Document:

Exhibit
10.19

 

Execution
Version

 

THIRD
AMENDMENT AND JOINDER

TO
CREDIT AGREEMENT

 

THIS
THIRD AMENDMENT AND JOINDER TO CREDIT AGREEMENT (“Amendment”) is dated to be effective as of the 6’h day of
March, 2020 (“Effective Date”), by and between: (a) MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation,
as Administrative Agent (“Administrative Agent”); (b) the undersigned lenders (the “Lenders”) which are
parties to the “Credit Agreement” (as defined below); (c) LDRV HOLDINGS CORP., a Delaware corporation (“LDRV”),
LAZYDAYS RV AMERICA, LLC, LAZYDAYS RV DISCOUNT, LLC, LAZYDAYS MILE HI RV, LLC, LAZYDAYS OF MINNEAPOLIS LLC, LDRV OF TENNESSEE
LLC, LAZYDA YS OF CENTRAL FLORIDA, LLC, each a Delaware limited liability company (together with LDRV, each an “Existing
Borrower” and, collectively, the “Existing Borrowers”); (d) LONE STAR ACQUISITION LLC, a Delaware limited liability
company, authorized to conduct business in the State of Texas as LONE STAR LAND OF HOUSTON, LLC (“Mortgage Loan Borrower”);
(e) LONE STAR DIVERSIFIED, LLC, a Delaware limited liability company (“Diversified”); and (f) LAZYDAYS HOLDINGS, INC.,
a Delaware corporation (“Pubco Guarantor’’), LAZY DAYS’ R.V. CENTER, INC., a Delaware corporation (“Parent
Guarantor”), and LAZYDAYS LAND HOLDINGS, LLC, a Delaware limited liability company (together with Pubco Guarantor and Parent
Guarantor, collectively, the “Existing Guarantors”). The Mortgage Loan Borrower and Diversified are referred to collectively
as the “Additional Loan Parties,” The Mortgage Loan Borrower, Diversified, and the Existing Borrowers, each in its
capacity as a guarantor of various Obligations as described below, together with the Existing Guarantors, are collectively referred
to as the “Guarantors”. The Existing Borrowers, the Mortgage Loan Borrower, and Diversified, in its capacity as a
Borrower, are collectively referred to in this Amendment as the “Borrowers.” The Borrowers and the Guarantors are
collectively referred to in this Amendment as the “Obligors.” The Administrative Agent and the Lenders are collectively
referred to in this Amendment as the “Credit Parties.” The Obligors and the Credit Parties are collectively referred
to as the “Parties.”

 

RECITALS

 

The
Administrative Agent, the Lenders party thereto, and the Existing Borrowers have entered into a Credit Agreement dated as of March
15, 2018 (“Original Credit Agreement”), as amended pursuant to the First Amendment to Credit Agreement dated as of
June 30, 2018 and the Second Amendment to Credit Agreement dated as of December 6, 2018, and modified pursuant to the Joinder
Agreement and Counterpart dated August 7, 2018 by Lazydays of Minneapolis LLC as an additional co-Borrower, pursuant to the Joinder
Agreement and Counterpart dated as of December 6, 2018 by LDRV of Tennessee LLC, as an additional co-Borrower, and pursuant to
the Joinder Agreement and Counterpart dated as of August 1, 2019 by Lazydays of Central Florida, LLC, as an additional co-Borrower
(the Original Credit Agreement, as so amended and modified, collectively, the “Credit Agreement”), and the various
other “Credit Documents,” as such term is defined in the Credit Agreement. All terms used in this Amendment without
definition shall have the respective meanings given such terms in the Credit Agreement.

 

The
Existing Guarantors have executed and delivered to the Credit Parties a Guaranty Agreement dated as of March 15, 2018 (the “Original
Guaranty Agreement”) and various other Credit Documents in connection with the Credit Agreement.

 

Pursuant
to Section 5.15.3 of the Credit Agreement, the Additional Loan Parties which are wholly owned subsidiaries of LDRV are
required to become parties to the Credit Agreement and the Credit Documents, as further set forth herein, and each of them has
determined that the execution, delivery and performance of this Agreement and each of the other Credit Documents executed
in connection herewith will directly benefit them, and are within their respective limited liability company powers, purposes,
and the best interests.

 

The
Existing Borrowers and Guarantors have also requested that the Lenders provide a mortgage loan credit facility in the aggregate
principal amount of acquisition, construction, and permanent mortgage financing for a property acquired by the Mortgage Loan Borrower.

 

    	 

    	 

    

 

The
Parties hereto have entered into this Agreement in order to provide for an additional mortgage loan credit facility to be provided
by the Lenders to the Mortgage Loan Borrower and guaranteed by the Existing Borrowers, the Existing Guarantors, and Diversified,
the joinder of the Additional Loan Parties into the various credit facilities in their respective capacities as provided herein
and in the Credit Documents to amend certain definitions and covenants, and to make certain other modifications to the Credit
Agreement upon the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Parties hereby agree as follows.

 

AGREEMENT

 

Section
1. Acknowledgment And Reaffirmation Of Obligations. Each of the Obligors acknowledges and affirms that: (a) the Credit
Documents are the valid and binding obligation of each of them that is a signatory thereto; (b) the Credit Documents are enforceable
in accordance with all stated terms; and (c) none of them has any defenses, claims of offset, or counterclaims against the enforcement
of the Credit Documents in accordance with all stated terms.

 

Section
2. Joinder as of Additional Loan Parties; Mortgage Loans. Each of the Additional Loan Parties, by executing and delivering
this Amendment, hereby joins and becomes a party to the Credit Agreement and all of the other Credit Documents as a Borrower and/or
Guarantor as follows:

 

	 	(a)	The
    Mortgage Loan Borrower is the sole Borrower under the Mortgage Loans and related Obligations, and a Guarantor with respect
    to all other Loans and Obligations; and
	 	 	 
	 	(b)	Diversified
    is a Borrower under the Revolving Credit Loans, L/C Obligations, Swingline Loans, Term Loans, and related Obligations, jointly
    and severally liable with all of the Existing Borrowers under such Loans and a Guarantor with respect to all other Obligations,
    including but not limited to the Floor Plan Loans, Mortgage Loans, and related Obligations.

 

Each
of the Additional Loan Parties in the above-described capacities, hereby assumes and agrees to fully pay, observe, perform and
be bound by.jointly and severally with all of the Existing Borrowers and Existing Guarantors, all existing and future respective
Obligations of a Borrower and/or a Guarantor, as applicable, and all other respective duties, obligations, agreements and covenants
of a Borrower and/or Guarantor, as applicable under each of the Credit Documents as fully a party thereto as if it were an original
signatory thereof. Each reference to a “Borrower” or “Guarantor” in the Credit Documents shall be deemed
to include each Additional Loan Party in the above-described capacities as well as the Existing Borrowers and Existing Guarantors.
The “Obligations” shall include (without limitation) all existing and hereafter arising obligations, indebtedness
and liabilities of a Borrower and/or a Guarantor, as applicable under and in connection with the Mortgage Loans and the Mortgage
Loan Facility.

 

Each
of the Additional Loan Parties hereby grants to Administrative Agent and the Lenders, all of the rights, powers and authorities
granted to the Administrative Agent and the Lenders under the Credit Agreement and the other applicable Credit Documents by and
in respect of the Existing Borrowers and Existing Guarantors, as the case may be, and makes all grants, pledges, and agreements
applicable to an Existing Borrower or Existing Guarantor under the Credit Agreement and the Security Documents. Each of the Additional
Loan Parties agrees to execute and deliver to the Administrative Agent all Security Documents and other Credit Documents as are
required of a Borrower under the Loans to which it is a party as a Borrower (as provided above); provided that, for the
avoidance of doubt the Mortgage Loan Borrower is intended to be the sole Borrower of the Mortgage Loans and not a Borrower of
any other Loan.

 

Section
3. Guaranty Agreements. (a) Contemporaneously herewith and in addition to this Agreement, the Additional Loan Parties have
each executed and delivered to the Credit Parties a Guaranty Agreement dated as of even date herewith in connection with the Obligations
as to which it, respectively, is not a Borrower (as set forth in Section 2), and the Existing Borrowers have executed and delivered
to the Credit Parties a Guaranty Agreement dated as of even date herewith in connection with the Mortgage Loans, as defined below
(each such Guaranty Agreement, together with the Original Guaranty Agreement, collectively, the “Guaranty Agreement”).

 

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(b)
Each Existing Guarantor hereby reaffirms its obligations under its Original Guaranty Agreement to pay and perform the “Guaranteed
Obligations,” which henceforth shall include, without limitation, all liabilities, obligations and agreements of the Mortgage
Loan Borrower under the Mortgage Loan Facility, the Mortgage Loans, and the Mortgage Loan Notes. Each Existing Guarantor agrees
that it is, and shall continue to be, directly and primarily liable for the Guaranteed Obligations, as so amended, and that the
Guaranty Agreement shall remain in full force and effect as so amended.

 

Section
4. Amendment And Modification of Credit Agreement. Effective as of December 31, 2019, the Credit Agreement is hereby amended
and modified as follows:

 

Section
4.1. Additional Definitions. Section 1.0 l of the Credit Agreement is hereby amended to add the definitions set forth below:

 

“Amortization
Commencement Date” means the first day of the Permanent Loan Period, which shall be the Interest Payment Date
in the calendar month immediately following the end of the Construction Loan Period.

 

“Amortization
Period” shall be 20 years, and shall mean the approximate number of years, starting on the Amortization Commencement
Date, needed to result in the full repayment of the aggregate principal amount of the Mortgage Loans, if all regularly scheduled
payments are made at the required intervals over that period. The Amortization Period may be longer than the remaining term of
the Mortgage Loans and shall not compromise the enforceability of the Mortgage Loan Maturity Date.

 

“Benchmark
Replacement” means the sum of:(a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by the Administrative Agent in consultation with the Borrowers giving due consideration to (i) any selection or recommendation
of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated
syndicated credit facilities, and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so
determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement
for each applicable Interest Period (or one-month tern in the case the calculation of Daily LIBOR), the spread adjustment
or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has
been selected by the Administrative Agent, giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark
Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable
Unadjusted Benchmark Replacement for U.S. dollar- denominated syndicated credit facilities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including, without limitation, changes to the definition of “Base Rate,” the definition of “Interest
Period timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative
Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

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“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to LIBOR:

 

(a)
in the case of clauses (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date
of the public statement or publication of information referenced therein, and (ii) the date on which the administrator of LIBOR
permanently or indefinitely ceases to provide LIBOR; or

 

(b)
in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to LIBOR:

 

(a)
a public statement or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator
has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide LIBOR;

 

(b)
a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S.
Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority
with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority
over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide LIBOR; or

 

(c)
a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that
LIBOR is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 180th day prior to the expected date of such event as of such public statement or publication of information (or if
the expected date of such prospective event is fewer than 180 days after such statement or publication, the date of such statement
or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent, by notice to
the Borrowers and the Lenders.

 

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“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning
at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for
all purposes hereunder in accordance with this Section and (y) ending at the time that a Benchmark Replacement has replaced LIBOR
for all purposes hereunder pursuant to this Section.

 

“Capital
Expenditures” means for any Person for any period of determination thereof, (a) all net expenses incurred during such
period by such Person in connection with capital replacements, additions, renewals or improvements to any of the capital assets
of such Person which are required to be capitalized on the books and accounts of such Person in accordance with GAAP, and (b)
the amount of Capital Lease Obligations paid by such Person during such period; provided, however, Capital Expenditures shall
not include (i) expenditures for fixed assets acquired in connection with a Permitted Acquisition, (ii) the acquisition of any
Permitted Company Vehicles if such Permitted Company Vehicles are financed with Floor Plan Loans; (iii) the acquisition of Eligible
Rental Floor Plan Units, (iv) amounts spent on property acquisition or development to be funded by lessors on real property leases,
or (v) amounts spent on acquired or developed assets which are in the process of being financed or are financed within nine (9)
months of having been acquired or developed.

 

“Construction
Loan Addendum” means the Construction Loan Addendum to this Agreement in the form attached hereto as Exhibit L between
the Mortgage Loan Borrower, the other Borrowers parties to the Credit Agreement, the Administrative Agent and the Lenders.

 

“Construction
Loan Disbursement Procedures” means the procedures set forth on the Construction Loan Addendum.

 

“Construction
Loan Period” means that period of time commencing on the date of the Mortgage Loan Notes and ending on the earlier of
completion of construction or one (I) year from the date of the Mortgage Loan Notes, during which the Administrative Agent and
the Lenders may advance funds to the Mortgage Loan Borrower pursuant to this Agreement (including the Construction Loan Addendum)
and the other Credit Documents.

 

“Diversified”
means Lone Star Diversified, LLC, a Delaware limited liability company.

 

“Early
Opt-in Election” means the occurrence of:

 

(a)
(i) a determination by the Administrative Agent, or (ii) a notification by the Required Lenders to the Administrative Agent (with
a copy to the Borrowers) that the Required Lenders have determined, that other similarly situated U.S. dollar-denominated syndicated
credit facilities being executed at such time, or that include language similar to that contained in this Section, are being executed
or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and

 

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(b)
(i) the election by the Administrative Agent and the Required Lenders to declare that an Early Opt-in Election has occurred and
the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders.

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Mortgage” means
the Deed of Trust and Assignment of Rents and Leases from the Mortgage Loan Borrower to the trustees named therein for the
benefit of the Administrative Agent for the Lenders, encumbering the real property and improvements located in Harris County,
Texas, generally located at the southwest quadrant of Highway 290 and Stokes Road in Waller, Texas, and more particularly
described therein, as further described on “Exhibit A11 to the Construction Loan Addendum.

 

“Mortgage
Loan Borrower” means Lone Star Acquisition LLC, a Delaware corporation, authorized to do business in the State of Texas
as Lone Star Land of Houston, LLC.

 

“Mortgage
Loan Commitment” means, as to any Lender, the amount initially set forth opposite its name in the grid set forth below
(which grid shall be added to and incorporated by reference into Schedule 1.01.1 of the Credit Agreement), and thereafter
on any relevant Assignment And Assumption, as such amount may be adjusted from time to time in accordance with this Agreement,
and “Mortgage Loan Commitments” means the aggregate Mortgage Loan Commitments of all of the Lenders.

 

	Lender	 	Mortgage Loan Commitment	 	 	Mortgage 
Loan Commitment Percentage	 
	Manufacturers and Traders Trust Company	 	$	4,602,000	 	 	 	75	%
	BMO Harris Bank N.A.	 	$	1,534,000	 	 	 	25	%
	TOTAL	 	$	6,136,000	 	 	 	100	%

 

“Mortgage
Loan Commitment Percentage” means, as to any Lender, the percentage initially set forth opposite its name on the grid
provided in the definition of ‘‘Mortgage Loan Commitment” in the column labeled “Mortgage Loan Commitment
Percentage” and thereafter on any relevant Assignment And Assumption, as the same may be adjusted from time to time
pursuant to this Agreement.

 

“Mortgage
loan Facility” means at any time (a) during the Construction Loan Period, (i) the aggregate amount of undrawn Mortgage
Loan Commitments at such time. plus (ii) the aggregate principal amount of the Mortgage Loans of all Lenders advanced and
outstanding at such time, and (b) upon and after the expiration of the Construction Loan Period, and upon the Mortgage Loan Commitments
having been fully drawn, the aggregate principal amount of the Mortgage Loans of all Lenders outstanding at such time,

 

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“Mortgage
Loan Guarantors” means, collectively, (i) Pubco Guarantor, Parent Guarantor, Lazydays Land Holdings, LLC, and Diversified,
(ii) all Borrowers other than the Mortgage Loan Borrower, and (iii) aII of the Domestic Subsidiaries from time to time of Pubco
Guarantor other than the Mortgage Loan Borrower.

 

“Mortgage
Loan Maturity Date” means March 15, 2021.

 

“Mortgage
Loan Notes” means, collectively, the promissory notes of the Mortgage Loan Borrower evidencing the Mortgage Loans in
the form of Exhibit M attached hereto, together with all amendments and replacements thereof.

 

“Mortgage
loans” means collectively the construction line of credit/permanent mortgage extended by the Lenders to the Mortgage
Loan Borrower in accordance with the provisions of Section 2.06A of this Agreement and the other Credit Documents.

 

“Mortgage
Loans Maximum Borrowing Amount” means Six Million One

Hundred
Thirty-Six Thousand Dollars ($6,136,000.00).

 

“Mortgage
Property Support Documentation” means the deliveries, documents, and due diligence described on Schedule 1.05
attached hereto.

 

“Permanent
Loan Period” means the period from and including the Amortization Commencement Date to the Mortgage Loan Maturity Date,
during which the Mortgage Loan Borrower shall repay the outstanding principal amount of the Mortgage Loans, with interest as set
forth in this Agreement.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New
York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

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Section
4.2. Amended and Restated Definitions. Section 1.01  of the Credit Agreement is hereby amended to amend and restate in
their entirety, the respective definitions set forth below:

 

“Base
Rate” means, for any day, the fluctuating rate per annum equal to the highest of (a) the Prime Rate for such day,
(b) the Federal Funds Rate in effect on such day plus fifty (50) Basis Points, and (c) the one-month LIBOR Rate, determined on
a daily basis, plus one hundred (100) Basis Points; provided that to the extent such highest rate as calculated above
shall, at any time, be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for all purposes
herein. Any change in the Base Rate shall be effective on the opening of business on the day of such change.

 

“Guarantors” means
collectively: (a) the Mortgage Loan Guarantors with respect to the Mortgage Loans and Obligations in connection with the
Mortgage Loans; (b) Pubco Guarantor, Parent Guarantor, and Lazydays Land Holdings, LLC, a Delaware limited liability
company, with respect to all Obligations; (c) the Mortgage Loan Borrower with respect to all Obligations other than the
Mortgage Loans and related Obligations (as to which it is the Borrower), (d) Diversified with respect to all Obligations
other than the Revolving Loans, L/C Obligations, the Term Loans, the Swingline Loans, and related Obligations (as to which
it is a Borrower), and (e) all of the Domestic Subsidiaries from time to time of Pubco Guarantor other than Domestic
Subsidiaries which join into this Agreement as a Borrower.

 

“Guaranty
Agreements” means, collectively, each of the guaranty agreements of the Guarantors guaranteeing the payment and performance
of any or all of the Obligations.

 

“LJBOR
Rate” means (a) with respect to the Term Loans and Revolving Credit Loans, for any LIBOR Borrowing for any Interest
Period selected by the Borrower Representative, LIBOR for a term comparable to such Interest Period determined two (2)
Business Days prior to the first day of such Interest Period, and (b) with respect to the Mortgage Loans, for any LIBOR
Borrowing for any one month Interest Period, LIBOR for a term comparable to such one-month Interest Period, determined
two (2) Business Days prior to the first day of such Interest Period.

 

“Loans”
means, collectively, the Floor Plan Loans including the M&T Advances, Revolving Credit Loans, the Swingline Loans, the
Term Loans, and the Mortgage Loans.

 

“Maturity
Dates” means collectively (a) the Floor Plan Line of Credit Termination Date, (b) the Revolving Credit Termination Date,
(c) the Swingline Termination Date, (d) the Term Loan Maturity Date, and (e) the Mortgage Loan Maturity Date.

 

“Notes”
means, collectively, the Floor Plan Loan Notes, the Revolving Credit Notes, the Swingline Note, the Term Loan Notes, and
the Mortgage Loan Notes.

 

“Total
Credit Exposure” means, as to any Lender at any time, the unused Commitments, the Floor Plan Loan Exposure, the Revolving
Credit Exposure, outstanding Term Loans and Mortgage Loans of such Lender at such time.

 

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Section
4.3. Amendments to Definitions. Section 1.01 of the Credit Agreement is hereby amended by amending the following
definitions as set forth below:

 

(a)
The definition of “Applicable Margin” is hereby amended to replace the introductory clause of such definition
with the following:

 

“Applicable
Margin” means the following:

 

(a)
With respect to the Loans, fees, and other Obligations listed in the pricing grid below, the following percentages corresponding
to the Total Leverage Ratio in effect as of the most recent Calculation Date:

 

The
definition of “Applicable Margin” is also hereby amended to add at the end of the existing definition the following:

 

(b)
With respect to the Mortgage Loans, the “Applicable Margin” means 2.25% with respect to LIBOR Borrowings and
1.25% with respect to Adjusted Base Rate Borrowings.

 

(b)
The definition of “Commitment Percentages” shall be amended to replace the references to “Term Loan Commitment
Percentage” and “Term Loan Commitment Percentages” with respective references to “Term Loan Commitment
Percentage and Mortgage Loan Commitment Percentage” and “Term Loan Commitment Percentages and Mortgage Loan Commitment
Percentages”.

 

(c)
The definition of “Commitrnents” shall be amended to replace the references to “Term Loan Commitment”
and “Term Loan Commitments” with respective references to “Term Loan Commitment, Mortgage Loan Commitment”
and “Term Loan Commitments, Mortgage Loan Commitments”.

 

(d)
The definition of “Consolidated EBITDAR” is hereby amended to add the following sentence at the end of such
definition:

 

For
the avoidance of doubt, for the determination of ‘‘net rents” in clause (a)(ii) above in this definition, real
property leases shall be deemed operating leases rather than capital leases regardless of their treatment under GAAP, as further
set forth in Section 1.04 of this Agreement.

 

(e)
The definition of “Consolidated Fixed Charges” is hereby amended to add the following at the end thereof:

 

For
the avoidance of doubt, for purposes of this definition, “scheduled principal payments” shall not include any balloon
payment upon maturity of the Mortgage Loans.

 

(f)
The definition of “Consolidated Fixed Charge Coverage Ratio” is hereby amended and restated as set forth
below:

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of the date of determination for any Measurement Period, the ratio
for such Measurement Period of (a) Consolidated EBITDA of Pubco Guarantor and its Subsidiaries for such period minus (i) the
aggregate amount of all Non-Financed Capital Expenditures of Pubco Guarantor and its Subsidiaries for such period, (ii) Cash
Taxes For Pubco Guarantor and its Subsidiaries on a consolidated basis paid for such period, (iii) all dividends, and
distributions, other Restricted Payments paid in cash by Pubco Guarantor or any Subsidiary on a consolidated basis, excluding
(A) repurchases of Capital Stock of Pubco Guarantor in an aggregate amount not to exceed Four Million Dollars ($4,000,000)
over the life of the Loans and (B) a one-time cash dividend payment by Pubco Guarantor to the Preferred Stockholders on
account of its Series A Preferred Stock in the amount of Four Million Three Hundred Thousand Dollars ($4,300,000) to be paid
prior to September 30, 2020, to (b) Consolidated Fixed Charges for such period.

 

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For
the avoidance of doubt, the Capital Stock repurchases and cash dividend payment described in clauses “(A)” and “(B”)
above shall be included in and reported on the Compliance Certificates delivered to the Lenders pursuant to Section 5.09.5. as
part of the required Consolidated Fixed Charge Coverage Ratio calculation.

 

(g)
The definition of “Credit Documents” shall include, without limitation, this Amendment, the Mortgage Loan Notes, the
Mortgage, the Construction Loan Addendum, and the Mortgaged Property Support Documentation.

 

(h)
The definition of “Interest Period” is hereby amended by adding at the end thereof the following:

 

Notwithstanding
the foregoing, with respect to the Mortgage Loans (without necessity for election by the Borrower), the applicable LIBOR Rate
shall be set for each successive one-month Interest Period, commencing with the first draw under the Mortgage Loans, and the LIBOR
Rate shall be adjusted at the end of each such Interest Period to reflect the then-current LIBOR for the following Interest Period.

 

(i)
The definition of “LIBOR” is hereby amended to replace the reference to “ICE Benchmark Association” with
a reference to “ICE Benchmark Administration Limited”.

 

(i)
The definition of “Minimum Borrowing Amount” is hereby amended to add at the end
thereof the following:

 

and
(e) with respect to Mortgage Loan advances, $50,000.00 (or, if less, the remaining amount available for drawing under the Mortgage
Loan).

 

(k)
The definition of “Permitted Acquisition” is hereby amended to add the following sentence at the end of such
definition:

 

“Permitted
Acquisition” also includes the acquisition of real estate related to the development of an RV dealership or service
center and (w) any such acquisition shall be subject to the foregoing conditions and requirements set forth in clauses (a) -
(d) in this definition (regardless of whether it is within the definition of “Investment”), (x) each new
Subsidiary formed or acquired in connection with such Permitted Acquisition shall, at the time it becomes a subsidiary,
execute and/or deliver all such certifications, opinions, resolutions and Credit Documents as are required pursuant to
Section 5.15 hereof, (y) if financed by the Lenders, shall be subject to satisfaction of all of the requirements of the
Administrative Agent with respect to real estate collateral, including but not limited to execution and/or delivery of real
estate mortgages, a lender’s policy of title insurance, ALTA survey, environment reports, and appraisals, in each case
as are reasonably required by, and satisfactory to, the Administrative Agent and Required Lenders; and (z) in any case, shall
be subject to receipt of such Mortgage Property Support Documentation as is reasonably required by, and satisfactory to
Administrative Agent and Required Lenders.

 

(1)
The definition of “Principal Payment Date” is hereby amended to add at the end of thereof the following:

 

Notwithstanding
the foregoing, with respect to the Mortgage Loans, the “Principal Payment Date” shall be the same date as the
Interest Payment Date.

 

    	10

    	 

    

 

Section
4.4. thereof with the following: Accounting Principles. Section 1.04 is hereby amended to replace the last sentence

 

Notwithstanding
the foregoing, all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior
to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”)
and all obligations of any Persons under leases of real property shall be accounted for as operating leases for purposes of all
financial definitions and calculations for purposes of this Agreement (whether or not such operating lease obligations were in
effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective
or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements to be delivered pursuant
to Section 5.09 hereof; provided that, the financial statements required under Section 5.09 of this Agreement shall set
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.

 

Section
4.5. Mandatory Prepayments. Section 2.06.3 is hereby amended to replace the last sentence of the second paragraph thereof
with the following:

 

Mandatory
Prepayments on account of Dispositions, insurance proceeds and condemnation recoveries, issuance of Indebtedness (excluding Indebtedness
permitted to be issued pursuant to Section 6.03 hereof), issuance or sale of equity interests in the Mortgage Loan Borrower, Net
Extraordinary Receipt Payments by the Mortgage Loan Borrower and/or Diversified shall be applied in accordance with Section 2.06A
of this Agreement. All other Mandatory Prepayments shall be applied first, to outstanding amounts under the Term Loans
to reduce the applicable remaining amortization payments in inverse order of maturity until such outstanding have been reduced
to zero; second, to outstanding amounts under the Mortgage Loans to reduce the applicable remaining amortization payments
in inverse order of maturity until such outstanding have been reduced to zero, third, to outstanding Revolving Credit
Loans without a concurrent reduction in Revolving Credit Commitments, and fourth, to cash collateralize outstanding Letters
of Credit.

 

Section
4.6. Addition of Section 2.06A /Mortgage Loans). The following section 2.06A is hereby added to the Credit Agreement (immediately
following the end of Section 2.06 (and its subsections):

 

Section
2.06A. Mortgage Loans. During the Construction Loan Period and subject to the terms and conditions set forth in this Agreement
(including the Construction Loan Addendum) and the other Credit Documents, each Lender severally agrees to extend a construction/permanent
mortgage loan (each such loan, a “Mortgage Loan”) in multiple advances to the Mortgage Loan Borrower in in
the originally stated principal amount of each Lender’s respective Mortgage Loan Commitment; provided that, (a) the
maximum aggregate amount of advances of proceeds of the Mortgage Loans shall not exceed the Mortgage Loan Maximum Borrowing Amount,
(b) repayments of the Mortgage Loans shall not be readvanced, and (c) an Authorized Officer of the Mortgage Loan Borrower shall
have provided the Administrative Agent with not less than ten (10) Business Days prior written notice of the Mortgage Loan Borrower’s
request for the advance of proceeds of the Mortgage Loans and satisfied such other conditions and provided such documentation
as is required pursuant to the Construction Loan Addendum. Principal amounts advanced and outstanding as Mortgage Loans shall
be repaid with interests as set forth in Section 2.07.

 

2.06.1A.
Mortgage Loan Notes. The obligations of the Mortgage Loan Borrower to repay the Mortgage Loans to each of the Lenders shall
be evidenced by a Mortgage Loan Note to be issued to each Lender in the stated principal amount of such Lender’s respective
Mortgage Loan Commitment.

 

    	11

    	 

    

 

2.06.2A.
Payment. The Mortgage Loan Borrower unconditionally promises to pay to the Administrative Agent for the ratable accounts of
the Lenders the principal amount advanced and outstanding under the Mortgage Loans, plus all accrued and unpaid interest thereon
(at the rates per annum set forth in Section 2.07 hereof) in installments as follows: (a) during the Construction Period, all
accrued and unpaid interest, in amounts that may vary, shall be paid monthly on each Interest Payment Date, beginning on the first
Interest Payment Date following the date of the Mortgage Loan Notes and continuing through and including the Amortization Commencement
Date; and (b) during the Permanent Loan Period, consecutive monthly installments of principal, each in the amount that would result
in the outstanding principal amount of the Mortgage Loans, as of the Amortization Commencement Date, being repaid in full over
the course of the Amortization Period, together with an equal number of installments of interest payable in arrears in amounts
that may vary, due and payable on the first Interest Payment Date following the Amortization Commencement Date and continuing
on each Interest Payment Date thereafter, plus ONE (I) FINAL INSTALLMENT, due and payable on the Mortgage Loan Maturity
Date, in an amount equal to the outstanding principal balance of the Mortgage Loans, together with all other amounts outstanding
under the Mortgage Loan Notes and under the Credit Agreement and other Credit Documents with respect to the Mortgage Loans, including
accrued interest, costs, expenses, and other sums and charges.

 

2.06.3
A. Mandatory Prepayments. The Mortgage Loan Borrower promises to pay, or cause to be paid, to the Administrative Agent for
the accounts of the Lenders the Mandatory Prepayments required pursuant to Section 2.06.3 of this Agreement. In addition, the
Mortgage Loan Borrower promises to make such prepayments required pursuant to the Construction Loan Addendum and the Mortgage.

 

2.06.4
A. Voluntary Prepayments. The Mortgage Loan Borrower may, upon notice to the Administrative Agent, at any time or
from time to time voluntarily prepay the Mortgage Loans in whole or in part without premium or penalty except for the charges
set forth in Section 2.07; provided that (a) such notice must be received by the Administrative Agent not later than
11:00 a.m. (i) three (3) Business Days prior to any date of any prepayment; and (b) any voluntary prepayment of the Mortgage
Loans shall be in a principal amount of not less than One Million Dollars ($1,000,000). The Administrative Agent will
promptly notify each Lender of its receipt of each such notice, and of the amount of such Mortgage Loan Commitment Percentage
of such prepayment. If such notice is given by the Mortgage Loan Borrower, the Mortgage Loan Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a LIBOR Borrowing at the Adjusted LIBOR Rate shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amounts required pursuant to Section 2.07.3. Each such prepayment shall be applied to
the Mortgage Loans in

accordance
with the Mortgage Loan Commitment Percentages of the Lenders.

 

Section
2.06.5A. Permitted Purposes Of Mortgage Loans. The proceeds of the Mortgage Loans shall be used by the Mortgage Loan Borrower
to finance the land acquisition and construction of a new service facility outside of Houston, Texas (generally known as the southwest
quadrant of Highway 290 and Stokes Road in Waller, TX and more particularly described on the Mortgage). Advances under the Mortgage
Loans for the purposes of construction shall be made in accordance with the Construction Loan Addendum.

 

    	12

    	 

    

 

Section
4.7. Amendment to Section 2.07 (Interest Terms Applicable to the Loans).

 

(a)
Section 2.07.1 is hereby amended and restated in its entirety as set forth below:

 

2.07.1
Adjusted Base Rate. Swingline Loans advanced and outstanding shall bear interest at the Adjusted Base Rate. Absent a timely
election by the Borrower Representative of a LIBOR Borrowing in accordance with Section 2.07.2 of this Agreement, the unpaid balances
of the Floor Plan Loans (including M&T Advances), Revolving Credit Loans, and Term Loans, including any balances of any Adjusted
LIBOR Rate Borrowings for which the applicable Interest Period has expired without an effective continuation, shall be deemed
automatically to bear interest at the Adjusted Base Rate. Changes in the Adjusted Base Rate shall be made when and as changes
in the Base Rate occur. Each election by the Borrower Representative of an Adjusted Base Rate Borrowing shall be in the Minimum
Borrowing Amount, or any multiple thereof. Payments on account of Adjusted Base Rate Borrowings shall be due and payable in arrears
monthly on the Interest Payment Date in each consecutive month.

 

(b)
Section 2.07.2 (captioned “LIBOR Borrowing Option”) is hereby amended such that subsection “( c)”
below (captioned “Interest Rate Applicable to Mortgage Loans”) shall be added to such Section immediately following
subsection “(b)” (captioned “Election of Adjusted Daily LIBOR Borrowing”):

 

(c)
Interest Rate Applicable to Mortgage Loans.

 

i.
Adjusted LIBOR Rate. Subject to the terms of this Section (including subsection “(ii)” (captioned “Availability”),
interest shall accrue on principal balances advanced and outstanding on account of the Mortgage Loans at the Adjusted LIBOR
Rate for successive one-month Interest Periods determined for the first draw under the Mortgage Loans and continuing thereafter
as redetermined and reset for each consecutive Interest Period. Interest payments shall be due and payable in arrears on the Interest
Payment Date at the end of each such Interest Period.

 

ii.
Availability. If prior to the commencement of any Interest Period for a LIBOR Borrowing: (I) the Administrative Agent is
advised that the Required Lenders have determined that a Change In Law or a change in market conditions has made it impractical
for the Lenders to offer pricing based on the Adjusted LIBOR Rate; or (2) the Administrative Agent determines (which determination
shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBOR Rate for
such Interest Period; or (3) the Administrative Agent is advised by the Required Lenders that the LIBOR Rate applicable to such
Interest Period will not adequately and fairly reflect the cost to the Lenders of making or maintaining the proposed LIBOR Borrowing
for such Interest Period; then the Administrative Agent shall give notice thereof to the Mortgage Loan Borrower and the Lenders
as promptly as practicable thereafter and, until the Administrative Agent notifies the Mortgage Loan Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist, (x) any request to convert any borrowing to, or continue any
borrowing as, a LIBOR Borrowing shall be ineffective and (y) any requested LIBOR Borrowing shall bear interest at the Adjusted
Base Rate.

 

    	13

    	 

    

 

Section
4.8. Amendment to Section 2.07.3 /Breakage Costs). Section 2.07.3 of the Credit Agreement
is hereby amended by replacing clause (I) therein with the following:

 

(I)
any repayment or prepayment of any LIBOR Borrowings (including any payment resulting from the acceleration of the Loans in accordance
with the terms of this Agreement or from an assignment required by Section 2.11 of this Agreement) or any conversion of LIBOR
Borrowings for any reason occurs on a date which is not a Business Day and, with respect to any LIBOR Borrowing on account of
a Revolving Credit Loan, Term Loan, or Mortgage Loan is not the last day of an Interest Period.

 

Section
4.9. Additional Amendment to Section 2.07. Section 2.07 of the Credit Agreement is hereby amended by adding the following
subsections 2.07.10 and 2.07.11 as set forth below:

 

2.07.10.
Effect of Benchmark Transition Event.

 

(a) Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Credit Document, upon the occurrence of a
Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrowers may amend
this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event
will become effective at 5:00 p.m. on the fifth (5th ) Business Day after the Administrative Agent has posted (or otherwise
made available) such proposed amendment to all Lenders and the Borrowers so long as the Administrative Agent has not
received, by such time, written notice of objection to sue amendment from Lenders comprising the Required Lenders. Any such
amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required
Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No
replacement of LIBOR with a Benchmark Replacement pursuant to this Section titled “Effect of Benchmark Transition
Event” (“this Section”) will occur prior to the applicable Benchmark Transition Start Date. The Borrowers
shall pay all out-of-pocket costs (including reasonable attorney fees) incurred by the Administrative Agent in connection
with any amendment and related actions contemplated in this Section.

 

(b)
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to
the contrary herein or in any other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes
will become effective without any further action or consent of any other party to this Agreement. Administrative Agent shall not
be liable to any party hereto for any Benchmark Replacement Conforming Changes it makes in good faith.

 

(c) Notices;
Standards for Decisions and Determinations. The Administrative Agent will endeavor to promptly notify the Borrowers and
the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii)
the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark
Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders
pursuant to this Section, including, without limitation, any determination with respect to a tenor, rate or adjustment, or of
the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any
action, will be conclusive and binding on all parties hereto absent manifest error, and may be made in its or their sole
discretion and without consent from any other party hereto (except, in each case, as expressly required pursuant to this
Section) and shall not be a basis of any claim of liability of any kind or nature by any party hereto, all such claims being
hereby waived individually by each party hereto.

 

    	14

    	 

    

 

(d)
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability
Period, the Borrowers may revoke (as applicable) revoke any request for a LIBOR Borrowing of, conversion to, or continuation of
Loan to be made, converted or continued at the Adjusted LIBOR Rate during any Benchmark Unavailability Period and, failing that,
the Borrowers will be deemed to have converted any such request (as applicable) into a request for a borrowing of or conversion
to a loan that shall accrue interest at Adjusted Base Rate. During any Benchmark Unavailability Period, the component of Base
Rate based upon LIBOR will not be used in any determination of Adjusted Base Rate.

 

2.07.11. Disclosure
Regarding the Availability of LIBOR. Each of the Borrowers acknowledges and understands that (i) (USD) LIBOR is
established, issued and regulated by third parties, and that its continuing existence and ongoing viability as a source and
basis for establishing contractual interest rates is entirely outside the control of M&T Bank, (ii) regulatory agencies
in the United States and worldwide have advised that LIBOR may be discontinued after 2021, or possibly sooner, (iii) in order
to address the possibility of LIBOR discontinuance, the terms of any Loans or proposed loan(s) referenced herein may include
provisions (modeled after recommendations issued by the Federal Reserve’s Alternative Reference Rates Committee, or
otherwise) that contemplate the replacement of LIBOR as a basis for establishing the applicable interest rate for such loans,
and (iv) should the actual discontinuance of LIBOR occur, any replacement index may be materially different than LIBOR, and
necessitate substantive changes (arising from such differences) to the manner in which the applicable interest rate for the
proposed loan(s) is calculated and applied. Notwithstanding the above, each of the Borrowers have knowingly and voluntarily
requested and/or accepted a LIBOR pricing proposal from M&T Bank, accepting any inherent risks associated with the
utilization and any subsequent discontinuance of LIBOR, and hereby waives any claims or defenses against the Bank in
connection therewith.

 

Section
4.10. Amendment to Section 5.13 /Inspection Rights). Section 5.13 of the Credit Agreement is hereby amended by adding at
the end thereof the following additional sentence:

 

Without
limitation to the foregoing the Mortgage Loan Borrower, Diversified, and the other Loan Parties hereby agree to permit the Credit
Parties and their designees to visit and inspect the property that is encumbered by the Mortgage in accordance with the terms
of the Construction Loan Addendum and the Mortgage.

 

Section
4.11. Amendment to Section 8.05 (Application of Funds). Section 8.05 of the Credit Agreement is hereby amended by adding
at the end thereof the following:

 

Notwithstanding
the foregoing, any amounts received on account of the Mortgage or the property encumbered thereby shall be applied to the Mortgage
Loans and related Obligations in the order set forth in the Mortgage, or if not so specified, in the order specified in sections
8.05.1 -8.05.5 with respect to the other Obligations.

 

    	15

    	 

    

 

Section
4.12 Schedule 1.05 (captioned “Mortgage Property Support Documentation”) is hereby added to the Credit
Agreement.

 

Section
4.13. The following Exhibits (attached hereto) are hereby added to the Credit Agreement: Exhibit L, “Construction
Loan Addendum” and Exhibit M, “Mortgage Loan Notes”.

 

Section
5. Representations And Warranties. As an inducement to the Credit Parties to enter into this Amendment and to agree to
the amendments and modifications set forth herein, each of the Obligors makes the following representations and warranties to
the Credit Parties:

 

Section
5.1. Authority And Good Standing. Each of the Obligors: (a) is in good standing in the jurisdiction of its organization;
(b) is duly licensed or qualified and in good standing in all jurisdictions where the property owned or leased by it or the nature
of the business transacted by it makes such licensing or qualification necessary, and (c) has the power to enter into this Amendment
and to perform all of its obligations hereunder. The execution, delivery, and performance of its obligations under this Amendment,
the Credit Agreement, and the other Credit Documents have been authorized by all necessary organizational action of each of the
Obligors.

 

Section
5.2. No Consent. No consent, approval, exemption, order or authorization of, or a registration or filing with any
Governmental Authority or any other Person is required by any Law or any agreement (other than the Credit Documents) in connection
with the execution and delivery of this Amendment and carrying out of the Credit Agreement and the Credit Documents, as amended.

 

Section
5.3. No Conflict. The execution and delivery of this Amendment by the Additional Loan Parties and performance by the
Additional Loan Parties of their respective obligations under the Credit Agreement do not and will not (a) contravene the
terms of any Additional Loan Party’s Organization Documents; (b) conflict with or result in any breach or contravention
of, or the creation of any Lien under, require any payment to be made under, or require any notice or consent (that has not
been given or obtained) under (i) any contractual obligation to which such Additional Loan Party is a party or affecting such
Additional Loan Party or the properties of such Additional Loan Party or any of its Subsidiaries, (ii) any Organization
Document of any Additional Loan Party, any Existing Borrower, or any Guarantor, or (iii) any order, injunction, writ or
decree of any Governmental Authority or any arbitral award to which any such Additional Loan Party or its property is
subject, or (c) violate any Law.

 

Section
5.4. Enforceability. This Amendment and each of the other Credit Documents to which each of the Obligors is a party have
been duly executed and delivered by each Obligor and constitute legal, valid and binding obligations of each of the Obligors
enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
and similar Laws affecting creditors’ rights generally and general principles of equity.

 

Section
5.5. Accuracy Of lnformation. All information and data submitted by or on behalf of the Obligors in connection with this
Amendment and the amendments and other transactions contemplated herein is true, accurate and complete in all material respects
as of the date made and contains no knowingly false, incomplete or misleading statements.

 

Section
5.6. Pending Proceedings. There are no actions, suits, proceedings or investigations pending or, to the knowledge of any
of the Obligors threatened, against any Obligor or any assets of any Obligor, the adverse determination of which,
individually or in the aggregate, could be reasonably expected to result in any Material Adverse Change. No judgments have been
entered against any of the Obligors which would result in an Event of Default under Section 7.05 of the Credit Agreement.

 

Section
5.7. Events of Default. As of the Effective Date, no Defaults or Events of Default exist.

 

Section
6. Designation of Borrower Representative; Notices. Each of the Additional Loan Parties each hereby
designates and appoints the Borrower Representative as its representative and agent to act on its behalf as set forth in Section
2.18.l of the Credit Agreement, with full power and authority to issue, execute, deliver and acknowledge as appropriate, loan
notices, interest rate elections, notices of various events and occurrences required by the Credit Agreement and certificates
including Compliance Certificates, and to give instructions with respect to the disbursement of the proceeds of the Loans (other
than the Mortgage Loans which shall be requested by the Mortgage Loan Borrower), give and receive all other notices and consents
hereunder or under any of the other Credit Documents and take all other actions (including in respect of compliance with covenants)
on its behalf under the Credit Documents. This power-of attorney is coupled with an interest and cannot be revoked, modified or
amended without the prior written consent of the Required Lenders. All notices to the Additional Loan Parties shall be given as
set forth in Section 10.10 of the Credit Agreement with respect to a Borrower.

 

    	16

    	 

    

 

Section
7. Further Assurances. Each of the Obligors agrees to execute and deliver to the Administrative Agent such documents as
may, from time to time, be reasonably requested by the Administrative Agent in order to amend and modify the Credit Agreement
and the other Credit Documents as contemplated by this Amendment.

 

Section
8. No Novation; No Refinance; No Impairment of Security Interest. It is the intent of each of the Parties hereto that nothing
contained in this Amendment shall be deemed to effect or accomplish or otherwise constitute a novation of any of the Loans or
the Credit Documents or of any of the obligations owed by any of the Obligors to the Credit Parties or to be a refinance of any
of the Obligations. This Amendment shall not release, limit or impair in any way the effectiveness and priority of the security
interests, mortgages, pledges, assignments, and other Liens in the Collateral granted, described, and provided in the Credit Agreement
and the other Credit Documents for the benefit of the Secured Parties as security for the Obligations, all of which security interests,
mortgages, pledges, assignments, and other Liens shall continue unimpaired in full force and effect and are hereby ratified and
confirmed.

 

Section
9, Limited Amendment. Except to the extent amended pursuant to Section 2 of this Amendment, all of the terms, covenants,
conditions, and provisions of the Credit Agreement and the other Credit Documents shall remain in full force and effect and are
hereby ratified and confirmed by each of the Obligors which is a party thereto. Nothing herein shall constitute a waiver of any
provision of the Credit Agreement or any of the other Credit Documents, and each of the Obligors hereby ratifies and confirms
all of the Credit Documents to which it is a party, after giving effect to the amendments set forth herein, No failure or delay
by any of the Credit Parties in the exercise or enforcement of any of their rights under the Credit Agreement or any other Credit
Document shall be a waiver of such right or remedy nor shall a single or partial exercise or enforcement thereof preclude any
other or further exercise or enforcement thereof or the exercise or enforcement of any other right or remedy. Any such consent
or waiver must be specific and in writing to be binding upon the Credit Parties and no such consent or waiver shall constitute,
unless specifically so expressed in writing by the Administrative Agent, a future consent to, or waiver of, performance
or exact performance by the Obligors. No consent, amendment, or waiver shall constitute a course of dealing.

 

Section
10. Enforceability. This Amendment shall inure to the benefit of and be enforceable against each of the Parties and
their respective successors and assigns.

 

Section
11. Reimbursement of Administrative Agent’s Expenses. The Borrowers agree to reimburse to the Administrative Agent
promptly upon receipt of an invoice therefor, all Credit Party Expenses incurred by the Administrative Agent in connection with
the negotiation and preparation of this Amendment, and all other expenses incurred by the Administrative Agent as of that date
in connection with the consummation of the transactions and matters described herein,

 

Section
12. Choice Of Law; Consent To Jurisdiction; Agreement As To Venue. This Amendment shall be construed, performed and enforced
and its validity and enforceability determined in accordance with the Laws of the State of New York (“Governing State”).
Sections 10.20 (captioned “Jurisdiction”), 10.21 (captioned “Venue”), and 10.22
(captioned “Service of Process) of the Credit Agreement are incorporated herein by reference and each of the Obligors hereby
agrees to all such terms.

 

Section
13. RELEASE. IN ORDER TO INDUCE THE ADMINISTRATIVE AGENT AND THE LENDERS TO ENTER INTO THIS AMENDMENT, EACH OF THE OBLIGORS
FOREVER RELEASES AND DISCHARGES THE ADMINISTRATIVE AGENT AND THE LENDERS AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES,
ATTORNEYS, AND AGENTS (COLLECTIVELY, THE “RELEASED PARTIES”) FROM ANY AND ALL CLAIMS, CAUSES OF ACTION, SUITS AND
DAMAGES (INCLUDING CLAIMS FOR ATTORNEYS’ FEES AND COSTS), ARISING OUT OF A COMMISSION OR OMISSION OF THE ADMINISTRATIVE
AGENT OR THE LENDERS EXISTING OR OCCURRING ON OR PRIOR TO THE EFFECTIVE DATE, WHICH ANY OF THE OBLIGORS, JOINTLY OR SEVERALLY,
EVER HAD OR MAY NOW HAVE AGAINST ANY OF THE RELEASED PARTIES FOR ANY SUCH CLAIMS ARISING OUT OF OR RELATED IN ANY WAY TO THE OBLIGATIONS,
THE CREDIT DOCUMENTS, THIS AMENDMENT, OR THE ADMINISTRATION THEREOF, WHETHER KNOWN OR UNKNOWN, INCLUDING BUT NOT LIMITED TO ANY
AND ALL SUCH CLAIMS BASED UPON OR RELYING ON ANY ALLEGATIONS OR ASSERTIONS OF DURESS, ILLEGALITY, UNCONSCIONABILITY, BAD FAITH,
BREACH OF CONTRACT, REGULATORY VIOLATIONS, NEGLIGENCE, MISCONDUCT, OR ANY OTHER TORT, CONTRACTOR REGULATORY CLAIM OF ANY KIND
OR NATURE. THIS RELEASE IS INTENDED TO BE FINAL AND IRREVOCABLE AND IS NOT SUBJECT TO THE SATISFACTION OF ANY CONDITIONS OF ANY
KIND.

 

    	17

    	 

    

 

Section
14. Texas Property Code Waiver. Each of the Loan Parties hereby waives for the benefit of the Credit Parties any and all
rights under Sections 51.003, 51.004, and 51.005 of the Texas Property Code, as amended.

 

Section
15. Counterparts And Delivery. This Amendment may be executed and delivered in counterparts, (and by different Parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. Delivery of an executed counterpart of a signature page to this Amendment electronically or via facsimile shall
be just as effective as the delivery of a manually executed counterpart of this Amendment.

 

Section
I 6. USA Patriot Act Notice. The Administrative Agent hereby notifies the Additional Loan Parties that pursuant to the
requirements of the USA Patriot Act it is required to obtain, verify and record information that identifies each Additional Loan
Party, which information includes the name and address of each Additional Loan Party and other information that will allow the
Administrative Agent and the other Secured Parties to identify the Additional Loan Parties in accordance with the USA Patriot
Act. Each Additional Loan Party agrees to, promptly following a request by the Administrative Agent, provide all such other documentation
and information that the Administrative Agent reasonably requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti money laundering rules and regulations, including the USA Patriot Act.

 

Section
17. Waiver of Jury Trial. All Parties to this Amendment waive the right to a trial by jury in any action brought to enforce
or construe this Amendment or which otherwise arises out of or relates to this Amendment or the transactions contemplated herein.

 

[Signatures
Begin On The Following Page]

 

    	18

    	 

    

 

Signature
Page To Third Amendment and Joinder to Credit Agreement - Continued:

 

	 	ADMINISTRATIVE
    AGENT:
	 	 	                          
	 	MANUFACTURERS
    AND TRADERS TRUST COMPANY,
	 	A
    New York Banking Corporation,
	 	In
    its Capacity As Administrative Agent
	 	 	 
	 	By:	/s/ Brendan
    Kelly
	 	 	Brendan
    Kelly,
	 	 	Vice
    President

 

	 	LENDER:
	 	 
	 	MANUFACTURERS
    AND TRADERS TRUST COMPANY,
	 	As
    A Lender
	 	 
	 	By:	/s/
    Brendan Kelly
	 	 	Brendan
    Kelly:                   
	 	 	Vice
    President

 

    	 

    	 

    

 

Signature
Page To Third Amendment and Joinder to Credit Agreement - Continued:

 

	 	LENDER:
	 	 
	 	BMO
    HARRIS BANK N.A.,
	 	As
    A Lender
	 	 	 
	 	By	/s/
    Jonathan Terrell,
	 	 	Jonathan Terrell,
	 	 	Vice
    President

 

    	 

    	 

    

 

SCHEDULE
1.05

 

Mortgage
Property Support Documentation

 

“Mortgage
Property Support Documentation” means the following, all in form and substance satisfactory to the Administrative Agent:

 

	(a)	Mortgages
    and Assignment of Leases and Rents. Fully executed, notarized, and recordable mortgages and deeds of trust (as applicable
    based on relevant state law and customary practice) granted by one or more of the Borrowers as security for the Obligations
    (collectively, “Mortgages”) and, an Assignment of Leases and Rents (either as a separate document or incorporated
    into the Mortgage (as required by the Administrative Agent)) for each property to be collateral security for the Obligations
    (each such property, “Real Property”) pursuant to the terms of the Credit Documents.
	 	 
	(b)	Mortgage
    Policies. Fully paid American [or Texas, California, as/if applicable] Land Title Association Lender’s Extended
    Coverage title insurance policies in form and substance reasonably acceptable to Administrative Agent (the “Mortgage
    Policies”), with endorsements and in amounts acceptable to the Administrative Agent, issued by title insurers acceptable
    to the Administrative Agent (“Title Insurance Company”), insuring the Mortgages to be valid first and subsisting
    Liens on the Real Property described therein, free and clear of all defects (including, but not limited to, mechanics’
    and materialmen’s Liens) and encumbrances, excepting only Permitted Liens (as defined in the respective Mortgage), and
    providing for such other affirmative insurance and endorsements to title and such coinsurance and direct access reinsurance
    as the Administrative Agent may deem necessary or desirable. Further, each Loan Party agrees to provide or obtain any customary
    affidavits and indemnities as may be required or necessary to obtain Mortgage Policies satisfactory to the Administrative
    Agent and the Title Insurance Company.
	 	 
	(c)	Survey.
    Current American Land Title Association/American Congress on Surveying and Mapping form surveys, for which all necessary fees
    (where applicable) have been paid, in form and substance satisfactory to and satisfactory to each of the Administrative Agent
    and the Title Insurance Company by a land surveyor duly registered and licensed in the States in which the Real Property described
    in such surveys is located, showing all buildings and other improvements, any off-site improvements, the location of any easements,
    parking spaces, rights of way, building set-back lines and other dimensional regulations and the absence of encroachments,
    either by such improvements or on to such Real Property, and other defects, other than encroachments and other defects acceptable
    to the Administrative Agent and the Title Insurance Company or satisfactory “same as survey” title coverage.
	 	 
	(d)	Flood
    Hazard Documentation. For all Real Property subject to a Mortgage, (i) “Life of Loan” Federal Emergency Management
    Agency Standard Flood Hazard determinations, (ii) if applicable, notices, in the form required by federal Flood Laws, as to
    special flood hazard area status and flood disaster assistance duly executed by the Borrowers or any other applicable Loan
    Party, and, (iii) if any building on an improved Real Property encumbered by a Mortgage is located in a Special Flood Hazard
    Area, or if otherwise required based on such determinations and notices, a flood insurance policy on terms reasonably satisfactory
    to the Administrative Agent and each Lender, as determined at least 10 Business Days prior to the signing of any Mortgage.

 

    	1

    	 

    

 

	(e)	Insurance.
    Evidence of casualty, liability and other insurance required by the terms of the Mortgages and the Credit Documents.
	 	 
	(f)	Appraisal.
    An appraisal of the Real Property described in each of the Mortgages complying with the requirements of the Federal Financial
    Institutions Reform, Recovery and Enforcement Act of 1989, as amended (“FIRREA”) in all respects which appraisals
    shall be in form and substance reasonably satisfactory to the Administrative Agent and prepared by a third-party appraiser
    compliant with FIRREA requirements and acceptable to the Administrative Agent.
	 	 
	(g)	Legal
    Opinions. To the extent requested by the Administrative Agent, favorable opinions of counsel to the Loan Parties for each
    jurisdiction in which the Real Property is located in form and substance reasonably acceptable to Administrative Agent and
    its counsel.
	 	 
	(h)	Property
    and Environmental Reports. Satisfactory third-party engineering, soils, environmental reports/reviews, property condition
    reports, if applicable and other reports, in form and substance acceptable to the Administrative Agent, from professional
    firms acceptable to Administrative Agent, including, but not limited to Phase I environmental assessments.
	 	 
	(i)	Environmental
    Indemnity Agreement. The Administrative Agent shall have received an Environmental Indemnity Agreement, in form and substance
    satisfactory to the Administrative Agent, executed by all Borrowers and Guarantors and covering all Real Property.
	 	 
	(j)	Leased
    Real Property Documents. To the extent requested by the Administrative Agent with respect to real property covered by
    ground leases, all lease agreements between the applicable leasing entity and each of the lessors of the leased Mortgaged
    Properties (as applicable) and estoppel and consent agreements executed by each of the lessors of the leased Mortgaged Properties
    (as applicable), along with (i) a memorandum of lease in recordable form with respect to such leasehold interest, executed
    and acknowledged by the owner of the affected Real Property, as lessor, or (ii) evidence that the applicable lease with respect
    to such leasehold interest or a memorandum thereof has been recorded in all places necessary or desirable, in the Administrative
    Agent’s reasonable judgment, to give constructive notice to third-party purchasers of such leasehold interest, or (iii)
    if such leasehold interest was acquired or subleased from the holder of a recorded leasehold interest, the applicable assignment
    or sublease document, executed and acknowledged by such holder, in each case in form sufficient to give such constructive
    notice upon recordation and otherwise in form and substance reasonably satisfactory to the Administrative Agent.
	 	 
	(k)	Estoppels
    and SNDA. To the extent requested by the Administrative Agent, as to owned Mortgage Properties, copies of the leases (as
    applicable), along with (i) estoppel certificates, from the lessees for such Mortgaged Properties and (ii) subordination and
    attornment agreements, or subordination, non-disturbance and attornment agreements, as applicable based on the affiliate or
    non-affiliate status of the lessee, in each case form and substance reasonably satisfactory to the Administrative Agent from
    those tenants of such Mortgaged Properties.
	 	 
	(l)	Other
    Real Property Information. The Administrative Agent shall have received such other certificates, documents and information
    as are reasonably requested by the Lenders, each in form and substance reasonably satisfactory to the Administrative Agent.

 

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	 	 	EXHIBIT
    L
	 	 	TO
    CREDIT AGREEMENT
	Execution
    Version	 	 

 

CONSTRUCTION
LOAN ADDENDUM

 

THIS
CONSTRUCTION LOAN ADDENDUM (this “Addendum”) is made to be effective as of the 6th day of March, 2020 by
and among each lender from time to time a party to this Addendum (individually, a “Lender” and collectively,
the “Lenders”), MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation (in its capacity
as Administrative Agent and its successors and assigns in such capacity, “Administrative Agent”), and LONE
STAR ACQUISITION LLC, a Delaware limited liability company authorized to do business in the State of Texas as Lone Star Land
of Houston, LLC (“Mortgage Loan Borrower”), and the other Borrowers which are parties to the Credit Agreement
(as hereinafter defined). This is an addendum to the Credit Agreement dated as of March 15, 2018 (as amended, modified, extended,
renewed, restated, supplemented or replaced from time to time, the “Credit Agreement”) by and among the Mortgage Loan
Borrower, the other Borrowers which are parties thereto, the Administrative Agent and the Lenders which are parties thereto, who
agree as follows:

 

ARTICLE
1 – THE MORTGAGE LOANS

 

1.1
Definitions; General Information and Exhibits. This Addendum includes the Exhibits listed below, all of which Exhibits
are attached hereto and made a part hereof for all purposes. Mortgage Loan Borrower, the other Borrowers, and Lenders agree that
if any Exhibit to be attached to this Addendum contains blanks, the same shall be completed correctly and in accordance with this
Addendum prior to or at the time of the execution and delivery thereof.

 

	Exhibit
    “A”	-	Legal
    Description of the Land
	Exhibit
    “B”	-	Definitions
	Exhibit
    “C”	-	Conditions
    Precedent to the Initial Advance
	Exhibit
    “D”	-	Budget
	Exhibit
    “E”	-	Plans
	Exhibit
    “F”	-	Advances
	Exhibit
    “F-1”	-	Draw
    Request
	Exhibit
    “G”	-	Survey
    Requirements
	Exhibit
    “H”	-	Lease
    Agreement

 

The
Exhibits contain other terms, provisions and conditions applicable to the Loan. Capitalized terms used in this Addendum shall
have the meanings assigned to them throughout this Addendum and in Exhibit “B”, and any terms used herein without
definition shall have the meaning given each such respective term in the Credit Agreement. This Addendum and the other Credit
Documents, which must be in form, detail and substance satisfactory to Administrative Agent and Lenders, evidence the agreements
of the Mortgage Loan Borrower, the other Borrowers, Administrative Agent and Lenders with respect to the Loan. The Mortgage Loan
Borrower and the other Borrowers shall comply with all of the Credit Documents.

 

1.2
Description of Mortgage Loans; Purpose. The Mortgage Loans are in the aggregate principal amount of Six Million One Hundred
Thirty-Six Thousand Dollars ($6,136,000.00). The proceeds of the Mortgage Loans shall be used by Mortgage Loan Borrower as follows:
(a) to pay, in part, the cost of acquisition of the Land, (b) the remainder to pay the cost of the construction of the Improvements
on the Land, and (c) to pay other fees, costs and expenses relating to the Property if and to the extent that such costs are specifically
provided for in the Budget.

 

1.3
Commitment to Lend. Mortgage Loan Borrower agrees to borrow from each Lender, and each Lender severally agrees to make
advances to or on behalf of Mortgage Loan Borrower of its pro rata share of the proceeds of the Mortgage Loans in amounts at any
one time outstanding not to exceed such Lender’s Mortgage Loan Commitment Percentage and (except for Administrative Agent
with respect to Administrative Agent Advances), on the terms and subject to the conditions set forth in this Addendum and Exhibit
“C” and Exhibit “F” attached to this Addendum. Lenders’ Mortgage Loan Commitments shall
expire and terminate automatically (a) if the Mortgage Loans are prepaid in full, (b) upon the occurrence, and during the continuance,
of a Default and the election by Administrative Agent and/or the Required Lenders to terminate Lenders’ Mortgage Loan Commitments
in accordance with Section 4.2 of this Addendum, and (c) on the Maturity Date. The Mortgage Loans are not revolving. Any amount
repaid may not be reborrowed.

 

    	 

    	 

    

 

1.4
Budget. The Budget is attached to this Addendum as Exhibit “D”. The amounts listed in the Budget as
the (a) “Total Costs” are the maximum costs anticipated by Mortgage Loan Borrower for each item specified;
(b) “Total Budget” is the maximum cost anticipated by Mortgage Loan Borrower for the Project; (c) “Loan
Proceeds” are the maximum amounts to be advanced under the Mortgage Loans (up to the aggregate principal amount of the
Mortgage Loans and (d) “Up-Front Equity” is the dollar amount shown on the Budget (in the column captioned
“Total Equity” to be paid by Mortgage Loan Borrower towards the Total Costs prior to the Initial Advance of the Loan.
Loan Proceeds shall be advanced subject to the terms, covenants, conditions and provisions of this Addendum, including without
limitation, the provisions of Exhibit “C” and Exhibit “F” to this Addendum. Mortgage Loan
Borrower shall not amend the Budget, or otherwise reallocate Mortgage Loans funds from one Budget line item to another, without
the prior written approval of Administrative Agent in its reasonable discretion. The Mortgage Loan Borrower acknowledges that
Draw Requests which include such changes (including Permitted Changes) to the Budget, may require additional time for review,
analysis, and approval prior to funding of a Draw Request by the Lenders. The Budget has been prepared by Mortgage Loan Borrower,
and Mortgage Loan Borrower represents to Administrative Agent and Lenders that, to the best of Mortgage Loan Borrower’s
information and belief, the Budget includes all material costs incident to the Mortgage Loans and the Project through the Completion
of Construction (collectively, the “Aggregate Cost”) after taking into account the requirements of this Addendum,
including “hard” and “soft” costs, fees and expenses. Unless approved by Administrative Agent in its reasonable
discretion, no advance shall be made (a) for any cost not set forth in the Budget, (b) from any line item in the Budget that,
when added to all prior advances from that line item, would exceed the lesser of (i) the actual cost incurred by Mortgage Loan
Borrower for such line item, or (ii) the sum shown in the Budget for such line item, (c) from any contingency line item in the
Budget, or (d) to pay interest on the Mortgage Loans after commencement of operations in the Improvements, if and to the extent
that there is sufficient net operating income from the Property to pay such interest. Advances from any line item in the Budget
for purposes other than those for which amounts are initially allocated to such line item, or changes in the relative amounts
allocated to particular line items in the Budget may only be made as Administrative Agent in its reasonable discretion deems necessary
or advisable.

 

1.5
Mortgage Loan Borrower’s Deposit. If at any time Administrative Agent reasonably determines that the sum of: (a)
any unadvanced portion of the Mortgage Loans to which Mortgage Loan Borrower is entitled, plus (b) the portions of the Aggregate
Cost that are to be paid by Mortgage Loan Borrower from other funds that, to Administrative Agent’s reasonable satisfaction,
are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate Cost, Mortgage Loan Borrower
shall, within fifteen (15) Business Days after written notice from Administrative Agent, deposit with Administrative Agent the
amount of the deficiency (“Mortgage Loan Borrower’s Deposit”) in an interest-bearing account of Administrative
Agent’s selection and Mortgage Loan Borrower’s approval with interest earned thereon to be part of Mortgage Loan Borrower’s
Deposit. In particular, and not in limitation of the foregoing, in the event that Administrative Agent shall determine at any
time, that the sums allocated under the Mortgage Loans for the payment of interest and debt service, and available for advance
to Mortgage Loan Borrower, shall be insufficient to fully support the Project through Completion of Construction, then Mortgage
Loan Borrower shall be required to make a Mortgage Loan Borrower’s Deposit in an amount, sufficient in the reasonable estimation
of Administrative Agent, to pay such interest and debt service, as and when the same shall be due. In the alternative, Mortgage
Loan Borrower may request that Lenders cease funding under the Mortgage Loans until Mortgage Loan Borrower shall have invested
additional equity into the Project through the payment of Project- related expenses approved by Administrative Agent so that the
then unadvanced proceeds of the Mortgage Loans to which Mortgage Loan Borrower shall be entitled shall be sufficient to pay the
actual unpaid Aggregate Cost of the Project, as reasonably determined by Administrative Agent. Such Mortgage Loan Borrower’s
Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the Mortgage Loans, and Mortgage Loan
Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security
interest in all funds so deposited with Administrative Agent, as additional security for the Loan. Administrative Agent may advance
all or a portion of any Mortgage Loan Borrower’s Deposit prior to advancing any additional Loan Proceeds. Following and
during the continuance of any Default, Administrative Agent may (but shall have no obligation to) apply all or any part of any
Mortgage Loan Borrower’s Deposit against the unpaid Mortgage Loan Obligations in such order as Administrative Agent determines.

 

    	- 2 -

    	 

    

 

1.6
Evidence of Debt.

 

(a)
Amounts advanced by each Lender under the Mortgage Loans shall be evidenced by one or more accounts or records maintained by such
Lender and by Administrative Agent in the ordinary course of business. The accounts or records maintained by Administrative Agent
and each Lender shall be conclusive absent manifest error of the amount of the Mortgage Loans made by Lenders to Mortgage Loan
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of Mortgage Loan Borrower hereunder to pay any amount owing with respect to the Mortgage Loan
Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records
of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent shall control in the absence
of manifest error.

 

(b)
In addition to the accounts and records referred to above, each Lender may attach schedules to its Mortgage Loan Note and endorse
thereon the date, amount and maturity of the applicable Note and payments with respect thereto. In the event of any conflict between
the accounts and records maintained by Administrative Agent and the accounts and records of any Lender in respect of such matters,
the accounts and records of Administrative Agent shall control in the absence of manifest error.

 

1.7
Advances.

 

(a)
Following receipt of a Draw Request, Administrative Agent shall promptly provide each Lender with a copy of the Draw Request in
the form of Exhibit “F-1”, the related AIA Document G-702 and G-703, the related written certification by Mortgage
Loan Borrower’s architect and, if available, the related written certification of the Construction Inspector. Administrative
Agent shall notify each Lender two (2) Business Days prior to the advance Funding Date of its pro rata share of the amount Administrative
Agent has determined shall be advanced in connection therewith (“Advance Amount”). In the case of an advance
of Loan Proceeds, each Lender shall make the funds for its pro rata share of the Advance Amount available to Administrative Agent
not later than 11:00 a.m. Administrative Agent’s Time on the Funding Date thereof. After Administrative Agent’s receipt
of the Advance Amount from Lenders, Administrative Agent shall make Loan Proceeds in an amount equal to the Advance Amount (or,
if less, such portion of the Advance Amount that shall have been paid to Administrative Agent by Lenders in accordance with the
terms hereof) available to Mortgage Loan Borrower on the applicable Funding Date by advancing such funds to Mortgage Loan Borrower
in accordance with the provisions of Exhibit “F”. Mortgage Loan Borrower’s acceptance of an Advance Amount
that is less than the amount otherwise due to Mortgage Loan Borrower pursuant to the terms of this Addendum shall not prejudice
any of Mortgage Loan Borrower’s rights or remedies against a Lender or Lenders as a result of such Lender or Lenders failure
to fund in accordance with the terms of this Addendum.

 

(b)
Unless Administrative Agent shall have received notice from a Lender prior to 12:00 p.m. (Administrative Agent’s Time) on
such advance Funding Date that such Lender will not make available to Administrative Agent such Lender’s pro rata share
of such Advance Amount, Administrative Agent may assume that such Lender has made such pro rata share available on such date in
accordance with Subsection (a) above and may, in reliance upon such assumption, make available to Mortgage Loan Borrower
a corresponding amount. In such event, if a Lender has not in fact made its pro rata share of the Advance Amount available to
Administrative Agent, then the applicable Lender and Mortgage Loan Borrower severally agree to pay to Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the
date such amount is made available to Mortgage Loan Borrower to but excluding the date of payment to Administrative Agent, at
(i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees
customarily charged by Administrative Agent in connection with the foregoing, and (ii) in the case of a payment to be made by
Mortgage Loan Borrower, at the Adjusted LIBOR Rate. If Mortgage Loan Borrower and such Lender shall pay such interest to Administrative
Agent for the same or an overlapping period, Administrative Agent shall promptly remit to Mortgage Loan Borrower the amount of
such interest paid by Mortgage Loan Borrower for such period. If such Lender pays its pro rata share of the applicable Advance
Amount to Administrative Agent, then the amount so paid shall constitute such Lender’s pro rata share of such Advance Amount.
Any payment by Mortgage Loan Borrower shall be without prejudice to any claim Mortgage Loan Borrower may have against a Lender
that shall have failed to make such payment to Administrative Agent.

 

    	- 3 -

    	 

    

 

(c)
A written notice of Administrative Agent to any Lender or to Mortgage Loan Borrower with respect to any amount owing under this
Section shall be conclusive, absent manifest error.

 

(d)
If any Lender makes available to Administrative Agent funds for any advance to be made by such Lender as provided in the foregoing
provisions of this Section, and such funds are not made available to Mortgage Loan Borrower by Administrative Agent because the
conditions to the applicable advance set forth in Exhibit “F” are not satisfied or waived in accordance with
the terms hereof, Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest.

 

(e)
The obligations of Lenders hereunder to make advances and to make indemnification or reimbursement payments are several and not
joint. The failure of any Lender to make any advance, to fund any such participation, or to make any indemnification or reimbursement
payment on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date,
and no Lender shall be responsible for the failure of any other Lender.

 

(f)
Nothing herein shall be deemed to obligate any Lender to obtain the funds for any advance in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain the funds for any advance in any particular place
or manner.

 

1.8
Administrative Agent Advances.

 

(a)
Administrative Agent is authorized, from time to time, in Administrative Agent’s sole discretion to make, authorize or determine
advances of Loan Proceeds, or otherwise expend funds, on behalf of Lenders (“Administrative Agent Advances”),
(i) to pay any costs, fees and expenses as described in Section 6.5 herein, (ii) when the applicable conditions precedent
set forth in Exhibit “C” and Exhibit “F” have been satisfied to the extent required by Administrative
Agent, and (iii) when Administrative Agent reasonably deems necessary or desirable to preserve or protect the collateral for the
Mortgage Loans or any portion thereof (including those with respect to property taxes, insurance premiums, completion of construction,
operation, management, improvements, maintenance, repair, sale and disposition) (A) after the occurrence and during the continuance
of a Default, and (B) subject to Section 5.1, after acquisition of all or a portion of the Mortgage Loan collateral by
foreclosure or otherwise.

 

(b)
Administrative Agent Advances shall constitute obligatory advances of Lenders under this Addendum, shall be repayable on demand
and secured by the collateral for the Mortgage Loans, and if unpaid by Lenders as set forth below shall bear interest at the rate
applicable to such amount under the Mortgage Loans or if no longer applicable, at the Adjusted Base Rate. Administrative Agent
shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Administrative Agent of
its making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s pro rata share of the
outstanding principal amount of the Administrative Agent Advance available to Administrative Agent, in same day funds, to such
account of Administrative Agent as Administrative Agent may designate, (i) on or before 3:00 p.m. (Administrative Agent’s
Time) on the day Administrative Agent provides Lenders with notice of the making of such Administrative Agent Advance if Administrative
Agent provides such notice on or before 12:00 p.m. (Administrative Agent’s Time), or (ii) on or before 12:00 p.m. (Administrative
Agent’s Time) on the Business Day immediately following the day Administrative Agent provides Lenders with notice of the
making of such advance if Administrative Agent provides notice after 12:00 p.m. (Administrative Agent’s Time).

 

    	- 4 -

    	 

    

 

1.9
Defaulting Lender.

 

(a)
Administrative Agent shall notify in writing (such written notice being referred to as the “Default Notice”)
the Mortgage Loan Borrower (for Mortgage Loan advances) and each non-Defaulting Lender if any Lender is a Defaulting Lender. Each
non-Defaulting Lender shall have the right, but in no event or under any circumstance the obligation, to fund such Defaulting
Lender Amount, provided that within twenty (20) days after the date of the Default Notice (the “Election
Period”), such non-Defaulting Lender or Lenders (each such Lender, an “Electing Lender”) irrevocably
commit(s) by notice in writing (an “Election Notice”) to Administrative Agent, the other Lenders and Mortgage
Loan Borrower to fund the Defaulting Lender Amount and to assume the Defaulting Lender’s obligations with respect to the
advancing of the entire undisbursed portion of the Defaulting Lender’s principal obligations under this Addendum (such entire
undisbursed portion of the Defaulting Lender’s principal obligations under this Addendum, including its portion of the Payment
Amount that is the subject of the default, is hereinafter referred to as the “Defaulting Lender Obligation”).
If Administrative Agent receives more than one Election Notice within the Election Period, then the commitment to fund the Defaulting
Lender Amount and the Defaulting Lender Obligation shall be apportioned pro rata among the Electing Lenders in the proportion
that the amount of each such Electing Lender’s Mortgage Loan Commitment bears to the total Mortgage Loan Commitments of
all Electing Lenders. If the Defaulting Lender fails to pay the Defaulting Lender Payment Amount within the Election Period, the
Electing Lender or Lenders, as applicable, shall be automatically obligated to fund the Defaulting Lender Amount and Defaulting
Lender Obligation (and Defaulting Lender shall no longer be entitled to fund such Defaulting Lender Amount and Defaulting Lender
Obligation) within three (3) Business Days following the expiration of the Election Period to reimburse Administrative Agent or
make payment to the Mortgage Loan Borrower, as applicable. Notwithstanding anything to the contrary contained herein, if Administrative
Agent has funded the Defaulting Lender Amount, Administrative Agent shall be entitled to reimbursement for its portion of the
Defaulting Lender Payment Amount pursuant to Section 1.7(b).

 

(b)
Administrative Agent shall not be obligated to transfer to a Defaulting Lender any payments made by or on behalf of Mortgage Loan
Borrower to Administrative Agent for the Defaulting Lender’s benefit; nor shall a Defaulting Lender be entitled to the sharing
of any payments hereunder or under any Mortgage Loan Note until all Defaulting Lender Payment Amounts are paid in full. Amounts
payable to a Defaulting Lender shall be paid by Administrative Agent to reimburse Administrative Agent and any Electing Lender
pro rata for all Defaulting Lender Payment Amounts. Solely for the purposes of voting or consenting to matters with respect to
the Credit Documents, a Defaulting Lender shall be deemed not to be a “Lender” and such Defaulting Lender’s
Mortgage Loan Commitment shall be deemed to be zero. A Defaulting Lender shall have no right to participate in any discussions
among and/or decisions by Lenders hereunder and/or under the other Credit Documents. Further, any Defaulting Lender shall be bound
by any amendment to, or waiver of, any provision of, or any action taken or omitted to be taken by Administrative Agent and/or
the non-Defaulting Lenders under, any Credit Document which is made subsequent to the Defaulting Lender’s becoming a Defaulting
Lender. This Section shall remain effective with respect to a Defaulting Lender until such time as the Defaulting Lender shall
no longer be in default of any of its obligations under this Addendum by curing such default by payment of all Defaulting Lender
Payment Amounts (i) within the Election Period, or (ii) after the Election Period with the consent of the non-Defaulting Lenders.
Such Defaulting Lender nonetheless shall be bound by any amendment to or waiver of any provision of, or any action taken or omitted
to be taken by Administrative Agent and/or the non-Defaulting Lenders under any Credit Document which is made subsequent to that
Lender’s becoming a Defaulting Lender and prior to such cure or waiver. The operation of this subsection or the subsection
above alone shall not be construed to increase or otherwise affect the Mortgage Loan Commitment of any non-Defaulting Lender,
or relieve or excuse the performance by Mortgage Loan Borrower of its duties and obligations hereunder or under any of the other
Credit Documents. Furthermore, nothing contained in this Section shall release or in any way limit a Defaulting Lender’s
obligations as a Lender hereunder and/or under any other of the Credit Documents. Further, a Defaulting Lender shall indemnify
and hold harmless Administrative Agent and each of the non-Defaulting Lenders from any claim, loss, or costs incurred by Administrative
Agent and/or the non-Defaulting Lenders as a result of a Defaulting Lender’s failure to comply with the requirements of
this Addendum, including, without limitation, any and all additional losses, damages, costs and expenses (including, without limitation,
attorneys’ fees) incurred by Administrative Agent and any non-Defaulting Lender as a result of and/or in connection with
(i) a non-Defaulting Lender’s acting as an Electing Lender, (ii) any enforcement action brought by Administrative Agent
against a Defaulting Lender, and (iii) any action brought against Administrative Agent and/or Lenders. The indemnification provided
above shall survive any termination of this Addendum.

 

    	- 5 -

    	 

    

 

(c)
In connection with the adjustment of the amounts of the Mortgage Loan Commitments of the Defaulting Lender and Electing Lender(s)
upon the expiration of the Election Period as aforesaid, Mortgage Loan Borrower, Administrative Agent and Lenders shall execute
such modifications to the Credit Documents as shall, in the reasonable judgment of Administrative Agent, be necessary or desirable
in connection with the adjustment of the amounts of Mortgage Loan Commitments in accordance with the foregoing provisions of this
Section. For the purpose of voting or consenting to matters with respect to the Credit Documents such modifications shall also
reflect the removal of voting rights of the Defaulting Lender and increase in voting rights of Electing Lenders to the extent
an Electing Lender has funded the Defaulting Lender Amount and assumed the Defaulting Lender Obligation. The Defaulting Lender
shall be subject to all provisions applicable to Defaulting Lenders (including replacement of same) set forth in the Credit Agreement.

 

(d)
In the event that no Lender elects to commit to fund the Defaulting Lender Amount and Defaulting Lender Obligations within the
Election Period, Administrative Agent shall, upon the expiration of the Election Period, so notify Mortgage Loan Borrower and
each Lender.

 

1.10
Several Obligations; No Liability, No Release. Notwithstanding that certain of the Credit Documents now or hereafter may
have been or will be executed only by or in favor of Administrative Agent in its capacity as such, and not by or in favor of Lenders,
any and all obligations on the part of Administrative Agent (if any) to make any advances of the Mortgage Loans or reimbursements
for other Payment Amounts shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis,
according to their respective pro rata shares. Except as may be specifically provided in this Addendum, no Lender shall have any
liability for the acts of any other Lender. No Lender shall be responsible to Mortgage Loan Borrower or any other Person for any
failure by any other Lender to fulfill its obligations to make advances of the Mortgage Loans or reimbursements for other Payment
Amounts, nor to take any other action on its behalf hereunder or in connection with the financing contemplated herein. The failure
of any Lender to pay to Administrative Agent its pro rata share of a Payment Amount shall not relieve any other Lender of any
obligation hereunder to pay to Administrative Agent its pro rata share of such Payment Amounts as and when required herein, but
no Lender shall be responsible for the failure of any other Lender to so fund its pro rata share of the Payment Amount. In furtherance
of the foregoing, Lenders shall comply with their obligation to pay Administrative Agent their pro rata share of such Payment
Amounts regardless of (a) the occurrence of any Default hereunder or under any Credit Document; (b) any failure of consideration,
absence of consideration, misrepresentation, fraud, or any other event, failure, deficiency, breach or irregularity of any nature
whatsoever in the Credit Documents; or (c) any bankruptcy, insolvency or other like event with regard to Mortgage Loan Borrower
or any other Loan Party (which payment, to the extent required, shall be treated as a participation). The obligation of Lenders
to pay such Payment Amounts are in all regards independent of any claims between Administrative Agent and any Lender. Nothing
herein shall be deemed or construed to excuse any failure by a Lender to fund its pro rata share of any Payment Amount in accordance
with the terms of this Addendum, or to be a waiver of any right or remedy of Mortgage Loan Borrower against such Defaulting Lender
as a result thereof.

 

ARTICLE
2 - ADDITIONAL COVENANTS AND ADDENDUMS

 

2.1
Construction of the Improvements. Mortgage Loan Borrower shall commence construction of the Improvements on or before the
Construction Commencement Date, and shall prosecute the construction of the Improvements with reasonable diligence and continuity,
in a good and workmanlike manner, and in accordance with sound building and engineering practices, all applicable Laws and governmental
requirements, the Plans and the Credit Documents. Mortgage Loan Borrower shall not permit cessation of work for a period in excess
of thirty (30) consecutive days, except for Excusable Delays. Mortgage Loan Borrower shall complete construction of each aspect
of the Improvements free and clear of all liens (except liens created by the Credit Documents and the Permitted Encumbrances,
as defined in the Mortgage), and shall obtain a certificate of occupancy and all other permits, licenses and approvals required
for the occupancy, use and operation of each such aspect of the Improvements from all applicable governmental authorities as required
by applicable Laws, on or before the Completion Date required therefor. Mortgage Loan Borrower shall promptly correct, following
Mortgage Loan Borrower’s receipt of notice and reasonable documentation thereof, (a) any material defect in the Improvements,
(b) any material departure from the Plans, Law or governmental requirements, or (c) any encroachment by any Improvements or structure
on any building setback line, easement, property line or restricted area.

 

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2.2
Plans and Changes. No construction shall be undertaken on the Land except in a manner that is consistent with the Plans
in all material respects. Mortgage Loan Borrower assumes full responsibility for the compliance of the Plans and the Property
with all Laws, governmental requirements and sound building and engineering practices. No plans or specifications, or any changes
thereto shall be included as part of the Plans until approved by Administrative Agent, Construction Inspector, all applicable
Governmental Authorities and all other necessary parties required by the terms of the Credit Documents. Without Administrative
Agent’s prior written consent, which consent will not be unreasonably withheld, Mortgage Loan Borrower shall not change
or modify the Plans, agree to any change order, or allow or approve any extra work by any contractor or any subcontractor, except
that Mortgage Loan Borrower may make Permitted Changes if: (a) Mortgage Loan Borrower notifies Administrative Agent in writing
of the change or extra work with appropriate supporting documentation and information; (b) to the extent necessary, Mortgage Loan
Borrower obtains the approval of the applicable contractor, architect and all sureties; (c) the structural integrity, quality
and standard of workmanship of the Improvements is not impaired by such change or extra work; (d) no substantial change in architectural
appearance is effected by such change or extra work in any material respect; (e) no default in any obligation to any Person or
violation of any Law or governmental requirement would result from such change or extra work; (f) Mortgage Loan Borrower complies
with Section 1.5 of this Addendum to cover any excess cost resulting from the change or extra work; and (g) Completion
of Construction of the Improvements by the Completion Date will not be affected; provided, however, in any event, any change
to the Budget will require Administrative Agent approval. Administrative Agent shall not be obligated to review a proposed change
or request for extra work unless it has received all documents reasonably necessary to review such change, including the change
order, cost estimates, plans and specifications, and evidence that all required approvals other than that of Administrative Agent
have been obtained.

 

2.3
Contracts. Without Administrative Agent’s prior written approval, as to parties, terms, and all other matters, Mortgage
Loan Borrower shall not (a) enter into any Material Contract for the performance of any work or the supplying of any labor, materials
or services for the design or construction of the Improvements, (b) enter into any management, maintenance or other contract pertaining
to the Property not described in clause (a) that is not unconditionally terminable by Mortgage Loan Borrower or any successor
thereto without penalty or payment on not more than sixty (60) days’ notice to the other party thereunder, or (c) modify
or amend, in any material respect, or terminate any Material Contract. Mortgage Loan Borrower shall use commercially reasonable
efforts to ensure that all such contracts executed after the date hereof shall provide that all rights and liens of the applicable
contractor, architect, engineer, supplier, surveyor or other party and any right to remove removable Improvements are subordinate
to Lender’s rights and liens, shall require all subcontracts and purchase orders to contain a provision subordinating the
subcontractors’ and mechanics’ and materialmen’s liens and any right to remove removable Improvements to Lender’s
rights and liens, and shall provide in such contracts that no change order shall be effective without the prior written consent
of Administrative Agent. Mortgage Loan Borrower shall not default (beyond any applicable grace and/or cure period) under any Material
Contract, Mortgage Loan Borrower shall not permit any Material Contract to terminate by reason of any failure of Mortgage Loan
Borrower to perform thereunder, and Mortgage Loan Borrower shall promptly notify Administrative Agent of any material default
thereunder (beyond any applicable grace and/or cure period) of which Mortgage Loan Borrower becomes aware. Mortgage Loan Borrower
will deliver to Administrative Agent the names and addresses of all Persons with whom each contractor has contracted or intends
to contract under a Material Contract for the construction of the Improvements or for the furnishing of labor or materials therefor.

 

2.4
Assignment of Contracts and Plans. As additional security for the Mortgage Loan Obligations, Mortgage Loan Borrower hereby
transfers and assigns to Administrative Agent for the ratable benefit of Administrative Agent and Lenders and grants a security
interest in all of Mortgage Loan Borrower’s right, title and interest, but not its liability, in, under, and to all construction,
architectural and design contracts, and the Plans, and agrees that all of the same are covered by the security agreement provisions
of the Mortgage. Mortgage Loan Borrower agrees to deliver to Administrative Agent from time to time upon Administrative Agent’s
request such consents to the foregoing assignment from parties contracting with Mortgage Loan Borrower as Administrative Agent
may reasonably require. Neither this assignment nor any action by Administrative Agent or Lenders shall constitute an assumption
by Administrative Agent or Lenders of any obligation under any contract or with respect to the Plans, Mortgage Loan Borrower hereby
agrees to perform all of its obligations under any contract, and Mortgage Loan Borrower shall continue to be liable for all obligations
of Mortgage Loan Borrower with respect thereto. During the continuance of any Default hereunder, Administrative Agent shall have
the right at any time, (but shall have no obligation) to take in its name or in the name of Mortgage Loan Borrower such action
as Administrative Agent may reasonably determine to be necessary to cure any default under any contract or with respect to the
Plans or to protect the rights of Mortgage Loan Borrower, Administrative Agent or Lenders with respect thereto. The Administrative
Agent agrees to promptly notify the Mortgage Loan Borrower of any such action. Subsequent to the occurrence and during the continuance
of any Default, Mortgage Loan Borrower irrevocably constitutes and appoints Administrative Agent as its attorney-in-fact, which
power of attorney is coupled with an interest and irrevocable, to enforce in its name or in Administrative Agent’s and Lender’s
name all rights of Mortgage Loan Borrower under any contract or with respect to the Plans. Administrative Agent shall incur no
liability if any action so taken by it or on its behalf shall prove to be inadequate or invalid. Mortgage Loan Borrower and all
other Loan Parties shall, jointly and severally, indemnify and hold Administrative Agent and Lenders harmless against and from,
and shall pay upon reasonable documentation thereof, any loss, cost, liability or reasonable expense (including, but not limited
to, reasonable consultants’ fees and expenses and reasonable attorneys’ fees and expenses) incurred in connection
with Mortgage Loan Borrower’s failure to perform such contracts or any action taken by Administrative Agent or Lenders as
a result of such failure. Administrative Agent may use the Plans for any purpose relating to the Improvements. Mortgage Loan Borrower
represents and warrants to Administrative Agent and Lenders that the copy of any contract furnished or to be furnished to Administrative
Agent is and shall be a true and complete copy thereof, that the copies of the Plans delivered to Administrative Agent are and
shall be true and complete copies of the Plans, that there have been no material modifications thereof which are not fully set
forth in the copies delivered, and that its interest therein is not subject to any claim, setoff, or encumbrance except any created
by the Credit Documents.

 

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2.5
Storage of Materials. Mortgage Loan Borrower shall cause all materials supplied for, or intended to be utilized in, the
construction of the Improvements, but not yet affixed to or incorporated into the Improvements or the Land, to be stored on the
Land or offsite upon such terms and conditions as Administrative Agent reasonably deems acceptable and with adequate safeguards
to prevent loss, theft, damage or commingling with materials for other projects. Unless otherwise agreed to by Administrative
Agent, in the exercise of its reasonable discretion, Mortgage Loan Borrower shall not purchase or order materials for delivery
more than ninety (90) days prior to the scheduled incorporation of such materials into the Improvements.

 

2.6
Construction Inspector. Administrative Agent shall retain the services of a Construction Inspector, whose duties may include,
among others, reviewing the Plans and any proposed changes to the Plans, performing construction cost analyses, observing and
inspecting work in place and reviewing Draw Requests. The duties of Construction Inspector run solely to Administrative Agent
for the ratable benefit of Lenders, and Construction Inspector shall have no obligations or responsibilities whatsoever to Mortgage
Loan Borrower and Mortgage Loan Borrower’s architect, engineer, contractor or any of their agents or employees. Unless prohibited
by applicable Law, all reasonable fees, costs, and expenses of Construction Inspector shall be paid by Mortgage Loan Borrower
upon reasonable documentation thereof. Mortgage Loan Borrower shall reasonably cooperate with Construction Inspector and will
furnish to Construction Inspector such information and other material as Construction Inspector reasonably considers necessary
or useful in performing its duties.

 

2.7
Inspection. Administrative Agent and its agents, including Construction Inspector, may enter upon the Property to inspect
the Property, the Project and any related materials at any reasonable time, unless Administrative Agent reasonably deems such
inspection is of an emergency nature, in which event Mortgage Loan Borrower shall provide Administrative Agent with immediate
access to the Property. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent and its
agents, including Construction Inspector, may enter upon the Property to inspect the Property, the Project, and related materials
at any time. Mortgage Loan Borrower will also permit Administrative Agent and its agents, including Construction Inspector, to
photograph the Property during normal business hours and at any other reasonable time. Mortgage Loan Borrower will furnish to
Administrative Agent and its agents, including Construction Inspector, for inspection and copying, all Plans, shop drawings, specifications,
books and records, and other documents and information that Administrative Agent may reasonably request from time to time.

 

2.8
Notice to Administrative Agent. Mortgage Loan Borrower shall promptly within five (5) Business Days after Mortgage Loan
Borrower actually becomes aware of the occurrence of any of the following events, notify Administrative Agent in writing thereof,
specifying in each case the action Mortgage Loan Borrower has taken or will take with respect thereto: (a) any Default hereunder
or under any of the other Credit Documents; (b) any violation of any Law by Mortgage Loan Borrower or any other Loan Party, or
any claim or assertion by any Governmental Authority that the Property or Improvements fail to comply with any Law; (c) any investigation
by any Governmental Authority, or any notice of any violation, in any material respect, of any Law or governmental requirement;
(d) any litigation, arbitration or proceeding instituted or threatened against Mortgage Loan Borrower or any other Loan Party
or the Property which is not adequately covered by insurance, and any material development therein; (e) any actual or threatened
condemnation of any portion of the Property, any negotiations with respect to any such taking, or any material loss of or substantial
damage to the Property; (f) any material labor controversy pending or to the knowledge of Mortgage Loan Borrower threatened against
Mortgage Loan Borrower or any contractor, and any material development in any labor controversy; (g) any notice received by Mortgage
Loan Borrower with respect to the cancellation, material alteration or non-renewal of any insurance coverage maintained with respect
to the Property; (h) any failure by Mortgage Loan Borrower or any contractor, subcontractor or supplier to perform any material
obligation under any Material Contract, any event or condition which would permit termination of a Material Contract or suspension
of work thereunder, or any notice given by Mortgage Loan Borrower or any contractor with respect to any of the foregoing; (i)
any lien filed against the Property or any stop notice served on Mortgage Loan Borrower in connection with construction of the
Improvements; (j) any required permit, license, certificate or approval material to the construction of the Improvements or the
ownership, operation or leasing of the Property lapses or ceases to be in full force and effect, or (k) any Material Adverse Effect
in the financial condition, results of operations, business or properties of Mortgage Loan Borrower or any other Loan Party.

 

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2.9
Other Information. Mortgage Loan Borrower shall furnish to Administrative Agent from time to time upon Administrative Agent’s
reasonable request (a) copies of any or all Material Contracts entered into by contractors or subcontractors and the names and
addresses of all Persons with whom Mortgage Loan Borrower or any contractor has contracted or to Mortgage Loan Borrower’s
knowledge intends to contract for the construction of the Improvements or the furnishing of labor or materials in connection therewith
under a Material Contract; (b) copies of any or all contracts, bills of sale, statements, receipts or other documents under which
Mortgage Loan Borrower claims title to any materials, fixtures or articles of personal property of a material nature incorporated
or to be incorporated into the Improvements or subject to the lien of the Mortgage; (c) a list of all unpaid bills for labor and
materials under any Material Contract with respect to construction of the Improvements and copies of all invoices therefor; (d)
budgets of Mortgage Loan Borrower and revisions thereof showing the estimated costs and expenses to be incurred in connection
with the completion of construction of the Improvements; (e) current or updated detailed Project schedules or construction schedules;
(f) the Accounts Payable List with each Draw Request for soft costs; and (g) such other information relating to Mortgage Loan
Borrower, the Loan Parties, the Improvements, the Property, the Mortgage Loans, the construction of the Improvements or any security
for the Mortgage Loans as Administrative Agent may reasonably request.

 

2.10
Reports and Testing. Mortgage Loan Borrower shall, upon Administrative Agent’s reasonable request, (a) promptly deliver
to Administrative Agent copies of all reports, studies, inspections and tests made on the Land, the Improvements or any materials
to be incorporated into the Improvements; (b) make such tests of materials to be incorporated into the Improvements as Administrative
Agent reasonably requires and (c) make such additional tests on the Land and the Improvements as Administrative Agent reasonably
requires after the occurrence or discovery of an event or condition from which it can be reasonably determined that cause exists
for additional tests. Mortgage Loan Borrower shall promptly notify Administrative Agent of any report, study, inspection or test
that indicates any material adverse condition relating to the Land, the Improvements or any such materials of which Mortgage Loan
Borrower becomes aware.

 

2.11
Advertising by Lenders. At Administrative Agent’s request and Lenders’ expense, Administrative Agent may erect
and maintain in a location approved by Mortgage Loan Borrower on the Property, in compliance with applicable Law, one advertising
sign provided by Administrative Agent indicating that the construction financing for the Property has been provided by Lenders.

 

2.12
Appraisal. Administrative Agent may obtain from time to time, an appraisal of all or any part of the Property prepared
in accordance with written instructions from Administrative Agent by a third-party appraiser engaged directly by Administrative
Agent. Each such appraiser and appraisal shall be satisfactory to Administrative Agent (including satisfaction of applicable regulatory
requirements). The reasonable cost of any such appraisal, including any costs for internal review thereof performed as a condition
of closing of the Mortgage Loans, upon completion of construction, at any time required in connection with the requirements of
Laws (including compliance with requirements of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989,
as amended (“FIRREA”)), and at any time upon the occurrence and during the continuance of any Default or Event of
Default, shall be borne by Mortgage Loan Borrower, and such cost shall be due and payable by Mortgage Loan Borrower on demand
and shall be secured by the Credit Documents. Administrative Agent shall provide a copy of each such appraisal to each Lender
upon receipt, and shall provide a copy of each such appraisal to Mortgage Loan Borrower provided that Mortgage Loan Borrower has
paid to Administrative Agent the cost of such appraisal and has executed in favor of Lenders a waiver and indemnification agreement
regarding the use of such appraisal in Administrative Agent’s standard form.

 

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2.13
Reporting Compliance. Mortgage Loan Borrower agrees to comply with any and all reporting requirements applicable to the
Mortgage Loans which are set forth in any law, statute, ordinance, rule, regulation, order or determination of any Governmental
Authority, including The International Investment Survey Act of 1976, The Agricultural Foreign Investment Disclosure Act of 1978,
The Foreign Investment in Real Property Tax Act of 1980 and the Tax Reform Act of 1984 and further agrees upon request of Administrative
Agent to furnish Administrative Agent with reasonable evidence of such compliance.

 

2.14
Payment of Withholding Taxes. Mortgage Loan Borrower shall not use, or knowingly permit any contractor or subcontractor
to use, any portion of the proceeds of any Loan advance to pay the wages of employees unless a portion of the proceeds or other
funds are also used to make timely payment to or deposit with (a) the United States of all amounts of tax required to be deducted
and withheld with respect to such wages under the Code, and (b) any state and/or local Governmental Authority or agency having
jurisdiction of all amounts of tax required to be deducted and withheld with respect to such wages under any applicable state
and/or local Laws.

 

2.15
Deposit Accounts; Income from Property. Mortgage Loan Borrower shall maintain with Administrative Agent all deposit accounts
of Mortgage Loan Borrower related to the Property, including all operating accounts, any reserve or escrow accounts, and any accounts
from which Mortgage Loan Borrower may from time to time authorize Administrative Agent to debit payments due on the Loan. Mortgage
Loan Borrower hereby grants to Administrative Agent for the benefit of Lenders a security interest in all right, title and interest
of Mortgage Loan Borrower in and to each of the foregoing accounts. Mortgage Loan Borrower shall first apply all income derived
from the Property to which Borrower is entitled, including all income from Lease(s), to pay when due all costs and expenses associated
with the ownership, maintenance, operation and leasing of the Property, including all amounts then required to be paid under the
Credit Documents, before using or applying such income for any other purpose. No such income shall be distributed or paid to any
member of Mortgage Loan Borrower unless specifically permitted under the terms of the Credit Agreement and the Mortgage; provided,
however, until Completion of Construction, no withdrawal of any proceeds of Up-Front Equity, proceeds of sale of any part of the
Property or other capital, or payments on account of any indebtedness owed to its sole member shall occur unless specifically
permitted by the terms of this Agreement, and provided that no such distribution, payment, or withdrawal shall occur at any time
during the existence of a Default.

 

2.16
Controlled Substances. Without limiting the provisions of other Sections of this Addendum, Mortgage Loan Borrower shall
not, and shall take commercially reasonable efforts to not suffer or permit any Person to violate any Laws affecting the Property,
including the Controlled Substances Act, which could result in the commencement of any proceedings under the Civil Asset Forfeiture
Reform Act. Upon learning of any conduct contrary to this Section, Mortgage Loan Borrower shall promptly take all actions reasonably
expected under the circumstances to terminate any such use of the Property, including: (a) to give timely notice to any appropriate
law enforcement agency of information that led Mortgage Loan Borrower to know such conduct had occurred, and (b) in a timely fashion
to revoke or make a good faith attempt to revoke permission for those engaging in such conduct to use the Property or to take
reasonable actions in consultation with a law enforcement agency to discourage or prevent illegal use of the Property.

 

2.17
Property Agreements.

 

(a)
Mortgage Loan Borrower hereby represents and warrants to Administrative Agent and Lenders that (i) each of the Property Agreements
is in full force and effect, (ii) there is no default under any provision thereof, and (ii) all conditions to the effectiveness
thereof required to be satisfied as of the date hereof have been fully satisfied, including the payment of all fees, deposits,
costs and expenses required thereby. Mortgage Loan Borrower hereby covenants and agrees (i) to observe and perform in all material
respects all obligations imposed on Mortgage Loan Borrower in connection with each of the Property Agreements; (ii) not to release,
forego, alter, amend, or modify, in any material respects, its rights to any one or more of the Property Agreements without Administrative
Agent’s prior written consent; (iii) not to execute any contract, agreement, understanding, license, lease, sublease or
other document or instrument which does not comply fully with the terms of the Property Agreements or which materially impairs
any of Mortgage Loan Borrower’s rights with regard thereto without Administrative Agent’s prior written consent; and
(iv) to promptly deliver to Administrative Agent true and correct copies of all notices or other documents or communications received
or given by Mortgage Loan Borrower concerning any claimed violation or default or any threatened termination or enforcement action
relating in any way to any Property Agreement.

 

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Mortgage
Loan Borrower shall deliver promptly to Administrative Agent such reports and information as Administrative Agent may from time
to time reasonably request relating to the Property Agreements.

 

(b)
As additional security for the Mortgage Loan Obligations, Mortgage Loan Borrower hereby transfers and assigns to Administrative
Agent for the ratable benefit of Administrative Agent and Lenders for collateral purposes and grants a security interest in all
of Mortgage Loan Borrower’s right, title and interest, but not its liability, in, under, and to each of the Property Agreements,
and agrees that the same are covered by the security agreement provisions of the Mortgage. Mortgage Loan Borrower agrees to utilize
reasonable and diligent efforts to deliver to Administrative Agent from time to time upon Administrative Agent’s request
such consents to the foregoing assignment from parties contracting with Mortgage Loan Borrower as Administrative Agent may reasonably
require. Neither this assignment nor any action by Administrative Agent or Lenders shall constitute an assumption by Administrative
Agent or Lenders of any obligation under any of the Property Agreements. Administrative Agent shall have the right at any time
(but shall have no obligation) to take in its name or in the name of Mortgage Loan Borrower such action as Administrative Agent
may reasonably determine to be necessary to cure any default under any of the Property Agreements or to protect the rights of
Mortgage Loan Borrower, Administrative Agent or Lenders with respect thereto. Subsequent to the occurrence and during the continuance
of any Default, Mortgage Loan Borrower irrevocably constitutes and appoints Administrative Agent as its attorney-in-fact, which
power of attorney is coupled with an interest and irrevocable, to enforce in its name or in Administrative Agent’s and Lender’s
name all rights of Mortgage Loan Borrower under any Property Agreement. Administrative Agent shall incur no liability if any action
so taken by it or on its behalf shall prove to be inadequate or invalid. Mortgage Loan Borrower and the other Loan Parties shall,
jointly and severally, indemnify and hold Administrative Agent and Lenders harmless against and from any loss, cost, liability
or expense (including, but not limited to, consultants’ fees and expenses and reasonable attorneys’ fees and expenses)
incurred in connection with their failure to perform or any action taken by Administrative Agent or Lenders as a result of such
failure (excluding, however, any action constituting fraud, gross negligence or willful misconduct on the part of Administrative
Agent or any Lender as determined by a court of competent jurisdiction by a final and unappealable judgment).

 

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ARTICLE
3 – ADDITIONAL REPRESENTATIONS AND WARRANTIES

 

To
induce Lenders to make the Loan, Mortgage Loan Borrower hereby represents and warrants to Administrative Agent and Lenders that
except as otherwise disclosed to Administrative Agent in writing (a) Mortgage Loan Borrower has complied, in all material respects,
with any and all Laws and regulations concerning its organization, existence and the transaction of its business, and Mortgage
Loan Borrower has the right and limited liability company power to own the fee simple interest in the Land, subject to the Permitted
Encumbrances, and to develop the Improvements as contemplated in this Addendum and the other Credit Documents; (b) Mortgage Loan
Borrower is authorized to execute, deliver and perform all of its obligations under the Credit Documents to which it is a party;
(c) the Credit Documents to which Mortgage Loan Borrower is a party are valid and binding obligations of Mortgage Loan Borrower,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting the rights of creditors generally
and to the effect of general principles of equity, whether applied by a court of law or equity; (d) Mortgage Loan Borrower is
not in violation of any Law, regulation or ordinance, or any order of any court or Governmental Authority, and no provision of
the Credit Documents violates any applicable Law, any covenants or restrictions affecting the Property, any order of any court
or Governmental Authority or any contract or agreement binding on Mortgage Loan Borrower or the Property; (e) to the extent required
by applicable Law, Mortgage Loan Borrower and the Loan Parties have filed all required tax returns and reports and have paid all
taxes and governmental charges thereby shown to be owing; (f) the Plans are complete in all material respects, contain all material
details and are adequate for the construction of the Improvements, are satisfactory to Mortgage Loan Borrower, have been approved,
by all applicable Governmental Authorities to the extent approval is required by applicable Laws, have been accepted by each contractor
that is party to a Material Contract to the extent that such acceptance is required, and, comply in all material respects with
the Credit Documents and all applicable Laws, restrictive covenants, and governmental requirements, rules, and regulations; (g)
the Land is not part of a larger tract of land owned by Mortgage Loan Borrower or any of its Affiliates or any Loan Party, and
except as may be provided in any Permitted Encumbrances, the Property is not otherwise included under any unity of title or similar
covenant with other lands not encumbered by the Mortgage, and constitutes, or will constitute, a separate tax lot or lots with
a separate tax assessment or assessments for the Land and Improvements, independent of those for any other lands or improvements;
(h) to Mortgage Loan Borrower’s knowledge, the Land and Improvements comply with all applicable Laws and governmental requirements,
including all subdivision and platting requirements, without reliance on any adjoining or neighboring property, except as may
be provided in any Permitted Encumbrance; (i) to Mortgage Loan Borrower’s knowledge, the Plans do, and the Improvements
when constructed will, comply with all legal requirements regarding access and facilities for handicapped or disabled persons;
(j) Mortgage Loan Borrower has not directly or indirectly conveyed, assigned or otherwise disposed of or transferred (or agreed
to do so) any development rights, air rights or other similar rights, privileges or attributes with respect to the Property, including
those arising under any zoning or land use ordinance or other Law or governmental requirement except as may otherwise have been
disclosed to Administrative Agent or as provided in any Permitted Encumbrances or as may otherwise be permitted by the terms of
the Credit Documents; (k) to Mortgage Loan Borrower’s knowledge, the construction schedule for the Project is realistic
and the Completion Date is a reasonable estimate of the time required to complete the Project; (l) all financial statements delivered
to Administrative Agent with respect to Mortgage Loan Borrower are true, correct, and complete in all material respects, and to
Mortgage Loan Borrower’s knowledge, there has been no event or condition that could reasonably be expected to result in
a Material Adverse Change in Mortgage Loan Borrower’s or any Loan Party’s financial conditions from the financial
conditions of Mortgage Loan Borrower or any Loan Party indicated in such financial statements; (m) all utility services necessary
for the development of the Land and the construction of the Improvements and the operation thereof for their intended purpose
are available within reasonable proximity to the boundaries of the Land, including electric and natural gas facilities, telephone
service, water supply, storm and sanitary sewer facilities; (n) except for construction, design and engineering contracts executed
in accordance with this Addendum and as otherwise provided for in the Credit Documents, Mortgage Loan Borrower has made no contract
or arrangement of any kind the performance of which by the other party thereto would give rise to a lien on the Property other
than the Permitted Encumbrances; (o) to Mortgage Loan Borrower’s knowledge, the current and anticipated use of the Property
complies with all applicable zoning ordinances, regulations and restrictive covenants affecting the Land without the existence
of any variance, non-complying use, nonconforming use or other special exception which has not been duly obtained, all use restrictions
of any Governmental Authority having jurisdiction have been satisfied, and to the knowledge of Mortgage Loan Borrower no violation
of any Law or regulation exists with respect thereto, except as may have been expressly disclosed in any Environmental Report
(as defined in the Environmental Agreement); and (p) Mortgage Loan Borrower has obtained, or will obtain on or before the date
the same shall be required, all bonds required in connection with completion of the Improvements.

 

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ARTICLE
4 – ADDITIONAL DEFAULTS AND REMEDIES

 

4.1
Defaults. In addition to the Defaults and Events of Default set forth in the Credit Agreement, the occurrence of any one
of the following shall be a default under this Addendum (“Default”):

 

(a)
The cessation of the construction of the Improvements continues for more than thirty (30) consecutive calendar days, except for
Excusable Delays;

 

(c)
The construction of the Improvements, or any materials for which an advance has been requested, fails to materially comply with
the Plans, the Credit Documents, any Laws or governmental requirements, or any applicable restrictive covenants and, if correctable
in the reasonable opinion of Administrative Agent, is not corrected within thirty (30) calendar days after notice thereof from
Administrative Agent, unless (i) the nature of the failure is such that it cannot be cured within the thirty (30) calendar day
period, (ii) Borrower institutes corrective action within the thirty (30) day period, and (iii) Borrower diligently pursues such
action until the failure is remedied and completes the cure within an additional period of thirty (30) days;

 

(d)
Construction of the Improvements shall not be commenced on or before the Construction Commencement Date, or once commenced, is
abandoned, or Administrative Agent and Construction Inspector reasonably determine that Completion of Construction of the Improvements
will not be achieved on or before the Completion Date and Mortgage Loan Borrower fails to demonstrate to the reasonable satisfaction
of Administrative Agent that construction can be accelerated and completed by the Completion Date, or Mortgage Loan Borrower fails
to cause Completion of Construction of the Improvements to occur in accordance with this Addendum on or before the Completion
Date required therefor;

 

(e)
Any required permit, license, certificate or approval material to the construction of the Improvements or Mortgage Loan Borrower’s
ownership, development, operation or leasing of the Property lapses or ceases to be in full force and effect and is not reinstated
or reissued within fifteen (15) Business Days to the extent still required;

 

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(f)
A Mortgage Loan Borrower’s Deposit is not made with Administrative Agent within five (5) Business days after Administrative
Agent’s request therefor in accordance with Section 1.5;

 

(g)
Construction is enjoined or Mortgage Loan Borrower, Administrative Agent or any Lender is enjoined or prohibited from performing
any of its respective obligations under any of the Credit Documents for a period in excess of thirty (30) days;

 

(h)
Mortgage Loan Borrower enters into any Lease, other than its lease with Diversified (or another Loan Party), without the prior
written consent of the Administrative Agent;

 

(i)
A lien for the performance of work or the supply of materials which is established against the Property, or any stop notice served
on Mortgage Loan Borrower, the general contractor, Administrative Agent or a Lender, remains unsatisfied, unbonded or otherwise
effectively stayed for a period of twenty (20) Business Days after the date of perfection or service;

 

(j)
Any judicial or nonjudicial forfeiture or seizure proceeding is commenced by a Governmental Authority and remains pending and
not effectively stayed with respect to the Property or any part thereof, on the grounds that the Property or any part thereof
had been used to commit or facilitate the commission of a criminal offense by any Person, including any tenant, pursuant to any
Law, including the Controlled Substances Act or the Civil Asset Forfeiture Reform Act.

 

(k)
At any time during the term of the Loan, Mortgage Loan Borrower or any other Loan Party fails to comply with, or breaches any
of the covenants or conditions set forth in this Addendum, or any default or event of default shall occur under any of the Property
Agreements with regard to any material obligation imposed upon or binding against Mortgage Loan Borrower or such Loan Party, which
default or event of default shall continue beyond any applicable grace or cure period, or without the prior express written consent
of Administrative Agent, any of the Property Agreements shall be terminated or shall become of no further force or effect, for
any reason whatsoever, or shall be modified or amended in any material and adverse manner.

 

4.2
Remedies. Upon the occurrence and during the continuance of any Default, Administrative Agent may with the consent of,
and shall at the direction of, the Required Lenders, without notice, exercise any and all rights and remedies afforded by this
Agreement, the other Credit Documents, Law (including the rights and remedies of a secured party under the UCC), equity or otherwise,
including (a) declaring any and all Obligations immediately due and payable; (b) reducing any claim to judgment; or (c) obtaining
appointment of a receiver (to which Mortgage Loan Borrower and all other Loan Parties hereby consent) and/or judicial or nonjudicial
foreclosure under the Mortgage; provided, however, that during the continuance of any Default, Administrative Agent
at its election may (but shall not be obligated to) with the consent of, and shall at the direction of, the Required Lenders,
without notice, do any one or more of the following: (x) terminate Lenders’ Mortgage Loan Commitments to lend and any obligation
to disburse any Mortgage Loan Borrower’s Deposit hereunder; (y) so long as the same is not prohibited by Law, in its own
name on behalf of the Lenders or in the name of Mortgage Loan Borrower, enter into possession of the Property, perform all work
necessary to complete construction of the Improvements substantially in accordance with the Plans (as modified as deemed necessary
by Administrative Agent), the Credit Documents, and all applicable Laws, governmental requirements and restrictive covenants,
and continue to employ Mortgage Loan Borrower’s architect, engineer and any contractor pursuant to the applicable contracts
or otherwise; or (z) set-off and apply, to the extent thereof and to the maximum extent permitted by Law, any and all deposits,
funds, or assets at any time held and any and all other indebtedness at any time owing by Administrative Agent or any Lender to
or for the credit or account of Mortgage Loan Borrower against any Mortgage Loan Obligations.

 

    	- 14 -

    	 

    

 

Mortgage
Loan Borrower hereby appoints Administrative Agent as Mortgage Loan Borrower’s attorney-in-fact, which power of attorney
is irrevocable and coupled with an interest, with full power of substitution if Administrative Agent so elects, to do any of the
following in its name upon the occurrence and during the continuance of any Default: (i) use such sums as are necessary, including
any Loan Proceeds and any Mortgage Loan Borrower’s Deposit, make such changes or corrections in the Plans, and employ such
architects, engineers, and contractors as may be required or as Lenders may otherwise consider desirable for the purpose of completing
construction of the Improvements substantially in accordance with the Plans (as modified as deemed necessary by Administrative
Agent), the Credit Documents, and all applicable Laws, governmental requirements and restrictive covenants; (ii) execute all applications
and certificates in the name of Mortgage Loan Borrower which may be required for completion of construction of the Improvements;
(iii) endorse the name of Mortgage Loan Borrower on any checks or drafts representing proceeds of any insurance policies, or other
checks or instruments payable to Mortgage Loan Borrower with respect to the Property; (iv) do every act with respect to the construction
of the Improvements that Mortgage Loan Borrower may do; (v) prosecute or defend any action or proceeding incident to the Property,
(vi) pay, settle, or compromise all bills and claims so as to clear title to the Property; and (vii) take over and use all or
any part of the labor, materials, supplies and equipment contracted for, owned by, or under the control of Mortgage Loan Borrower,
whether or not previously incorporated into the Improvements. Any amounts expended by Administrative Agent on its own behalf or
on behalf of Lenders to construct or complete the Improvements or in connection with the exercise of its remedies herein shall
be deemed to have been advanced to Mortgage Loan Borrower hereunder as a demand obligation owing by Mortgage Loan Borrower to
Administrative Agent or Lenders as applicable and shall constitute a portion of the Mortgage Loan Obligations, regardless of whether
such amounts exceed any limits for Mortgage Loan Obligations otherwise set forth herein. Neither Administrative Agent nor Lenders
shall have any liability to Mortgage Loan Borrower or any other Loan Party for the sufficiency or adequacy of any such actions
taken by Administrative Agent.

 

No
delay or omission of Administrative Agent or Lenders to exercise any right, power or remedy accruing upon the happening of a Default
shall impair any such right, power or remedy or shall be construed to be a waiver of any such Default or any acquiescence therein.
No delay or omission on the part of Administrative Agent or Lenders to exercise any option for acceleration of the maturity of
the Mortgage Loan Obligations or any other Obligations, or for foreclosure of the Mortgage following any Default as aforesaid,
or any other option granted to Administrative Agent and Lenders hereunder in any one or more instances, or the acceptances by
Administrative Agent or Lenders of any partial payment on account of the Mortgage Loan Obligations, shall constitute a waiver
of any such Default, and each such option shall remain continuously in full force and effect. No remedy herein conferred upon
or reserved to Administrative Agent and/or Lenders is intended to be exclusive of any other remedies provided for in any Mortgage
Loan Note or any of the other Credit Documents, and each and every such remedy shall be cumulative, and shall be in addition to
every other remedy given hereunder, or under any Mortgage Loan Note or any of the other Credit Documents, or now or hereafter
existing at Law or in equity or by statute. Every right, power and remedy given to Administrative Agent and Lenders by this Addendum,
any Mortgage Loan Note or any of the other Credit Documents shall be concurrent, and may be pursued separately, successively or
together against Mortgage Loan Borrower, the Loan Parties, or the Property or any part thereof, or any personal property granted
as security under the Credit Documents, and every right, power and remedy given by this Addendum, any Mortgage Loan Note or any
of the other Credit Documents may be exercised from time to time as often as may be deemed expedient by the Required Lenders.

 

Regardless
of how a Lender may treat payments received from the exercise of remedies under the Credit Documents for the purpose of its own
accounting, for the purpose of computing the Mortgage Loan Obligations, payments shall be applied as elected by Lenders. No application
of payments arising from the exercise by Lenders of remedies under the Credit Documents will cure any Default, or prevent acceleration,
or continued acceleration, of amounts payable under the Credit Documents, or prevent the exercise, or continued exercise, of rights
or remedies of Administrative Agent and Lenders hereunder or thereunder or at Law or in equity.

 

ARTICLE
5 – ADMINISTRATIVE AGENT

 

5.1
Releases; Acquisition and Transfers of Collateral.

 

(a)
Lenders hereby irrevocably authorize Administrative Agent to transfer or release any lien on, or after foreclosure or other acquisition
of title by Administrative Agent on behalf of Lenders to transfer or sell, any Loan collateral (i) upon the termination of the
Mortgage Loan Commitments and payment and satisfaction in full of all Mortgage Loan Obligations, (ii) constituting a release,
transfer or sale of a lien or Loan collateral if Mortgage Loan Borrower will certify to Administrative Agent that the release,
transfer or sale is permitted under this Addendum or the other Credit Documents (and Administrative Agent may rely conclusively
on any such certificate, without further inquiry); or (iii) after foreclosure or other acquisition of title if approved by the
Required Lenders.

 

    	- 15 -

    	 

    

 

(b)
If all or any portion of the Loan collateral is acquired by foreclosure or by deed in lieu of foreclosure, Administrative Agent
shall take title to the collateral in its name or by an Affiliate of Administrative Agent, but for the benefit of all Lenders
in their pro rata shares on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure (the “Acquisition
Date”). Administrative Agent and all Lenders hereby expressly waive and relinquish any right of partition with respect
to any collateral so acquired. After any collateral is acquired, Administrative Agent shall appoint and retain one or more Persons
(individually and collectively, “Property Manager”) experienced in the management, leasing, sale and/or disposition
of similar properties.

 

After
consulting with the Property Manager, Administrative Agent shall prepare a written plan for completion of construction (if required),
operation, management, improvement, maintenance, repair, sale and disposition of the Loan collateral and a budget for the aforesaid,
which may include a reasonable management fee payable to Administrative Agent (the “Business Plan”). Administrative
Agent will deliver the Business Plan not later than the sixtieth (60th) day after the Acquisition Date to each Lender with a written
request for approval of the Business Plan. If the Business Plan is approved by the Required Lenders, Administrative Agent and
the Property Manager shall adhere to the Business Plan until a different Business Plan is approved by the Required Lenders. Administrative
Agent may propose an amendment to the Business Plan as it deems appropriate, which shall also be subject to Required Lender approval.
If the Business Plan (as may be amended) proposed by Administrative Agent is not approved by the Required Lenders, (or if sixty
(60) days have elapsed following the Acquisition Date without a Business Plan being proposed by Administrative Agent), any Lender
may propose an alternative Business Plan, which Administrative Agent shall submit to all Lenders for their approval. If an alternative
Business Plan is approved by the Required Lenders, Administrative Agent may appoint one of the approving Lenders to implement
the alternative Business Plan. Notwithstanding any other provision of this Addendum, unless in violation of an approved Business
Plan or otherwise in an emergency situation, Administrative Agent shall, subject to Subsection (a) of this Section, have
the right but not the obligation to take any action in connection with the Loan collateral (including those with respect to property
taxes, insurance premiums, completion of construction, operation, management, improvement, maintenance, repair, sale and disposition),
or any portion thereof.

 

(c)
Upon request by Administrative Agent or Mortgage Loan Borrower at any time, Lenders will confirm in writing Administrative Agent’s
authority to sell, transfer or release any such liens of particular types or items of Loan collateral pursuant to this Section;
provided, however, that (i) Administrative Agent shall not be required to execute any document necessary to evidence
such release, transfer or sale on terms that, in Administrative Agent’s opinion, would expose Administrative Agent to liability
or create any obligation or entail any consequence other than the transfer, release or sale without recourse, representation or
warranty, and (ii) such transfer, release or sale shall not in any manner discharge, affect or impair the obligations of Mortgage
Loan Borrower other than those expressly being released.

 

5.2
Application of Payments. Except as otherwise provided below with respect to Defaulting Lenders, aggregate principal and
interest payments, payments for Indemnified Liabilities, proceeds from foreclosure or sale of the collateral, and net operating
income from the collateral during any period it is owned by Administrative Agent on behalf of the Lenders (“Payments”)
shall be apportioned pro rata among Lenders and payments of any fees (other than fees designated for Administrative Agent’s
separate account) shall, as applicable, be apportioned pro rata among Lenders. Notwithstanding anything to the contrary in this
Addendum, all Payments due and payable to Defaulting Lenders shall be due and payable to and be apportioned pro rata among Administrative
Agent and Electing Lenders. Such apportionment shall be in the proportion that the Defaulting Lender Payment Amounts paid by them
bears to the total Defaulting Lender Payment Amounts of such Defaulting Lender. Such apportionment shall be made until Administrative
Agent and Lenders have been paid in full for the Defaulting Lender Payment Amounts. All pro rata Payments shall be remitted to
Administrative Agent and all such payments not constituting payment of specific fees, and all proceeds of the Loan collateral
received by Administrative Agent (notwithstanding anything contained in the Mortgage, to the contrary), shall be applied first,
to pay any fees, indemnities, costs, expenses and reimbursements then due to Administrative Agent from Mortgage Loan Borrower
; second, to pay any fees, costs, expenses and reimbursements then due to Lenders from Mortgage Loan Borrower; third,
to pay pro rata interest and Late Payment Charges due in respect of the Mortgage Loan Obligations and Administrative Agent Advances;
fourth, to pay or prepay pro rata principal of, the Mortgage Loan Obligations and Administrative Agent Advances, and to
pay or cash collateralize the Hedge Obligations, ratably among the Lenders, Administrative Agent, and Swap Providers; and last,
the balance, if any, after all of the Mortgage Loan Obligations have been indefeasibly paid in full, to the Mortgage Loan Borrower
or as otherwise required by applicable Laws.

 

    	- 16 -

    	 

    

 

Cash
collateralization of the Hedge Obligations shall be at the discretion of the Administrative Agent, with funds to be placed
on deposit with the Administrative Agent, and on terms on which the Administrative Agent and the Mortgage Loan Borrower may agree.
Amounts used to cash collateralize the Hedge Obligations pursuant to clause fourth above, shall be applied to satisfy drawings
under the Hedge Obligations as they occur. If any amounts remain on deposit as cash collateral after all Hedge Obligations have
been terminated, such remaining amount shall be applied to other Mortgage Loan Obligations, if any, in the order set forth above.

 

5.3
Benefit. The terms and conditions of this Article are inserted for the sole benefit of Administrative Agent and Lenders;
the same may be waived in whole or in part, with or without terms or conditions, without prejudicing Administrative Agent’s
or Lenders’ rights to later assert them in whole or in part.

 

ARTICLE
6 - GENERAL TERMS AND CONDITIONS

 

6.1
Consents; Indemnity. Except where otherwise expressly provided in the Credit Documents, in any instance where the approval,
consent or the exercise of Administrative Agent’s or Lenders’ judgment is required, the granting or denial of such
approval or consent and the exercise of such judgment shall be (a) within the reasonable discretion of Administrative Agent or
Lenders; and (b) deemed to have been given only by a specific writing intended for the purpose given and executed by Administrative
Agent or Lenders. Notwithstanding any approvals or consents by Administrative Agent or Lenders, neither Administrative Agent nor
any Lender has any obligation or responsibility whatsoever for the adequacy, form or content of the Plans, the Budget, any appraisal,
any contract, any change order, any lease, or any other matter incident to the Property or the construction of the Improvements.
Administrative Agent’s or Lenders’ acceptance of an assignment of the Plans for the benefit of Administrative Agent
and Lenders shall not constitute approval of the Plans. Any inspection, appraisal or audit of the Property or the books and records
of Mortgage Loan Borrower, or the procuring of documents and financial and other information, by or on behalf of Administrative
Agent shall be for Administrative Agent’s and Lenders’ protection only, and shall not constitute an assumption of
responsibility to Mortgage Loan Borrower, any other Loan Party or anyone else with regard to the condition, value, construction,
maintenance or operation of the Property, or relieve Mortgage Loan Borrower of any of its obligations. Mortgage Loan Borrower
has selected all surveyors, architects, engineers, the general contractor, materialmen and all other Persons furnishing services
or materials to the Project (except for those Persons hired by Administrative Agent pursuant to Section 4.2). Neither Administrative
Agent nor any Lender has any duty to supervise or to inspect the Property or the construction of the Improvements nor any duty
of care to Mortgage Loan Borrower, any other Loan Party, or any other Person to protect against, or to inform Mortgage Loan Borrower,
any other Loan Party or any other Person of the existence of any negligent, faulty, inadequate or defective design or construction
of the Improvements. Neither Administrative Agent nor any Lender shall be liable or responsible for, and Mortgage Loan Borrower
and the other Loan Parties shall, jointly and severally, indemnify Administrative Agent and each Agent- Related Person and each
Lender and their respective Affiliates, directors, officers, agents, attorneys and employees (collectively, the “Indemnitees”)
from and against, and shall pay upon reasonable documentation thereof: (a) any claim, action, loss or cost (including reasonable
attorney’s fees and costs) arising from or relating to (i) any defect in the Property or the Improvements, (ii) the performance
or default of Mortgage Loan Borrower, or Mortgage Loan Borrower’s surveyors, architects, engineers or contractors, (iii)
any failure to construct, complete, protect or insure the Improvements, (iv) the payment of costs of labor, materials, or services
supplied for the construction of the Improvements, (v) the protection and preservation of the collateral for the Mortgage Loans
(including those with respect to property taxes, insurance premiums, completion of construction, operation, management, improvements,
maintenance, repair, sale and disposition), or (vi) the performance of any obligation of Mortgage Loan Borrower whatsoever; (b)
any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses
and disbursements (including reasonable attorneys’ fees and costs) of any kind or nature whatsoever which may at any time
be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with
(i) the enforcement of any Credit Document or any other agreement, letter or instrument delivered in connection with the transactions
contemplated thereby or the consummation of the transactions contemplated thereby, or (ii) any claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation
of, preparation for, or defense of any pending or threatened (in writing) claim, investigation, litigation or proceeding) and
regardless of whether any Indemnitee is a party thereto; (c) any and all claims, demands, actions or causes of action arising
out of or relating to the use of Information or other materials obtained through internet, Intralinks or other similar information
transmission systems in connection with this Addendum; and (d) any and all liabilities, losses, costs or expenses (including reasonable
attorneys’ fees and costs) that any Indemnitee suffers or incurs as a result of the assertion of any foregoing claim, demand,
action, cause of action or proceeding, or as a result of the preparation of any defense in connection with any foregoing claim,
demand, action, cause of action or proceeding, in all cases, whether or not an Indemnitee is a party to such claim, demand, action,
cause of action or proceeding and whether it is defeated, successful or withdrawn (all of the foregoing, collectively, the “Indemnified
Liabilities”); provided, however, that such indemnity shall not, as to any Indemnitee, be available to
the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs,
expenses or disbursements are determined by a court of competent jurisdiction, by a final and non-appealable judgment, to have
resulted from the fraudulent acts or omissions, gross negligence or willful misconduct of such Indemnitee, as determined by a
court of competent jurisdiction by a final and unappealable judgment. No advance or acceptance of any document or instrument,
shall be construed as a representation or warranty, express or implied, to any party by Administrative Agent or Lenders. Inspection
shall not constitute an acknowledgment or representation by Administrative Agent, any Lender or the Construction Inspector that
there has been or will be compliance with the Plans, the Credit Documents, or applicable Laws, governmental requirements and restrictive
covenants, or that the construction is free from defective materials or workmanship. Inspection, whether or not followed by notice
of Default, shall not constitute a waiver of any Default then existing, or a waiver of Administrative Agent’s and Lenders’
right thereafter to insist that the Improvements be constructed in accordance with the Plans, the Credit Documents, and all applicable
Laws, governmental requirements and restrictive covenants. Administrative Agent’s failure to inspect shall not constitute
a waiver of any of Administrative Agent’s or Lenders’ rights under the Credit Documents or at Law or in equity.

 

    	- 17 -

    	 

    

 

6.2
Miscellaneous. This Addendum may be executed in several counterparts, and by different parties hereto in different counterparts,
all of which are identical, and all of which counterparts together shall constitute one and the same instrument. The Credit Documents
are for the sole benefit of Administrative Agent, Lenders and Mortgage Loan Borrower and are not for the benefit of any third
party. A determination that any provision of this Addendum is unenforceable or invalid shall not affect the enforceability or
validity of any other provision and the determination that the application of any provision of this Addendum to any Person or
circumstance is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to
other Persons or circumstances. Time shall be of the essence with respect to Mortgage Loan Borrower’s obligations under
the Credit Documents. This Addendum, and its validity, enforcement and interpretation, shall be governed by the laws of the Governing
State (without regard to any conflict of Laws principles) and applicable United States federal Law.

 

6.3
Payments Set Aside. To the extent that any payment by or on behalf of Mortgage Loan Borrower is made to Administrative
Agent or any Lender, or Administrative Agent or any Lender exercises its right of set-off, and such payment or the proceeds of
such set-off or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by Administrative Agent or such Lender in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law, to a depository (including
Administrative Agent, any Lender or its or their Affiliates) for returned items or insufficient collected funds, or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each Lender
severally agrees to pay to Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by
Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum
equal to the Federal Funds Rate from time to time in effect.

 

6.4
Survival. This Addendum shall continue in full force and effect until the all of the Mortgage Loan Obligations are paid
in full and all of Administrative Agent’s and Lenders’ obligations under this Addendum are terminated; provided that
all representations and warranties and all provisions herein for indemnity of the Indemnitees, Administrative Agent and Lenders
(and any other provisions herein specified to survive) shall survive payment in full, satisfaction or discharge of the Mortgage
Loan Obligations, the resignation or removal of Administrative Agent or replacement of any Lender, and any release or termination
of this Addendum or of any other Credit Documents.

 

    	- 18 -

    	 

    

 

6.5
Costs and Expenses. Without limiting any Credit Document and to the extent not prohibited by applicable Laws, the Mortgage
Loan Borrower and the other Loan Parties shall pay when due, shall reimburse to Administrative Agent on demand and shall indemnify
Administrative Agent from, upon reasonable documentation thereof, all reasonable out-of-pocket fees, costs, and expenses paid
or incurred by Administrative Agent in connection with the negotiation, preparation and execution of this Addendum and the other
Credit Documents (and any amendments, approvals, consents, waivers and releases requested, required, proposed or done from time
to time). Without limiting any Credit Document and to the extent not prohibited by applicable Laws, Mortgage Loan Borrower shall
pay when due, shall reimburse to Administrative Agent on demand and shall indemnify Administrative Agent from, upon reasonable
documentation thereof, all reasonable out-of-pocket fees, costs, and expenses paid or incurred by Administrative Agent in connection
with the disbursement or administration of the Mortgage Loans, including (a) all reasonable and documented fees and expenses of
Administrative Agent’s counsel; (b) reasonable and documented fees and charges of each Construction Inspector, inspector
and engineer; (c) appraisal, re-appraisal and survey costs to the extent required by the terms of the Credit Documents; (d) title
insurance charges and premiums; (e) title search or examination costs, including abstracts, abstractors’ certificates and
uniform commercial code searches; (f) judgment and tax lien searches for the Mortgage Loan Borrower and the other Loan Parties;
(g) escrow fees; (h) fees and costs of environmental investigations, site assessments and remediations required by the terms of
the Credit Documents; (i) recordation taxes, documentary taxes, transfer taxes and mortgage taxes; and (j) filing and recording
fees. Mortgage Loan Borrower and the other Loan Parties shall, jointly and severally, pay, upon reasonable documentation thereof,
all reasonable costs and expenses incurred by Administrative Agent and/or Lenders for the collection of the Mortgage Loans or
the enforcement of the obligations of Mortgage Loan Borrower or the other Loan Parties, or the exercise of any enforcement or
collection remedies, including without limitation reasonable and documented attorneys’ fees, whether or not involving probate,
appellate, administrative or bankruptcy proceedings. The obligations of the Mortgage Loan Borrower and the other Loan Parties
under this Section shall survive the delivery of the Credit Documents, the making of advances, the payment in full of the Obligations,
the release or reconveyance of any of the Credit Documents, the foreclosure of the Mortgage or conveyance in lieu of foreclosure,
any bankruptcy or other debtor relief proceeding, and any other event whatsoever.

 

6.6
Further Assurances; No Merger. The Mortgage Loan Borrower and the other Loan Parties will, upon Administrative Agent’s
reasonable request, (a) promptly correct any defect, error or omission in any Credit Document; (b) execute, acknowledge, deliver,
procure, record or file such further instruments and do such further acts as Administrative Agent reasonably deems necessary or
proper to carry out the purposes of the Credit Documents and to identify and subject to the liens and security interest of the
Credit Documents any property intended to be covered thereby, including any renewals, additions, substitutions, replacements,
or appurtenances to the Property; (c) execute, acknowledge, deliver, procure, file or record any document or instrument Administrative
Agent reasonably deems necessary or proper to protect the liens or the security interest under the Credit Documents against the
rights or interests of third persons; and (d) provide such certificates, documents, reports, information, affidavits and other
instruments and do such further acts reasonably deemed necessary or proper by Administrative Agent or any Lender to comply with
the requirements of any Governmental Authority having jurisdiction over Administrative Agent or such Lender.

 

As
a material inducement to Administrative Agent and Lenders to enter into this Addendum, Mortgage Loan Borrower acknowledges and
agrees that each of its Indemnification Agreements (as that term is defined below) (a) is a continuing, separate agreement that
shall survive the termination of this Addendum, the payment and performance in full of the Obligations, the release or reconveyance
of any of the Credit Documents, the foreclosure of the Mortgage or conveyance in lieu of foreclosure, any proceeding under any
Debtor Relief Law, and any other event whatsoever, and (b) shall not be merged with any judgment or judgments with respect to
the Obligations. The term “Indemnification Agreements” means the collective reference to each provision of
this Addendum or any of the Credit Documents for indemnification of Administrative Agent and/or the Lenders, their respective
parents, Affiliates and/or respective officers, directors, shareholders, employees, attorneys, other professionals, and agents
and to each of the agreements of Mortgage Loan Borrower to pay or reimburse Administrative Agent and/or the Lenders for reasonable
costs and expenses (including, reasonable attorneys’ fees) of collection or otherwise.

 

6.7
Inducement to Lenders. The representations, warranties, covenants and agreements contained in this Addendum and the other
Credit Documents (a) are made to induce Lenders to make the Loan and extend any other credit to or for the account of Mortgage
Loan Borrower pursuant hereto, and Administrative Agent and Lenders are relying thereon, and will continue to rely thereon, and
(b) shall survive any foreclosure, any conveyance (or assignment) in lieu of foreclosure, or any proceedings under any Debtor
Relief Law involving Mortgage Loan Borrower, the other Loan Parties, or the Property.

 

6.8
Commercial Purpose. The Mortgage Loan Borrower warrants that the Mortgage Loans are being made solely to acquire or carry
on a business or commercial enterprise, and/or Mortgage Loan Borrower is a business or commercial organization. Mortgage Loan
Borrower further warrants that all of the proceeds of the Mortgage Loans shall be used for commercial purposes and stipulates
that the Mortgage Loans shall be construed for all purposes as a commercial loan, and is made for other than personal, family,
household or agricultural purposes.

 

    	- 19 -

    	 

    

 

6.9
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING OR ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
ADDENDUM OR ANY OTHER CREDIT DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

EACH
PARTY HERETO HEREBY:

 

(a)
CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER;

 

(b)
ACKNOWLEDGES THAT THIS WAIVER AND THE PROVISIONS OF THIS SECTION WERE A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE
CREDIT DOCUMENTS;

 

(c)
CERTIFIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY, AND VOLUNTARILY MADE;

 

(d)
AGREES AND UNDERSTANDS THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH PROCEEDING
OR ACTION, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS OR ANY OTHER AGREEMENT, AND FURTHER AGREES THAT SUCH PARTY
SHALL NOT SEEK TO CONSOLIDATE ANY SUCH PROCEEDING OR ACTION WITH ANY OTHER PROCEEDING OR ACTION IN WHICH A JURY TRIAL CANNOT BE
OR HAS NOT BEEN WAIVED;

 

(e)
AGREES THAT THE MORTGAGE LOAN BORROWER, THE OTHER LOAN PARTIES, ADMINISTRATIVE AGENT AND LENDER ARE EACH HEREBY AUTHORIZED TO
FILE A COPY OF THIS SECTION IN ANY PROCEEDING OR ACTION AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL; AND

 

(f)
REPRESENTS AND WARRANTS THAT SUCH PARTY HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER
BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE
WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

6.10
Entire Agreement. The Credit Documents constitute the entire understanding and agreement between and among the Mortgage
Loan Borrower, the other Loan Parties, Administrative Agent and Lenders with respect to the transactions arising in connection
with the Loans, and supersede all prior written or oral understandings and agreements between and among the Mortgage Loan Borrower,
the other Loan Parties, Administrative Agent and Lenders with respect to the matters addressed in the Credit Documents. For the
avoidance of doubt, this Addendum is incorporated by reference into the Credit Agreement. In particular, and without limitation,
the terms of any commitment letter, letter of intent or quote letter by Administrative Agent or any Lender to make the Loan are
merged into the Credit Documents. Neither Administrative Agent nor any Lender has made any commitments to extend the term of any
of the Mortgage Loans past its stated maturity date or to provide the Mortgage Loan Borrower or any other Loan Party with financing
except as set forth in the Credit Documents. Except as incorporated in writing into the Credit Documents, there are not, and were
not, and no Persons are or were authorized by Administrative Agent or any Lender to make, any representations, understandings,
stipulations, agreements or promises, oral or written, with respect to the matters addressed in the Credit Documents.

 

THE
WRITTEN CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

[Signatures
appear on following pages]

 

    	- 20 -

    	 

    

 

Signature
Page to Construction Loan Addendum:

 

IN
WITNESS WHEREOF, THIS CONSTRUCTION LOAN ADDENDUM IS EXECUTED AND DELIVERED UNDER SEAL as of the date first above written.

 

	 	 	MORTGAGE
    LOAN BORROWER:
	 	 	 
	WITNESS
    OR ATTEST:	 	LONE
    STAR ACQUISITION, LLC,
	 	 	A
    Delaware limited liability company,
	 	 	Authorized
                                         to do business in Texas under the name

        LONE
        STAR LAND OF HOUSTON, LLC

	 	 	 	 
	 	 	By:	LDRV
                                         Holdings Corp.,

        a
        Delaware corporation, its Manager

	 	 	 	 
	 	 	By:	
	 	 	Name: 	 
	 	 	Title:	 

 

STATE
OF______________ , COUNTY OF____________ , TO WIT:

 

I
HEREBY CERTIFY, that on this day of__________, 2020, before me, the undersigned Notary Public of said State, personally appeared__________,
and who acknowledged himself/herself to be the_________________ of LDRV Holdings Corp. which is the Manager of Lone Star Acquisition,
LLC, a Delaware limited liability company authorized to do business in Texas under the name Lone Star Land of Houston, LLC, known
to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he/she
executed the same for the purposes therein contained as the duly authorized____________ of LDRV Holdings Corp., as Manager of
said limited liability company.

 

WITNESS
my hand and Notarial Seal.

 

	 	 	 
	 	 	Notary
    Public
	 	 	 
	My
    Commission Expires:	 	 

 

    	 

    	 

    

 

Signature
Page to Construction Loan Addendum:

 

	 	 	BORROWERS:
	 	 	 	 
	WITNESS
    OR ATTEST:	 	LDRV
                                         HOLDINGS CORP.,

a
Delaware corporation

	 	 	 	 
	 	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 
	 	 	LAZYDAYS
                                         RV AMERICA, LLC,

LAZYDAYS
RV DISCOUNT, LLC,

LAZYDAYS
MILE HI RV, LLC,

LAZYDAYS
OF MINNEAPOLIS LLC,

LDRV
OF TENNESSEE LLC,

LAZYDAYS
OF CENTRAL FLORIDA, LLC, and

LONE STAR DIVERSIFIED, LLC,

Each
a Delaware limited liability company

	 	 	 	 
	 	 	By:	LDRV
                                         Holdings Corp.,

        a
        Delaware corporation, its Manager

	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

STATE
OF__________ , COUNTY OF__________, TO WIT:

 

I
HEREBY CERTIFY, that on this__________day of__________, 2020, before me, the undersigned Notary Public of said State, personally
appeared , who acknowledged himself/herself to be the__________of LDRV Holdings Corp., a Delaware corporation and the Manager
of Lazydays RV America, LLC, Lazydays RV Discount, LLC, Lazydays Mile Hi RV, LLC, Lazydays of Minneapolis LLC, LDRV of Tennessee
LLC, Lazydays of Central Florida, LLC, and Lone Star Diversified, LLC, each a Delaware limited liability company, known to me
(or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he/she executed
the same for the purposes therein contained as the duly authorized__________of LDRV Holdings Corp. for itself and as Manager of
said limited liability companies.

 

WITNESS
my hand and Notarial Seal.

 

	 	 	 
	 	 	Notary
    Public
	 	 	 
	My
    Commission Expires:	 	 

 

[Signatures
continued on following pages]

 

    	 

    	 

    

 

Signature
Page to Construction Loan Addendum:

 

	 	 	ADMINISTRATIVE
    AGENT:
	 	 	 	 
	WITNESS
    OR ATTEST:	 	MANUFACTURERS
    AND TRADERS TRUST COMPANY,
	 	 	A
    New York Banking Corporation,
	 	 	In
    Its Capacity As Administrative Agent
	 	 	 	 
	 	 	By		(SEAL)
	 	 	 	Brendan
    Kelly,
	 	 	 	Vice
    President
	 	 	 	 
	 	 	LENDER:
	 	 	 	 
	 	 	MANUFACTURERS AND TRADERS TRUST COMPANY,

                                                                     As A Lender

	 	 	 	 
	 	 	By		(SEAL)
	 	 	 	Brendan
    Kelly,
	 	 	 	Vice
    President	 

 

STATE
OF__________, COUNTY OF__________, TO WIT:

 

I
HEREBY CERTIFY, that on this__________day of__________, 2020, before me, the undersigned Notary Public of said State, personally
appeared Brendan Kelly, who acknowledged himself to be a Vice President of Manufacturers and Traders Trust Company, a New York
banking corporation, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument,
and acknowledged that he executed the same for the purposes therein contained as the duly authorized Vice President of said banking
corporation by signing the name of the banking corporation in the foregoing capacity.

 

WITNESS
my hand and Notarial Seal.

 

	 	 	 
	 	 	Notary
    Public
	 	 	 
	My
    Commission Expires:	 	 

 

[Signatures
continued on following pages]

 

    
	 

    	 

    

 

Signature
Page to Construction Loan Addendum:

 

	 	 	LENDER:
	 	 	 
	WITNESS
    OR ATTEST:	 	BMO
    HARRIS BANK N.A.,
	 	 	As
    A Lender
	 	 	 
	 	 	By:	 
	 	 	 	Jonathan
    Terrell,
	 	 	 	Vice
    President

 

STATE
OF__________, COUNTY OF__________, TO WIT:

 

I
HEREBY CERTIFY, that on this__________day of__________, 2020, before me, the undersigned Notary Public of said State, personally
appeared Jonathan Terrell, who acknowledged himself to be a Vice President of BMO Harris Bank N.A., a national banking association,
known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that
he/she executed the same for the purposes therein contained as the duly authorized Vice President of said national banking association
by signing the name of the national banking association in the foregoing capacity.

 

WITNESS
my hand and Notarial Seal.

 

	 	 	 
	 	Notary
    Public	 
	 	 	 
	My
    Commission Expires:	 	 

 

    	 

    	 

    

 

EXHIBIT
“A”

 

PROPERTY
DESCRIPTION

 

DESCRIPTION
OF TRACT 1:

12.689
ACRE OR 552,728 SQ. FT.

 

A
TRACT OR PARCEL OF CONTAINING 12.689 ACRES OR 552.728 SQUARE FEET OF LAND, SITUATED IN THE W. SORSBY SURVEY, ABSTRACT NO. 958,
HARRIS COUNTY, TEXAS, BEING OUT AND A PART OF A CALLED 22.8600 ACRES CONVEYED TO STOKE-290 PARTNERS, LP AS RECORDED UNDER THE
HARRIS COUNTY CLERKS FILE (H.C.C.F.) NO. 2016178528, BEING DESCRIBED AS FOLLOWS WITH ALL BEARINGS BASED ON THE TEXAS STATE PLANE
COORDINATE SYSTEM, SOUTH CENTRAL ZONE, NAD83;

 

COMMENCING,
AT A 5/8 INCH IRON ROD FOUND ON THE INTERSECTION OF THE WEST RIGHT-OF- WAY (R.O.W.) LINE OF STOKES ROAD (CALLED 99’ R.O.W.
PER TX DOT & COUNTY MAPS) AND THE NORTH R.O.W. LINE OF U.S. HIGHWAY 290 (WIDTH VARIES) MARKING THE SOUTHEAST CORNER OF A CALLED
6.1367 ACRE TRACT CONVEYED TO STOKES-290 PARTNERS, LP AS RECORDED UNDER H.C.C.F. NO. Y-202278;

 

THENCE,
ALONG THE WEST R.O.W. LINE OF SAID STOKES ROAD (CALLED 99 FEET R.O.W. PER TXDOT AND COUNTY MAPS), THE FOLLOWING TWO (2) COURSES
AND DISTANCES:

 

1.
NORTH 02 DEG. 31 MIN. 27 SEC. WEST, A DISTANCE OF 240.88 FEET TO A 1 INCH IRON PIPE FOUND MARKING THE NORTHEAST CORNER OF SAID
CALLED 6.1367 ACRE TRACT AND THE SOUTHEAST CORNER OF SAID CALLED 22.8600 ACRE TRACT;

 

2.
NORTH 02 DEG. 38 MIN. 39 SEC. WEST, A DISTANCE OF 116.43 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE” SET
FOR THE SOUTHEAST CORNER AND POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT;

 

THENCE,
OVER AND ACROSS SAID CALLED 22.8600 ACRE TRACT, THE FOLLOWING FOUR (4) COURSES AND DISTANCES:

 

1.
SOUTH 87 DEG. 21 MIN. 21 SEC. WEST, A DISTANCE OF 962.06 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE” SET
FOR THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT;

 

2.
NORTH 32 DEG. 40 MIN. 49 SEC. EAST, A DISTANCE OF 161.01 FEET, TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE” SET
MARKING THE BEGINNING OF A CURVE TO THE LEFT;

 

3.
WITH SAID CURVE TO THE LEFT, HAVING A RADIUS OF 40.00 FEET, A CENTRAL ANGLE OF 35 DEG. 13 MIN. 57 SEC., AN ARC LENGTH OF 24.60
FEET, A CHORD BEARING AND DISTANCE OF NORTH 15 DEG. 03 MIN. 50 SEC. EAST, 24.21 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE”
SET FOR A POINT OF TANGENCY;

 

4.
NORTH 02 DEG. 33 MIN. 08 SEC. WEST, A DISTANCE OF 479.71 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE” SET
ON A SOUTH LINE OF A CALLED 32.44 ACRE TRACT CONVEYED TO GANIM JOHN GANIM AS RECORDED UNDER H.C.C.F. NO. S-094431 FOR THE NORTHWEST
CORNER OF THE HEREIN DESCRIBED TRACT;

 

THENCE,
NORTH 87 DEG. 26 MIN. 52 SEC. EAST, ALONG SAID SOUTH LINE OF CALLED 32.44 ACRE TRACT, A DISTANCE OF 860.83 FEET, TO A 3/8 INCH
IRON ROD FOUND ON THE WEST R.O.W. LINE OF SAID STOKES ROAD MARKING THE MOST EASTERLY CORNER OF SAID CALLED 32.44 ACRE TRACT, THE
NORTHEAST CORNER OF SAID 22.8600 ACRE TRACT AND OF THE HEREIN DESCRIBED TRACT;

 

    	 

    	 

    

 

THENCE,
SOUTH 02 DEG. 38 MIN. 39 SEC. EAST, ALONG THE WEST R.O.W. LINE OF SAID STOKES ROAD, A DISTANCE OF 632.75 FEET TO THE PLACE OF
BEGINNING CONTAINING 12.689 ACRES OR 552.728 SQUARE FEET OF LAND, MORE OR LESS.

 

DESCRIPTION
OF TRACT 2:

4.510
ACRE OR 196,433 SQ. FT.

 

A
TRACT OR PARCEL OF CONTAINING 4.510 ACRES OR 196,433 SQUARE FEET OF LAND, SITUATED IN THE W. SORSBY SURVEY, ABSTRACT NO. 958,
HARRIS COUNTY, TEXAS, BEING OUT AND A PART OF A CALLED 22.8600 ACRES CONVEYED TO STOKE-290 PARTNERS, LP AS RECORDED UNDER THE
HARRIS COUNTY CLERKS FILE (H.C.C.F.) NO. 2016178528, BEING DESCRIBED AS FOLLOWS WITH ALL BEARINGS BASED ON THE TEXAS STATE PLANE
COORDINATE SYSTEM, SOUTH CENTRAL ZONE, NAD83;

 

COMMENCING,
AT A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE LAND SERVICES” FOUND ON THE NORTH RIGHT-OF-WAY (R.O.W.) LINE OF U.S.
HIGHWAY 290 (R.O.W. VARIES) MARKING THE SOUTHEAST CORNER OF A CALLED 1.732 ACRE TRACT CONVEYED TO GAGANDEEP SINGH GREWAL AS RECORDED
UNDER H.C.C.F. NO. RP-2017-446351 AND THE SOUTHWEST CORNER OF SAID CALLED 22.8600 ACRE TRACT;

 

THENCE,
NORTH 02 DEG. 41 MIN. 59 SEC. WEST, ALONG THE COMMON LINE SAID OF CALLED 1.732 AND SAID CALLED 22.8600 ACRE TRACT, A DISTANCE
OF 302.48 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE LAND SERVICES” FOUND FOR THE NORTHEAST CORNER OF SAID
CALLED 1.732 ACRE TRACT AND THE SOUTHEAST CORNER OF A CALLED 32.44 ACRE TRACT CONVEYED TO GANIN JOHN GANIM AS RECORDED UNDER H.C.C.F.
NO. S-094431, FROM WHICH A 1/2 INCH IRON PIPE FOUND BEARS FOR REFERENCE NORTH 23 DEG. 52 MIN. 18 SEC. WEST - 0.86 FEET;

 

THENCE,
NORTH 02 DEG. 22 MIN. 03 SEC. WEST, ALONG THE WEST LINE OF SAID CALLED 22.8600 ACRE TRACT, A DISTANCE OF 42.58 FEET TO A CAPPED
5/8 INCH IRON ROD STAMPED “WINDROSE” SET FOR THE SOUTHWEST CORNER AND POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT;

 

THENCE,
NORTH 02 DEG. 22 MIN. 03 SEC. WEST, CONTINUING ALONG SAID CALLED 22.8600 ACRE TRACT, A DISTANCE OF 531.66 FEET TO AN INTERIOR
CORNER OF SAID CALLED 32.44 ACRE TRACT, THE NORTHWEST CORNER OF SAID CALLED 22.8600 ACRE TRACT AND OF THE HEREIN DESCRIBED TRACT;

 

THENCE,
NORTH 87 DEG. 26 MIN. 52 SEC. EAST, ALONG THE NORTH LINE OF SAID CALLED 22.8600 ACRE TRACT, A DISTANCE OF 339.42 FEET TO A CAPPED
5/8 INCH IRON ROD STAMPED “WINDROSE” SET FOR THE NORTHEAST CORNER OF THE HEREIN DESCRIBED TRACT;

 

THENCE,
OVER AND ACROSS SAID CALLED 22.8600 ACRE TRACT, THE FOLLOWING FOUR (4) COURSES AND DISTANCES:

 

1.
SOUTH 02 DEG. 33 MIN. 08 SEC. EAST, A DISTANCE OF 479.71 FEET, TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE” SET
FOR A POINT OF CURVATURE TO THE RIGHT;

 

2.
WITH SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 40.00 FEET, A CENTRAL ANGLE OF 35 DEG. 13 MIN. 57 SEC., AN ARC LENGTH OF 24.60
FEET, A CHORD BEARING AND DISTANCE OF SOUTH 15 DEG. 03 MIN. 50 SEC. WEST, 24.21 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE”
SET FOR A POINT OF TANGENCY;

 

    	 

    	 

    

 

3.
SOUTH 32 DEG. 40 MIN. 49 SEC. WEST, A DISTANCE OF 161.01 FEET, TO THE A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE”
SET FOR THE SOUTHEAST CORNER OF THE HEREIN DESCRIBED TRACT;

 

4.
NORTH 69 DEG. 28 MIN. 40 SEC. WEST, A DISTANCE OF 261.87 FEET TO THE PLACE OF BEGINNING CONTAINING 4.510 ACRES OR 196,433 SQUARE
FEET OF LAND, MORE OR LESS.

 

DESCRIPTION
OF TRACT 3:

 

A
50’ ACCESS EASEMENT 0.4026 ACRE OR 17,536 SQ. FT., AS CREATED IN, AND SUBJECT TO THE TERMS, CONDITIONS, STIPULATIONS, OBLIGATIONS
AND APPURTENANT EASEMENT RIGHTS OF THAT CERTAIN DETENTION AND ACCESS, DRAINAGE OUTFALL AND UTILITY EASEMENT AGREEMENT WITH PROVISIONS
FOR OTHER FUTURE GRANTS, FILED UNDER HARRIS COUNTY CLERK’S FILE NO. RP-2019-121479

 

A
TRACT OR PARCEL OF CONTAINING 0.4026 ACRES OR 17,536 SQUARE FEET OF LAND, SITUATED IN THE W. SORSBY SURVEY, ABSTRACT NO. 958,
HARRIS COUNTY, TEXAS, BEING OUT AND A PART OF A CALLED 22.8600 ACRES CONVEYED TO STOKE-290 PARTNERS, LP AS RECORDED UNDER THE
HARRIS COUNTY CLERKS FILE (H.C.C.F.) NO. 2016178528 AND OUT AND A PART OF A CALLED 6.1367 ACRE TRACT CONVEYED TO STOKES-290 PARTNERS,
LP AS RECORDED UNDER H.C.C.F. NO. Y-202278, BEING DESCRIBED AS FOLLOWS WITH ALL BEARINGS BASED ON THE TEXAS STATE PLANE COORDINATE
SYSTEM, SOUTH CENTRAL ZONE, NAD83;

 

COMMENCING,
AT A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE LAND SERVICES” FOUND ON THE NORTH RIGHT-OF-WAY (R.O.W.) LINE OF U.S.
HIGHWAY 290 (R.O.W. VARIES) MARKING THE SOUTHEAST CORNER OF A CALLED 1.732 ACRE TRACT CONVEYED TO GAGANDEEP SINGH GREWAL AS RECORDED
UNDER H.C.C.F. NO. RP-2017-446351 AND THE SOUTHWEST CORNER OF SAID CALLED 22.8600 ACRE TRACT;

 

THENCE,
WITH A CURVE TO THE LEFT, HAVING A RADIUS OF 7,479.44 FEET, A CENTRAL ANGLE OF 00 DEG. 27 MIN. 14 SEC., AN ARC LENGTH OF 59.26
FEET, A CHORD BEARING AND DISTANCE OF SOUTH 63 DEG. 04 MIN. 25 SEC. EAST, 59.26 FEET TO THE SOUTHWEST CORNER AND POINT OF BEGINNING
OF THE HEREIN DESCRIBED EASEMENT;

 

THENCE,
OVER AND ACROSS SAID CALLED 22.8600 ACRE TRACT, THE FOLLOWING FIVE (5) COURSES AND DISTANCES:

 

1.
NORTH 26 DEG. 28 MIN. 15 SEC. EAST, A DISTANCE OF 200.00 FEET TO AN ANGLE POINT;

 

2.
NORTH 40 DEG. 55 MIN. 09 SEC. EAST, A DISTANCE OF 133.18 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED “WINDROSE” SET
FOR THE NORTHWEST CORNER OF THE HEREIN DESCRIBED EASEMENT;

 

3.
NORTH 87 DEG. 21 MIN. 21 SEC. EAST, A DISTANCE OF 69.00 FEET TO THE NORTHEAST CORNER OF THE HEREIN DESCRIBED EASEMENT;

 

4.
SOUTH 40 DEG. 55 MIN. 09 SEC. WEST, A DISTANCE OF 174.40 FEET TO AN INTERIOR POINT;

 

5.
SOUTH 26 DEG. 28 MIN. 15 SEC. WEST, A DISTANCE OF 193.75 FEET TO NORTH R.O.W. LINE OF SAID U.S. HIGHWAY 290 AND THE SOUTHEAST
CORNER OF THE HEREIN DESCRIBED EASEMENT;

 

THENCE,
WITH A CURVE TO THE RIGHT, HAVING A RADIUS OF 7,479.44 FEET, A CENTRAL ANGLE OF 00 DEG. 22 MIN. 59 SEC., AN ARC LENGTH OF 50.00
FEET, A CHORD BEARING AND DISTANCE OF NORTH 63 DEG. 29 MIN. 32 SEC. WEST, 50.00 FEET TO THE POINT OF BEGINNING CONTAINING 0.4026
ACRES OR 17,536 SQUARE FEET OF LAND, MORE OR LESS.

 

    	 

    	 

    

 

EXHIBIT
“B”

 

DEFINITIONS

 

1.
DEFINITIONS: As used in this Agreement and the attached exhibits, the following terms shall have the following meanings:

 

“Accounts
Payable List” means a written summary from Mortgage Loan Borrower of all accounts paid and payable for soft costs associated
with the applicable Draw Request identifying each such account and the invoice amount due or previously paid, and shall be in
form and substance reasonably acceptable to Administrative Agent. For purposes of this definition, “soft costs” includes
costs and expenses of development other than those attributable to the construction of the physical Improvements, including but
not limited to architect’s fees, consulting fees, management fees, abatement expenses, legal fees, testing and inspection
fees, connection charges, and other similar fees and expenses.

 

“Administrative
Agent Advances” has the meaning set forth in Section 1.8 of this Agreement.

 

“Administrative
Agent’s Time” means the time of day observed in the city where Administrative Agent’s Office is located.

 

“Advance
Amount” has the meaning set forth in Section 1.7(a).

 

“Agent-Related
Persons” means Administrative Agent, together with its Affiliates, and the officers, directors, employees, agents and
attorneys-in-fact of Administrative Agent and its Affiliates.

 

“Aggregate
Cost” has the meaning set forth in Section 1.4 of this Agreement.

 

“Basel
III Regulations” has the meaning ascribed to such term in Exhibit “F” attached hereto.

 

“Budget”
means the budget and cost itemization for the Project attached as Exhibit “D”.

 

“Civil
Asset Forfeiture Reform Act” means the Civil Asset Forfeiture Reform Act of 2000 (18 U.S.C. Sections 983 et seq.), as
amended from time to time, and any successor thereto.

 

“Completion
Date” means the date which is twelve (12) months following the date of this Agreement.

 

“Completion
of Construction” means with respect to the construction of Improvements, the satisfaction of all of the conditions for
the release of the final advance of the Loan Proceeds for the payment of the costs of such construction outlined in Section
5 of Exhibit “F” hereto, as reasonably determined by Administrative Agent.

 

“Construction
Commencement Date” means the date which is thirty (30) calendar days after the date of this Agreement.

 

“Construction
Inspector” means the construction inspector engaged by Administrative Agent with respect to the Project.

 

“Construction
Inspector Report” means a written report from the Construction Inspector due to Administrative Agent on a specified
predetermined day of each month acceptable to Administrative Agent.

 

“Hedge
Obligations” has the meaning given to such term in the Mortgage.

 

“Mortgage
Loan Obligations” means the “Obligations” as such term is defined in the Mortgage.

 

“Mortgage
Loans” means the loans by Lenders to Mortgage Loan Borrower, in the maximum principal amount of $6,136,000.00.

 

    	 

    	 

    

 

“Mortgage
Loan Borrower’s Deposit” has the meaning set forth in Section 1.5 of this Agreement.

 

“Controlled
Substances Act” means the Controlled Substances Act (21 U.S.C. Sections 801 et seq.), as amended from time to time,
and any successor statute.

 

“Default
Notice” has the meaning set forth in Section 1.9(a).

 

“Defaulting
Lender Amount” means the Defaulting Lender’s pro rata share of a Payment Amount.

 

“Defaulting
Lender Obligation” has the meaning set forth in Section 1.9(a).

 

“Defaulting
Lender Payment Amounts” means a Defaulting Lender Amount plus interest from the date such Defaulting Lender Amount was
funded by Administrative Agent and/or an Electing Lender, as applicable, to the date such amount is repaid to Administrative Agent
and/or such Electing Lender, as applicable, at the rate per annum applicable to such Defaulting Lender Amount under the Loan or
otherwise at the Adjusted Base Rate.

 

“Draw
Request” has the meaning set forth in Section 1 of Exhibit “F”.

 

“Electing
Lender” has the meaning set forth in Section 1.9(a).

 

“Election
Notice” has the meaning set forth in Section 1.9(a).

 

“Election
Period” has the meaning set forth in Section 1.9(a).

 

“Excusable
Delay” means a delay, not to exceed a total of thirty (30) days, caused by unusually adverse weather conditions which
have not been taken into account in the construction schedule, fire, earthquake or other acts of God, strikes, lockouts, acts
of public enemy, riots or insurrections or any other unforeseen circumstances or events beyond the control of Borrower (except
financial circumstances or events or matters which may be resolved by the payment of money), and as to which Borrower notifies
Administrative Agent in writing within five (5) Business Days after such occurrence; provided, however, that in
no event shall any Excusable Delay extend the Completion Date or suspend or abate any obligation of Borrower or Guarantor or any
other Person to pay any money.

 

“Environmental
Agreement” means the Hazardous Substances Indemnity Agreement of even date herewith by the Loan Parties for the benefit
of Administrative Agent and Lenders.

 

“Funding
Date” means the date on which an advance of Mortgage Loan proceeds or Mortgage Loan Borrower’s Deposit shall occur.

 

“Improvements”
means all on-site and off-site improvements required for the construction of a new RV service facility on the Land, and all related
amenities, and other fixtures, equipment, improvements and appurtenances now or later to be located on the Land and/or in such
improvements, as more particularly described from time to time in the Plans.

 

“Indemnification
Agreements” has the meaning set forth in Section 6.6.

 

“Indemnified
Liabilities” has the meaning set forth in Section 6.1.

 

“Indemnitees”
has the meaning set forth in Section 6.1.

 

“Initial
Advance” means the initial amount of the proceeds of the Mortgage Loans to be advanced by Lenders to Mortgage Loan Borrower
after the satisfaction of all required conditions precedent thereto in accordance with the terms of this Agreement.

 

“Land”
means the real property described in Exhibit “A”.

 

    	 

    	 

    

 

“Lease”
means each existing or future lease or other agreement entered into by or on behalf of Mortgage Loan Borrower under the terms
of which any Person has or acquires any right to occupy or use the Property, or any part thereof, or interest therein (other than
a fee simple interest), and each existing or future guaranty of payment or performance thereunder, and all extensions, renewals,
modifications and replacements of each such lease, sublease, agreement or guaranty. The initial lease for the Property is between
the Mortgage Loan Borrower and Diversified

 

“Loan”
means, for purposes of this Addendum, collectively, the Mortgage Loans, each as the same may be amended, modified, restated, replaced
or supplemented from time to time.

 

“Loan
Proceeds” has the meaning set forth in Section 1.4.

 

“Material
Contract” means any contract or subcontract for the performance of any work or the supplying of any labor, materials
or services which exceeds 500,000.00 in total price, and if any individual contractor, subcontractor or material supplier is a
party to more than one contract, such contracts shall be aggregated for the purposes of determining whether such contracts constitute
a Material Contract.

 

“Payments”
has the meaning set forth in Section 5.2.

 

“Payment
Amount” means an advance of the Mortgage Loans, an unreimbursed Administrative Agent Advance, an unreimbursed Indemnified
Liability, or any other amount that a Lender is required to fund under this Agreement.

 

“Permitted
Changes” means changes to the Plans or the direct costs of construction of the Improvements (but not soft costs), provided
that (a) the cost of any single change does not exceed $50,000.00 and the aggregate amount of all such changes (whether
positive or negative) does not exceed $250,000.00.

 

“Permitted
Encumbrances” has the meaning ascribed to such term in the Mortgage.

 

“Plans”
means the plans and specifications listed in Exhibit “E” and all modifications thereof and additions thereto
that are included as part of the Plans as the same shall be approved by Administrative Agent in the exercise of its sole, but
reasonable discretion in accordance with the terms of this Agreement.

 

“Project”
means the construction, ownership, leasing, management and operation of the Improvements.

 

“Property”
means the Land, the Improvements and all other property constituting the “Property,” as described in the Mortgage,
or subject to a right, lien or security interest to secure the Loan pursuant to any other Credit Document.

 

“Property
Agreements” means, individually and collectively such recorded agreements in connection
with the construction and development as are approved by the Administrative Agent.

 

“Property
Manager” has the meaning set forth in Section 5.1(b).

 

“Purchase
Offer” has the meaning set forth in Section 5.1.

 

“Required
Up-Front Cash Equity” means cash equity in the amount of One Million Five Hundred Thirty-Five Thousand Dollars ($1,534,000.00)
contributed by Mortgage Loan Borrower to the Project.

 

“Rents”
means all of the rents, royalties, issues, profits, revenues, earnings, income and other benefits of the Property or any part
thereof, or arising from the use or enjoyment of the Property or any part thereof, including all such amounts paid under or arising
from any of the Lease(s) and all fees, charges, accounts or other payments for the use or occupancy of facilities within the Property
or any part thereof.

 

“Stored
Materials” means building materials or furnishings that are not yet incorporated into the Improvements.

 

    	 

    	 

    

 

“Stored
Materials Advance Limit” means $500,000.00.

 

“Survey”
means a survey prepared in accordance with Exhibit “G” or as otherwise approved by Administrative Agent in
its sole discretion.

 

“Title
Company” means Chicago Title Insurance Company.

 

“Title
Insurance” means the loan policy or policies of title insurance issued to Administrative Agent for the benefit of Lenders
by the Title Company, in an amount equal to the maximum principal amount of the Mortgage Loans, insuring the validity and priority
of the Mortgage encumbering the Land and Improvements for the benefit of Administrative Agent and Lenders.

 

“Title
Insurance Report” means an update of the Title Insurance in a form and substance reasonably satisfactory to Administrative
Agent.

 

“Total
Budget” has the meaning set forth in Section 1.4.

 

“Total
Costs” has the meaning set forth in Section 1.4.

 

“Up-Front
Equity” has the meaning set forth in Section 1.4.

 

    	 

    	 

    

 

EXHIBIT
“C”

 

CONDITIONS
PRECEDENT TO THE INITIAL ADVANCE

 

As
conditions precedent to the Initial Advance, if and to the extent required by Administrative Agent, Administrative Agent shall
have received and approved the following:

 

1.
Fees and Expenses. Any and all required application, commitment and loan fees, and evidence satisfactory to Administrative
Agent that Mortgage Loan Borrower has paid all other fees, costs and expenses (including the reasonable and documented fees and
costs of Administrative Agent’s counsel) then required to be paid pursuant to this Agreement and all other Credit Documents,
including, without limitation, all fees, costs and expenses that Mortgage Loan Borrower is required to pay pursuant to any loan
application or commitment.

 

2.
Financial Statements. The Financial Statements of Mortgage Loan Borrower and Loan Parties or any other party required by
any loan application or commitment or otherwise required by Administrative Agent.

 

3.
Appraisal. A market value appraisal of the Property satisfactory to the Administrative Agent. The appraiser and appraisal
must be satisfactory to Administrative Agent (including satisfaction of applicable regulatory requirements) and the appraiser
must be engaged directly by Administrative Agent.

 

4.
Draw Schedule and Budget. Mortgage Loan Borrower’s proposed cash flow, draw schedule, and construction schedule for
the Project, and Administrative Agent shall be satisfied, in its reasonable discretion, that the Improvements may be completed
in accordance with the construction schedule and for costs not exceeding those set forth in the Budget.

 

5.
Authorization. Evidence Administrative Agent reasonably requires of the existence, good standing, authority and capacity
of Mortgage Loan Borrower and Loan Parties to execute, deliver and perform their respective obligations to Administrative Agent
and Lenders under the Credit Documents, including:

 

(a)
For each corporation: (i) a true and complete copy of its articles of incorporation and by-laws, and all amendments thereto, a
certificate of incumbency of all of its officers who are authorized to execute or attest to any of the Credit Documents, and a
true and complete copy of resolutions approving the Credit Documents and authorizing the transactions contemplated in this Agreement
and the other Credit Documents; and (ii) certificates of existence, good standing and qualification to do business issued by the
appropriate governmental officials in the state of its formation and, if different, the state in which the Project is located.

 

(b)
For each limited liability company: (i) a true and complete copy of the articles of organization and operating agreement, and
all amendments thereto, a certificate of incumbency of all of its members who are authorized to execute or attest to any of the
Credit Documents, and a true and complete copy of resolutions approving the Credit Documents and authorizing the transactions
contemplated in this Agreement and the other Credit Documents; and (ii) certificates of existence, good standing and qualification
to do business issued by appropriate governmental officials in the state of its formation and, if different, the state in which
the Property is located.

 

(c)
For each limited partnership: (i) a true and complete copy of the certificate of limited partnership and partnership agreement,
and all amendments thereto, a certificate of incumbency of all of its partners who are authorized to execute or attest to any
of the Credit Documents, and a true and complete copy of resolutions approving the Credit Documents and authorizing the transactions
contemplated in this Agreement and the other Credit Documents; and (ii) certificates of existence, good standing and qualification
to do business issued by appropriate governmental officials in the state of its formation and, if different, the state in which
the Property is located.

 

(d)
All certificates, resolutions, and consents reasonably required by Administrative Agent applicable to the foregoing.

 

    	 

    	 

    

 

6.
Credit Documents. From Mortgage Loan Borrower and Loan Parties, duly executed, acknowledged and/or sworn to as required,
and delivered to Administrative Agent (with a copy for each Lender) all Credit Documents then required by Administrative Agent,
dated the date of this Agreement, each in form and content satisfactory to Administrative Agent, and evidence Administrative Agent
requires that the Mortgage has been recorded, or delivered to the Title Company for recording, in the official records of the
county in which the Property is located and UCC-1 financing statements have been filed in all filing offices that Administrative
Agent may require.

 

7.
Opinions. The written opinion of counsel for Mortgage Loan Borrower and Loan Parties, in form and substance reasonably
satisfactory to Administrative Agent, and subject to customary assumptions and exceptions, addressed to Administrative Agent for
the benefit of Lenders, dated the date of this Agreement.

 

8.
Survey; No Special Flood Hazard. (a) Two (2) prints of an original survey (with a copy for each Lender) of the Land and
improvements thereon dated not more than sixty (60) days prior to the date of this Agreement (or dated such earlier date, if any,
as is satisfactory to the Title Company, but in any event not more than one hundred eighty (180) days prior to the date of this
Agreement) satisfactory to Administrative Agent and the Title Company and otherwise, to the extent required by Administrative
Agent, complying with Exhibit “G”, and (b) evidence satisfactory to Administrative Agent that none of the Land
is located in a flood hazard area or a flood insurance policy (with a copy for each Lender) insuring any structure or portion
thereof and any Mortgage Loan Borrower owned contents against casualty by flood in form and amount acceptable to Administrative
Agent but in no amount less than the amount sufficient to meet the requirements of applicable Law as such requirements may from
time to time be in effect. The flood insurance policy on contents shall be required upon completion of the structure or any unit
or component thereof, or as soon thereafter as a flood insurance policy on such contents may be obtained.

 

9.
Title Insurance. An ALTA title insurance policy, issued by the Title Company (which shall be approved by Administrative
Agent in its reasonable discretion) in the maximum amount of the Loan plus any other amount secured by the Mortgage, on a coinsurance
and/or reinsurance basis if and as reasonably required by Administrative Agent, insuring that the Mortgage constitutes a valid
lien covering the Land and all Improvements thereon, having the priority required by the Credit Documents and subject only to
the Permitted Encumbrances and those exceptions and encumbrances (regardless of rank or priority) Administrative Agent approves,
in a form reasonably acceptable to Administrative Agent, and with all “standard” exceptions which can be deleted,
including the exception for matters which a current survey would show, deleted to the fullest extent authorized under applicable
title insurance rules, and Mortgage Loan Borrower shall satisfy all requirements therefor permitted; containing no exception for
standby fees or real estate taxes or assessments other than those for the year in which the closing occurs to the extent the same
are not then due and payable and endorsed “not yet due and payable” and no exception for subsequent assessments for
prior years; providing full coverage against mechanics’ and materialmen’s liens to the extent authorized under applicable
title insurance rules, and Mortgage Loan Borrower shall satisfy all requirements therefor; insuring that no restrictive covenants
shown in the Title Insurance have been violated, and that no violation of the restrictions will result in a reversion or forfeiture
of title; insuring all appurtenant easements; insuring that indefeasible or marketable (as coverage is available) leasehold title
to the Land and Improvements is vested in Mortgage Loan Borrower subject only to the Permitted Encumbrances and those exceptions
and encumbrances approved by Administrative Agent; containing such affirmative coverage and endorsements as Administrative Agent
may reasonably require and are available under applicable title insurance rules, and Mortgage Loan Borrower shall satisfy all
requirements therefor; insuring any easements, fee simple and leasehold (as the case may be) estates or other matters appurtenant
to or benefiting the Land and/or the Improvements as part of the insured estate; insuring the right of access to the Land to the
extent authorized under applicable title insurance rules, and Mortgage Loan Borrower shall satisfy all requirements therefor;
and containing provisions acceptable to Administrative Agent regarding advances of Loan funds after closing. Neither Mortgage
Loan Borrower nor its counsel shall have any interest, direct or indirect, in any portion of the premium paid for the Title Insurance.

 

10.
Plans. Two (2) true and correct copies of all existing Plans (including the site plan), together with evidence satisfactory
to Administrative Agent that all applicable governmental authorities, Mortgage Loan Borrower, and Mortgage Loan Borrower’s
architect, engineer, and contractors and Construction Inspector have approved the same.

 

    	 

    	 

    

 

11.
Contracts. (a) A fully executed copy of the general construction contract and any amendments thereto (which has been reviewed
and approved by the Administrative Agent), together with a list containing the names and addresses of all existing material subcontractors,
architects, engineers, and other suppliers of services and materials for the Project under any Material Contract, their respective
contract amounts, and copies of such Material Contracts; and (b) duly executed, acknowledged and delivered originals from each
contractor, architect, engineer, subcontractor, or supplier of services or materials required by Administrative Agent of (i) consents
or other agreements satisfactory to Administrative Agent and (ii) agreements satisfactory to Administrative Agent subordinating
all rights, liens, claims and charges they may have or acquire against Mortgage Loan Borrower or the Property to the rights, liens
and security interests of the Administrative Agent for the benefit of the Lenders.

 

12.
Insurance Policies. The insurance policies initially required by Administrative Agent, pursuant to the Credit Documents,
together with evidence satisfactory to Administrative Agent that all premiums therefor have been paid and that the policies are
in full force and effect.

 

13.
Lease(s). (a) A true and correct copy of the executed Lease to Diversified covering the Improvements; and (b) tenant estoppel
certificate and subordination and attornment agreement, dated as of the date of closing of the Mortgage Loans and in form and
content reasonably satisfactory to Administrative Agent, from Diversified as sole tenant of the Improvements; (ii) evidence reasonably
satisfactory to Administrative Agent of Mortgage Loan Borrower’s compliance with the terms of such Lease.

 

14.
Environmental Compliance/Report. Delivery of an Environmental Report in form and substance satisfactory to the Administrative
Agent.

 

15.
Soil Reports. A soil composition and test boring report and a foundation report satisfactory to Administrative Agent regarding
the Land, made within three (3) years prior to the date of this Agreement, by a licensed professional engineer satisfactory to
Administrative Agent.

 

16.
Access, Utilities, and Laws. (a) Evidence reasonably satisfactory to Administrative Agent that the Property abuts and has
fully adequate direct and free access to one or more public streets, dedicated to public use, fully installed and accepted by
the appropriate Governmental Authority, that all fees, costs and expenses of the installation and acceptance thereof have been
paid in full, and that there are no restrictions on the use and enjoyment of such streets which would adversely affect the Project;
(b) if required by Administrative Agent, letters from the applicable utility companies or Governmental Authorities confirming
that all utilities necessary for the Improvements are available at the boundaries of the Land in sufficient capacity, together
with evidence satisfactory to Administrative Agent of paid impact fees, utility reservation deposits, and connection fees required
to assure the availability of such services; (c) evidence reasonably satisfactory to Administrative Agent that all applicable
zoning ordinances, restrictive covenants and governmental requirements affecting the Property permit the use for which the Property
is intended and have been or will be complied with without the existence of any variance, non-complying use, nonconforming use
or other special exception; (d) evidence reasonably satisfactory to Administrative Agent that the Land and Improvements comply
and will comply with all Laws and governmental requirements regarding subdivision and platting and would so comply if the Land
and the Improvements thereon were conveyed as a separate parcel; (e) a true and correct copy of a valid building permit for the
Improvements, together with all other consents, licenses, permits and approvals necessary for construction of the Improvements,
all in assignable form (to the extent appropriate and available) and in full force and effect; (f) evidence reasonably satisfactory
to Administrative Agent of compliance, in all material respects, by Mortgage Loan Borrower and the Property, and the proposed
construction, use and occupancy of the Improvements, with such other applicable Laws and governmental requirements as Administrative
Agent may reasonably request, including all Laws and governmental requirements regarding access and facilities for handicapped
or disabled persons including, without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C.
§ 4151 et seq.), The Americans With Disabilities Act of 1990 (42 U.S.C. § 12101 et seq.), The Rehabilitation Act of
1973 (29 U.S.C. § 794), and any applicable state requirements;
and (g) written evidence satisfactory to Administrative Agent that construction of the Improvements on the Land is permissible
under all federal, state and local statutes, regulations and rulings protecting tidal and non-tidal wetlands and other environmentally
protected areas.

 

17.
Priority. (a) Evidence reasonably satisfactory to Administrative Agent that prior to and as of the time the Mortgage was
filed for record (i) no contract, or memorandum thereof, for construction, design, surveying, or any other service relating to
the Project has been filed for record in the county where the Property is located; and (ii) no mechanic’s or materialman’s
lien claim or notice, lis pendens, judgment, or other claim or encumbrance against the Property has been filed for record in the
county where the Property is located or in any other public record which by Law provides notice of claims or encumbrances regarding
the Property; and (b) a certificate or certificates of a reporting service acceptable to Administrative Agent, reflecting the
results of current searches, (i) of the central and local UCC records, showing no filings against any of the collateral for the
Loan or against Mortgage Loan Borrower otherwise except as consented to by Administrative Agent; and (ii) if required by Administrative
Agent, of the appropriate judgment and tax lien records, showing no outstanding judgment or tax lien against Mortgage Loan Borrower
or Loan Parties.

 

    	 

    	 

    

 

18.
Tax and Impact Fees. Evidence satisfactory to Administrative Agent (a) of the identity of all taxing authorities and utility
districts (or similar authorities) having jurisdiction over the Property or any portion thereof; (b) that all taxes, impact fees,
standby fees, water and sewer connection charges and any other similar charges have been paid, including copies of receipts or
statements marked “paid” by the appropriate authority; and (c) that the Land is a separate tax lot or lots with separate
assessment or assessments of the Land and Improvements, independent of any other land or improvements and that the Land is a separate
legally subdivided parcel.

 

19.
Property Agreements; Other Documents. Fully executed copies of each of the Property Agreements, and to the extent reasonably
required by Administrative Agent, satisfactory evidence that such Property Agreements have been duly recorded among the appropriate
land records, along with copies of such other documents, instruments, certificates and other materials as Administrative Agent
may reasonably request from Mortgage Loan Borrower, Loan Parties, and any other Person, in form and content satisfactory to Administrative
Agent.

 

20.
Up-Front Equity. Evidence satisfactory to Administrative Agent that the Up-Front Equity has been fully paid and funded,
including without limitation and to the extent applicable, all amounts required to satisfy Basel III Regulations.

 

21.
Identification Due Diligence. Administrative Agent and each Lender shall have received all due diligence materials they
deem necessary with respect to verifying the Mortgage Loan Borrower’s and Loan Parties’ identity and background information
in a manner satisfactory to Administrative Agent and each Lender.

 

    	 

    	 

    

 

EXHIBIT
“E”

 

LIST
OF PLANS

 

Project
Plans for Project Millenial (Architects Project #181270) 20103 Stokes Road, Waller, Texas, by Powers Brown Architecture, 2100
Travis Street, Suite 501, Houston, Texas 77002

 

Construction
Plans for Proposed Detention Pond to Serve 29.0 Tract, 20103 Stokes Road, Waller, Texas 77484 (WGA Project No. 00486-001, June
2019), by Ward, Getz & Associates, LLP, Consulting Engineers,2500 Tanglewilde, Suite 120, Houston, Texas 77063

 

    	 

    	 

    

 

EXHIBIT
“F”

 

ADVANCES

 

1.
Draw Request. A “Draw Request” means a properly completed and executed written application by Mortgage
Loan Borrower to Administrative Agent signed by an Authorized Officer on behalf of Mortgage Loan Borrower in the form of Exhibit
“F-1” (or in another form satisfactory to Administrative Agent) setting forth the amount of Up-Front Equity funded
and/or Loan Proceeds desired, together with the related AIA Documents G-702 and G-703 and such schedules, affidavits, releases,
waivers, statements, invoices, Accounts Payable Lists, bills, and other documents, certificates and information reasonably satisfactory
to Administrative Agent. At least ten (10) Business Days before the requested date of each advance made under the Budget from
the Loan, Mortgage Loan Borrower shall deliver a Draw Request to Administrative Agent and each Lender. Mortgage Loan Borrower
shall be entitled to an advance only in an amount approved by Administrative Agent in accordance with the terms of this Agreement
and the Credit Documents. Lenders shall not be required to make advances more frequently than once each calendar month. Lenders
shall, only upon the satisfaction, as determined by Administrative Agent in its sole discretion, of all applicable conditions
of this Agreement and the Credit Documents, be required to make the requested advance to Mortgage Loan Borrower on a Funding Date
which is a Business Day within ten (10) Days after such satisfaction. Each Draw Request, and Mortgage Loan Borrower’s acceptance
of any advance, shall be deemed to ratify and confirm, as of the date of the Draw Request and the advance, respectively, that,
except as specified in the Draw Request, (a) all representations and warranties in the Credit Documents remain true and correct
in all material respects, and all covenants and agreements in the Credit Documents remain satisfied, (b) there is no uncured Default
or Event of Default existing under the Credit Documents, (c) all conditions to the advance, whether or not evidence thereof is
required by Administrative Agent, are satisfied, (d) the AIA Document G-702 and G-703 forms executed by each contractor and approved
by Mortgage Loan Borrower’s architect, together with all schedules, affidavits, releases, waivers, statements, invoices,
Accounts Payable Lists, bills, and other documents, certificates and information submitted for the Draw Request are complete and
correct, and in all material respects what they purport and appear to be for the amount and period applicable to the Draw Request,
(e) all advances previously made to Mortgage Loan Borrower were disbursed, and the proceeds of the advance requested in the Draw
Request will immediately be disbursed, for payments of the costs and expenses specified in the Budget for which the advances were
made, and for no other purpose, (f) after the advance, all obligations for work and other costs heretofore incurred by Mortgage
Loan Borrower in connection with the Project and which are due and payable will be fully paid and satisfied, and (g) any unadvanced
portion of the Loan to which Mortgage Loan Borrower is entitled, plus the portions of the Aggregate Cost that are to be paid by
Mortgage Loan Borrower from other funds that, to Administrative Agent’s satisfaction, are available, set aside and committed,
is or will be sufficient to pay the actual unpaid Aggregate Cost.

 

2.
Advances. Mortgage Loan Borrower shall use and apply all advances made to Mortgage Loan Borrower, for payment of the costs
and expenses specified in the Budget for which the advances were made, and for no other purpose. Following receipt and approval
of a Draw Request, all supporting documentation and information reasonably required by Administrative Agent, and receipt and approval
of a Construction Inspector Report and Title Insurance Report reasonably satisfactory to Administrative Agent, Administrative
Agent will determine the amount of the advance Lenders shall make in accordance with this Agreement, the Credit Documents, the
Budget, and if and to the extent required by Administrative Agent, to Administrative Agent’s reasonable satisfaction, the
following standards:

 

(a)
An initial advance in the amount of the Initial Advance.

 

(b)
For construction work, other than tenant improvement work under Leases approved by Administrative Agent, advances shall be made
on the basis of ninety percent (90%) of the costs shown on the application for payment from the contractor reviewed and approved
by Administrative Agent of the work or material in place on the Improvements that comply with the terms of the Credit Documents,
minus all previous advances and all amounts required to be paid by Mortgage Loan Borrower, as described in the Budget; provided,
however, that to the extent required by the terms of any construction contract or subcontract, at such time as the construction
of the Improvements is fifty percent (50%) completed, as verified by the Construction Inspector, advances may increase to ninety-five
percent (95%) of the approved costs requisitioned, minus all previous advances and all amounts required to be paid by Mortgage
Loan Borrower; provided, however, that (i) retainage shall never be less than five percent (5%) of the amount of the general contract
without the prior written consent of Administrative Agent and (ii) Administrative Agent shall not be required to make advances
for direct construction costs in excess of the aggregate amount for which Mortgage Loan Borrower shall be responsible pursuant
to the terms of the general construction contract. Furthermore, notwithstanding anything contained herein to the contrary, but
subject to the operation of clause (i) above, Administrative Agent agrees to release the retainage payable to any subcontractor
when such subcontractor has completed work under its subcontract in a manner acceptable to Construction Inspector and, if applicable,
the appropriate Governmental Authority and has provided to Administrative Agent a full and final waiver of liens (which may be
conditioned upon the payment of a specified sum).

 

    	 

    	 

    

 

(c)
No advances will be made for Stored Materials unless (i) Mortgage Loan Borrower has good title to the Stored Materials and the
Stored Materials are components in a form ready for incorporation into the Improvements and will be so incorporated within a period
of forty-five (45) days, (ii) the Stored Materials are in Mortgage Loan Borrower’s possession and satisfactorily stored
on the Land or such materials are satisfactorily stored at such other site as Administrative Agent may approve, (iii) the Administrative
Agent shall have been provided with copies of invoices for and, photographic evidence of, such Stored Materials (iv) the Stored
Materials are protected and insured against theft and damage in a manner and amount satisfactory to Administrative Agent and satisfactory
evidence of commercial property insurance covering Stored Materials provided to the Administrative Agent, (v) the Stored Materials
have been paid for in full or will be paid for with the funds to be advanced and all lien rights and claims of the supplier have
been released or will be released upon payment with the advanced funds, and (vi) Administrative Agent for the benefit of Lenders
has or will have upon payment with the advanced funds a perfected, first priority security interest in the Stored Materials. Notwithstanding
the foregoing, the aggregate amount of advances for Stored Materials that have not yet been incorporated into the Improvements
shall not exceed the Stored Materials Advance Limit.

 

(d)
Mortgage Loan Borrower agrees that prior to Lenders funding any advance or draw under the Mortgage Loans, Mortgage Loan Borrower
shall be required to have contributed the Required Up-Front Cash Equity.

 

3.
Conditions to the Initial Advance. As conditions precedent to the Initial Advance hereunder, if and to the extent required
by Administrative Agent, to Administrative Agent’s satisfaction, Mortgage Loan Borrower must have satisfied the conditions
required under this Agreement, including all of those conditions set forth in Exhibit “C” and Section 4
below.

 

4.
Conditions to All Advances. As conditions precedent to each advance made pursuant to a Draw Request, in addition to all
other requirements contained in this Agreement, Mortgage Loan Borrower must satisfy the following conditions, and deliver to Administrative
Agent evidence of such satisfaction.

 

(a)
The continued satisfaction of all conditions to the Initial Advance.

 

(b)
Mortgage Loan Borrower must have delivered a Draw Request.

 

(c)
No continuing Default or any event which, with the giving of notice or the lapse of time, or both, could become a Default, exists.

 

(d)
The representations and warranties made in the Credit Documents must be true and correct in all material respects on and as of
the date of each advance and no event shall have occurred or condition or circumstance shall exist which, if known to Mortgage
Loan Borrower, would render any such representation or warranty incorrect or misleading in any material respect.

 

(e)
To the extent requested by Administrative Agent, (i) each subcontract or other contract for labor, materials, services and/or
other work included in a Draw Request duly executed and delivered by all parties thereto and effective, and a true and complete
copy of a fully executed copy of each such subcontract or other contract as Administrative Agent may have reasonably requested,
and (ii) if not previously delivered, payment and performance bonds for those contractors and/or subcontractors under Material
Contracts designated by Administrative Agent, in amounts, form and content reasonably satisfactory to Administrative Agent.

 

(f)
No mechanic’s or materialmen’s lien or other encumbrance has been filed and remains in effect against the Property,
no stop notices shall have been served on Lenders that have not been bonded by Mortgage Loan Borrower in a manner and amount satisfactory
to Administrative Agent, and releases or waivers of mechanics’ liens and receipted bills showing payment of all amounts
due to all parties who have furnished materials or services or performed labor of any kind in connection with the Property (which
may be conditioned upon the payment of a specified sum).

 

    	 

    	 

    

 

(g)
The Title Insurance has been endorsed and brought to date in a manner reasonably satisfactory to Administrative Agent to increase
the coverage by the amount of each advance through the date of each such advance with no additional title change or exception
not approved by Administrative Agent or otherwise permitted by the terms of the Credit Documents.

 

(h)
Administrative Agent shall have received written certification by Construction Inspector, and if required by Administrative Agent
by Mortgage Loan Borrower’s architect, that to the best of such party’s knowledge, information, and belief, construction
is in accordance with the Plans, the quality of the work for which the advance is requested is in accordance with the applicable
contract, the amount of the advance requested represents work in place based on on-site observations and the data comprising the
Draw Request, the work has progressed in accordance with the construction contract and schedule, and the applicable contractor
is entitled to payment of the amount certified.

 

(i)
Administrative Agent shall have received (i) a foundation survey made promptly following, but in no event later than thirty (30)
days after, the laying of the foundation of each building or structure of the Improvements satisfactory to Administrative Agent,
complying with Exhibit “G”, (ii) a certificate of Mortgage Loan Borrower’s architect or engineer stating
that based on personal inspection the foundations have been completed in accordance with the Plans and are satisfactory in all
respects, and (iii) a bearing capacity test report with respect to the excavated footings and foundations, reviewed and reasonably
approved by the Construction Inspector and Mortgage Loan Borrower’s architect.

 

(j)
Intentionally Deleted.

 

(k)
Intentionally Deleted.

 

(l)
As of the date of making such advance, no event shall have occurred, nor shall any condition exist, that is reasonably likely
to have a Material Adverse Effect.

 

(m)
The Improvements shall not have been damaged and not being repaired in accordance with the terms of the Mortgage, and shall not
be the subject of any pending (or threatened in writing) condemnation or adverse zoning proceeding.

 

(n)
Mortgage Loan Borrower shall have paid all amounts then required to be paid by Mortgage Loan Borrower under the Budget.

 

(o)
Mortgage Loan Borrower shall have made the Mortgage Loan Borrower’s Deposit, if any, required by Section 1.5 of this
Agreement.

 

(p)
With respect to any advance to pay a contractor, original applications for payments in form approved by Administrative Agent,
containing a breakdown by trade and/or other categories acceptable to Administrative Agent, executed and certified by each applicable
contractor and Mortgage Loan Borrower’s architect, accompanied by invoices, and approved by Construction Inspector.

 

(q)
Mortgage Loan Borrower shall have delivered to Administrative Agent an Owner’s Affidavit certifying that the funds disbursed
to date by Lenders have been paid to appropriate parties.

 

(r)
If reasonably requested by Administrative Agent, Mortgage Loan Borrower shall have delivered to Administrative Agent copies of
notarized partial lien waiver forms executed by each contractor and each appropriate subcontractor, supplier and materialman,
including, without limitation, from all parties sending statutory notices to contractors, notices to owners, or notices of nonpayment,
specifying in such partial lien waivers the amount paid or payable in consideration of such partial releases as may be required
by Administrative Agent.

 

    	 

    	 

    

 

(s)
An Accounts Payable List for any soft costs.

 

(t)
Mortgage Loan Borrower shall have delivered to Administrative Agent such other information, documents and supplemental legal opinions
as may be reasonably required by Administrative Agent.

 

5.
Final Advance for Improvements. If and to the extent required by Administrative Agent, to Administrative Agent’s
reasonable satisfaction, the final advance for the Improvements (including retainage) shall not be made until the Administrative
Agent shall have received the following as additional conditions precedent to the requested advance:

 

(a)
A certificate from the Construction Inspector (that has conducted an on-site inspection of the project) that the Improvements
have been completed in substantial accordance with the Plans.

 

(b)
Certificates from Mortgage Loan Borrower’s architect, contractor and, if required by Administrative Agent, from the Construction
Inspector, certifying that the Improvements (including any appurtenant off-site improvements) have been completed substantially
in accordance with, and as completed substantially comply with, the Plans and comply with all Laws and governmental requirements;
and if and to the extent required by Administrative Agent, Administrative Agent shall have received two (2) sets of detailed “as
built” Plans approved in writing by Mortgage Loan Borrower and Mortgage Loan Borrower’s architect and contractor.

 

(c)
If and to the extent required by Administrative Agent, final affidavits (in a form approved by Administrative Agent) from Mortgage
Loan Borrower’s architect and each contractor certifying that each of them and their subcontractors, laborers, and materialmen
has been paid in full for all labor and materials for construction of the Improvements; and final lien releases or waivers (in
a form approved by Administrative Agent, and which may be conditioned on the payment of a specified sum) by Mortgage Loan Borrower’s
architect, contractor, and all subcontractors, materialmen, and other parties who have supplied labor, materials, or services
for the construction of the Improvements, or who otherwise might be entitled to claim a contractual, statutory or constitutional
lien against the Property.

 

(d)
The Title Insurance shall be endorsed and brought to date to remove any exception for mechanic’s or materialmen’s
liens or pending disbursements, with no additional title change or exception reasonably objectionable to Administrative Agent,
and with such other endorsements required by Administrative Agent, and Mortgage Loan Borrower shall have furnished to the Administrative
Agent copies of all final waivers of lien in accordance with the Texas Property Code, and any other releases and waivers that
the Title Company may require in order to insure the first lien position of the Mortgage securing the Mortgage Loan.

 

(e)
If requested by the Administrative Agent, an affidavit of the Mortgage Loan Borrower pursuant to Texas Property Code §53.106
(“Affidavit of Completion”) stating that, inter alia, to the knowledge of the Mortgage Loan Borrower, each
Person providing any material or performing any work in connection with the Project for which the Borrower has received funds
has been paid in full and all withholding taxes have been paid.

 

(f)
Evidence that (i) forty-one (41) days shall have elapsed from the later of (A) the date of Completion of the Improvements, as
specified in Texas Property Code §53.106, if the Affidavit of Completion (defined above) is filed within ten (10) days after
such date of Completion, or (B) the date of filing of the Affidavit of Completion is filed ten (10) days or more after the date
of the completion of the Improvements as specified in Texas Property Code §53.106, (ii) a copy of the Affidavit of Completion
has been mailed by certified or registered mail to any Persons entitled to receive actual notice as specified in Texas Property
Code §53.106(b) or (c), and (iii) a notice of lien claim has not been made, nor has a lien been filed as of such date.
1

 

(g)
If and to the extent required by Administrative Agent, three (3) copies of a final as-built survey satisfactory to Administrative
Agent and to the extent required by Administrative Agent complying with “Exhibit G”.

 

 

1
Requirement(s) to be confirmed with Title Company.

 

    	 

    	 

    

 

(h)
A certificate of occupancy and/or completion from the Governmental Authorities having jurisdiction over the project, and any other
permits required by any applicable Governmental Authority for the use, occupancy, or operation of the Property for the intended
usage of the Property.

 

(i)
The fixtures, furniture, furnishings, equipment and other property contemplated under the Budget and Plans shall have been substantially
incorporated into installed in the Property free and clear of liens other than Permitted Encumbrances.

 

(j)
If requested by the Administrative Agent, evidence that all insurance required under the terms of the Credit Agreement and the
other Credit Documents, including “all risk” casualty insurance covering the Property, the Mortgage Loan Borrower,
Diversified, and the business to be conducted on the Property, is in full force and effect.

 

6.
Direct Advances. Mortgage Loan Borrower hereby irrevocably authorizes Administrative Agent on behalf of Lenders (but Administrative
Agent shall have no obligation) to (i) advance Loan funds directly to Lenders to pay interest then due and payable on the Mortgage
Loans, and (ii) subsequent to the occurrence and during the continuance of a Default, advance and directly apply the proceeds
of any advance to the satisfaction of any of Mortgage Loan Borrower’s obligations under any of the Credit Documents, even
though Mortgage Loan Borrower did not include that amount in a Draw Request. Each such direct advance (except for application
of a Mortgage Loan Borrower’s Deposit) shall be added to the outstanding principal balance of the Loan and shall be secured
by the Credit Documents. Unless Mortgage Loan Borrower pays such interest from other resources, Administrative Agent may advance
Loan Proceeds pursuant to this Section for interest payments as and when due. Nothing contained in this Agreement shall be construed
to permit Mortgage Loan Borrower to defer payment of interest on the Mortgage Loans beyond the date(s) due. The allocation of
the Mortgage Loans funds in the Budget for interest shall not affect Mortgage Loan Borrower’s absolute obligation to pay
the same in accordance with the Credit Documents. Administrative Agent may hold, use, disburse and apply the Loan Proceeds and
any Mortgage Loan Borrower’s Deposit for payment of any obligation of Mortgage Loan Borrower under the Credit Documents.
Mortgage Loan Borrower hereby assigns and pledges the proceeds of the Loan and any Mortgage Loan Borrower’s Deposit to Administrative
Agent for itself and for the benefit of Lenders for such purposes. From and after the occurrence of any Default hereunder, Administrative
Agent on behalf of Lenders may advance and incur such expenses as Administrative Agent reasonably deems necessary for the completion
of the Improvements and to preserve the Property, the Ground Lease and any other security for the Loan, and such expenses, even
though in excess of the amount of the Loan, shall be secured by the Credit Documents and shall be payable to Administrative Agent
on behalf of Lenders on demand. Administrative Agent on behalf of Lenders may disburse any portion of any advance at any time,
and from time to time, to Persons other than Mortgage Loan Borrower for the purposes specified in this Section and the amount
of advances to which Mortgage Loan Borrower shall thereafter be entitled shall be correspondingly reduced.

 

7.
Conditions and Waivers. All conditions precedent to the obligation of Lenders to make any advance are imposed hereby solely
for the benefit of Administrative Agent and Lenders, and no other party may require satisfaction of any such condition precedent
or be entitled to assume that Lenders will refuse to make any advance in the absence of strict compliance with such conditions
precedent. Administrative Agent shall have the right to approve and verify the periodic progress of, costs incurred by Mortgage
Loan Borrower for, and the estimated costs remaining to be incurred for the construction of the Improvements, after consultation
with the Construction Inspector. No advance shall constitute an approval or acceptance by Administrative Agent of any construction
work, or a waiver of any condition precedent to any further advance, or preclude Administrative Agent from thereafter declaring
the failure of Mortgage Loan Borrower to satisfy such condition precedent to be a Default. No waiver by Administrative Agent of
any condition precedent or obligation shall preclude Administrative Agent from requiring such condition or obligation to be met
prior to making any other advance or from thereafter declaring the failure of Mortgage Loan Borrower to satisfy such condition
or obligation to be a Default.

 

8.
Funding. Mortgage Loan Borrower hereby acknowledges and agrees that it has established an account with Administrative Agent
designated as Account #_________________________ into which advances under the Mortgage Loans shall be funded directly to Mortgage
Loan Borrower (excluding direct disbursements made to or by Administrative Agent on behalf of Lenders pursuant to this Agreement),
and against which checks shall be drawn by Mortgage Loan Borrower only for the payment of costs specified in the Budget. Such
account shall not be used for any other purpose. Mortgage Loan Borrower hereby irrevocably authorizes Administrative Agent to
deposit each advance requested by Mortgage Loan Borrower to the credit of Mortgage Loan Borrower in that account, by wire transfer
or other deposit. Advances may also be made, in addition to other methods contemplated herein, at Administrative Agent’s
option, by direct or joint check payment to any or all Persons entitled to payment for work or services performed or material
furnished in connection with the Project or the Loan, or by having the proceeds thereof made available to the Title Company (or
its agent) for disbursement. Neither Administrative Agent nor any Lender shall be required to, and has no responsibility to, supervise
the proper application or distribution of funds to third parties.

 

9.
Developer’s Fees, Etc. Notwithstanding anything contained herein to the contrary, no portion of the proceeds of the
Loan shall be allocated in the Budget, or advanced, for the payment of developer’s overhead, developer’s fees and/or
in-house leasing commissions to the Mortgage Loan Borrower or its Affiliates.

 

    	 

    	 

    

 

Exhibit
M

To
Credit Agreement

Form
of Mortgage Loan Note

 

[“This
Mortgage Loan Note was executed and delivered outside of the State of Florida and is exempt from Florida documentary stamp taxes.”]

 

	Buffalo, New York	 	_____________
	___________, 202_	 	 

 

MORTGAGE
LOAN NOTE

 

FOR
VALUE RECEIVED, the undersigned LONE STAR ACQUISITION, LLC, a Delaware limited liability company, authorized to do business
in the State of Texas as LONE STAR LAND OF HOUSTON, LLC (the “Mortgage Loan Borrower”), promises to pay to
the order of MANUFACTURERS AND TRADERS TRUST COMPANY (the “Lender”), c/o MANUFACTURERS AND TRADERS TRUST
COMPANY (the “Administrative Agent”), One Fountain Plaza, 12th Floor, Buffalo, New York 14203, or at such other
places as the holder of this Mortgage Loan Note may from time to time designate, the principal sum of_________________ ___________Dollars
( ______________) or the unpaid portion thereof as has been advanced to the Mortgage Loan Borrower for the account of the Lender
as a “Mortgage Loan,” as such term is defined and described in the Credit Agreement dated to be effective as of March
15, 2018, as amended from time to time (as amended, the “Agreement”) between the Mortgage Loan Borrower, the other
Borrowers which are parties thereto, the Administrative Agent, the Lender, and the other lenders named therein, together with
interest thereon at the rate or rates specified in the Agreement until paid in full and any and all other sums which may be owing
to the holder of this Mortgage Loan Note by the Mortgage Loan Borrower pursuant to this Mortgage Loan Note, on or before the “Mortgage
Loan Maturity Date,” as such term is defined in the Agreement, or such earlier date as required by the Agreement. This Mortgage
Loan Note is a “Mortgage Loan Note,” as such term is defined in the Agreement. The following terms shall apply to
this Mortgage Loan Note.

 

1.
Interest Rates, Calculation Of Interest, Obligations And Terms Of Repayment; And Rights Of Prepayment. The Mortgage Loan
Borrower agrees to pay principal and all interest which accrues on the unpaid balance of this Mortgage Loan Note from the date
of this Mortgage Loan Note until such time as the obligations evidenced hereunder have been paid in full, at the times and in
accordance with the covenants, procedures and requirements set forth in the Agreement. Interest shall accrue, be payable, and
shall be calculated as provided for in the Agreement. The Mortgage Loan Borrower further promises to make such other payments
of default interest, late payment charges, fees, and other expenses, costs and payment obligations as are required by the Agreement
to be made by the Mortgage Loan Borrower to or for the account of the Lender. The principal balance of this Mortgage Loan Note,
together with all other unpaid interest, fees, expenses and other sums due to the holder, shall be paid in full on or before the
Mortgage Loan Maturity Date. The Mortgage Loan Borrower’s right to prepay any or all sums due pursuant to this Mortgage
Loan Note shall be governed by the terms and conditions of the Agreement.

 

2.
Interest Rate After Judgment. If judgment is entered against the Mortgage Loan Borrower on this Mortgage Loan Note, the
amount of the judgment entered (which may include principal, interest, fees, and costs) shall bear interest at the higher of the
maximum interest rate imposed upon judgments by applicable law or the default interest rate set forth in the Agreement, to be
determined on the date of the entry of the judgment.

 

3.
Expenses Of Collection And Attorneys’ Fees. Should this Mortgage Loan Note be referred to an attorney for collection,
whether or not suit is filed, the Mortgage Loan Borrower shall pay all of the holder’s costs, fees and expenses, including
reasonable attorneys’ fees, resulting from such referral.

 

4.
Waiver of Defenses. In the event any one or more holders of this Mortgage Loan Note transfer this Mortgage Loan Note for
value, the Mortgage Loan Borrower agrees that, except as otherwise provided herein, all subsequent holders of this Mortgage Loan
Note who take for value and without actual knowledge of a claim or defense of the Mortgage Loan Borrower against a prior holder
shall not be subject to any claims or defenses which the Mortgage Loan Borrower may have against a prior holder, all of which
are waived as to the subsequent holder, and that all such subsequent
holders shall have all rights of a holder in due course with respect to the Mortgage Loan Borrower even though the subsequent
holder may not qualify, under applicable law, absent this section, as a holder in due course. The Mortgage Loan Borrower shall
retain all rights and claims which the Mortgage Loan Borrower may have against prior holders despite any such transfers and the
waiver of defenses provided in this section as to subsequent holders. Notwithstanding the foregoing, nothing herein shall represent
the waiver by the Mortgage Loan Borrower of any defense based upon any payment hereof made to any former holder hereof prior to
the Mortgage Loan Borrower having been notified of the transfer of this Mortgage Loan Note to any subsequent holder.

 

    	 

    	 

    

 

5.
Waiver Of Protest. The Mortgage Loan Borrower, and all parties to this Mortgage Loan Note, whether maker, endorser,
or guarantor, waive presentment, notice of dishonor and protest.

 

6.
Extensions Of Maturity. All parties to this Mortgage Loan Note, whether maker, endorser, or guarantor, agree that
the maturity of this Mortgage Loan Note, or any payment due hereunder, may be extended at any time or from time to time without
releasing, discharging, or affecting the liability of such party.

 

7.
Manner And Method Of Payment. All payments called for in this Mortgage Loan Note shall be made in lawful money of the United
States of America. If made by check, draft, or other payment instrument, such check, draft, or other payment instrument shall
represent immediately available funds. In the holder’s discretion, any payment made by a check, draft, or other payment
instrument shall not be considered to have been made until such time as the funds represented thereby have been collected by the
holder. Should any payment date fall on a non-banking day, the Mortgage Loan Borrower shall make the payment on the next succeeding
banking day.

 

8.
Notices. Any notice or demand required or permitted by or in connection with this Mortgage Loan Note shall be given in
the manner specified in the Agreement for the giving of notices under the Agreement. Notwithstanding anything to the contrary,
all notices and demands for payment from the holder actually received in writing by the Mortgage Loan Borrower shall be considered
to be effective upon the receipt thereof by the Mortgage Loan Borrower regardless of the procedure or method utilized to accomplish
delivery thereof to the Mortgage Loan Borrower.

 

9.
Assignability. This Mortgage Loan Note may only be assigned by the Lender or by any holder to the extent permitted by the
stated terms of the Agreement.

 

10.
Binding Nature. This Mortgage Loan Note shall inure to the benefit of and be enforceable by the Lender and the Lender’s
successors and assigns, and shall be binding and enforceable against the Mortgage Loan Borrower and the Mortgage Loan Borrower’s
respective successors and assigns.

 

11.
Invalidity Of Any Part. If any provision or part of any provision of this Mortgage Loan Note shall for any reason be held
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Mortgage Loan Note and this Mortgage Loan Note shall be construed as if such invalid, illegal or unenforceable provision
or part thereof had never been contained herein, but only to the extent of its invalidity, illegality, or unenforceability.

 

12.
Choice Of Law. The laws of the State of New York (“Governing State”) (excluding, however, conflict of law principles)
shall govern and be applied to determine all issues relating to this Mortgage Loan Note and the rights and obligations of the
parties hereto, including the validity, construction, interpretation, and enforceability of this Mortgage Loan Note and its various
provisions and the consequences and legal effect of all transactions and events which resulted in the issuance of this Mortgage
Loan Note or which occurred or were to occur as a direct or indirect result of this Mortgage Loan Note having been executed.

 

13.
Consent To Jurisdiction; Agreement As To Venue. The Mortgage Loan Borrower irrevocably consents to the non-exclusive jurisdiction
of any state or federal court (if a basis for federal jurisdiction exists) located in the Governing State. The Mortgage Loan Borrower
agrees that venue shall be proper in any state or federal court located in the Governing State and waives any right to object
to the maintenance of a suit in any of the state or federal courts of the Governing State on the basis of improper venue or of
inconvenience of forum.

 

    	 

    	 

    

 

14.
Unconditional Joint And Several Obligations. The Mortgage Loan Borrower’s obligations pursuant to this Mortgage Loan
Note shall be the absolute joint and several unconditional duties and obligations of the Mortgage Loan Borrower and shall be independent
of any rights of set-off, recoupment or counterclaim which the Mortgage Loan Borrower might otherwise have against the holder
of this Mortgage Loan Note, and the Mortgage Loan Borrower shall pay absolutely the payments of principal, interest, fees and
expenses required hereunder, free of any deductions and without abatement, diminution or set-off.

 

15.
Effective Date. This Mortgage Loan Note is to be considered effective and enforceable as of the date set forth on the first
page hereof, independent of the date of actual execution and delivery.

 

16.
Tense; Gender; Defined Terms; Section Headings. As used herein, the singular includes the plural and the plural includes
the singular. A reference to any gender also applies to any other gender. Defined terms are entirely capitalized throughout, and
defined terms not specifically defined herein shall have the same meaning as provided by the terms of the Agreement. The section
headings are for convenience only and are not part of this Mortgage Loan Note.

 

17.
Actions Against Holder. Any action brought by the Mortgage Loan Borrower against the holder of this Mortgage Loan Note
which is based, directly or indirectly, on this Mortgage Loan Note or any matter in or related to this Mortgage Loan Note, including
but not limited to the making of the loan evidenced hereby or the administration or collection thereof, shall be brought only
in the courts of the Governing State. The Mortgage Loan Borrower agrees that any forum other than the Governing State is an inconvenient
forum and that a suit brought by the Mortgage Loan Borrower against the holder of this Mortgage Loan Note in a court of any state
other than the Governing State should be forthwith dismissed or transferred to a court located in the Governing State by that
Court.

 

18.
Waiver Of Jury Trial. The Mortgage Loan Borrower (by execution of this Mortgage Loan Note) and the holder of this Mortgage
Loan Note (by acceptance of this Mortgage Loan Note) agree that any suit, action, or proceeding, whether claim or counterclaim,
brought or instituted by or against the Mortgage Loan Borrower or the holder of this Mortgage Loan Note, or any successor or assign
of the Mortgage Loan Borrower or the holder of this Mortgage Loan Note, on or with respect to this Mortgage Loan Note or any of
the other “Credit Documents,” as such term is defined in the Agreement, or which in any way relates, directly or indirectly,
to the obligations of the Mortgage Loan Borrower to the holder of this Mortgage Loan Note under this Mortgage Loan Note or any
of the other Credit Documents, or the dealings of the parties with respect thereto, shall be tried only by a court and not by
a jury. THE MORTGAGE LOAN BORROWER AND THE HOLDER OF THIS MORTGAGE LOAN NOTE HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING.

 

[Signatures
Begin On The Following Page]

 

    	 

    	 

    

 

Signature
Page to Mortgage Loan Note:

 

IN
WITNESS WHEREOF, the Mortgage Loan Borrower has duly executed this Mortgage Loan Note as of the date first above written.

 

	 	 	 
	 	MORTGAGE
    LOAN BORROWER:
	 	 	 
	WITNESS/ATTEST:	LONE
    STAR ACQUISITION, LLC,
	 	A
    Delaware limited liability company,
	 	Authorized
    to do business in Texas under the name
	 	LONE
    STAR LAND OF HOUSTON, LLC
	 	 	 
	 	By:	LDRV
    Holdings Corp.,
	 	 	a
    Delaware corporation, its Manager
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 4.1

 

BERKSHIRE HILLS BANCORP, INC. 

 

and

 

[________________________________], 

 

as Trustee

 

INDENTURE

 

Dated as of [_______________ __, _____]

 

 SENIOR DEBT SECURITIES

 

     

     

    

 

	TABLE OF CONTENTS
	 
	ARTICLE I	Definitions And Other Provisions Of General Application	1
	Section 1.1.	Definitions	1
	Section 1.2.	Compliance Certificates and Opinions	6
	Section 1.3.	Form of Documents Delivered to Trustee	7
	Section 1.4.	Acts of Holders; Record Dates	8
	Section 1.5.	Notices, Etc. to Trustee and Company	9
	Section 1.6.	Notice to Holders; Waiver	10
	Section 1.7.	Conflict with Trust Indenture Act	10
	Section 1.8.	Effect of Headings and Table of Contents	11
	Section 1.9.	Successors and Assigns	11
	Section 1.10.	Separability Clause	11
	Section 1.11.	Benefits of Indenture	11
	Section 1.12.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	11
	Section 1.13.	Legal Holidays	12
	ARTICLE II	Security Forms	12
	Section 2.1.	Forms Generally	12
	Section 2.2.	Form of Legend of Global Securities	12
	Section 2.3.	Form of Trustee's Certification Authentication	13
	ARTICLE III	The Securities	13
	Section 3.1.	Amount Unlimited; Issuable in Series	13
	Section 3.2.	Denominations	16
	Section 3.3.	Execution, Authentication, Delivery and Dating	16
	Section 3.4.	Temporary Securities	19
	Section 3.5.	Registration, Registration of Transfer and Exchange	19
	Section 3.6.	Mutilated, Destroyed, Lost, and Stolen Securities	21
	Section 3.7.	Payment of Interest; Interest Rights Preserved	21
	Section 3.8.	Persons Deemed Owners	23
	Section 3.9.	Cancellation	24
	Section 3.10.	Computation of Interest	24
	Section 3.11.	CUSIP Numbers	24
	ARTICLE IV	Satisfaction and Discharge	24
	Section 4.1.	Satisfaction and Discharge of Indenture	24
	Section 4.2.	Application of Trust Money	26
	ARTICLE V	Remedies	26
	Section 5.1.	Events of Default	26
	Section 5.2.	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	28

 

     

     

    

 

	Section 5.4.	Trustee May File Proofs of Claim	29
	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities	29
	Section 5.6.	Application of Money Collected	30
	Section 5.7.	Limitation on Suits	30
	Section 5.8.	Unconditional Right of Holders to Receive Principal, Premium, and Interest	31
	Section 5.9.	Restoration of Rights and Remedies	31
	Section 5.10.	Rights and Remedies Cumulative	31
	Section 5.11.	Delay or Omission Not Waiver	31
	Section 5.12.	Control by Holders	32
	Section 5.13.	Waiver of Past Defaults	32
	Section 5.14.	Undertaking for Costs	32
	ARTICLE V	The Trustee	33
	Section 6.1.	Certain Duties and Responsibilities	33
	Section 6.2.	Notice of Defaults	34
	Section 6.3.	Certain Rights of Trustee	34
	Section 6.4.	Not Responsible for Recitals or Issuance of Securities	37
	Section 6.5.	May Hold Securities	37
	Section 6.6.	Money Hold in Trust	37
	Section 6.7.	Compensation and Reimbursement	37
	Section 6.8.	Disqualification; Conflicting Interests	38
	Section 6.9.	Corporate Trustee Required; Eligibility	38
	Section 6.10.	Resignation and Removal; Appointment of Successor	39
	Section 6.11.	Acceptance of Appointment by Successor	40
	Section 6.12.	Merger, Conversion, Consolidation, or Succession to Business	42
	Section 6.13.	Preferential Collection of Claims Against Company	42
	Section 6.14.	Appointment of Authenticating Agent	43
	ARTICLE VII	Holder's Lists and Reports by Trustee and Company	44
	Section 7.1.	Company to Furnish Trustee Names and Addresses of Holders	44
	Section 7.2.	Preservation of Information; Communications to Holders	44
	Section 7.3.	Reports by Trustee	45
	Section 7.4.	Reports by Company	45
	ARTICLE VIII	Consolidation, Merger, Conveyance, Transfer or Lease	46
	Section 8.1.	Company May Consolidate, Etc., Only on Certain Terms	46
	Section 8.2.	Successor Substituted	46
	ARTICLE IX	Supplemental Indentures	47
	Section 9.1.	Supplemental Indentures Without Consent of Holders	47
	Section 9.2.	Supplemental Indentures With Consent of Holders	48

 

     

     

    

 

	Section 9.3.	Execution of Supplemental Indentures	49
	Section 9.4.	Effect of Supplemental Indentures	49
	Section 9.5.	Conformity With Trust Indenture Act	49
	Section 9.6.	Reference in Securities to Supplemental Indentures	50
	Section 9.7.	Notice of Supplemental Indentures	50
	ARTICLE X	Covenants	50
	Section 10.1.	Payment of Principal, Premium, and Interest	50
	Section 10.2.	Maintenance of Office or Agency	50
	Section 10.3.	Money for Securities Payments to Be Held in Trust	51
	Section 10.4.	Statement by Officers as to Default	52
	Section 10.5.	Existence	52
	Section 10.6.	Maintenance of Properties	52
	Section 10.7.	Payment of Taxes and Other Claims	52
	Section 10.8.	Waiver of Certain Covenants	53
	Section 10.9.	Calculation of Original Issue Discount	53
	Section 10.10.	Tax Payment and Tax Withholding Obligations	53
	ARTICLE XI	Redemption of Securities	53
	Section 11.1.	Applicability of Article	53
	Section 11.2.	Election to Redeem; Notice to Trustee	54
	Section 11.3.	Selection by Trustee of Securities to Be Redeemed	54
	Section 11.4.	Notice of Redemption	54
	Section 11.5.	Deposit of Redemption Price	55
	Section 11.6.	Securities Payable on Redemption Date	56
	Section 11.7.	Securities Redeemed in Part	56
	ARTICLE XII	Sinking Funds	56
	Section 12.1.	Applicability of Article	56
	Section 12.2.	Satisfaction of Sinking Fund Payments with Securities	57
	Section 12.3.	Redemption of Securities for Sinking Fund	57
	ARTICLE XIII	Defeasance and Covenant Defeasance	57
	Section 13.1.	Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	57
	Section 13.2.	Defeasance and Discharge	58
	Section 13.3.	Covenant Defeasance	58
	Section 13.4.	Conditions to Defeasance or Covenant Defeasance	59
	Section 13.5.	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	61
	Section 13.6.	Reinstatement	61

 

NOTE: This table of contents shall not,
for any purpose, be deemed to be part of the Indenture.

 

     

     

    

 

BERKSHIRE HILLS BANCORP, INC.

Certain Sections of this Indenture relating to

Sections 310 through 318, inclusive, of the

Trust Indenture Act of 1939:

 

	Trust Indenture Act Section	 	Indenture 

Section
	§310	(a)(1)	 	6.9
	 	(a)(2)	 	6.9
	 	(a)(3)	 	Not Applicable
	 	(a)(4)	 	Not Applicable
	 	(b)	 	6.8
	 	 	 	6.10
	§311	(a)	 	6.13
	 	(b)	 	6.13
	§312	(a)	 	7.1
	 	(b)	 	7.2 (a)
	 	(c)	 	7.2 (b)
	§313	(a)	 	7.3 (a)
	 	(b)	 	7.3 (a)
	 	(c)	 	7.3 (a)
	 	(d)	 	7.3 (b)
	§314	(a)	 	7.4
	 	(a)(4)	 	1.2
	 	 	 	10.4
	 	(b)	 	Not Applicable
	 	(c)(1)	 	1.2
	 	(c)(2)	 	1.2

  

     

     

    

 

	 	(c)(3)	 	Not Applicable  
	 	(d)	 	Not Applicable  
	 	(e)	 	1.2  
	§315	(a)	 	6.1  
	 	(b)	 	6.2  
	 	(c)	 	6.1  
	 	(d)	 	6.1  
	 	(d)(1)	 	6.1  
	 	(d)(2)	 	6.1  
	 	(d)(3)	 	6.1  
	 	(e)	 	5.14  
	§316	(a)(1)(A)	 	5.12  
	 	(a)(1)(B)	 	5.2  
	 	 	 	5.13  
	 	(a)(2)	 	Not Applicable  
	 	(b)	 	5.8  
	 	(c)	 	1.4 (c)
	§317	(a)(1)	 	5.3  
	 	(a)(2)	 	5.4  
	 	(b)	 	10.3  
	§318	(a)	 	1.7  

  

NOTE: This shall not, for any purpose, be deemed to be part
of the Indenture.

 

     

     

    

 

INDENTURE, dated as of [___________________
__, ____], between BERKSHIRE HILLS BANCORP, INC., a corporation duly organized and existing under the laws of the State of Delaware
(the “Company”), having its principal office address at 60 State Street, Boston, Massachusetts 02109, and [____________________________],
[a national banking association], as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its senior, unsecured debentures, notes, or other
evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in this Indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders, it is mutually agreed, for the equal and proportionate benefit of all Holders
of the Securities or of any series of the Securities, as follows:

 

ARTICLE I

Definitions And Other Provisions

Of General Application

 

		Section 1.1.	Definitions.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

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

 

		(2)	all other terms used in this Indenture which are defined
in the Trust Indenture Act, either directly or by reference to the Trust Indenture Act, have the meanings assigned to them in
the Trust Indenture Act;

 

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

 

    	 	1	 

     

    

 

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

 

		(5)	unless the context otherwise requires, any reference
to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture.

 

“Act”, when used with respect to any Holder, has
the meaning specified in Section 1.4(a).

 

“Affiliate” of any specified Person means any other
Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract,
or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing.

 

“Authenticating Agent” means any Person authorized
by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series.

 

“Authorized Officer” means any officer of the Company
designated by or pursuant to a Board Resolution to take certain actions as specified in this Indenture.

 

“Board of Directors” means either the board of directors
of the Company or any other duly authorized committee of that board.

 

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, or by
action of an Authorized Officer designated as such pursuant to a resolution of the Board of Directors, and to be in full force
and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day” means, unless otherwise specified,
any day that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or required
by law, regulation or executive order to be closed in The City of New York, New York.

 

“Commission” means the Securities and Exchange Commission,
as from time to time constituted, created under the Exchange Act or, if at any time after the execution of this Indenture such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing
such duties at such time.

 

“Company” means the Person named as the “Company”
in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or “Company Order”
means a written request or order signed in the name of the Company by its Chairman, its Chief Executive Officer, its President,
its Chief Financial Officer, or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant Controller,
its Secretary, or an Assistant Secretary, and delivered to the Trustee.

 

    	 	2	 

     

    

 

“Corporate Trust Office” means the office of the
Trustee at which any particular time its corporate trust business in [__________________________] shall be principally administered,
which office as of the date of this instrument is located at [_____________________________], except that with respect to
presentation of Securities for payment or for registration of transfer or exchange, such term shall mean the office or agency of
the Trustee at which at any particular time its corporate agency business shall be conducted, which office at the date of this
instrument is located at [________________________________], or, in the case of any of such offices or agency, such other
address as the Trustee may designate from time to time by notice to the Company.

 

“Covenant Defeasance” has the meaning specified
in Section 13.3.

 

“Defaulted Interest” has the meaning specified in
Section 3.7.

 

“Defeasance” has the meaning specified in Section
13.2.

 

“Depositary” means, with respect to the Securities
of any series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary
for such series by the Company pursuant to Section 3.1, which Person shall be a clearing agency registered under the Exchange Act.

 

“Event of Default” has the meaning specified in
Section 5.1.

 

“Exchange Act” means the Securities Exchange Act
of 1934, as amended now or in the future, and any successor statute.

 

“Global Security” means a Security bearing the legend
prescribed in Section 2.2 evidencing all or part of a series of Securities, authenticated and delivered to the Depositary for such
series or its nominee, and registered in the name of such Depositary or nominee.

 

“Holder” means a Person in whose name a Security
is registered in the Security Register.

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more supplemental indentures entered into pursuant
to the applicable provisions of this Indenture, including, for all purposes of this Indenture and any such supplemental indenture,
the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Indenture and any such supplemental indenture,
respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated
by Section 3.1.

 

“Interest Payment Date”, with respect to any Security,
means the Stated Maturity of an installment of interest on such Security.

 

“Maturity”, when used with respect to any Security,
means the date on which the principal of such Security or an installment of principal becomes due and payable in accordance with
its terms or the terms of this Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption,
or otherwise.

 

    	 	3	 

     

    

 

“Officers’ Certificate” means a certificate
signed by the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary, or an Assistant Secretary, of the Company,
and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 10.4 shall be
the principal executive, financial, or accounting officer of the Company.

 

“Opinion of Counsel” means a written opinion of
counsel, who may be counsel for the Company, and who, in all cases, shall be reasonably acceptable to the Trustee.

 

“Original Issue Discount Security” means any Security
which provides for an amount less than the principal amount of such Security to be due and payable upon a declaration of acceleration
of the Maturity of such Security pursuant to Section 5.2.

 

“Outstanding”, when used with respect to Securities,
means, as of the date of determination, all Securities previously authenticated and delivered under this Indenture, except:

 

		(i)	Securities previously cancelled by the Trustee or delivered
to the Trustee for cancellation;

 

		(ii)	Securities for whose payment or redemption money in the
necessary amount has been previously deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside
and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision for such redemption satisfactory to the Trustee has been made;

 

		(iii)	Securities which have been paid pursuant to Section 3.6
or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other
than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such
Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company;

 

		(iv)	Securities which have been defeased pursuant to Section 13.2;
and

 

		(v)	Securities not deemed outstanding pursuant to Section 11.3;

 

    	 	4	 

     

    

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent, or waiver under this Indenture, (i) the principal amount of an Original Issue Discount Security that shall be
deemed to be Outstanding shall be the amount of the principal that would be due and payable as of the date of such determination
upon acceleration of its maturity pursuant to Section 5.2, (ii) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall
be the amount as specified or determined as contemplated by Section 3.1, and (iii) Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned
shall be so disregarded. Securities 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 Securities and that the
pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent” means any Person authorized by the
Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

 

“Periodic Offering” means an offering of Securities
of any series from time to time, the specific terms of which Securities, including, without limitation, its rate or rates of interest,
if any, its Stated Maturity, and redemption provisions, if any, with respect to such Securities are to be determined by the Company
or its agents upon the issuance of such Securities.

 

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

 

“Place of Payment”, when used with respect to the
Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that
series are payable as specified as contemplated by Section 3.1.

 

“Predecessor Security” of any particular Security
means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and,
for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu
of a mutilated, destroyed, lost, or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost,
or stolen Security.

 

“Redemption Date”, when used with respect to any
Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price”, when used with respect to any
Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the interest payable on
any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.1.

 

“Responsible Officer”, when used with respect to
the Trustee, means any officer assigned to the [______________________] (or any successor division or unit) of the Trustee located
at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Indenture, and
for the purposes of Sections, 5.12(3), 6.1(c)(2) and 6.2 shall also include any other officer of the Trustee to whom any corporate
trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

    	 	5	 

     

    

 

“Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 3.5.

 

“Special Record Date” for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity”, when used with respect to any
Security or any installment of principal or interest on such Security, means the date specified in such Security as the fixed date
on which the principal of such Security or such installment of principal or interest is due and payable.

 

“Subsidiary” means a corporation or other Person
more than 50% of the outstanding voting stock or a majority of the controlling interest of which is owned, directly or indirectly,
by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of
this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether
at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

“Trustee” means the Person named as the “Trustee”
in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee under this Indenture,
and if at any time there is more than one such Person, “Trustee”, as used with respect to the Securities of any series,
shall mean the Trustee with respect to Securities of that series.

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939, as in force at the date as of which this Indenture was executed; provided, however, that in the event
the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by
any such amendment, the Trust Indenture Act of 1939, as so amended.

 

“U.S. Government Obligation” has the meaning specified
in Section 13.4.

 

“Vice President”, when used with respect to the
Company or the Trustee, means any vice president (other than any assistant vice president), whether or not designated by a number
or a word or words added before or after the title “vice president”.

 

		Section 1.2.	Compliance Certificates and Opinions.

 

Upon any application to or request by the
Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any,
have been complied with, except in the case of any such application or request as to which the furnishing of such documents is
specifically required by any provisions of this Indenture relating to such particular application or request, no additional certificate
or opinion need be furnished.

 

    	 	6	 

     

    

 

Every certificate or opinion (other than
the Officers’ Certificate delivered under Section 10.4 of this Indenture) with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

 

		(1)	a statement that each individual signing such certificate
or opinion has read such covenant or condition and the related definitions;

 

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

 

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

 

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

 

		Section 1.3	Form of Documents Delivered to Trustee.

 

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

 

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

 

    	 	7	 

     

    

 

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

 

		Section 1.4.	Acts of Holders; Record Dates.

 

		(a)	Any request, demand, authorization, direction, notice,
consent, waiver, or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed
in writing; and, except as otherwise expressly provided in this Indenture, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is expressly required by this Indenture, to the Company. Such instrument
or instruments (and the action embodied in and evidenced by such instrument or instruments) are sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

 

Without limiting the generality of the foregoing, a
Holder, including a Depositary that (or whose nominee) is a Holder of a Global Security, may make, give, or take, by a proxy or
proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver, or other action provided
or permitted in this Indenture to be made, given, or taken by Holders, and a Depositary that (or whose nominee) is a Holder of
a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security.

 

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

 

    	 	8	 

     

    

 

 

		(c)	The Company may fix any day as the record date for the
purpose of determining the Holders of Securities of any series entitled to give or take any request, demand, authorization, direction,
notice, consent, waiver, or other action, or to vote on any action, authorized, or permitted to be given or taken by Holders of
Securities of such series. If not set by the Company prior to the first solicitation of a Holder of Securities of such series
made by any Person in respect of any such action, or, in the case of any such vote, prior to such vote, the record date for any
such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be
provided pursuant to Section 7.1) prior to such first solicitation or vote, as the case may be. With regard to any record
date for action to be taken by the Holders of one or more series of Securities, only the Holders of Securities of such series
on such date (or their duly designated proxies) shall be entitled to give, take, or vote on the relevant action.

 

		(d)	The ownership of Securities shall be proved by the Security
Register.

 

		(e)	Any request, demand, authorization, direction, notice,
consent, waiver, or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder
of every Security issued upon the registration of transfer of, in exchange for, or in lieu of such Security in respect of anything
done, omitted, or suffered to be done by the Trustee or the Company in reliance on such action, whether or not notation of such
action is made upon such Security.

 

		(f)	Without limiting the foregoing, a Holder entitled to
give or take any action under this Indenture with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal amount.

 

		Section 1.5.	Notices, Etc. to Trustee and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver, or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with,

 

		(1)	the Trustee by any Holder or by the Company shall be
sufficient for every purpose under this Indenture if made, given, furnished, or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: [______________________], or

 

		(2)	the Company by the Trustee or by any Holder shall be
sufficient for every purpose under this Indenture (unless otherwise expressly provided in this Indenture) if in writing and mailed,
first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph
of this instrument or at any other address previously furnished in writing to the Trustee by the Company, Attention: Corporate
Secretary.

 

    	 	9	 

     

    

 

The Trustee shall have the right, but shall not be required,
to rely upon and comply with notices, instructions, directions or other communications sent by e-mail, facsimile and other similar
unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf
of the Company. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or
directions is, in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall
have no liability for any losses, liabilities, costs or expenses incurred or sustained by the Company as a result of such reliance
upon or compliance with such notices, instructions, directions or other communications. The Company agrees to assume all risks
arising out of the use of such electronic methods to submit notices, instructions, directions or other communications 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. The Company shall use all reasonable endeavors to ensure that any such notices, instructions, directions or other
communications transmitted to the Trustee pursuant to this Indenture are complete and correct. Any such notices, instructions,
directions or other communications shall be conclusively deemed to be valid instructions from the Company to the Trustee for the
purposes of this Indenture.

 

		Section 1.6.	Notice to Holders; Waiver.

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture) if in
writing and (i) mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the
Security Register, or (ii) in the event that a Depositary (or a nominee thereof) is a Holder of Securities issued in the form of
Global Securities, then with respect to such Securities given by electronic, email or other means as such be acceptable to such
Depositary, in all cases, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

In case by reason of the suspension of regular mail service
or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made
with the approval of the Trustee shall constitute a sufficient notification for every purpose under this Indenture.

 

		Section 1.7.	Conflict with Trust Indenture Act.

 

If any provision of this Indenture 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 this Indenture, the latter
provision shall control. If any provision of this 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 this Indenture as so modified or to be excluded,
as the case may be.

 

    	 	10	 

     

    

 

		Section 1.8.	Effect of Headings and Table of Contents.

 

The Article and Section headings in this Indenture and the Table
of Contents are for convenience only and shall not affect the construction of this Indenture.

 

		Section 1.9.	Successors and Assigns.

 

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

 

		Section 1.10.	Separability Clause.

 

In case any provision in this Indenture or in the Securities
shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired by such invalid, illegal, or unenforceable provision.

 

		Section 1.11.	Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties to this Indenture and their successors under this Indenture, any benefit or any
legal or equitable right, remedy or claim under this Indenture.

 

		Section 1.12.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

This Indenture and the Securities shall
be governed by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General Obligations
Law Section 5-1401 and any successor statute thereto).

 

Each of the Company and the Trustee, and
each Holder of a Security by its acceptance thereof, hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right it may have to trial by jury in any legal proceeding directly or indirectly arising out of or relating to this
Indenture, the Securities or the transactions contemplated hereby or thereby.

 

Each of the Company and the Trustee irrevocably consents and
submits, for itself and in respect of any of its assets or property, to the nonexclusive jurisdiction of any court of the State
of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United
States of America, and of any appellate court in respect thereof in any suit, action or proceeding that may be brought in connection
with this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. Each of the Company and the
Trustee irrevocably waives, to the fullest extent permitted by law, any objection to any such suit, action or proceeding that may
be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or
proceeding has been brought in an inconvenient forum. Each of the Company and the Trustee agrees, to the fullest extent that it
lawfully may do so, that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and
binding upon the Company and the Trustee, respectively, and the Company waives, to the fullest extent permitted by law, any objection
to the enforcement by any competent court in the Company’s jurisdiction of organization of judgments validly obtained in
any such court in New York on the basis of such suit, action or proceeding.

 

    	 	11	 

     

    

 

		Section 1.13.	Legal Holidays.

 

In any case where any Interest Payment Date, Redemption Date,
or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision
of this Indenture or of the Securities, other than a provision of the Securities of any series which specifically states that such
provision shall apply in lieu of this Section) payment of interest or principal (and premium, if any) need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date, or Redemption Date, or at the Stated Maturity, provided that no interest
shall accrue with respect to the payment due on such date for the period from and after such Interest Payment Date, Redemption
Date, or Stated Maturity, as the case may be.

 

ARTICLE II

Security Forms

 

		Section 2.1.	Forms Generally.

 

The Securities of each series shall be in
substantially such form or forms as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures
supplemental to this Indenture, or in an Officer’s Certificate pursuant to such Board Resolution or any such supplemental
indenture, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted
by this Indenture, and may have such letters, numbers, or other marks of identification and such legends or endorsements placed
on them as may be required to comply with the rules of any securities exchange or as may, consistently with this Indenture, be
determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.

 

The definitive Securities, if any, shall be printed, lithographed,
or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

 

		Section 2.2.	Form of Legend for Global Securities.

 

Any Global Security authenticated and delivered
under this Indenture shall bear a legend (in addition to any legend that may be required by the applicable requirements of the
Depositary) in substantially the following form:

 

    	 	12	 

     

    

 

This Security is a Global Security within the meaning of the
Indenture referred to in this Security and is registered in the name of a Depositary or its nominee. This Security may not be transferred
to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary or its nominee or
a successor of such Depositary or a nominee of such successor and no such transfer may be registered, except in the limited circumstances
described in the Indenture. Every Security authenticated and delivered upon registration of transfer of, or in exchange for or
in lieu of, this Security shall be a Global Security subject to the foregoing, except in such limited circumstances.”

 

		Section 2.3.	Form of Trustee’s Certificate of Authentication.

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

		
	Dated:	 	[_____________________________________]
	 	 	 
	 	 	 as Trustee
	 	 	 
	 	By:	 
	 	Authorized
    Signatory

 

ARTICLE III

The Securities

 

		Section 3.1.	Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined
in the manner provided, in an Officers’ Certificate pursuant to a Board Resolution or indenture supplemental to this Indenture,
or established in one or more indentures supplemental to this Indenture, prior to the issuance of Securities of any series,

 

		(1)	the title of the Securities of the series (which shall
distinguish the Securities of the series from Securities of any other series);

 

    	 	13	 

     

    

 

		(2)	any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4,
3.5, 3.6, 9.6, or 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated
and delivered under this Indenture);

 

		(3)	the Person to whom any interest on a Security of the
series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on Regular Record Date for such interest;

 

		(4)	the date or dates on which the principal (and premium,
if any) of the Securities of the series is payable;

 

		(5)	the rate or rates at which the Securities of the series
shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any
such interest shall be payable, and the Regular Record Date for any interest payable on any Interest Payment Date;

 

		(6)	the place or places in addition to the Borough of Manhattan,
The City of New York, where the principal of and any premium and interest on Securities of the series shall be payable;

 

		(7)	the period or periods within which, the price or prices
at which, and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities
shall be evidenced;

 

		(8)	the obligation, if any, of the Company to redeem, purchase,
or repay Securities of the series pursuant to any mandatory redemption, sinking fund, or analogous provision or at the option
of a Holder of the Security, and the period or periods within which, the price or prices at which, and the terms and conditions
upon which Securities of the series shall be redeemed, purchased, or repaid, in whole or in part, pursuant to such obligation;

 

		(9)	if other than denominations of $1,000 and integral multiples
of such denomination, the denomination or denominations in which Securities of the series shall be issuable;

 

    	 	14	 

     

    

 

		(10)	if the amount of payments of principal of or any premium
or interest on any Securities of the series may be determined with reference to an index or formula, the manner in which such
amounts shall be determined;

 

		(11)	if other than the principal amount of the Securities
of the series, the portion of the principal amount of Securities which shall be payable upon declaration of acceleration of its
Maturity pursuant to Section 5.2;

 

		(12)	if the principal amount payable at the Stated Maturity
of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount
which shall be deemed to be the principal amount of such Securities as of any such date for any purpose under the Securities or
this Indenture, including the principal amount which shall be due and payable upon any Maturity other than the Stated Maturity
or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which
such amount deemed to be the principal amount shall be determined);

 

		(13)	the application, if any, of either or both of Section 13.2
and Section 13.3 to the Securities of the series (including, in the case of Section 13.3, the covenants and any Events
of Default not specified therein that are subject thereto) and, if other than by a Board Resolution, the manner in which any election
pursuant to such Sections by the Company shall be evidenced;

 

		(14)	whether the Securities of the series shall be issuable
in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global
Security or Global Securities (if other than The Depository Trust Company), and any circumstances other than those set forth in
Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged for, Securities registered
in the name of, a Person other than the Depositary for such Global Security or its nominee and in which any such transfer may
be registered;

 

		(15)	any Authenticating Agents, Paying Agents, or any other
agents with respect to the Securities of the series;

 

		(16)	any other covenant or warranty included for the benefit
of Securities of the series in addition to (and not inconsistent with) those included in this Indenture for the benefit of Securities
of all series, or any other covenant or warranty included for the benefit of Securities of the series in lieu of any covenant
or warranty included in this Indenture for the benefit of Securities of all series (including any covenant contained in Article X),
or any provision that any covenant or warranty included in this Indenture for the benefit of Securities of all series (including
any covenant contained in Article X) shall not be for the benefit of Securities of such series, or any change to or combination
of the provisions of any such covenant or warranty included in this Indenture for the benefit of Securities of all series (including
any covenants contained in Article X) which applies to the Securities of such series;

 

    	 	15	 

     

    

 

		(17)	any addition to, deletion from, or change in the Events
of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of
such Securities to declare the principal amount of such Securities due and payable pursuant to Section 5.2; and

 

		(18)	any other terms of the Securities of such series, or
of any specified tenor thereof.

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or in any indenture supplemental to the Indenture.

 

Unless otherwise provided with respect to
the Securities of any series, at the option of the Company, interest on the Securities of any series that bears interest may be
paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security Register.

 

If any of the terms of the series are established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
setting forth the terms of the series.

 

		Section 3.2.	Denominations.

 

The Securities of each series shall be issuable in registered
form without coupons in such denominations as shall be specified as contemplated by Section 3.1. In the absence of any such
provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000
and any integral multiples of such denominations.

 

		Section 3.3.	Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman, its Chief Executive Officer, its President, or one of its Vice Presidents, and may (but need not)
have the corporate seal of the Company affixed or reproduced thereon and, if so affixed or reproduced, attested by its Secretary
or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

    	 	16	 

     

    

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with the documents referred to below in this Section 3.3, for the authentication and delivery
of such Securities, and the Trustee shall authenticate and deliver such Securities to or upon a Company Order or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time by a Company Order. If so provided
in or pursuant to the Board Resolution or supplemental indenture establishing the Securities of any series, the maturity date,
original issue date, interest rate, and any other terms of any or all of the Securities of such series may be determined by or
pursuant to such Company Order and procedures. If provided for in such procedures, such Company Order may authorize authentication
and delivery pursuant to electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly
confirmed in writing. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation
to such Securities, the Trustee shall be entitled to receive and (subject to Section 6.1) shall be fully protected in relying
upon, unless and until such documents have been superseded or revoked:

 

		(a)	a Company Order requesting such authentication and setting
forth delivery instructions if the Securities are not to be delivered to the Company, provided that, with respect to Securities
of a series subject to a Periodic Offering, (i) such Company Order may be delivered by the Company to the Trustee at any time
prior to the delivery to the Trustee of the Securities of such series for authentication and delivery, (ii) the Trustee shall
authenticate and deliver the Securities of such series for original issue from time to time, in an aggregate principal amount
not exceeding the aggregate principal amount established for such series, pursuant to a Company Order or pursuant to such procedures
acceptable to the Trustee as may be specified from time to time by a Company Order, and (iii) if so provided in or pursuant to
the Board Resolution or supplemental indenture establishing the Securities of such series, the maturity date, original issue date,
interest rate, and any other terms of any or all of the Securities of such series may be determined by a Company Order or pursuant
to such procedures;

 

		(b)	any Board Resolution, Officers’ Certificate and/or
executed supplemental indenture referred to in Sections 2.1 and 3.1 by or pursuant to which the form or forms and terms of the
Securities of such series were established;

 

		(c)	an Officers’ Certificate setting forth the form
or forms and the terms of the Securities of such series, stating that such form or forms and terms have been established pursuant
to Sections 2.1 and 3.1 and comply with this Indenture, and covering such other matters as the Trustee may reasonably request;
and

 

    	 	17	 

     

    

 

 

		(d)	an Opinion of Counsel, substantially to the effect that:

 

		(i)	the form or forms of the Securities of such series have
been duly authorized and established in conformity with the provisions of this Indenture;

 

		(ii)	the terms of the Securities of such series (or the manner
of determining such terms) have been established in conformity with the provisions of this Indenture; and

 

		(iii)	that such Securities, when authenticated and delivered
by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will
constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general applicability relating to or affecting
creditors rights and to general equity principles and other customary qualifications and assumptions.

 

The Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties,
liabilities or immunities under the Securities or this Indenture or otherwise.

 

Notwithstanding the provisions of Section 3.1
and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary
to deliver the above specified documents at or prior to the time of authentication of each Security of such series if such documents
are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

 

Each Security shall be dated the date of
its authentication.

 

No Security shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in
the form provided for in this Indenture executed by the Trustee by manual signature of an authorized signatory, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
under this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered but never issued
and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9,
for all purposes of this Indenture, such Security shall be deemed never to have been authenticated and delivered under this Indenture
and shall never be entitled to the benefits of this Indenture.

 

    	 	18	 

     

    

 

		Section 3.4.	Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed, or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions,
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any series are issued, the Company
will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange one or more definitive Securities of the same
series, of any authorized denominations and of a like aggregate principal amount and tenor. Until so exchanged the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series
and tenor.

 

		Section 3.5.	Registration, Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the Corporate Trust Office
of the Trustee a register (the register maintained in such office or in any other office or agency of the Company in a Place of
Payment may sometimes be collectively referred to as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The
Trustee is hereby appointed

 

“Security Registrar” for the
purpose of registering Securities and transfers of Securities as provided in this Indenture.

 

Upon surrender for registration of transfer
of any Security of any series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.

 

At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate
principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

 

    	 	19	 

     

    

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
or his attorney duly authorized in writing.

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.4, 9.6, or 11.7 not involving any transfer.

 

The Company shall not be required (i) to
issue, register the transfer of, or exchange Securities of any series during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 11.3
and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security
so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

Notwithstanding the foregoing and except
as otherwise specified as contemplated by Section 3.1, if at any time the Depositary for the Securities of a series represented
by a Global Security or Global Securities notifies the Company that it is unwilling or unable to continue as a Depositary for the
Securities of such series or if at any time the Depositary for Securities of a series shall no longer be registered or in good
standing under the Exchange Act or other applicable statute or regulation, the Company shall appoint a successor Depositary with
respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Company
or, if appointed, has not accepted such appointment, within 90 days after the Company receives such notice or becomes aware
of such condition, the Company will execute, and the Trustee, upon Company Request, will authenticate and deliver, Securities of
such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or Global
Securities representing Securities of such series in exchange for such Global Security or Global Securities.

 

In the event that (i) the Company at
any time and in its sole discretion determines that the Securities of any series issued in the form of one or more Global Securities
shall no longer be represented by such Global Security or Global Securities or (ii) there shall have occurred and be continuing
an Event of Default with respect to the Securities of any series, the Company will execute, and the Trustee, upon Company Request
or instructions from the Depositary, will authenticate and deliver, Securities of such series in definitive form and in an aggregate
principal amount equal to the principal amount of the Global Security or Global Securities representing such series in exchange
for such Global Security or Global Securities.

 

    	 	20	 

     

    

 

Upon the occurrence in respect of any Global Security of any
series of any one or more of the conditions specified in the preceding two paragraphs or such other conditions as may be specified
as contemplated by Section 3.1 for such series, such Global Security may be exchanged for Securities registered in the names
of, and the transfer of such Global Security may be registered to, such Persons (including Persons other than the Depositary with
respect to such series and its nominees) as such Depositary shall direct. Notwithstanding any other provision of this Indenture,
any Security authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Security
shall also be a Global Security and shall bear the legend or legends specified in Section 2.2 except for any Security authenticated
and delivered in exchange for, or upon registration of transfer of, a Global Security pursuant to the preceding sentence.

 

		Section 3.6.	Mutilated, Destroyed, Lost, and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss, or theft of any Security and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost, or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost,
or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

 

Upon the issuance of any new Security under
this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation to such issuance and any other expenses (including the fees and expenses of the Trustee) connected with such
issuance.

 

Every new Security of any series issued
pursuant to this Section in lieu of any destroyed, lost, or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost, or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series
duly issued under this Indenture.

 

The provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost,
or stolen Securities.

 

		Section 3.7.	Payment of Interest; Interest Rights Preserved.

 

Except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid
or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

    	 	21	 

     

    

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted Interest”)
shall cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below:

 

		(1)	The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security
of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as provided in this Clause. At such time the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the related Special Record Date to be mailed,
first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
related Special Record Date having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following Clause (2).

 

		(2)	The Company may make payment of any Defaulted Interest
on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on
which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

    	 	22	 

     

    

 

		Section 3.8.	Persons Deemed Owners.

 

Prior to due presentment of a Security 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 Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security
be overdue, and neither the Company, the Trustee, nor an agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

No holder of any beneficial interest in
any Global Security registered in the name of a Depositary or its nominee shall have any rights under this Indenture with respect
to such Global Security, and such Depositary or nominee, as the case may be, may be treated by the Company, the Trustee, and any
agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing,
nothing in this Indenture 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 a Depositary or its nominee pursuant to this Indenture.
Furthermore, none of the Company, the Trustee, any Paying Agent, the Security Registrar, or any other agent of the Company or the
Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests in any such Global Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. The Company, the Trustee, any Paying Agent, the Security Registrar, or any other agent of the Company or the
Trustee shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security
for all purposes of this Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest
and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership
interest in such Global Security) as the sole holder of such Global Security and shall have no obligations to the beneficial owners
thereof. None of the Trustee, the Paying Agent or the Security Registrar shall have any responsibility or liability for any acts
or omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records
in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary
and any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder or owner of
a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

 

    	 	23	 

     

    

 

		Section 3.9.	Cancellation.

 

All Securities surrendered for payment, conversion, redemption,
registration of transfer or exchange, or for credit against any sinking fund payment shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) forcancellation any Securities
previously authenticated which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled
by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this
Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by
the Trustee in accordance with its then customary procedures.

 

		Section 3.10.	Computation of Interest.

 

Except as otherwise specified as contemplated by Section 3.1
for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve
30-day months.

 

		Section 3.11.	CUSIP Numbers.

 

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

 

ARTICLE IV

Satisfaction and Discharge

 

		Section 4.1.	Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities expressly
provided for in this Indenture), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

		(1)	either:

 

		(A)	all Securities previously authenticated and delivered
(other than (i) Securities which have been destroyed, lost, or stolen and which have been replaced or paid as provided in
Section 3.6 and (ii) Securities for whose payment money has previously been deposited in trust or segregated and held
in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3)
have been delivered to the Trustee for cancellation; or

 

    	 	24	 

     

    

 

		(B)	all such Securities not previously delivered to the Trustee
for cancellation

 

		(i)	have become due and payable, or

 

		(ii)	will become due and payable at their Stated Maturity
within one year, or

 

		(iii)	are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with
the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such
Securities not previously delivered to the Trustee for cancellation (other than Securities which have been destroyed, lost, or
stolen and which have been replaced or paid as provided in Section 3.6), for principal and any premium and interest to the
date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be;

 

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

 

		(3)	the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the
satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations (if any) of the Company
to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause
(B) of Clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3
shall survive.

 

In the event Securities of two or more series were at any time
issued under this Indenture, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of
this Indenture only if requested to do so with respect to the Securities of all series as to which it is Trustee and if the conditions
of satisfaction and discharge of this Indenture contained in this Section 4.1 in respect of such Securities have been satisfied.
In the event there are two or more Trustees under this Indenture, the effectiveness of any such instrument shall be conditioned
upon receipt of such instruments from all such Trustees.

 

    	 	25	 

     

    

 

		Section 4.2	Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled to such money, of
the principal and any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE V

Remedies

 

		Section 5.1.	Events of Default.

 

“Events of Default”, wherever
used in this Indenture with respect to Securities of any series, means any one of the following events (whatever the reason for
such Event of Default, 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):

 

		(1)	default in the payment of any interest upon any Security
of that series when it becomes due and payable, and continuance of such default for a period of 30 days;

 

		(2)	default in the payment of the principal of (or premium,
if any, on) any Security of that series at its Maturity;

 

		(3)	default in the deposit of any sinking fund payment, when
and as due by the terms of a Security of that series, and continuance of such default for a period of 30 days;

 

		(4)	default in the performance, or breach, of any covenant
or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach
is elsewhere in this Section 5.1 specifically dealt with or which has expressly been included in this Indenture solely for the
benefit of series of Securities other than that series), and continuance of such default or breach (without such default or breach
having been waived in accordance of the provisions of this Indenture) for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;

 

    	 	26	 

     

    

 

		(5)	the entry of a decree or order for relief in respect
of the Company by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy, insolvency,
or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, and such
decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; or

 

		(6)	the commencement by the Company of a voluntary case under
any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States of America or any
political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case
under any such law;

 

		(7)	default in the delivery of any shares of common stock
of the Company, together with cash in lieu of any fractional shares, or any other securities or property (including cash) when
required to be delivered upon conversion of any convertible Security of such series or upon the exchange of any Security of such
series which is exchangeable for other securities or property, and continuance of such default for a period of 10 days; or

 

		(8)	any other Event of Default with respect to Securities
of that series.

 

		Section 5.2.	Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any series then Outstanding shall have occurred and be continuing, then, in each and every such case, the Trustee or the Holders
of not less than 25% principal amount of the Outstanding Securities of that series may declare the principal amount (or, if any
of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities
as may be specified in the terms thereof) of all of the Securities of that series to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.

 

At any time after such a declaration of
acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and the consequences of the Event of Default if:

 

    	 	27	 

     

    

 

		(1)	the Company has paid or deposited with the Trustee a
sum sufficient to pay (A) all overdue interest on all Securities of that series, (B) the principal of (and premium,
if any, on) any Securities of all affected series which have become due otherwise than by such declaration of acceleration and
any interest on such Securities at the rate or rates prescribed in such Securities, (C) to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate or rates prescribed in such Securities, and (D) all sums paid
or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements, and advances of the
Trustee, its agents, and counsel; and

 

		(2)	all Events of Default with respect to Securities of all
affected series, other than the non-payment of the principal of Securities of the affected series which has become due solely
by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

For all purposes under this Indenture, if a portion of the principal
of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions of
this Indenture, then, from and after the date of such Event of Default, unless such Event of Default has been rescinded and annulled
as provided above, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes under this
Indenture, to be such portion of the principal as shall be due and payable as a result of such acceleration, and the payment of
such portion of the principal as shall be due and payable as a result of such acceleration, together with interest, if any, on
such portion and all other amounts owing under such Original Issue Discount Security, shall constitute payment in full of such
Original Issue Discount Securities.

 

		Section 5.3.	Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

The Company covenants that if:

 

		(1)	default is made in the payment of any interest on any
Security when such interest becomes due and payable and such default continues for a period of 30 days, or

 

		(2)	default is made in the payment of the principal of (or
premium, if any, on) any Security at its Maturity, or

 

		(3)	default is made in the making or satisfaction of any
sinking fund or analogous obligation when the same becomes due pursuant to the terms of any Security,

 

    	 	28	 

     

    

 

the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates prescribed in such Securities, and, in addition, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements,
and advances of the Trustee, its agents, and counsel.

 

If the Company fails to pay such amounts
immediately upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the
same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in
the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders
of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other proper remedy.

 

		Section 5.4.	Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property, or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order
to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements,
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.

 

No provision of this Indenture shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment,
or composition affecting the Securities or the rights of any Holder or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf of the Holders for the election
of a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar committee.

 

		Section 5.5.	Trustee May Enforce Claims Without Possession of Securities.

 

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

 

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		Section 5.6.	Application of Money Collected.

 

Any money collected by the Trustee pursuant to this Article
or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations under this
Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of
such money on account of principal or any premium or interest, upon presentation of the Securities and the notation on such Securities
of the payment if only partially paid and upon surrender of such Securities if fully paid:

 

FIRST: To the payment of all amounts
due the Trustee (including any predecessor trustee) under Section 6.7;

 

SECOND: To the payment of the amounts then due and unpaid for
principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for
principal and any premium and interest, respectively; and

 

THIRD: To the Company.

 

		Section 5.7.	Limitation on Suits.

 

No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

		(1)	such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Securities of that series;

 

		(2)	the Holders of not less than 25% in principal amount
of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee under the Indenture;

 

		(3)	such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to the Trustee against the costs, expenses, and liabilities to be incurred in compliance with such request;

 

		(4)	the Trustee for 60 days after its receipt of such
notice, request, and offer of indemnity has failed to institute any such proceeding; and

 

		(5)	no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities
of that series;

 

    	 	30	 

     

    

 

it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the
equal and ratable benefit of all of such Holders.

 

		Section 5.8.	Unconditional Right of Holders to Receive Principal,
Premium, and Interest.

 

Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium
and (subject to Section 3.7) any interest on such Security on the Stated Maturity or Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such
rights shall not be impaired without the consent of such Holder.

 

		Section 5.9.	Restoration of Rights and Remedies.

 

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

 

		Section 5.10.	Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost, or stolen Securities in the last paragraph of Section 3.6, no right or remedy conferred
in this Indenture 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
under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right
or remedy under this Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

		Section 5.11.	Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder of any
Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of or acquiescence in any such Event of Default. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders,
as the case may be.

 

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		Section 5.12.	Control by Holders.

 

The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities
of such series, provided that

 

		(1)	such direction shall not be in conflict with any rule
of law or with this Indenture,

 

		(2)	the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction, and

 

		(3)	the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal liability.

 

		Section 5.13.	Waiver of Past Defaults.

 

Subject to Section 5.2, the Holders
of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default under this Indenture with respect to such series and its consequences, except
a default (1) in the payment of the principal of or any premium or interest on any Security of such series, or (2) in
respect of a covenant or provision of this Indenture which under Article IX cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such affected series.

 

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

 

		Section 5.14.	Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder of any
Securities by his acceptance of such Securities shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company, to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
principal amount of the outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Securities on or after the Stated Maturity or Maturities expressed
in such Securities (or, in the case of redemption, on or after the Redemption Date).

 

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ARTICLE VI

The Trustee

 

		Section 6.1.	Certain Duties and Responsibilities.

 

		(a)	Except during the continuance of an Event of Default,

 

		(1)	the Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

 

		(2)	in the absence of bad faith on its part, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates
or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein).

 

		(b)	In case an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

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

 

		(1)	this Subsection (c) shall not be construed to limit the
effect of Subsections (a) or (d) of this Section;

 

		(2)	the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent
facts; and

 

		(3)	the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount
of the Outstanding Securities of any series, determined as provided herein, relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such series.

 

    	 	33	 

     

    

 

		(d)	No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it.

 

		(e)	Whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section 6.1.

 

		Section 6.2.	Notice of Defaults.

 

Within 90 days after the occurrence of any default hereunder
with respect to the Securities of any series, the Trustee shall transmit by first-class mail, postage prepaid, to all Holders of
Securities of such series, as their names and addresses appear in the Security Register (or in case that a Depositary (or a nominee
thereof) is a Holder of Securities issued in the form of Global Securities, then with respect to such Securities give by electronic,
email or other means as such be acceptable to such Depositary), notice of such default hereunder known to the Trustee, unless such
default shall have been cured or waived; provided, however, that except in the case of default in the payment of
the principal of or the interest on any of the Securities of such series,or in the payment of any sinking fund installment or analogous
payment on such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors or trustees
or a committee comprised of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is
in the interests of the Holders of such series. For the purpose of this Section, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.

 

		Section 6.3.	Certain Rights of Trustee.

 

Subject to the provisions of Section 6.1:

 

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

 

		(b)	any request or direction of the Company mentioned in
this Indenture shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

 

    	 	34	 

     

    

 

		(c)	whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering, or omitting any action under
this Indenture, the Trustee (unless other evidence be specifically prescribed in this Indenture) may, in the absence of bad faith
on its part, conclusively rely upon an Officers’ Certificate;

 

		(d)	the Trustee may consult with counsel of its selection
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered, or omitted by it under this Indenture in good faith and in reliance on such advice or Opinion of Counsel;

 

		(e)	the Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this
Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee
against the costs, expenses, and liabilities which might be incurred by it in compliance with such request or direction;

 

		(f)	the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records, and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any
kind by reason of such inquiry or investigation;

 

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

 

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

 

    	 	35	 

     

    

  

		(i)	the Trustee shall not be charged with knowledge of any
default or Event of Default with respect to the Securities unless written notice of such default or Event of Default shall have
been given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by the Company or by any Holder
of the Securities, and such notice references the Securities and this Indenture;

 

		(j)	the permissive rights of the Trustee enumerated herein
shall not be construed as duties;

 

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

 

		(l)	the Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Indenture, which certificate may be signed by any person authorized to sign an Officers’ Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded;

 

		(m)	anything in this Indenture notwithstanding, in no event
shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including
but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless
of the form of action; and

 

		(n)	the Trustee shall not be responsible or liable for any
failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly,
by circumstances beyond its control, including, without limitation, any provision of any law or regulation or any act of any governmental
authority, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots;
interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor
disputes; acts of civil or military authority and governmental action.

 

    	 	36	 

     

    

 

		Section 6.4.	Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained in this Indenture
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company,
and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the proceeds from such Securities. The Trustee shall not
be responsible to make any calculation with respect to any matter under this Indenture. The Trustee shall have no duty to monitor
or investigate the Company’s compliance with or the breach of, or cause to be performed or observed, any representation,
warranty, or covenant, or agreement of any Person, other than the Trustee, made in this Indenture.

 

		Section 6.5.	May Hold Securities.

 

The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar, or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee
of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar, or such other agent.

 

		Section 6.6.	Money Held in Trust.

 

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

 

		Section 6.7.	Compensation and Reimbursement.

 

The Company agrees:

 

		(1)	to pay to the Trustee from time to time such compensation
as shall be agreed in writing between the Company and the Trustee for all services rendered by it under this Indenture (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

		(2)	except as otherwise expressly provided in this Indenture,
to reimburse the Trustee upon its request for all reasonable expenses, disbursements, and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of
its agents and counsel), except any such expense, disbursement, or advance as may be attributable to its gross negligence or willful
misconduct; and

 

		(3)	to indemnify each of the Trustee and any predecessor
Trustee and their officers, agents, directors and employees for, and to hold them harmless against, any and all loss, damage,
claim, liability, or expense, including fees and expenses of counsel and including taxes (other than taxes based upon, measured
by or determined by the income of the Trustee), incurred without gross negligence or willful misconduct on their part, arising
out of or in connection with the acceptance or administration of the trust or trusts under this Indenture, including the costs
and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties under this Indenture, or in connection with enforcing
the provisions of this Section.

 

    	 	37	 

     

    

 

To secure the Company’s obligations
under this Section, the Trustee shall have a lien prior to the Securities upon all money or property held or collected by the Trustee
in its capacity as Trustee, except for such money and property which is held in trust to pay principal (and premium, if any) or
interest on particular Securities;

 

In addition to, and without prejudice to
its other rights under this Indenture, when the Trustee incurs any expenses or renders any services after the occurrence of an
Event of Default specified in Section 5.1(1) or (2), such expenses (including the fees and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of administration under the United States Bankruptcy Code (Title
11 of the United States Code) or any similar Federal or State law for the relief of debtors; and

 

The provisions of this Section 6.7
shall survive the satisfaction and discharge of the Indenture, the resignation or removal of the Trustee and the termination for
any reason of this Indenture.

 

“Trustee” for purposes of this
Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee
hereunder shall not affect the rights of any other Trustee hereunder.

 

		Section 6.8.	Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. For
the purpose of the second paragraph of Section 310(b) of the Trust Indenture Act, the phrase “default (as such term is defined
in such indenture, but exclusive of any period of grace or requirement of notice)” is hereby defined to mean any event which
is, or after notice or lapse of time or both would become, an Event of Default. To the extent permitted by the Trust Indenture
Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect
to Securities of more than one series.

 

		Section 6.9.	Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee under this Indenture which
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of
at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of
its supervising or examining authority, then for the purposes of this Section (and to the extent permitted by the Trust Indenture
Act), the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect specified in this Article.

 

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		Section 6.10.	Resignation and Removal; Appointment of Successor.

 

		(a)	No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section 6.11.

 

		(b)	The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice of such resignation to the Company.

 

		(c)	The Trustee may be removed at any time with respect to
the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company.

 

		(d)	If at any time:

 

		(1)	the Trustee shall fail to comply with Section 6.8
after written request for such compliance by the Company or by any Holder who has been a bona fide Holder of a Security for at
least six months, or

 

		(2)	the Trustee shall cease to be eligible under Section 6.9
and shall fail to resign after written request by the Company or by any such Holder, or

 

		(3)	the Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation, or liquidation,
then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject
to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or Trustees.

 

    	 	39	 

     

    

 

		(e)	If the instrument of acceptance by a successor Trustee
required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice
of resignation or removal, the Trustee resigning or being removed may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

		(f)	If the Trustee shall resign, be removed, or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that
or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal,
or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall, immediately upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities
of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

		(g)	The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

		Section 6.11.	Acceptance of Appointment by Successor.

 

		(a)	In case of the appointment of a successor Trustee under
this Indenture with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge, and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment. Upon such delivery, the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed, or conveyance, shall
become vested with all the rights, powers, trusts, and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges and all other amounts payable to it hereunder, execute
and deliver an instrument transferring to such successor Trustee all the rights, powers, and trusts of the retiring Trustee and
shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring Trustee under
this Indenture, subject nevertheless to its lien provided for in Section 6.7.

 

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		(b)	In case of the appointment under this Indenture of a
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee, and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver a supplemental indenture wherein
each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts, and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if
the retiring Trustee is not retiring with respect to the Securities of all series, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts, and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts under this Indenture by more than one Trustee, it being understood that nothing in this Indenture
or in such supplemental indenture shall constitute such Trustees cotrustees of the same trust and that each such Trustee shall
be trustee of a trust or trusts under this Indenture separate and apart from any trust or trusts under this Indenture administered
by any other such Trustee; and, upon the execution and delivery of such supplemental indenture, the resignation or removal of
the retiring Trustee shall become effective to the extent provided in such supplemental indenture and each such successor Trustee,
without any further act, deed, or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; and
such retiring Trustee shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring
Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, subject nevertheless to its lien provided for in Section 6.7.

 

		(c)	Upon request of any such successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers, and trusts referred to in paragraph (a) and (b) of this Section, as the case may be.

 

    	 	41	 

     

    

 

		(d)	No successor Trustee shall accept its appointment unless
at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

 

		Section 6.12.	Merger, Conversion, Consolidation, or Succession to
Business.

 

Any Person into which the Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion, or consolidation to which the Trustee
shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be the
successor of the Trustee under this Indenture, provided such Person shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion,
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.

 

		Section 6.13.	Preferential Collection of Claims Against Company.

 

If and when the Trustee shall be or become
a creditor of the Company or any other obligor upon the Securities (other than by reason of a relationship described in Section
311(b) of the Trust Indenture Act), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection
of claims against the Company or any such other obligor. For purposes of Section 311(b) of the Trust Indenture Act:

 

(A) the term "cash transaction"
means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods
or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and

 

(B) the term "self-liquidating paper"
means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company or such
obligor for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise
and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables
or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security
is received by the Trustee simultaneously with the creation of the creditor relationship with the Company or such obligor arising
from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

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		Section 6.14.	Appointment of Authenticating Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents (which may be an affiliate of the Company) with respect to one or more series of Securities which shall be authorized
to act of behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration
of transfer, or partial redemption or conversion, or pursuant to Section 3.6, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any of its states, or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such authenticating Agent
shall resign immediately in the manner and with the effect specified in this Section.

 

Any Person into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion, or
consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise
eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment under this Indenture shall become vested with all the rights, powers, and duties of its
predecessor, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.

 

If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have endorsed on it, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

    	 	43	 

     

    

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

[________________________________],
as Trustee

 

	 	By:	 
	 	 	As Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

ARTICLE VII

Holder’s Lists and Reports by Trustee and Company

 

		Section 7.1.	Company to Furnish Trustee Names and Addresses of
Holders.

 

The Company will furnish or cause to be
furnished to the Trustee:

 

		(a)	semi-annually, not later than June 30 and December 31
in each year, a list for each series, in such form as the Trustee may reasonably require, of the names and addresses of the Holders
of Securities of such series as of the preceding June 15 or December 15, as the case may be, and

 

		(b)	at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished;

 

 provided, that if and so long as the Trustee shall
be the Security Registrar for such series, such lists shall not be required to be furnished.

 

		Section 7.2.	Preservation of Information; Communications to Holders.

 

		(a)	The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided
in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The
Trustee may dispose of as it deems fit any list furnished to it as provided in Section 7.1 upon receipt of a new list so
furnished.

 

		(b)	The rights of Holders to communicate with other Holders
with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the
Trustee, shall be as provided by the Trust Indenture Act.

 

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		(c)	Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall
be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

 

		Section 7.3.	Reports by Trustee.

 

		(a)	The Trustee shall transmit to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant to the Trust Indenture Act. To the extent that any such report is required by the Trust Indenture Act
with respect to any 12-month period, such report shall cover the 12-month period ending May 15 and shall be transmitted (in
accordance with the Trust Indenture Act) by the next succeeding July 15.

 

		(b)	A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission,
and with the Company. The Company will promptly notify the Trustee when any Securities are listed on any stock exchange.

 

		Section 7.4.	Reports by Company.

 

The Company shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents, and other reports, and such summaries, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Trust Indenture Act; provided
that any such information, documents, or reports required to be filed with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.

 

Delivery of such reports, information, and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual
or 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 shall be entitled to rely exclusively on Officers’
Certificates).

 

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ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer or Lease

 

		Section 8.1.	Company May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person,
and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer, or lease its properties
and assets substantially as an entirety to the Company, unless:

 

		(1)	in case the Company shall consolidate with or merge into
another Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which
leases, the properties and assets of the Company substantially as an entirety shall be a corporation, shall be organized and validly
existing under the laws of the United States of America, any of its states or the District of Columbia, and shall expressly assume,
by a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant
of this Indenture on the part of the Company to be performed or observed;

 

		(2)	immediately after giving effect to such transaction and
treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having
been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and

 

		(3)	the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer, or lease and, if a
supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article
and that all conditions precedent in this Indenture provided for relating to such transaction have been complied with.

 

		Section 8.2.	Successor Substituted.

 

Upon any consolidation of the Company with, or merger of the
Company into, any other Person or any conveyance, transfer, or lease of the properties and assets of the Company substantially
as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
in this Indenture, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

 

    	 	46	 

     

    

 

ARTICLE IX

Supplemental Indentures

 

		Section 9.1.	Supplemental Indentures Without Consent of Holders.

 

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

 

		(1)	to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company in this Indenture and in the Securities; or

 

		(2)	to add to the covenants of the Company for the benefit
of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of
Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any
right or power conferred in this Indenture upon the Company; or

 

		(3)	to add any additional Events of Default for the benefit
of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less
than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit
of such series); or

 

		(4)	to add to or change any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable
as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated
form; or

 

		(5)	to add to, change, or eliminate any of the provisions
of this Indenture in respect of one or more series of Securities, provided that any such addition, change, or elimination
(i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such
provision or (ii) shall become effective only when there is no such Security Outstanding; or

 

		(6)	to secure the Securities; or

 

		(7)	to establish the form or forms or terms of Securities
of any series as permitted by Sections 2.1 and 3.1; or

 

    	 	47	 

     

    

 

		(8)	to evidence and provide for the acceptance of appointment
under this Indenture by a successor Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts under this
Indenture by more than one Trustee, pursuant to the requirements of Section 6.11(b); or

 

		(9)	to comply with any requirements of the Commission in
connection with qualifying this Indenture under the Trust Indenture Act;

 

		(10)	to cure any ambiguity, mistake, defect or inconsistency;
or

 

		(11)	to make any change, provided that such change shall
not adversely affect the interests of the Holders of Securities of any series in any material respect.

 

		Section 9.2.	Supplemental Indentures With Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of such Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into a supplemental indenture or indentures for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture; provided, however, that no such supplemental indenture entered into pursuant to this Section 9.2
shall, without the consent of the Holder of each Outstanding Security affected by such supplemental indenture,

 

		(1)	change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce its principal amount or rate of interest or any premium payable
upon its redemption, or reduce the amount of the principal of an Original Issue Discount Security or any other Security that would
be due and payable upon a declaration of acceleration of its Maturity pursuant to Section 5.2, or adversely affect any right
of repayment at the option of the Holder of any Security, or change any Place of Payment where any Security or any premium or
interest is payable, or impair the right to institute suit for the enforcement of any such payment on or after its Stated Maturity
(or, in the case of redemption, on or after the Redemption Date), or

 

		(2)	reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose
Holders is required for any waiver of compliance with the provisions of or defaults under this Indenture and their consequences
provided for in this Indenture, or

 

    	 	48	 

     

    

 

		(3)	modify any of the provisions of this Section, Section 5.13,
or Section 10.8, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each affected Outstanding Security, provided, however,
that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the
Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of
Section 6.11(b) and 9.1(8).

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of
any other series.

 

It shall not be necessary for any Act of Holders under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance of such supplemental indenture.

 

		Section 9.3.	Execution of Supplemental Indentures.

 

In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications of the trusts created by this Indenture, the Trustee
shall be entitled to receive in addition to the documents required by Section 1.2, and (subject to Section 6.1) shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture
or otherwise.

 

		Section 9.4.	Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance with such supplemental indenture, and such supplemental indenture shall
form a part of this Indenture for all purposes; and every Holder of Securities previously or subsequently authenticated and delivered
under this Indenture shall be bound by such supplemental indenture.

 

		Section 9.5.	Conformity With Trust Indenture Act.

 

Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act.

 

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		Section 9.6.	Reference in Securities to Supplemental Indentures.

 

Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall if required by the Company, bear a notation in
form approved by the Company as to any matter provided for in such supplemental indenture. If the Company shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

 

		Section 9.7.	Notice of Supplemental Indentures.

 

After any supplemental indenture under this Article becomes
effective, the Company may give to the Holders of Securities, in the manner referred to in Section 1.6, a notice briefly describing
such supplemental indenture; provided, however, that the failure to give such notice to all Holders of Securities, or any defect
therein, shall not impair or affect the validity of such supplemental indenture.

 

ARTICLE X

Covenants

 

		Section 10.1.	Payment of Principal, Premium, and Interest.

 

The Company covenants and agrees for the benefit of each series
of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series
in accordance with the terms of the Securities and this Indenture.

 

		Section 10.2.	Maintenance of Office or Agency.

 

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange, and where notices and demands
to or upon the Company in respect of the Securities of that series and this 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 its address, such presentations,
surrenders, notices, and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company appoints the
Trustee as its agent to receive all such presentations, surrenders, notices, and demands.

 

The Company may also from time to time designate one or more
other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of
any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.

 

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		Section 10.3.	Money for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled to such
principal, premium, or interest a sum sufficient to pay the principal and any premium and interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as provided in this Indenture and will promptly notify the Trustee of its
action or failure to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, prior to each due date of the principal of or any premium or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing
of its action or failure to act.

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Company
(or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
and upon the written request of the Trustee, immediately pay to the Trustee all sums held in trust by such Paying Agent for payment
in respect of the Securities of that series.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Subject to applicable abandoned property laws, any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium
or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, or interest has
become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee,
shall cease at such time.

 

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		Section 10.4.	Statement by Officers as to Default.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date of this Indenture, an Officers’
Certificate (one of the signers of which shall be the principal executive officer, principal financial officer, or principal accounting
officer of the Company), stating whether or not, to the best knowledge of the signers, the Company is in default in the performance
and observance of any of the terms, provisions, and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided under this Indenture) and, if the Company shall be in default, specifying all such defaults and their nature
and status of which they may have knowledge. The Company will deliver to the Trustee written notice of the occurrence of any Event
of Default or default (which word has the meaning of the word “default” as used in Section 6.2), within ten (10) Business
Days of the Company becoming aware of any such Event of Default or default and setting forth the detail of such Event of Default
or default and the action the Company proposes to take with respect thereto.

 

		Section 10.5.	Existence.

 

Subject to Article VIII, the Company will do or cause to
be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory), and franchises;
provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of
Directors shall determine that its preservation is no longer desirable in the conduct of the business of the Company and that its
loss is not disadvantageous in any material respect to the Holders.

 

		Section 10.6.	Maintenance of Properties.

 

The Company will cause all material properties used or useful
in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair, and working
order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments,
and improvements, all as in the judgment of the Company may be necessary so that the business carried on by it may be properly
and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company
from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company,
desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the
Holders.

 

		Section 10.7.	Payment of Taxes and Other Claims.

 

The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments, and governmental charges levied or imposed upon the Company
or any Subsidiary or upon the income, profits, or property of the Company or any Subsidiary, and (2) all lawful claims for
labor, materials, and supplies which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary;
provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any
such tax, assessment, charge, or claim whose amount, applicability, or validity is being contested in good faith by appropriate
proceedings and for which adequate provision is made.

 

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		Section 10.8.	Waiver of Certain Covenants.

 

The Company may, with respect to the Securities of any series,
omit in any particular instance to comply with any term, provision, or condition set forth in Sections 10.5 to 10.7 (excluding
Section 10.7(1)), or in any covenant provided pursuant to Section 3.1(16) or 9.1(2) for the benefit of the Holders of such
series, if before the time for such compliance the Holders of a majority in principal amount of the Outstanding Securities of such
series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term,
provision, or condition, but no such waiver shall extend to or affect such term, provision, or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision, or condition shall remain in full force and effect.

 

		Section 10.9.	Calculation of Original Issue Discount.

 

If the Company has Outstanding any Original
Issue Discount Securities, the Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities
as of the end of such year and (ii) such other specific information relating to such original issue discount as may be required
to be provided to the Trustee, any Paying Agent or the holders of the Notes pursuant to the Internal Revenue Code of 1986, as amended,
and the regulations issued thereunder.

 

		Section 10.10.	Tax Payment and Tax Withholding Obligations.

 

In order to enable the Trustee and any other
Paying Agent to comply with any tax payment or tax withholding obligation or obligations imposed on it or them by virtue of applicable
law in connection with any payment made by it or them to Holders pursuant to any of the provisions of this Indenture, the Company
hereby agrees that, upon receipt of a request from time to time from the Trustee or such Paying Agent, the Company will provide
to the Trustee and such Paying Agent promptly a notice in writing as to whether and to what extent, together with any and all information
necessary to enable the Trustee and such Paying Agent to determine whether and to what extent, any such tax payment or tax withholding
obligation or obligations shall apply, and, if any do so apply, the amount and other relevant details of such tax payment and/or
tax withholding obligation or obligations. In addition to and notwithstanding such agreement, the Trustee and any such Paying Agent
shall have full right and warrant to withhold from any payment made by it or them pursuant to any of the provisions of this Indenture
(if required to comply with such tax payment or tax withholding obligation or obligations) and shall not be liable to any Person
for so doing.

 

ARTICLE XI

Redemption of Securities

 

		Section 11.1.	Applicability of Article.

 

Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article.

 

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		Section 11.2.	Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities. In case
of any redemption at the election of the Company, the Company shall, at least 60 calendar days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction.

 

		Section 11.3.	Selection by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed or such series is comprised
of a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption by such method as the
Trustee shall deem fair and appropriate (which may include pro rata or by lot) and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple of
such denomination) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination
for Securities of that series. If less than all of the Securities of such series and of a specified tenor are to be redeemed (unless
such series is comprised of a single Security), the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously
called for redemption in accordance with the preceding sentence.

 

Unless all of the Securities of such series
and of a specified tenor are to be redeemed or such series is comprised of a single Security, the Trustee shall promptly notify
the Company in writing of the Securities selected for redemption and, in the case of any Securities (other than Securities comprised
of a single Security) selected for partial redemption, the principal amount thereof to be redeemed. In the case of any such redemption
in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not
be less than the minimum authorized denomination) of such Security.

 

For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be
redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 

		Section 11.4.	Notice of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities
to be redeemed, at his address appearing in the Security Register.

 

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All notices of redemption shall state:

 

		(1)	the Redemption Date,

 

		(2)	the Redemption Price and accrued interest, if any,

 

		(3)	if less than all the Outstanding Securities of any series
are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the
particular Securities to be redeemed, and that on or after the date fixed for redemption, upon surrender of such Security, a new
Security or Securities of such series in authorized denominations for an aggregate principal amount equal to the unredeemed portion
will be issued,

 

		(4)	that on the Redemption Date the Redemption Price and
accrued interest, if any, will become due and payable upon each such Security to be redeemed and that interest on such Security
will cease to accrue on and after such date,

 

		(5)	the place or places where such Securities are to be surrendered
for payment of the Redemption Price and accrued interest, if any,

 

		(6)	that the redemption is for a sinking fund, if such is
the case, and

 

		(7)	the CUSIP numbers”, “ISIN” or other
similar numbers, if any, of the Securities to be redeemed.

 

Notice of redemption of Securities to be redeemed at the election
of the Company shall be given by the Company or, at the Company’s request (delivered to the Trustee, together with a form
of notice of redemption, at least 45 days (unless a shorter period shall be acceptable to the Trustee) prior to the Redemption
Date) , by the Trustee in the name and at the expense of the Company and shall be irrevocable.

 

		Section 11.5.	Deposit of Redemption Price.

 

Prior to 10:00 a.m., New York City time on the Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed
on that date.

 

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		Section 11.6.	Securities Payable on Redemption Date.

 

Notice of redemption having been given in
accordance with this Indenture, the Securities to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price specified in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in
accordance with such notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1,
installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 3.7.

 

If any Security called for redemption shall not be so paid upon
surrender for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed
in the Security.

 

		Section 11.7.	Securities Redeemed in Part.

 

Any Security which is to be redeemed only in part shall be surrendered
at a Place of Payment (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder or his attorney duly authorized in writing), and
the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge,
a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder,
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

ARTICLE XII

Sinking Funds

 

		Section 12.1.	Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1
for Securities of such series.

 

The minimum amount of any sinking fund payment provided for
by the terms of Securities of any series is referred to in this Indenture as a “mandatory sinking fund payment”, and
any payment in excess of such minimum amount provided for by the terms of Securities of any series is referred to in this Indenture
as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

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		Section 12.2.	Satisfaction of Sinking Fund Payments with Securities.

 

The Company (1) may deliver Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit Securities of a series which previously have been
redeemed by the Company either at the election of the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, or have been otherwise acquired by the Company
as permitted by such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series;
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.

 

		Section 12.3.	Redemption of Securities for Sinking Fund.

 

Not less than 90 days prior to each
sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion,
if any, which is to be satisfied by payment of cash and the portion, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.2 and the basis for such credit and will also deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of
redemption to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.6
and 11.7.

 

ARTICLE XIII

Defeasance and Covenant Defeasance

 

		Section 13.1.	Applicability of Article; Company’s Option to
Effect Defeasance or Covenant Defeasance.

 

If, pursuant to Section 3.1, provision is made for either
or both of (a) Defeasance of the Securities of a series under Section 13.2 or (b) Covenant Defeasance of the Securities
of a series under Section 13.3, then the provisions of such Section or Sections, as the case may be, together with the other
provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may at its option by
Board Resolution or in any other manner specified as contemplated by Section 3.1, at any time, with respect to the Securities
of such series, elect to have either Section 13.2 (if applicable) or Section 13.3 (if applicable) be applied to the Outstanding
Securities of such series upon compliance with the conditions set forth below in this Article XIII.

 

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		Section 13.2.	Defeasance and Discharge.

 

Upon the Company’s exercise of the above option applicable
to this Section, the Company shall be deemed to have been discharged from its obligations with respect to the Outstanding Securities
of such series on and after the date the conditions precedent set forth in Section 13.3 are satisfied (“Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture,
insofar as such Securities are concerned (and the Trustee, upon Company Order and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged
under this Indenture: (A) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust
fund described in Section 13.4 as more fully set forth in such Section, payments of the principal of (any premium, if any) and
interest on such Securities when such payments are due, (B) the Company’s obligations with respect to such Securities
under Sections 3.4, 3.5, 3.6, 6.7, 10.2, and 10.3, and any ancillary obligations, (C) the rights, powers, trusts, duties,
immunities, and other provisions in respect of the Trustee under this Indenture, and (D) this Article XIII. Subject to
compliance with this Article XIII, the Company may exercise its option under this Section 13.2 notwithstanding the prior
exercise of its option under Section 13.3 with respect to the Securities of such series. Following a Defeasance, payment of
the Securities of such series may not be accelerated because of an Event of Default.

 

		Section 13.3.	Covenant Defeasance.

 

Upon the Company’s exercise of the above option applicable
to this Section and after the date the conditions set forth below are satisfied (“Covenant Defeasance”), (1) the
Company shall be released from its obligations under any covenant applicable to such Securities that is determined pursuant to
Section 3.1 to be subject to this provision, and (2) the occurrence of any event specified in Section 5.1(1) or
(2) or determined pursuant to Section 3.1 to be subject to this provision shall not be deemed to be or result in an Event
of Default. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of such series, the
Company may omit to comply with and shall have no liability in respect of any term, condition, or limitation set forth in any such
Section whether directly or indirectly by reason of any reference elsewhere in this Indenture to any such Section or by reason
of any reference in any such Section to any other provision in this Indenture or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected by such Covenant Defeasance.

 

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		Section 13.4.	Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions precedent
to application of either Section 13.2 or Section 13.3 to the Outstanding Securities of such series:

 

		(1)	The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9 and agrees
to comply with the provisions of the Indenture applicable to it as if it were the Trustee under this Indenture), as trust funds
in trust for the purpose of making the following payments, and dedicated solely to, the benefit of the Holders of such Securities,
(A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest
in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or
(C) a combination of such money and U.S. Government Obligations, in each case sufficient, without reinvestment, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee as previously provided)
to pay and discharge, the principal of (and premium, if any) and interest on the Outstanding Securities of such series on the
Maturity of such principal, any premium or interest, and any mandatory sinking fund payments or analogous payments applicable
to the Outstanding Securities of such series on their due dates. Before such a deposit, the Company may make arrangements satisfactory
to the Trustee for the redemption of Securities at a future date or dates in accordance with Article XI, which shall be given
effect in applying the foregoing provisions. For this purpose, “U.S. Government Obligations” means securities that
are (x) direct obligations of the United States of America for the payment of which its full faith and credit is pledged,
or (y) 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, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended), which may include the Trustee,
as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such
U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal
of or interest on the U.S. Government Obligation evidenced by such depository receipt.

 

		(2)	No Event of Default or event which with notice or lapse
of time or both would become an Event of Default with respect to the Securities of such series shall have occurred and be continuing
(A) on the date of such deposit or (B) insofar as subsections 5.1(1) and (2) are concerned, at any time during
the period ending on the 120th day after the date of such deposit or, if longer, ending on the day following the expiration
of the preference period applicable to the Company under federal law in respect of such deposit (it being understood that the
condition in this clause (B) shall not be deemed satisfied until the expiration of such period).

 

		(3)	Such Defeasance or Covenant Defeasance shall not (A) cause
the Trustee in respect of the Securities of such series to have a conflicting interest as defined in Section 6.8 or for purposes
of the Trust Indenture Act with respect to any Securities of the Company or (B) result in the trust arising from such deposit
to constitute, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended.

 

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		(4)	Such Defeasance or Covenant Defeasance shall not result
in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound.

 

		(5)	Such Defeasance or Covenant Defeasance shall not cause
any Securities of such series then listed on any registered national securities exchange under the Securities Exchange Act of
1934, as amended, to be delisted.

 

		(6)	In the case of an election under Section 13.2, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a change
in the applicable federal income tax law, in either case to the effect that, and based on such ruling or change such opinion shall
confirm that, the Holders of the Outstanding Securities of such series will not recognize income, gain, or loss for federal income
tax purposes as a result of such Defeasance and will be subject to federal income tax on the same amounts, in the same manner,
and at the same times as would have been the case if such Defeasance had not occurred.

 

		(7)	In the case of an election under Section 13.3, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities
of such series will not recognize income, gain, or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same manner, and at the same times as would have been the
case if such Covenant Defeasance had not occurred.

 

		(8)	The Company shall have delivered to the Trustee an Opinion
of Counsel to the effect that (subject to customary qualifications and assumptions) after the period described in Section 13.4(2),
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization, or similar laws affecting
creditors’ rights generally.

 

		(9)	Such Defeasance or Covenant Defeasance shall be effected
in compliance with any additional terms, conditions, or limitations which may be imposed on the Company in connection with such
Defeasance or Covenant Defeasance pursuant to Section 3.1.

 

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		(10)	The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to either
the Defeasance under Section 13.2 or the Covenant Defeasance under Section 13.3 (as the case may be) have been complied
with.

 

		Section 13.5.	Deposited Money and U.S. Government Obligations to
be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money and U.S. Government Obligations (including any proceeds) deposited with the Trustee or other qualifying
trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other qualifying trustee are referred
to collectively as the “Trustee”) pursuant to Section 13.4 in respect of the Outstanding Securities of such series
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to
the payment, either directly or through any Paying Agent (but not including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and to become due on such Securities in respect of principal
(and premium, if any) and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee, or other charge imposed on or assessed against the money or U.S. Government Obligations deposited
pursuant to Section 13.4 or the principal and interest received in respect of such money or U.S. Government Obligations other
than any such tax, fee, or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Indenture to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations
held by it as provided in Section 13.4 which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification delivered to the Trustee, are in excess of the amount which would then be required to be deposited
to effect an equivalent Defeasance or Covenant Defeasance.

 

		Section 13.6.	Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with Section 13.5 by reason of any order or judgment of any
court or governmental authority enjoining, restraining, or otherwise prohibiting such application, then the Company’s obligations
under the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XIII
until such time as the Trustee or Paying Agent is permitted to apply all such money and U.S. Government Obligations in accordance
with Section 13.5; provided, however, that if the Company makes any payment of principal of (and premium, if any)
or interest on any such Security following the reinstatement of its obligations, the Company shall be entitled, at its election,
(a) to receive from the Trustee or Paying Agent, as applicable, that portion of such money or U.S. Government Obligations
held by the Trustee or the Paying Agent, as applicable, equal to the amount of such payment, or (b) to be subrogated to the
rights of the Holders of such Securities to receive such payment from the money and U.S. Government Obligations held by the Trustee
or the Paying Agent.

 

    	 	61	 

     

    

 

 

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or electronic
format (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be
their original signatures for all purposes.

 

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

 

	 	BERKSHIRE HILLS BANCORP, INC.
	 	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 

 

[________________________________],
as Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	62

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