

 

Article VIII

 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01         Option
to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time, elect to have
either Section 8.02 or 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth
below in this Article VIII.

 

Section 8.02         Legal
Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.01 of the option applicable
to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes and
Guarantees on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose,
Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its
other obligations under the Notes and this Indenture including that of the Guarantors (and the Trustee, on demand of and at the
expense of the Issuer, shall execute such instruments as reasonably requested by the Issuer acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(a)            the
rights of Holders of Notes to receive payments in respect of the principal of, premium, if any, and interest on such Notes when
such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04;

 

(b)            the
Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of such Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in
trust;

 

(c)            the
rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s obligations in connection therewith; and

 

(d)            the
provisions of this Section 8.02.

 

Subject to compliance with this Article VIII,
the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03.

 

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Section 8.03         Covenant
Defeasance. Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03,
the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released
from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08,
4.09 and 4.10 and clauses (3) and (4) of Section 5.01(a), Sections 5.01(b)(3) and
5.01(d) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04
are satisfied (“Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes, the Issuer or any Guarantor, as applicable, may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01,
but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3), (4), (5), (6) (solely
with respect to Holdings and Significant Subsidiaries) and (7) (solely with respect to Holdings and Significant Subsidiaries)
shall not constitute Events of Default.

 

Section 8.04         Conditions
to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 8.02
or 8.03 to the outstanding Notes:

 

In order to exercise either Legal Defeasance
or Covenant Defeasance with respect to the Notes:

 

(a)            the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
Government Securities, or a combination thereof, in such amounts as will be sufficient to pay the principal amount of, premium,
if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal
amount, premium, if any, or interest on the Notes; provided, that in connection with any defeasance to a Redemption Date
that would require the payment of the Applicable Premium, the amount deposited in respect of the Applicable Premium shall be sufficient
for purpose of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated
as of the date of the notice of redemption, with any deficit as of the applicable Redemption Date (any such amount, the “Applicable
Premium Deficit”) only required to be deposited with the Trustee on or prior to the applicable Redemption Date. Any
Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee two Business Days prior
to the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such
redemption;

 

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(b)            in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to
customary assumptions and exclusions,

 

(i)            the
Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or

 

(ii)           since
the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Notes
will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;

 

(c)            in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject
to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to such tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(d)            no
Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit
relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and be continuing
on the date of such deposit;

 

(e)            such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Amended
and Restated Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuer
or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to
be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the
granting of Liens in connection therewith);

 

(f)            the
Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer
with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and

 

(g)            the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to
the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

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Section 8.05         Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06,
all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04
in respect of the outstanding Notes shall be held in trust and applied by the Trustee in accordance with the provisions of
such Notes and this Indenture, to the payment through the Paying Agent (including the Issuer or a Guarantor acting as Paying Agent)
to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and interest, but such
money need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant
to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article VIII
to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer
any money or Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.04(b), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06         Repayment
to Issuer. Subject to abandoned property law, any money deposited with the Trustee or any Paying Agent, or then
held by the Issuer, in trust for the payment of the principal of, premium or interest on any Note and remaining unclaimed for
two (2) years after such principal, and premium or interest has become due and payable shall be paid to the Issuer on its
request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter look
only to the Issuer for payment thereof, and all liability of the Trustee or any Paying Agent with respect to such trust money,
and all liability of the Issuer as trustee thereof, shall thereupon cease.

 

Section 8.07         Reinstatement.
If the Trustee or the Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.02
or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may
be; provided that, if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement
of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or the Paying Agent.

 

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Article IX

 

AMENDMENT,
SUPPLEMENT AND WAIVER

 

Section 9.01         Without
Consent of Holders of Notes. Notwithstanding Section 9.02, the Issuer, any Guarantor (with respect
to a Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture and any Guarantee or Notes without the
consent of any Holder:

 

(1)           to
cure any ambiguity, omission, mistake, defect or inconsistency, as set forth in an Officer’s Certificate provided to the
Trustee;

 

(2)           to
provide for certificated Notes in addition to or in place of uncertificated Notes;

 

(3)           to
comply with Section 5.01;

 

(4)           to
provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders as required by this Indenture;

 

(5)           to
make any change that would provide any additional rights or benefits to the Holders or that does not materially adversely affect
the legal rights under this Indenture of any such Holder;

 

(6)           to
add covenants for the benefit of the Holders, to secure the Notes and the Guarantees or to surrender any right or power conferred
upon the Issuer or any Guarantor;

 

(7)           to
comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act, in the event this Indenture is to be or has been qualified under the Trust Indenture Act;

 

(8)           to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor paying agent
thereunder pursuant to the requirements thereof;

 

(9)           to
add a Guarantor or co-obligor under this Indenture or to release any Guarantor or Guarantee if at the time of such release such
Guarantor is not required by this Indenture to be a Guarantor;

 

(10)         to
conform the text of this Indenture, Guarantees or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum to the extent that such provision in such “Description of Notes” section
was intended to be a substantially verbatim recitation of a provision of this Indenture, Guarantee or Notes;

 

(11)         to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including, without limitation to facilitate the issuance and administration of the Notes; provided that (i) compliance
with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable
securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes;
or

 

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(12)         to
provide for the issuance of Additional Notes in accordance with the terms of this Indenture.

 

Upon the request of the Issuer accompanied
by resolutions of its board of directors authorizing the execution of any such amended or supplemental indenture, and upon receipt
by the Trustee of the documents described in Section 9.05, the Trustee shall join with the Issuer and the Guarantors,
as applicable, in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated
to enter into such amended or supplemental indenture that affects its own rights, duties, liabilities or immunities under this
Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition
of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture
to this Indenture, the form of which is attached as Exhibit D hereto, and delivery of an Officer’s Certificate.

 

Section 9.02         With
Consent of Holders of Notes. Except as provided below in this Section 9.02, the Issuer and the Trustee
may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in
principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default
or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or interest on the Notes,
except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture,
the Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding
Notes (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08
and Section 2.09 shall determine the Notes that are considered to be “outstanding” for the purposes
of this Section 9.02.

 

Upon the request of the Issuer accompanied
by resolutions of its board of directors authorizing the execution of any such amended or supplemental indenture or waiver, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid,
and upon receipt by the Trustee of the documents described in Section 9.05, the Trustee shall join with the Issuer
in the execution of such amended or supplemental indenture unless such amended or supplemental indenture affects the Trustee’s
own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such amended or supplemental indenture.

 

It shall not be necessary for the consent
of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver,
but it shall be sufficient if such consent approves the substance thereof.

 

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After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Issuer shall mail to the Holders of the Notes affected thereby a notice
briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

 

Without the consent of each affected Holder
of Notes, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting
Holder:

 

(1)            reduce
the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)            reduce
the principal amount of or change the fixed final maturity of any such Note or alter or waive the provisions with respect to the
redemption of such Notes (other than provisions relating to Section 4.09 to the extent that any such amendment or
waiver does not have the effect of reducing the principal of or changing the fixed final maturity of any such Note or altering
or waiving the provisions with respect to the redemption of such Notes),

 

(3)            reduce
the rate of or change the time for payment of interest on any Note;

 

(4)            waive
a Default or Event of Default in the payment of principal of, premium, if any, or interest on the Notes, except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and
a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in this
Indenture or any Guarantee which cannot be amended or modified without the consent of all affected Holders;

 

(5)            make
any Note payable in money other than that stated therein;

 

(6)            make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to receive payments
of principal of or premium, if any, or interest on the Notes;

 

(7)            make
any change in these amendment and waiver provisions (except pursuant to Section 9.01, which relates to amendments
permitted without the consent of any Holders);

 

(8)            amend
the contractual right of Holders expressly set forth in this Indenture or the Notes to institute suit for the enforcement of any
payment on or with respect to such Holder’s Notes on or after the due dates therefor;

 

(9)            subordinate
the Notes to other Indebtedness of the Issuer or any Guarantor in a manner that would adversely affect the Holders; or

 

(10)         except
as expressly permitted by this Indenture, modify the Guarantees of Holdings, BKFS Holdings or any Significant Subsidiary in any
manner adverse in any material respect to the Holders of the Notes.

 

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Section 9.03         Revocation
and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder
of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences
the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such
Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of
revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective
in accordance with its terms and thereafter binds every Holder.

 

The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver.
If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or
to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders
has been obtained.

 

Section 9.04         Notation
on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver
on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

 

Failure to make the appropriate notation
or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.05         Trustee
to Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant
to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. The Issuer may not sign an amendment, supplement or waiver until its board of directors approves
it. In executing any amendment, supplement or waiver, the Trustee shall receive and (subject to Section 7.01)
shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.02, an
Officer’s Certificate and an Opinion of Counsel stating that the execution of such amendment, supplement or waiver is
authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding
obligation of the Issuer and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof. Notwithstanding the foregoing, no Opinion of Counsel will be
required for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture.

 

Article X

 

GUARANTEES

 

Section 10.01       Guarantee.
Each of the Guarantors hereby, jointly and severally, irrevocably and unconditionally, guarantees to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of, interest
and premium, if any, on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of
the Issuer to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or
any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

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The Guarantors hereby agree that their
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right
to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Guarantee
shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

Each Guarantor also agrees to pay any and
all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights
under this Section 10.01.

 

If any Holder or the Trustee is required
by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect.

 

Each Guarantor agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article VI for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under
the Guarantees.

 

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Each Guarantee shall remain in full force
and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization,
should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Guarantees, whether
as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance
had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall,
to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced,
restored or returned.

 

In case any provision of any Guarantee
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

The Guarantee issued by any Guarantor shall
be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing
and future Senior Indebtedness of such Guarantor, if any.

 

Each payment to be made by a Guarantor
in respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

 

Section 10.02       Limitation
on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is
the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal
or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under
such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf
of any other Guarantor in respect of the obligations of such other Guarantor under this Article X, result in the obligations
of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each
Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all guaranteed obligations under
this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata
portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance
with GAAP.

 

Section 10.03       Execution
and Delivery. To evidence its Guarantee set forth in Section 10.01, each initial Guarantor hereby agrees
that this Indenture has been executed on behalf of such Guarantor by one of its Officers.

 

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Each Guarantor hereby agrees that its Guarantee
set forth in Section 10.01 shall remain in full force and effect notwithstanding the absence of the endorsement of
any notation of such Guarantee on the Notes.

 

If an Officer whose signature is on this
Indenture or any supplemental indenture in the form of Exhibit D hereto no longer holds that office at the time the
Trustee authenticates the Note, the Guarantee shall be valid nevertheless.

 

Upon execution of a supplemental indenture
to this Indenture by a new Guarantor substantially in the form attached as Exhibit D hereto, the Guarantee of such
Guarantor set forth in this Indenture shall be deemed duly delivered, without any further action by any Person, on behalf of such
Guarantor.

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

If required by Section 4.10,
the Issuer shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.10
and this Article X, to the extent applicable.

 

Section 10.04       Subrogation.
Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any amounts paid by any
Guarantor pursuant to the provisions of Section 10.01; provided that, if an Event of Default has occurred and
is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuer under this Indenture or the Notes shall have been paid in full.

 

Section 10.05       Benefits
Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly
made in contemplation of such benefits.

 

Section 10.06       Release
of Guarantees. A Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and
no further action by such Guarantor, the Issuer or the Trustee is required for the release of such Guarantor’s Guarantee,
upon:

 

(a)            other
than with respect to Guarantees of Holdings and BKFS Holdings, any sale, exchange or transfer (by merger, consolidation or otherwise)
of (i) the Capital Stock of such Guarantor, after which such Guarantor is no longer a Restricted Subsidiary or (ii) all
or substantially all the assets of such Guarantor to any Person other than Holdings or a Restricted Subsidiary, and otherwise
in compliance with the applicable provisions of this Indenture;

 

(b)            other
than with respect to Guarantees of Holdings and BKFS Holdings, the release or discharge from its obligations under its guarantees
of payment of any Indebtedness of the Issuer or any Guarantor under the Amended and Restated Credit Facilities (it being understood
that a release subject to a contingent reinstatement is still considered a release, and if any such Indebtedness of such Guarantor
under the Amended and Restated Credit Facilities is so reinstated, such Guarantee shall also be reinstated);

 

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(c)            other
than with respect to Guarantees of Holdings and BKFS Holdings, the designation of any Restricted Subsidiary that is a Guarantor
as an Unrestricted Subsidiary in compliance with the applicable provisions of this Indenture; or

 

(d)            the
Issuer exercising its Legal Defeasance option or Covenant Defeasance option in accordance with Article VIII or the
Issuer’s obligations under this Indenture being discharged in accordance with Article XI.

 

In the case of a release and discharge
in accordance with the above, the Issuer shall deliver written notice to the Trustee of such release and discharge, but failure
to so notify the Trustee shall not constitute a Default or Event of Default.

 

Article XI

 

SATISFACTION
AND DISCHARGE

 

Section 11.01       Satisfaction
and Discharge. This Indenture shall be discharged and shall cease to be of further effect as to the Notes and the
Guarantees (except for certain rights of the Trustee and the Issuer’s obligations in connection therewith that expressly
survive), when either:

 

(1)            all
Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or

 

(2)            (a) all
Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making of a notice
of redemption or otherwise, will become due and payable within one year or are to be called for redemption and redeemed within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust solely for the benefit of the Holders of the Notes cash in U.S. dollars, Government Securities, or a combination thereof,
in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness
on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to
the date of maturity or redemption; provided that, upon any redemption that requires the payment of the Applicable Premium,
the amount deposited shall be sufficient for purpose of this Indenture to the extent that an amount is deposited with the Trustee
equal to the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium Deficit only
required to be deposited with the Trustee on or prior to the applicable Redemption Date. Any Applicable Premium Deficit shall
be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium
Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

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(b)            the
Issuer has paid or caused to be paid all sums payable by it under this Indenture; and

 

(c)            the
Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the Redemption Date, as the case may be.

 

In addition, the Issuer must deliver an
Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions)
to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause (a) of clause (2) of this
Section 11.01, the provisions of Section 11.02 and Section 8.06 shall survive.

 

Section 11.02       Application
of Trust Money. Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant
to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, through any Paying Agent (including the Issuer acting as its own Paying Agent) to the Persons entitled
thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee;
but such money need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 11.01 by reason of any legal proceeding or
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Issuer has made
any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

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Article XII

 

MISCELLANEOUS

 

Section 12.01       Notices.
Any notice or communication by the Issuer, any Guarantor, the Trustee or any Paying Agent to the others is duly sent and given
if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), fax or
overnight air courier guaranteeing next day delivery, to the others’ address:

 

If to the Issuer and/or any Guarantor:

 

Black Knight InfoServ, LLC

c/o Black Knight, Inc.

601 Riverside Ave.

Jacksonville, Florida 32204 

Attention: Chief Legal Officer

 

If to the Trustee:

 

Wells Fargo Bank, National Association

1 Independent Drive, Suite 620

 

Jacksonville, Florida 32202

Attention: Corporate Trust Services – Administration, Black

 Knight InfoServ, LLC

 

The Issuer, any Guarantor, the Trustee
or any Paying Agent, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly sent and given: (i) at the time delivered by hand, if personally
delivered; (ii) five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; (iii) when
receipt is acknowledged, if transmitted electronically or by fax; (iv) the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery; and (v) on the date sent to DTC, if given otherwise
in accordance with the applicable procedures of DTC. Notwithstanding the foregoing, any notice or communication delivered to the
Trustee shall be deemed effective upon actual receipt thereof.

 

Any notice or communication to a Holder
shall be mailed by first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders.

 

Subject to the proviso in the third paragraph
of this Section 12.01, if a notice or communication is mailed in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it.

 

If the Issuer mails a notice or communication
to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other provision of
this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption)
to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
for such Note (or its designee) pursuant to the standing instructions from the Depositary (or its designee), including by electronic
mail in accordance with accepted practices at the Depositary.

 

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The Trustee agrees to accept and act upon
notice, instructions or directions sent by unsecured email, PDF, facsimile transmission or other similar unsecured electronic
methods; provided that the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions,
directions, reports, notices or other communications or information by unsecured email, PDF, facsimile or other similar unsecured
electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications
or information on behalf of the party purporting to send such unsecured email, PDF, facsimile or other similar unsecured electronic
transmission; and the Trustee shall not have any liability for any losses, liabilities, damages, costs or expenses incurred or
sustained by any party as a result of such reasonable reliance upon or compliance with such instructions, directions, reports,
notices or other communications or information. Each other party hereto agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions, reports, notices or other communications or information to the Trustee,
including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications
or information, and the risk of interception and misuse by third parties.

 

Section 12.02       Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any of the Guarantors
to the Trustee to take any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the
Trustee:

 

(a)            An
Officer’s Certificate (which shall include the statements set forth in Section 12.03) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action
have been satisfied; and

 

(b)            An
Opinion of Counsel (which shall include the statements set forth in Section 12.03) stating that, in the opinion of
such counsel, all such conditions precedent and covenants have been satisfied; provided that such Opinion of Counsel shall
not be required in connection with the issuance of the Initial Notes.

 

Section 12.03       Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04) shall include:

 

(a)            a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

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

 

(c)            a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of
an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(d)            a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

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Section 12.04       Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 12.05       No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer,
employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor shall have any liability for any obligations
of the Issuer or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or
by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes.

 

Section 12.06       Governing
Law. THIS INDENTURE, THE NOTES AND THE GUARANTEES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

 

Section 12.07       Waiver
of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 12.08       Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services.

 

Section 12.09       No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or any of the Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

Section 12.10       Successors.
All agreements of the Issuer in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise
provided in Section 10.06.

 

    -94-

     

    

 

Section 12.11       Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 12.12       Counterpart
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture and signature pages for all purposes.

 

Section 12.13       Table
of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.14       Waiver
of Immunity. To the extent that the Issuer or any Guarantor may be entitled, in any jurisdiction in which judicial
proceedings may at any time be commenced with respect to or arising out of this Indenture, to claim for itself or its revenues,
assets or properties immunity (whether by reason of sovereignty or otherwise) from suit, from the jurisdiction of any court (including
but not limited to any court of the United States of America or the State of New York), from attachment prior to judgment, from
set-off, from execution of a judgment or from any other legal process, and to the extent that in any such jurisdiction there may
be attributed such an immunity (whether or not claimed), the Issuer or such Guarantor hereby irrevocably agrees not to claim and
hereby irrevocably waives such immunity to the extent permitted by law.

 

Section 12.15       USA
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it
may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

[Remainder
of Page Intentionally Blank]

 

    -95-

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Indenture as of the date first written above.

 

	 	ISSUER:
	 	 
	 	BLACK KNIGHT INFOSERV, LLC

 

	 	By:	 /s/ Michael L. Gravelle
	 	 	Name:   Michael L. Gravelle  
	 	 	Title:     Executive Vice President and General Counsel

 

	 	GUARANTORS:
	 	 
	 	Black Knight, Inc.
	 	Black Knight Lending Solutions, Inc.
	 	Fidelity National Commerce Velocity, LLC
	 	Black Knight Technologies, LLC
	 	Black Knight IP Holding Company, LLC
	 	Black Knight Data & Analytics, LLC
	 	Black Knight Servicing Technologies, LLC
	 	Black Knight Origination Technologies, LLC
	 	Black Knight Financial Services, LLC

 

	 	By:	 /s/ Michael L. Gravelle
	 	 	Name:   Michael L. Gravelle
	 	 	Title:     Executive Vice President and General Counsel

 

[Signature page to Indenture]

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee By:

 

	 	By:	 /s/ Patrick Giordano
	 	 	Name:   Patrick Giordano
	 	 	Title:     Vice President

 

[Signature page to Indenture]

 

    

     

    

 

Exhibit
A

[Form of Face of Note]

 

[Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

 

[Insert
the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

 

BLACK KNIGHT INFOSERV, LLC

 

3.625% Senior Notes due 2028

 

CUSIP
[●]

 

ISIN
[●]

 

[Initially]1
$[●]

 

No. [●]

 

Black
Knight InfoServ, LLC, a Delaware limited liability company (the “Issuer”) promises to pay to [CEDE &
CO.]1 [●]2, or its registered assigns,
the principal sum of [●] DOLLARS ($[●]) [(or such other amount as set forth on the Schedule of Exchanges of Interests
in the Global Note attached hereto)]3 on September 1,
2028.

 

Interest
Rate: 3.625% per annum

 

Interest
Payment Dates: September 1 and March 1

 

Record
Dates: [●] and[●]

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same
effect as if set forth at this place.

 

[Remainder of Page Intentionally
Blank]

 

 

	1	For Global Notes.

 

	2	For Definitive Notes.

 

	3	For Global Notes.

 

    A-1

     

    

 

IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed.

 

	 	BLACK KNIGHT INFOSERV, LLC
	 	 
	 	By:
	 	 	Name:
	 	 	Title:

 

    A-2

     

    

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Notes referred to in the within-mentioned Indenture:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee By:
	 	 
	 	Authorized Signatory
	 	 
	 	Dated: [ ].

 

[FORM OF
REVERSE SIDE OF NOTE]

 

    A-3

     

    

 

BLACK KNIGHT INFOSERV, LLC

 

3.625%
Senior Notes due 2028

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.
Interest. The Issuer promise to pay interest on the principal amount of this Note at 3.625% per annum from August 26,
2020 until maturity. The Issuer will pay interest semi-annually in arrears on September 1 and March 1 of each year, or
if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”)
and no interest shall accrue on such payment by reason of such delay. Interest on the Notes will accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest
Payment Date shall be March 1, 2021. The Issuer will pay interest on overdue principal, premium, if any, and, to the extent
lawful, interest, at a rate per annum that is otherwise applicable to this Note. Interest not paid when due and any interest on
principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, as further
described in the Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

2.
Method of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close
of business on the Record Date next preceding the relevant Interest Payment Date, even if such Notes are canceled after such Record
Date and on or before such Interest Payment Date, except as provided in the Indenture with respect to defaulted interest. Payment
of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided
that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium,
if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer
or the Paying Agent. Such payment shall be 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.

 

3.
Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuer may change any Paying
Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity.

 

4.
Indenture. The Issuer issued the Notes under an Indenture, dated as of August 26, 2020 (the “Indenture”),
among the Issuer, the guarantors party thereto and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer
designated as its 3.625% Senior Notes due 2028. The Issuer shall be entitled to issue Additional Notes pursuant to, and subject
to the conditions set forth in, the Indenture. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling.

 

5.
Optional Redemption; Offers to Repurchase. This Note is subject to optional redemption, and may be the subject of a Change
of Control Offer, as further described in the Indenture. The Issuer shall not be required to make mandatory redemption or sinking
fund payments with respect to the Notes.

 

    A-4

     

    

 

6.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided
in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Issuer need not exchange or register the transfer of any Notes or portion of a Note selected for redemption or tendered (and
not validly withdrawn) for repurchase in connection with a Change of Control offer or other tender offer, except for the unredeemed
portion of any Notes being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period
of 15 days before a selection of Notes to be redeemed or tendered.

 

7.
Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

8.
Amendment, Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided
in the Indenture.

 

9.
Defaults and Remedies. In the case of an Event of Default, as defined in the Indenture, arising from certain events of bankruptcy
or insolvency with respect to Holdings or the Issuer, all outstanding Notes will become due and payable immediately without further
action or notice. If any other Event of Default occurs and is continuing, the Trustee by written notice to the Issuer or the Holders
of at least 30% in aggregate principal amount of the then outstanding Notes by written notice to the Issuer and the Trustee may
declare all the then outstanding Notes to be due and payable immediately.

 

10.
Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose
until authenticated by the manual signature of the Trustee.

 

11.
GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES.

 

12.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

    A-5

     

    

 

The
Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the
Issuer at the following address:

 

Black Knight InfoServ, LLC

c/o Black Knight, Inc.

601 Riverside Ave.

Jacksonville, Florida 32204

Attention: Chief Legal Officer

 

    A-6

     

    

 

ASSIGNMENT
FORM

 

To
assign this Note, fill in the form below:

 

(I) or
(we) assign and transfer this Note to:

(Insert assignee’ legal name)

 

(Insert assignee’s social security or tax I.D. number)

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably
appoint [●] to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date:
[●]

Your Signature:

(Sign
exactly as your name appears on the face of this Note)

 

Signature Guarantee*:

 

    A-7

     

    

 

OPTION
OF HOLDER TO ELECT REPURCHASE

 

If
you want to elect to have this Note repurchased by the Issuer pursuant to Section 4.09 of the Indenture, check the
following box: [ ]

 

If
you want to elect to have only part of this Note repurchased by the Issuer pursuant to Section 4.09 of the Indenture,
state the amount you elect to have repurchased:

 

$[●]

 

Date:
[●]

Your Signature:

(Sign
exactly as your name appears on the face of this Note)

 

    A-8

     

    

 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

 

The
initial outstanding principal amount of this Global Note is $[●]. The following exchanges of a part of this Global Note for
an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an
interest in this Global Note, have been made:

 

	
        Date
        of

 Exchange
	
        Amount
        of 

decrease in 

Principal

 Amount of this

 Global Note
	
        Amount
        of 

increase in 

Principal 

Amount of this 

Global Note
	
        Principal

        Amount of this 

Global Note 

following such 

decrease or 

increase
	
        Signature
        of 

authorized 

signatory of 

Trustee or 

Custodian

	 	 	 	 	 

 

*
For Global Notes.

 

    A-9

     

    

 

Exhibit B

Form of Certificate of Transfer

 

Black Knight InfoServ, LLC

c/o Black Knight, Inc.

601 Riverside Ave.

Jacksonville, Florida 32204

Attention: Chief Legal Officer

 

Wells
Fargo Bank, National Association

1 Independent Drive, Suite 620

Jacksonville,
FL 32202

Attn:
Corporate Trust Services – Administration, Black Knight InfoServ, LLC

Facsimile: (866) 558-8345

Phone: (857) 504-2448

Email: patrick.giordano@wellsfargo.com

 

Re:
3.625% Senior Notes due 2028

 

Reference
is hereby made to the Indenture, dated as of August 26, 2020 (the “Indenture”), among the Issuer, the guarantors
party thereto and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[●]
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $[●] in such Note[s] or interests (the “Transfer”), to [●]
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

1.
[_] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT
TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States.

 

    B-1

     

    

 

2.
[_] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT
TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and
any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the 40-day distribution compliance
period (as defined in Regulation S), the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an initial purchaser of the Notes). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in
the Indenture and the Securities Act.

 

3.
[Reserved]

 

4.
[_] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION
OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one):

 

(a) [_]
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

(b) [_]
such Transfer is being effected to the Issuer or a subsidiary thereof; or

 

(c) [_]
such Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.

 

5.
[_] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

 

(a) [_]
CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

    B-2

     

    

 

(b) [_]
CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

 

(c) [_]
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and
in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State
of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and
in the Indenture.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	[●]
	 	 	Name: [●]
	 	 	Title: [●]

 

Dated: [●]

 

    B-3

     

    

 

ANNEX
A TO CERTIFICATE OF TRANSFER

 

1. The Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a) [_] a beneficial interest in the:

 

(i) [_] 144A Global Note, or (ii) [_] Regulation
S Global Note, or

 

(b) [_] a Restricted Definitive Note.

 

2. After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a) [_] a beneficial interest in the:

 

(i) [_] 144A Global Note, or (ii) [_] Regulation
S Global Note, or (iii) [_] Unrestricted Global Note; or

 

(b) [_] a Restricted Definitive Note; or

 

(c) [_] an Unrestricted Definitive Note, in accordance
with the terms of the Indenture.

 

    B-4

     

    

 

Exhibit C

Form of Certificate of Exchange

 

Black Knight InfoServ, LLC

c/o Black Knight, Inc.

601 Riverside Ave.

Jacksonville, Florida 32204

Attention: Chief Legal Officer

 

Wells
Fargo Bank, National Association

1 Independent Drive, Suite 620

Jacksonville, FL 32202

Attn:
Corporate Trust Services – Administration, Black Knight InfoServ, LLC

Facsimile: (866) 558-8345

Phone: (857) 504-2448

Email: patrick.giordano@wellsfargo.com

 

Re:
3.625% Senior Notes due 2028

 

Reference
is hereby made to the Indenture, dated as of August 26, 2020 (the “Indenture”), among the Issuer, the guarantors
party thereto and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[●]
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified in Annex A hereto,
in the principal amount of $[●] in such Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that:

 

1.
EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

 

(a) [_]
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as
amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

 

    C-1

     

    

 

(b) [_]
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

 

(c) [_]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(d) [_]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

2.
EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES.

 

(a) [_]
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

    C-2

     

    

 

(b) [_]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [_] 144A Global Note or [_]
Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and
in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities
Act.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are dated.

 

	 	[Insert Name of Owner]
	 	 	 
	 	By:	 [●]
	 	 	Name: [●]
	 	 	Title: [●]

 

Dated: [●]

 

    C-3

     

    

 

ANNEX
A TO CERTIFICATE OF EXCHANGE

 

1. The Owner owns and proposes to exchange the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a) [_] a beneficial interest in the:

 

(i) [_] 144A Global Note, or (ii) [_] Regulation
S Global Note, or

 

(b) [_] a Restricted Definitive Note.

 

2. After the Exchange the Owner will hold:

 

[CHECK ONE]

 

(a) [_] a beneficial interest in the:

 

(i) [_] 144A Global Note, or (ii) [_] Regulation
S Global Note, or (iii) [_] Unrestricted Global Note; or

 

(b) [_] a Restricted Definitive Note; or

 

(c) [_] an Unrestricted Definitive Note, in accordance
with the terms of the Indenture.

 

    C-4

     

    

 

Exhibit D

Form of Supplemental Indenture

to be Delivered by Subsequent Guarantors

 

[__________]
Supplemental Indenture (this “Supplemental Indenture”), dated as of [__________], 20[__], among Black Knight
InfoServ, LLC, a Delaware limited liability company (the “Issuer”), [__________] ([each, a] / [the] “Guaranteeing
Subsidiary”) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).

 

W
I T N E S S E T H

 

WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
August 26, 2020, providing for the issuance of the Issuer’s 3.625% Senior Notes due 2028 (the “Notes”);

 

WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing Subsidiar[y] / [ies] shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiar[y] / [ies] shall unconditionally guarantee all of
the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture
(the “Guarantee”); and WHEREAS, pursuant to Section 9.01 of the Indenture, the Issuer and the Trustee
are authorized to execute and deliver this Supplemental Indenture without the consent of the Holders of the Notes.

 

NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

(1) Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(2) Agreement
to Guarantee. [Each of the] / [The] Guaranteeing Subsidiar[y] / [ies] hereby (a) jointly and severally agrees, along [with
all the other Guaranteeing Subsidiaries and] with all existing Guarantors, to provide an unconditional Guarantee of the Notes on
the terms set forth in the Indenture including but not limited to Article X thereof and (b) becomes a party to
the Indenture as a Guarantor and, as such, will have the rights and be subject to all of the obligations and agreements of a Guarantor
under the Indenture.

 

(3) No
Recourse Against Others. No director, officer, employee, incorporator, member, partner or stockholder of [each of the] / [the]
Guaranteeing Subsidiar[y] / [ies] shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing
Subsidiar[y] / [ies]) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes.

 

    D-1

     

    

 

(4) GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(5) Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and
may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

 

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

 

(7) The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary.

 

(8) Notices.
All notices or other communications to the Guarantors shall be given as provided in Section 12.01 of the Indenture.

 

(9) Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended and supplemented hereby, the Indenture
is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby.

 

[Remainder of Page Intentionally
Blank]

 

    D-2

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above
written.

 

	 	BLACK KNIGHT INFOSERV, LLC, as Issuer
	 	 
	 	By:
	 	Name: [●]
	 	Title: [●]
	 	 
	 	[●], as Guarantor
	 	 
	 	By:
	 	Name: [●]
	 	Title: [●]
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:
	 	Name: [●]
	 	Title: [●]

 

    D-3Exhibit 4.1

 

TRUST AGREEMENT

 

OF

 

VS TRUST

 

In consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
following agreement is entered into as of, October 24, 2019, by VOLATILITY SHARES LLC, a Delaware limited liability company, and
WILMINGTON TRUST, NATIONAL ASSOCIATION, as the Delaware trustee, for the purpose of establishing a Delaware statutory trust in
accordance with the provisions hereinafter set forth:

 

ARTICLE I

DEFINITIONS

 

Section 1.  DEFINITIONS. 
Whenever used herein, unless otherwise defined or required by the context or specifically provided:

 

“Adjusted Capital Account”
means with respect to any Shareholder, such Shareholder’s Capital Account as of the end of the relevant fiscal year or other
applicable period after giving effect to the following adjustments:

 

(a) Credit to such Capital Account any amounts
which such Shareholder is obligated to restore pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) or is deemed to
be obligated to restore to the Trust pursuant to the second to last sentences of Treasury Regulation Sections 1.704-2(g)(1) and
1.704-2(i)(5).

 

(b) Debit to such Capital Account the items
described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

 

The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. The “Adjusted Capital Account” of a Shareholder in respect of a Share shall be the amount that
such Adjusted Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from and after
the date on which such Share was first issued.

 

“Administrator” means
any Person from time to time engaged to provide administrative services to the Trust pursuant to authority granted by the Sponsor
or the Trust.

 

“Affiliate” An “Affiliate”
of a “Person” means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10%
or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly,
controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or
partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for
which such Person acts in any such capacity.

 

“Authorized Participant”
means a Person that is a DTC participant and has entered into an Authorized Participant Agreement which, at the relevant time,
is in full force and effect.

 

“Authorized Participant Agreement”
means an agreement among the Trust with respect to a Fund, the Sponsor and an Authorized Participant, which may be amended or supplemented
from time to time in accordance with its terms.

 

“Beneficial Owners” means
owners of beneficial interests in Shares.

 

“Business Day” means
any day that the Shares trade on the Exchange.

 

     

     

    

 

“Capital Account” means
the capital account maintained for a Shareholder. The “Capital Account” of a Shareholder in respect of a Share shall
be the amount that such Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from
and after the date on which such Share was first issued.

 

“Capital Contributions”
means the amounts of cash or other consideration contributed and agreed to be contributed to the Trust by any Person.

 

“CEA” means the Commodity
Exchange Act, as amended.

 

“Certificate of Trust”
means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware pursuant to
Section 3810 of the Delaware Trust Statute as amended or restated from time to time.

 

“Code” means the United
States Internal Revenue Code of 1986.

 

“Commodity Pool Operator”
means any Person engaged by the Sponsor or the Trust who, in connection therewith, solicits, accepts, or receives monies or in-kind
contributions for the purpose of trading in any commodity for future delivery or commodity option on or subject to the rules of
any contract market for the benefit of the Trust.

 

“Commodity Trading Advisor”
means any Person from time to time who engages in commodity trading and related activities for the benefit of the Trust pursuant
to authority granted by the Sponsor or the Trust.

 

“Common Shares” means
any Shares that are not Preferred Shares.

 

“Corporate Trust Office”
means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office
at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate
Trust Administration.

 

“Covered Person” means
the Trustee, the person acting as Trustee ( in its individual or corporate capacity), the Sponsor and their respective Affiliates.

 

“Creation Unit” means
the minimum number of Shares of a Fund that may be created at any one time, which shall be 50,000 or such greater or lesser number
as the Sponsor may determine from time to time for each Fund.

 

“Creation Unit Capital Contribution”
of a Fund means a Capital Contribution made by an Authorized Participant when purchasing a Creation Unit.

 

“Delaware Trust Statute”
means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et
seq., as the same may be amended from time to time.

 

“Depreciation” means,
for each fiscal year of the Trust or other applicable period, an amount equal to the federal income tax depreciation, amortization
or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset
Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation
shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization
or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however,
that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Sponsor.

 

“Depository” means The
Depository Trust Company, or such other depository of Shares as may be selected by the Sponsor as specified herein.

 

“Depository Agreement”
means the Letter of Representations relating to each Fund from the Sponsor to the Depository.

 

    - 2 -

     

    

 

“Distributor” means any
Person from time to time engaged to provide distribution services or related services to the Trust pursuant to authority granted
by the Sponsor or the Trust.

 

“Exchange” means the
Cboe BZX Exchange, Inc. or, if the Shares of any Fund shall cease to be listed on the Cboe BZX Exchange, Inc. and are listed on
one or more other exchanges, the exchange on which the Shares of such Fund are principally traded, as determined by the Sponsor.

 

“Fund” means an established
and designated Series of Shares of the Trust.

 

“Gross Asset Value” means,
with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows:

 

(a) The initial Gross Asset Value of any
asset contributed by a Shareholder to the Trust shall be the gross fair market value of such asset as determined by the Sponsor.

 

(b) The Gross Asset Values of all Trust
assets shall be adjusted to equal their respective gross fair market values, as determined by the Sponsor using such reasonable
method of valuation as it may adopt, as of the following times:

 

(i) the acquisition of an additional
interest in the Trust by a new or existing Shareholder in exchange for more than a de minimis Capital Contribution,
if the Sponsor reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests
of the Shareholders in the Trust;

 

(ii) the distribution by the Trust
to a Shareholder of more than a de minimis amount of property as consideration for an interest in the Trust, if
the Sponsor reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of
the Shareholders in the Trust;

 

(iii) the liquidation of the Trust
within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); and

 

(iv) at such other times as the
Sponsor shall reasonably determine necessary or advisable in order to comply with Treasury Regulation Sections 1.704-1(b) and 1.704-2.

 

(c) The Gross Asset Value of any Trust asset
distributed to a Shareholder shall be the gross fair market value of such asset on the date of distribution.

 

(d) The Gross Asset Values of Trust assets
shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b)
or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset
Values shall not be adjusted pursuant to this subsection (d) to the extent that the Sponsor reasonably determines that an
adjustment pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise
result in an adjustment pursuant to this subsection (d).

 

(e) If the Gross Asset Value of a Trust
asset has been determined or adjusted pursuant to subsection (a), subsection (b) or subsection (d) above, such Gross
Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing
Net Income and Net Losses.

 

“Internal Revenue Service”
or “IRS” means the U.S. Internal Revenue Service or any successor thereto.

 

“Liquidation Date” means
the date on which an event giving rise to the dissolution of the Trust occurs.

 

“Net Asset Value of a Fund”
at any time means the total assets of a Fund including, but not limited to, all cash and cash equivalents or other debt securities
less total expenses and liabilities of such Fund, determined on the basis of generally accepted accounting principles in the United
States, consistently applied under the accrual method of accounting.

 

    - 3 -

     

    

 

“Net Asset Value per Creation Unit
of a Fund” means the product obtained by multiplying the Net Asset Value per Share of a Fund by the number of Shares
comprising a Creation Unit at such time.

 

“Net Asset Value per Share of a
Fund” means the Net Asset Value of a Fund divided by the number of Shares of the Fund outstanding on the date of calculation.

 

“Net Income” and “Net
Loss” mean for each fiscal year or other applicable period, an amount equal to the Trust’s taxable income or loss
for such fiscal year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable
income or loss), with the following adjustments:

 

(a) Any income of the Trust that is exempt
from federal income tax or excluded from federal gross income and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition shall be added to such taxable income or loss;

 

(b) Any expenditures of the Trust described
in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i),
and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition, shall be subtracted from
such taxable income or loss;

 

(c) In the event the Gross Asset Value of
any Trust asset is adjusted pursuant to any provision of this Agreement in accordance with the definition of Gross Asset Value,
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing
Net Income and Net Loss;

 

(d) Gain or loss resulting from any disposition
of any Trust asset with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference
to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such asset differs from its
Gross Asset Value;

 

(e) In lieu of the depreciation, amortization,
and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account
Depreciation for such fiscal year or other applicable period, computed in accordance with the definition of Depreciation; and

 

(f) Notwithstanding any other provision
of this definition, any items which are allocated pursuant to Article IV, Section 8(c) shall not be taken into account in
computing Net Income or Net Loss.

 

“Nonrecourse Deductions”
has the meaning given in Treasury Regulation Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a fiscal year
or other applicable period equals the net increase, if any, in the amount of Trust Minimum Gain during such fiscal year or period
reduced by any distributions during such fiscal year or period of proceeds of a Nonrecourse Liability that are allocable to an
increase in Trust Minimum Gain, determined according to the provisions of Treasury Regulation Sections 1.704-2(c) and 1.704-2(h).

 

“Nonrecourse Liability”
has the meaning set forth in Treasury Regulation Section 1.704-2(b)(3).

 

“Outstanding” means,
with respect to Shares or any class of Shares, all Shares of that class that are issued by the Trust and reflected as outstanding
on the Trust’s books and records as of the date of determination.

 

“Partnership Representative”
means “partnership representative” under I.R.C. § 6223.

 

“Percentage Interest”
means, as of any date of determination, (i) as to any Common Shares, the product obtained by multiplying (a) 100% less
the percentage applicable to the Shares referred to in clause (iii) by (b) the quotient obtained by dividing (x) the
number of such Common Shares by (y) the total number of all Outstanding Common Shares, (ii) as to any other Shares, the
percentage established for such Shares by the Sponsor as a part of the issuance of such Shares.

 

    - 4 -

     

    

 

“Person” means any natural
person, partnership, limited liability company, trust (including a statutory trust), corporation, association, or other entity.

 

“Preferred Shares” means
a class of Shares that entitles such Shareholders to a preference or priority over the Shareholders of any other class of Shares
in (i) the right to share Net Income or Net Loss or items thereof, (ii) the right to share in Trust’s distributions,
and/or (iii) rights upon dissolution or liquidation of the Trust. “Preferred Shares” shall not include
Common Shares.

 

“Prospectus” means the
final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and
declared effective thereby, as the same may at any time and from time to time be amended or supplemented.

 

“Redemption Distribution”
means the cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant Agreement, to
be delivered in satisfaction of a redemption of a Redemption Unit as specified in Article IX Section 1.

 

“Redemption Order” shall
have the meaning assigned thereto in Article IX Section 1.

 

“Redemption Order Date”
shall have the meaning assigned in the Authorized Participant Agreement.

 

“Redemption Unit” means
the minimum number of Shares of a Fund that may be redeemed, which shall be the number of Shares of such Fund constituting a Creation
Unit on the relevant Redemption Order Date.

 

“Registration Statement”
means a registration statement on Form S-1, as it may be amended or supplemented from time to time, filed with the Securities
and Exchange Commission (“SEC”) pursuant to which the Trust registered the Shares.

 

“Required Allocations”
means (i) any limitation imposed on any allocation of Net Losses under Article IV, Section 8(a) and (ii) any allocation
of an item of income, gain, loss or deduction pursuant to Article IV, Sections 8(c)(i), 8(c)(ii), 8(c)(iii), 8(c)(vi) or 8(c)(viii).

 

“Series” means a series
of Shares established pursuant to the terms of this Trust Agreement.

 

“Shareholders” means
the registered holders of Shares of a Fund.

 

“Shareholder Minimum Gain”
means an amount, with respect to each Shareholder Nonrecourse Debt, that would result if such Shareholder Nonrecourse Debt were
treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section 1.704-2(i)(3).

 

“Shareholder Nonrecourse Debt”
has the meaning given to the term “partner nonrecourse debt” in Treasury Regulation Section 1.704-2(b)(4).

 

“Shareholder Nonrecourse Deductions”
has the meaning given to the term “partner nonrecourse deduction” in Treasury Regulation Section 1.704-2(i)(2).
The amount of Shareholder Nonrecourse Deductions with respect to a Shareholder Nonrecourse Debt for a fiscal year or other applicable
period equals the net increase, if any, in the amount of Shareholder Minimum Gain during such fiscal year or other applicable period
attributable to such Shareholder Nonrecourse Debt, reduced by any distributions during that fiscal year or other applicable period
to the Shareholder that bears the economic risk of loss for such Shareholder Nonrecourse Debt to the extent that such distributions
are from the proceeds of such Shareholder Nonrecourse Debt and are allocable to an increase in Shareholder Minimum Gain attributable
to such Shareholder Nonrecourse Debt, determined according to the provisions of Treasury Regulation Sections 1.704-2(h) and 1.704-2(i).

 

“Shares” means the equal
proportionate units of undivided beneficial interest in a Fund and may include fractions of Shares.

 

    - 5 -

     

    

 

“Sponsor” means Volatility
Shares LLC, or any substitute or designee of the then Sponsor therefor as provided herein, or any successor thereto by merger or
operation of law. Sponsor shall also mean any person directly or indirectly instrumental in organizing each Fund or any person
who will manage or participate in the management of each Fund any other person who regularly performs or selects the persons who
perform services for the Funds. Sponsor does not include wholly independent third parties such as attorneys, accountants and underwriters
whose only compensation is for professional services rendered in connection with the offering of the Shares. The term “Sponsor”
shall be deemed to include its Affiliates.

 

“Sponsor Agreement” means
an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor’s compensation and the amount
to be charged as a Transaction Fee, as it may be amended or supplemented from time to time in accordance with its terms.

 

“Subsidiary” means, with
respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly
or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member
or similar interest of such Person.

 

“Transaction Fee” shall
mean a non-refundable transaction fee to be payable by an Authorized Participant to the Administrator and/or Fund in connection
with each purchase of a Creation Unit by an Authorized Participant.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions
of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

 

“Trust” means VS Trust,
the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and affairs of which are governed by this
Trust Agreement.

 

“Trust Agreement” means
this Amended and Restated Trust Agreement as the same may at any time or from time to time be amended.

 

“Trustee” means Wilmington
Trust, National Association or any successor thereto as provided herein, acting not in its individual or corporate capacity but
solely as the Delaware trustee of the Trust acting under Article III Section 5 of this Trust Agreement.

 

“Trust Estate” means,
with respect to a Fund, all property and cash held by such Fund, and all proceeds therefrom.

 

“Trust Minimum Gain”
means that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d).

 

ARTICLE II

PURPOSE OF TRUST AND OFFICES

 

Section 1.  NAME.
The Trust shall be known as “VS Trust” and the Sponsor shall conduct the business of the Trust under that name
or any other name as it may from time to time determine provided that the Sponsor may, without Shareholder approval, change the
name of the Trust or any Series or Class (as defined in Article IV Section 1) of Shares thereof that may be established from
time to time. Any name change of the Trust shall become effective upon the filing of a properly executed certificate of amendment
or a restated certificate pursuant to Section 3810 of the Delaware Trust Statute.

 

Section 2.  BUSINESS OFFICES. 
The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place
or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and
the Shareholders. Initially, the principal office of the Trust shall be at: c/o Volatility Shares, LLC, 100 South Bedford Road,
Suite 340, Mount Kisco, NY 10549. The principle office of the Trustee shall be at the Corporate Trust Office.

 

    - 6 -

     

    

 

Section 3.  DECLARATION
OF TRUST.  The Trust hereby acknowledges that the Trust has received the sum of $350 for each Fund in bank accounts
in the name of each Fund controlled by the Sponsor from the Sponsor, and hereby declares that it shall hold such sum in trust,
upon and subject to the conditions set forth herein for the use and benefit of the Shareholders of each Fund. It is the intention
of the parties hereto that the Trust shall continue to be a statutory trust organized in series, or Funds, under the Delaware Trust
Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties
hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment
or any form of legal relationship other than a Delaware statutory trust. Nothing in this Trust Agreement shall be construed to
make the Shareholders partners or members of a joint stock association. The Sponsor shall not be liable to any person for the failure
of the Trust or any Fund to qualify as a publicly traded partnership under the Code or any comparable provision of the laws of
any State or other jurisdiction where such treatment is sought. The Trustee is hereby authorized to file, and will file or has
filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of
the Trust under the Delaware Trust Statute.

 

Section 4.  PURPOSES AND
POWERS.  The purposes of the Trust and each Fund shall be to (a) directly or indirectly trade, buy, sell, spread
or otherwise acquire, hold, dispose and redeem swap agreements, forward contracts, options on forward contracts, futures contracts
or options on futures contracts or other derivative instruments which provide exposure to a Fund’s benchmark; (b) buy
or sell cash equivalents or other short term fixed instruments; (c) engage in any other transaction designed to facilitate
the Fund’s ability to track its benchmark, the inverse of its benchmark or a stated multiple thereof; (d) enter into
any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes; or (e) engage
in any other lawful business activity for which a Delaware statutory trust may be organized.

 

Section 5.  TAX TREATMENT.

 

(a) By accepting Shares or interests therein,
the Shareholders and/or Beneficial Owners each (i) expresses its intention that the Shares of each Fund will qualify under
applicable tax law as interests in a publicly traded partnership taxed as a partnership which holds the Trust Estate of each Fund
for their benefit, (ii) agrees that it will file its own Federal, state and local income, franchise and other tax returns
in a manner that is consistent with the treatment of each Fund as a publicly traded partnership taxed as a partnership in which
each of the Shareholders thereof is a beneficiary and (iii) agrees to use reasonable efforts to notify the Sponsor promptly
upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares of each Fund with respect
to the treatment of the Shares of such Fund as anything other than interests in a publicly traded partnership taxed as a partnership.

 

(b) The Sponsor shall prepare or cause to
be prepared and filed each Fund’s tax returns as a publicly traded partnership taxed as a partnership for Federal, state
and local tax purposes. Each Fund hereby indemnifies, to the full extent permitted by law, the Sponsor from and against any damages
or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken
by it in carrying out its responsibilities under this Section 5(b), provided such action taken or omitted
to be taken does not constitute fraud, gross negligence or willful misconduct.

 

(c) Each Shareholder shall furnish the Sponsor
with information necessary to enable the Sponsor to comply with U.S. federal income tax information reporting requirements in respect
of such Shareholder’s Shares.

 

(d) The Trust shall make the election under
Section 754 of the Code in accordance with applicable regulations thereunder, subject to the reservation of the right to seek
to revoke any such election upon the Sponsor’s determination that such revocation is in the best interests of the Shareholders.
Notwithstanding any other provision herein contained, for the purposes of computing the adjustments under Section 743(b) of
the Code, the Sponsor shall be authorized (but not required) to adopt a convention whereby the price paid by a transferee of a
Share will be deemed to be the lowest quoted closing price of the Shares on any Exchange on which such Shares are traded during
the calendar month in which such transfer is deemed to occur.

 

(e) Except as otherwise provided herein,
the Sponsor shall determine whether the Trust should make any other elections permitted by the Code.

 

    - 7 -

     

    

 

(f) The Sponsor shall designate one Shareholder
as the Partnership Representative (as defined in the Code). The Partnership Representative is authorized and required to represent
the Trust (at the Trust’s expense) in connection with all examinations of the Trust’s affairs by tax authorities, including
resulting administrative and judicial proceedings, and to expend Trust funds for professional services and costs associated therewith.
Each Shareholder agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably
required by the Tax Matters Partner to conduct such proceedings.

 

(g) Notwithstanding any other provision
of this Agreement, the Sponsor is authorized to take any action that may be required to cause the Trust and other Subsidiaries
of the Trust to comply with any withholding requirements established under the Code or any other federal, state, local or foreign
law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Trust is required or elects
to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Shareholder
(including by reason of Section 1446 of the Code), the Sponsor may treat the amount withheld as a distribution of cash pursuant
to Article IV, Section 7 or Article X, Section 1 in the amount of such withholding from such Shareholder. Any increase
or decrease in withholding tax incurred by the Trust or any Subsidiary of the Trust resulting from the identity, nationality, residence
or status of a Shareholder shall be allocable to and reduce the distributions of such Shareholder.

 

Section 6.  LEGAL TITLE. 
Legal title to all of the Trust Estate of each Fund shall be vested in the Trust as a separate legal entity; provided, however,
that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Sponsor may cause
legal title to the Trust Estate or any portion thereof to be held by or in the name of the Sponsor or any other Person (other than
a Shareholder or the Trustee) as nominee. The Trust shall be a separate legal entity in accordance with Section 3801(g) of the
Delaware Trust Statute.

 

ARTICLE III

THE SPONSOR; THE TRUSTEE

 

Section 1.  MANAGEMENT OF
THE TRUST.  Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the business and affairs of
the Trust shall be managed by the Sponsor (and not the Trustee) with such powers of delegation by the Sponsor as may be permitted
by law. The Trustee shall have not power or authority to manage the business and affairs of the Trust, and the Trustee shall only
have the powers, duties, and obligations set forth in Section 5 of this Article III. The Sponsor shall have power to conduct the
business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the
State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths,
territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do
all such other things and execute all such instruments as it deems necessary, proper or desirable in order to promote the interests
of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the
Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption
shall be in favor of a grant of power to the Sponsor. The enumeration of any specific power in this Trust Agreement shall not be
construed as limiting the aforesaid power. The powers of the Sponsor may be exercised without order of or resort to any court.

 

Section 2.  AUTHORITY OF
SPONSOR.  In addition to and not in limitation of any rights and powers conferred by law or other provisions of this
Trust Agreement, the Sponsor shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient
or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation,
the following:

 

(a) To enter into, execute, deliver and
maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments,
and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and
sale of the Shares and the conduct of Trust activities.

 

(b) To establish, maintain, deposit into,
sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions (including,
with the Trustee or any of the Trustee’s Affiliates), and execute and/or accept any instrument or agreement incidental to
the Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the
Sponsor in the Sponsor’s name shall be deemed executed and accepted on behalf of the Trust by the Sponsor.

 

    - 8 -

     

    

 

(c) To deposit, withdraw, pay, retain and
distribute each Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement.

 

(d) To supervise the preparation and filing
of the Registration Statement, the Prospectus and any supplements and amendments thereto.

 

(e) To pay or authorize the payment of distributions
to the Shareholders and expenses of each Fund.

 

(f) To make any elections on behalf of the
Trust under the Code, or any other applicable U.S. federal or state tax law as the Sponsor shall determine to be in the best interests
of the Trust.

 

(g) In the sole discretion of the Sponsor,
to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors.

 

(h) To adopt disclosure and financial reporting
information gathering and control policies and procedures.

 

(i) To make any necessary determination
or decision in connection with the preparation of the Trust’s financial statements and amendments thereto, and the Prospectus.

 

(j) To prepare, file and distribute, if
applicable, any periodic reports or updates that may be required under the Securities Exchange Act of 1934, the CEA, or the rules
and regulations thereunder.

 

(k) Execute, file, record and/or publish
all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification
and operation of the Trust and for the conduct of its business in all appropriate jurisdictions.

 

(l) Appoint and remove independent public
accountants to audit the accounts of the Trust.

 

(m) Employ attorneys to represent the Trust.

 

(n) Adopt, implement or amend, from time
to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or
desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws.

 

(o) Enter into a Distribution Agreement
with the Distributor and discharge the duties and responsibilities of the Trust and the Sponsor thereunder.

 

(p) For each Fund, enter into an Authorized
Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Fund and the Sponsor
thereunder.

 

(q) For each Fund, in connection with purchase
of a Creation Unit, receive Creation Unit Capital Contributions from Authorized Participants.

 

(r) For each Fund, receive from Authorized
Participants and process or cause the Distributor or Administrator, as applicable, to process properly submitted Redemption Orders.

 

(s) Cause the Trust to enter into one or
more custodian agreements, including with the Sponsor, on terms and conditions acceptable to the Sponsor.

 

(t) Authorize the Trust, for the Trust or
any Fund or Class, to enter into one or more administration, transfer agency and accounting agreements and agreements for such
other services necessary or appropriate to carry out the business and affairs of the Trust with any party or parties on terms and
conditions acceptable to the Sponsor, including but not limited to agreements the Trustee, legal counsel and an independent registered
public accounting firm.

 

    - 9 -

     

    

 

(u) For each Fund, receive a Redemption
Order from a redeeming Authorized Participant through the Depository, and thereupon cancel or cause to be cancelled, the Shares
to be redeemed in connection with the Redemption Order.

 

(v) Interact with the Depository as required.

 

(w) Enter into the Sponsor Agreement on
terms and conditions acceptable to the Sponsor.

 

(x) Prosecute, defend, settle or compromise
actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s interests. The Sponsor
shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit
or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the
Funds’ assets on a pro rata basis.

 

(y) Delegate those of its duties hereunder
as it shall determine from time to time to one or more officers of the Trust, the Administrator, Distributor, Commodity Trading
Advisors, Commodity Pool Operators or other Persons.

 

(z) In general, to carry on any other business
in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment
of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association
with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid
business or purposes, objects or powers.

 

The foregoing clauses shall be construed
both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner
the general powers of the Sponsor. Any action by one or more of the Sponsor hereunder shall be deemed an action on behalf of the
Trust or the applicable Series or Class, and not an action in an individual capacity.

 

Section 3.  PAYMENT OF EXPENSES
BY THE TRUST.  The Sponsor is authorized to pay or cause to be paid out of the principal or income of the Trust any
expenses of the Trust.

 

Section 4.  TRUSTEE TERM;
RESIGNATION.

 

(a) Wilmington Trust, National Association
has been appointed and hereby agrees to serve as the Trustee of the Trust solely for purposes of satisfying the requirements of
Section 3807 of the Delaware Trust Statute. The Trust shall have only one trustee unless otherwise determined by the Sponsor and
agreed in writing by the Trustee. The Trustee shall serve until such time as the Sponsor removes the Trustee or the Trustee resigns
and a successor Trustee is appointed by the Sponsor in accordance with the terms of Section 7 of this Article.

 

(b) The Trustee may resign at any time upon
the giving of at least sixty days’ advance written notice to the Trust; provided, that such resignation
shall not become effective unless and until a successor Trustee shall have been appointed by the Sponsor in accordance with Section 7
of this Article or by the Court of Chancery of the State of Delaware. If the Sponsor does not appoint a successor Trustee within
such sixty day period, the Trustee may apply, at the sole cost and expense of the Trust, to the Court of Chancery of the State
of Delaware for the appointment of a successor Trustee.

 

Section 5. 
POWERS OF TRUSTEE. Notwithstanding any other provision of this Trust Agreement, the Trustee shall not be entitled to
exercise any of the powers, nor shall the Trustee have any of the duties and responsibilities, of the Sponsor or any other party
described in this Trust Agreement. The Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements
of Section 3807 of the Delaware Trust Statute. Notwithstanding anything to the contrary herein, the Trustee shall have only
the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties (including, fiduciary
duties), obligations and liabilities with respect to the business and affairs of the Trust or any Fund. The Trustee shall have
the power and authority to execute and file certificates as required by the Delaware Trust Statute and directed by the Sponsor
in writing and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide reasonable notice
to the Sponsor of its performance of any of the foregoing, except that any document for which the Trustee accepts service of process
on the Trust in the State of Delaware, the Trustee shall promptly provide notice of same to the Sponsor The Sponsor shall reasonably
keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect
the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. The Sponsor shall provide
the Trustee with all reasonable information request by the Trustee. Notwithstanding anything to the contrary herein, to
the extent that, at law or in equity, the Trustee has duties (including fiduciary duties), obligations and liabilities relating
thereto to the Trust, the other parties hereto, the Sponsor, or any Beneficial Owners, it is hereby understood and agreed by the
other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly
set forth in Sections 4, 5, 6, 7, and 9 of this Article III.

 

    - 10 -

     

    

 

Section 6.  COMPENSATION
AND EXPENSES OF THE TRUSTEE. The Trustee shall be entitled to receive from the Sponsor or an Affiliate of the Sponsor (including
the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to
be reimbursed by the Sponsor or an Affiliate of the Sponsor (including the Trust) for reasonable out-of-pocket expenses incurred
by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses
and disbursements of counsel and such other agents as the Trustee may employ in its discretion in connection with the exercise
and performance of its rights and duties hereunder.

 

Section 7.  SUCCESSOR TRUSTEE.
Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument
to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute.
Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance
of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the
outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor Trustee
shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement,
with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations
under this Trust Agreement. The outgoing Trustee shall have no duties to oversee the appointment of a successor Trustee to act
in conformity with the terms of this Agreement.

 

Section 8.  LIABILITY OF
TRUSTEE. Except as otherwise provided in this Article III, in accepting the trust continued hereby, Wilmington Trust,
National Association acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against
Wilmington Trust, National Association by reason of the transactions contemplated by this Trust Agreement and any other agreement
to which the Trust or any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof.
In particular, but not by way of limitation:

 

(a) The Trustee shall have no liability
or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency,
value or validity of any Trust Estate or the Shares.

 

(b) The Trustee shall not be liable for
any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor.

 

(c) The Trustee shall not have any liability
for the acts or omissions of the Sponsor.

 

(d) The Trustee shall not have any duty
or obligation to supervise or monitor the performance of any obligations of the Sponsor, or warn or apprise any party concerning
instances in which the Trustee would or might have exercised the Trustee’s own discretion in a manner different from the
manner of the Sponsor.

 

(e) No provision of this Trust Agreement
shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder.

 

(f) Under no circumstances shall the Trustee
be liable for indebtedness evidenced by or other obligations of the Trust or any Fund arising under this Trust Agreement or any
other agreements to which the Trust is a party.

 

    - 11 -

     

    

 

(g) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Trust Agreement, or to appear in, institute, conduct or defend any
action or litigation under this Trust Agreement or any other agreements to which the Trust or any Fund is a party, at the request,
order or direction of the Sponsor or any Shareholders unless the Sponsor or such Shareholders have offered to Wilmington Trust,
National Association(in its capacity as Trustee and its individual or corporate capacity) security or indemnity satisfactory to
it against the costs, expenses and liabilities that may be incurred by Wilmington Trust, National Association (including, without
limitation, the reasonable fees and expenses of its counsel) therein or thereby.

 

(h) The Trustee shall not be required to
take any action hereunder or otherwise if the Trustee shall have reasonably determined, or shall have been advised by counsel,
that such action is likely to result in liability on the part of the Trustee or is contrary to the terms hereof or is otherwise
contrary to law.

 

(i) Whenever the Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this Trust Agreement, or is unsure as to the application,
intent, interpretation or meaning of any provision of this Trust Agreement, the Trustee shall give reasonable notice (in such form
as shall be appropriate under the circumstances) to the Sponsor requesting instruction as to the course of action to be adopted,
and, to the extent the Trustee acts in good faith in accordance with any such instruction received, the Trustee shall not be liable
on account of such action to any Person. If the Trustee shall not have received appropriate instructions within ten calendar days
of sending such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action which is consistent, in
its view, with this Trust Agreement, and the Trustee shall have no liability to any Person for any such action or inaction, and
may also, at the sole cost and expense of the Trust, petition the Court of Chancery of the State of Delaware for instructions.

 

(j) The Trustee shall have no liability
whatsoever to any Person except for its own bad faith violation of the contractual covenant of good faith and fair dealing within
the meaning of Section 3806(c) of the Delaware Trust Statute proved by clear and convincing evidence in the Court of Chancery of
the State of Delaware.

 

(k) Under no circumstance shall the Trustee,
in its individual or corporate capacity or in its capacity as Trustee, or any member, partner, shareholder, director, officer,
employee, agent, affiliate or advisor of the Trustee or their respective Affiliates be personally liable for any representation,
warranty, covenant, agreement, liability or indebtedness of the Trust, as all such representations, warranties, covenants, agreements,
liabilities or indebtedness of the Trust are those of the Trust as an entity.

 

(l) In the exercise or administration of
its duties hereunder, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with
any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys
shall have been selected by the Trustee in good faith and (ii) may consult with counsel, accountants and other skilled persons
to be selected in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith
by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons.

 

(m) In accepting and performing its duties
hereunder the Trustee acts solely as trustee hereunder and not in its individual or corporate capacity, and all persons having
any claim against the Trustee or the Trust by reason of the transactions contemplated by this Trust Agreement shall look only to
the Trust for payment or satisfaction thereof.

 

(n) The Trustee may
conclusively rely and shall be fully protected, and shall incur no liability to anyone, in acting or refraining from acting in
good faith and in reliance upon any signature, instrument, notice, resolution, request, instruction, direction, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the
proper party or parties. The Trustee may accept a certified copy of a resolution of any governing body of any person as conclusive
evidence that such resolution has been duly adopted by such person and that the same is in full force and effect. As to any fact
or matter the manner of ascertainment of which is not specifically prescribed herein or whenever the Trustee shall deem it desirable
that a fact or matter be proved or established prior to taking, suffering or omitting any action hereunder (including direction
by the Sponsor with respect to such action), the Trustee may for all purposes hereof rely on a certificate, signed by any officer
of the party delivering the certificate, and such certificate shall constitute full protection to the Trustee for any action taken
or omitted to be taken by it in good faith in reliance thereon.

 

    - 12 -

     

    

 

(o) The recitals or
other statements contained herein shall not be taken as the statements of the Trustee, and the Trustee does not assume any responsibility
for their correctness. The Trustee shall not be personally responsible for or in respect of, and the Delaware Trustee makes no
representations as to, the title to, or value or condition of, the property of the Trust or any part thereof nor as to the validity
or sufficiency of this Trust Agreement or any related certificate, instrument or other document.

 

(p) No provision of
this Trust Agreement shall require the Trustee to expend or risk its personal funds or otherwise incur any financial liability
in the performance of its rights or powers hereunder

 

Section 9. INDEMNIFICATION OF TRUSTEE.

 

(a) The Trust (or, in furtherance on Article
IV Section 4(b)(ii), any Fund separately to the extent the matter in question relates to a Fund or is otherwise disproportionate)
shall indemnify and hold harmless the Trustee and its Affiliates against all claims, losses, liabilities and expenses, including
but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably
incurred by the Trustee and its Affiliates, in connection with the defense or disposition of any action, suit or other proceeding,
whether civil or criminal, before any court or administrative or legislative body, in which such the Trustee or its Affiliates
may be or may have been involved as a party or otherwise or with which the Trustee or its Affiliates may be or may have been threatened,
while in office or thereafter, by reason of any alleged act or omission as a Trustee or its Affiliates or by reason of his or her
being or having been such a Trustee or Affiliate except with respect to any matter as to which such Trustee or Affiliate shall
have been finally adjudicated in any such action, suit or other proceeding to have acted with a bad faith violation of the implied
contractual covenant of good faith and fair dealing within the meaning of Section 3806(c) of the Delaware Trust Statute.

 

(b) Expenses, including counsel fees, so
incurred by any such the Trustee or its Affilates (but excluding amounts paid in satisfaction of judgments, in compromise or as
fines or penalties) shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such Trustee or Affiliate to repay amounts so paid to the Trust if
it is ultimately determined that indemnification of such expenses is not authorized under this Section 9.

 

ARTICLE IV

SHARES

 

Section 1.  DIVISION OF
BENEFICIAL INTEREST.

 

(a) The beneficial interests in the Trust
shall at all times be divided into an unlimited number of Shares, without par value. The Sponsor may authorize the division of
Shares into separate Series (which may be referred to as “Funds”) and the division of Series into separate classes
of Shares (each a “Class”). The different Series shall be established and designated, and the variations in
the relative rights and preferences as among the different Series and Classes shall be fixed and determined by the Sponsor.

 

(b) Unless the Sponsor determines otherwise,
no Share shall have any priority or preference over any other Share of the same Class of a Series with respect to dividends or
distributions upon termination of the Trust or of such Class or Series. Unless the Sponsor determines otherwise, all dividends
and distributions shall be made ratably among all Shareholders of a particular Class of a Series from the assets held with respect
to such Series according to the number of Shares of such Class of such Series held of record by such Shareholder on the record
date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive
or other right to subscribe to any additional Shares or other securities issued by the Trust or any Series. The Sponsor may from
time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series.

 

    - 13 -

     

    

 

(c) The Sponsor may issue Shares of any
Fund or Class thereof for such consideration and on such terms as it may determine (or for no consideration), all without action
or approval of the Shareholders thereof. All Shares when so issued on the terms determined by the Sponsor shall be fully paid and
non-assessable. Every Shareholder and Beneficial Owner, by virtue of having purchased or otherwise acquired an interest in a Share,
shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. Shareholders shall not
have any preemptive rights to acquire additional Shares except as otherwise determined by the Sponsor.

 

Section 2.  OWNERSHIP OF
SHARES.  The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the
Trust, which books shall separately record the Shares of each Series and Class. No certificates evidencing the ownership of Shares
shall be issued except as the Sponsor may otherwise determine from time to time. The record books of the Trust as kept by the Trust
or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and Class
and as to the number of Shares of each Series and Class held from time to time by each Shareholder.

 

Section 3.  STATUS OF SHARES
AND LIMITATION OF PERSONAL LIABILITY.

 

(a) The death, incapacity, dissolution,
termination or bankruptcy of a Shareholder during the existence of the Trust shall not operate to dissolve or terminate the Trust
or any Series or Class thereof, nor entitle the representative of such Shareholder to an accounting or to take any action in court
or elsewhere against the Trust, the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder
under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust
Estate or right to call for a partition or division of the same or for an accounting.

 

(b) The Shareholders shall be entitled to
the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general
corporation law of Delaware and no Shareholders shall be liable for claims against, or debts of the Trust or the applicable Fund.

 

Section 4.  ESTABLISHMENT
AND DESIGNATION OF SERIES OR CLASS.

 

(a) The establishment and designation of
any Series or Class of Shares shall be effective upon the adoption by the Sponsor of a written instrument that sets forth such
establishment and designation, whether directly in such instrument or by reference to, or approval of, another document that sets
forth each such Series or Class of Shares including in a Registration Statement. The relative rights and preferences of each Series
and Class of Shares thereof shall be as set forth herein and as set forth in such Registration Statement, except to the extent
otherwise provided in the instrument establishing such Series or Class of Shares. Each Series established pursuant to this Section 4
shall be considered separate from each other Series as set forth in this Article IV.

 

(b) Shares of each Series or Class established
pursuant to this Section 4, except to the extent otherwise provided in the instrument establishing such Series or Class, shall
have the following relative rights and preferences:

 

(i) The Trust Estate of each Fund
shall be held in separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted
for in such separate and distinct records separately from the other assets of the Trust and every other Series and are referred
to as “assets belonging to” that Series. The assets belonging to a Series shall belong only to that Series for all
purposes, and to no other Series, and shall be subject only to the rights of creditors of that Series. Any assets, income, earnings,
profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series shall
be allocated between and among one or more Series as the Sponsor deems fair and equitable. Each such allocation shall be conclusive
and binding upon the Shareholders of all Series for all purposes, and such assets, earnings, income, profits or funds, or payments
and proceeds thereof shall be referred to as assets belonging to that Series. The assets belonging to a Series shall be so recorded
upon the books of the Trust, and shall be held in trust for the benefit of the Shareholders of that Series. The assets belonging
to a Series shall be charged with the liabilities of that Series and all expenses, costs, charges and reserves attributable to
that Series, except that liabilities, expenses, costs, charges and reserves allocated solely to a particular Class, if any, shall
be borne by that Class.

 

    - 14 -

     

    

 

(ii) The debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the
assets of such Series only, and not against the assets of the Trust generally or of any other Series and, unless otherwise provided
by the Sponsor, none of the debts, liabilities, obligations, expenses incurred, contracted for or otherwise existing with respect
to the Trust generally or any other Series shall be enforceable against the assets of such Series. Any general liabilities, expenses,
costs, charges or reserves of the Trust which are not readily identifiable as being held with respect to any particular Series
shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner and on such basis as the
Sponsor in its sole discretion deems fair and equitable. Notice of the contractual limitation on liabilities among Series described
in the first sentence of this paragraph may, in the Sponsor’s discretion, be set forth in the certificate of trust of the
Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware
pursuant to the Delaware Trust Statute, and upon the giving of such notice in the certificate of trust, the statutory provisions
of Section 3804 of the Delaware Trust Statute relating to limitations on liabilities among Series (and the statutory effect
under Section 3804 of the Delaware Trust Statute of setting forth such notice in the certificate of trust) shall become applicable
to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look
only to the assets of that Series to satisfy or enforce any debt, with respect to that Series. No Shareholder or former Shareholder
of any Series shall have a claim on or any right to any assets allocated or belonging to any other Series, except to the extent
that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such
other Series.

 

(c) Notwithstanding any other provisions
of this Trust Agreement, no distribution including, without limitation, any distribution paid upon termination of the Trust or
of any Series or Class with respect to, nor any redemption or repurchase of, the Shares of any Series or Class shall be effected
by the Trust other than from the assets held with respect to such Series, nor shall any Shareholder of any particular Series otherwise
have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has
such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion to determine which
items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and
binding upon the Shareholders. Any Shares of a Series acquired, through purchase, exchange or otherwise, by another Series shall
not be deemed cancelled, unless the Sponsor affirmatively determines otherwise.

 

(d) Except to the extent otherwise provided
in the instrument establishing such Series, all the Shares of each particular Series shall represent an equal proportionate interest
in the assets held with respect to that Series (subject to the liabilities held with respect to that Series and such rights and
preferences as may have been established and designated with respect to Classes of Shares within such Series).

 

(e) Except to the extent otherwise provided
in the instrument establishing such Series, any fractional Share of a Series shall carry proportionately all the rights and obligations
of a whole Share of that Series, including rights with respect to voting, receipt of dividends and distributions, redemption of
Shares and termination of the Trust.

 

(f) The Sponsor shall have the authority
to provide that the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other
Series of Shares in conformity with such requirements and procedures as may be established by the Sponsor.

 

Section 5.  ESTABLISHMENT
OF INITIAL FUND OF THE TRUST.

 

(a) Without limiting the authority of the
Sponsor set forth in Section 4 to establish and designate any further Series without requiring an amendment of this Trust
Agreement, the Sponsor hereby establishes and designates the initial Series (the “Initial Fund”) as follows:

 

(b) The relative rights and preferences
of the Initial Fund shall be as set forth in the Registration Statement for such Funds.

 

 Section 6.  OFFER
OF SHARES, PROCEDURES FOR CREATION AND ISSUANCE OF CREATION UNITS.

 

(a) Subject to the Sponsor establishing
alternative procedures from time to time in its sole discretion, the procedures relating to the creation and issuance of Creation
Units will be set forth in the Authorized Participant Agreements and Authorized Participant Handbooks for each Fund (which may
be amended from time to time in accordance with the provisions of the Authorized Participant Agreements and any such amendment
will not constitute an amendment of this Trust Agreement), and will govern the Trust with respect to the creation and issuance
of Creation Units. The number of Creation Units which may be issued by each Fund is limited only by the number of outstanding shares
of a Fund or the Trust, as the case may be, that are registered for sale with the SEC. Unless the Sponsor determines otherwise,
certificates for Creation Units will not be issued.

 

    - 15 -

     

    

 

(b)  Rejection. For each Fund,
the Sponsor shall have the absolute right, but shall have no obligation, to reject any Creation Unit Capital Contribution:

 

Section 7.  DISTRIBUTIONS.

 

(a) Distributions on Shares may be paid
with such frequency as the Sponsor may determine, which may be daily or otherwise, to the Shareholders, from such of the income
and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. Except to the
extent the Sponsor otherwise determines, all distributions on Shares thereof shall be distributed pro rata to the Shareholders
in proportion to the total outstanding Shares held by such Shareholders at the date and time of record established for the payment
of such distribution. Such distributions may be made in cash or Shares as determined by the Sponsor or pursuant to any program
that the Sponsor may have in effect at the time for the election by each Shareholder of the mode of the making of such distribution
to that Shareholder. Nothing in this Section 7 shall obligate the Sponsor to cause the Trust to make any distributions.

 

Section 8.  ALLOCATIONS
FOR CAPITAL ACCOUNT PURPOSES.  For purposes of maintaining the Capital Accounts and in determining the rights of the
Shareholders among themselves, the Trust’s Net Income and Net Loss shall be allocated among the Shareholders in each fiscal
year or other applicable period (or portion thereof) as provided herein below.

 

(a) Net Income and Net Loss. After
giving effect to the allocations set forth in this Article IV, Section 8(c), 8(d) and 8(e), Net Income or Net Loss for each
fiscal year or other applicable period shall be allocated to the Shareholders in accordance with their respective Percentage Interests.

 

(b) Allocation upon Termination.
With respect to all Article IV, Section 8(a) allocations following a Liquidation Date, such allocations shall be made after
Capital Account balances have been adjusted by all other allocations provided under this Article IV, Section 8 and after giving
effect to all distributions during such fiscal year or other applicable period; provided, however, that solely for purposes of
this Article IV, Section 8(b), Capital Accounts shall not be adjusted for distributions made pursuant to Article X, Section 1.

 

(c) Mandatory Allocations. Notwithstanding
any other provision of this Article IV, Section 8, the following special allocations shall be made for such taxable period:

 

(i) Trust Minimum Gain Chargeback.
Notwithstanding any other provision of this Article IV Section 8, if there is a net decrease in Trust Minimum Gain during
any Trust fiscal year or other applicable period, then, subject to the exceptions set forth in Treasury Regulation Sections 1.704-2(f)(2),
(3), (4) and (5), each Shareholder shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent
periods) in an amount equal to such Shareholder’s share of Trust Minimum Gain, as determined in accordance with Treasury
Regulation Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended to comply with the Trust Minimum Gain chargeback
requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(ii) Chargeback of Shareholder
Minimum Gain. Notwithstanding the other provisions of this Article IV, Section 8 (other than Article IV, Section 8(c)(i)),
if there is a net decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year
or other applicable period, then, subject to the exception set forth in Treasury Regulation Section 1.704-2(i)(4), each Shareholder
with a share of Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury
Regulation Section 1.704-2(i)(5), shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent
periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4). This Article IV, Section 8(c)(ii)
is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4)
and shall be interpreted consistently therewith.

 

    - 16 -

     

    

 

(iii) Qualified Income Offset.
Notwithstanding any other provision of this Article IV, Section 8 (other than Article IV, Section 8(c)(i) and (ii)),
in the event any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation
Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6) that cause an increase in an Adjusted Capital Account deficit of such Shareholder,
items of Trust income and gain shall be specially allocated to such Shareholder in an amount and manner sufficient to eliminate,
to the extent required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance in its
Adjusted Capital Account. This Article IV, Section 8(c)(iii) is intended to qualify and be construed as a “qualified
income offset” within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

 

(iv) No Excess Deficit.
To the extent that any Shareholder has or would have, as a result of an allocation of Net Loss (or item thereof), an Adjusted Capital
Account deficit, such amount of Net Loss (or item thereof) shall be allocated to the other Shareholders in accordance with this
Article IV, Section 8, but in a manner which will not produce an Adjusted Capital Account deficit as to any such Shareholder.
To the extent such allocation would result in all Shareholders having Adjusted Capital Account deficits, such Net Loss (or item
thereof) shall be allocated in accordance with Article IV, Section 8(a). Any allocations of Net Loss (or item thereof) pursuant
to this Article IV, Section 8(c)(iv) shall be reversed with a corresponding amount of Net Profits in subsequent years.

 

(v) Nonrecourse Deductions.
Nonrecourse Deductions for any taxable period shall be allocated to the Shareholders in accordance with their respective Percentage
Interests. If the Sponsor determines that the Trust’s Nonrecourse Deductions should be allocated in a different ratio to
satisfy the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Sponsor
is authorized, upon notice to the other Shareholders, to revise the prescribed ratio to the numerically closest ratio that does
satisfy such requirements.

 

(vi) Shareholder Nonrecourse
Deductions. Shareholder Nonrecourse Deductions for any taxable period shall be allocated 100% to the Shareholder that bears
the economic risk of loss with respect to the Shareholder Nonrecourse Debt to which such Shareholder Nonrecourse Deductions are
attributable in accordance with Treasury Regulation Section 1.704-2(i).

 

(vii) Nonrecourse Liabilities.
Nonrecourse Liabilities of the Trust described in Treasury Regulation Section 1.752-3(a)(3) shall be allocated among the Shareholders
in a manner chosen by the Sponsor and consistent with such Treasury Regulation.

 

(viii) Code Section 754
Adjustments. To the extent an adjustment to the adjusted tax basis of any Trust asset pursuant to Section 734(b) or 743(b)
of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially
allocated to the Shareholders in a manner consistent with the manner in which their Capital Accounts are required to be adjusted
pursuant to such Section of the Treasury Regulations.

 

(ix) Curative Allocation.

 

(A) The Required Allocations are
intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Shareholders that, to the extent
possible, all Required Allocations shall be offset either with other Required Allocations or with special allocations of other
items of Trust income, gain, loss or deduction pursuant to this Article IV, Section 8 (c)(ix). Therefore, notwithstanding
any other provision of this Article IV, Section 8 (other than the Required Allocations), the Sponsor shall make such offsetting
special allocations of Trust income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Shareholder’s Capital Account balance is, to the extent possible, equal to the Capital Account
balance such Shareholder would have had if the Required Allocations were not part of this Agreement and all Trust items were allocated
pursuant to the economic agreement among the Shareholders.

 

    - 17 -

     

    

 

(B) The Sponsor shall, with respect
to each fiscal year or other applicable period, (1) apply the provisions of Article IV, Section 8(c)(ix)(A) in whatever
order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide
all allocations pursuant to Article IV, Section 8 (c)(ix)(A) among the Shareholders in a manner that is likely to minimize
such economic distortions.

 

Section 9.  ALLOCATIONS
FOR TAX PURPOSES.

 

(a) Except as otherwise provided herein,
for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among the Shareholders in the
same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Article IV,
Section 8.

 

(b) In accordance with Sections 704(b) and
704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed
to the Trust shall solely for federal income tax purposes, be allocated among the Shareholders so as to take into account any variation
between the adjusted basis of such property to the Trust for federal income tax purposes and the initial Gross Asset Value. If
the Gross Asset Value of any Trust asset is adjusted as described in the definition of Gross Asset Value, subsequent allocations
of income, gain, loss and deduction with respect to such Trust asset shall take into account any variation between the adjusted
basis of such Trust Asset for federal income tax purposes and its Gross Asset Value in the same manner as under Section 704(c)
of the Code and the Treasury Regulations thereunder. In furtherance of the foregoing, the Trust shall employ any method under Section 704(c)
of the Code selected by the Sponsor. The Sponsor, in an attempt to eliminate book-tax disparities, expects items of income, gain,
or loss will be allocated for U.S. federal income tax purposes among the Members under the principles of the remedial method of
Treasury Regulations Section 1.704-3(d). Allocations pursuant to this Section 9(b) are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account in computing, any Shareholder’s Capital
Account or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this Agreement.

 

(c) For the proper administration of the
Trust and for the preservation of uniformity of the Shares (or any class or classes thereof), the Sponsor shall (i) adopt
such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery deductions;
(ii) make special allocations for federal income tax purposes of income (including gross income) or deductions; (iii) amend
the provisions of this Agreement as appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under
Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of the Shares (or
any class or classes thereof); and (iv) adopt and employ such methods for (A) the maintenance of Capital Accounts for
book and tax purposes, (B) the determination and allocation of adjustments under Sections 704(c), 734 and 743 of the Code,
(C) the determination and allocation of taxable income, tax loss and items thereof under this Agreement and pursuant to the
Code, (D) the determination of the identities and tax classification of Shareholders, (E) the provision of tax information
and reports to the Shareholders, (F) the adoption of reasonable conventions and methods for the valuation of assets and the
determination of tax basis, (G) the allocation of asset values and tax basis, (H) the adoption and maintenance of accounting
methods, (I) the recognition of the transfer of Shares, (J) tax compliance and other tax-related requirements, including
the use of computer software, and to use filing and reporting procedures similar to those employed by publicly-traded partnerships
and limited liability companies, as it determines in its sole discretion are necessary and appropriate to execute the provisions
of this Agreement and to comply with federal, state and local tax law, and to achieve uniformity of Shares within a class. The
Sponsor may adopt such conventions, make such allocations and make such amendments to this Agreement as provided in this Article
IV, Section 9(c) only if such conventions, allocations or amendments would not have a material adverse effect on the Shareholders,
the holders of any class or classes of Shares issued and Outstanding or the Trust, and if such allocations are consistent with
the principles of Section 704 of the Code.

 

(d) All items of income, gain, loss, deduction
and credit recognized by the Trust for federal income tax purposes and allocated to the Shareholders in accordance with the provisions
hereof shall be determined without regard to any election under Section 754 of the Code that may be made by the Trust; provided,
however, that such allocations, once made, shall be adjusted (in the manner determined by the Sponsor) to take into account those
adjustments permitted or required by Sections 734 and 743 of the Code.

 

    - 18 -

     

    

 

(e) In the event the Trust becomes listed
on a Exchange or other major exchange, unless the Sponsor determines otherwise, each item of Trust income, gain, loss and deduction
shall, for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis and shall be allocated
to the Shareholders as of the opening of such Exchange on the first business day of each month; provided, however, such items for
the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration
of the over-allotment option occurs shall be allocated to the Shareholders as of the opening of such Exchange on the first Business
Day of the next succeeding month; and provided, further, that gain or loss on a sale or other disposition of any assets of the
Trust or any other extraordinary item of income or loss realized and recognized other than in the ordinary course of business,
as determined by the Sponsor, shall be allocated to the Shareholders as of the opening of Exchange on the first business day of
the month in which such gain or loss is recognized for federal income tax purposes. The Sponsor may revise, alter or otherwise
modify such methods of allocation to the extent permitted or required by Section 706 of the Code and the regulations or rulings
promulgated thereunder.

 

(f) Allocations that would otherwise be
made to a Shareholder under the provisions of this Article IV shall instead be made to the beneficial owner of Shares held by a
nominee in any case in which the nominee has furnished the identity of such owner to the Trust in accordance with Section 6031(c)
of the Code or any other method determined by the Sponsor.

 

ARTICLE V

OFFICERS

 

Section 1.  OFFICERS.
The Sponsor may appoint officers, who shall be agents of the Trust with such titles and duties as the Sponsor shall specify.
Any number of offices may be held by the same person.

 

Section 2.  APPOINTMENT
OF OFFICERS.  The officers of the Trust shall be appointed by the Sponsor, and each shall serve at the pleasure of
the Sponsor, subject to the rights, if any, an officer may have under any contract of employment.

 

Section 3.  REMOVAL AND
RESIGNATION OF OFFICERS.  Subject to the rights, if any, of an officer under any contract of employment, any officer
may be removed, either with or without cause, by the Sponsor. Any officer may resign at any time by giving written notice to the
Trust. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice;
and unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any
resignation is without prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.

 

Section 4.  AUTHORITY TO
ACT.  Subject to the supervision and oversight of the Sponsor, the officers of the Trust are delegated the authority
to act on behalf of the Trust consistent with the parameters and powers of their position as outlined from time to time by the
Sponsor, including to prepare, negotiate, deliver and execute documents, agreements, plans, registration statements, any and all
applications for exemptive orders, and any amendments or supplements thereto, that the officers or any of them believe, with advice
of counsel, are necessary or desirable for the Trust.

 

ARTICLE VI

LIMITATION OF LIABILITY, FIDUCIARY DUTY
AND INDEMNITY

 

Section 1.  LIABILITY OF
COVERED PERSONS.  Subject to Article III as to the Trustee which provides greater protection to the Trustee, a Covered
Person shall have no liability to the Trust, any Fund or to any Shareholder or Beneficial Owner or other Covered Person for any
loss suffered by the Trust or any Fund which arises out of any action or inaction of such Covered Person if such Covered Person,
in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such course
of conduct did not constitute gross negligence or willful misconduct of such Covered Person. Subject to the foregoing, and Article
III as to the Trustee, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment
of all or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such
return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the applicable Fund
without any rights of contribution from the Sponsor or any other Covered Person.

 

    - 19 -

     

    

 

Section 2.  FIDUCIARY DUTY
OF COVERED PERSONS.

 

(a) To the extent that, at law or in equity,
a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Funds, the Shareholders
or to any other Person, a Covered Person acting under this Trust Agreement shall not be liable to the Trust, the Funds, the Shareholders
or to any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement,
to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of a Covered Person otherwise
existing at law or in equity are agreed by the parties hereto and the Shareholders to replace such other duties and liabilities
of such Covered Person.

 

(b) Unless otherwise expressly provided
herein:

 

(i) whenever a conflict of
interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, the Trustee or any Shareholder
or any other Person, on the other hand; or

 

		(ii)	whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor shall act in
a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other Person, the Sponsor
shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest
of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating
to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or
principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor
shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of
the Sponsor at law or in equity or otherwise.

 

(c) The Sponsor and any Affiliate of the
Sponsor may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently
or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement
or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the
Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason
of the fact that the Sponsor pursues or acquires for, or directs such opportunity to another Person or does not communicate such
opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of
this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses
derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed
wrongful or improper. Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial
or other transaction with the Trust, the Shareholders or any Affiliate of the Trust or the Shareholders.

 

Section 3.  COMPENSATION
TO THE SPONSOR.  The Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth
in the Sponsor Agreement.

 

Section 4.  OTHER BUSINESS
OF SHAREHOLDERS.  Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer,
director, employee or other person holding a legal or beneficial interest in an entity which is a Shareholder, may engage in or
possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of
such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or improper.

 

    - 20 -

     

    

 

Section 5.  INDEMNIFICATION
OF COVERED PERSONS.

 

(a) For the purpose of this Section, “Covered
Person” includes any Person who is or was a Trustee, Sponsor or officer of the Trust and does not include the Trustee.
Indemnification of the Trustee is as set forth in Article III Section 9.

 

(b) The Trust (or, in furtherance on Article
IV Section 4(b)(ii), any Fund separately to the extent the matter in question relates to a Fund or is otherwise disproportionate)
shall indemnify and hold harmless each Covered Person against all claims, losses, liabilities and expenses, including but not limited
to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by
any Covered Person, in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party
or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of
any alleged act or omission as a Covered Person or by reason of his or her being or having been such a Covered Person except with
respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding
not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the
Trust and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders by reason of
willful misconduct or gross negligence of such Covered Person.

 

(c) Expenses, including counsel fees, so
incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties)
shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt
of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that
indemnification of such expenses is not authorized under this Section.

 

Section 6.  OTHER CONTRACTUAL
RIGHTS.  Nothing contained in Section 5 shall affect any right to indemnification to which persons other than
Sponsor and officers of this Trust may be separately entitled by contract or otherwise.

 

ARTICLE VII

SHAREHOLDERS’ VOTING POWERS AND
MEETINGS

 

Section 1.  VOTING POWERS.

 

(a) Except as required under applicable
Federal law or under the rules or regulations of an Exchange, the Shareholders shall have no voting rights hereunder (including
with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the
Trust or any other matters that under the Delaware Trust Statute default voting rights are provided to holders of beneficial interests.)
The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its
sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or
no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on any specific matter,
the Shareholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further
approval by the Sponsor or the Shareholders.

 

(b) On each matter, if any, submitted to
a vote of Shareholders, unless the Sponsor determines otherwise, all Shares of all Series and Classes shall vote together as a
single class; provided, however, that: (i) as to any matter with respect to which a separate vote of any Series or Class is
required by applicable law or is required by attributes applicable to any Series or Class, such requirements as to a separate vote
by that Series or Class shall apply; (ii) unless the Sponsor determine that this clause (ii) shall not apply in a particular
case, to the extent that a matter referred to in clause (i) above affects more than one Series or Class and the interests
of each such Series or Class in the matter are identical, then the Shares of all such affected Series or Classes shall vote together
as a single class; and (iii) as to any matter which does not affect the interests of a particular Series or Class, only the
holders of Shares of the one or more affected Series or Classes shall be entitled to vote. As determined by the Sponsor, in its
sole discretion, without the vote or consent of Shareholders, on any matter submitted to a vote of Shareholders either (i) each
whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled
to a proportionate fractional vote or (ii) each dollar of Net Asset Value (number of Shares owned times Net Asset Value per
share of the Trust, if no Series shall have been established or of such Series or Class, as applicable) shall be entitled to one
vote on any matter on which such Shares are entitled to vote and each fractional dollar amount shall be entitled to a proportionate
fractional vote. Without limiting the power of the Trustees in any way to designate otherwise in accordance with the preceding
sentence, the Sponsor hereby establishes that each whole Share shall be entitled to one vote as to any matter on which it is entitled
to vote and each fractional Share shall be entitled to a proportionate fractional vote. Shares may be voted in person or by proxy
or in any manner determined by the Sponsor.

 

    - 21 -

     

    

 

Section 2.  VOTING POWER
AND MEETINGS. Meetings of the Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or
by this Trust Agreement.

 

Section 3.  PLACE OF MEETINGS. 
A meeting of Shareholders shall be held at any place designated by the Sponsor or an officer of the Trust.

 

Section 4.  NOTICE OF SHAREHOLDERS’
MEETING.  All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not
less than seven nor more than one hundred and twenty days before the date of the meeting in the manner determined by the Sponsor.
The notice shall specify: (a) the place, date and hour of the meeting; and (b) the general nature of the business to
be transacted.

 

Section 5.  ADJOURNED MEETING;
NOTICE.  Any Shareholders’ meeting, whether or not a quorum is present, may be adjourned from time to time by
the Sponsor or by the vote of a majority of the Shares of the Class, Series or Trust, as the case may be, represented at that meeting,
either in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be given
of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless
the adjournment is for more than sixty days from the date set for the original meeting, in which case the Sponsor shall set a new
record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned
meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.

 

Section 6.  VOTING PROCEDURE. 
The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit a proxy ballot containing the voting instructions
of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph,
internet or other electronic media, provided however, that the Sponsor or an officer of the Trust may limit or delineate the types
of media and methods by which a Shareholder may submit voting instructions. On any matter any Shareholder may vote part of the
shares in favor of the proposal and refrain from voting the remaining shares or vote them against the proposal, but if the Shareholder
fails to specify the number of shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the
Shareholder’s approving vote is with respect to the total shares that the Shareholder is entitled to vote on such proposal.

 

Section 7.  QUORUM AND REQUIRED
VOTE. Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or
by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders’
meeting. When any one or more Series or Classes is to vote as a single Class separate from any other Shares, thirty-three and one-third
percent (33 1/3%) of the Shares of each such Series or Classes entitled to vote shall constitute a quorum at a Shareholder’s
meeting of that Series or Class. Any meeting of Shareholders may be adjourned consistent with the provisions of Section 5
above, whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the
meeting shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable
law.

 

Section 8.  ACTION BY WRITTEN
CONSENT. Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares
entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement
or federal law) or holding a majority (or such larger proportion as aforesaid) of the Shares of any Series or Class entitled to
vote separately on the matter consent to the action in writing or by other electronic means (such as via telephone or the internet)
and such written consent or a record of such electronic consent is filed with the records of the meetings of Shareholders. Such
consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

 

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Section 9.  RECORD DATES.
For the purpose of determining the Shareholders of any Series or Class who are entitled to vote or act at any meeting or any adjournment
thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred and twenty days before the date
of any meeting of Shareholders, as the record date for determining the Shareholders of such Series or Class having the right to
notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record
date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date. For the purpose
of determining the Shareholders of any Series or Class who are entitled to receive payment of any dividend or of any other distribution,
the Sponsor may from time to time fix a date, which shall be before the date for the payment of such dividend or such other payment,
as the record date for determining the Shareholders of such Series or Class having the right to receive such dividend or distribution.
Without fixing a record date the Sponsor may for voting and/or distribution purposes close the register or transfer books for one
or more Series for all or any part of the period between a record date and a meeting of Shareholders or the payment of a distribution.
Nothing in this Section shall be construed as precluding the Sponsor from setting different record dates for different Series or
Classes.

 

Section 10.  WAIVER OF NOTICE
BY CONSENT OF ABSENT SHAREHOLDERS.  Any Shareholder may waive notice, which waiver may be submitted by U.S. mail,
overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver
of notice need not specify either the business to be transacted or the purpose of any meeting of Shareholders. Attendance by a
person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of
the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance
at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if
that objection is expressly made at the beginning of the meeting.

 

Section 11.  PROXIES. 
Every person entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized
by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the
Shareholder’s name is placed on the proxy (whether by manual signature, typewriting, telephonic or internet transmission
or otherwise) by the Shareholder or the Shareholder’s attorney-in-fact. A validly authorized proxy which does not state that
it is irrevocable shall continue in full force and effect unless (i) revoked by the person executing it before the vote pursuant
to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance
at the meeting and voting in person by, the person executing that proxy; or (ii) written notice of the death or incapacity
of the maker of that proxy is received by the Trust before the vote pursuant to that proxy is counted; provided however, that no
proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy.

 

ARTICLE VIII

RECORDS AND REPORTS

 

Section 1.  MAINTENANCE
OF SHARE REGISTER.  The Trust shall keep at its principal office or at the office of its transfer agent or registrar,
if either be appointed and as determined by the Sponsor, a record of its Shareholders, containing the names and addresses of all
Shareholders and the number and series of shares held by each Shareholder.

 

Section 2.  MAINTENANCE
OF OTHER RECORDS.  The accounting books and records and minutes of proceedings of the Shareholders and the Sponsor
shall be prepared, maintained, and kept at such place or places designated by the Sponsor or in the absence of such designation,
at the principal office of the Trust. The minutes shall be kept in written form and the accounting books and records shall be kept
either in written form or in any other form capable of being converted into written form.

 

ARTICLE IX

REDEMPTIONS

 

Section 1. REDEMPTION OF
CREATION UNITS.

 

(a) Subject to the Sponsor establishing
alternative procedures from time to time in its sole discretion, the procedures relating to the redemption of Creation Units are
fully set forth in Authorized Participant Agreement and Authorized Participant Handbook for each Fund (which may be amended from
time to time in accordance with the provisions of the Participant Agreement and any such amendment will not constitute an amendment
of this Trust Agreement), and will govern the Trust with respect to redemption of Creation Units.

 

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(b) Subject to deduction of any tax or other
governmental charges due thereon, and subject to the Sponsor’s establishment of alternative procedures the redemption distribution
shall consist of cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant Agreement
in an amount equal to the Net Asset Value per Creation Unit of a Fund multiplied by the number of Creation Unit(s) of such Fund
requested in the Authorized Participant’s redemption order as of the time of the calculation of such Fund’s Net Asset
Value per Share on the redemption order date.

 

(c) The Sponsor may, in its sole discretion,
suspend the right of redemption, or postpone any redemption settlement date.

 

ARTICLE X

MISCELLANEOUS

 

Section 1.  TERMINATION
OF TRUST, SERIES OR CLASS.

 

(a) Unless terminated as provided herein,
the Trust, and any Series or Class thereof, shall continue without limitation of time. The Trust, or any Series or Class thereof,
may be dissolved at any time and for any reason by the Sponsor with written notice to the Shareholders.

 

(b) Upon dissolution of the Trust (or any
Series or Class, as the case may be), after paying or making reasonable provision for all charges, taxes, expenses, claims and
liabilities of the Trust, or severally, with respect to each Series or Class (or the applicable Series or Class, as the case may
be), whether due or accrued or anticipated as may be determined by the Sponsor and otherwise complying with Section 3808 of
the Delaware Trust Statute, the Trust shall, in accordance with the Delaware Trust Statute and such procedures as the Sponsor considers
appropriate, distribute the remaining assets in kind or reduce the remaining assets held, severally, with respect to each Series
or Class (or the applicable Series or Class, as the case may be), to distributable form in cash or shares or other securities,
or any combination thereof, and distribute the proceeds held with respect to each Series or Class (or the applicable Series or
Class, as the case may be), to the Shareholders of that Series or Class, as a Series or Class, ratably according to the number
of Shares of that Series or Class held by the several Shareholders on the date of termination.

 

(c) Upon the completion of the winding up
of the Trust in accordance with the Delaware Trust Statute and this Trust Agreement, the Sponsor shall cause and direct in writing
that the Trustee to file a certificate of cancellation with the Secretary of State of the State of Delaware in accordance with
the provisions of Section 3810 of the Delaware Trust Statute and thereupon, the Trust and this Trust Agreement (other than
Article VI Section 6) shall terminate. The provisions of Article VI Section 6 and Article III Sections 8 and 9 shall
survive the termination of the Trust.

 

Section 2.  MERGER AND CONSOLIDATION.
The Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all
of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially
all of its assets to, another Series of the Trust or another series of another trust or company; (iii) the Shares of a Class
of a Series to be converted into another Class of the same Series; (iv) the Shares of the Trust or any Series to be converted
into beneficial interests in another statutory trust (or series thereof); or (v) the Shares of the Trust or any Series to
be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by
law.

 

For the avoidance of doubt, the Sponsor,
with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i) – (v) above
without any vote or other action of the Shareholders.

 

    - 24 -

     

    

 

Section 3.  FILING OF COPIES,
REFERENCES AND HEADINGS. The original or a copy of this Trust Agreement and of each restatement and/or amendment hereto
shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on
a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to
any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified
by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this instrument and
in any such restatements and/or amendment, references to this Trust Agreement, and all expressions like “herein”, “hereof”
and “hereunder”, shall be deemed to refer to this instrument as amended or affected by any such restatements and/or
amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or
affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include
the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. This Trust Agreement may be
executed in any number of counterparts each of which shall be deemed an original.

 

Section 4.  APPLICABLE LAW.
This Trust Agreement is created under and is to be governed by and construed and administered according to the laws of the State
of Delaware and the Delaware Trust Statute; provided, however, that there shall not be applicable to the Trust, the Sponsor, the
Trustee or this Trust Agreement, any provisions of the laws (statutory or common) of the State of Delaware, other than the Delaware
Trust Statute, pertaining to trusts that relate to or regulate, in a manner inconsistent with the terms hereof, (i) the filing
with any court or governmental body or agency of trustee accounts or schedule of trustee fees and charges, (ii) affirmative
requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court
or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees
or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures
to income and principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments
or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment
of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees.

 

Section 5. PROVISIONS IN
CONFLICT WITH LAW OR REGULATIONS.

 

(a) The provisions of this Trust Agreement
are severable, and if the Sponsor determines, with the advice of counsel, that any of such provisions are in conflict with any
other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted a part of the Trust
Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the Trust Agreement or
render invalid any action taken or omitted prior to such determination.

 

(b) If any provision of the Trust Agreement
shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision
in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the
Trust Agreement in any jurisdiction.

 

Section 6.  STATUTORY TRUST
ONLY. It is the intention of the parties hereto to create a statutory trust pursuant to the Delaware Trust Statute. It
is not the intention of the parties hereto to create a general partnership, limited partnership, joint stock association, corporation,
bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Trust Statute. Nothing in this
Trust Agreement shall be construed to make the Shareholders, either by themselves or with the Trustee and the Sponsor, partners
or members of a joint stock association.

 

Section 7.  CONTRACTS AND
INSTRUMENTS; HOW EXECUTED.  The Sponsor may authorize any officer or officers, agent or agents, to enter into any
contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific
instances; and unless so authorized or ratified by the Sponsor or within the agency power of an officer, no officer, agent, or
employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render
it liable for any purpose or for any amount.

 

Section 8.  FISCAL YEAR. 
The fiscal year of the Trust and of each Series shall be fixed and refixed or changed from time to time by resolution of the Sponsor.

 

    - 25 -

     

    

 

Section 9.  COUNTERPARTS. 
The Trust Agreement may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and
such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original
counterpart.

 

ARTICLE XI

AMENDMENT

 

Section 1.  AMENDMENT. 
This Trust Agreement may be amended without Shareholder approval, and all Shareholders purchase Shares with notice that it
may be so amended except to the extent expressly required under Delaware or applicable federal law. The Sponsor may, without any
Shareholder vote, amend or otherwise supplement this Trust Agreement by making an amendment, a trust instrument supplemental hereto
or an amended and restated Trust Agreement; provided, that Shareholders shall have the right to vote on any amendment if expressly
required under Delaware or federal law or rules or regulations under an Exchange, or submitted to them by the Sponsor in its sole
discretion; and provided, further, that no amendment affecting the rights, duties, obligations, or liabilities of the Trustee shall
be binding upon or effective against the Trustee unless consented to by the Trustee in writing prior to such amendment.

 

    - 26 -

     

    

 

IN WITNESS WHEREOF, the parties hereto do
hereby make and enter into this Amended and Restated Trust Agreement as of the date first-above written.

 

	VOLATILITY SHARES LLC	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	as Sponsor	 	as Trustee
	 	 	 
	By:	 	 	By:	               
	 	Justin Young	 	 
	 	President	 	 

 

[Signature Page to Trust Agreement of VS
Trust]

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