Document:

Exhibit 10.5

 

Twelve Seas Investment
Company II

 2685 Nottingham Avenue

 Los Angeles, CA 90027

 

	Twelve Seas Sponsor II LLC	 	July 21, 2020

2685 Nottingham Avenue

Los Angeles, CA 90027

 

RE: Securities Subscription
Agreement

 

Ladies and Gentlemen:

 

This agreement (the
“Agreement”) is entered into on July 21, 2020 by and between Twelve Seas Sponsor II LLC, a Delaware limited
liability company (the “Subscriber” or “you”), and Twelve Seas Investment Company II, a Delaware
corporation (the “Company,” “we” or “us”). Pursuant to the terms hereof, the
Company hereby accepts the offer the Subscriber has made to purchase 5,750,000 shares of Class B common stock, $0.0001 par value
per share (the “Shares”), up to 750,000 of which are subject to forfeiture by you if the underwriters of the
initial public offering (“IPO”) of units (“Units”) of the Company, do not fully exercise
their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements
regarding such Shares are as follows:

 

1. Purchase of Securities.

 

1.1. Purchase of
Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash,
the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject
to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s
execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2. Representations,
Warranties and Agreements.

 

2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1. No Government Recommendation or
Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or
endorsement of the offering of the Shares.

 

2.1.2. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do
not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii)
any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to
which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Organization and Authority.
The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware and
possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon
execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against
Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4. Experience, Financial Capability
and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of
the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period
of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be sold
unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own
interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective
registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale.
Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of
Subscriber’s investment in the Shares.

 

2.1.5. Access to Information;
Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the
finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on
Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due
diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has
been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6. Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale
contemplated hereby is being made in reliance on a private placement exemption to “accredited investors” within the
meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7. Investment Purposes. The
Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the
account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber
did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 under the Securities Act.

 

2.1.8. Restrictions on Transfer; Shell
Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within the
meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries
representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to
offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. Subscriber
agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any
such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent
registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because
the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until one year
following consummation of the initial business combination of the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9. No Governmental Consents. No
governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of
Subscriber in connection with the transactions contemplated by this Agreement.

 

     

     

    

 

2.2. Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby
represents and warrants to the Subscriber and agrees with the Subscriber as follows: 

 

2.2.1. Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which
the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power
and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not
violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws of the Company, (ii) any
agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the
Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title to Securities. Upon
issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued, fully
paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will
have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the
Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or
encumbrances imposed due to the actions of the Subscriber.

 

2.2.4. No Adverse Actions. There are
no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek to
restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii)
question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

3. Forfeiture of
Shares.

 

3.1. Partial or
No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is
not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall
forfeit any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial
stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of
any warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket equal to 20% of the issued and outstanding
Shares immediately following the IPO.

 

3.2. Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

3.3. Share Certificates.
In the event an adjustment to the Original Certificates, if any, is required pursuant to this Section 3, then the Subscriber shall
return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt of notice from
the Company advising Subscriber of such adjustment, following which a new certificate (the “New Certificate”), if
any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if
any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held by
the Subscriber shall be made in book-entry form.

 

4. Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public stockholders and into which substantially all of
the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the
Subscriber purchases Shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any
liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Shares into funds
held in the Trust Account upon the successful completion of an initial business combination.

 

     

     

    

 

5. Restrictions on Transfer.

 

5.1.
Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company,
Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior
thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with
respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel
reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration
under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable
state securities laws.

 

5.2. Lock-up.
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter.

 

5.3. Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.”

 

5.4. Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

5.5. Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other Agreements.

 

6.1. Further Assurances.
Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out
the intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or
electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the
electronic mail address most recently provided to such party or such other electronic mail address as may be designated in
writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of
delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or
electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing
if sent by mail.

 

     

     

    

 

6.3. Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in
the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO,
embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter
hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall
affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5. Waivers and
Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by
a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10. No Waiver
of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

6.11. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.12. No Broker
or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant
has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any
liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for
commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by
or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

     

     

    

 

6.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be followed
by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any
other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited.
The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance.
If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there
exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the
first representation, warranty, or covenant.

 

6.16. Mutual Drafting.
This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting and Tender of Shares.
Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits for approval
to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees
not to tender any Shares in connection with a tender offer presented to the Company’s stockholders in connection with an
initial business combination negotiated by the Company.

 

8. Indemnification. Each party
shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred
as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

     

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 	 	 
	 	TWELVE SEAS INVESTMENT COMPANY II
	 	 	 	 
	 	By:	/s/ Dimitri Elkin
	 	 	Name:  	Dimitri Elkin
	 	 	Title: 	Chief Executive Officer

 

Accepted and agreed as of the date first
written above.

 

TWELVE SEAS SPONSOR II LLC

 

	By:	/s/ Dimitri Elkin	 
	 	Name:  	Dimitri Elkin	 
	 	Title: 	Managing Member	 

 

[Signature Page
to Securities Subscription Agreement]Exhibit 4.3

 

		
        CLIFFORD
        CHANCE US LLP

 

 

EXECUTED VERSION

 

Ready Capital Corporation

 

as Issuer

 

U.S. Bank National Association

 

as Trustee

 

Fifth Supplemental Indenture

 

Dated as of February 10, 2021

 

to the Indenture

 

Dated as of August 9, 2017

 

5.75% Senior Notes due 2026

 

     

     

    

 

	TABLE OF Contents
	 	Page

	Article I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01   	Scope of Supplemental Indenture	1
	Section 1.02   	Definitions	2
	Section 1.03   	References to Principal	7
	Article II THE SECURITIES	7
	Section 2.01   	Title and Terms; Payments	7
	Section 2.02  	 Forms	8
	Section 2.03   	Transfer and Exchange	10
	Section 2.04   	Payments on the Notes	12
	Article III OPTIONAL REDEMPTION	13
	Section 3.01  	 Applicability of Article III of the Base Indenture	13
	Section 3.02   	[Reserved]	13
	Section 3.03   	Redemption	13
	Section 3.04   	Notice of Redemption; Selection of Notes	14
	Section 3.05   	Payment of Notes Called for Redemption	15
	Section 3.06  	 Restrictions on Redemption	15
	Article IV PARTICULAR COVENANTS OF THE COMPANY	15
	Section 4.01   	Payment of Principal, Interest, Change of Control Payment and Redemption Price	15
	Section 4.02   	Maintenance of Office or Agency	15
	Section 4.03   	Appointments to Fill Vacancies in Trustee's Office	16
	Section 4.04   	Provisions as to Paying Agent	17
	Section 4.05   	Reports	17
	Section 4.06   	Statements as to Defaults	18
	Section 4.07   	Limitation on Liens to Secure Payment of Company Borrowings	18
	Section 4.08   	Limitation on Unsecured Borrowings or Guaranty of Unsecured Borrowings by Subsidiaries	18
	Section 4.09   	Offer to Repurchase Upon a Change of Control Repurchase Event	19
	Article V REMEDIES	20
	Section 5.01   	Amendments to the Base Indenture	20
	Section 5.02   	Events of Default	21

 

    - i -

     

    

 

	Section 5.03   	Acceleration; Rescission and Annulment	22
	Section 5.04   	Waiver of Past Defaults	23
	Section 5.05   	Control by Majority	23
	Section 5.06   	Limitation on Suits	23
	Section 5.07   	Collection of Indebtedness; Suit for Enforcement by Trustee	23
	Section 5.08   	Trustee May Enforce Claims Without Possession of Notes	24
	Section 5.09   	Trustee May File Proofs of Claim	24
	Section 5.10  	 Restoration of Rights and Remedies	24
	Section 5.11   	Rights and Remedies Cumulative	25
	Section 5.12   	Delay or Omission Not a Waiver	25
	Section 5.13  	 Priorities	25
	Section 5.14   	Undertaking for Costs	25
	Section 5.15   	Waiver of Stay, Extension and Usury Laws	26
	Section 5.16   	Notices from the Trustee	26
	Article VI SATISFACTION AND DISCHARGE; LEGAL AND COVENANT DEFEASANCE	26
	Section 6.01   	Inapplicability of Provisions of Base Indenture; Satisfaction and Discharge of the Indenture	26
	Section 6.02   	Discharge of Liability on Notes	26
	Section 6.03   	Legal Defeasance and Covenant Defeasance	27
	Section 6.04   	Conditions to Legal Defeasance and Covenant Defeasance	29
	Section 6.05   	Application of Trust Money	30
	Section 6.06   	Repayment to the Company	30
	Section 6.07   	Reinstatement	31
	Section 6.08   	Indemnity for Government Obligations	31
	Article VII SUPPLEMENTAL INDENTURES	31
	Section 7.01   	Supplemental Indentures Without Consent of Holders	31
	Section 7.02   	Supplemental Indentures with Consent of Holders	32
	Section 7.03   	Notice of Amendment or Supplement	33
	Article VIII SUCCESSOR COMPANY	33
	Section 8.01  	 Consolidation, Merger and Sale of Assets	33
	Section 8.02   	Company May Consolidate, Etc. on Certain Terms	33
	Section 8.03   	Successor Corporation to Be Substituted	34
	Section 8.04   	Opinion of Counsel to Be Given to Trustee	34

 

    - ii -

     

    

 

	Article IX MISCELLANEOUS	34
	Section 9.01   	Effect on Successors and Assigns	34
	Section 9.02   	Governing Law	34
	Section 9.03   	No Security Interest Created	35
	Section 9.04   	Trust Indenture Act	35
	Section 9.05   	Benefits of Supplemental Indenture	35
	Section 9.06   	Calculations	35
	Section 9.07   	Execution in Counterparts	35
	Section 9.08   	Notices	35
	Section 9.09   	Ratification of Base Indenture	36
	Section 9.10   	No Recourse Against Others	36
	Section 9.11   	The Trustee	36
	Section 9.12   	Submission to Jurisdiction	36
	Section 9.13   	Applicable Tax Law	37

 

 

	EXHIBIT	 	 
	 	 	 
	Exhibit A	–	Form of Security

 

    - iii -

     

    

 

FIFTH SUPPLEMENTAL
INDENTURE (this "Supplemental Indenture"), dated as of February 10, 2021, between Ready Capital Corporation, a
Maryland corporation (the "Company"), and U.S. Bank National Association, as trustee (the "Trustee")
under the Indenture dated as of August 9, 2017, between the Company and the Trustee (as supplemented by the Third Supplemental
Indenture thereto, dated as of February 26, 2019, the "Base Indenture").

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company
executed and delivered the Base Indenture to the Trustee to provide, among other things, for the issuance, from time to time, of
the Company's Securities (as defined below), in an unlimited aggregate principal amount, in one or more series to be established
by the Company under, and authenticated and delivered as provided in, the Base Indenture;

 

WHEREAS, Section 9.01(c) of
the Base Indenture provides for the Company and the Trustee to enter into supplemental indentures to the Base Indenture to establish
the form and terms of Securities of any series as contemplated by Article II of the Base Indenture;

 

WHEREAS, the Board
of Directors (as defined below) has duly adopted resolutions authorizing the Company to execute and deliver this Supplemental Indenture;

 

WHEREAS, pursuant to
the terms of the Base Indenture, the Company has authorized the creation and issuance under this Supplemental Indenture of its
5.75% Senior Notes due 2026 (the "Notes"), the form and substance of such Securities and the terms, provisions
and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; and

 

WHEREAS, the Company
has requested that the Trustee execute and deliver this Supplemental Indenture, and that all requirements necessary to make (i) this
Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and
authenticated and delivered by the Trustee, the valid obligations of the Company have been performed, and the execution and delivery
of this Supplemental Indenture have been duly authorized in all respects.

 

NOW, THEREFORE, THIS
SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof,
it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of all Holders, as follows:

 

Article
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01       
Scope of Supplemental Indenture. The changes, modifications
and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall
govern only the terms of (and only the rights of the Holders and the obligations of the Company with respect to), the Notes, which
may be issued from time to time, and shall not apply to any other Securities that may be issued under the Base Indenture (or govern
the rights of the Holders or the obligations of the Company with respect to any such other Securities) unless a supplemental indenture
with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of
this Supplemental Indenture shall, solely with respect to the Notes, supersede any corresponding provisions in the Base Indenture.
Subject to the preceding sentence, and except as otherwise provided herein, the provisions of the Base Indenture shall apply to
the Notes and govern the rights of the Holders of the Notes and the obligations of the Company and the Trustee with respect thereto.

 

     

     

    

 

Section 1.02       Definitions.
For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1)              the
terms defined in this Article I shall have the meanings assigned to them in this Article I and include the plural as
well as the singular; and

 

(2)              all words, terms and phrases defined in the Base Indenture (but not otherwise defined herein) shall have the same meanings
as in the Base Indenture.

 

"Agent Members"
has the meaning specified in Section 2.02(c) hereof.

 

"Applicable
Procedures" means, with respect to any matter at any time, the policies and procedures of the Depository, if any, that
are applicable to such matter at such time.

 

"Applicable
Tax Law" has the meaning specified in Section 9.13 hereof.

 

"Base Indenture"
has the meaning specified in the first paragraph of this Supplemental Indenture.

 

"Board of Directors"
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

"Business Day"
means, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, a day other than a Saturday, Sunday
or any other day on which banking institutions in New York City or the location of the corporate trust office of the Trustee are
authorized or required by law, regulation or executive order to close.

 

"Capital Stock"
means, with respect to any entity, any and all shares, interests, participations or other equivalents (however designated, whether
voting or non-voting), including partnership or limited liability company interests, whether general or limited, in the equity
of such entity (including without limitation all warrants, options, derivative instruments, or rights of subscription or conversion
relating to or affecting Capital Stock), whether outstanding on the Issue Date or issued thereafter.

 

"Change of
Control Offer" has the meaning specified in Section 4.09(a) hereof.

 

"Change of
Control Payment" has the meaning specified in Section 4.09(b) hereof.

 

"Change of
Control Payment Date" has the meaning specified in Section 4.09(b) hereof.

 

    - 2 -

     

    

 

"Change of
Control Repurchase Event" means: (A) the acquisition by any person, including any syndicate or group deemed to be
a "person" under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through
a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions, of the Capital
Stock entitling that person to exercise more than 50% of the total voting power of all the Capital Stock entitled to vote generally
in the election of the Company's directors (except that such person will be deemed to have beneficial ownership of all securities
that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition); and (B) following the closing of any transaction referred to in subsection (A), neither the
Company nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such
securities) listed on the New York Stock Exchange, the NYSE Amex Equities or the Nasdaq Stock Market, or listed or quoted on an
exchange or quotation system that is a successor to the New York Stock Exchange, the NYSE Amex Equities or the Nasdaq Stock Market.

 

"Close of Business"
means 5:00 p.m., New York City time.

 

"Company"
has the meaning specified in the first paragraph of this Supplemental Indenture, and subject to the provisions of Section 8.02,
shall include its successors and assigns.

 

"Corporate
Trust Office" means the office of the Trustee at which, at any particular time, its corporate trust business shall be
principally administered, which office at the date hereof is located at 60 Livingston Avenue St. Paul, MN 55107, Attention: Global
Corporate Trust Services.

 

"Covenant Defeasance"
has the meaning specified in Section 6.03(c) hereof.

 

"Custodian"
means the Trustee, as custodian with respect to the Notes (so long as the Notes constitute Global Securities), or any successor
entity.

 

"Default"
means any event that is, or after notice or passage of time or both would be, an Event of Default.

 

"Event of Default"
has the meaning, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, specified in Section 5.02
hereof.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

"Form of
Assignment and Transfer" means the "Form of Assignment and Transfer" attached as Attachment 1 to the Form of
Security attached hereto as Exhibit A.

 

"GAAP"
means generally accepted accounting principles in the United States applied consistently from time to time.

 

"Global Security"
means a Note which is executed by the Company and authenticated and delivered to the Depository or its nominee, all in accordance
with the Indenture and pursuant to a Company Order, which shall be registered in the name of the Depository or its nominee and
which shall represent the amount of book-entry Notes as specified therein.

 

"Government
Obligations" means securities that are: (1) direct obligations of the United States of America for the 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 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 issuer thereof,
and will also include a depositary receipt issued by a bank or trust company as custodian with respect to any Government Obligation
or a specific payment of interest on or principal of any Government Obligation held by the custodian for the account of the holder
of a depositary receipt; provided that, except as required by law, the custodian is not authorized to make any deduction
from the amount payable to the holder of the depositary receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by the depositary receipt.

 

    - 3 -

     

    

 

 

"Guarantee"
means, any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any indebtedness of any other
Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)       to
purchase or pay (or advance or supply funds for the purchase or payment of) such indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreements to keepwell, to purchase assets, goods, securities or services, to take-or-pay
or to maintain financial statement conditions or otherwise); or

 

(2)       entered
into primarily for purposes of assuring in any other manner the obligee of such indebtedness of the payment thereof or to protect
such obligee against loss in respect thereof (in whole or in part).

 

"Holder"
means, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, the Person in whose name a Note is
registered in the Registrar's books.

 

"incur"
means to, directly or indirectly, create, incur, assume, guarantee or otherwise become liable for payment of.

 

"Indenture"
means, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, the Base Indenture, as amended and
supplemented by this Supplemental Indenture, and as each may be amended or supplemented from time to time insofar as any such future
amendment or supplement applies to the Notes.

 

"Independent
Financial Advisor" means any accounting firm, investment advisory firm, valuation firm, consulting firm, appraisal firm,
investment bank, bank, trust company or similar entity of recognized standing selected by the Company from time to time.

 

"Interest Payment
Date" means, with respect to the payment of interest on the Notes and notwithstanding anything to the contrary in Section 1.01
of the Base Indenture, each January 30, April 30, July 30 and October 30, beginning, in the case of the Notes issued on the Issue
Date, on April 30, 2021.

 

"Issue Date"
means February 10, 2021.

 

"Legal Defeasance"
has the meaning specified in Section 6.03(b) hereof.

 

    - 4 -

     

    

 

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

 

"Manager"
means Waterfall Asset Management, LLC.

 

"Maturity Date"
means, with respect to any Note and the payment of the principal amount thereof, February 15, 2026.

 

"Note"
or "Notes" has the meaning specified in the fourth paragraph of the Recitals of this Supplemental Indenture.

 

"Note Guarantor"
means any Subsidiary of the Company that Guarantees the Notes, until such Guarantee is released in accordance with the terms of
the Indenture.

 

"Open of Business"
means 10:00 a.m., New York City time.

 

"Operating
Partnership" means Sutherland Partners, L.P., a Delaware limited partnership.

 

"Optional Redemption"
has the meaning specified in Section 3.03(a) hereof.

 

"Outstanding"
means, with respect to the Notes, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, any Notes
authenticated by the Trustee except:

 

(a)       Notes
cancelled by it,

 

(b)       Notes
delivered to it for cancellation; and

 

(c)       (i) Notes
replaced pursuant to Section 2.09 of the Base Indenture, on and after the time any such Note is replaced (unless the
Trustee and the Company receive proof satisfactory to them that such Note is held by a bona fide purchaser), and
(ii) any and all Notes, as of the Maturity Date, if the Paying Agent holds, in accordance with the Indenture, money
sufficient to pay all of the Notes then payable, 

 

provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that the Trustee shall not be
deemed to have knowledge of any such ownership and shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, unless a Responsible Officer of the Trustee has actual knowledge of such
ownership, whether by receipt of written notice or otherwise. Notes so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with
respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the
Company or of such other obligor.

 

    - 5 -

     

    

 

"Paying Agent"
has the meaning set forth in Section 4.02 of this Supplemental Indenture and shall be the Person authorized by the Company
to pay the principal of, interest on, Change of Control Payment of or Redemption Price of, any Notes on behalf of the Company.

 

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

 

"Physical Securities"
means any non-Global Security issued pursuant to Section 2.03 hereof that is in certificated, fully registered form, without
interest coupons.

 

"Pricing Term
Sheet" means the Company's Pricing Term Sheet dated February 8, 2021 related to the offering and sale of the Notes filed
by the Company with the Commission pursuant to Rule 433 under the Securities Act of 1933, as amended, on February 8, 2021.

 

"Prospectus"
means the Prospectus of the Company, dated August 4, 2020, relating to the Company's common stock, preferred stock, depositary
shares, debt securities (including the Notes), warrants and rights.

 

"Prospectus
Supplement" means the Prospectus Supplement of the Company, dated February 8, 2021, to the Prospectus, relating to the
offering and sale of the Notes.

 

"Redemption
Date" has the meaning specified in Section 3.04(a) hereof.

 

"Redemption
Notice" has the meaning specified in Section 3.04(a) hereof.

 

"Redemption
Price" has the meaning specified in Section 3.03(a) hereof.

 

"Regular Record
Date" means, with respect to any Interest Payment Date, the January 15, April 15, July 15 and October 15 (whether or not
a Business Day), as the case may be, immediately preceding such Interest Payment Date.

 

"Responsible
Officer" means, when used with respect to the Trustee, any officer within the corporate trust department 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 the Indenture is referred because of such person's knowledge of
and familiarity with the particular subject and who shall, in each case, have direct responsibility for the administration of the
Indenture.

 

"Security"
or "Securities" means the Company's debentures, notes or other evidences of unsecured indebtedness to be issued
in one or more series pursuant to the Base Indenture, and includes the Notes.

 

"Significant
Subsidiary" means, with respect to any Person, a Subsidiary of such Person that would constitute a "significant subsidiary"
as such term is defined in Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act.

 

    - 6 -

     

    

 

"Subsidiary"
means, with respect to any Person and at any time, any other Person if more than 50% of the total combined voting power of all
of such other Person's outstanding Voting Stock is at the time owned, directly or indirectly, by such referent Person and/or one
or more other Subsidiaries of such referent Person. For purposes of clarity, it is understood and agreed that, anything in the
Indenture to the contrary notwithstanding, variable interest entities (within the meaning of GAAP) shall not be deemed to be Subsidiaries
of any Person.

 

"Successor
Company" has the meaning specified in Section 8.02(a) hereof.

 

"Supplemental
Indenture" has the meaning specified in the first paragraph hereof.

 

"Total Stockholders'
Equity" means, with respect to any Person as of any determination date, the total stockholders' equity (or, if such Person
is not a corporation, the total equity interests of its partners, members or other equity owners) of such Person and its Subsidiaries,
determined on a consolidated basis in accordance with GAAP.

 

"Trustee"
means the Person named as the "Trustee" in the first paragraph of this Supplemental Indenture until a successor Trustee
shall have become such pursuant to the applicable provisions of the Indenture, and thereafter "Trustee" shall mean or
include each Person who is then a Trustee hereunder.

 

"U.S."
or "United States" means the United States of America.

 

"U.S. Dollars"
means such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of
public and private debts.

 

Section 1.03       References
to Principal. Unless the context otherwise requires, any reference to the principal of, or the principal amount of,
any Security or Note in the Base Indenture or this Supplemental Indenture shall be deemed to include the Redemption Price and/or
the Change of Control Payment, if, in such context, the Redemption Price and/or Change of Control Payment (as applicable) is,
was or would be payable in accordance with Article III or Section 4.09, as applicable. Unless the context otherwise
requires, any express mention of the Redemption Price or the Change of Control Payment in any provision hereof shall not be construed
as excluding the Redemption Price or the Change of Control Payment, as applicable, in those provisions hereof where such express
mention is not made.

 

Article
II

THE SECURITIES

 

Section 2.01        Title
and Terms; Payments.

 

(a)         Establishment;
Designation. Pursuant to Section 2.02 of the Base Indenture, there is hereby established and authorized a new series
of Securities under the Indenture, which series of Securities shall be designated the "5.75% Senior Notes due 2026."

 

(b)        Initial
Issuance. Subject to Section 2.01(c) hereof, the aggregate principal amount of Notes that may be authenticated and delivered
under the Indenture is limited to $201,250,000 (except for Notes authenticated and delivered upon registration of transfer of,
or in exchange for, or in lieu of, other Notes pursuant to Sections 2.08, 2.09 and 2.11 of the Base Indenture and Sections 3.04(f)
and 4.09(d) hereof).

 

    - 7 -

     

    

 

(c)         Further
Issues. The Company may, without notice to, or the consent of, the Holders, issue additional Notes in an unlimited aggregate
principal amount under the Indenture ranking equally and ratably with, and with the same terms as, the Notes issued on the Issue
Date except with respect to issue date, issue price and, if applicable, the date from which interest will accrue; provided,
that if any such additional Notes are not fungible with the Notes issued on the Issue Date for United States federal income
tax purposes, such additional Notes will have separate CUSIP and ISIN numbers from the Notes issued on the Issue Date. Any such
additional Notes will, for all purposes of the Indenture, including waivers, amendments and offers to purchase, be treated as
part of the same series of Securities as the Notes issued on the Issue Date.

 

(d)         Purchases.
The Company and its Subsidiaries may from time to time purchase Notes in open market purchases in negotiated transactions or otherwise
without giving prior notice to, or obtaining any consent of, the Holders. Any Notes purchased by the Company or any of its Subsidiaries
pursuant to the foregoing sentence or otherwise will be retired and will no longer be Outstanding under the Indenture.

 

(e)          Denominations.
Pursuant to Section 2.02 of the Base Indenture, and notwithstanding Section 2.03 of the Base Indenture, the Notes will
be issued only in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof.

 

Section 2.02         Forms.

 

(a)          In
General. Pursuant to Section 2.01 of the Base Indenture, the Notes will be substantially in the forms set forth in Exhibit A
hereto, and may include such insertions, omissions, substitutions and other variations as are required or permitted by the Indenture,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers
executing such Notes, as evidenced by their execution of the Notes.

 

Notwithstanding Section 2.01(b) of
the Base Indenture, each Note will bear a Trustee's certificate of authentication substantially in the form included in Exhibit A
hereto. Each Note will also bear the Form of Assignment and Transfer.

 

Any Note that is a
Global Security will bear a legend substantially in the form of the legend set forth in Exhibit A hereto and shall also bear
the "Schedule of Increases and Decreases of Global Security" set forth in Annex A to Exhibit A hereto.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the
Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions
and to be bound thereby. However, to the extent that any provision of any Note conflicts with the express provisions of the Indenture,
the provisions of such Note will govern and control.

 

    - 8 -

     

    

 

(b)         Depository.
The Company hereby initially appoints The Depository Trust Company as the Depository for the Notes. The Notes shall initially
be issued in the form of one or more Global Securities (i) registered in the name of Cede & Co., as nominee of the
Depository, and (ii) delivered to the Custodian. So long as the Notes are eligible for book-entry settlement with the Depository,
unless otherwise required by law, and except to the extent provided in Section  2.03(c)(1) through (3) hereof, all Notes
will be represented by one or more Global Securities.

 

(c)         Global
Securities. Each Global Security will represent the aggregate principal amount of the then Outstanding Notes endorsed thereon
and provide that it represents such aggregate principal amount of the then Outstanding Notes, which aggregate principal amount
may, from time to time, be reduced or increased to reflect transfers, exchanges, redemptions, repurchases or purchases by the
Company and cancellations of the Notes represented thereby.

 

Only the Trustee, or
the Custodian holding such Global Security for the Depository, at the direction of the Trustee, may endorse a Global Security to
reflect the amount of any increase or decrease in the aggregate principal amount of the then Outstanding Notes represented thereby,
and whenever the Holder of a Global Security delivers instructions to the Trustee to increase or decrease the aggregate principal
amount of the then Outstanding Notes represented by a Global Security in accordance with the Indenture and the Applicable Procedures,
the Trustee, or the Custodian holding such Global Security for the Depository, at the direction of the Trustee, will endorse such
Global Security to reflect such increase or decrease in the aggregate principal amount of the then Outstanding Notes represented
thereby. None of the Trustee, the Company or any agent of the Trustee or the Company will have any responsibility or bear any liability
for any aspect of the records relating to or payments made on account of the ownership of any beneficial interest in a Global Security
or with respect to maintaining, supervising or reviewing any records relating to such beneficial interest.

 

Members of, or participants
in, the Depository ("Agent Members") shall have no rights under the Indenture with respect to any Global Security
held on their behalf by the Depository, or the Custodian, or under any Global Security, and Cede & Co., or such other
person designated by the Depository as its nominee, may be treated by the Company, the Trustee and any agent of the Company or
the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation
of customary practices governing the exercise of the rights of any Holder or beneficial owner of any Note.

 

    - 9 -

     

    

 

Section 2.03         Transfer
and Exchange.

 

(a)         In General. Notwithstanding anything to the contrary in Article II of the Base Indenture, the Company is not
required to transfer or exchange any Notes or portions thereof that have been surrendered for purchase in accordance with Section 4.09
hereof (unless the related Change of Control Offer is withdrawn) or that have been called for redemption in accordance with the
provisions of Article III hereof, and a written form of transfer substantially in the form of the Form of Assignment
and Transfer will be deemed to be a written instrument of transfer satisfactory to the Company and the Registrar.

 

At such time as all
interests in a Global Security have been purchased, cancelled or exchanged for Notes in certificated form, such Global Security
shall, upon receipt thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between
the Depository and the Custodian for the Global Security. At any time prior to such cancellation, if any interest in a Global Security
is purchased, cancelled or exchanged for Notes in certificated form, the principal amount of such Global Security shall, in accordance
with the standing procedures and instructions existing between the Depository and the Custodian for the Global Security, be appropriately
reduced, and an endorsement shall be made on such Global Security, by the Trustee or the Custodian for the Global Security, at
the direction of the Trustee, to reflect such reduction.

 

(b)         Global
Securities. Notwithstanding anything to the contrary in Section 2.08 of the Base Indenture, every transfer and exchange
of a beneficial interest in a Global Security will be effected through the Depository in accordance with the Applicable Procedures
and the provisions of the Indenture, and each Global Security may be transferred only as a whole and only (A) by the Depository
to a nominee of the Depository, (B) by a nominee of the Depository to the Depository or to another nominee of the Depository,
or (C) by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.

 

(c)         Holders
Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name such Note is registered as the absolute owner of such Note for all
purposes, including for the purpose of receiving payment of principal of and any interest (subject to Section 2.13 of the
Base Indenture) on such Note at the Maturity Date, in connection with a Change of Control Offer, or for the purpose of distributing
notices to Holders or soliciting the consent of Holders, whether or not such Note be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

Notwithstanding anything
to the contrary in Section 2.08 of the Base Indenture:

 

(1)         Each Global Security will be exchanged for Physical Securities if the Depository delivers notice to the Company
in writing that the Depository is unwilling or unable to continue to act as Depository or the Depository ceases to be a
clearing agency registered under the Exchange Act, and, in each case, the Company fails to appoint a successor Depository
within 90 days after receiving notice from the Depository or becoming aware that the Depository has ceased to be so
registered, as the case may be.

 

(2)           If an Event of Default has occurred and is continuing, any owner of a beneficial interest in a Global Security may exchange
such beneficial interest for Physical Securities by delivering a written request to the Registrar.

 

(3)           If the Company notifies the Trustee that it has elected to exchange all or part of a Global Security for Physical Securities,
the Company may exchange all beneficial interests in such Global Security (or portion thereof) for Physical Securities by delivering
a written request to the Registrar.

 

    - 10 -

     

    

 

In the case of an exchange
for Physical Securities under clause (1) above:

 

(A)      each
Global Security will be deemed surrendered to the Trustee for cancellation;

 

(B)       the
Trustee will cause each Global Security to be cancelled in accordance with the Applicable Procedures; and

 

(C)       the
Company, in accordance with Section 2.04 of the Base Indenture, will promptly execute, and, upon receipt of a request of the
Company, the Trustee, in accordance with Section 2.04 of the Base Indenture, will promptly authenticate and deliver, for each
beneficial interest in each Global Security so exchanged, an aggregate principal amount of Physical Securities equal to the aggregate
principal amount of such beneficial interest, registered in such names and in such authorized denominations as the Depository specifies,
and bearing any legends that such Physical Securities are required to bear under the Indenture.

 

In the case of an exchange
for Physical Securities under clause (2) above:

 

(A)       the
Registrar will deliver notice of such request to the Company and the Trustee, which notice will identify the owner of the beneficial
interest to be exchanged, the aggregate principal amount of such beneficial interest and the CUSIP of the relevant Global Security,
in each case if and as such information is provided to the Registrar by the Depository;

 

(B)       the
Company, in accordance with Section 2.04 of the Base Indenture, will promptly execute, and, upon receipt of a request of the
Company, the Trustee, in accordance with Section 2.04 of the Base Indenture, will promptly authenticate and deliver to such
owner, for the beneficial interest so exchanged by such owner, Physical Securities registered in such owner's name having an aggregate
principal amount equal to the aggregate principal amount of such beneficial interest and bearing any legends that such Physical
Securities are required to bear under the Indenture; and

 

(C)       the
Registrar, in accordance with the Applicable Procedures, will cause the principal amount of such Global Security to be decreased
by the aggregate principal amount of the beneficial interest so exchanged. If all of the beneficial interests in a Global Security
are so exchanged, such Global Security will be deemed surrendered to the Trustee for cancellation, and the Trustee will cause such
Global Security to be cancelled in accordance with the Applicable Procedures.

 

In the case of an exchange
for Physical Securities under clause (3) above:

 

(A)       the
Company will deliver notice of such request to the Registrar and the Trustee, which notice will identify each owner of a beneficial
interest to be exchanged, the aggregate principal amount of each such beneficial interest and the CUSIP of the relevant Global
Security;

 

(B)       the
Company, in accordance with Section 2.04 of the Base Indenture, will promptly execute, and, upon receipt of a request of the
Company, the Trustee, in accordance with Section 2.04 of the Base Indenture, will promptly authenticate and deliver to each
such beneficial owner, Physical Securities registered in such beneficial owner's name having an aggregate principal amount equal
to the aggregate principal amount of its exchanged beneficial interest and bearing any legends that such Physical Securities are
required to bear under the Indenture; and

 

    - 11 -

     

    

 

(C)       the
Registrar, in accordance with the Applicable Procedures, will cause the principal amount of each relevant Global Security to be
decreased by the aggregate principal amount of the beneficial interests so exchanged. If all of the beneficial interests in a Global
Security are so exchanged, such Global Security will be deemed surrendered to the Trustee for cancellation, and the Trustee will
cause such Global Security to be cancelled in accordance with the Applicable Procedures.

 

In each of the cases
described in clauses (1), (2) and (3) above, the Company may rely on the Depository to provide all names of beneficial
owners and their respective principal amounts beneficially owned and may issue Physical Securities registered in the names and
amounts so provided by the Depository.

 

(d)         Physical Securities. Except to the extent otherwise provided in Section 2.03(a) hereof, Physical Securities
may be transferred or exchanged in accordance with Section 2.08 of the Base Indenture.

 

Section 2.04         Payments
on the Notes.

 

(a)         In
General. Each Note will accrue interest at a rate equal to 5.75% per annum from the most recent date to which interest has
been paid or duly provided for, or, if no interest has been paid or duly provided for, from and including February 10, 2021. Interest
on a Note will cease to accrue upon the earliest of the Maturity Date, subject to the provisions of Article III hereof, any
Redemption Date for such Note and, subject to the provisions of Section 4.09 hereof, any Change of Control Payment Date for
such Note. Interest on any Note will be payable quarterly in arrears on each Interest Payment Date (beginning, in the case of
the Notes issued on the Issue Date, on April 30, 2021) to the Holder of such Note as of the Close of Business on the Regular Record
Date immediately preceding the applicable Interest Payment Date. Interest will be computed on the basis of a 360-day year comprised
of twelve 30-day months.

 

The Notes will mature
on the Maturity Date, and on the Maturity Date, each Holder of a then Outstanding Note will be entitled on such date to receive
$25.00 in cash for each $25.00 in principal amount of then Outstanding Notes held, together with accrued and unpaid interest to,
but not including, the Maturity Date on such then Outstanding Notes.

 

Notwithstanding anything to the contrary,
if the Maturity Date or any Interest Payment Date, Redemption Date or Change of Control Payment Date falls, or if any payment,
delivery, notice or other action by the Company under the Indenture or the Notes is otherwise due, on a day that is not a Business
Day, then any action to be taken on such date need not be taken on such date, but may be taken on the immediately following Business
Day with the same force and effect as if taken on the original due date. Such payment will not result in a Default and no additional
interest will accrue and no Default shall occur on account of such delay.

 

    - 12 -

     

    

 

(b)         Method
of Payment. The Company will pay the principal of, the Change of Control Payment for, and the Redemption Price for, with respect
to, any Physical Security to the Holder of such Physical Security in cash at the designated office of the Paying Agent in Saint
Paul, Minnesota prior to the Open of Business on the relevant payment date. The Company will pay any interest on any Physical
Security to the Holder of such Physical Security (i) if such Holder holds $2,000,000 or less aggregate principal amount of
Notes, by check mailed to such Holder's registered address, and (ii) if such Holder holds more than $2,000,000 aggregate
principal amount of Notes, (A) by check mailed to such Holder's registered address or, (B) if such Holder delivers to
the Registrar a written request that the Company make such payments by wire transfer to an account of such Holder within the United
States, for each Interest Payment Date occurring during the period beginning on the date on which such Holder delivered such request
and ending on the date, if any, on which such Holder delivers to the Registrar a written instruction to the contrary, by wire
transfer of immediately available funds to the account specified by such Holder, provided such Holder is the Holder of such Physical
Security as of the Close of Business on the related Regular Record Date.

 

The Company will pay
the principal of, interest on, the Change of Control Payment for and the Redemption Price for, any Global Security to the Depository
by wire transfer of immediately available funds on the relevant payment date in accordance with Applicable Procedures.

 

(c)         Defaulted
Payments. The Company shall pay any interest on the Notes that is payable, but is not punctually paid or duly provided for,
on the applicable Interest Payment Date, in accordance with Section 2.13 of the Base Indenture.

 

Article
III

OPTIONAL REDEMPTION

 

Section 3.01       
Applicability of Article III of the Base Indenture.

 

(a)         Article III
of the Base Indenture shall not apply to the Notes. Instead, the provisions of this Article III shall, with respect to
the Notes, supersede in its entirety Article III of the Base Indenture.

 

Section 3.02       
[Reserved].

 

Section 3.03       
Redemption.

 

(a)         The
Notes shall not be redeemable by the Company prior to February 15, 2023. On or after February 15, 2023, the Company may redeem
the Notes for cash, in whole or from time to time in part, at the Company's option, at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to but excluding, the Redemption Date.
A redemption of the Notes, in whole or in part, pursuant to this Section 3.03(a) is referred to herein as an "Optional
Redemption" and the applicable redemption price for such redemption is referred to herein as the "Redemption
Price."

 

(b)         Notwithstanding
Section 3.03(a), interest due on any Note on an Interest Payment Date falling on or prior to a Redemption Date will be payable
to Holders at the Close of Business on the record date for such Interest Payment Date.

 

    - 13 -

     

    

 

Section 3.04        Notice
of Redemption; Selection of Notes. (a) If the Company wishes to exercise its right to redeem all or, as the case may
be, any part of the Notes pursuant to Section 3.03, it shall fix a date for redemption (each, a "Redemption Date"),
and it or, at its written request received by the Trustee not less than five calendar days prior to the date of the Redemption
Notice (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of
the Company, shall provide notice of such redemption (a "Redemption Notice") not less than thirty (30) nor more
than sixty (60) calendar days prior to the Redemption Date by mail or electronic delivery to each Holder of Notes so to be redeemed
as a whole or in part at its last address as the same appears on the books of the Registrar. The Redemption Date must be a Business
Day.

 

(b)         The
Redemption Notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given, whether or
not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice
to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for
the redemption of any other Note.

 

(c)         Each
Redemption Notice shall specify:

 

(i)             the
Redemption Date;

 

(ii)            the Redemption Price;

 

(iii)           that
on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest thereon,
if any, shall cease to accrue on and after the Redemption Date;

 

(iv)           the
place or places where such Notes are to be surrendered for payment of the Redemption Price;

 

(v)            the CUSIP and ISIN or other similar numbers, if any, assigned to such Notes; and

 

(vi)           if
fewer than all of the Outstanding Notes are to be redeemed, and in such case any Note is redeemed in part only, the portion of
the principal amount thereof to be redeemed and that on and after the Redemption Date, upon surrender of such Note, a new Note
in principal amount equal to the unredeemed portion thereof shall be issued.

 

(d)         A
Redemption Notice shall be irrevocable.

 

(e)         If
fewer than all of the Outstanding Notes are to be redeemed, the Notes shall be selected for Optional Redemption (in principal
amounts of $25.00 or multiples thereof) by such method the Trustee deems fair and appropriate and as is required by the Depository
pursuant to the Applicable Procedures, provided that such method complies with the rules of any securities exchange on which
the Notes are listed.

 

(f)          In
the event of any redemption in part, the Company shall not be required to register the transfer of or exchange any Note so selected
for redemption, in whole or in part, except the unredeemed portion of any Note being redeemed in part. Upon surrender of a Note
that is redeemed in part, the Company shall execute and the Trustee will authenticate and deliver to the Holder, at the Company's
expense, a new Note in a principal amount equal to the principal amount of the unredeemed portion of the Note which was surrendered.

 

    - 14 -

     

    

 

Section 3.05        Payment
of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with
Section 3.04, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption
Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the
Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.

 

(b)         Prior
to the Open of Business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust an amount of cash (in immediately available funds
if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption
Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date
for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company
any funds in excess of the Redemption Price.

 

Section 3.06        Restrictions
on Redemption. (a) The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated
in accordance with the terms of the Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect
to such Notes).

 

Article
IV

PARTICULAR COVENANTS OF THE COMPANY

 

Section 4.01        Payment
of Principal, Interest, Change of Control Payment and Redemption Price. Section 4.01 of the Base Indenture
shall not apply with respect to the Notes. Instead, this Section 4.01 shall, solely with respect to the Notes, replace Section 4.01
of the Base Indenture in its entirety.

 

The Company covenants
and agrees that it will cause to be paid the principal of (including the Change of Control Payment and the Redemption Price, if
applicable), and accrued and unpaid interest, if any, on each of the Notes at the places, at the respective times and in the manner
provided herein and in the Notes.

 

Section 4.02        Maintenance
of Office or Agency. Section 2.05 of the Base Indenture shall not apply with respect to the Notes. Instead, this
Section 4.02 shall, solely with respect to the Notes, replace Section 2.05 of the Base Indenture in its entirety and
references in the Base Indenture to Section 2.05 of the Base Indenture shall be deemed replaced with references to this Section 4.02.

 

    - 15 -

     

    

 

 

The Company will maintain
in the United States of America an office or agency where (a) the Notes may be presented or surrendered for registration of
transfer or for exchange (the "Registrar"), (b) the Notes may be presented or surrendered for payment (the
 "Paying Agent") or (c) notices and demands to or upon the Company in respect of the Notes and the Indenture
may be served. The Company will 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 Company 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 or the office or agency of the Trustee.

 

The Company may also
from time to time designate co-Registrars or 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 Company of its obligation to maintain an office or agency for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. The term "Paying Agent" includes any such additional or other offices or agencies designated for the
presentation or surrender of the Notes for payment.

 

The Company hereby
initially designates the Trustee as the Paying Agent, Registrar and Custodian, and the Corporate Trust Office, which shall be in
the continental United States, shall be considered as one such office or agency of the Company for each of the aforesaid purposes.

 

With respect to any
Global Security, the Corporate Trust Office of the Trustee or any Paying Agent shall be the place of payment where such Global
Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Notes may
be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or delivery
effected pursuant to the Applicable Procedures of the Depository for such Global Security shall be deemed to have been effected
at the place of payment for such Global Security in accordance with the provisions of the Indenture.

 

Section 4.03          Appointments
to Fill Vacancies in Trustee's Office. The Company, whenever necessary to avoid or fill a vacancy in the office of
Trustee, will appoint, in the manner provided in Section 7.08 of the Base Indenture, a Trustee, so that there shall at all
times be a Trustee hereunder.

 

    - 16 -

     

    

 

Section 4.04        Provisions
as to Paying Agent. Section 2.06 of the Base Indenture shall not apply with respect to the Notes. Instead, this
Section 4.04 shall, solely with respect to the Notes, replace Section 2.06 of the Base Indenture in its entirety and
references in the Base Indenture to Section 2.06 of the Base Indenture shall be deemed replaced with references to this Section 4.04.

 

(a)          If
the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver
to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:

 

(i)             that
it will hold all sums held by it as such agent for the payment of the principal of, accrued and unpaid interest, if any, on, the
Change of Control Payment for, and the Redemption Price for, the Notes in trust for the benefit of the holders of the Notes;

 

(ii)           that
it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal of, accrued and unpaid
interest, if any, on, the Change of Control Payment for, or the Redemption Price for, the Notes when the same shall be due and
payable; and

 

(iii)           that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held in trust.

 

The Company shall,
on or before each due date of the principal of, accrued and unpaid interest, if any, on, Change of Control Payment for, and the
Redemption Price for, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal, accrued and unpaid interest,
Change of Control Payment or Redemption Price, as the case may be, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of any failure to take such action, provided that, if such deposit is made on the due date, such deposit
must be received by the Paying Agent by Open of Business on such date.

 

(b)           If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal of, accrued and unpaid interest,
if any, on, Change of Control Payment for or Redemption Price for, the Notes, set aside, segregate and hold in trust for the benefit
of the Holders of the Notes a sum sufficient to pay such principal, accrued and unpaid interest, if any, on, Change of Control
Payment or Redemption Price, as the case may be, so becoming due and will promptly notify the Trustee in writing of any failure
to take such action and of any failure by the Company to make any payment of the principal of, accrued and unpaid interest on,
Change of Control Payment for or Redemption Price for, the Notes when the same shall become due and payable.

 

(c)          Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of the Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the
Company or any Paying Agent hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the trusts
herein contained and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall
be released from all further liability with respect to such sums.

 

Section 4.05         Reports.
Section 4.02 of the Base Indenture shall not apply with respect to the Notes. Instead, this Section 4.05 shall,
solely with respect to the Notes, replace Section 4.02 of the Base Indenture in its entirety.

 

(a)           The
Company will file with the Trustee, within fifteen (15) days after it files the same with the SEC, copies of the quarterly and
annual reports and of the information, documents and other reports, if any, that it is required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act, and to otherwise comply with Section 314(a) of the Trust Indenture
Act. Any such report, information or document that the Company files with the Commission through the EDGAR system (or any successor
thereto) will be deemed to be delivered to the Trustee for the purposes of this Section 4.05 at the time of such filing through
the EDGAR system (or such successor thereto); provided, however, that the Trustee shall have no obligation
whatsoever to determine whether or not such filing has occurred.

 

    - 17 -

     

    

 

(b)           Delivery
of any such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee's receipt
of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officers' Certificates).

 

Section 4.06          Statements as to Defaults. The Company shall deliver
to the Trustee, as soon as possible, and in any event within thirty days after the Company becomes aware of the occurrence of any
Default or Event of Default, an Officers' Certificate setting forth the details of such Default or Event of Default, its status
and the action that the Company proposes to take with respect thereto. Such Officers' Certificate shall also comply with any additional
requirements set forth in Section 4.04 of the Base Indenture.

 

Section 4.07         Limitation
on Liens to Secure Payment of Company Borrowings. The Company will not, and will not permit any of its Subsidiaries
to, directly or indirectly, create, incur or suffer to exist any Lien that secures obligations under any indebtedness of the Company
(other than Guarantees of indebtedness of its Subsidiaries) on any of its or its Subsidiaries' assets or property, unless the
Notes are equally and ratably secured with the obligations secured by such other Lien. Any Lien created for the benefit of the
Holders pursuant to this Section 4.07 may provide by its terms that such Lien shall be automatically and unconditionally
released and discharged upon the release and discharge of the Lien that gave rise to the obligation to so secure the Notes.

 

Section 4.08         Limitation
on Unsecured Borrowings or Guaranty of Unsecured Borrowings by Subsidiaries. (a) The Company will not permit any of
its Subsidiaries to incur any unsecured indebtedness or Guarantee the payment of, assume or in any other manner become liable
with respect to any unsecured indebtedness of the Company or of any of its Subsidiaries (other than (1) a mirror note issued
by the Operating Partnership to the Company in connection with the incurrence by the Company of an unsecured borrowing, (2) other
indebtedness issued by the Operating Partnership that ranks equal in right of payment with the mirror note issued on the Issue
Date to the Company in connection with the offering of the Notes issued on the Issue Date, (3) other indebtedness in an aggregate
outstanding principal amount which when taken together with the principal amount of all other indebtedness incurred, Guaranteed,
assumed or for which a Subsidiary has become liable for pursuant to this clause (3) and then outstanding will not exceed
the greater of (a) $25.0 million and (b) five percent (5.0%) of the Company's Total Stockholders' Equity or (4) intercompany
loans or other indebtedness where the borrower and lender are both Subsidiaries of the Company, provided that if a Note
Guarantor is the obligor on any such intercompany indebtedness which is owed to a Subsidiary which is not a Note Guarantor, the
intercompany indebtedness will be expressly subordinated in right of payment to such Note Guarantor's Guarantee of the Notes),
unless prior to incurring, Guaranteeing, assuming or becoming liable with respect to such indebtedness, such Subsidiary executes
and delivers a supplemental indenture providing for a Guarantee of the obligations under the Notes and the Indenture in the same
or higher ranking as, and otherwise be on terms comparable or better than, such unsecured indebtedness or Guarantee provided by
such Subsidiary of such other unsecured indebtedness.

 

    - 18 -

     

    

 

(b)          The
Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Note Guarantor to become
a Note Guarantor. Any Guarantee of the Notes will be limited as necessary to prevent such Guarantee from constituting a fraudulent
conveyance under applicable law.

 

(c)            A
Note Guarantor will be released from its obligations under its Guarantee upon the release or discharge of any other indebtedness
or Guarantee in respect of other indebtedness that resulted in the issuance of its Guarantee of the Notes.

 

Section 4.09          Offer
to Repurchase Upon a Change of Control Repurchase Event. (a) If a Change of Control Repurchase Event occurs, unless
the Company has provided notice of the redemption of the Notes pursuant to Section 3.04 hereof, each Holder of Notes will
have the right to require the Company to purchase some or all (in minimum principal amounts of $25.00 or an integral multiple
of $25.00 in excess thereof) of such Holder's Notes pursuant to the offer described below (the "Change of Control Offer").

 

(b)          If a Change of Control Offer is required, within 30 days following a Change of Control Repurchase Event or, at the Company's
option, prior to any Change of Control Repurchase Event, but after the public announcement of a Change of Control Repurchase Event,
the Company will deliver a notice in a manner provided in Section 3.04 herein to each Holder (with a copy to the Trustee and
the Paying Agent, if other than the Trustee) describing the Change of Control Repurchase Event and offering to repurchase Notes
on a specified date (the "Change of Control Payment Date") at a cash price of 101% of the principal amount of
any Notes to be repurchased, plus accrued and unpaid interest thereon to, but excluding, the Change of Control Payment Date (the
 "Change of Control Payment") (subject to the right of Holders at the Close of Business on the relevant record
date to receive interest due on any Interest Payment Date falling on or prior to the Change of Control Payment Date). The Change
of Control Payment Date will be no earlier than thirty (30) days and no later than sixty (60) days from the date the notice is
sent. Among other things, such notice shall state that if a Holder elects to have a Note purchased pursuant to a Change of Control
Offer it will be required to surrender the Note, with any form specified in such notice, to the Person and at the address specified
in the notice (or, in the case of Global Securities, to surrender the Note and provide the information required in accordance with
the Applicable Procedures) prior to the Close of Business on the third Business Day prior to the Change of Control Payment Date.
The Change of Control Offer shall, if given prior to the date of consummation of the Change of Control Repurchase Event, state
that the offer to repurchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the Change of Control
Payment Date specified in the Change of Control Offer.

 

    - 19 -

     

    

 

(c)           On the Change of Control Payment Date, the Company will, to the extent lawful:

 

(i)             accept for payment all Notes properly tendered and not withdrawn pursuant to the Change of Control Offer;

 

(ii)            deposit
the Change of Control Payment with the Paying Agent in respect of all Notes so accepted; and

 

(iii)          deliver
to the Trustee the Notes accepted and an Officers' Certificate stating the aggregate principal amount of all Notes repurchased
by the Company and requesting that such Notes be cancelled.

 

(d)           The
Paying Agent will promptly send to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and send, or cause to be transferred by book-entry, to each Holder a new
Note in principal amount equal to any unrepurchased portion of the Notes surrendered; provided that each new Note will
be in a minimum principal amount of $25.00 and integral multiples of $25.00 in excess thereof.

 

(e)           The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations
to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable
securities laws or securities regulations conflict with the provisions of this Section 4.09, the Company will comply with
the applicable securities laws and regulations and will not be deemed to have breached its obligations under the covenant described
above by virtue of that compliance.

 

(f)           The
Company shall not be required to make a Change of Control Offer upon a Change of Control Repurchase Event 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 Company and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer or (2) the Company has given notice of redemption pursuant to Section 3.04
hereof prior to the occurrence of the Change of Control Repurchase Event. Notwithstanding anything to the contrary contained herein,
a Change of Control Offer may be made in advance of a Change of Control Repurchase Event, subject to one or more conditions precedent,
including, but not limited to, the consummation of such Change of Control, if a definitive agreement is in place for the transaction
that will give rise to a Change of Control Repurchase Event at the time the Change of Control Offer is made.

 

Article
V

REMEDIES

 

Section 5.01           Amendments to the Base Indenture.

 

(a)          Article VI
of the Base Indenture shall not apply with respect to the Notes. Instead, this Article V shall, solely with respect to the
Notes, replace Article VI of the Base Indenture in its entirety.

 

    - 20 -

     

    

 

(b)           Each
reference in the Base Indenture to Section 6.04 is, solely with respect to the Notes, hereby deemed replaced by a reference
to Section 5.04 hereof.

 

(c)           Each reference in the Base Indenture to Section 6.05 is, solely with respect to the Notes, hereby deemed replaced by
a reference to Section 5.05 hereof.

 

(d)           Solely
with respect to the Notes, Section 7.01(c) of the Base Indenture is hereby amended to delete ", or its willful
misconduct,".

 

Section 5.02          Events
of Default. Each of the following events (and only the following events) shall be an "Event of Default"
wherever used with respect to the Notes:

 

(a)           default
in any payment of interest on any Note when due and payable, and the default continues for a period of thirty (30) days;

 

(b)           default
in the payment of the principal of or of any premium of any Note (including the Redemption Price) when due and payable on the
Maturity Date, upon Optional Redemption, upon declaration of acceleration or otherwise;

 

(c)           failure by the Company to comply with its obligations under Article VIII hereof;

 

(d)           default
in tendering payment for the Notes upon a Change of Control Repurchase Event, when such payment remains unpaid sixty days after
the Change of Control Payment Date;

 

(e)           default in the performance of any other obligation of the Company contained in the Indenture or the Notes (other than a
covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 5.02 specifically provided
for), which continues for ninety days after written notice from the Trustee or the Holders of more than 25% of the aggregate outstanding
principal amount of the Notes;

 

(f)            an
event of default, as defined in any bond, note, debenture or other evidence of debt of the Company or any Significant Subsidiary
of the Company in excess of $35,000,000 singly or in aggregate principal amount of such issues of such persons, whether such debt
exists now or is subsequently created, which becomes accelerated so as to be due and payable prior to the date on which the same
would otherwise become due and payable and such acceleration(s) shall not have been annulled or rescinded within thirty (30)
days of such acceleration or the failure to make a principal payment at the final (but not any interim) fixed maturity and such
defaulted payment shall not have been made, waived or extended within thirty (30) days of such payment default; provided,
however, that if such event of default, acceleration(s) or payment default(s) are contested by the Company,
a final and non-appealable judgment or order confirming the existence of the default(s) and/or the lawfulness of the acceleration(s),
as the case may be, shall have been entered;

 

(g)           a
final and non-appealable judgment or order for the payment of money in excess of $35,000,000 (excluding any amounts covered by
insurance) singly or in the aggregate for all such final judgments or orders against all such persons: (i) shall be rendered
against the Company or any Significant Subsidiary of the Company and shall not be paid or discharged and (ii) there shall
by any period of sixty (60) consecutive days following the entry of the final judgment or order that causes the aggregate amount
for all such final judgments or orders outstanding and not paid or discharged against all such person to exceed $35,000,000 during
which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;

 

    - 21 -

     

    

 

(h)          the Company or any Significant Subsidiary of the Company shall commence a voluntary case or other proceeding seeking the
liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of the Company or such Significant Subsidiary of the Company or any substantial part of the Company's
or such Significant Subsidiary of the Company's property, or shall consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment
for the benefit of creditors, or shall fail generally to pay its debts as they become due; or

 

(i)            an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary of the Company
seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary of the Company or
its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary of the Company or any substantial
part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty
(30) consecutive days.

 

Section 5.03          Acceleration;
Rescission and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then,
and in each and every such case (other than an Event of Default specified in Section 5.02(h) or Section 5.02(i)), unless
the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25%in
aggregate principal amount of the Notes then Outstanding, by notice in writing to the Company (and to the Trustee if given by
the Holders), may declare 100% of the principal of, and premium if any, and accrued and unpaid interest, if any, on all the Notes
to be due and payable immediately. If an Event of Default specified in Section 5.02(h) or Section 5.02(i) occurs and
is continuing, the principal of, and accrued and unpaid interest, if any, on all Notes shall be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder of Outstanding Notes. At any time after the Trustee or the
Holders have accelerated the repayment of the principal, premium, if any, and all unpaid interest on the Notes, but before the
Trustee has obtained a judgment or decree for payment of money due, the Holders of a majority in aggregate principal amount of
Outstanding Notes may rescind and annul that acceleration and its consequences, provided that all payments due, other than
those due as a result of acceleration, have been made and all Events of Default have been remedied or waived.

 

    - 22 -

     

    

 

Section 5.04          Waiver of Past Defaults. The Holders of a majority
in aggregate principal amount of the Notes then Outstanding, by written notice to the Company and to the Trustee, may waive (including
by way of consents obtained in connection with a repurchase of, or tender or exchange offer for, the Notes) all past Defaults or
Events of Default with respect to the Notes (other than a Default or an Event of Default resulting from nonpayment of principal
or interest or any other provisions that requires the consent of each affected Holder to amend).

 

Section 5.05          Control
by Majority. At any time, the Holders of a majority of the aggregate principal amount of the then Outstanding Notes
may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or for exercising any
trust or power conferred on the Trustee with respect to the Notes, provided that (i) such direction is not in conflict
with any rule of law or the Indenture, (ii) the Trustee may take any other action deemed proper by the Trustee that
is not inconsistent with such direction and (iii) the Trustee need not take any action that might involve it in personal
liability or be unduly prejudicial to the Holders not joining therein. Before proceeding to exercise any right or power under
the Indenture at the direction of the Holders, the Trustee is entitled to receive from those Holders security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which it might incur in complying with any direction.

 

Section 5.06          Limitation
on Suits. A Holder will have the right to institute a proceeding with respect to the Indenture for any remedy under
the Indenture if:

 

(a)          such
Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding Notes have given to the Trustee written
notice of a continuing Event of Default with respect to the Notes;

 

(b)           such
Holder or Holders have offered the Trustee indemnification or security reasonably satisfactory to the Trustee against the costs,
expenses and liabilities incurred in connection with such written request;

 

(c)          the
Trustee has not received from the Holders of a majority in aggregate principal amount of the Outstanding Notes a written direction
inconsistent with the request within sixty (60) days; and

 

(d)           the
Trustee fails to institute the proceeding within the sixty (60) days.

 

Notwithstanding the foregoing, the Holder
has the right, which is absolute and unconditional, to receive payment of the principal of and interest on its Notes on the Interest
Payment Dates or Maturity Date, as applicable (or, in the case of an Optional Redemption or a Change of Control Repurchase Event,
on the applicable Redemption Date or Change of Control Payment Date, as applicable) and to institute suit for the enforcement of
any such payment and such rights shall not be impaired without the consent of such Holder. A Holder may not use the Indenture to
prejudice the rights of any other Holder or to obtain a preference or priority over any other Holder, it being understood that
the Trustee does not have any affirmative duty to ascertain whether any usage of the Indenture by a Holder is unduly prejudicial
to such other Holders.

 

Section 5.07        Collection
of Indebtedness; Suit for Enforcement by Trustee. If an Event of Default specified in Section 5.02(a) or 5.02(b)
hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, interest on, Change of Control Payment for, Redemption Price for, as
the case may be, and such further amount as is sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as well as any other amounts that may
be due under Section 7.07 of the Base Indenture.

 

    - 23 -

     

    

 

Section 5.08           Trustee
May Enforce Claims Without Possession of Notes. All rights of action and claims under the Indenture or the Notes
may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment
has been recovered.

 

Section 5.09           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 to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative
to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, will be entitled 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 consents
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 7.10
of the Base Indenture. 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 7.10 of the Base Indenture out of the estate
in any such proceeding, will be denied for any reason, payment of the same will be secured by a lien on, and is 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 will be deemed
to authorize the Trustee to authorize or consent to, or to accept or to 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.

 

Section 5.10          Restoration of Rights and Remedies. If the Trustee
or any Holder has instituted any proceeding to enforce any right or remedy under the Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

    - 24 -

     

    

 

Section 5.11         Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in Section 2.09 of the Base Indenture, 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 5.12          Delay
or Omission Not a Waiver. No delay or omission of the Trustee or of any Holder 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 V 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 (subject to the limitations contained in the Indenture) or
by the Holders, as the case may be.

 

Section 5.13          Priorities.
If the Trustee collects any money pursuant to this Article V, it will pay out the money in the following order:

 

First: to the
Trustee, its agents and attorneys for amounts due under Section 7.07 of the Base Indenture, including payment of all compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to the
Holders, for any amounts due and unpaid on the principal of, accrued and unpaid interest on, Change of Control Payment for, Redemption
Price for, without preference or priority of any kind, according to such amounts due and payable on all of the Notes; and

 

Third: the balance,
if any, to the Company or to such other party as a court of competent jurisdiction directs.

 

The Trustee may fix
a record date and payment date for any payment to the Holders pursuant to this Section 5.13. If the Trustee so fixes a record
date and a payment date, at least fifteen days prior to such record date, the Company will deliver to each Holder and the Trustee
a written notice, which notice will state such record date, such payment date and the amount of such payment.

 

Section 5.14         Undertaking
for Costs. All parties to the Indenture agree, and each Holder, by such Holder's acceptance of a Note, shall be deemed
to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under the
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section 5.14
shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% in aggregate principal amount of the Notes then Outstanding, or to any suit instituted by any Holder for
the enforcement of the payment of the principal of, accrued and unpaid interest, if any, on, Change of Control Payment for, or
Redemption Price for, any Note on or after the due date expressed or provided for in the Indenture.

 

    - 25 -

     

    

 

Section 5.15          Waiver
of Stay, Extension and Usury Laws. The Company covenants that, to the extent that it may lawfully do so, it will not
at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or
usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of the Indenture;
and the Company, to the extent that it may lawfully do so, hereby expressly waives all benefit or advantage of any such law, and
covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee, but will instead suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 5.16          Notices from the Trustee. Notwithstanding anything
to the contrary in the Base Indenture, including Section 7.05 of the Base Indenture, whenever a Default occurs and is continuing
and is actually known to the Trustee, the Trustee must deliver notice of such Default to the Holders within ninety (90) days after
the date on which such Default first occurred. Except in the case of a Default in the payment of the principal of, interest on,
Change of Control Payment for or Redemption Price for, any Note or of a Default in the payment or delivery, as the case may be,
the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determine that the withholding
of such notice is in the interests of the Holders.

 

Article
VI

SATISFACTION AND DISCHARGE; LEGAL AND COVENANT DEFEASANCE

 

Section 6.01         Inapplicability
of Provisions of Base Indenture; Satisfaction and Discharge of the Indenture. Article VIII of the Base Indenture
shall not apply with respect to the Notes. Instead, this Article VI shall, solely with respect to the Notes, replace Article VIII
of the Base Indenture in its entirety.

 

Section 6.02          Discharge of Liability on Notes. The Indenture will
be discharged and will cease to be of further effect (except as to surviving rights of registration of transfer or exchange of
the Notes as expressly provided for in the Indenture and except for the Trustee's right to its fees and to reimbursement of its
reasonable out-of-pocket expenses (including, without limitation, reasonable fees and expenses of its counsel) and indemnification
as expressly provided for in the Indenture) as to all Outstanding Notes, when:

 

(a)            either

 

(i)             all Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or paid
and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation; or

 

    - 26 -

     

    

 

(ii)            all
Notes not theretofore delivered to the Trustee for cancellation have become due and payable by giving of a notice of redemption,
upon stated maturity or otherwise, will become due and payable within one year (upon stated maturity or otherwise), or are to
be called for redemption within one (1) year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and the Company has irrevocably deposited or caused to be deposited
with the Trustee cash in U.S. Dollars in such amount as will be sufficient, Government Obligations the scheduled payments of principal
of and interest on which will be sufficient (without any reinvestment of such interest), or a combination thereof in such amounts
as will be sufficient, to pay and discharge the entire Indebtedness on such Notes not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest on such Notes to the Maturity Date or any earlier Redemption Date
or other maturity date, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the
payment thereof through the Maturity Date or such Redemption Date or other maturity date;

 

(b)           the Company has paid or caused to be paid all other sums payable by the Company under the Indenture; and

 

(c)          the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel (which Opinion of Counsel may
be subject to customary assumptions, exceptions and limitations) stating that all conditions precedent under this Section 6.02
relating to the satisfaction and discharge of the Indenture have been complied with.

 

Notwithstanding the
foregoing paragraph, the provisions of Sections 6.05, 6.06, 6.07, 6.08 and 9.02 hereof and, if the Outstanding Notes have been
or are to be called for redemption, Article III hereof shall survive until the Notes have been cancelled or are no longer
Outstanding.

 

After such delivery
or irrevocable deposit, the Trustee upon request shall execute proper instruments acknowledging the discharge of the Indenture
and the Company's obligations under the Notes and the Indenture, except for those surviving obligations specified above.

 

Section 6.03         Legal Defeasance and Covenant Defeasance. (a) The
Company may, at its option and at any time, elect to have either Section 6.03(b) or (c) be applied to the Notes upon
compliance with the conditions set forth in Section 6.04.

 

(b)           Upon
the Company's exercise under Section 6.03(a) of the option under this Section 6.03(b), the Company shall be discharged
from all of its obligations under the Notes and the Indenture ("Legal Defeasance") on the date that the applicable
conditions set forth in Section 6.04 shall have been satisfied, and on or after that date any omission to comply with any
such obligations shall no longer constitute a Default or Event of Default. Such Legal Defeasance shall mean that the Company 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 purposes of the provisions referred to in clauses (1) through (4) below), and the
Company shall be released from all of its other obligations under the Indenture and the Notes, except that the following provisions
of the Indenture shall survive:

 

(i)             the
rights of Holders to receive, solely from the trust fund described in clause (a) of the first paragraph of Section 6.04,
payments in respect of the principal of, and premium, if any, and interest on the Notes when such payments are due;

 

    - 27 -

     

    

 

 

(ii)            
the Company's obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payments on the Notes;

 

(iii)           
the rights, powers, trust, duties and immunities of the Trustee and the Company's obligations in connection therewith; and

 

(iv)           the
provisions of this Section 6.03, Sections 6.05, 6.06, 6.07, 6.08 and 9.02 hereof and, if the Outstanding Notes have been
or are to be called for redemption, Article III hereof.

 

On and after the date
of Legal Defeasance, payment of the Notes may not be accelerated because of an Event of Default.

 

Subject to compliance
with the conditions set forth in Section 6.04, the Company may exercise its option under this Section 6.03(b) notwithstanding
the prior exercise of its option under Section 6.03(c).

 

(c)        Upon the Company's exercise under Section 6.03(a) of the option under this Section 6.03(c), the Company shall
be released and discharged from all of its covenants and agreements under Sections 4.05 through 4.09 hereof, inclusive, and Sections
8.02 and 8.04 hereof on the date that the applicable conditions set forth in Section 6.04 shall have been satisfied ("Covenant
Defeasance"), and on or after that date the foregoing covenants and agreements shall no longer apply, and the Notes shall
be deemed not to be Outstanding for purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with any such covenants or agreements, but shall continue to be deemed Outstanding for all other
purposes hereunder, and the Company may omit to comply with and shall have no liability in respect of any term, condition, obligation
or limitation set forth in any of the Sections, clauses and other provisions set forth above in this Section 6.03(c), whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section, clause or other provision or by reason
of any reference in any such Section, clause or other provision to any other Section, clause or provision herein, in the Base Indenture
or in any other document and such omission to comply with any covenant or agreement set forth in any such Section, clause or other
provision shall not constitute a Default or Event of Default under the Indenture. On and after the date that Covenant Defeasance
occurs, the Events of Default described in clause (c), clause (d) and clause (e) (solely insofar as it relates
to the Company's obligations under the covenants and agreements as to which Covenant Defeasance has occurred) of Section 5.02
will no longer constitute Events of Default or otherwise apply.

 

(d)         Subject
to compliance with Section 6.03(b) or (c), the Trustee, upon request shall execute proper instruments acknowledging such
Legal Defeasance or Covenant Defeasance and the release, termination and/or discharge of the instruments, agreements and other
provisions referred to in such Section 6.03(b) or (c), as applicable.

 

    - 28 -

     

    

 

Section 6.04       Conditions
to Legal Defeasance and Covenant Defeasance. The following shall be the conditions to Legal Defeasance or Covenant
Defeasance:

 

(a)         the
Company shall have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Notes cash in U.S.
Dollars in such amount as will be sufficient, Government Obligations the scheduled payments of principal of and interest
on which will be sufficient (without any reinvestment of such interest), or a combination thereof in such amounts as will be sufficient,
as confirmed, certified or attested by an Independent Financial Advisor in writing to the Trustee, to pay the principal of, premium,
if any, and interest on the Notes on the Maturity Date or any earlier Redemption Date;

 

(b)          in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
(which Opinion of Counsel may be subject to customary assumptions, exceptions and limitations) confirming that:

 

(i)               the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(ii)             
since the Issue Date, 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, the Holders of the Notes will not recognize income, gain or loss for
U.S. federal income tax purposes 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 Company shall have delivered to the Trustee an Opinion of Counsel in the United
States (which Opinion of Counsel may be subject to customary assumptions, exceptions and limitations) confirming that the Holders
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 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 Covenant Defeasance had not occurred;

 

(d)        no
Default or Event of Default shall have occurred and be continuing on the date of such deposit pursuant to clause (a) of this
Section 6.04 (other than a Default and Event of Default resulting from borrowing of funds to be applied to make such deposit
and any similar or substantially contemporaneous transactions and, in each case, the granting of any Liens in connection therewith);

 

(e)       such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any agreement
or instrument that, in the judgment of the Company, is material with respect to the Company and its Subsidiaries taken as a whole
(excluding the Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries
is bound;

 

(f)          the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel (which Opinion of Counsel may be
subject to customary assumptions, exceptions and limitations), each stating that all conditions precedent provided for in this
Section 6.04 to such Legal Defeasance or Covenant Defeasance, as the case may be, have been complied with; and

 

(g)         the
Company shall have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes
on the Maturity Date or on the applicable Redemption Date, as the case may be (which instructions may be contained in the Officers'
Certificate referred to in clause (f) of this Section 6.04).

 

    - 29 -

     

    

 

Notwithstanding the
foregoing, the Opinion of Counsel required by clause (b) of this Section 6.04 with respect to a Legal Defeasance need
not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or
(2) will become due and payable on their maturity date or any earlier Redemption Date within one (1) year and, in the case
of any such redemption, under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in
the name, and at the expense, of the Company.

 

Section 6.05       Application
of Trust Money. The Trustee shall hold in trust the U.S. Dollars and Government Obligations deposited with it pursuant
to this Article VI and any principal, interest or other proceeds in respect of such Government Obligations. It shall apply
the deposited money and the proceeds from Government Obligations through the Paying Agent and in accordance with the Indenture
to the payment of principal of, premium, if any, and interest on the Notes.

 

Anything in this Article VI
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company's request any
U.S. Dollars and Government Obligations or proceeds therefrom held by it as provided in Section 6.02 or 6.04 which are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge of the Indenture pursuant
to Section 6.02 or an equivalent Legal Defeasance or Covenant Defeasance pursuant to Section 6.03, as evidenced by a
written confirmation, certification or attestation by an Independent Financial Advisor delivered to the Trustee.

 

Section 6.06        
Repayment to the Company. The Trustee and the Paying
Agent shall promptly deliver to the Company upon request any excess U.S. Dollars and Government Obligations and proceeds therefrom
held by them at any time and thereupon shall be relieved from all liability with respect to such money, securities and proceeds.
Subject to any applicable abandoned property law, any money, Government Obligations or proceeds therefrom deposited with or received
by the Trustee or any Paying Agent, or held by the Company or any of its Subsidiaries, in trust for the payment of the principal,
premium, if any, or interest on any Note, remaining unclaimed for two (2) years after such principal, premium, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company or any of its Subsidiaries)
shall be discharged from such trust and the Holder of such Note shall thereafter look only to the Company as a general creditor
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money, Government Obligations and
proceeds, and all liability of the Company or any of its Subsidiaries as trustee thereof, shall thereupon cease.

 

    - 30 -

     

    

 

Section 6.07       
Reinstatement. If the Trustee or Paying Agent is
unable to apply any U.S. Dollars and Government Obligations (or proceeds therefrom) deposited pursuant to Section 6.02 or
6.04 in accordance with Section 6.05 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 Company's obligations under the
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 6.02 or 6.04,
as applicable, until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Dollars and Government Obligations
in accordance with Section 6.05; provided that if the Company has made any payment of principal of, or premium, if any, or
interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the U.S. Dollars and Government Obligations held by the Trustee or Paying Agent.

 

Section 6.08         Indemnity
for Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against any Government Obligations deposited pursuant to Section 6.02 or 6.04 or the principal and
interest received on such Government Obligations.

 

Article
VII

SUPPLEMENTAL INDENTURES

 

Section 7.01        
Supplemental Indentures Without Consent of Holders.
Section 9.01 of the Base Indenture shall not apply with respect to the Notes. Instead, this Section 7.01 shall, solely
with respect to the Notes, replace Section 9.01 of the Base Indenture in its entirety.

 

Without the consent
of any Holder, the Company (when authorized by a Board Resolution) and the Trustee, at any time and from time to time, may enter
into one (1) or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(a)           to conform the terms of the Indenture or the Notes to the description thereof in the Prospectus Supplement, the Prospectus
or the Pricing Term Sheet;

 

(b)           to
evidence the succession by a Successor Company and to provide for the assumption by a Successor Company of the Company's obligations
under the Indenture;

 

(c)            to
add Guarantees with respect to the Notes and to remove Guarantees with respect to the Notes in accordance with the terms of the
Indenture and the Notes;

 

(d)            to secure the Notes;

 

(e)           to
add to the Company's covenants such further covenants, restrictions or conditions for the benefit of the Holders or to surrender
any right or power conferred upon the Company under the Indenture or the Notes;

 

(f)            to cure any ambiguity, omission, defect or inconsistency in the Indenture or the Notes, including to eliminate any conflict
with the Trust Indenture Act, so long as such action will not materially adversely affect the interests of Holders;

 

(g)            to
make any change that does not adversely affect the rights of any Holder;

 

    - 31 -

     

    

 

(h)          to
provide for a successor Trustee;

 

(i)           to
comply with the Applicable Procedures; or

 

(j)           to
comply with any requirement of the Commission in connection with the qualification of the Indenture under the Trust Indenture
Act.

 

Section 7.02       
Supplemental Indentures with Consent of Holders.
Section 9.02 of the Base Indenture shall not apply with respect to the Notes. Instead, this Section 7.02 shall, solely
with respect to the Notes, replace Section 9.02 of the Base Indenture in its entirety.

 

With the consent of
the Holders of a majority in aggregate principal amount of the Outstanding Notes, including without limitation, consents obtained
in connection with a repurchase of, or tender or exchange offer for, Notes and by act of said Holders delivered to the Company
and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture applicable to the Notes or of modifying in any manner the rights of the Holders under the Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note:

 

(a)           reduce
the percentage in aggregate principal amount of Notes Outstanding necessary to waive any past Default or Event of Default;

 

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

 

(c)           reduce
the principal of any Note or the amount payable upon Optional Redemption of any Note or change the Maturity Date;

 

(d)          change the place or currency of payment on any Note;

 

(e)        reduce the Change of Control Payment of any Note or amend or modify in any manner adverse to the rights of the Holders the
Company's obligation to pay the Change of Control Payment, whether through an amendment or waiver of provisions in the covenants,
definitions related thereto or otherwise;

 

(f)        impair the right of any Holder of Notes to receive payment of principal of (including the Change of Control Payment and
the Redemption Price, if applicable), and interest, if any, on, its Notes, or to institute suit for the enforcement of any such
payment with respect to such Holder's Notes;

 

(g)          modify the ranking of the Notes in a manner that is adverse to the rights of the Holders; or

 

(h)          make
any change to the provisions of this Section 7.02  that requires each Holder's consent or to the provisions of Section 5.04
of this Supplemental Indenture if such change is adverse to the rights of Holders.

 

    - 32 -

     

    

 

It shall not be necessary
for any act or consent of Holders under this Section 7.02 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such act or consent shall approve the substance thereof. The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a
record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided that,
unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which
is ninety (90) days after such record date, any such consent previously given shall automatically and without further action by
any Holder be cancelled and of no further effect.

 

Section 7.03       
Notice of Amendment or Supplement. After an amendment
or supplement under this Article VII becomes effective, the Company shall mail to the Holders a notice briefly describing
such amendment or supplement. However, the failure to give such notice to all the Holders, or any defect in the notice, shall not
impair or affect the validity of the amendment or supplement.

 

Article
VIII

SUCCESSOR COMPANY

 

Section 8.01       
Consolidation, Merger and Sale of Assets. Article V
of the Base Indenture shall not apply with respect to the Notes. Instead, this Article VIII shall, solely with respect to
the Notes, replace Article V of the Base Indenture in its entirety.

 

Section 8.02        
Company May Consolidate, Etc. on Certain Terms.
Subject to the provisions of Section 8.04, the Company shall not amalgamate or consolidate with, merge with or into or convey,
transfer or lease its properties and assets substantially as an entirety to another Person, unless:

 

(a)         the
Company shall be the surviving Person or the resulting, surviving or transferee Person (the "Successor Company"),
if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof
or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture,
executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Company under the Notes
and the Indenture as applicable to the Notes; and

 

(b)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under the Indenture.

 

    - 33 -

     

    

 

Section 8.03        Successor
Corporation to Be Substituted. In case of any such amalgamation, consolidation, merger, conveyance, transfer or lease
and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the due and punctual payment of the principal of (including any Change of Control Payment or Redemption
Price), accrued and unpaid interest, if any, on all of the Notes and the due and punctual performance of all of the covenants
and conditions of the Indenture applicable to the Notes to be performed by the Company under the Indenture, such Successor Company
shall succeed to and be substituted for, and may exercise every right and power of, the Company under the Indenture, with the
same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed,
and may issue either in its own name or in the name of the Company any or all of the Notes issuable under the Indenture which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company
instead of the Company and subject to all the terms, conditions and limitations in the Indenture prescribed, the Trustee shall
authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the
same legal rank and benefit under the Indenture as the Notes theretofore or thereafter issued in accordance with the terms of
the Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such amalgamation,
consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the "Company" in
the first paragraph of the Indenture or any successor that shall thereafter have become such in the manner prescribed in this
Article VIII may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person
shall be released from its liabilities as obligor and maker of the Notes and from its obligations under the Indenture.

 

In case of any such
amalgamation, consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance)
may be made in the Notes thereafter to be issued as may be appropriate.

 

Section 8.04       
Opinion of Counsel to Be Given to Trustee. In the
case of any such amalgamation, merger, consolidation, conveyance, transfer or lease, the Trustee shall receive an Officers' Certificate
and an Opinion of Counsel stating that any such amalgamation, consolidation, merger, conveyance, transfer or lease and any such
assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies
with the provisions of this Article VIII.

 

Article
IX

MISCELLANEOUS

 

Section 9.01       
Effect on Successors and Assigns. All agreements
of the Company, the Trustee, the Registrar and the Paying Agent in the Indenture and the Notes will bind their respective successors.

 

Section 9.02       
Governing Law. THE INTERNAL LAWS OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE SECURITIES, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B).

 

    - 34 -

     

    

 

Section 9.03      No
Security Interest Created. Nothing in the Indenture or in the Notes, expressed or implied, shall be construed to constitute
a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction.

 

Section 9.04       
Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern the
Indenture, the latter provision shall control. If any provision of the Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to the Indenture as so modified
or to be excluded, as the case may be.

 

Section 9.05       
Benefits of Supplemental Indenture. Nothing in this
Supplemental Indenture or in the Notes, expressed or implied, will give to any Person, other than the parties hereto, any Paying
Agent, any Registrar or their successors hereunder or the Holders of the Notes, any benefit or any legal or equitable right, remedy
or claim under this Supplemental Indenture.

 

Section 9.06       
Calculations. Except as otherwise provided in the
Indenture, the Company shall be responsible for making all calculations called for under the Notes. These calculations include,
but are not limited to, determinations of accrued interest payable on the Notes. The Company shall make all calculations in good
faith and, absent manifest error, the Company's calculations shall be final and binding on Holders of Notes. The Company shall
provide a schedule of its calculations to each of the Trustee, and the Trustee is entitled to rely conclusively upon the accuracy
of the Company's calculations without independent verification. The Trustee will forward the Company's calculations as provided
to the Trustee to any Holder upon the written request of that Holder at the sole cost and expense of the Company.

 

Section 9.07       
Execution in Counterparts. This Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

 

Section 9.08       Notices.
The Company or the Trustee, by notice given to the other in the manner provided in Section 12.03 of the Base Indenture, may
designate additional or different addresses for subsequent notices or communications.

 

Notwithstanding anything to the contrary
in Section 12.03 of the Base Indenture, whenever the Company is required to deliver notice to the Holders, the Company will,
by the date it is required to deliver such notice to the Holders, deliver a copy of such notice to the Trustee, the Paying Agent
and the Registrar. Each notice to the Trustee, the Paying Agent and the Registrar shall be sufficiently given if in writing and
mailed, first-class postage prepaid to the address most recently designated by the Trustee, the Paying Agent and the Registrar,
as the case may be, to the Company.

 

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

 

    - 35 -

     

    

 

Section 9.09       
Ratification of Base Indenture. The Base Indenture,
as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall
be deemed part of the Base Indenture in the manner and to the extent herein provided. For the avoidance of doubt, each of the Company
and each Holder of Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections,
immunities and benefits afforded to the Trustee under the Base Indenture are deemed to be incorporated herein, and shall be enforceable
by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full.

 

Section 9.10       
No Recourse Against Others. No recourse for
the payment of the principal of, premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any
of the Notes or because of the creation of any indebtedness represented thereby, shall be had against any entity other than the
Company (including, without limitation, (1) the Operating Partnership or any other Subsidiary of the Company unless the same
is then a Note Guarantor or (2) the Manager) or any director, officer, employee, incorporator, stockholder, partner or other
equity owner, or controlling person of the Company, the Operating Partnership or any other Subsidiary of the Company or the Manager
or of any successor person thereof. Each Holder, by accepting a Note, waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 

Section 9.11       The
Trustee. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of
the provisions contained in the Base Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee
shall be applicable in respect of the Notes and of this Supplemental Indenture as fully and with like effect as set forth in full
herein.

 

Section 9.12       Submission
to Jurisdiction. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING
IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE AND THE SECURITIES, AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.

 

    - 36 -

     

    

 

 

Section 9.13       
Applicable Tax Law. In order to enable the Trustee
to comply with its obligations under applicable tax laws, rules and regulations (including directives, guidelines and interpretations
promulgated by competent authorities) in effect from time to time ("Applicable Tax Law"), the Company agrees (i) to
provide to the Trustee, following written request from the Trustee delivered to the Company in accordance with Section 9.08
hereof, such information concerning the Holders of the Notes as the Trustee may reasonably request in order to determine whether
the Trustee has any tax-related obligations under Applicable Tax Law with respect to the payments made to Holders of the Notes
under the Indenture, but only to the extent (a) such information is in the Company's possession, (b) such information
is not subject to any confidentiality or similar agreement or undertaking or otherwise deemed by the Company to be confidential
and (c) providing such information to the Trustee does not, in the judgment of the Company, breach or violate or constitute
a default under any applicable law, rules or regulations or any instrument or agreement to which the Company or any of its
Subsidiaries is a party or by which any of them is bound, and (ii) that the Trustee shall be entitled to make any withholding
or deduction from payments made to Holders of Notes under the Indenture to the extent necessary to comply with the Trustee's obligations
under Applicable Tax Law. Each Holder of Notes by accepting a Note shall be deemed to have agreed to the foregoing provisions of
this Section 9.13 and to provide to the Trustee or the Company such information concerning such Holder as the Trustee or the
Company may reasonably request in order to determine whether the Trustee or the Company has any tax-related obligations under Applicable
Tax Law with respect to the payments made to such Holder under the Indenture; and such agreement by each Holder is part of the
consideration for the issuance of the Notes.

 

[Remainder of the page intentionally
left blank]

 

    - 37 -

     

    

 

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

 

 

	 	READY CAPITAL CORPORATION
	 	 	 
	 	By:	/s/ Andrew Ahlborn
	 	Name:	Andrew Ahlborn
	 	Title:	Chief Financial Officer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Benjamin J. Kruger
	 	Name:	Benjamin J. Krueger
	 	Title:	Vice President

 

[Signature Page
to RC – Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

[FORM OF FACE OF SECURITY]

 

[For Global Securities, include the
following legend:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

[Add the following if the Depositary
is DTC: UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
("DTC"), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC,
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]]

 

    Exh. A-1 

     

    

 

No.: [ ]

CUSIP: 75574U606

ISIN: US75574U6064

 

Principal Amount: $[ ]

[as revised by the Schedule of Increases

and Decreases of Global Security attached hereto](1)

Ready Capital Corporation

5.75% Senior Notes due 2026

 

Ready Capital Corporation,
a Maryland corporation, promises to pay to [ ] [include "Cede & Co." for Global Security] or registered
assigns, the principal amount [of  [ ] Dollars] [set forth on the Schedule of Increases or Decreases of Global Security attached
hereto (as the same may be revised from time to time)](2) on February 15, 2026 (the "Maturity Date") unless
this Security is previously redeemed or repurchased in whole.

 

Additional provisions
of this Security are set forth on the other side of this Security.

 

__________________________

(1)       Include for Global Securities only.

(2)       Include
for Global Securities only.

 

    Exh. A-2 

     

    

 

IN WITNESS WHEREOF,
READY CAPITAL CORPORATION has caused this instrument to be duly signed.

 

	 	READY CAPITAL CORPORATION
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

U.S. Bank National Association, as Trustee,
certifies that this is one of the Securities referred to in the within-mentioned Indenture.

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

	By:		 
	 	Name:	 
	 	Title:	 

 

    Exh. A-3 

     

    

[FORM OF REVERSE OF SECURITY]

 

READY CAPITAL CORPORATION

5.75% Senior Notes due 2026

 

This Security is one
of a duly authorized issue of securities of the Company, designated the Company's "5.75% Senior Notes due 2026" (the
 "Securities"), issued under an Indenture dated as of August 9, 2017, as supplemented by the Third Supplemental Indenture
thereto, dated as of February 26, 2019 (as so supplemented, the "Base Indenture"), and as further supplemented
by the Fifth Supplemental Indenture thereto, dated as of February 10, 2021 (the "Supplemental Indenture" and the
Base Indenture, as supplemented by the Supplemental Indenture, the "Indenture"), each by and between the Company
and U.S. Bank National Association, as trustee (the "Trustee"), and reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and
the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

The Company promises
to pay interest on the principal amount of this Security at a rate of 5.75% per annum until February 15, 2026 or such earlier date
on which the principal of this Security shall have been paid or duly provided for. Interest on this Security will accrue from the
most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from
and including February 10, 2021. The Company will pay interest quarterly in arrears on each January 30, April 30, July 30, and
October 30 (each an "Interest Payment Date"), commencing April 30, 2021 to the Holder of this Security as of the
Close of Business on the Regular Record Date immediately preceding the applicable Interest Payment Date. Interest shall be computed
on the basis of a three hundred and sixty (360)-day year comprised of twelve thirty (30)-day months.

 

The Securities shall
not be redeemed by the Company prior to February 15, 2023. As provided in and subject to the provisions of the Indenture, on or
after February 15, 2023, the Company may redeem the Securities for cash, in whole or from time to time in part, at the Company's
option, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest
thereon to but excluding, the Redemption Date.

 

As provided in and
subject to the provisions of the Indenture, upon the occurrence of a Change of Control Repurchase Event, the Company will make
an offer purchase this Security, or any portion of this Security such that the principal amount of this Security that is not purchased
equals $25.00 or an integral multiple of $25.00 in excess thereof, on the Change of Control Payment Date at a price equal to the
Change of Control Payment for such Change of Control Payment Date.

 

As provided in and
subject to the provisions of the Indenture, the Company will pay the principal of, the Change of Control Payment for, and the Redemption
Price for, with respect to, this Security to the Holder hereof in cash at the designated office of the Paying Agent on the relevant
payment date (or, if this Security is a Global Security, by wire transfer of immediately available funds on the relevant payment
date in accordance with Applicable Procedures). The Company will pay interest amounts on the Securities as provided in the Indenture.
The Company will pay all amounts in respect of the Securities in money of the United States that at the time of payment is legal
tender for payment of public and private debts.

 

    Exh. A-4 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the time Outstanding,
on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain
past Defaults or Event of Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

 

Subject to certain
conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the
Company deposits with the Trustee certain amounts of cash in U.S. Dollars, Government Obligations or a combination of both for
the payment of principal, premium, if any, and interest on the Securities.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless (1) such
Holder or Holders of not less than 25% in aggregate principal amount of the Securities at the time Outstanding shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities, (2) such Holder or Holders
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered
the Trustee indemnity or security satisfactory to the Trustee, (3) the Trustee shall not have received from the Holders of
a majority in aggregate principal amount of Securities at the time Outstanding a written direction inconsistent with such request
within sixty (60) days, and (4) the Trustee shall have failed to institute any such proceeding within sixty (60) days after
receipt of such notice, request and offer of indemnity or security. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of any payment of principal hereof (including the Change of Control Payment or the
Redemption Price) or interest hereon on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay or deliver, as the case may be, the principal of (including the Change of Control
Payment or the Redemption Price) and interest on this Security at the time, place and rate, and in the coin and currency, herein
prescribed.

 

As provided in the
Indenture and subject to certain limitations herein and therein set forth, the transfer of this Security is registrable in the
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where
the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

    Exh. A-5 

     

    

 

The Securities are
issuable only in registered form without coupons in denominations of $25.00 and integral multiples of $25.00 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, each Security is exchangeable for one or more
Securities of like tenor and of authorized denominations with an aggregate principal amount equal to the principal amount of the
Security to be exchanged, as requested by the Holder surrendering same.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or Trustee may treat the Person
in whose name the Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

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

 

All defined terms used
in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. If any provision
of this Security limits, qualifies or conflicts with a provision of the Indenture, such provision of this Security shall control.

 

    Exh. A-6 

     

    

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription of the face of this Security, shall be construed as though they were written out in full

 

	TEN COM	 	Tenants in common
	TEN ENT	 	Tenants by the entireties
	JT TEN	 	Tenants with right of Survivorship and not as tenants in common
	CUST	 	Custodian
	U/G/M/A	 	Uniform Gift to Minors Act

Additional abbreviations may also be used
though not in the above list.

 

    Exh. A-7 

     

    

 

ANNEX A

 

[Include for Global Security]

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
SECURITY

Initial principal amount of Global Security:

 

	Date	 	Amount of

Increase in

principal amount

of Global Security	 	Amount of

Decrease in

principal amount

of Global Security	 	Principal amount

of Global Security

after Increase or

Decrease	 	Notation by

Security Registrar

or Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    Exh. A-8 

     

    

ATTACHMENT
1

 

FORM OF ASSIGNMENT AND TRANSFER

 

For value received
[ ] hereby sell(s), assign(s) and transfer(s) unto [ ] (Please insert social security or Taxpayer Identification Number
of assignee) the within Security, and hereby irrevocably constitutes and appoints [ ] to [ ] transfer the said Security on the
books of the Company, with full power of substitution in the premises.

 

	 	 
	 	Signature(s)
	 	 
	 	Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:
	 	 
	 	(i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) another guarantee program

 

 

    Exh. A-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]