Document:

Exhibit 4.1

 

 

LADDER CAPITAL FINANCE HOLDINGS LLLP

 

AND

 

LADDER CAPITAL FINANCE CORPORATION

 

as Issuers,

 

AND

 

THE GUARANTORS PARTY HERETO

 

AND

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

$750,000,000 4.250% Senior Notes due 2027

 

 

INDENTURE

 

Dated as of January 30, 2020

 

 

    	 	 	 

     

    

 

	TABLE OF CONTENTS
	 	 	 
	Page
	 	 	 
	Article I
	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Other Definitions	27
	Section 1.3	Inapplicability of Trust Indenture Act	28
	Section 1.4	Rules of Construction	28
	 	 	 
	Article II
	 	 	 
	THE NOTES
	 	 	 
	Section 2.1	Form, Dating and Terms	29
	Section 2.2	Execution and Authentication	37
	Section 2.3	Registrar and Paying Agent	38
	Section 2.4	Paying Agent to Hold Money in Trust	39
	Section 2.5	Holder Lists	39
	Section 2.6	Transfer and Exchange	40
	Section 2.7	[Reserved]	43
	Section 2.8	Form of Certificate to be Delivered in Connection with Transfers to IAIs	43
	Section 2.9	Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S	46
	Section 2.10	Form of Certificate to be Delivered in Connection with Transfers to AIs	47
	Section 2.11	Mutilated, Destroyed, Lost or Stolen Notes	49
	Section 2.12	Outstanding Notes	50
	Section 2.13	Temporary Notes	51
	Section 2.14	Cancellation	51
	Section 2.15	Payment of Interest; Defaulted Interest	52
	Section 2.16	CUSIP and ISIN Numbers	53
	Section 2.17	Joint and Several Liability	53
	 	 	 
	Article III
	 	 	 
	COVENANTS
	 	 	 
	Section 3.1	Payment of Notes	53
	Section 3.2	Limitation on Indebtedness	54
	Section 3.3	Maintenance of Total Unencumbered Assets	61
	Section 3.4	Limitation on Guarantees	61
	Section 3.5	Change of Control	63
	Section 3.6	Reports	66

 

    	 	 	 

     

    

 

	Section 3.7	Maintenance of Office or Agency	68
	Section 3.8	[Reserved]	69
	Section 3.9	[Reserved]	69
	Section 3.10	[Reserved]	69
	Section 3.11	Compliance Certificate	69
	Section 3.12	Further Instruments and Acts	69
	Section 3.13	Statement by Officers as to Default	69
	Section 3.14	Suspension of Certain Covenants	70
	Section 3.15	Designation of Restricted and Unrestricted Subsidiaries	71
	 	 	 
	Article IV
	 	 	 
	SUCCESSOR ISSUERS; SUCCESSOR PERSON
	 	 	 
	Section 4.1	Merger and Consolidation	71
	 	 	 
	Article V
	 	 	 
	REDEMPTION OF SECURITIES
	 	 	 
	Section 5.1	Notices to Trustee	73
	Section 5.2	Selection of Notes to Be Redeemed or Purchased	73
	Section 5.3	Notice of Redemption	74
	Section 5.4	Effect of Notice of Redemption	75
	Section 5.5	Deposit of Redemption or Purchase Price	75
	Section 5.6	Notes Redeemed or Purchased in Part	76
	Section 5.7	Optional Redemption.	76
	Section 5.8	Mandatory Redemption	77
	 	 	 
	Article VI
	 	 	 
	DEFAULTS AND REMEDIES
	 	 	 
	Section 6.1	Events of Default	77
	Section 6.2	Acceleration	81
	Section 6.3	Other Remedies	82
	Section 6.4	Waiver of Past Defaults	82
	Section 6.5	Control by Majority	83
	Section 6.6	Limitation on Suits	83
	Section 6.7	[Reserved]	84
	Section 6.8	Collection Suit by Trustee	84
	Section 6.9	Trustee May File Proofs of Claim	84
	Section 6.10	Priorities	84
	Section 6.11	Undertaking for Costs	85

 

    		ii 	 

     

    

 

	Article VII
	 	 	 
	TRUSTEE
	 	 	 
	Section 7.1	Duties of Trustee	85
	Section 7.2	Rights of Trustee	86
	Section 7.3	Individual Rights of Trustee	89
	Section 7.4	Trustee’s Disclaimer	89
	Section 7.5	Notice of Defaults	89
	Section 7.6	[Reserved]	89
	Section 7.7	Compensation and Indemnity	89
	Section 7.8	Replacement of Trustee	90
	Section 7.9	Successor Trustee by Merger	91
	Section 7.10	Eligibility; Disqualification	92
	Section 7.11	[Reserved]	92
	Section 7.12	Trustee’s Application for Instruction from the Issuers	92
	 	 	 
	Article VIII
	 	 	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	Section 8.1	Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance	92
	Section 8.2	Legal Defeasance and Discharge	93
	Section 8.3	Covenant Defeasance	93
	Section 8.4	Conditions to Legal or Covenant Defeasance	94
	Section 8.5	Deposited Money and U.S	95
	Section 8.6	Repayment to the Issuers	96
	Section 8.7	Reinstatement	96
	 	 	 
	Article IX
	 	 	 
	AMENDMENTS
	 	 	 
	Section 9.1	Without Consent of Holders	97
	Section 9.2	With Consent of Holders	98
	Section 9.3	[Reserved]	100
	Section 9.4	Revocation and Effect of Consents and Waivers	100
	Section 9.5	Notation on or Exchange of Notes	100
	Section 9.6	Trustee to Sign Amendments	100
	 	 	 
	Article X
	 	 	 
	GUARANTEE
	 	 	 
	Section 10.1	Guarantee	101
	Section 10.2	Limitation on Liability; Termination, Release and Discharge	103
	Section 10.3	Right of Contribution	104
	Section 10.4	No Subrogation	104

 

    		iii 	 

     

    

 

	Article XI
	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 
	Section 11.1	Satisfaction and Discharge	105
	Section 11.2	Application of Trust Money	106
	 	 	 
	Article XII
	 	 	 
	MISCELLANEOUS
	 	 	 
	Section 12.1	[Reserved]	107
	Section 12.2	Notices	107
	Section 12.3	[Reserved]	108
	Section 12.4	Certificate and Opinion as to Conditions Precedent	108
	Section 12.5	Statements Required in Certificate or Opinion	108
	Section 12.6	When Notes Disregarded	109
	Section 12.7	Rules by Trustee, Paying Agent and Registrar	109
	Section 12.8	Legal Holidays	109
	Section 12.9	Governing Law	109
	Section 12.10	Jurisdiction	110
	Section 12.11	Waivers of Jury Trial	110
	Section 12.12	USA PATRIOT Act	110
	Section 12.13	No Recourse Against Others	110
	Section 12.14	Successors	110
	Section 12.15	Multiple Originals	110
	Section 12.16	[Reserved]	111
	Section 12.17	Table of Contents; Headings	111
	Section 12.18	Force Majeure	111
	Section 12.19	Severability	111
	Section 12.20	[Reserved]	111
	Section 12.21	[Reserved]	111
	Section 12.22	Waiver of Immunities	111
	Section 12.23	Judgment Currency	112

 

	EXHIBIT A	 Form of Global Restricted
Note

	EXHIBIT
B	 Form of Supplemental
Indenture

 

    		iv 	 

     

    

 

INDENTURE dated as of January 30, 2020,
among LADDER CAPITAL FINANCE HOLDINGS LLLP, a Delaware limited liability limited partnership (the “Company”),
and LADDER CAPITAL FINANCE CORPORATION, a Delaware corporation (the “Co-Issuer” and, together with the Company,
the “Issuers”), the guarantors from time to time parties hereto, and WILMINGTON TRUST, NATIONAL ASSOCIATION,
a national banking association, as trustee (in such capacity, the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Issuers have duly authorized
the execution and delivery of this Indenture to provide for the issuance of (i) their $750,000,000 4.250% Senior Notes due
2027 (the “Initial Notes”), as issued on the date hereof, and (ii) any additional Notes (the “Additional
Notes,” and together with the Initial Notes, the “Notes”) that may be issued after the Issue Date;

 

WHEREAS, the Issuers have duly authorized
the execution and delivery of this Indenture; and

 

WHEREAS, all things necessary (i) to
make the Notes, when executed and duly issued by the Issuers and authenticated and delivered hereunder, the valid obligations of
the Issuers, and (ii) to make this Indenture a valid agreement of the Issuers have been done.

 

NOW, THEREFORE, in consideration of the
premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders, as follows:

 

Article I

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.1     Definitions.

 

“Acquired Indebtedness”
means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary,
or (2) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such
Person in connection with such Person becoming a Restricted Subsidiary of the Company or such acquisition or (3) of a Person
at the time such Person merges with or into or consolidates or otherwise combines with the Company or any Restricted Subsidiary.
Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the
date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of
consummation of such acquisition of assets and, with respect to clause (3) of the preceding sentence, on the date of the relevant
merger, consolidation or other combination.

 

    	 	 	 

     

    

 

“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 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 meanings correlative
to the foregoing.

 

“AI” means an “accredited
investor” as described in Rule 501(a)(4) under the Securities Act.

 

“Applicable Premium”
means the greater of (A) 1.0% of the principal amount of such Note and (B) on any redemption date, the excess (to the
extent positive) of:

 

(a)            the
present value at such redemption date of (i) the redemption price of such Note on February 1, 2023 (such redemption price
(expressed in percentage of principal amount) being set forth in Section 5.7(b) (excluding accrued but unpaid
interest)), plus (ii) all required interest payments due on such Note to and including such date set forth in clause (i) (excluding
accrued but unpaid interest), computed upon the redemption date using a discount rate equal to the Treasury Rate at such redemption
date plus 50 basis points; over

 

(b)            the
outstanding principal amount of such Note;

 

in each case, as calculated by the Company or on behalf of the
Company by such Person as the Company shall designate.

 

“Associate” means (i) any
Person engaged in a Similar Business of which the Company or its Restricted Subsidiaries are the legal and beneficial owners of
between 20% and 50% of all outstanding Voting Stock and (ii) any Joint Venture entered into by the Company or any Restricted
Subsidiary of the Company.

 

“Bankruptcy Law” means
Title 11 of the United States Code or similar federal, state or foreign law for the relief of debtors.

 

“Board of Directors”
means (1) with respect to any corporation, the board of directors or managers, as applicable, of the corporation, or any duly
authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general
partner of the partnership or any duly authorized committee thereof; (3) with respect to a limited liability company, the
managing member or members or any duly authorized controlling committee thereof; and (4) with respect to any other Person,
the board or any duly authorized committee of such Person serving a similar function. Whenever any provision requires any action
or determination to be made by, or any approval of, a Board of Directors, such action, determination or approval shall be deemed
to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action
or approval is taken as part of a formal board meeting or as a formal board approval).

 

    	 	2	 

     

    

 

“Business Day” means
each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, United States or in the
jurisdiction of the place of payment are authorized or required by law to close.

 

“Capital Stock” of any
Person means any and all shares of, rights to purchase, warrants, options or depositary receipts for, or other equivalents of or
partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding any
debt securities convertible into, or exchangeable for, such equity.

 

“Capitalized Lease Obligations”
means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes
on the basis of GAAP. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation
at the time any determination thereof is to be made as determined on the basis of GAAP, and the Stated Maturity thereof will be
the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated
without penalty.

 

“Cash Equivalents” means:

 

(a)            (1) United
States dollars, Canadian dollars, pounds sterling, yen, euro, or any national currency of any member state of the European Union;
or (2) any other foreign currency held by the Company and the Restricted Subsidiaries in the ordinary course of business or
consistent with past practice;

 

(b)            securities
issued or directly and fully Guaranteed or insured by the United States or Canadian, United Kingdom or Japanese governments, a
member state of the European Union or, in each case, any agency or instrumentality thereof (provided that the full faith
and credit of such country or such member state is pledged in support thereof), having maturities of not more than two years from
the date of acquisition;

 

(c)            certificates
of deposit, time deposits, Eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of
not more than one year from the date of acquisition thereof issued by any lender or by any bank or trust company (a) whose
commercial paper is rated at least “A-2” or the equivalent thereof by S&P or at least “P-2” or the
equivalent thereof by Moody’s (or if at the time neither is issuing comparable ratings, then a comparable rating of another
Nationally Recognized Statistical Rating Organization) or (b) (in the event that the bank or trust company does not have commercial
paper which is rated) having combined capital and surplus in excess of $100.0 million;

 

    	 	3	 

     

    

 

(d)            repurchase
obligations for underlying securities of the types described in clauses (2) and (3) entered into with any bank meeting
the qualifications specified in clause (3) above;

 

(e)            commercial
paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by S&P or “P-2”
or the equivalent thereof by Moody’s or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization,
if both of the two named rating agencies cease publishing ratings of investments or, if no rating is available in respect of the
commercial paper, the issuer of which has an equivalent rating in respect of its long-term debt, and in any case maturing within
one year after the date of acquisition thereof;

 

(f)             readily
marketable direct obligations issued by any state of the United States of America, any province of Canada, any member of the European
Union or any political subdivision, taxing authority or public instrumentality thereof, in each case, having one of the two highest
rating categories obtainable from either Moody’s or S&P (or, if at the time, neither is issuing comparable ratings, then
a comparable rating of another Nationally Recognized Statistical Rating Organization selected by the Issuers) with maturities of
not more than two years from the date of acquisition;

 

(g)            Indebtedness
or Preferred Stock issued by Persons with a rating of “BBB-” or higher from S&P or “Baa3” or higher
from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized
Statistical Rating Organization selected by the Issuers) with maturities of two years or less from the date of acquisition;

 

(h)            bills
of exchange issued in the United States, Canada, a member state of the European Union or Japan eligible for rediscount at the relevant
central bank and accepted by a bank (or any dematerialized equivalent); and

 

(i)             interests
in any investment company, money market, enhanced high yield fund or other investment fund which invests 90% or more of its assets
in instruments of the types specified in clauses (a) through (h) above.

 

Notwithstanding the foregoing, Cash Equivalents
shall include amounts denominated in currencies other than those set forth in clause (a) above; provided that such
amounts are converted into any currency listed in clause (a) as promptly as practicable and in any event within 10 Business
Days following the receipt of such amounts.

 

    	 	4	 

     

    

 

“Cash Management Services”
means any of the following to the extent not constituting a line of credit (other than an overnight draft facility that is not
in default): ACH transactions, treasury, depository, credit or debit card, purchasing card, stored value card, electronic fund
transfer services and/or cash management services, including, without limitation, controlled disbursement services, overdraft facilities,
foreign exchange facilities, deposit and other accounts and merchant services or other cash management arrangements in the ordinary
course or consistent with past practice.

 

“Change of Control” means:

 

(a)            the
Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) any “person” or “group” of related persons (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than one or more Permitted Holders,
is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect
on the Issue Date), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company other
than in connection with any transaction or series of transactions in which the Company shall become the wholly owned subsidiary
of a Parent of which no person or group, as noted above, holds more than 50% of the total voting power (other than a Permitted
Holder); or

 

(b)            the
sale, lease, transfer, conveyance or other disposition (other than by way of merger, consolidation or other business combination
transaction), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted
Subsidiaries, taken as a whole, other than any Required Asset Sale, to a Person, other than the Company or any of its Restricted
Subsidiaries or one or more Permitted Holders.

 

Notwithstanding the foregoing, (i) a
transaction will not be deemed to involve a Change of Control if the Company becomes a direct or indirect wholly owned subsidiary
of a holding company and (1) the direct or indirect holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of our Voting Stock immediately prior to that transaction or (2) immediately
following that transaction no “person” or “group” of related persons (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than a holding company satisfying the requirements
of this sentence or a Permitted Holder, is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of
such holding company and (ii) the right to acquire Voting Stock (so long as such Person does not have the right to direct
the voting of the Voting Stock subject to such right) or any veto power in connection with the acquisition or disposition of Voting
Stock will not cause a party to be a beneficial owner.

 

“Change of Control Repurchase Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

    	 	5	 

     

    

 

“Co-Issuer” means Ladder
Capital Finance Corporation, a Delaware corporation, and any successor thereto.

 

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

 

“Company” means Ladder
Capital Finance Holdings LLLP, a Delaware limited liability limited partnership, and any successor thereto.

 

“Consolidated Non-Funding Debt”
means, with respect to any Person as of any determination date, an amount equal to the sum of (1) the aggregate amount of
all outstanding Non-Funding Indebtedness for borrowed money and obligations in respect of Capitalized Lease Obligations of such
Person and its Restricted Subsidiaries on a consolidated basis, plus (2) the aggregate liquidation preference of Disqualified
Stock and Preferred Stock of Restricted Subsidiaries, less (3) up to $150.0 million aggregate amount of unrestricted cash
of such Person and its Restricted Subsidiaries that is in excess of $50.0 million, in each case as of such determination date.

 

“Consolidated Non-Funding Debt
to Equity Ratio” means, with respect to any Person on any determination date, the ratio of Consolidated Non-Funding Debt
of such Person as of such determination date to the Consolidated Shareholders Equity of such Person as of such determination date.
In the event that the Company or any Restricted Subsidiary Incurs, assumes, Guarantees, redeems, defeases, retires or extinguishes
any Consolidated Non-Funding Debt (other than Consolidated Non-Funding Debt incurred under any revolving credit facility unless
such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock
subsequent to the date of the most recent consolidated balance sheet for which the Consolidated Non-Funding Debt to Equity Ratio
is being calculated but prior to or simultaneously with the event for which the calculation of the Consolidated Non-Funding Debt
to Equity Ratio is made (the “Consolidated Non-Funding Debt to Equity Ratio Calculation Date”), then the Consolidated
Non-Funding Debt to Equity Ratio shall be calculated giving pro forma effect to such Incurrence, assumption, guarantee, redemption,
defeasance, retirement or extinguishment of Indebtedness, or such Issuance or redemption of Disqualified Stock or Preferred Stock
as if the same had occurred prior to such determination date; provided, however, that the pro forma calculation shall
not give effect to any Indebtedness Incurred on such determination date pursuant to Section 3.2(b). For purposes of
making the computation referred to above, any investments, acquisitions, dispositions, mergers, consolidations and disposed operations
that have been made by the Company or any of its Restricted Subsidiaries on or prior to or simultaneously with the Consolidated
Non-Funding Debt to Equity Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such investments,
acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations had occurred prior to the Consolidated
Non-Funding Debt to Equity Ratio Calculation Date. For purposes of this definition, whenever pro forma effect is to be given to
a transaction, the pro forma calculations shall be made in good faith by a responsible financial or chief accounting officer of
the Company.

 

    	 	6	 

     

    

 

“Consolidated Shareholders Equity”
means, with respect to any Person as of any determination date, the total equity (capital), shareholders’ equity or partners’
capital, as applicable, as shown on the most recent consolidated balance sheet of such Person and its Restricted Subsidiaries that
is internally available, determined on a pro forma basis in a manner consistent with the pro forma basis contained in the definition
of Consolidated Non-Funding Debt to Equity Ratio.

 

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly or indirectly, any
operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”)
of any other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent:

 

(a)          to
purchase any such primary obligation or any property constituting direct or indirect security therefor;

 

(b)          to
advance or supply funds:

 

(i)            for
the purchase or payment of any such primary obligation; or

 

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

 

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

 

“Credit Enhancement Agreements”
means, collectively, any documents, instruments, guarantees or agreements entered into by the Company, any of its Restricted Subsidiaries
or any Securitization Entity for the purpose of providing credit support (that is reasonably customary as determined by the Company)
with respect to any Permitted Funding Indebtedness or Permitted Securitization Indebtedness.

 

    	 	7	 

     

    

 

“Credit Facility” means,
with respect to the Company or any of its Subsidiaries, one or more debt facilities, indentures or other arrangements (including
commercial paper facilities and overdraft facilities) with banks, other financial institutions or investors providing for revolving
credit loans, term loans, notes, receivables financing (including through the sale of receivables to such institutions or to special
purpose entities formed to borrow from such institutions against such receivables), letters of credit or other Indebtedness, in
each case, as amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended
in whole or in part from time to time (and whether in whole or in part and whether or not with the original administrative agent
and lenders or another administrative agent or agents or other banks or institutions and whether provided under one or more other
credit or other agreements, indentures, financing agreements or otherwise) and in each case including all agreements, instruments
and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and letters of credit
issued pursuant thereto and any Guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter
of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents). Without limiting
the generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (1) changing
the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional
borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed
thereunder or (4) otherwise altering the terms and conditions thereof.

 

“Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 

“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default; provided that any Default
that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default
will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.

 

“Definitive Notes” means
certificated Notes.

 

“Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.3 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Derivative Instrument”
means, with respect to a Person, any contract, instrument or other right to receive payment or delivery of cash or other assets
to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s
investment in the Notes (other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person),
the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance
of the Notes and/or the creditworthiness of the Issuers and/or any one or more of the Guarantors (the “Performance References”).

 

    	 	8	 

     

    

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable) or upon the happening of any event:

 

(a)            matures
or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking fund obligation or otherwise; or

 

(b)            is
or may become (in accordance with its terms) upon the occurrence of certain events or otherwise redeemable or repurchasable for
cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole or in part,

 

in each case on or prior to the earlier of (a) the Stated
Maturity of the Notes or (b) the date on which there are no Notes outstanding; provided, however, that (i) only
the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable
at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital Stock
that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase
such Capital Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute
Disqualified Stock if any such redemption or repurchase obligation is subject to compliance by the relevant Person with Section 3.5
hereof; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Company
or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because
it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

“Domestic Subsidiary”
means, with respect to any Person, any Restricted Subsidiary of such Person other than a Foreign Subsidiary.

 

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

 

“Equity Offering” means
(x) a sale of Capital Stock of the Company (other than Disqualified Stock) other than sales to a Subsidiary of the Company
or offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions,
or (y) the sale of Capital Stock or other securities by a Parent, the proceeds of which are contributed to the equity (other
than through the issuance of Disqualified Stock or sales to the Company or a Subsidiary of the Company) of the Company or any of
its Restricted Subsidiaries.

 

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

 

    	 	9	 

     

    

 

 

“Excluded Restricted Subsidiary”
means any Subsidiary of the Company that is designated as a Restricted Subsidiary but prohibited, in the reasonable judgment of
senior management of the Company, from guaranteeing the Notes by any applicable law, regulation or contractual restrictions existing
at the time such Subsidiary becomes a Restricted Subsidiary and which, in the case of any such contractual restriction, in the
reasonable judgment of senior management of the Company, cannot be removed through commercially reasonable efforts; provided
that a Subsidiary shall be deemed to be an Excluded Restricted Subsidiary if, in the reasonable judgment of senior management of
the Company, such a Subsidiary guaranteeing the Notes would require any of the Issuers or their Restricted Subsidiaries to register
as an “investment company” (as that term is defined in the Investment Company Act of 1940, as amended), or from otherwise
becoming subject to regulation under the Investment Company Act of 1940, as amended.

 

“fair market value” may
be conclusively established by means of an Officer’s Certificate or resolutions of the Board of Directors of the Company
setting out such fair market value as determined by such Officer or such Board of Directors in good faith.

 

“Fitch” means Fitch Ratings, Inc.
or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Foreign Subsidiary”
means, with respect to any Person, (a) any Subsidiary of such Person that is not organized or existing under the laws of the
United States, any state thereof or the District of Columbia, and any Subsidiary of such Subsidiary and (b) any Restricted
Subsidiary of such Person that has no material assets other than Capital Stock of one or more Foreign Subsidiaries (or Subsidiaries
thereof).

 

“GAAP” means generally
accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect from time to time; provided that (a) all terms of an accounting or financial nature used in this Indenture
shall be construed, and all computations of amounts and ratios referred to in this Indenture shall be made without giving effect
to any election under Accounting Standards Codification Topic 825—Financial Instruments, or any successor thereto or comparable
accounting principle (including pursuant to the Accounting Standards Codification), to value any Indebtedness of the Company or
any Subsidiary at “fair value,” as defined therein and (b) the amount of any Indebtedness under GAAP with respect
to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations; provided,
further, that for the purpose of determining such amounts and ratios, the Company shall make such adjustments as it determines
in good faith are necessary to remove the impact of consolidating any variable interest entities under the requirements of Accounting
Standards Codification Topic 810, as such section is in effect on the Issue Date. At any time after the Issue Date, the Company
may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter
be construed to mean IFRS (except as otherwise provided in this Indenture); provided that any such election, once made, shall be
irrevocable; provided, further, that any calculation or determination in this Indenture that requires the application of GAAP for
periods that include fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated
or determined in accordance with GAAP. The Company shall give notice of any such election made in accordance with this definition
to the Trustee. For the avoidance of doubt, solely making an election (without any other action) referred to in this definition
will not be treated as an incurrence of Indebtedness.

 

    10 

     

    

 

If there occurs a change in IFRS or GAAP,
as the case may be, and such change would cause a change in the method of calculation of any standards, terms or measures used
in this Indenture (an “Accounting Change”), then the Company may elect that such standards, terms or measures
shall be calculated as if such Accounting Change had not occurred.

 

“Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person, including
any such obligation, direct or indirect, contingent or otherwise, of such Person:

 

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

 

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

 

provided, however, that the term “Guarantee”
will not include endorsements for collection or deposit in the ordinary course of business or consistent with past practice, and
provided further that the amount of any Guarantee shall be deemed to be the lower of (i) an amount equal to the stated
or determinable amount of the primary obligation in respect of which such Guarantee is made and (ii) the maximum amount for
which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee or, if such Guarantee
is not an unconditional Guarantee of the entire amount of the primary obligations and such maximum amount is not stated or determinable,
the amount of such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by such
Person in good faith. The term “Guarantee” used as a verb has a corresponding meaning.

 

    11 

     

    

 

“Guarantor” means any
Parent or any Restricted Subsidiary that Guarantees the Notes, until such Guarantee is released in accordance with the terms of
this Indenture; provided that any Excluded Restricted Subsidiary and any Securitization Entities shall not be deemed Guarantors.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any interest rate swap, cap or collar agreements, interest
rate future or option contracts, commodity swap, cap or collar agreements, foreign exchange contracts, currency swap agreements,
currency future or option contracts, credit-related derivatives and hedging instruments and other hedging agreements and transactions
intended to hedge against financial risk.

 

“Holder” means each Person
in whose name the Notes are registered on the Registrar’s books, which shall initially be the respective nominee of DTC.

 

“IAI” means an institutional
 “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“IFRS” means International
Financial Reporting Standards, as issued by the International Accounting Standards Board as in effect from time to time.

 

“Immaterial Subsidiary”
means, at any date of determination, each Restricted Subsidiary that (i) has not guaranteed any other Indebtedness of the
Company and (ii) has Total Assets together with all other Immaterial Subsidiaries (as determined in accordance with GAAP)
and consolidated operating income of less than 5.0% of the Company’s Total Assets and consolidated operating income (measured,
in the case of operating income, at the end of the most recent fiscal period for which internal financial statements are available
and, in the case of operating income, for the four quarters ended most recently for which internal financial statements are available,
in each case measured on a pro forma basis giving effect to any acquisitions or dispositions of companies, division or lines of
business since such balance sheet date or the start of such four-quarter period, as applicable, and on or prior to the date of
acquisition of such Subsidiary).

 

“Incur” means issue,
create, assume, enter into any Guarantee of, incur, extend or otherwise become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger,
consolidation, acquisition or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted
Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing and any
Indebtedness pursuant to any revolving credit or similar facility shall only be “Incurred” at the time any funds are
borrowed thereunder.

 

    12 

     

    

 

“Indebtedness” means,
with respect to any Person on any date of determination (without duplication):

 

(a)            the
principal of indebtedness of such Person for borrowed money;

 

(b)            the
principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(c)            all
reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments
(the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit
or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed) (except to the extent such
reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of Incurrence);

 

(d)            the
principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except trade payables
or similar obligations to a trade creditor), which purchase price is due more than one year after the date of placing such property
in service or taking final delivery and title thereto;

 

(e)            Capitalized
Lease Obligations of such Person;

 

(f)            the
principal component of all obligations, or liquidation preference, of such Person with respect to any Disqualified Stock or, with
respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends);

 

(g)            the
principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the
fair market value of such asset at such date of determination (as determined in good faith by the Company) and (b) the amount
of such Indebtedness of such other Persons;

 

(h)            Guarantees
by such Person of the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person; and

 

(i)             to
the extent not otherwise included in this definition, net obligations of such Person under Hedging Obligations (the amount of any
such obligations to be equal at any time to the net payments under such agreement or arrangement giving rise to such obligation
that would be payable by such Person at the termination of such agreement or arrangement).

 

    13 

     

    

 

The term “Indebtedness” shall
not include any lease, concession or license of property (or Guarantee thereof) which would be considered an operating lease under
GAAP as in effect on the Issue Date, any prepayments of deposits received from clients or customers in the ordinary course of business
or consistent with past practice, or obligations under any license, permit or other approval (or Guarantees given in respect of
such obligations) Incurred prior to the Issue Date or in the ordinary course of business or consistent with past practice. For
purposes of clarity, it is understood and agreed that, anything in this Indenture to the contrary notwithstanding, Indebtedness
of variable interest entities (within the meaning of GAAP) shall not be deemed Indebtedness of any Person or any of its Subsidiaries.

 

The amount of Indebtedness of any Person
at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding.
The amount of Indebtedness of any Person at any date shall be determined as set forth above or otherwise provided in this Indenture,
and (other than with respect to letters of credit or Guarantees or Indebtedness specified in clause (7) above) shall equal
the amount thereof that would appear on a balance sheet of such Person (excluding any notes thereto) prepared on the basis of GAAP.

 

Notwithstanding the above provisions, in
no event shall the following constitute Indebtedness:

 

(i)            Contingent
Obligations Incurred in the ordinary course of business or consistent with past practice;

 

(ii)           Cash
Management Services;

 

(iii)          in
connection with the purchase by the Company or any Restricted Subsidiary of any business, any post-closing payment adjustments
to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment
depends on the performance of such business after the closing; provided, however, that, at the time of closing, the
amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount
is paid in a timely manner; or

 

(iv)          for
the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or termination obligations,
pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes.

 

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

 

“Initial Notes” has the
meaning ascribed to it in the second introductory paragraph of this Indenture.

 

    14 

     

    

 

“Investment” means, with
respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of advances, loans or
other extensions of credit (excluding (i) accounts receivable, trade credit, advances or extensions of credit to customers,
suppliers, future, present or former directors, officers, employees, managers, contractors, consultants or advisors of any Person
in the ordinary course of business or consistent with past practice, (ii) any debt or extension of credit represented by a
bank deposit other than a time deposit, (iii) intercompany advances arising from cash management, tax and accounting operations
and (iv) intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or
extensions of terms) or capital contribution to (by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or the incurrence of a Guarantee of any obligation of, or any purchase
or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and all other items
that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.

 

“Investment Grade” means
(i) BBB- or higher by S&P, (ii) Baa3 or higher by Moody’s or (iii) the equivalent of such ratings by S&P
or Moody’s, or of another Nationally Recognized Statistical Ratings Organization.

 

“Investment Grade Status”
shall occur when the Notes receive two of the following:

 

(a)            a
rating of “BBB-” or higher from S&P;

 

(b)            a
rating of “Baa3” or higher from Moody’s; and

 

(c)            a
rating of “BBB-” or higher from Fitch.

 

or the equivalent of such rating by either such rating organization
or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating by any other Nationally Recognized
Statistical Ratings Organization.

 

“Issue Date” means January 30,
2020.

 

“Issuers” means the Company
and the Co-Issuer.

 

“Joint Venture” means,
as to any Person, any other Person designated as a “joint venture” (1) that is not a Subsidiary of such Person,
(2) in which such Person owns less than 100% of the equity or voting interests and (3) which Person is engaged in a Similar
Business, including making investments in real estate and real estate related assets.

 

    15 

     

    

 

“Lien” means any mortgage,
pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement
or lease in the nature thereof).

 

“Long Derivative Instrument”
means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery obligations under
which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases,
and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

 

“Management Advances”
means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees, managers,
contractors, advisors or consultants of any Parent, the Company or any Restricted Subsidiary:

 

(a)            (a) in
respect of travel, entertainment or moving related expenses Incurred in the ordinary course of business or consistent with past
practice or (b) for purposes of funding any such person’s purchase of Capital Stock (or similar obligations) of the
Company, its Subsidiaries or any Parent with (in the case of this sub-clause (b)) the approval of the Board of Directors;

 

(b)            in
respect of moving related expenses Incurred in connection with any closing or consolidation of any facility or office; or

 

(c)            not
exceeding $10.0 million in the aggregate outstanding at any time.

 

“Moody’s” means
Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization.

 

“Nationally Recognized Statistical
Rating Organization” means a nationally recognized statistical rating organization within the meaning of Rule 436
under the Securities Act.

 

“Net Short” means, with
respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments
exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date
of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy
Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Issuers or
any Guarantor immediately prior to such date of determination.

 

“Non-Funding Indebtedness”
means Indebtedness other than Permitted Funding Indebtedness.

 

    16 

     

    

 

“Non-Guarantor” means
any Restricted Subsidiary that is not a Guarantor.

 

“Non-Recourse Indebtedness”
means Indebtedness for borrowed money of a Restricted Subsidiary (or group of Restricted Subsidiaries) of the Company, with respect
to which recourse for payment is limited to investment assets of such Restricted Subsidiary (or such group of Restricted Subsidiaries)
encumbered by a Lien securing such Indebtedness and/or the general credit of such Restricted Subsidiary (or group of Restricted
Subsidiaries) but for which recourse shall not extend to the general credit of the Company or any other of its Restricted Subsidiaries,
it being understood that the instruments governing such Indebtedness may include customary carve-outs to such limited recourse
such as, for example, personal recourse to the Company or its Subsidiaries for breach of representations, fraud, misapplication
or misappropriation of cash, voluntary or involuntary bankruptcy filings, violation of loan document prohibitions against transfer
of assets or ownership interests therein, environmental liabilities, and liabilities and other circumstances customarily excluded
by lenders from exculpation provisions and/or included in separate indemnification and/or guaranty agreements in financings of
loan assets, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not been satisfied)
at which time the obligations with respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to
the extent that such claim is a liability of the Company for GAAP purposes.

 

“Non-U.S. Person” means
a Person who is not a U.S. Person (as defined in Regulation S).

 

“Note Documents” means
the Notes (including Additional Notes), the Guarantees and this Indenture.

 

“Notes” has the meaning
ascribed to it in the second introductory paragraph of this Indenture.

 

“Notes Custodian” means
the custodian with respect to the Global Notes (as appointed by DTC), or any successor Person thereto and shall initially be the
Trustee.

 

“Offering Memorandum”
means the final offering memorandum, dated January 15, 2020, relating to the offering by the Issuers of $750,000,000 aggregate
principal amount of 4.250% senior notes due 2027 and any future offering memorandum relating to Additional Notes.

 

“Officer” means, with
respect to any Person, (1) the Chief Executive Officer, the President, the Chief Investment Officer, the Chief Operating Officer,
the Chief Financial Officer, any Vice President, the Treasurer, any Managing Director, the Secretary, the General Counsel, the
Head of Merchant Banking & Capital Markets or the Head of Asset Management (a) of such Person, (b) if such Person
is owned or managed by a single entity, of such entity or (c) if such Person is serialized, of any series of such Person,
or (2) any other individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors
of such Person.

 

    17 

     

    

 

“Officer’s Certificate”
means, with respect to any Person, a certificate signed by one Officer of such Person.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is reasonably satisfactory to the Trustee. The counsel may be an employee of or
counsel to the Company or its Subsidiaries.

 

“Parent” means any Person
of which the Company at any time is or becomes a Subsidiary after the Issue Date and any holding companies established by any Permitted
Holder for purposes of holding its investment in any Parent.

 

“Paying Agent” means
any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Note on behalf of the Company.

 

“Performance References”
has the meaning ascribed to such term in the definition of Derivative Instrument.

 

“Permitted Funding Indebtedness”
means (i) any Indebtedness Incurred in connection with investment activities of a Similar Business, including Indebtedness
to finance real estate and real estate related assets and Non-Recourse Indebtedness, as well as any Indebtedness Incurred by the
Issuers and their Subsidiaries in the ordinary course of their respective businesses and (ii) any Refinancing of the Indebtedness
under clause (i); provided, however that the excess (determined as of the most recent date for which internal financial
statements are available), if any, of (x) the amount of any Indebtedness incurred in accordance with this clause (ii) for
which the holder thereof has contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims with respect
thereto over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Indebtedness
shall not be Permitted Funding Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the provisions
of Section 3.2, except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence
of such Indebtedness incurred under this clause (ii) which excess shall be entitled to be incurred pursuant to any other provision
under Section 3.2). The amount of any Permitted Funding Indebtedness shall be determined in accordance with the definition
of “Indebtedness.”

 

“Permitted Holders” means,
collectively, (1) any Person who beneficially owns more than 10% of the total voting power of the Voting Stock of the Company
or any of its Parents as of the Issue Date, together with such Persons’ Affiliates (other than an operating company with
an existing business), (2) any one or more Persons, together with such Persons’ Affiliates, whose beneficial ownership
constitutes or results in a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements
of this Indenture, (3) Senior Management, (4) any Person who is acting as an underwriter in connection with a public
or private offering of Capital Stock of any Parent or the Company, acting in such capacity, and (5) any group (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any
of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such
group or any other group and members of management, collectively, have beneficial ownership of more than 50% of the total voting
power of the Voting Stock of the Company or any of its Parents held by such group.

 

    18 

     

    

 

“Permitted Securitization Indebtedness”
means Securitization Indebtedness; provided that (i) in connection with any Securitization, any other Permitted Funding
Indebtedness used to finance the purchase, origination or pooling of any Receivables subject to such Securitization is repaid in
connection with such Securitization to the extent of the net proceeds received by the Company and its Restricted Subsidiaries from
the applicable Securitization Entity, and (ii) the excess (determined as of the most recent date for which internal financial
statements are available), if any, of (x) the amount of any such Securitization Indebtedness for which the holder thereof
has contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims with respect to such Securitization Indebtedness
(excluding recourse for matters such as fraud, misappropriation, breaches of representations and warranties and misapplication)
over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Securitization Indebtedness
shall not be Permitted Securitization Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the
provisions of Section 3.2 except with respect to, and solely to the extent of, any such excess that exists upon the
initial incurrence of such Indebtedness which excess shall be entitled to be incurred pursuant to any other provisions of Section 3.2).

 

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

 

“Predecessor Note” of
any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.11 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Note.

 

“Preferred Stock,” as
applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred
as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution
of such Person, over shares of Capital Stock of any other class of such Person.

 

“Purchase Money Obligations”
means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real
or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets
or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.

 

    19 

     

    

 

“QIB” means any “qualified
institutional buyer” as such term is defined in Rule 144A.

 

“Rating Agency” means
(1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside
of the Company’s control, a Nationally Recognized Statistical Rating Organization selected by the Company or any parent of
the Company as a replacement agency for Moody’s or S&P, as the case may be.

 

“Ratings Decline Period”
means the period that (i) begins on the earlier of (a) a Change of Control or (b) the first public notice of the
intention by the Company to affect a Change of Control and (ii) ends 60 days following the consummation of such Change of
Control; provided, that such period will be extended so long as the rating of the Notes is under publicly announced consideration
for a possible downgrade by any of the Rating Agencies.

 

“Ratings Event” means
(x) a downgrade by one or more gradations (including gradations within ratings categories as well as between categories) or
withdrawal of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies if the applicable Rating
Agency shall have put forth a statement to the effect that such downgrade is attributable in whole or in part to the applicable
Change of Control and (y) the Notes do not have an Investment Grade Status from either Rating Agency.

 

“Realizable Value” of
an asset means the lesser of (x) if applicable, the face value of such asset and (y) the market value of such asset as
determined by the Company in accordance with the agreement governing the applicable Permitted Funding Indebtedness, as the case
may be, (or, if such agreement does not contain any related provision, as determined in good faith by management of the Company);
provided, however, that the realizable value of any asset described above which an unaffiliated third party has a
binding contractual commitment to purchase from the Company or any of its Restricted Subsidiaries shall be the minimum price payable
to the Company or such Restricted Subsidiary for such asset pursuant to such contractual commitment.

 

“Receivables” means loans
and other mortgage-related receivables (excluding and net interest margin securities) purchased or originated by the Company or
any Restricted Subsidiary of the Company or otherwise arising in the ordinary course of business or consistent with past practice;
provided, however, that for purposes of determining the amount of a Receivable at any time, such amount shall be
determined in accordance with GAAP, consistently applied, as of the most recent practicable date.

 

“Refinance” means refinance,
refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell, extend or increase (including pursuant
to any defeasance or discharge mechanism) and the terms “refinances,” “refinanced” and “refinancing”
as used for any purpose in this Indenture shall have a correlative meaning.

 

    20 

     

    

 

“Refinancing Indebtedness”
means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any
defeasance or discharge mechanism) any Indebtedness existing on the date of this Indenture or Incurred in compliance with this
Indenture (including Indebtedness of the Company that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of
any Restricted Subsidiary that refinances Indebtedness of the Company or another Restricted Subsidiary) including Indebtedness
that refinances Refinancing Indebtedness; provided, however, that:

 

(a)            the
Refinancing Indebtedness has a final Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred that
is the same as or greater than the final Weighted Average Life to Maturity of the Indebtedness being refinanced or, if less, the
Notes and if the Indebtedness being refinanced constitutes Subordinated Indebtedness, such Refinancing Indebtedness is subordinated
to the Notes on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being
refinanced;

 

(b)            if
the Indebtedness being refinanced constituted Subordinated Indebtedness, such Refinancing Indebtedness is subordinated to the Notes
or the applicable Guarantee on terms at least as favorable to the Holders as those contained in the documentation governing the
Indebtedness being refinanced; and

 

(c)            Refinancing
Indebtedness shall not include:

 

(i)            Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Company that is not a Guarantor that refinances Indebtedness, Disqualified
Stock or Preferred Stock of the Company or a Guarantor; or

 

(ii)           Indebtedness,
Disqualified Stock or Preferred Stock of the Company or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock
or Preferred Stock of an Unrestricted Subsidiary.

 

Refinancing Indebtedness in respect of any
Credit Facility or any other Indebtedness may be Incurred from time to time after the termination, discharge or repayment of any
such Credit Facility or other Indebtedness.

 

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

 

“Regulation S-X” means
Regulation S-X under the Securities Act.

 

    21 

     

    

 

“Restricted Notes” means
Initial Notes and Additional Notes bearing one of the restrictive legends described in Section 2.1(d).

 

“Restricted Notes Legend”
means the legend set forth in Section 2.1(d)(1) and, in the case of the Temporary Regulation S Global Note, the
legend set forth in Section 2.1(d)(2).

 

“Required Asset Sale”
means any asset sale that is a result of a repurchase right or obligation or a mandatory sale right or obligation related to Permitted
Funding Indebtedness, which rights or obligations are either in existence on the Issue Date (or substantially similar in nature
to such rights or obligations in existence on the Issue Date) or pursuant to the guidelines or regulations of a government-sponsored
enterprise.

 

“Restricted Subsidiary”
means any Subsidiary of the Company other than an Unrestricted Subsidiary.

 

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

 

“S&P” means Standard &
Poor’s Investors Ratings Services or any of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization.

 

“Screened Affiliate”
means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate
of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such
Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information
with respect to the Issuer or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other
Affiliate of such Holder that is acting in concert with such Holder in connection with its investment in the Notes, and (iv) whose
investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is
acting in concert with such Holders in connection with its investment in the Notes.

 

“SEC” means the U.S.
Securities and Exchange Commission or any successor thereto.

 

“Secured Indebtedness”
means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien upon the property of the Company
or any of its Restricted Subsidiaries.

 

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

 

“Securitization” means
a public or private transfer, sale or financing of servicing advances, mortgage loans, installment contracts, other loans, accounts
receivable, real estate assets, mortgage receivables and any other assets capable of being securitized (collectively, the “Securitization
Assets”) by which the Company or any of its Restricted Subsidiaries directly or indirectly securitizes a pool of specified
Securitization Assets including any such transaction involving the sale of specified servicing advances or mortgage loans to a
Securitization Entity.

 

    22 

     

    

 

“Securitization Asset”
has the meaning set forth in the definition of “Securitization.”

 

“Securitization Entity”
means (i) any Person (whether or not a Restricted Subsidiary of the Company) established for the purpose of issuing asset-backed
or mortgage-backed or mortgage pass-through securities of any kind (including collateralized mortgage obligations and net interest
margin securities), (ii) any special purpose Subsidiary established for the purpose of selling, depositing or contributing
Securitization Assets into a Person described in clause (i) or holding securities in any related Securitization Entity, regardless
of whether such person is an issuer of securities; provided that such person is not an obligor with respect to any Indebtedness
of the Company or any Guarantor and (iii) any special purpose Subsidiary of the Company formed exclusively for the purpose
of satisfying the requirements of Credit Enhancement Agreements and regardless of whether such Subsidiary is an issuer of securities;
provided that such person is not an obligor with respect to any Indebtedness of the Company or any Guarantor other than
under Credit Enhancement Agreements. As of the Issue Date, none of the Subsidiaries of the Company are Securitization Entities.

 

“Securitization Indebtedness”
means (i) Indebtedness of the Company or any of its Restricted Subsidiaries incurred pursuant to on-balance sheet Securitizations
treated as financings and (ii) any Indebtedness consisting of advances made to the Company or any of its Restricted Subsidiaries
based upon securities issued by a Securitization Entity pursuant to a Securitization and acquired or retained by the Company or
any of its Restricted Subsidiaries.

 

“Senior Management” means
the officers, directors, and other members of senior management of the Company or any of its Subsidiaries on the Issue Date, who
at any date beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Company or any of its Subsidiaries.

 

“Short Derivative Instrument”
means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under
which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases,
and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

 

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02(w)(2) of
Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

 

    23 

     

    

 

“Similar Business” means
(a) any businesses, services or activities engaged in by the Issuers or any of their Subsidiaries or any Associates on the
Issue Date and (b) any businesses, services and activities engaged in by the Issuers or any of their Subsidiaries or any Associates
that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions, expansions or developments
of any thereof.

 

“Stated Maturity” means,
with respect to any security, the date specified in such security as the fixed date on which the payment of principal of such security
is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations
to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated Indebtedness”
means, with respect to any person, any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred) which is expressly
subordinated in right of payment to the Notes pursuant to a written agreement.

 

“Subsidiary” means, with
respect to any Person:

 

(a)            any
corporation, association, or other business entity (other than a partnership, Joint Venture, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
or

 

(b)            any
partnership, Joint Venture, limited liability company or similar entity or series thereof of which:

 

(i)            more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership interests or otherwise;
and

 

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

 

For purposes of clarity, it is understood
and agreed that, anything in this Indenture to the contrary notwithstanding, variable interest entities (within the meaning of
GAAP) shall not be deemed to be Subsidiaries of any Person.

 

    24 

     

    

 

“Taxes” means all present
and future taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a similar nature (including
interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority.

 

“Total Assets” mean,
as of any date, the total assets of the Company and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent
consolidated balance sheet of the Company and its Restricted Subsidiaries that is internally available, determined on a pro forma
basis in a manner consistent with the pro forma basis contained in the definition of Consolidated Non-Funding Debt to Equity Ratio.

 

“Total Unencumbered Assets”
mean, as of any date, the sum of (1) those Undepreciated Real Estate Assets not securing any portion of Secured Indebtedness;
and (2) all other assets (but excluding goodwill) of the Company and its Subsidiaries not securing any portion of Secured
Indebtedness, determined on a consolidated basis for the Company and its Subsidiaries in accordance with GAAP. For the avoidance
of doubt, Liens on the stock of the Subsidiaries of the Company required by the terms of any Credit Facility shall be disregarded
for purposes of this definition and neither the stock of such Subsidiaries nor the assets held by such Subsidiaries shall be deemed
to secure any portion of Secured Indebtedness solely as a result of such Liens.

 

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

 

“Treasury
Rate” means the weekly average for each Business Day during the most recent week that has ended at least two Business
Days prior to the redemption date of the yield to maturity at the time of computation of United States Treasury securities with
a constant maturity (as compiled and published in Federal Reserve Statistical Release H.15 (or, if such statistical release is
not so published or available, any publicly available source of similar market data selected by the Company in good faith)) most
nearly equal to the period from the redemption date to February 1, 2023; provided, however, that if the period
from the redemption date to February 1, 2023 is not equal to the constant maturity of a United States Treasury security for
which a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of
a year) from the yields of United States Treasury securities for which such yields are given, except that if the period from the
redemption date to such applicable date is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be used.

 

“Trustee” means the party
named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

“Trust Officer” shall
mean, when used with respect to the Trustee, any vice president, assistant vice president, any trust officer or any other officer
of the Trustee, as applicable, who customarily performs functions similar to those performed by the Persons who at the time shall
be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration of this
Indenture.

 

    25

     

    

 

“Undepreciated Real Estate Assets”
means, as of any date, the cost (being the original cost to the Company or any of its Restricted Subsidiaries plus capital improvements)
of real estate assets of the Company and its Restricted Subsidiaries on such date, before depreciation and amortization of such
real estate assets determined on a consolidated basis in accordance with GAAP. For the avoidance of doubt, it is understood and
agreed that, anything in the foregoing sentence to the contrary notwithstanding, the cost of real estate assets shall include any
portion of such cost that may be allocated to intangible assets under GAAP.

 

“Unrestricted Subsidiary”
means:

 

(a)            any
Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as designated by the Company in the
manner provided below); and

 

(b)            any
Subsidiary of an Unrestricted Subsidiary.

 

The Company may designate any Subsidiary
of the Company (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger, consolidation
or other business combination transaction, or investment therein) to be an Unrestricted Subsidiary only if such Subsidiary or any
of its Subsidiaries does not own any Capital Stock or Indebtedness of, or own or hold any Lien on any property of, the Company
or any other Subsidiary of the Company which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted
Subsidiary.

 

“Unsecured Indebtedness”
means Indebtedness of the Company or any of its Restricted Subsidiaries that is not Secured Indebtedness determined on a consolidated
basis in accordance with GAAP.

 

“U.S. Government Obligations”
means securities that are (1) direct obligations of the United States of America for the timely payment of which its full
faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally Guaranteed as a full faith and credit obligation
of the United States of America, which, in either case, are not callable or redeemable at the option of the Company thereof, and
shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian
with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government
Obligations held by such custodian for the account of the holder of such depositary 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 depositary receipt
from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of
or interest on the U.S. Government Obligations evidenced by such depositary receipt.

 

    26

     

    

 

“Voting Stock” of a Person
means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained
by dividing:

 

(a)            the
sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment
of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by
the amount of such payment, by

 

(b)            the
sum of all such payments.

 

“Wholly Owned Domestic Subsidiary”
means a Domestic Subsidiary of the Company, all of the Capital Stock of which is owned by the Company.

 

Section 1.2     Other
Definitions.

 

	Term	Defined in Section
	“Accredited
    Investor Note”	2.1(b)
	“Additional
    Restricted Notes”	2.1(b)
	“Agent
    Members”	2.1(g)(2)
	“Applicable
    Premium Deficit”	8.4(i)
	“Authenticating
    Agent”	2.2
	“bankruptcy
    provisions”	6.1(a)(v)(6)
	“Change
    of Control Offer”	3.5(a)
	“Change
    of Control Payment”	3.5(a)
	“Change
    of Control Payment Date”	3.5(a)(ii)
	“Clearstream”	2.1(b)
	“Covenant
    Defeasance”	8.3
	“cross
    acceleration provision”	6.1(a)(iv)(2)
	“Default
    Direction”	6.1(b)
	“Defaulted
    Interest”	2.15
	“Defeasance
    Trust”	8.4(i)
	“Directing
    Holder”	6.1(b)
	“Euroclear”	2.1(b)
	“Event of Default”	6.1(a)
	“Global
    Notes”	2.1(b)

 

    27

     

    

 

	“Guaranteed
    Obligations”	10.1
	“Institutional
    Accredited Investor Global Note”	2.1(b)
	“Institutional
    Accredited Investor Global Notes”	2.1(b)
	“Issuers
    Order”	2.2
	“judgment
    default provision”	6.1(a)(vii)
	“Legal
    Defeasance”	8.2
	“Legal
    Holiday”	12.8
	“Noteholder
    Direction”	6.1(b)
	“Notes
    Register”	2.3
	“payment
    default”	6.1(a)(iv)(1)
	“Permitted
    Debt”	3.2(b)
	“Position
    Representation”	6.1(b)
	“protected
    purchaser”	2.11
	“Redemption
    Date”	5.7(a)
	“Registrar”	2.3
	“Regulation
    S Global Note”	2.1(b)
	“Regulation
    S Notes”	2.1(b)
	“Resale
    Restriction Termination Date”	2.6(b)
	“Reversion
    Date”	3.14(b)
	“Rule 144A
    Global Note”	2.1(b)
	“Rule 144A
    Notes”	2.1(b)
	“Special
    Interest Payment Date”	2.15(a)
	“Special
    Record Date”	2.15(a)
	“Successor
    Company”	4.1(a)(i)
	“Suspended
    Covenants”	3.14(a)
	“Suspension
    Period”	3.14(b)
	“Verification Covenant”	6.1(b)

 

Section 1.3     Inapplicability
of Trust Indenture Act. No provisions of the TIA are incorporated by reference in or made a part of this Indenture.
No terms that are defined under the TIA have such meanings for the purposes of this Indenture.

 

Section 1.4     Rules of
Construction. Unless the context otherwise requires:

 

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

 

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

 

    28

     

    

 

(c)            “or”
is not exclusive;

 

(d)            “including”
means including without limitation;

 

(e)            words
in the singular include the plural and words in the plural include the singular;

 

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

 

(g)            all
amounts expressed in this Indenture or in any of the Notes in terms of money refer to the lawful currency of the United States
of America;

 

(h)            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;

 

(i)             unless
otherwise specifically indicated, the term “consolidated” with respect to any Person refers to such Person consolidated
with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary
were not an Affiliate of such Person; and

 

(j)             For
the purposes of Section 6.1(a)(vi)(4), in respect of Parent, the making of a declaration that the affairs of Parent
are en etat de désastre shall be deemed to be similar relief granted under foreign law.

 

Notwithstanding anything to the contrary
in this Indenture (other than as set forth in Sections 3.2(a) and 4.1(a)(iii)), covenants requiring the Company
to maintain ratios will be tested only as of the last day of the most recent fiscal quarter for which financial statements of the
Company are available. In the event that a required ratio is not then satisfied but the Company does satisfy such ratio as of a
later date, then the Company will be deemed to have satisfied its obligations with respect to such ratio at such time and any Default
with respect to such ratio shall be deemed to have been cured.

 

Article II

 

THE
NOTES

 

Section 2.1     Form,
Dating and Terms.

 

(a)            The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. The Initial Notes
issued on the date hereof will be in an aggregate principal amount of $750,000,000. In addition, the Issuers may issue, from time
to time in accordance with the provisions of this Indenture, Additional Notes (as provided herein). Furthermore, Notes may be authenticated
and delivered upon registration of transfer, exchange or in lieu of, other Notes pursuant to Sections 2.2, 2.6, 2.11,
2.13, 5.6 or 9.5 or in connection with a Change of Control Offer pursuant to Section 3.5.

 

    29

     

    

 

Notwithstanding anything to the contrary
contained herein, the Issuers may not issue any Additional Notes, unless such issuance is in compliance with Section 3.2.

 

With respect to any Additional Notes, the
Issuers shall set forth in (i) an Officer’s Certificate or (ii) one or more indentures supplemental hereto, the
following information:

 

(1)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;

 

(2)            the
issue price and the issue date of such Additional Notes, including the date from which interest shall accrue; and

 

(3)            whether
such Additional Notes shall be Restricted Notes.

 

In authenticating and delivering Additional
Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in addition to the Opinion of Counsel
and Officer’s Certificate required by Section 12.4, an Opinion of Counsel as to the due authorization, execution,
delivery, validity and enforceability of such Additional Notes.

 

The Initial Notes and the Additional Notes
shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Initial Notes and the Additional
Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none
of the Holders of the Initial Notes or the Additional Notes shall have the right to vote or consent as a separate class on any
matter to which such Holders are entitled to vote or consent; provided that any Additional Notes will not be issued with the same
CUSIP as the Initial Notes unless such Additional Notes are fungible with the Initial Notes for U.S. federal income tax purposes.

 

(b)            The
Initial Notes are being offered and sold by the Issuers pursuant to a Purchase Agreement, dated January 15, 2020, among the
Issuers and the initial purchasers named therein. The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the
 “Additional Restricted Notes”) will be resold initially only to (A) persons reasonably believed to be QIBs
in reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted
Notes may thereafter be transferred to, among others, persons reasonably believed to be QIBs, purchasers in reliance on Regulation
S, AIs and IAIs in accordance with Rule 501 under the Securities Act, in each case, in accordance with the procedure described
herein. Additional Notes offered after the date hereof may be offered and sold by the Issuers from time to time pursuant to one
or more purchase agreements in accordance with applicable law.

 

    30

     

    

 

Initial Notes and Additional Restricted
Notes offered and sold to persons reasonably believed to be QIBs in the United States of America in reliance on Rule 144A
(the “Rule 144A Notes”) will be issued in the form of a permanent global Note substantially in the form
of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as
set forth in Section 2.1(d) and (e) (the “Rule 144A Global Note”), deposited
with the Trustee, as custodian for DTC, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided.
The Rule 144A Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding
the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global
Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or
its nominee, as hereinafter provided.

 

Initial Notes and any Additional Restricted
Notes offered and sold outside the United States of America (the “Regulation S Notes”) in reliance on Regulation
S will be issued in the form of a global Note substantially in the form of Exhibit A, including appropriate legends as set
forth in Section 2.1(d) and (e) (the “Regulation S Global Note”). Each Regulation
S Global Note will be deposited upon issuance with, or on behalf of, the Trustee as custodian for DTC in the manner described in
this Article II for credit to the respective accounts of the purchasers (or to such other accounts as they may direct),
including, but not limited to, accounts at Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking, société
anonyme (“Clearstream”).

 

Investors may hold their interests in the
Regulation S Global Note through organizations other than Euroclear or Clearstream that are participants in DTC’s system
or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations which
are participants in such systems. If such interests are held through Euroclear or Clearstream, Euroclear and Clearstream will hold
such interests in the applicable Regulation S Global Note on behalf of their participants through customers’ securities accounts
in their respective names on the books of their respective depositaries. Such depositaries, in turn, will hold such interests in
the applicable Regulation S Global Note in customers’ securities accounts in the depositaries’ names on the books of
DTC.

 

The Regulation S Global Note may be represented
by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented
by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

 

    31

     

    

 

Initial Notes and Additional Restricted
Notes resold to IAIs (the “Institutional Accredited Investor Notes”) in the United States of America will be
issued in the form of a permanent global Note substantially in the form of Exhibit A including appropriate legends as set
forth in Section 2.1(d) and (e) (the “Institutional Accredited Investor Global Note”)
deposited with the Trustee, as custodian for DTC, duly executed by the Issuers and authenticated by the Trustee as hereinafter
provided. The Institutional Accredited Investor Global Note may be represented by more than one certificate, if so required by
DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal
amount of the Institutional Accredited Investor Global Note may from time to time be increased or decreased by adjustments made
on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

 

Initial Notes and Additional Restricted
Notes resold to AIs in the United States of America will be issued in the form of a Definitive Note substantially in the form of
Exhibit A including the legend as set forth in Section 2.1(d) (an “Accredited Investor Note”).

 

The Rule 144A Global Note, the Regulation
S Global Note, and the Institutional Accredited Investor Global Note are sometimes collectively herein referred to as the “Global
Notes.”

 

The principal of (and premium, if any) and
interest on the Notes shall be payable at the office or agency of the Paying Agent designated by the Company maintained for such
purpose (which shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency of
the Company as may be maintained for such purpose pursuant to Section 2.3; provided, however, that, at
the option of the Paying Agent, each installment of interest may be paid by (i) check mailed to addresses of the Persons entitled
thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States
maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a Global Note
(including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts
specified by DTC. Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any, and interest)
held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes will be made by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire
transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

 

The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage, in addition to those set forth on Exhibit A and Exhibit B
and in Section 2.1(d), (e) and (f). The Issuers shall approve any notation, endorsement or legend
on the Notes. Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A and Exhibit B
are part of the terms of this Indenture and, to the extent applicable, the Issuers and the Trustee, by their execution and delivery
of this Indenture, expressly agree to be bound by such terms.

 

    32

     

    

 

(c)            Denominations.
The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(d)            Restrictive
Legends. Unless and until (i) an Initial Note or an Additional Note issued as a Restricted Note is sold under an effective
registration statement or (ii) the Trustee receives an Opinion of Counsel reasonably satisfactory to the Trustee and the Issuers
to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with
the provisions of the Securities Act. The Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited
Investor Global Note and the Accredited Investor Note shall each bear the following legend on the face thereof:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF,
THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER
THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN ONE YEAR AFTER THE ORIGINAL
ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF,
(B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE
THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER)
TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS
SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST), OR (G) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS
SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN
ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST,
PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUERS SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER
OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
 “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 

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(e)            Global
Note Legend.

 

Each Global Note, whether or not an Initial
Note, shall bear the following legend on the face thereof:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

(f)            [Reserved]

 

(g)            Book-Entry
Provisions. (i) This Section 2.1(g) shall apply only to Global Notes deposited with the Trustee, as custodian
for DTC.

 

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(i)            Each
Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC, (y) be delivered to the Notes
Custodian for DTC and (z) bear legends as set forth in Section 2.1(e). Transfers of a Global Note (but not a beneficial
interest therein) will be limited to transfers thereof in whole, but not in part, to the DTC, its successors or its respective
nominees, except as set forth in Section 2.1(g)(4) and 2.1(h). If a beneficial interest in a Global Note
is transferred or exchanged for a beneficial interest in another Global Note, the Notes Custodian will (x) record a decrease
in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange
and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note
that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest
in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in
the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.

 

(ii)           Members
of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture with respect to any
Global Note held on their behalf by DTC or by the Notes Custodian as the custodian of DTC or under such Global Note, and DTC may
be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of such Global Note for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the
Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or impair,
as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder
of a beneficial interest in any Global Note.

 

(iii)          In
connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to Section 2.1(h) to
beneficial owners who are required to hold Definitive Notes, the Notes Custodian shall reflect on its books and records the date
and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest
in the Global Note to be transferred, and the Issuers shall execute, and the Trustee shall authenticate and make available for
delivery, one or more Definitive Notes of like tenor and amount.

 

(iv)          In
connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.1(h), such Global
Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and the Trustee shall authenticate
and make available for delivery, to each beneficial owner identified by DTC in exchange for its beneficial interest in such Global
Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.

 

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(v)          The
registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that
may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.

 

(vi)          Any
Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note
may be effected only through a book-entry system maintained by (i) the Holder of such Global Note (or its agent) or (ii) any
holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required
to be reflected in a book entry.

 

(h)          Definitive
Notes. Except as provided below, owners of beneficial interests in Global Notes will not be entitled to receive Definitive Notes.
Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (A) DTC
notifies the Issuers that it is unwilling or unable to continue as Depositary for the Global Note and the Issuers fail to appoint
a successor depositary within 90 days of such notice, (B) the Issuers, at their option, notify the Trustee that they elect
to cause the issuance of Definitive Notes or (C) there shall have occurred and be continuing an Event of Default with respect
to the Notes under this Indenture and DTC shall have requested the issuance of Definitive Notes. In the event of the occurrence
of any of the events specified in the second preceding sentence or in clause (A), (B) or (C) of the preceding sentence,
the Issuers shall promptly make available to the Trustee a reasonable supply of Definitive Notes. In addition, any Note transferred
to an affiliate (as defined in Rule 405 under the Securities Act) of the Issuers or evidencing a Note that has been acquired
by an affiliate in a transaction or series of transactions not involving any public offering must, until one year after the last
date on which either the Issuers or any affiliate of the Issuers was an owner of the Note, be in the form of a Definitive Note
and bear the legend regarding transfer restrictions in Section 2.1(d). If required to do so pursuant to any applicable
law or regulation, beneficial owners may also obtain Definitive Notes in exchange for their beneficial interests in a Global Note
upon written request in accordance with DTC’s and the Registrar’s procedures.

 

(i)            Any
Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.1(g) shall, except
as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the
Global Note set forth in Section 2.1(d).

 

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(ii)           If
a Definitive Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such
Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such
transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of
the canceled Definitive Note, the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, to
the transferring Holder a new Definitive Note representing the principal amount not so transferred.

 

(iii)          If
a Definitive Note is transferred or exchanged for another Definitive Note, (x) the Trustee will cancel the Definitive Note
being transferred or exchanged, (y) the Issuers shall execute, and the Trustee shall authenticate and make available for delivery,
one or more new Definitive Notes in authorized denominations having an aggregate principal amount equal to the principal amount
of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the
case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange
involves less than the entire principal amount of the canceled Definitive Note, the Issuers shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder thereof, one or more Definitive Notes in authorized denominations having
an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in
the name of the Holder thereof.

 

Section 2.2     Execution
and Authentication. One Officer shall sign the Notes for the Issuers by manual, facsimile or PDF signature. If the
Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall
be valid nevertheless.

 

A Note shall not be valid until an authorized
officer of the Trustee manually authenticates the Note. The signature of the Trustee on a Note shall be conclusive evidence that
such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of its authentication.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Trustee shall authenticate and make available for delivery: (1) Initial
Notes for original issue on the Issue Date in an aggregate principal amount of $750,000,000, (2) subject to the terms of this
Indenture, Additional Notes for original issue in an unlimited principal amount, in each case upon a written order of the Issuers
signed by one Officer (the “Issuers Order”). Such Issuers Order shall specify whether the Notes will be in the
form of Definitive Notes or Global Notes, the amount of the Notes to be authenticated, the date on which the original issue of
Notes is to be authenticated, the holder of the Notes and whether the Notes are to be Initial Notes or Additional Notes.

 

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The Trustee may appoint an agent (the “Authenticating
Agent”) reasonably acceptable to the Issuers to authenticate the Notes. Any such appointment shall be evidenced by an
instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuers. Unless limited by the terms of such appointment,
any such Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by the Authenticating Agent. An Authenticating Agent has the same rights as any Registrar,
Paying Agent or agent for service of notices and demands.

 

In case the Issuers, pursuant to Article IV,
shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise dispose of its properties
and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving
such merger, or into which the Issuers or any Guarantor shall have been merged, or the Person which shall have received a conveyance,
transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant
to Article IV, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease
or other disposition may (but shall not be required), from time to time, at the request of the successor Person, be exchanged for
other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate to reflect
such successor Person, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal
amount; and the Trustee, upon the Issuers Order of the successor Person, shall authenticate and make available for delivery Notes
as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new
name of a successor Person pursuant to this Section 2.2 in exchange or substitution for or upon registration of transfer
of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of
all Notes at the time outstanding for Notes authenticated and delivered in such new name.

 

Section 2.3     Registrar
and Paying Agent. The Issuers shall maintain an office or agency where Notes may be presented for registration of transfer
or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment. The Registrar
shall keep a register of the Notes and of their transfer and exchange (the “Notes Register”). The Issuers may
have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional
paying agent and the term “Registrar” includes any co-registrar.

 

The Issuers shall enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Issuers shall notify the Trustee in writing of the name and address of each such
agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to Section 7.7. The Issuers or any Guarantor may act as Paying Agent, Registrar or Transfer
Agent.

 

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The Issuers initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Issuers initially appoints
the Trustee as the Registrar and Paying Agent for the Notes and the Issuers may remove any Registrar or Paying Agent without prior
notice to the Holders, but upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however,
that no such removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate
agreement entered into by the Issuers and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee
and the passage of any waiting or notice periods required by DTC procedures or (ii) written notification to the Trustee that
the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above.
The Registrar or Paying Agent may resign at any time upon written notice to the Issuers and the Trustee.

 

Section 2.4     Paying
Agent to Hold Money in Trust. Prior to 10:00 a.m. New York City time, on each due date of the principal of, premium,
if any, or interest on any Note is due and payable, the Issuers shall deposit with the Paying Agent a sum sufficient in immediately
available funds to pay such principal, premium or interest when due. The Issuers shall require the Paying Agent (other than the
Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held
by such Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such assets have been
distributed to it by the Issuers or other obligors on the Notes), shall notify the Trustee in writing of any default by the Issuers
or any Guarantor in making any such payment and shall during the continuance of any default by the Issuers (or any other obligor
upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustee, forthwith deliver
to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes together with a full accounting
thereof. If the Issuers or a Subsidiary of the Issuers acts as Paying Agent, it shall segregate the money held by it as Paying
Agent and hold it as a separate trust fund. The Issuers at any time may require a Paying Agent (other than the Trustee) to pay
all money held by it to the Trustee and to account for any funds or assets disbursed by such Paying Agent. Upon complying with
this Section 2.4, the Paying Agent (if other than the Issuers or a Subsidiary of the Issuers) shall have no further
liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the
Issuers, the Trustee shall serve as Paying Agent for the Notes.

 

Section 2.5     Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuers, on their own behalf and on behalf
of each of the Guarantors, shall furnish or cause the Registrar to furnish to the Trustee, in writing at least five Business Days
before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of
such date as the Trustee may reasonably require of the names and addresses of Holders.

 

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Section 2.6            Transfer
and Exchange.

 

(a)          A
Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein)
for another Note or Notes of any authorized denomination by presenting to the Registrar a written request therefor stating the
name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required
by this Section 2.6. The Registrar will promptly register any transfer or exchange that meets the requirements of this
Section 2.6 by noting the same in the Notes Register maintained by the Registrar for the purpose, and no transfer or
exchange will be effective until it is registered in such Notes Register. The transfer or exchange of any Note (or a beneficial
interest therein) may only be made in accordance with this Section 2.6 and Section 2.1(g) and 2.1
(h), as applicable, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures
of DTC, Euroclear and Clearstream. The Registrar shall refuse to register any requested transfer or exchange that does not comply
with this paragraph.

 

(b)          Transfers
of Rule 144A Notes and Institutional Accredited Investor Notes. The following provisions shall apply with respect to any proposed
registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note prior to the date that is one year
after the later of the date of its original issue and the last date on which the Issuers or any Affiliate of the Issuers was the
owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”):

 

(i)            a
registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Global Note or a beneficial interest
therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that
it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale
to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers
as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by
Rule 144A; provided that no such written representation or other written certification shall be required in connection
with the transfer of a beneficial interest in the Rule 144A Global Note to a transferee in the form of a beneficial interest
in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC.

 

(ii)           a
registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Global Note or a beneficial interest
therein to an IAI or an AI shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form
set forth in Section 2.8 or Section 2.10, respectively, from the proposed transferee and the delivery of
an Opinion of Counsel, certification and/or other information satisfactory to it; and

 

    40 

     

    

 

(iii)          a
registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein
to a Non-U.S. Person shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth
in Section 2.9 from the proposed transferee and the delivery of an Opinion of Counsel, certification and/or other information
satisfactory to it.

 

(c)           Transfers
of Regulation S Notes. The following provisions shall apply with respect to any proposed transfer of a Regulation S Note:

 

(i)            a
transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee,
in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations
in order to claim the exemption from registration provided by Rule 144A;

 

(ii)           a
transfer of a Regulation S Note or a beneficial interest therein to an IAI or an AI shall be made upon receipt by the Registrar
or its agent of a certificate substantially in the form set forth in Section 2.8 or Section 2.10, respectively,
from the proposed transferee and the delivery of an Opinion of Counsel, certification and/or other information satisfactory to
the Issuers; and

 

(iii)           a
transfer of a Regulation S Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Registrar
or its agent of a certificate substantially in the form set forth in Section 2.9 hereof from the proposed transferee
and receipt by the Registrar or its agent of an Opinion of Counsel, certification and/or other information satisfactory to the
Issuers.

 

(d)           Restricted
Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing a Restricted Notes Legend, the Registrar shall deliver
Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes
Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend unless (1) an Initial Note is being transferred
pursuant to an effective registration statement, (2) Initial Notes are being exchanged for Notes that do not bear the Restricted
Notes Legend in accordance with Section 2.6(e) or (3) there is delivered to the Registrar an Opinion
of Counsel reasonably satisfactory to the Issuers and the Registrar stating that neither such legend nor the related restrictions
on transfer are required in order to maintain compliance with the provisions of the Securities Act. Any Additional Notes sold in
a registered offering shall not be required to bear the Restricted Notes Legend.

 

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(e)           [Reserved]

 

(f)            Retention
of Written Communications. The Registrar shall retain copies of all letters, notices and other written communications received
pursuant to Section 2.1 or this Section 2.6. The Issuers shall have the right to inspect and make copies
of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable prior written
notice to the Registrar.

 

(g)          Obligations
with Respect to Transfers and Exchanges of Notes. To permit registrations of transfers and exchanges, the Issuers shall, subject
to the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Notes and
Global Notes at the Issuers’ and Registrar’s written request.

 

No service charge shall be made to a Holder
for any registration of transfer or exchange, but the Issuers may require the Holder to pay a sum sufficient to cover any transfer
tax assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments
or similar governmental charges payable upon exchange or transfer pursuant to Sections 2.2, 2.6, 2.11, 2.13,
5.6 or 9.5).

 

The Issuers (and the Registrar) shall not
be required to register the transfer of or exchange of any Note (A) for a period beginning (1) 15 calendar days before
the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing
or (2) 15 calendar days before an interest payment date and ending on such interest payment date or (B) called for redemption,
except the unredeemed portion of any Note being redeemed in part.

 

Prior to the due presentation for registration
of transfer of any Note, the Issuers, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name
a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and (subject
to paragraph 2 of the forms of Notes attached hereto as Exhibits A, B and C) interest on such Note and for all other purposes whatsoever,
including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of the Issuers,
the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

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Any Definitive Note delivered in exchange
for an interest in a Global Note pursuant to Section 2.1(h) shall, except as otherwise provided by Section 2.6(d),
bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.1(d).

 

All Notes issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture
as the Notes surrendered upon such transfer or exchange.

 

(h)           No
Obligation of the Trustee. The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member
of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment
of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications
to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon
the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial
owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee
may rely and shall be fully protected in relying upon information furnished by DTC with respect to its members, participants and
any beneficial owners.

 

The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any transfers between or among DTC participants,
members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee nor any of its
agents shall have any responsibility for any actions taken or not taken by DTC.

 

Section 2.7            [Reserved]

 

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Section 2.8            Form of
Certificate to be Delivered in Connection with Transfers to IAIs.

 

[Date]

 

Ladder Capital Finance Holdings LLLP

Ladder Capital Finance Corporation

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Marc Fox and Kelly Porcella

Facsimile: (212) 715-3199

 

Wilmington Trust, National Association Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Ladder Capital Administrator

Facsimile: (612) 217-5651

 

		Re:	Ladder Capital Finance Holdings LLLP and

Ladder Capital Finance Corporation (the “Issuers”)

 

Ladies and Gentlemen:

 

This certificate
is delivered to request a transfer of $[     ] principal amount
of the 4.250% Senior Notes due 2027 (the “Notes”) of Ladder Capital Finance Holdings LLLP and Ladder Capital
Finance Corporation (the “Issuers”).

 

Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:

 

	Name: 	 	 

 

	Address: 	 	 

 

	Taxpayer ID Number: 	 	 

 

The undersigned represents and warrants
to you that:

 

		1.	We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account
of such an institutional “accredited investor” of at least $250,000 principal amount of the Notes, and we are acquiring
the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our
investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and
any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

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		2.	We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original
issue and the last date on which the Issuers or any affiliate of the Issuers was the owner of such Notes (or any predecessor thereto)
(the “Resale Restriction Termination Date”) only (a) to the Issuers or any Subsidiary thereof, (b) pursuant
to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A
under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A
of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom
notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales to non-U.S.
persons that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional
 “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Securities
Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each
case in a minimum principal amount of Notes of $250,000 for investment purposes and not with a view to or for offer or sale in
connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from
the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the
disposition of our property or the property of such investor account or accounts be at all times within our or their control and
in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the
Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Issuers and the Trustee, which shall provide, among other things, that the transferee is an institutional
 “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act)
and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser
acknowledges that the Issuers and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale
Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel,
certifications and/or other information satisfactory to the Issuers.

 

		3.	We [are][are not] an Affiliate of the Issuers.

 

		TRANSFEREE:	 	 

 

		BY:	 	 

 

    45 

     

    

 

Section 2.9            Form of
Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S.

 

[Date]

 

Ladder Capital Finance Holdings LLLP

Ladder Capital Finance Corporation

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Marc Fox and Kelly Porcella

Facsimile: (212) 715-3199

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Ladder Capital Administrator

Facsimile: (612) 217-5651

 

Re:        Ladder
Capital Finance Holdings LLLP and

Ladder Capital Finance Corporation (the “Issuers”)

 

4.250% Senior Notes due 2027 (the “Notes”)

 

Ladies and Gentlemen:

 

In connection
with our proposed sale of $[          ] aggregate principal amount of
the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 

(a)           the
offer of the Notes was not made to a person in the United States;

 

(b)           either
(i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in,
on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows
that the transaction has been pre-arranged with a buyer in the United States;

 

(c)           no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or
Rule 904(a)(2) of Regulation S, as applicable; and

 

    46 

     

    

 

(d)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

In addition, if the sale is made during
a restricted period and the provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation
S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2),
Rule 903(b)(3) or Rule 904(b)(1), as the case may be.

 

We also hereby certify that we [are][are
not] an Affiliate of the Issuers and, to our knowledge, the transferee of the Notes [is][is not] an Affiliate of the Issuers.

 

The Trustee and the Issuers are entitled
to conclusively rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

 

	 	Very truly yours,
	 	 
	 	[Name of Transferor]

	 	By:	 

	 	 
	 	Authorized Signature

 

Section 2.10          Form of
Certificate to be Delivered in Connection with Transfers to AIs.

 

[Date]

 

Ladder Capital Finance Holdings LLLP

Ladder Capital Finance Corporation

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Marc Fox and Kelly Porcella

Facsimile: (212) 715-3199

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Ladder Capital Administrator

Facsimile: (612) 217-5651

 

    47 

     

    

 

Re:       Ladder
Capital Finance Holdings LLLP and

Ladder Capital Finance Corporation (the “Issuers”)

 

Ladies and Gentlemen:

 

This certificate
is delivered to request a transfer of $[           ] principal amount
of the 4.250% Senior Notes due 2027 (the “Notes”) of Ladder Capital Finance Holdings LLLP and Ladder Capital
Finance Corporation (the “Issuers”).

 

Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:

 

	Name: 	 	 

 

	Address: 	 	 

 

	Taxpayer ID Number: 	 	 

 

The undersigned represents and warrants
to you that:

 

		4.	I am an “accredited investor” (as defined in Rule 501(a)(4) under the U.S. Securities Act of 1933, as
amended (the “Securities Act”)) and I am acquiring the Notes not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act. I have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risk of my investment in the Notes and I invest in or purchase securities similar
to the Notes in the normal course of my business. I am able to bear the economic risk of my investment.

 

		5.	I understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. I agree on my own behalf to offer, sell or otherwise transfer such Notes prior to the date
that is one year after the later of the date of original issue and the last date on which the Issuers or any affiliate of the Issuers
was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to
the Issuers or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in
a transaction complying with the requirements of Rule 144A under the Securities Act, to a person I reasonably believe is a
 “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing
for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A,
(d) pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation
S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional
 “accredited investor,” in each case in a minimum principal amount of Notes of $200,000 for investment purposes and
not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant
to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases
to any requirement of law that the disposition of my property be at all times within my control and in compliance with any applicable
state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.
Each purchaser acknowledges that the Issuers and the Trustee reserve the right prior to any offer, sale or other transfer prior
to the Resale Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion
of counsel, certifications and/or other information satisfactory to the Issuers.

 

    48 

     

    

 

		6.	I understand and acknowledge that upon the issuance thereof, and until such time as the same is no longer required under applicable
requirements of the Securities Act or state securities laws, the Notes that I acquire will be certificated Notes that will bear,
and all certificates issued in exchange therefor or in substitution thereof will bear, a restrictive legend set forth in Section 2.1(d) of
the Indenture.

 

		7.	I [am][am not] an Affiliate of the Issuers.

 

		TRANSFEREE:	 	 

		BY:	 	 

 

Section 2.11          Mutilated,
Destroyed, Lost or Stolen Notes.

 

If a mutilated Note is surrendered to the
Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuers shall issue
and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code
are met, such that the Holder (a) satisfies the Issuers and the Trustee that such Note has been lost, destroyed or wrongfully
taken within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has
not registered a transfer prior to receiving such notification, (b) makes such request to the Issuers and the Trustee prior
to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Trustee; provided, however,
if after the delivery of such replacement Note, a protected purchaser of the Note for which such replacement Note was issued presents
for payment or registration such replaced Note, the Trustee and/or the Issuers shall be entitled to recover such replacement Note
from the Person to whom it was issued and delivered or any Person taking therefrom, except a protected purchaser, and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred
by the Issuers or the Trustee in connection therewith. Such Holder shall furnish an indemnity bond sufficient in the judgment of
the (i) Trustee to protect the Trustee and (ii) the Issuers to protect the Issuers, the Trustee, the Paying Agent and
the Registrar, from any loss which any of them may suffer if a Note is replaced, and, in the absence of notice to the Issuers,
any Guarantor or the Trustee that such Note has been acquired by a protected purchaser, the Issuers shall execute, and upon receipt
of an Issuers Order, the Trustee shall authenticate and make available for delivery, in exchange for any such mutilated Note or
in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously
outstanding.

 

    49 

     

    

 

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

 

Upon the issuance of any new Note under
this Section 2.11, the Issuers may require that such Holder pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of counsel and of the Trustee)
in connection therewith.

 

Subject to the proviso in the initial paragraph
of this Section 2.11, every new Note issued pursuant to this Section 2.11, in lieu of any mutilated, destroyed,
lost or stolen Note shall constitute an original additional contractual obligation of the Issuers, any Guarantor (if applicable)
and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

 

The provisions of this Section 2.11
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 Notes.

 

Section 2.12          Outstanding
Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those cancelled by it, those
delivered to it for cancellation, those paid pursuant to Section 2.11 and those described in this Section as
not outstanding. A Note does not cease to be outstanding in the event the Issuers or an Affiliate of the Issuers holds the Note;
provided, however, that (i) for purposes of determining which are outstanding for consent or voting purposes
hereunder, the provisions of Section 12.6 shall apply and (ii) in determining whether the Trustee shall be protected
in making a determination whether the Holders of the requisite principal amount of outstanding Notes are present at a meeting
of Holders of Notes for quorum purposes or have consented to or voted in favor of any request, demand, authorization, direction,
notice, consent, waiver, amendment or modification hereunder, or relying upon any such quorum, consent or vote, only Notes which
a Trust Officer of the Trustee actually knows to be held by the Issuers or an Affiliate of the Issuers shall not be considered
outstanding.

 

    50 

     

    

 

If a Note is replaced pursuant to Section 2.11
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuers receive
proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon
surrender of such Note and replacement pursuant to Section 2.11.

 

If the Paying Agent segregates and holds
in trust, in accordance with this Indenture, on a Redemption Date or maturity date, money sufficient to pay all principal, premium,
if any, and accrued interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as
the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms
of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases
to accrue.

 

Section 2.13          Temporary
Notes. In the event that Definitive Notes are to be issued under the terms of this Indenture, until such Definitive
Notes are ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes
shall be substantially in the form, and shall carry all rights, of Definitive Notes but may have variations that the Issuers
consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee shall
authenticate Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for
Definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Issuers for that purpose and
such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the
Issuers shall execute, and the Trustee shall, upon receipt of an Issuers Order, authenticate and make available for delivery
in exchange therefor, one or more Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the
Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of
Definitive Notes.

 

Section 2.14          Cancellation. The
Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else
shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such Notes
in accordance with its internal policies and customary procedures (subject to the record retention requirements of the
Exchange Act and the Trustee). If the Issuers or any Guarantor acquires any of the Notes, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to
the Trustee for cancellation pursuant to this Section 2.14. The Issuers may not issue new Notes to replace Notes
it has paid or delivered to the Trustee for cancellation for any reason other than in connection with a transfer or
exchange.

 

    51 

     

    

 

At such time as all beneficial interests
in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note
shall be returned by DTC to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation,
if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another
Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced
and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note)
with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction.

 

Section 2.15          Payment
of Interest; Defaulted Interest. Interest on any Note 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 such Note (or one or more Predecessor Notes) is registered
at the close of business on the regular record date for such payment at the office or agency of the Issuers maintained for such
purpose pursuant to Section 2.3.

 

Any interest on any Note which is payable,
but is not paid when the same becomes due and payable and such nonpayment continues for a period of 30 days shall forthwith cease
to be payable to the Holder on the regular record date, and such defaulted interest and (to the extent lawful) interest on such
defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted
Interest”) shall be paid by the Issuers, at their election in each case, as provided in clause (a) or (b) below:

 

(a)           The
Issuers may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective predecessor
Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Issuers shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment (the “Special
Interest Payment Date”), and at the same time the Issuers 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 in this Section 2.15(a). Thereupon the Issuers shall fix a record date
(the “Special Record Date”) for the payment of such Defaulted Interest, which date shall be not more than 20
calendar days and not less than 15 calendar days prior to the Special Interest Payment Date and not less than 10 calendar days
after the receipt by the Trustee of the notice of the proposed payment. The Issuers shall promptly notify the Trustee in writing
of such Special Record Date, and in the name and at the expense of the Issuers, the Trustee shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner
provided for in Section 12.2, not less than 10 calendar days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given,
such Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective
predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant
to the provisions in Section 2.15(b).

 

    52 

     

    

 

(b)          The
Issuers may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice given
by the Issuers to the Trustee of the proposed payment pursuant to this Section 2.15(b), such manner of payment shall
be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this
Section 2.15, each Note delivered under this Indenture upon registration of, transfer of or in exchange for or in lieu
of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

 

Section 2.16          CUSIP
and ISIN Numbers. The Issuers in issuing the Notes may use “CUSIP” and “ISIN” numbers and,
if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices of redemption or purchase as a convenience
to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of a redemption or purchase and that reliance may be placed only
on the other identification numbers printed on the Notes, and any such redemption or purchase shall not be affected by any defect
in or omission of such CUSIP and ISIN numbers. The Issuers shall promptly notify the Trustee in writing of any change in the CUSIP
and ISIN numbers.

 

Section 2.17          Joint
and Several Liability. Except as otherwise expressly provided herein, from and after the Issue Date, the Issuers shall be
jointly and severally liable for the performance of all obligations and covenants under this Indenture and the Notes.

 

Article III

 

COVENANTS

 

Section 3.1            Payment
of Notes. The Issuers shall promptly pay the principal of, premium, if any, and interest on the Notes on the dates and
in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on
the date due if by 10:00 a.m. Eastern time on such date the Trustee or the Paying Agent holds in accordance with this Indenture
money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case
may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.

 

    53 

     

    

 

The Issuers shall pay interest on overdue
principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the same
rate to the extent lawful.

 

Notwithstanding anything to the contrary
contained in this Indenture, the Issuers may, to the extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal or interest payments hereunder.

 

Section 3.2            Limitation
on Indebtedness.

 

(a)          The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired
Indebtedness); provided, however, that the Company and any of its Restricted Subsidiaries may Incur Non-Funding Indebtedness,
if on the date of such Incurrence and after giving pro forma effect thereto (including pro forma application of the proceeds thereof),
(i) the Consolidated Non-Funding Debt to Equity Ratio of the Company and its Restricted Subsidiaries is not greater than 1.75
to 1.00 and (ii) the Company would have been in compliance with the covenant set forth in Section 3.3 as of the
last day of the most recent fiscal quarter for which financial statements of the Company are available.

 

(b)          Section 3.2(a) will
not prohibit the Incurrence of the following Indebtedness (collectively, “Permitted Debt”):

 

(i)            Indebtedness
Incurred pursuant to any Credit Facility (including letters of credit or bankers’ acceptances issued or created under any
Credit Facility), and any Refinancing Indebtedness in respect thereof and Guarantees in respect of such Indebtedness in a maximum
aggregate principal amount at any time outstanding not exceeding (i) the greater of $250.0 million or 4.0% of Total Assets,
plus (ii) in the case of any refinancing of any Indebtedness permitted under this clause or any portion thereof, the aggregate
amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with such refinancing;

 

(ii)            Guarantees
by the Company or any Restricted Subsidiary of Indebtedness or other obligations of the Company or any Restricted Subsidiary so
long as the Incurrence of such Indebtedness or other obligations is not prohibited by the terms of this Indenture;

 

    54 

     

    

 

 

(iii)         Indebtedness
of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the
Company or any Restricted Subsidiary; provided, however, that:

 

(1)            any
subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being beneficially held
by a Person other than the Company or a Restricted Subsidiary of the Company; and

 

(2)            any
sale or other transfer of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary of the Company,

 

shall be deemed, in each case, to constitute an Incurrence of
such Indebtedness by the Company or such Restricted Subsidiary, as the case may be;

 

(iv)         Indebtedness
represented by (i) the Notes (other than any Additional Notes), including any Guarantee thereof, (ii) any Indebtedness
(other than Indebtedness incurred pursuant to Section 3.2(b)(i) and (iii)) outstanding on the Issue Date,
(iii) Refinancing Indebtedness (including, in the case of the Notes (other than any Additional Notes)) and any Guarantee thereof
Incurred in respect of any Indebtedness described in this clause or clauses (v), (vi), (vii), (ix) or (xiv) of this Section 3.2(b) or
Incurred pursuant to Section 3.2(a), and (iv) Management Advances;

 

(v)          Indebtedness
of (x) the Company or any Restricted Subsidiary Incurred or issued to finance an acquisition or Investment or (y) Persons
that are acquired by the Company or any Restricted Subsidiary or merged into or consolidated with the Company or a Restricted Subsidiary
in accordance with the terms of this Indenture; provided that after giving effect to such acquisition, merger or consolidation,
either

 

(1)            the
Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Non-Funding Debt to
Equity Ratio test set forth in Section 3.2(a);

 

(2)            the
Consolidated Non-Funding Debt to Equity Ratio of the Company and its Restricted Subsidiaries would not be greater than immediately
prior to such acquisition, merger or consolidation; or

 

(3)            such
Indebtedness constitutes Acquired Indebtedness (other than Indebtedness Incurred in contemplation of the transaction or series
of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by the Company or
a Restricted Subsidiary); provided that the only obligors with respect to such Indebtedness shall be those Persons who were
obligors of such Indebtedness prior to such acquisition, merger or consolidation;

 

    	 	55	 

     

    

 

(vi)         Hedging
Obligations (excluding Hedging Obligations entered into for speculative purposes);

 

(vii)        Indebtedness
represented by Capitalized Lease Obligations or Purchase Money Obligations in an aggregate outstanding principal amount which,
when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause and then outstanding and
any Refinancing Indebtedness in respect thereof, does not exceed the greater of (i) $60.0 million and (ii) 1.0% of Total
Assets at the time of Incurrence;

 

(viii)       Indebtedness
in respect of (i) workers’ compensation claims, self-insurance obligations, performance, indemnity, surety, judgment,
appeal, advance payment, customs, value added or other tax or other guarantees or other similar bonds, instruments or obligations
and completion guarantees and warranties provided by the Company or a Restricted Subsidiary or relating to liabilities, obligations
or guarantees Incurred in the ordinary course of business or consistent with past practice, (ii) the honoring by a bank or
other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of
business or consistent with past practice; provided, however, that such Indebtedness is extinguished within five
Business Days of Incurrence; (iii) customer deposits and advance payments received in the ordinary course of business or consistent
with past practice from customers for goods or services purchased in the ordinary course of business or consistent with past practice;
(iv) letters of credit, bankers’ acceptances, guarantees or other similar instruments or obligations issued or relating
to liabilities or obligations Incurred in the ordinary course of business or consistent with past practice, and (v) any customary
treasury, depositary, cash management, automatic clearinghouse arrangements, overdraft protections, cash pooling or netting or
setting off arrangements in the ordinary course of business or consistent with past practice;

 

(ix)         Indebtedness
arising from agreements providing for guarantees, indemnification, obligations in respect of earn-outs or other adjustments of
purchase price, in each case, or similar obligations, in each case, Incurred or assumed in connection with the acquisition
or disposition of any business or assets or Person or any Capital Stock of a Subsidiary;

 

(x)          Indebtedness
consisting of promissory notes issued by the Company or any of its Subsidiaries to any current or former employee, director or
consultant of the Company, any of its Subsidiaries or any of its Parents (or permitted transferees, assigns, estates, or heirs
of such employee, director or consultant), to finance the purchase or redemption of Capital Stock of the Company or any of its
Parents;

 

    	 	56	 

     

    

 

(xi)          Indebtedness
of the Company or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take-or-pay
obligations contained in supply arrangements, in each case Incurred in the ordinary course of business or consistent with past
practice;

 

(xii)         Permitted
Funding Indebtedness;

 

(xiii)        Permitted
Securitization Indebtedness and Indebtedness under Credit Enhancement Agreements or arising out of or to fund purchases of all
remaining outstanding asset-backed securities of any Securitization Entity for the purpose of relieving the Company or a Subsidiary
of the Company of the administrative expense of servicing such Securitization Entity; and

 

(xiv)        Indebtedness
in an aggregate outstanding principal amount which, when taken together with any Refinancing Indebtedness in respect thereof and
the principal amount of all other Indebtedness Incurred pursuant to this clause and then outstanding, will not exceed the greater
of (a) $180.0 million and (b) 3.0% of Total Assets.

 

(c)           For
purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant
to and in compliance with, this Section 3.2:

 

(i)            in
the event that all or any portion of any item of Indebtedness meets the criteria of more than one of the types of Indebtedness
described in Section 3.2(a) and (b), the Company, in its sole discretion, will classify, and may from time
to time reclassify, such Indebtedness (or any portion thereof) and only be required to include the amount and type of such Indebtedness
in one of the clauses of Section 3.2(a) or (b);

 

(ii)           additionally,
all or any portion of any item of Indebtedness may later be reclassified as having been Incurred pursuant to any type of Indebtedness
described in Section 3.2(a) and (b) so long as such Indebtedness is permitted to be Incurred pursuant
to such provision;

 

(iii)          Guarantees
of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens
securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be
included;

 

(iv)          if
obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant to any
Credit Facility and are being treated as Incurred pursuant to Section 3.2(b) or Section 3.2(a) and
the letters of credit, bankers’ acceptances or other similar instruments relate to other Indebtedness, then such other Indebtedness
shall not be included;

 

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(v)           the
principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary,
will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption
or repurchase premium) or the liquidation preference thereof;

 

(vi)          Indebtedness
permitted by this Section 3.2 need not be permitted solely by reference to one provision permitting such Indebtedness
but may be permitted in part by one such provision and in part by one or more other provisions of this Section 3.2
permitting such Indebtedness;

 

(vii)         in
the event that the Company or a Restricted Subsidiary enters into or increases commitments under a revolving credit facility or
enters into any commitment to Incur or issue Indebtedness, the incurrence or issuance thereof for all purposes under this Indenture,
including without limitation for purposes of calculating the Consolidated Non-Funding Debt to Equity Ratio or any other ratio,
as applicable, or usage of the clauses in the preceding paragraph (if any) for borrowings and reborrowings thereunder (and including
issuance and creation of letters of credit and bankers’ acceptances thereunder) will, at the Company’s option, either
(a) be determined on the date of such revolving credit facility or such entry into or increase in commitments (assuming that
the full amount thereof has been borrowed as of such date) or other Indebtedness and, if such Consolidated Non-Funding Debt to
Equity Ratio or other ratio, as applicable, test or other provision of this Indenture is satisfied with respect thereto at such
time, any borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances
thereunder) will be permitted under this covenant irrespective of the Consolidated Non-Funding Debt to Equity Ratio or any other
ratio, as applicable, or other provision of this Indenture at the time of any borrowing or reborrowing (or issuance or creation
of letters of credit or bankers’ acceptances thereunder) or (b) be determined on the date such amount is borrowed pursuant
to any such facility or increased commitment, and in each case, the Company may revoke such determination at any time and from
time to time;

 

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(viii)        in
the event that the Company or a Restricted Subsidiary (x) incurs Indebtedness to finance an acquisition or (y) assumes
Indebtedness of Persons that are acquired by the Company or any Restricted Subsidiary or merged into the Company or a Restricted
Subsidiary in accordance with the terms of this Indenture, the date of determination of the Consolidated Non-Funding Debt to Equity
Ratio or any other ratio, as applicable, shall, at the option of the Company, be (a) the date that a definitive agreement
for such acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital
Stock or otherwise and which may include, for the avoidance of doubt, a transaction that may constitute a Change of Control Repurchase
Event) is entered into and the Consolidated Non-Funding Debt to Equity Ratio or any other ratio, as applicable, shall be calculated
giving pro forma effect to such acquisition and any actions or transactions related thereto (including any Incurrence or assumption
of Indebtedness and the use of proceeds thereof, the prepayment of any Indebtedness for which an irrevocable notice of prepayment
or redemption is delivered or the designation of any Restricted Subsidiaries or Unrestricted Subsidiaries) consistent with the
definition of the Consolidated Non-Funding Debt to Equity Ratio or any other ratio, as applicable, and, for the avoidance of doubt,
(A) if any such ratios are exceeded as a result of fluctuations in such ratio at or prior to the consummation of the relevant
acquisition, such ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining
whether such acquisition and any related transactions are permitted hereunder and (B) such ratios shall not be tested at the
time of consummation of such acquisition or related transactions; provided, further, that if the Company elects to have such determinations
occur at the time of entry into such definitive agreement, (i) any such acquisition and related actions or transactions shall
be deemed to have occurred on the date the definitive agreement is entered into and to be outstanding thereafter for purposes of
calculating any ratios under this Indenture after the date of such agreement and before the earlier of the date of consummation
of such acquisition or the date such agreement is terminated or expires without consummation of such acquisition and (ii) to
the extent any covenant baskets were utilized in satisfying any covenants, such baskets shall be deemed utilized until the earlier
of the date of consummation of such acquisition or the date such agreement is terminated or expires without consummation of such
acquisition or (b) the date such Indebtedness is Incurred or assumed;

 

(ix)          notwithstanding
anything to the contrary in this Section 3.2, in the case of any Indebtedness incurred to refinance Indebtedness initially
incurred in reliance on a clause of Section 3.2(b) measured by reference to a percentage of Total Assets at the time
of Incurrence, if such refinancing would cause the percentage of Total Assets restriction to be exceeded if calculated based on
the percentage of Total Assets on the date of such refinancing, such percentage of Total Assets restriction shall not be deemed
to be exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced, plus accrued and unpaid interest, dividends, premiums (including tender premiums), defeasance costs, underwriting
discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) in connection with such refinancing;
and

 

    	 	59	 

     

    

 

(x)           the
amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability
in respect thereof determined on the basis of GAAP.

 

(d)          Accrual
of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount,
the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred
Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due to a change
in GAAP, will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 3.2. The amount of any
Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with
original issue discount and (b) the principal amount of the Indebtedness, or liquidation preference thereof, in the case
of any other Indebtedness.

 

(e)           If
at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to
be Incurred by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be Incurred
as of such date under this Section 3.2, the Company shall be in default of this Section 3.2).

 

(f)           For
purposes of determining compliance with any Dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed, in the case of revolving
credit debt; provided, that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency,
and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded
so long as the principal amount of such refinancing Indebtedness does not exceed (a) the principal amount of such Indebtedness
being refinanced plus (b) the aggregate amount of accrued and unpaid interest, dividends, premiums (including tender premiums),
defeasance costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar
fees) in connection with such refinancing.

 

(g)          Notwithstanding
any other provision of this Section 3.2, the maximum amount of Indebtedness that the Company or a Restricted Subsidiary
may Incur pursuant to this Section 3.2 shall not be deemed to be exceeded solely as a result of fluctuations in the
exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in
a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable
to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

 

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(h)          The
Company shall not, and shall not permit any Guarantor to, directly or indirectly, Incur any Indebtedness (including Acquired
Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Company or such Guarantor, as the case
may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee
to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company or such Guarantor,
as the case may be.

 

(i)           Unsecured
Indebtedness shall not be treated as subordinated or junior to secured Indebtedness merely because such Indebtedness is unsecured.
Senior Indebtedness shall not be treated as subordinated or junior to any other senior Indebtedness merely because it has a junior
priority with respect to the same collateral or is secured by different collateral.

 

Section 3.3           Maintenance
of Total Unencumbered Assets. The Company will maintain Total Unencumbered Assets of not less than 120% of the aggregate
outstanding principal amount of the Unsecured Indebtedness of the Company and its Restricted Subsidiaries, in each case determined
on a consolidated basis in accordance with GAAP.

 

Section 3.4           Limitation
on Guarantees.

 

(a)          The
Company will not permit any of its Wholly Owned Domestic Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned Domestic
Subsidiaries if such non-Wholly Owned Domestic Subsidiaries Guarantee other loan facilities or debt securities (other than Permitted
Funding Indebtedness) of the Company or any Restricted Subsidiary), other than (i) a Co-Issuer or a Guarantor, (ii) an
Excluded Restricted Subsidiary or (iii) a Securitization Entity, to Incur any Non-Funding Indebtedness (other than Preferred
Stock) or Guarantee the payment of any loan facilities or debt securities of the Company or any other Guarantor that are Non-Funding
Indebtedness, in each case, unless:

 

(i)            such
Restricted Subsidiary within 60 days executes and delivers a supplemental indenture to this Indenture providing for a senior Guarantee
by such Restricted Subsidiary; provided that (a) if such Indebtedness is by its express terms subordinated in right
of payment to the Notes or such Guarantor’s Guarantee, any such Guarantee by such Restricted Subsidiary with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantee with respect to the Notes substantially to the same extent
as such Indebtedness is subordinated to the Notes or such Guarantor’s Guarantee of the Notes; and (b) if the Notes or
such Guarantor’s Guarantee are subordinated in right of payment to such Indebtedness, the Guarantee under the supplemental
indenture shall be subordinated to such Restricted Subsidiary’s Guarantee with respect to such Indebtedness substantially
to the same extent as the Notes or the Guarantor’s Guarantee are subordinated to such Indebtedness; and

 

    	 	61	 

     

    

 

(ii)           such
Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement,
indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment
by such Restricted Subsidiary under its Guarantee until payment in full of obligations under this Indenture;

 

provided that this Section 3.4 shall not
be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary
and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary.

 

(b)          The
Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a
Guarantor, in which case, such Subsidiary shall only be required to comply with the 60-day period described in this Section 3.4.

 

(c)          Any
Guarantee will be limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under
applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of foreign or state
law to comply with corporate benefit, financial assistance and other laws. By virtue of this limitation, a Guarantor’s obligation
under its Guarantee could be significantly less than amounts payable with respect to the Notes, or a Guarantor may have effectively
no obligation under its Guarantee.

 

(d)          The
Guarantee of a Guarantor will terminate upon:

 

(i)            a
sale or other disposition (including by way of consolidation or merger) of the Capital Stock of such Guarantor or the sale or disposition
of all or substantially all the assets of the Guarantor (other than to the Company or a Restricted Subsidiary) otherwise permitted
by this Indenture;

 

(ii)           the
designation in accordance with this Indenture of the Guarantor as an Unrestricted Subsidiary or the occurrence of any event after
which the Guarantor is no longer a Restricted Subsidiary;

 

(iii)          defeasance
or discharge of the Notes, as provided in Article VIII and XI;

 

(iv)          to
the extent that such Guarantor is not an Immaterial Subsidiary solely due to the operation of clause (i) of the definition
of “Immaterial Subsidiary,” upon the release of the Guarantee referred to in such clause;

 

    	 	62	 

     

    

 

(v)           such
Guarantor being released from all of its obligations under all of its Guarantees of payment by the Company of any Non-Funding Indebtedness
of the Company under all loan facilities and debt securities of the Company (it being understood that a release subject to reinstatement
is considered a release); or

 

(vi)          upon
the achievement of Investment Grade Status by the Notes; provided that such Guarantee shall be reinstated upon the Reversion
Date.

 

(e)           Claims
of creditors of non-guarantor Subsidiaries, including trade creditors, secured creditors and creditors holding debt and guarantees
issued by those Subsidiaries, and claims of preferred and minority shareholders (if any) of those Subsidiaries and claims against
Joint Ventures generally will have priority with respect to the assets and earnings of those Subsidiaries and Joint Ventures over
the claims of creditors of the Company, including Holders of the Notes. The Notes and each Guarantee therefore will be structurally
subordinated to creditors (including trade creditors) and preferred and minority shareholders (if any) of Subsidiaries of the Company
(other than the Guarantors) and Joint Ventures.

 

Section 3.5            Change
of Control.

 

(a)           If
a Change of Control Repurchase Event occurs, unless the Issuers have previously or concurrently delivered a redemption notice with
respect to all the outstanding Notes under Section 5.7, the Issuers shall make an offer to purchase all of the Notes
(the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of repurchase;
provided that if the repurchase date is on or after the record date and on or before the corresponding interest payment
date, then, Holders in whose names the Notes are registered at the close of business on such record date will receive interest
on the repurchase date. Within 30 days following any Change of Control Repurchase Event, the Issuers will deliver notice of such
Change of Control Offer electronically in accordance with the applicable procedures of DTC or by first-class mail, with a copy
to the Trustee, to each Holder of Notes at the address of such Holder appearing in the security register or otherwise in accordance
with the applicable procedures of DTC, describing the transaction or transactions that constitute the Change of Control Repurchase
Event and with the following information:

 

(i)            that
a Change of Control Offer is being made pursuant to this Section 3.5, and that all Notes properly tendered pursuant
to such Change of Control Offer will be accepted for payment by the Issuers;

 

(ii)           the
purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such notice is
delivered (the “Change of Control Payment Date”);

 

    	 	63	 

     

    

 

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

 

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

 

(v)           that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with
the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying
Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding
the Change of Control Payment Date;

 

(vi)          that
Holders will be entitled to withdraw their tendered Notes and their election to require the Issuers to purchase such Notes; provided
that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of
the Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the
principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election
to have such Notes purchased;

 

(vii)         that
Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in principal amount
to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any
integral multiple of $1,000 in excess of $2,000;

 

(viii)        if
such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control; and

 

(ix)          the
other instructions, as determined by the Issuers, consistent with this Section 3.5, that a Holder must follow.

 

The Paying Agent will promptly deliver to
each Holder of the Notes tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and
mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each such new Note will be in a minimum principal amount of $2,000 or an
integral multiple of $1,000 in excess thereof. The Issuers will publicly announce the results of the Change of Control Offer on
or as soon as practicable after the Change of Control Payment Date.

 

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If the Change of Control Payment Date is
on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any,
will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on
such record date.

 

(b)           On
the Change of Control Payment Date, the Issuers will, to the extent permitted by law,

 

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

 

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

 

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

 

(c)           The
Issuers will not be required to make a Change of Control Offer following a Change of Control if (i) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer or (ii) a notice of redemption of all outstanding Notes has been given pursuant to Section 5.3
unless and until there is a default in the payment of the redemption price on the applicable redemption date or the redemption
is not consummated due to a failure of a condition precedent contained in the applicable redemption notice to be satisfied. Notwithstanding
anything to the contrary in this Section 3.5, a Change of Control Offer may be made in advance of a Change of Control,
conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making
of the Change of Control Offer.

 

(d)           If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in a Change of Control Offer and the Issuers, or any third party making a Change of Control Offer in lieu of the Issuers as described
in this Section 3.5, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuers or
such third party will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days
following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding following such purchase
at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of
redemption.

 

    	 	65	 

     

    

 

(e)           The
Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change
of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached
their obligations described in this Indenture by virtue thereof. The Issuers may rely on any no-action letters issued by the SEC
indicating that the staff of the SEC will not recommend enforcement action in the event a tender offer satisfies certain conditions.

 

Section 3.6            Reports.

 

(a)           Notwithstanding
that the Issuers may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise
report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations
promulgated by the SEC, the Issuers shall furnish to the Trustee and the Holders of Notes within 15 days after the time periods
specified below:

 

(i)            within
90 days (120 days in the case of the first fiscal year ending after the Issue Date) after the end of each fiscal year, annual reports
of the Company containing substantially all of the financial information that would have been required to be contained in an annual
report on Form 10-K or any successor or comparable form under the Exchange Act if the Company had been a reporting company
under the Exchange Act (but only to the extent similar information is included in the Offering Memorandum), including (A) “Management’s
discussion and analysis of financial condition and results of operations” and (B) audited financial statements prepared
in accordance with GAAP;

 

(ii)           within
45 days (60 days in the case of the first fiscal quarter ending after the Issue Date) after the end of each of the first three
fiscal quarters of each fiscal year, quarterly reports of the Company containing substantially all of the financial information
that would have been required to be contained in a Quarterly Report on Form 10-Q or any successor or comparable form under
the Exchange Act if the Company had been a reporting company under the Exchange Act (but only to the extent similar information
is provided in the Offering Memorandum), including (A) “Management’s discussion and analysis of financial condition
and results of operations” and (B) unaudited quarterly financial statements prepared in accordance with GAAP; and

 

    	 	66	 

     

    

 

(iii)          within
the time periods specified for filing current reports on Form 8-K, after the occurrence of each event that would have been
required to be reported in a Current Report on Form 8-K or any successor or comparable form under the Exchange Act, if the
Company had been a reporting company under the Exchange Act, current reports containing substantially all of the information that
would have been required to be contained in a Current Report on Form 8-K under the Exchange Act if the Company had been a
reporting company under the Exchange Act; provided, that the foregoing shall not obligate the Issuers to make available
(i) any information otherwise required to be included on a Form 8-K regarding the occurrence of any such events if the
Issuers determine in their good faith judgment that such event that would otherwise be required to be disclosed is not material
to the Holders of the Notes or the business, assets, operations, financial positions or prospects of the Company and its Restricted
Subsidiaries, taken as a whole, or (ii) a summary of the terms of any employment or compensatory arrangement, agreement,
plan or understanding between the Company (or any of its Subsidiaries) and any director, manager or executive officer of the Company
(or any of its Subsidiaries);

 

provided, however, that the Issuers shall not
be required to (i) comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with respect to any
 “non-GAAP” financial information contained therein, (ii) provide any information that is not otherwise similar
to information currently included in the Offering Memorandum or (iii) provide the type of information contemplated by Rule 3-10
of Regulation S-X with respect to separate financial statements for Guarantors or any financial statements for unconsolidated subsidiaries
or 50% or less owned persons contemplated by Rule 3-09 of Regulation S-X or any schedules required by Regulation S-X, or in
each case any successor provisions. In addition, notwithstanding the foregoing, the Issuers will not be required to (i) comply
with Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002, as amended, or (ii) otherwise furnish any information, certificates
or reports required by Items 307 or 308 of Regulation S-K.

 

(b)           To
the extent any such information is not so filed or furnished, as applicable, within the time periods specified above and such information
is subsequently filed or furnished, as applicable, the Company will be deemed to have satisfied its obligations with respect thereto
at such time and any Default with respect thereto shall be deemed to have been cured; provided that such cure shall not
otherwise affect the rights of the Holders under Section 6.1 if Holders of at least 30% in principal amount of the
then total outstanding Notes have declared the principal, premium, if any, interest and any other monetary obligations on all the
then outstanding Notes to be due and payable immediately and such declaration shall not have been rescinded or cancelled prior
to such cure.

 

(c)           So
long as the Notes are outstanding and the reports described above are not filed with the SEC, the Company will use commercially
reasonable efforts to maintain a website (that may be password protected) to which Holders of Notes, prospective investors, broker-dealers
and securities analysts are given access promptly and to which all of the reports and press releases required by this Section 3.6
are posted. The Company will hold a conference call for the Holders and securities analysts to discuss such financial information
no later than 15 calendar days after filing the annual financial information described in Section 3.6(a)(1) and
after filing the quarterly financial information described in Section 3.6(a)(2). The Company will announce any such
conference call at least three business days in advance and not more than ten business days after filing of the foregoing financial
information.

 

    	 	67	 

     

    

 

(d)            To
the extent not satisfied by the reports referred to in Section 3.6(a), the Company shall furnish to noteholders, prospective
investors, broker-dealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act so long as the notes are not freely transferable under the Securities Act.

 

(e)            Notwithstanding
anything to the contrary in this Section 3.6, if the Company or any Parent has furnished the Trustee and the Holders
of Notes or filed with the SEC the reports described in the preceding paragraphs with respect to the Company or any Parent, the
Company shall be deemed to be in compliance with the provisions of this Section 3.6. The Trustee will have no responsibility
to determine whether such filing has occurred.

 

(f)            For
the purposes of this Section 3.6, the delivery of any 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 knowledge or notice of any information
contained therein, or determinable from information contained therein, including the Company’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee shall
have no duty to review or analyze reports delivered to it.

 

Section 3.7             Maintenance
of Office or Agency.

 

The Issuers will maintain an office or agency
where the Notes will be payable at the office or agency of the Issuers maintained for such purpose and where, if applicable, the
Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuers in respect
of the Notes and this Indenture may be delivered. The corporate trust office of the Trustee, which initially shall be located at
Wilmington Trust, National Association, Global Capital Markets, 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402-1544,
Attention: Ladder Capital Administrator, shall be such office or agency of the Issuers unless the Issuers shall designate and maintain
some other office or agency for one or more of such purposes. The Issuers will give prompt written notice to the Trustee of any
change in the location of any such office or agency. If at any time the Issuers shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made or delivered
to the corporate trust office of the Trustee, and the Issuers hereby appoint the Trustee as its agent to receive all such presentations
and surrenders.

 

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The Issuers may also from time to time
designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and
may from time to time rescind any such designation. The Issuers will give prompt written notice to the Trustee of any such designation
or rescission and any change in the location of any such other office or agency.

 

Section 3.8             [Reserved].

 

Section 3.9             [Reserved].

 

Section 3.10           [Reserved].

 

Section 3.11           Compliance
Certificate. The Issuers shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuers
an Officer’s Certificate, which shall be signed by an Officer of each of the Issuers, stating that in the course of the
performance by the signer of his or her duties as an Officer of the Issuers he or she would normally have knowledge of any Default
or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during the previous fiscal
year; provided that no such Officer’s Certificate shall be required for any fiscal year ended prior to the Issue
Date. If such Officer does have such knowledge, the certificate shall describe the Default or Event of Default, its status and
the action the Issuers is taking or proposes to take with respect thereto.

 

Section 3.12           Further
Instruments and Acts. Upon request of the Trustee or as necessary to comply with future developments or requirements,
the Issuers will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

 

Section 3.13           Statement
by Officers as to Default. The Issuers shall deliver to the Trustee, as soon as possible and in any event within 30
days after the Issuers become aware of the occurrence of any Default or Event of Default, an Officer’s Certificate setting
forth the details of such Event of Default or Default, its status and the actions which the Issuers are taking or proposes to
take with respect thereto. The Trustee will not be deemed to have knowledge of any Defaults or Events of Default unless written
notice of an event, which is in fact a Default, has been delivered to the Trustee at the office of the Trustee and such notice
references the Notes and this Indenture and states that it is a “notice of Default.”

 

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Section 3.14     Suspension
of Certain Covenants.

 

(a)      Following
the first day: (1) the Notes have achieved Investment Grade Status; and (2) no Default or Event of Default has occurred
and is continuing under this Indenture, then, beginning on that day and continuing until the Reversion Date (as defined below),
the Company and its Restricted Subsidiaries will not be subject to Sections 3.2, 3.3, 3.4 and 4.1(a)(3) (collectively,
the “Suspended Covenants”).

 

(b)      If
at any time the Notes cease to have such Investment Grade Status, then the Suspended Covenants will thereafter be reinstated as
if such covenants had never been suspended (the “Reversion Date”) and be applicable pursuant to the terms of
this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of
this Indenture), unless and until the Notes subsequently attain Investment Grade Status and no Event of Default has occurred and
is continuing (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment
Grade Status); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist
under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants based on, and none of the Company or
any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined
below), or any actions taken at any time pursuant to any contractual obligation arising prior to the Reversion Date, regardless
of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such
period. The period of time between the date of suspension of the covenants and the Reversion Date is referred to as the “Suspension
Period.”

 

(c)      On
the Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified to have been Incurred pursuant to
Section 3.2(b)(iv)(ii). During the Suspension Period, any future obligation to grant further Guarantees shall be released.
All such further obligation to grant Guarantees shall be reinstated upon the Reversion Date. On and after each Reversion Date,
the Issuers and their Subsidiaries will be permitted to consummate the transactions contemplated by any contract entered into
during the Suspension Period, so long as such contract and such consummation would have been permitted during such Suspension
Period.

 

(d)      The
Issuers shall send prompt written notice to the Trustee if the conditions in Section 3.14(a) are satisfied or
if a Reversion Date occurs. The Trustee shall not be deemed to have knowledge of any suspension of covenants or Reversion Date
unless a Trust Officer has received the notice referred to in this Section 3.14(d).

 

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Section 3.15     Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)      The
Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause an Event of
Default and the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Company may redesignate
any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause an Event of Default.

 

(b)      Any
designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee
an Officer’s Certificate certifying that such designation complies with the preceding conditions. If, at any time, any Unrestricted
Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted
Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 3.2,
the Company will be in default of Section 3.2.

 

(c)      The
Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that
such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding
Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted
under Section 3.2 calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable
reference period; and (2) no Default or Event of Default would be in existence following such designation. Any such designation
by the Company shall be evidenced to the Trustee by filing with the Trustee an Officer’s Certificate certifying that such
designation complies with the preceding conditions.

 

Article IV

 

SUCCESSOR
ISSUERS; SUCCESSOR PERSON

 

Section 4.1       Merger
and Consolidation.

 

(a)      The
Company will not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any
Person, unless:

 

(i)            The
Company is the surviving Person or the resulting, surviving or transferee Person (the “Successor Company”)
will be a Person organized and existing under the laws of the United States of America, any State of the United States or the
District of Columbia and the Successor Company (if not the Company) will expressly assume, by supplemental indenture, executed
and delivered to the Trustee, all the obligations of the Company under the Notes and this Indenture and if such Successor Company
is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws;

 

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(ii)            immediately
after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any
Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary
at the time of such transaction), no Event of Default shall have occurred and be continuing;

 

(iii)           immediately
after giving effect to such transaction, (x) either (i) the Successor Company would be able to Incur at least an additional
$1.00 of Indebtedness pursuant to Section 3.2(a) or (ii) the Consolidated Non-Funding Debt to Equity Ratio
of the Company and its Restricted Subsidiaries would not be greater than it was immediately prior to giving effect to such transaction
and (y) the Company would have been in compliance with Section 3.3 as of the last day of the most recent fiscal
quarter for which financial statements of the Company are available; and

 

(iv)           the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion of Counsel stating that
such supplemental indenture (if any) is a legal and binding agreement enforceable against the Successor Company; provided
that in giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate as to any matters of fact, including
as to satisfaction of Section 4.1(a)(2) and (3).

 

(b)          For
purposes of this Section 4.1, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially
all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company
instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated
basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.

 

(c)          The
Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
but in the case of a lease of all or substantially all its assets, the predecessor company will not be released from its obligations
under this Indenture or the Notes.

 

(d)          Notwithstanding
Section 4.1(a)(2), (a)(3) and (a)(4) (which do not apply to transactions referred to in this
sentence), (i) any Restricted Subsidiary of the Company may consolidate or otherwise combine with, merge into or transfer
all or part of its properties and assets to the Company, (ii) any Restricted Subsidiary may consolidate or otherwise combine
with, merge into or transfer all or part of its properties and assets to any other Restricted Subsidiary and (iii) the Company
may consolidate or otherwise combine with or merge into an Affiliate incorporated or organized for the purpose of changing the
legal domicile of the Company, reincorporating the Company in another jurisdiction, or changing the legal form of the Company.

 

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(e)    The
foregoing provisions (other than the requirements of Section 4.1(a)(2)) shall not apply to the creation of a new Subsidiary
as a Restricted Subsidiary of the Company.

 

Article V

 

REDEMPTION
OF SECURITIES

 

Section 5.1    Notices
to Trustee.

 

If the Issuers elect to redeem Notes pursuant
to the optional redemption provisions of Section 5.7 hereof, it must furnish to the Trustee, at least 15 days but not
more than 60 days before a redemption date, an Officer’s Certificate setting forth:

 

		(i)	the clause of this Indenture
pursuant to which the redemption shall occur;

 

		(ii)	the redemption date;

 

		(iii)	the principal amount of
Notes to be redeemed; and

 

		(iv)	the redemption price.

 

Any optional redemption referenced in such
Officer’s Certificate may be cancelled by the Issuers at any time prior to notice of redemption being sent to any Holder
and thereafter shall be null and void.

 

Section 5.2    Selection
of Notes to Be Redeemed or Purchased.

 

If less than all of the Notes are to be
redeemed at any time, the Trustee will select the applicable Notes for redemption in compliance with the requirements of the principal
securities exchange, if any, on which such Notes are listed, as certified to the Trustee by the Issuers, and in compliance with
the requirements of DTC, or if Notes are not so listed or such exchange prescribes no method of selection and such Notes are not
held through DTC or DTC prescribes no method of selection, by lot or on a pro rata basis, subject to adjustments so that no Note
in an unauthorized denomination is redeemed in part and further; provided, however, that no Note of $2,000 in aggregate
principal amount or less shall be redeemed in part.

 

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Section 5.3    Notice
of Redemption.

 

(a)   At
least 15 but not more than 60 days before a redemption date, the Issuers will send or cause to be sent, by electronic delivery,
or at the Issuers’ option, by first class mail postage prepaid, a notice of redemption to each Holder whose Notes are to
be redeemed at the address of such Holder appearing in the security register or otherwise in accordance with the applicable procedures
of DTC, except that redemption notices may be delivered electronically or mailed more than 60 days prior to a redemption date
if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant
to Articles VIII or XI hereof.

 

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

 

(i)             the
redemption date;

 

(ii)            the
redemption price;

 

(iii)           if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;

 

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

 

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

 

(vi)           that,
unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date;

 

(vii)          the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;
and

 

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

 

At the Issuers’ request, the Trustee
will give the notice of redemption in the Issuers’ name and at their expense; provided, however, that the Issuers
have delivered to the Trustee, at least 35 days prior to the redemption date (or such shorter period as the Trustee may agree),
an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph.

 

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(b)    If
any Note is to be redeemed in part only, the notice of redemption that relates to that Note shall state the portion of the principal
amount thereof to be redeemed, in which case a portion of the original Note will be issued in the name of the Holder thereof upon
cancellation of the original Note. In the case of a Global Note, an appropriate notation will be made on such Note to decrease
the principal amount thereof to an amount equal to the unredeemed portion thereof. Subject to the terms of the applicable redemption
notice (including any conditions contained therein), Notes called for redemption become due on the date fixed for redemption.
On and after the redemption date, unless the Issuers default in the payment of the redemption payment, interest ceases to accrue
on Notes or portions of them called for redemption.

 

Section 5.4     Effect
of Notice of Redemption. Once notice of redemption is sent in accordance with Section 5.3 hereof,
Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. Notice of
redemption may, at the Issuers’ option and discretion, be subject to one or more conditions precedent, including, but
not limited to, completion of an Equity Offering (in the case of redemption pursuant to Section 5.7(c) hereof)
or Change of Control (in the case of purchase pursuant to Section 3.5 hereof), as the case may be. If such
redemption is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition,
and if applicable, shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as
any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event
that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so
delayed. In addition, the Issuers may provide in such notice that payment of the redemption price and performance of the
Issuers’ obligations with respect to such redemption may be performed by another Person.

 

Section 5.5     Deposit
of Redemption or Purchase Price. Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the Issuers
will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued
interest, if any, on, all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return
to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay
the redemption or purchase price of, and accrued interest, if any, on, all Notes to be redeemed or purchased.

 

If the Issuers comply with the provisions
of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions
of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior
to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note
was registered at the close of business on such record date in accordance with the applicable procedures of DTC. If any Note called
for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuers to comply
with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal
is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes
and in Section 3.1 hereof.

 

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Section 5.6     Notes
Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue
and, upon receipt of an Issuers Order, the Trustee will authenticate for the Holder at the expense of the Issuers a new Note equal
in principal amount to the unredeemed or unpurchased portion of the Note surrendered; provided, that each such new Note
will be in a minimum principal amount of $2,000 or integral multiple of $1,000 in excess thereof.

 

Section 5.7     Optional
Redemption.

 

(a)    At
any time prior to February 1, 2023, the Issuers may redeem the Notes in whole or in part, at their option, upon not less
than 15 nor more than 60 days’ prior notice by electronic delivery or by first class mail, postage prepaid, with a copy
to the Trustee, to each Holder of Notes to the address of such Holder appearing in the Notes Register, at a redemption price equal
to 100% of the principal amount of such Notes redeemed plus the relevant Applicable Premium as of, and accrued and unpaid interest,
if any, to but excluding the date of redemption (the “Redemption Date”), subject to the rights of holders of
the Notes on the relevant record date to receive interest due on the relevant interest payment date.

 

(b)   At
any time and from time to time on or after February 1, 2023, the Issuers may redeem the Notes, in whole or in part, at their
option, upon not less than 15 nor more than 60 days’ prior notice at the following redemption prices (expressed as a percentage
of principal amount), plus accrued and unpaid interest, if any, to, but not including, the relevant Redemption Date, subject to
the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed
during the twelve month period beginning on February 1 of the year set forth below:

 

	Redemption period	 	Price	 
	2023	 	 	102.125	%
	2024	 	 	101.063	%
	2025 and thereafter	 	 	100.000	%

 

(c)    At
any time and from time to time prior to February 1, 2023, the Issuers may redeem Notes with the net cash proceeds received
by the Issuers from any Equity Offering at a redemption price equal to 104.250% plus accrued and unpaid interest, if any, to,
but not including, the Redemption Date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original
aggregate principal amount of the Notes (including Additional Notes); provided that (1) in each case the redemption
takes place not later than 180 days after the closing of the related Equity Offering, and (2) not less than 50% of the original
aggregate principal amount of the Notes issued under this Indenture remains outstanding immediately thereafter (excluding Notes
held by the Issuers or any of their Restricted Subsidiaries), unless all such Notes are redeemed substantially concurrently. The
Trustee shall select the Notes to be purchased in the manner described under Sections 5.1 through 5.6.

 

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(d)   Unless
the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable Redemption Date.

 

(e)   Any
redemption pursuant to this Section 5.7 shall be made pursuant to the provisions of Sections 5.1 through 5.6.

 

Section 5.8    Mandatory
Redemption. The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the
Notes; provided however, that under certain circumstances, the Issuers may be required to offer to purchase Notes under
Section 3.5. The Issuers may at any time and from time to time purchase Notes in open-market transactions, tender
offers or otherwise.

 

Article VI

 

DEFAULTS
AND REMEDIES

 

Section 6.1    Events
of Default.

 

(a)   Each
of the following is an “Event of Default”:

 

(i)             default
in any payment of interest, on any Note when due and payable, continued for 30 days;

 

(ii)            default
in the payment of the principal amount of or premium, if any, on any Note issued under this Indenture when due at its Stated Maturity,
upon optional redemption, upon required repurchase, upon declaration or otherwise;

 

(iii)           (a) failure
to comply with Section 3.5 and Section 4.1 for 30 days after written notice by the Trustee on behalf of
the Holders or by the Holders of 30% in principal amount of the outstanding Notes and (b) failure to comply with the agreements
or obligations contained in this Indenture for 60 days after written notice by the Trustee on behalf of the Holders or by the
Holders of 30% in principal amount of the outstanding Notes, provided, that, in the case of a failure to comply
with Section 3.6, such period of continuance of such default or breach shall be 120 days after written notice described
in this clause (iii)(b) has been given;

 

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(iv)        default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by
the Company any of its Restricted Subsidiaries) other than Indebtedness owed to the Company or a Restricted Subsidiary or Non-Recourse
Indebtedness whether such Indebtedness or Guarantee now exists, or is created after the date hereof, which default:

 

(1)            is
caused by a failure to pay principal of such Indebtedness, at its stated final maturity (after giving effect to any applicable
grace periods) provided in such Indebtedness (“payment default”); or

 

(2)            results
in the acceleration of such Indebtedness prior to its stated final maturity (the“cross acceleration provision”);

 

and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a payment default of principal at
its stated final maturity (after giving effect to any applicable grace periods) or the maturity of which has been so accelerated,
aggregates $40.0 million or more at any one time outstanding;

 

(v)         any
Issuer:

 

(1)            commences
a voluntary case or proceeding;

 

(2)            consents
to the entry of an order for relief against it in an involuntary case or proceeding;

 

(3)            consents
to the appointment of a Custodian of it or for substantially all of its property;

 

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

 

(5)            consents
to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; or

 

(6)            takes
any comparable action under any foreign laws relating to insolvency (collectively, the “bankruptcy provisions”);

 

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

 

(1)            is
for relief against Parent, the Issuers or a Significant Subsidiary or group of Restricted Subsidiaries that together (as of the
latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant
Subsidiary, in an involuntary case;

 

(2)            appoints
a Custodian of Parent, the Issuers or a Significant Subsidiary or group of Restricted Subsidiaries that together (as of the latest
audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary,
for substantially all of its property;

 

(3)            orders
the winding up or liquidation of Parent, the Issuers or a Significant Subsidiary or group of Restricted Subsidiaries that together
(as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute
a Significant Subsidiary; or

 

(4)            or
any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60 consecutive
days;

 

(vii)        failure
by the Company or a Significant Subsidiary (or group of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary),
to pay final judgments aggregating in excess of $40.0 million other than any judgments covered by indemnities provided by, or
insurance policies issued by, reputable and creditworthy companies, which final judgments remain unpaid, undischarged and unstayed
for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an
enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed (the “judgment
default provision”); and

 

(viii)       any
Guarantee of the Notes by a Guarantor ceases to be in full force and effect, other than (1) in accordance with the terms
of this Indenture, (2) as a result of such Guarantor denying or disaffirming its obligations under its Guarantee of the Notes
in accordance with the terms thereof or upon release of such Guarantee in accordance with this Indenture or (3) in connection
with the bankruptcy of such Guarantor where the aggregate assets of such Guarantor and any other Guarantor whose Guarantee ceased
or ceases to be in full force as a result of a bankruptcy are less than $40.0 million.

 

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(b)           Notwithstanding
the foregoing, a default under Section 6.1(a)(iii), (iv) or (vii) will not constitute an Event of Default
until the Trustee or the Holders of 30% in principal amount of the outstanding Notes notify the Issuers of the default and, with
respect to Section 6.1(a)(iii) or (vii) the Issuers do not cure such default within the time specified in
Section 6.1(a)(iii) or (vii), as applicable, after receipt of such notice; provided that a notice of Default
may not be given with respect to any action taken, and reported publicly or to Holders more than two years prior to such notice
of Default. Any notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice
of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each
a “Directing Holder”) must be accompanied by a written representation from each such Holder delivered to the
Issuers and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being
instructed solely by beneficial owners that are not) Net Short (a “Position Representation”), which representation,
in the case of a Noteholder Direction relating to the delivery of a notice of Default (a “Default Direction”)
shall be deemed a continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the
Notes are accelerated. In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant
to provide the Issuers with such other information as the Issuers may reasonably request from time to time in order to verify
the accuracy of such Noteholder’s Position Representation within five Business Days of request therefor (a “Verification
Covenant”). In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant
required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee and DTC shall be entitled
to conclusively rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee.

 

If, following the delivery of a Noteholder Direction, but prior
to acceleration of the Notes, the Issuers determines in good faith that there is a reasonable basis to believe a Directing Holder
was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s Certificate
stating that the Issuers has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing
Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted
from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure
period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable
determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior
to acceleration of the Notes, the Issuers provides to the Trustee an Officer’s Certificate stating that a Directing Holder
failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the
cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically
reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation
shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation
of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient
to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event
of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such
Noteholder Direction or any notice of such Default or Event of Default.

 

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Notwithstanding anything to the contrary in this Section 6.1(b),
any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar
proceeding shall not require compliance with the foregoing paragraphs.

 

For the avoidance of doubt, the Trustee shall be entitled to
conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have no duty to inquire
as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant, verify any
statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations
with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The
Trustee shall have no liability to the Issuers, any Holder or any other Person in acting in good faith on a Noteholder Direction.

 

Section 6.2     Acceleration.

 

(a)    If
an Event of Default (other than an Event of Default described in Section 6.1(a)(v) and (a)(vi)) occurs
and is continuing, the Trustee by written notice to the Issuers or the Holders of at least 30% in principal amount of the outstanding
Notes by written notice to the Issuers and the Trustee may declare the principal of and accrued and unpaid interest, if any, on
all the Notes to be immediately due and payable. Upon such a declaration, such principal and accrued and unpaid interest, if any,
will be due and payable immediately.

 

In the event of any Event of Default specified
in Section 6.1(a)(iv), such Event of Default and all consequences thereof shall be annulled, waived and rescinded,
automatically and without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose:

 

		(i)	(x)	the Indebtedness that gave rise to such Event of Default shall have been discharged in full; or

 

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

 

		(z)	if the default that is
the basis for such Event of Default has been cured.

 

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(b)    If
an Event of Default described in Section 6.1(a)(v) and (a)(vi) occurs and is continuing, the principal
of and accrued and unpaid interest, if any, on all the Notes will become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders.

 

If a default for a failure to report or
failure to deliver a required certificate in connection with another default (the “Initial Default”) occurs, then at
the time such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection
with another default that resulted solely because of that Initial Default will also be cured without any further action and any
Default or Event of Default for the failure to comply with the time periods prescribed in Section 3.6 or otherwise
to deliver any notice or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the delivery
of any such report required by such covenant or such notice or certificate, as applicable, even though such delivery is not within
the prescribed period specified in this Indenture. Any time period in this Indenture to cure any actual or alleged Default or Event
of Default may be extended or stayed by a court of competent jurisdiction.

 

Section 6.3     Other
Remedies. If an Event of Default occurs and is continuing and is known to the Trustee, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, or interest on the Notes
or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.

 

Section 6.4     Waiver
of Past Defaults. The Holders of a majority in aggregate principal amount of the then outstanding Notes by written
notice to the Trustee may, on behalf of all of the Holders, (a) waive, by their consent (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), an existing Default or Event of Default
and its consequences under this Indenture except (i) a Default or Event of Default in the payment of the principal of or
interest on a Note or (ii) a Default or Event of Default in respect of a provision that under Section 9.2 cannot
be amended without the consent of each Holder affected and (b) rescind any acceleration with respect to the Notes and its
consequences if (1) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction,
(2) all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, or interest
that has become due solely because of the acceleration, (3) to the extent the payment of such interest is lawful, interest
on overdue installments of interest, premium, if any, and overdue principal, which has become due otherwise than by such declaration
of acceleration, has been paid, (4) the Issuers have paid the Trustee its compensation and reimbursed the Trustee for its
reasonable expenses, disbursements and advances and (5) in the event of the cure or waiver of an Event of Default of the
type described Section 6.1(a)(iv), the Trustee shall have received an Officer’s Certificate and an Opinion of
Counsel stating that such Event of Default has been cured or waived. No such rescission shall affect any subsequent Default or
impair any right consequent thereto. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any consequent right.

 

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Section 6.5     Control
by Majority. The Holders of a majority in principal amount of the outstanding Notes may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the
Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or the Notes or, subject
to Sections 7.1 and 7.2, that the Trustee determines is unduly prejudicial to the rights of other Holders (provided
that the Trustee has no duty to determine whether any action is prejudicial to any Holder) or would involve the Trustee in personal
liability; provided, however, that the Trustee has no duty to determine whether any action is prejudicial to any
Holder; provided, further, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. The Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the
request or direction of any of the Holders unless such Holders have offered (and if requested, provided) to the Trustee indemnity
or security satisfactory to the Trustee against any loss, liability or expense.

 

Section 6.6     Limitation
on Suits. Subject to Section 6.7, no Holder may pursue any remedy with respect to this Indenture or the
Notes unless:

 

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

 

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

 

(iii)          such
Holders have offered in writing the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense;

 

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

 

(v)           the
Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a written direction that, in the
opinion of the Trustee, is inconsistent with such request within such 60-day period.

 

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

 

Section 6.7     [Reserved].

 

Section 6.8     Collection
Suit by Trustee. If an Event of Default specified in Section 6.1(a)(i) or (ii) occurs
and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers for
the whole amount then due and owing (together with interest on any unpaid interest, if any, to the extent lawful) and the amounts
provided for in Section 7.7.

 

Section 6.9     Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers,
their Subsidiaries or its or their respective creditors or properties and, unless prohibited by law or applicable regulations,
may be entitled and empowered to participate as a member of any official committee of creditors appointed in such matter and may
vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any
Custodian in any such judicial proceeding is hereby authorized by each Holder to make 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 compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due
the Trustee under Section 7.7.

 

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 Notes or the rights of any Holder thereof or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

 

Section 6.10   Priorities.

 

(a)    If
the Trustee collects any money or property pursuant to this Article VI, it shall pay out the money or property in
the following order:

 

FIRST: to the Trustee for amounts due to
it under Section 7.7;

 

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

 

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THIRD: to the Issuers, or to the extent
the Trustee collects any amount for any Guarantor, to such Guarantor.

 

(b)      The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. At least
15 days before such record date, the Issuers shall send or cause to be sent to each Holder and the Trustee a notice that states
the record date, the payment date and amount to be paid.

 

Section 6.11     Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit
by the Issuers, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal
amount of the Notes.

 

Article VII

 

TRUSTEE

 

Section 7.1       Duties
of Trustee.

 

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

 

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

 

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

 

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

 

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

 

(i)            this
paragraph does not limit the effect of paragraph (b) of this Section 7.1;

 

(ii)           the
Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was grossly negligent in ascertaining the pertinent facts;

 

(iii)          the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.5; and

 

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

 

(e)          Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (d) of
this Section 7.1.

 

(f)           The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.

 

(g)          Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(h)          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 7.1.

 

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Section 7.2           Rights
of Trustee.

 

Subject to Section 7.1:

 

(i)            The
Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document (whether in its
original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. The Trustee shall receive and retain financial reports
and statements of the Issuers as provided herein, but shall have no duty to review or analyze such reports or statements to determine
compliance with covenants or other obligations of the Issuers.

 

(ii)           Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate and/or an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion
of Counsel.

 

(iii)          The
Trustee may execute any of the trusts and powers hereunder or perform any duties hereunder either directly or by or through its
attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due
care by it hereunder.

 

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

 

(v)           The
Trustee may consult with counsel of its selection, and the advice or opinion of counsel relating to this Indenture or the Notes
shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by
it hereunder or under the Notes in good faith and in accordance with the advice or opinion of such counsel.

 

(vi)          The
Trustee shall not be deemed to have notice of any Default or Event of Default or whether any entity or group of entities constitutes
a Significant Subsidiary unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event
which is in fact such a Default or of any such Significant Subsidiary is received by the Trustee at the corporate trust office
of the Trustee specified in Section 3.7, and such notice references the Notes and this Indenture.

 

(vii)         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 to each agent,
custodian and other Person employed to act hereunder.

 

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(viii)        The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the Notes at the
request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have
offered, and if requested, provided to the Trustee security or indemnity satisfactory to it against any loss, expenses and liabilities
which may be incurred therein or thereby.

 

(ix)           The
Trustee shall not be deemed to have knowledge of any fact or matter unless such fact or matter is actually known to a Trust Officer
of the Trustee.

 

(x)            Whenever
in the administration of this Indenture or the Notes the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith or willful misconduct on its part, conclusively rely upon an Officer’s Certificate.

 

(xi)           The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, report, notice, request, direction, consent, order, bond, debenture, coupon 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, during business hours and upon
reasonable notice, the books, records and premises of the Issuers and the Restricted Subsidiaries, personally or by agent or attorney
at the sole cost of the Issuers and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

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

 

(xiii)         The
Trustee may request that the Issuers deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes.

 

(xiv)         In
no event shall the Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage
of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of
such loss or damage.

 

(xv)          Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers shall be sufficient
if signed by one Officer of each of the Issuers.

  

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(xvi)        The
permissive rights of the Trustee under this Indenture shall not be construed as duties.

 

Section 7.3        Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuers, Guarantors or their Affiliates with the same rights it would have if it were not Trustee.
Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply
with Sections 7.10 and Section 7.11. In addition, the Trustee shall be permitted to engage in transactions
with the Issuers and their Affiliates and Subsidiaries.

 

Section 7.4       Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes, shall not be accountable for the Issuers’ use of the proceeds from the sale of the Notes, shall
not be responsible for the use or application of any money received by any Paying Agent other than the Trustee or any money paid
to the Issuers pursuant to the terms of this Indenture and shall not be responsible for any statement of the Issuers in this Indenture
or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate
of authentication.

 

Section 7.5        Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge
thereof, the Trustee shall send electronically or by first class mail to each Holder at the address set forth in the Notes Register
notice of the Default or Event of Default within 60 days after it is actually known to a Trust Officer. Except in the case of
a Default or Event of Default in payment of principal of, or Premium, if any, or interest on any Note (including payments pursuant
to the optional redemption or required repurchase provisions of such Note), the Trustee may withhold the notice if and so long
as it in good faith determines that withholding the notice is in the interests of Holders.

 

Section 7.6        [Reserved].

 

Section 7.7        Compensation
and Indemnity. The Issuers shall pay to the Trustee from time to time compensation for its services hereunder and under
the Notes as the Issuers and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee upon request for
all reasonable out-of-pocket expenses incurred or made by it, including, but not limited to, costs of collection, costs of preparing
reports, certificates and other documents, costs of preparation and mailing of notices to Holders. Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the agents, counsel, accountants and experts of the Trustee.
The Issuers shall jointly and severally indemnify the Trustee against any and all fees, loss, liability, damages, claims or expense,
including taxes (other than taxes based upon the income of the Trustee) (including reasonable attorneys’ and agents’
fees and expenses) incurred by it without willful misconduct or gross negligence, as determined by a court of competent jurisdiction,
on its part in connection with the administration of this trust and the performance of its duties hereunder and under the Notes,
including the fees, costs and expenses of enforcing this Indenture (including this Section 7.7) and the Notes and
of defending itself against any claims (whether asserted by any Holder, the Issuers or otherwise). The Trustee shall notify the
Issuers promptly of any claim for which it may seek indemnity of which it has received written notice. Failure by the Trustee
to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers shall defend the claim and
the Trustee shall provide reasonable cooperation at the Issuers’ expense in the defense. The Trustee may have separate counsel
and the Issuers shall pay the fees and expenses of such counsel; provided that the Issuers shall not be required to pay
the fees and expenses of such separate counsel if it assumes the Trustee’s defense, and, in the reasonable judgment of outside
counsel to the Trustee, there is no conflict of interest between the Issuers and the Trustee in connection with such defense.

 

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To secure the Issuers’ payment obligations
in this Section 7.7, the Trustee shall have a lien prior to the Notes on all money or property held or collected by
the Trustee. Such lien shall survive the satisfaction and discharge of this Indenture. The Trustee’s respective right to
receive payment of any amounts due under this Section 7.7 shall not be subordinate to any other liability or Indebtedness
of the Issuers.

 

The Issuers’ payment obligations pursuant
to this Section 7.7 shall survive the discharge of this Indenture and any resignation or removal of the Trustee. Without
prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs fees, expenses or renders
services after the occurrence of a Default specified in Section 6.1(a)(v) or (a)(vi), the fees and expenses
(including the reasonable fees and expenses of its counsel) are intended to constitute expenses of administration under any Bankruptcy
Law.

 

Section 7.8        Replacement
of Trustee. The Trustee may resign at any time by so notifying the Company in writing not less than 30 days prior to
the effective date of such resignation. The Holders of a majority in principal amount of the Notes may remove the Trustee by so
notifying the removed Trustee in writing not less than 30 days prior to the effective date of such removal and may appoint a successor
Trustee with the Company’s written consent, which consent will not be unreasonably withheld. The Company shall remove the
Trustee if:

 

(i)             the
Trustee fails to comply with Section 7.10 hereof;

 

(ii)            the
Trustee is adjudged bankrupt or insolvent;

 

(iii)           a
receiver or other public officer takes charge of the Trustee or its property; or

 

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(iv)           the
Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns or is removed by
the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint
a successor Trustee as described in the preceding paragraph, or if a vacancy exists in the office of the Trustee for any reason
(the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall, at the expense of
the Company, promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.7.

 

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

 

If the Trustee fails to comply with Section 7.10,
any Holder, who has been a bona fide holder of a Note for at least six months, may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the replacement of the Trustee
pursuant to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the
benefit of the retiring Trustee. The predecessor Trustee shall have no liability for any action or inaction of any successor Trustee.

 

Section 7.9        Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all
its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall
have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; provided that the right to adopt the certificate of authentication of any predecessor Trustee
or authenticate Notes in the name of any predecessor Trustee shall only apply to its successor or successors by merger, consolidation
or conversion.

 

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Section 7.10      Eligibility;
Disqualification. There shall at all times be a Trustee hereunder that is a Person organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee
power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus
of at least $100.0 million (or a wholly-owned subsidiary of a bank or trust company, or of a bank holding company, the principal
subsidiary of which is a bank or trust company having a combined capital and surplus of at least $100.0 million) as set forth
in its most recent published annual report of condition.

 

Section 7.11     [Reserved].

 

Section 7.12     Trustee’s
Application for Instruction from the Issuers. Any application by the Trustee for written instructions from the Issuers
may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture
and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable
for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the
date specified in such application (which date shall not be less than three Business Days after the date any Officer of the Issuers
actually receives such application, unless any such Officer shall have consented in writing to any earlier date) unless prior
to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

 

Article VIII

 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.1       Option
to Effect Legal Defeasance or Covenant Defeasance; Defeasance. The Issuers may, at their option and at any time, elect
to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions
set forth in this Article VIII.

 

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Section 8.2        Legal
Defeasance and Discharge. Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable
to this Section 8.2, the Issuers and each of the Guarantors will, subject to the satisfaction of the conditions set
forth in Section 8.4 hereof, be deemed to have been discharged from their obligations with respect to all outstanding
Notes (including the Guarantees) on the date the conditions set forth in Section 8.4 are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Issuers and the Guarantors will be deemed to have paid
and discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees), which will thereafter
be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this
Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of their other obligations under such
Notes, the Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Issuers, shall execute
such instruments reasonably requested by the Issuers acknowledging the same) and to have cured all then existing Events of Default,
except for the following provisions which will survive until otherwise terminated or discharged hereunder:

  

(i)             the
rights of Holders of Notes issued under this Indenture to receive payments in respect of the principal of, premium, if any, and
interest on the Notes when such payments are due solely out of the trust referred to in Section 8.4 hereof;

 

(ii)            the
Issuers’ obligations with respect to the Notes under Article II concerning issuing temporary Notes, registration
of such Notes, mutilated, destroyed, lost or stolen Notes and Section 3.7 hereof concerning the maintenance of an office
or agency for payment and money for security payments held in trust;

 

(iii)           the
rights, powers, trusts, duties and immunities of the Trustee and the Issuers’ or Guarantors’ obligations in connection
therewith; and

 

(iv)           this
Article VIII with respect to provisions relating to Legal Defeasance.

 

Subject to compliance with this Section 8.2,
the Issuers may exercise their option under Section 8.2 notwithstanding the prior exercise of its option under Section 8.3
hereof.

 

Section 8.3        Covenant
Defeasance. Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this
Section 8.3, the Issuers and each of the Guarantors will, subject to the satisfaction of the conditions set forth
in Section 8.4 hereof, be released from each of their obligations under the covenants contained in Section 3.2,
3.3, 3.4, 3.5, 3.6, 3.14, 3.15 and Section 4.1 (except Section 4.1(a)(1) and
(a)(2)) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.4
hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not
 “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes
hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantees, the Issuers
and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified in this Section,
the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction
of the conditions set forth in Section 8.4 hereof, Sections 6.1(a)(iii) (solely with respect to the defeased
covenants listed above), 6.1(a)(iv), 6.1(a)(v) (with respect only to the Company and a Guarantor that is a
Significant Subsidiary or any group of Guarantors that taken together would constitute a Significant Subsidiary), 6.1(a)(vi) (with
respect only to the Company and a Guarantor that is a Significant Subsidiary or any group of Guarantors that taken together would
constitute a Significant Subsidiary), 6.1(a)(vii) and 6.1(a)(viii) hereof shall not constitute Events
of Default.

 

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Section 8.4        Conditions
to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.2
or 8.3 hereof:

 

(i)             the
Company must irrevocably deposit with the Trustee, in trust (the “Defeasance Trust”), for the benefit of the
Holders, cash in dollars or U.S. Government Obligations or a combination thereof in such amounts as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay the principal of and premium, if any, and interest
due on the Notes issued under this Indenture on the stated maturity date or on the applicable redemption date, as the case may
be, and the Company must specify whether such Notes are being defeased to maturity or to a particular redemption date, provided,
that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes
of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the
date of the notice of redemption; and any deficit as of the date of redemption (any such amount, the “Applicable Premium
Deficit”) shall only be required to be deposited with the Trustee on or prior to the date of redemption;

 

(ii)            in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States stating
that, subject to customary assumptions and exclusions;

 

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

 

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

 

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

 

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

 

(iv)           no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting
of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit;

 

(v)           such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Credit
Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuers or any Guarantor is
a party or by which the Issuers or any Guarantor is bound;

 

(vi)           the
Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company
with the intent of defeating, hindering, delaying, defrauding or preferring any creditors of the Company;

 

(vii)          for
any redemption that requires the payment of the Applicable Premium, the Issuers shall have delivered to the Trustee an Officer’s
Certificate not less than two Business Days prior to the deposit of any Applicable Premium Deficit that (i) sets forth such
Applicable Premium Deficit and (ii) confirms that such Applicable Premium Deficit shall be applied toward such redemption;
and

 

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

 

 

Section 8.5        Deposited
Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.6
hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required
by law.

 

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The Issuers will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant
to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

 

Notwithstanding anything in this Article VIII
to the contrary, the Trustee will deliver or pay to the Issuers from time to time upon the request of the Issuers any money or
U.S. Government Obligations held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.4(1) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.6        Repayment
to the Issuers. Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for
the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal,
premium, if any, or interest has become due and payable shall be paid to the Issuers on its written request unless an abandoned
property law designates another Person or (if then held by the Issuers) will be discharged from such trust; and the Holder of
such Note will thereafter be permitted to look only to the Issuers for payment thereof unless an abandoned property law designates
another Person, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Issuers as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, shall at the expense of the Issuers cause to be published once, in The New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein,
which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Issuers.

 

Section 8.7        Reinstatement.
If the Trustee or Paying Agent is unable to apply any money or U.S. dollars or U.S. Government Obligations in accordance with
Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or Governmental
Authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ and the Guarantors’
obligations under this Indenture and the Notes and the Guarantees will be revived and reinstated as though no deposit had occurred
pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply
all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however,
that, if the Issuers make any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of
its obligations, the Issuers will be subrogated to the rights of the Holders of such Notes to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent.

  

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Article IX

 

AMENDMENTS

 

Section 9.1        Without
Consent of Holders. Notwithstanding Section 9.2 of this Indenture, the Issuers, any Guarantor (with respect
to its Guarantee or this Indenture) and the Trustee may amend, supplement or modify this Indenture, any Guarantee and the Notes
without the consent of any Holder:

 

(i)            to
cure any ambiguity, omission, mistake, defect, error or inconsistency, conform any provision to any provision under the heading
 “Description of Notes,” in the Offering Memorandum or reduce the minimum denomination of the Notes;

 

(ii)           to
provide for the assumption by a successor Person of the obligations of any Issuer or a Guarantor under any Note Document;

 

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

 

(iv)          to
add to the covenants or provide for a Guarantee for the benefit of the Holders or surrender any right or power conferred upon the
Company or any Restricted Subsidiary;

 

(v)           to
make any change (including changing the CUSIP or other identifying number on any Notes) that would provide any additional rights
or benefits to the Holder or that does not adversely affect the rights of any Holder in any material respect;

 

(vi)          at
the Company’s election, to comply with any requirement of the SEC in connection with the qualification of this Indenture
under the Trust Indenture Act, if such qualification is required;

 

(vii)         to
make such provisions as necessary (as determined in good faith by the Company) for the issuance of Additional Notes;

 

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(viii)        to
provide for any Restricted Subsidiary to provide a Guarantee in accordance with Section 3.2, to add Guarantees with
respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination,
discharge or retaking of any Guarantee or Lien with respect to or securing the Notes when such release, termination, discharge
or retaking is provided for under this Indenture;

  

(ix)           to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements
hereof or to provide for the accession by the Trustee to any Note Document;

 

(x)            to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including, without limitation, to facilitate the issuance and administration of Notes; provided, however, that compliance
with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable
securities law;

 

(xi)           to
comply with the rules and procedures of any applicable securities depositary; or

 

(xii)          to
make any amendment to the provisions of this Indenture, the Guarantees and/or the Notes to eliminate the effect of any Accounting
Change or in the application thereof as described in the last paragraph of the definition of “GAAP.”

 

Subject to Section 9.2, upon
the request of the Issuers, and upon receipt by the Trustee of the documents described in Sections 9.6 and 12.4 hereof,
the Trustee will join with the Issuers and the Guarantors in the execution of such amended or supplemental indenture unless such
amended or supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

Section 9.2        With
Consent of Holders.

 

(a)       Except
as provided in this Section 9.2, the Issuers, the Guarantors and the Trustee may amend or supplement the Note Documents
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and issued under
this Indenture, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes, and, subject to Sections 6.4 and 6.7 hereof, any existing Default or Event of Default (other than
a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of the Note Documents may be waived with
the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes issued under this Indenture
(including consents obtained in connection with a purchase of or tender offer or exchange offer for Notes). Section 2.12
hereof and Section 12.6 hereof shall determine which Notes are considered to be “outstanding” for the purposes
of this Section 9.2.

 

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Upon the request of the Issuers, and upon
the filing with the Trustee of evidence of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of
the documents described in Sections 9.6 and 12.4 hereof, the Trustee will join with the Issuers and the Guarantors
in the execution of such amended or supplemental indenture unless such amended or supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not
be obligated to, enter into such amended or supplemental Indenture.

 

(b)      Without
the consent of each Holder of Notes affected, an amendment, supplement or waiver may not, with respect to any Notes issued thereunder
and held by a nonconsenting Holder:

 

(i)            reduce
the principal amount of such Notes whose Holders must consent to an amendment;

 

(ii)           reduce
the stated rate of or extend the stated time for payment of interest on any such Note (other than provisions relating to Section 3.5);

 

(iii)          reduce
the principal of or extend the Stated Maturity of any such Note (other than provisions relating to Section 3.5);

 

(iv)          reduce
the premium payable upon the redemption of any such Note or change the time at which any such Note may be redeemed, in each case
as set forth in Section 5.7;

 

(v)           make
any such Note payable in currency other than that stated in such Note;

 

(vi)          impair
the right of any Holder to institute suit for the enforcement of any payment of principal of and interest on such Holder’s
Notes on or after the due dates therefor;

 

(vii)        waive
a Default or Event of Default with respect to the nonpayment of principal, premium or interest (except pursuant to a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such Notes and a waiver of
the payment default that resulted from such acceleration); or

  

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(viii)        make
any change in the amendment or waiver provisions which require the Holders’ consent described in this Section 9.2.

 

It shall not be necessary for the consent
of the Holders under this Indenture to approve the particular form of any proposed amendment, supplement or waiver, but it shall
be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this Indenture
by any Holder of the Notes given in connection with a tender or exchange of such Holder’s Notes will not be rendered invalid
by such tender or exchange.

 

Section 9.3        [Reserved].

 

Section 9.4        Revocation
and Effect of Consents and Waivers. Until an amendment, supplement or waiver becomes effective, a consent to it by
a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on any
Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent or waiver as to such Holder’s
Note or portion of its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or
waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds
every Holder.

 

The Issuers may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described
in this Section or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding
the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and
only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more
than 120 days after such record date.

 

Section 9.5        Notation
on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver on
any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Issuers
Order, authenticate new Notes that reflect the amendment, supplement or waiver. Failure to make the appropriate notation or issue
a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.6        Trustee
to Sign Amendments. The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article IX
if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In
executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Sections 7.1 and
7.2 hereof) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.4
hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture and is valid, binding and enforceable against the Issuers or any Guarantor,
as the case may be, in accordance with its terms.

 

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Article X

 

GUARANTEE

 

Section 10.1     Guarantee.
Subject to the provisions of this Article X, each Guarantor hereby fully, unconditionally and irrevocably guarantees,
as primary obligor and not merely as surety, jointly and severally with each other Guarantor, to each Holder of the Notes and
the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal
of, premium, if any, and interest on the Notes and all other obligations and liabilities of the Issuers under this Indenture (including
without limitation interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, relating to the Issuers or any Guarantor whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding and the obligations under Section 7.7) (all the foregoing being hereinafter collectively
called the “Guaranteed Obligations”). Each Guarantor agrees that the Guaranteed Obligations will rank equally
in right of payment with other Indebtedness of such Guarantor, except to the extent such other Indebtedness is subordinate to
the Guaranteed Obligations, in which case the obligations of the Guarantors under the Guarantees will rank senior in right of
payment to such other Indebtedness.

 

To evidence its Guarantee set forth in this
Section 10.1, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an
Officer of such Guarantor.

 

Each Guarantor hereby agrees that its Guarantee
set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement
of any notation of such Guarantee on the Notes.

 

If an Officer whose signature is on this
Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless.

 

Each Guarantor further agrees (to the extent
permitted by law) that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent
from it, and that it will remain bound under this Article X notwithstanding any extension or renewal of any Guaranteed
Obligation.

 

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Each Guarantor waives presentation to, demand
of payment from and protest to the Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment.
Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations.

 

Each Guarantor further agrees that its Guarantee
herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any
resort be had by any Holder to any security held for payment of the Guaranteed Obligations.

 

Except as set forth in Section 10.2,
the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any
reason (other than payment of the Guaranteed Obligations in full), including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason
of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of
the foregoing, the Guaranteed Obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by
(a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Issuers or any other
person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement;
(d) the release of any security held by any Holder for the Guaranteed Obligations; (e) the failure of any Holder to exercise
any right or remedy against any other Guarantor; (f) any change in the ownership of the Issuers; (g) any default, failure
or delay, willful or otherwise, in the performance of the Guaranteed Obligations; or (h) any other act or thing or omission
or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would
otherwise operate as a discharge of such Guarantor as a matter of law or equity.

 

Each Guarantor agrees that its Guarantee
herein shall remain in full force and effect until payment in full of all the Guaranteed Obligations or such Guarantor is released
from its Guarantee in compliance with Section 10.2, Article VIII or Article XI. Each Guarantor
further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of principal of, premium, if any, or interest on any of the Guaranteed Obligations is rescinded or must otherwise
be restored by any Holder upon the bankruptcy or reorganization of the Issuers or otherwise.

 

In furtherance of the foregoing and not
in limitation of any other right which any Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure
of the Issuers to pay any of the Guaranteed Obligations when and as the same shall become due, whether at maturity, by acceleration,
by redemption or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith
pay, or cause to be paid, in cash, to the Holders or the Trustee on behalf of the Holders an amount equal to the sum of (i) the
unpaid amount of such Guaranteed Obligations then due and owing and (ii) accrued and unpaid interest on such Guaranteed Obligations
then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition
in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Issuers or any Guarantor
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding).

 

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Each Guarantor further agrees that, as between
such Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Guaranteed Obligations guaranteed
hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby and (y) in the
event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantor for the purposes of this Guarantee.

 

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

 

Section 10.2          Limitation
on Liability; Termination, Release and Discharge.

 

(a)          Any
term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder will be limited
to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving
effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal, foreign or state law
and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally.

 

(b)          Any
Guarantee of a Guarantor shall be automatically and unconditionally released and discharged upon:

 

(i)            other
than in the case of Parent or any other direct or indirect parent of the Company, a sale or other disposition (including by way
of consolidation or merger) of the Capital Stock of such Guarantor or the sale or disposition of all or substantially all the assets
of the Guarantor (other than to the Company or a Restricted Subsidiary) otherwise permitted by this Indenture,

 

    	 	103	 

     

    

 

(ii)           the
designation in accordance with this Indenture of the Guarantor as an Unrestricted Subsidiary or the occurrence of any event after
which the Guarantor is no longer a Restricted Subsidiary,

 

(iii)         defeasance
or discharge of the Notes, as provided in Articles VIII or XI, or

 

(iv)         to
the extent that such Guarantor is not an Immaterial Subsidiary solely due to the operation of clause (i) of the definition
of “Immaterial Subsidiary,” upon the release of the Guarantee referred to in such clause, or

 

(v)          such
Guarantor being released from all of its obligations under all of its Guarantees of payment by the Company of any Non-Funding Indebtedness
of the Company under all loan facilities and debt securities of the Company (it being understood that a release subject to reinstatement
is considered a release); or

 

(vi)         upon
the achievement of Investment Grade Status by the Notes; provided that such Guarantee shall be reinstated upon the Reversion
Date.

 

Section 10.3         Right
of Contribution. Each Guarantor hereby agrees that to the extent that any Guarantor shall have paid more than its
proportionate share of any payment made on the obligations under the Guarantees, such Guarantor shall be entitled to seek and
receive contribution from and against the Issuers or any other Guarantor who has not paid its proportionate share of such
payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each
Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the Holders for the full
amount guaranteed by such Guarantor hereunder.

 

Section 10.4         No
Subrogation. Notwithstanding any payment or payments made by each Guarantor hereunder, no Guarantor shall be
entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuers or any other Guarantor or any
collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guaranteed
Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuers or any
other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Trustee and the
Holders by the Issuers on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to any
Guarantor on account of such subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid
in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of
such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received
by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guaranteed
Obligations.

 

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Article XI

 

SATISFACTION
AND DISCHARGE

 

Section 11.1          Satisfaction
and Discharge. This Indenture will be discharged and will cease to be of further effect as to all Notes issued
hereunder, when:

 

(a)           either:

 

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

 

(ii)           all
such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of the making
of a notice of redemption or otherwise or (ii) will become due and payable within one year at their Stated Maturity 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;

 

(b)           the
Company has deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders,
cash or U.S. Government Obligations, or a combination thereof, as applicable, in an amount sufficient to pay and discharge the
entire indebtedness on the Notes not previously delivered to the Trustee for cancellation, for principal, premium, if any, and
interest to the date of deposit (in the case of Notes that have become due and payable), or to the Stated Maturity or redemption
date, as the case may be; provided, that, upon any redemption that requires the payment of the Applicable Premium,
the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee
equal to the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium Deficit only
required to be deposited with the Trustee on or prior to the date of redemption, and any Applicable Premium Deficit shall be set
forth in an Officer’s Certificate delivered to the Trustee not less than two Business Days prior to the deposit of such Applicable
Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

(c)            no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting
of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder shall have occurred and be continuing
on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation
of, or constitute a default under the Credit Facilities or any other material agreement or instrument (other than this Indenture)
to which an Issuer or any Guarantor is a party or by which an Issuer or any Guarantor is bound;

 

    	 	105	 

     

    

 

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

 

(e)            the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of such notes issued
hereunder at maturity or the Redemption Date, as the case may be; and

 

(f)            the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
precedent under Article XI relating to the satisfaction and discharge of this Indenture have been complied with; provided
that any such counsel may rely on any Officer’s Certificate as to matters of fact (including as to compliance with clauses
(a), (b) and (c)).

 

Notwithstanding the satisfaction and discharge
of this Indenture, the provisions of Section 7.7 shall survive, and if money or U.S. Government Obligations have been
deposited with the Trustee pursuant to clause (b) of this Section 11.1, the provisions of Sections 11.2
and 8.6 hereof will survive.

 

Section 11.2         Application
of Trust Money. Subject to the provisions of Section 8.6 hereof, all money deposited with the Trustee
pursuant to Section 11.1 hereof shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as
their own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any)
and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with Section 11.1 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such
application, the Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the Issuers have made any
payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Issuers
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.

 

    	 	106	 

     

    

 

Article XII

 

MISCELLANEOUS

 

Section 12.1         [Reserved].

 

Section 12.2         Notices.
Any notice, request, direction, consent or communication made pursuant to the provisions of this Indenture or the Notes shall
be in writing and delivered in person, sent by facsimile, sent by electronic mail in pdf format, delivered by commercial
courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

if to the Issuers:

 

Ladder Capital Finance Holdings LLLP

Ladder Capital Finance Corporation

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Marc Fox and Kelly Porcella

Facsimile: (212) 715-3199

 

with a copy to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attention: Joshua N. Korff

Facsimile: (212) 446-4900

 

if to the Trustee, at its corporate trust office, which
corporate trust office for purposes of this Indenture is at the date hereof located at:

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Ladder Capital Administrator

Facsimile: (612) 217-5651

 

The Issuers or the Trustee by written notice
to each other may designate additional or different addresses for subsequent notices or communications.

 

    	 	107	 

     

    

 

Any notice or communication to the Issuers
or the Guarantors shall be deemed to have been given or made as of the date so delivered if personally delivered or if delivered
electronically, in pdf format; when receipt is acknowledged, if telecopied; and five calendar days after mailing if sent by registered
or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually
received by the addressee). Any notice or communication to the Trustee shall be deemed delivered upon receipt.

 

Any notice or communication sent to a Holder
shall be mailed to the Holder at the Holder’s address as it appears in the Notes Register and shall be sufficiently given
if so sent within the time prescribed.

 

Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
sent in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee
shall be effective only upon receipt.

 

Notwithstanding any other provision of this
Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or
purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC
(or its designee) pursuant to the procedures of DTC or its designee.

 

Section 12.3         [Reserved].

 

Section 12.4         Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuers or any of the Guarantors to
the Trustee to take or refrain from taking any action under this Indenture or the Notes, the Issuers or such Guarantor, as
the case may be, shall furnish to the Trustee:

 

(i)            an
Officer’s Certificate (which shall include the statements set forth in Section 12.5 hereof) stating that, in
the opinion of the signers, all conditions precedent, if any, provided for in this Indenture or the Notes relating to the proposed
action have been satisfied; and

 

(ii)           an
Opinion of Counsel (which shall include the statements set forth in Section 12.5 hereof) stating that, in the opinion
of such counsel, all such conditions precedent have been satisfied and all covenants have been complied with.

 

Section 12.5         Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture or the Notes shall include:

 

    	 	108	 

     

    

 

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

 

(ii)           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;

 

(iii)          a
statement that, in the opinion of 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

 

(iv)          a
statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. In giving
such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials.

 

Section 12.6         When
Notes Disregarded. In determining whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Issuers, any Guarantor or any Affiliate of them shall be
disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows
are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding at the time shall be considered
in any such determination.

 

Section 12.7         Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or at meetings of, Holders.
The Registrar and the Paying Agent may make reasonable rules for their functions.

 

Section 12.8         Legal
Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking institutions
are authorized or required to be closed in New York, New York or the jurisdiction of the place of payment. If a payment date or
redemption date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected.

 

Section 12.9         Governing
Law. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

 

    	 	109	 

     

    

 

Section 12.10         Jurisdiction.
The Issuers and the Guarantors agree that any suit, action or proceeding against the Issuers or any Guarantor brought by any Holder
or the Trustee arising out of or based upon this Indenture, the Guarantee or the Notes may be instituted in any state or Federal
court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of them irrevocably
submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuers and the Guarantors irrevocably
waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought in connection
with this Indenture, the Guarantee or the Notes, including such actions, suits or proceedings relating to securities laws of the
United States of America or any state thereof, 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. The Issuers and the Guarantors agree
that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuers
or the Guarantors, as the case may be, and may be enforced in any court to the jurisdiction of which the Issuers or the Guarantors,
as the case may be, are subject by a suit upon such judgment.

 

Section 12.11         Waivers
of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE GUARANTEES AND FOR ANY COUNTERCLAIM THEREIN.

 

Section 12.12         USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account.
The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order to satisfy
the requirements of the USA PATRIOT Act.

 

Section 12.13         No
Recourse Against Others. No director, officer, employee, incorporator or shareholder of any Issuer or any of its Subsidiaries
or Affiliates, or such (other than the Issuers and the Guarantors), shall have any liability for any obligations of the Issuers
or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the SEC that such a waiver is against public policy.

 

Section 12.14         Successors.
All agreements of the Issuers and each Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

Section 12.15         Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes.

 

    	 	110	 

     

    

 

Section 12.16         [Reserved].

 

Section 12.17         Table
of Contents; Headings. The table of contents, cross-reference table and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not
modify or restrict any of the terms or provisions hereof.

 

Section 12.18         Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services,
or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, it being understood that
the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

Section 12.19         Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 12.20         [Reserved].

 

Section 12.21         [Reserved].

 

Section 12.22         Waiver
of Immunities. To the extent that Issuers or any Guarantor or any of its properties, assets or revenues may have or
may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal
action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may
at any time be commenced, with respect to their obligations, liabilities or any other matter under or arising out of or in connection
with this Indenture, the Notes or the Guarantees, the Issuers and each Guarantor hereby irrevocably and unconditionally, to the
extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and
enforcement.

 

    	 	111	 

     

    

  

Section 12.23         Judgment
Currency. The Issuers and each Guarantor agrees to indemnify the recipient against any loss incurred by such recipient
as a result of any judgment or order being given or made against the Issuers or any Guarantor for any amount due hereunder and
such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than United States
dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is
converted into the Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange in The City
of New York at which such party on the date of payment of such judgment or order is able to purchase United States dollars with
the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency
to purchase United States dollars as promptly as practicable upon such party’s receipt thereof. The foregoing indemnity
shall constitute a separate and independent obligation of the Issuers and each Guarantor and shall continue in full force and
effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any
premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

 

[Signature on following pages]

 

    	 	112	 

     

    

 

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

 

 

		LADDER
                                              CAPITAL FINANCE HOLDINGS 
 LLLP

   

 

	 	 
	 	By:	/s/
                                         Kelly Porcella
	 	Name:	Kelly
                                         Porcella
	 	Title:	Authorized
                                         Person
	 	 	 

 

		LADDER CAPITAL
                                                 FINANCE 
 CORPORATION

   

 

	 	 
	 	By:	/s/
                                         Pamela McCormack
	 	Name:	Pamela
                                         McCormack
	 	Title:	Secretary

 

[Signature
Page to Indenture]

 

     

     

    

 

	 	Each as a Guarantor:
	 	Ladder Capital Corp 
	 	Ladder Member Corporation
	 	Ladder Capital Finance Portfolio LLC 
	 	Ladder Capital Realty II LLC
	 	Ladder Capital Finance Portfolio II LLC 
	 	Ladder Capital Finance LLC
	 	Ladder Capital CRE Equity LLC 
	 	Ladder Grace Lake Member LLC
	 	ONP JV Member LLC 
	 	LVT JV Member LLC
	 	IOP JV Member LLC 
	 	ONP Rooftop JV Member LLC
	 	Series Reit of Ladder Midco LLC 
	 	Series TRS of Ladder Midco LLC
	 	Series Reit of Ladder Midco II LLC 
	 	Series TRS of Ladder Midco II LLC
	 	Series Reit of Ladder Capital Finance 
	 	Holdings LLLP
	 	Series TRS of Ladder Capital Finance 
	 	Holdings LLLP
	 	LC TRS I LLC 
	 	LC TRS III LLC
	 	Ladder Capital Insurance LLC 
	 	Grand Rapids JV Member LLC
	 	Pelham JV Member LLC 
	 	Tuebor TRS IV LLC
	 	Lithia Springs JV Member LLC 
	 	Isla Vista JV Member LLC
	 	La Cienega JV Member LLC

 

 

	 	By:	/s/ Kelly Porcella
	 	Name:	Kelly Porcella
	 	Title:	Chief Administrative Officer,
General Counsel 

and/or Authorized Person

 

[Signature
Page to Indenture]

 

     

     

    

 

		WILMINGTON
                                         TRUST, NATIONAL

                                         ASSOCIATION, AS TRUSTEE

 

	 	By:	/s/
    Barry D. Somrock 
	 	Name:	Barry
    D. Somrock
	 	Title:	Vice President

 

[Signature
Page to Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF GLOBAL RESTRICTED
NOTE]

 

[Applicable Restricted Notes Legend]

 

[Depository Legend, if applicable]

 

		No. [___]	 	 Principal Amount $[___________]

 

(as revised by the Schedule of Increases and Decreases
in Global Notes attached hereto)

 

CUSIP NO. _________________________

 

LADDER CAPITAL FINANCE HOLDINGS LLLP

 

and

 

LADDER CAPITAL FINANCE CORPORATION

 

4.250% Senior Notes due 2027

 

Ladder Capital Finance Holdings LLLP, a
Delaware limited liability limited partnership, and Ladder Capital Finance Corporation, a Delaware corporation, jointly and severally,
promise to pay to Cede & Co., or its registered assigns, the principal sum of _______________ dollars (as revised by the
Schedule of Increases and Decreases in Global Notes attached hereto), on February 1, 2027.

 

Interest Payment Dates: February 1
and August 1, commencing on August 1, 2020

 

Record Dates: January 15 and July 15

 

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

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Issuers have caused
this instrument to be duly executed.

 

	 	LADDER CAPITAL FINANCE HOLDINGS LLLP
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	LADDER CAPITAL FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Name:
		 	Title:

 

    	 	A-2	 

     

    

 

TRUSTEE CERTIFICATE OF AUTHENTICATION

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, 

                as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:		

 

    	 	A-3	 

     

    

 

 

[FORM OF REVERSE SIDE OF NOTE]

 

LADDER CAPITAL FINANCE HOLDINGS LLLP

and

LADDER CAPITAL FINANCE CORPORATION

 

4.250% Senior Notes due 2027

 

Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.

 

1.            Interest

 

Ladder Capital Finance Holdings LLLP, a
Delaware limited liability limited partnership, and Ladder Capital Finance Corporation, a Delaware corporation, jointly and severally,
promise to pay interest on the principal amount of this Note at 4.250% per annum from January 30, 2020, until maturity. The
Issuers will pay interest semi-annually in arrears every February 1 and August 1 of each year, or if any such day is
not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the
Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided, that the first Interest Payment Date shall be August 1, 2020. The Issuers shall pay interest on
overdue principal at the rate specified herein, and it shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the
extent lawful. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

2.            Method
of Payment

 

By no later than 10:00 a.m. (New York
City time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuers shall
deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium and interest when
due. Interest on any Note which is payable, and is timely paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the preceding
January 15 and July 15 at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3
of the Indenture. The principal of (and premium, if any) and interest on the Notes shall be payable at the office or agency of
Paying Agent or Registrar designated by the Issuers maintained for such purpose (which shall initially be the office of the Trustee
maintained for such purpose), or at such other office or agency of the Issuers as may be maintained for such purpose pursuant to
Section 2.3 of the Indenture; provided, however, that, at the option of the Paying Agent, each installment
of interest may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on
the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the
last sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if any,
and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company
or any successor depository. Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any,
and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes will
be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no
later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). If an Interest Payment Date or a Redemption Date is a Legal Holiday, payment shall be made on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday,
the record date shall not be affected.

 

3.            Paying
Agent and Registrar

 

The Issuers initially appoint Wilmington
Trust, National Association (the “Trustee”) as Registrar and Paying Agent for the Notes. The Issuers may change
any Registrar or Paying Agent without prior notice to the Holders. The Issuers or any Guarantor may act as Paying Agent, Registrar
or transfer agent.

 

    	 	A-4	 

     

    

 

4.            Indenture

 

The Issuers issued the Notes under an Indenture,
dated as of January 30, 2020 (as it may be amended or supplemented from time to time in accordance with the terms thereof,
the “Indenture”), among the Issuers and the Trustee. The terms of the Notes include those stated in the Indenture.
The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture for a statement of
those terms. If any term in this Note conflicts with the Indenture, the terms of the Indenture shall govern and control.

 

5.            [Reserved]

 

6.            [Reserved]

 

7.            Redemption

 

(a)            At
any time prior to February 1, 2023, the Issuers may redeem the Notes in whole or in part, at their option, upon not less than
15 nor more than 60 days’ prior notice by electronic delivery or by first class mail, postage prepaid, with a copy to the
Trustee, to each Holder of Notes to the address of such Holder appearing in the Notes Register, at a redemption price equal to
100% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any,
to, but not including, the date of redemption (the “Redemption Date”), subject to the rights of holders of the
Notes on the relevant record date to receive interest due on the relevant interest payment date.

 

(b)            At
any time and from time to time on or after February 1, 2023, the Issuers may redeem the Notes, in whole or in part, at their
option, upon not less than 15 nor more than 60 days’ notice at the following redemption prices (expressed as a percentage
of principal amount), plus accrued and unpaid interest, if any, to, but not including, the Redemption Date, subject to the right
of holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during
the twelve month period beginning on February 1 of the year set forth below:

 

	Redemption period	Price
	2023	102.125%
	2024	101.063%
	2025 and thereafter	100.000%

 

(c)            At
any time and from time to time prior to February 1, 2023, the Issuers may redeem Notes with the net cash proceeds received
by the Issuers from any Equity Offering at a redemption price equal to 104.250% plus accrued and unpaid interest, if any, to, but
not including, the Redemption Date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original
aggregate principal amount of the Notes (including Additional Notes); provided that (1) in each case the redemption
takes place not later than 180 days after the closing of the related Equity Offering, and (2) not less than 50% of the original
aggregate principal amount of the Notes issued under this Indenture remains outstanding immediately thereafter (excluding Notes
held by the Issuers or any of their Restricted Subsidiaries), unless all such Notes are redeemed substantially concurrently. The
Trustee shall select the Notes to be purchased in the manner described under Sections 5.1 through 5.6 of the Indenture.

 

(d)            Unless
the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable Redemption Date.

 

(e)            Any
redemption pursuant to this paragraph shall be made pursuant to the provisions of Sections 5.1 through 5.6 of the
Indenture.

 

The Issuers are not required to make mandatory
redemption or sinking fund payments with respect to the Notes; provided however, that under certain circumstances, the Issuers
may be required to offer to purchase Notes under Section 3.5 of the Indenture. The Issuers may at any time and from
time to time purchase Notes in open-market transactions, tender offers or otherwise.

 

    	 	A-5	 

     

    

 

		8.	Repurchase Provisions

 

If a Change of Control Repurchase Event
occurs, each Holder will have the right to require the Issuers to repurchase from each Holder all or any part (equal to a minimum
of $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to
101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase;
provided that if the prepurchase date is on or after the record date and on or before the corresponding interest payment
date, then Holders in whose name the Notes are registered at the close of business on such record date will receive interest on
the repurchase date as provided in, and subject to the terms of, the Indenture.

 

		9.	Denominations; Transfer; Exchange

 

The Notes shall be issuable only in fully
registered form in denominations of minimum principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A
Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and fees required by law
or permitted by the Indenture. Neither the Issuers nor the Registrar need register the transfer of or exchange of any Note (A) for
a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the
close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment
Date or (B) called for redemption, except the unredeemed portion of any Note being redeemed in part.

 

		10.	Persons Deemed Owners

 

The registered Holder of this Note may be
treated as the owner of it for all purposes.

 

		11.	[Reserved]

 

		12.	Discharge and Defeasance

 

Subject to certain exceptions and conditions
set forth in the Indenture, the Issuers at any time may terminate some or all of its obligations under the Notes and the Indenture
if the Issuers deposit with the Trustee money or U.S. Government Obligations for the payment of principal, premium, and interest
due on the Notes to redemption or maturity, as the case may be.

 

		13.	Amendment, Supplement, Waiver

 

Subject to certain exceptions contained
in the Indenture, the Indenture and the Notes may be amended, or a Default thereunder may be waived, with the consent of the Holders
of a majority in aggregate principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuers,
the Guarantors and the Trustee may amend or supplement the Indenture and the Notes as provided in the Indenture.

 

		14.	Defaults and Remedies

 

If an Event of Default (other than an Event
of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuers or certain Guarantors) occurs
and is continuing, the Trustee by notice to the Issuers, or the Holders of at least 30% in principal amount of the outstanding
Notes by notice to the Issuers and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest,
and any other monetary obligations on all the Notes to be due and payable immediately. Upon the effectiveness of such declaration,
such principal, premium, interest, if any, and other monetary obligations will be due and payable immediately. If a bankruptcy,
insolvency or reorganization of the Issuers or certain Guarantors occurs and is continuing, the principal of, premium, if any,
and accrued and unpaid interest and any other monetary obligations on all the Notes will become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority
in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

 

    	 	A-6	 

     

    

 

		15.	Trustee Dealings with the Issuers

 

Subject to certain limitations set forth
in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuers, Guarantors or their Affiliates with the same rights it would have if it were not Trustee. In addition, the
Trustee shall be permitted to engage in transactions with the Issuers.

 

		16.	No Recourse Against Others

 

No director, officer, employee, incorporator
or shareholder of the Issuers or any of its Subsidiaries or Affiliates, as such (other than the Issuers and the Guarantors), shall
have any liability for any obligations of the Issuers or the Guarantors under the Notes, the Guarantees or the Indenture or for
any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not
be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against
public policy.

 

		17.	Authentication

 

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on
the other side of this Note.

 

		18.	Abbreviations

 

Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants
with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act).

 

		19.	CUSIP and ISIN Numbers

 

The Issuers have caused CUSIP and ISIN numbers,
if applicable, to be printed on the Notes and have directed the Trustee to use CUSIP and ISIN numbers, if applicable, in notices
of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other identification
numbers placed thereon.

 

		20.	Governing Law

 

This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

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

 

Ladder Capital Finance Holdings LLLP

Ladder Capital Finance Corporation

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Marc Fox and Kelly Porcella

Facsimile: (212) 715-3199

 

    	 	A-7	 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to:

 

 

 

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

 

 

 

(Insert assignee’s social security
or tax I.D. No.)

 

and irrevocably appoint ___________ agent to transfer this Note
on the books of the Issuers. The agent may substitute another to act for him.

 

	Date:	Your Signature:	

 

 

	Signature Guarantee:	

(Signature must be guaranteed)

 

Sign exactly as your name appears on the other side of this
Note.

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.

 

The undersigned hereby certifies that it  ̈ is
/  ̈ is not an Affiliate of the Issuers and that, to its knowledge, the
proposed transferee  ̈ is /  ̈
is not an Affiliate of the Issuers.

 

In connection with any transfer or exchange
of any of the Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of original
issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuers or any Affiliate of the Issuers,
the undersigned confirms that such Notes are being:

 

CHECK ONE BOX BELOW:

 

		(1)	 ̈		acquired for the undersigned’s own account, without transfer; or

 

		(2)	 ̈		transferred to the Issuers; or

 

		(3)	 ̈	transferred
pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
or

 

		(4)	 ̈	transferred
pursuant to an effective registration statement under the Securities Act; or

 

		(5)	 ̈	transferred
pursuant to and in compliance with Regulation S under the Securities Act; or

 

		(6)	 ̈	transferred to an institutional “accredited investor”
(as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor”
(as defined in Rule 501(a)(4) under the Securities Act), that has furnished to the Trustee a signed letter containing
certain representations and agreements (the form of which letter appears as Section 2.8 or 2.10 of the Indenture, respectively);
or

 

		(7)	 ̈	transferred pursuant to another available exemption
from the registration requirements of the Securities Act of 1933, as amended.

 

    A-8

     

    

 

Unless one of the boxes is checked, the Trustee will refuse
to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof;
provided, however, that if box (5), (6) or (7) is checked, the Issuers may require, prior to registering
any such transfer of the Notes, in its sole discretion, such legal opinions, certifications and other information as the Issuers
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under
such Act.

 

		 	 
	 	 	Signature
	Signature Guarantee:	 	 
	 	 	 
	 	 	 
	(Signature must be guaranteed)	 	Signature

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.

 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE
IS CHECKED.

 

The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by Rule 144A.

 

		 	 
	 	 	Dated:

 

    A-9

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTES

 

The following increases or decreases in
this Global Note have been made:

 

	Date of Exchange	 	Amount of decrease
 in Principal Amount
 of this Global Note	 	Amount of increase
 in Principal Amount 
 of this Global Note	 	Principal Amount of
 this Global Note
 following such
 decrease or increase	 	Signature of
 authorized signatory 
 of Trustee or Notes
 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-10

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you elect to have this Note purchased
by the Issuers pursuant to Section 3.5 of the Indenture, check the box:

 

Section 3.5  ̈

 

If you want to elect to have only part of
this Note purchased by the Issuers pursuant to Section 3.5 of the Indenture, state the amount in principal amount (must be
in denominations of $2,000 or an integral multiple of $1,000 in excess thereof): $___________________________________ and specify
the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued
to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification, one such Note
will be issued for the portion not being repurchased): _________________.

 

Date: __________ Your Signature ____________________________________________________

(Sign exactly as your name appears on the other side
of the Note)

 

Signature Guarantee: _______________________________________________________________

(Signature must be guaranteed)

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.

 

    A-11

     

    

 

EXHIBIT B

 

Form of Supplemental Indenture to
Add Guarantors

 

SUPPLEMENTAL INDENTURE, (this “Supplemental
Indenture”) dated as of __________ ___, 20___, by and among the parties that are signatories hereto as Guarantors (the
 “Guaranteeing Subsidiary”), and Wilmington Trust, National Association, as Trustee under the Indenture referred
to below.

 

W I T N E S S E T H:

 

WHEREAS, each of the Issuers and the Trustee
have heretofore executed and delivered an indenture dated as of January 30, 2020 (as amended, supplemented, waived or otherwise
modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $750.0 million of
4.250% Senior Notes due 2027 (the “Notes) of the Issuers (as defined in the Indenture);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture to which the
Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the Issuers’
Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”);
and

 

WHEREAS, pursuant to Section 9.1
of the Indenture, the Issuers, any Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture
to amend or supplement the Indenture, without the consent of any Holder;

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1.     Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used
herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

ARTICLE II

 

AGREEMENT TO BE BOUND; GUARANTEE

 

SECTION 2.1.     Agreement
to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all of
the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

 

SECTION 2.2.     Guarantee.
The Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and
irrevocably Guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X
of the Indenture on a senior basis.

 

    

     

    

 

ARTICLE III

 

MISCELLANEOUS

 

SECTION 3.1.     Notices.
All notices and other communications to the Guarantor shall be given as provided in the Indenture to the Guarantor, at its address
set forth below, with a copy to the Issuers as provided in the Indenture for notices to the Issuers.

 

SECTION 3.2.     Merger
and Consolidation. The Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially all of its assets
to, or consolidate with or merge with or into another Person (other than the Issuers or any Restricted Subsidiary that is a Guarantor
or becomes a Guarantor concurrently with the transaction) except in accordance with Section 4.1(d) of the Indenture.

 

SECTION 3.3.     Release
of Guarantee. This Guarantee shall be released in accordance with Section 10.2 of the Indenture.

 

SECTION 3.4.     Parties.
Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the
Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the
Indenture or any provision herein or therein contained.

 

SECTION 3.5.     Governing
Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 3.6.     Severability.
In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to
the extent of such invalidity, illegality or unenforceability.

 

SECTION 3.7.     Benefits
Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture.
The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated
by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly
made in contemplation of such benefits.

 

SECTION 3.8.     Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated
and delivered shall be bound hereby.

 

SECTION 3.9.     The
Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or
with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.

 

SECTION 3.10.     Counterparts.
The parties hereto may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all
of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

SECTION 3.11.     Execution
and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of any such Guarantee.

 

    B-2

     

    

 

SECTION 3.12.     Headings.
The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

    B-3

     

    

 

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

 

		 	[Subsidiary Guarantor],
	 	 	as a Guarantor	 

 

	 	 	By:	 
		 		Name:
	 	 		Title:
		 	 
	 	 	[ADDRESS
    FOR NOTICES]

 

 

[Signature
Page to Supplemental Indenture]

 

    

     

    

 

Acknowledged by:

 

 

	LADDER CAPITAL FINANCE HOLDINGS LLLP
	 
	 
	By:	             	 
		Name:
		Title:
	 
	 
	LADDER CAPITAL FINANCE CORPORATION
	 
	 
	By:	 	 
		Name:
		Title:

 

[Signature
Page to Supplemental Indenture]

 

    

     

    

 

	
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		as Trustee
	
	 
	 
		By:	 
			Name:
			Title:

 

[Signature
Page to Supplemental Indenture]Exhibit

Exhibit 10.1

FRANKLIN RESOURCES, INC.
AMENDED AND RESTATED ANNUAL INCENTIVE COMPENSATION PLAN

(amended and restated December 10, 2019)
(amended and restated June 14, 2016)
(amended and restated October 20, 2014)
(amended and restated October 22, 2012)
(amended and restated March 16, 2010)
 (amended and restated December 13, 2006)
(amended and restated December 16, 2005)
(amended and restated September 22, 2005)
(amended and restated December 16, 2004)
(amended and restated December 11, 2003)

		
	I.
	PURPOSE

Franklin Resources, Inc. has established this Amended and Restated Annual Incentive Compensation Plan to attract, retain, and motivate eligible employees to achieve the highest levels of performance results in the financial services business by providing them an opportunity to share in the organization’s annual performance results.
		
	II.
	DEFINITIONS

When used in this plan document, the following words and phrases shall have the following meanings:
2.1“Award Pool” means the total amount, denominated in U.S. dollars, available for funding Incentive Awards under the Plan for an applicable Plan Year.

2.2“Bonus Opportunity” means a potential bonus target for a Participant.

2.3“Committee” means the Compensation Committee of the Board of Directors of the Company, and/or another committee of the Board of Directors to the extent of such other committee’s authority granted by the Board of Directors of the Company.

2.4“Company” means Franklin Resources, Inc., a Delaware corporation, and its direct and indirect subsidiaries.

2.5“Compensation Committee” means the Compensation Committee of the Franklin Resources, Inc. Board of Directors.

2.6“Equity Award” means a grant of Stock, Options, SARs, Stock Awards, Restricted Stock Awards or Restricted Stock Unit Awards under the 2002 Universal Stock Incentive Plan or successor equity compensation plan, or Mutual Fund Unit Awards.

2.7“Grantor” means Management or a Committee, as applicable.

2.8“Incentive Award” means either an Equity Award or cash awarded to a Participant under this Plan.

2.9“Management” means one or more of the executive officers of the Company.

1

2.10“Mutual Fund Unit Award” (also referred to as “Restricted Fund Units” from time to time) means the grant of a right to receive shares in mutual funds or other investment funds sponsored by the Company, or cash depending on the applicable award agreement, upon the vesting of the units, with such right to receive shares in such mutual funds (or cash) subject to a risk of forfeiture or other restrictions that will lapse based on the completion of service or achievement of performance objectives by the Participant, as determined by a Committee.

2.11“Option” means the grant of a right to purchase Stock at a specified exercise price, with the right to purchase such shares of Stock subject to the completion of service or achievement of performance objectives by the Participant, as determined by a Committee.

2.12“Participant” means each employee who has been determined by the Grantor to be a Participant pursuant to Article III.

2.13“Plan” means the Amended and Restated Annual Incentive Compensation Plan as set forth in this document, as amended from time to time.

2.14“Pre-Bonus Operating Income” (hereafter “PBOI”) means the consolidated operating income of the Company, calculated before non-operating interest, taxes and extraordinary items and before the accrual for any Incentive Awards and, if applicable, any “Actual Awards” as defined under the Company’s 2014 Key Executive Incentive Compensation plan, or any successor plan, in each case determined in a manner consistent with the Company’s consolidated statement of income for the applicable Plan Year.

2.15“Plan Year” means the 12-month period beginning on the first day of each fiscal year of the Company.

2.16“Restricted Stock Award” means the grant of shares of Stock, with such shares of Stock subject to a risk of forfeiture or other restrictions that will lapse based on the completion of service or achievement of performance objectives by the Participant, as determined by a Committee.

2.17“Restricted Stock Unit Award” means the grant of a right to receive Stock or cash in lieu of Stock, depending on the terms of the applicable award agreement, upon the vesting of the units, with such right to receive Stock (or cash) subject to a risk of forfeiture or other restrictions that will lapse based on the completion of service or achievement of performance objectives by the Participant, as determined by a Committee.

2.18“SAR” means the grant of a right to receive, in cash or Stock (as determined by a Committee), value equal to (or otherwise based on) the excess of (a) the fair market value of a specified number of shares of Stock at the time of exercise over (b) a specified exercise price, with the right to receive such value in cash or Stock subject to the completion of service or achievement of performance objectives by the Participant, as determined by a Committee.

2.19“Stock” means Franklin Resources, Inc. common stock reserved for issuance under the Franklin Resources, Inc. 2002 Universal Stock Incentive Plan or successor equity compensation plan, as may be amended and restated from time to time.

2.20“Stock Award” means the grant of a right to receive Stock.

		
	III.
	PARTICIPATION

All individuals who are employees at the beginning of the Plan Year, except employees who participate in commission-based incentive plans or employees who a Grantor determines in its sole discretion are ineligible, are eligible to be designated by a Committee or Management as Participants during that Plan Year. Employees, including but not limited to employees hired during a Plan Year, may be added to the Plan as Participants in the sole discretion of a Committee or Management. 

2

		
	IV.
	AWARD POOL FUNDING AND INDIVIDUAL AWARDS

4.1For each Plan Year, the Compensation Committee shall determine the amount to be allocated to the Award Pool, not to exceed Thirty Percent (30%) of PBOI. 

4.2The Grantor may generally determine the amount of Bonus Opportunities under the Plan. A Committee has the sole and absolute discretion to grant any Equity Award. The Compensation Committee has the sole and absolute discretion to increase or decrease an Incentive Award payable to a member of Management. Management or a Committee may award cash Incentive Awards.

4.3The actual amounts allocated to the Award Pool may be determined and/or revised by the Compensation Committee at any time during or after the end of each Plan Year, based upon actual or projected Company performance and PBOI. Amounts not allocated as Incentive Awards do not carry over to the next Plan Year.

4.4Incentive Awards may be awarded during or following the end of each Plan Year. The amount of any Incentive Awards awarded prior to the end of a Plan Year shall be credited against the Award Pool for such Plan Year so that the net amount remaining in the Award Pool is available for Incentive Awards determined and awarded after the end of such Plan Year. Actual Incentive Awards may vary from the Bonus Opportunities depending on the PBOI allocated or projected to be allocated to the Award Pool and on a Participant’s individual performance.

4.5No employee is entitled to receive an Incentive Award for any Plan Year. Generally a Participant’s Incentive Award will be based upon an evaluation of a Participant’s overall performance, including the successful accomplishment of annual goals and objectives and the desire to retain and motivate the Participant, as well as other performance factors such as business unit performance and overall Company performance. Notwithstanding an employee’s individual performance, however, and despite anything to the contrary in this Plan, the Grantor has absolute discretion to determine the amount of any Incentive Award, including discretion to increase or decrease a recommended award, or to determine not to award any Incentive Award. Past Incentive Awards awarded to a Participant are not an indicator of future participation in the Award Pool or of the amount of any future Incentive Awards that may be awarded to the Participant. In order to promote the highest levels of individual performance, there is no minimum or maximum amount which applies to individual Incentive Awards of any Participant.

		
	V.
	AWARD OF AND PAYMENT UNDER INCENTIVE AWARDS GENERALLY

5.1Cash and/or equity awarded as part of an Incentive Award may be paid or become vested, as applicable, in the following time and manner:

(a)Incentive Awards may be subject to such restrictions and vesting as determined by a Committee to be appropriate.

(b)Any Equity Awards granted as part of an Incentive Award shall be governed by the terms of the applicable award agreement evidencing such Equity Award, and either (i) or (ii) as follows: (i) in the case of Equity Awards other than Mutual Fund Unit Awards, the 2002 Universal Stock Incentive Plan or any successor plan, and once granted to the recipient shall not be governed by or subject to the terms of this Plan, (ii) in the case of Mutual Fund Unit Awards, the terms of this Plan.

(c)The cash portion of an Incentive Award shall be paid at such time and in such manner as the Grantor determines. Participants shall be notified in writing as to the date and time of payment of any deferred portion of the Incentive Award.

(d)Equity Awards granted as part of an Incentive Award shall be granted effective as of such time during or after the end of the Plan Year as determined by a Committee. Notwithstanding anything in the Plan to the contrary, Equity Awards and any modifications thereto shall be made by a Committee.

3

(e)Notwithstanding the foregoing, with respect to any Incentive Award granted to a Participant who is a United States resident or subject to United States law, the payment of such Incentive Award shall be completed no later than two and one-half (21⁄2) months following the end of the calendar year in which such Incentive Award is earned. Payment timing shall be determined by the Committee for any other Participant, subject to applicable law.

5.2Application of Code Section 409A.

The Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or an exemption or exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, the Plan shall be administered in all respects in accordance with Section 409A of the Code. Notwithstanding any other provision of this Plan to the contrary, the Company, in its sole discretion and without Participant consent, may amend or modify the Plan in any manner to provide for the application and effects of Section 409A of the Code (relating to deferred compensation arrangements) and any related regulatory or administrative guidance issued by the Internal Revenue Service, or any successors thereto. The Company shall have the authority to delay the payment of any benefits described under the Plan to the extent it deems necessary or appropriate to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “key employees” of certain publicly-traded companies) and in such event, any such payments to which a Participant would otherwise be entitled during the six (6) month period immediately following his or her separation from service (within the meaning of Section 409A of the Code) will be made on the first business day following the expiration of such six (6) month period. If the Participant dies following a separation from service and prior to the payment of any amounts delayed in accordance with the prior sentence, such amounts shall be paid to the Participant’s estate or applicable beneficiary within thirty (30) days after the date of the Participant’s death. None of the Company, the Committee nor any of the Company’s employees, directors or representatives shall have liability to any Participant with respect to Section 409A of the Code.

		
	VI.
	AWARD OF OR PAYMENT UNDER INCENTIVE AWARDS IN EVENT OF TERMINATION OF EMPLOYMENT

6.1Termination of Employment.

(a)Except as otherwise noted in Section 6.1(c) below, and subject to the terms of any governing award agreement, Participants must be employed with the Company both on the date Incentive Awards are awarded and the date Incentive Awards are paid in order to be eligible to receive the award of, or payment under, an Incentive Award.

(b)Subject to Section 6.1(c) and the terms of any applicable award agreement, a Participant shall have no right to an Incentive Award, and shall forfeit any awarded Incentive Award, which shall be cancelled without payment of any consideration to a Participant therefor, if the Participant’s employment terminates, for any reason, (i) before the date an Incentive Award is awarded to the Participant or, (ii) in the case of an Incentive Award that includes a cash award, before the cash payment under that Incentive Award has been made, in each case whether or not the Participant has been notified of his or her Incentive Award. For purposes of this Section 6.1(b), an Equity Award shall be considered to have been awarded to a Participant when the Equity Award has been granted to the Participant in accordance with the Company’s then-applicable Equity Award grant procedures.

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(c)Notwithstanding the foregoing, the Grantor can decide in its sole and absolute discretion to award a cash Incentive Award, or make a cash payment under an Incentive Award previously awarded, to a Participant whose employment ends for any reason. The Grantor has the sole and absolute discretion to determine the amount of any Incentive Award awarded to a terminated employee. The Grantor shall, when exercising discretion to award such an Incentive Award, and in determining the amount of any specific cash Incentive Award to a terminated employee, consider that it is not practical or effective to award amounts that would otherwise have reflected future incentives to departed employees. Any Incentive Award awarded pursuant to this Section 6.1(c) in the discretion of the Grantor shall be paid in cash in a single payment as soon as practical following when the Incentive Award would have otherwise been paid absent the employee’s termination, or as otherwise determined by the Grantor but subject to Section 5.1(e) above.

(d)There is no obligation, either expressed or implied, that the Grantor must actually consider awarding an Incentive Award, or making any payment under any Incentive Award already awarded but not yet accepted and paid, to an employee whose employment ends for any reason.

		
	VII.
	AMENDMENT OR TERMINATION

7.1Amendment.

The Compensation Committee reserves the right, in its sole discretion to amend, modify or suspend this Plan at any time in whole or in part; provided, however, that no amendment, modification or suspension shall result in the forfeiture or cancellation of any Participant’s Incentive Award(s) already awarded before the date the Compensation Committee approves such amendment, modification or suspension, unless otherwise agreed to by the affected Participant(s).
7.2Termination.

The Compensation Committee may terminate the Plan at any time. Termination of the Plan shall not result in the forfeiture or cancellation of any Participant’s Incentive Award(s) which have already been awarded but under which payments have not yet been made, unless otherwise agreed to by the affected Participant(s).
		
	VIII.
	ADMINISTRATION

8.1Administration of the Plan.

This Plan has been adopted by the stockholders of Franklin Resources, Inc. and shall be administered by the Compensation Committee.
The Compensation Committee shall have the sole authority, in its absolute discretion, to adopt, amend, and rescind such policies and procedures as, in its opinion, may be advisable in the administration of the Plan, to construe and interpret the Plan, the policies and procedures, and any instruments evidencing Incentive Awards and to make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations, and interpretations of the Compensation Committee shall be binding on all Participants.

The Plan is intended to meet the requirements of the rules promulgated by the Securities and Exchange Commission under Section 16(b) of the Securities Exchange Act of 1934, as amended, and shall be administered and construed accordingly.

The Compensation Committee shall have the right, solely with respect to any Participants who are not United States residents or subject to United States law, to vary from the provisions of the Plan to preserve its incentive features (subject to applicable law in the applicable jurisdiction).

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8.2Non-alienation of Benefits.

No benefit under this Plan may be sold, assigned, transferred, conveyed, hypothecated, encumbered, anticipated, or otherwise disposed of, and any attempt to do so shall be void other than by will or the laws of inheritance upon death of the Participant. No such benefit shall, prior to receipt thereof by a Participant, be in any manner subject to the debts, contracts, liabilities, engagements, or torts of such Participant.
8.3No Contract or Effect on Employment.

This Plan is not intended to be, and should not be construed to be, an employment contract or any other contract or agreement or as a guarantee of employment for any particular period of time. This Plan also does not create any express or implied contract or promise for the payment or award of any Incentive Award or other compensation or benefit. Nothing in this Plan shall be construed to limit, change or contradict in any way any of the Company’s personnel policies and procedures particularly, without limitation, the Company’s right to terminate a Participant’s employment at any time for any reason whatsoever with or without cause. Likewise, nothing in this Plan provides an agreement or understanding, express or implied, that the Company (a) will employ a Participant in any particular position or for a particular length of time, (b) will ensure participation in any incentive programs, or (c) will award any awards under such programs.
8.4Applicable Law.

The provisions of the Plan shall be governed by and construed in accordance with the laws of the State of Delaware, with the exception of Delaware’s conflict of laws provisions.
8.5Mandatory Alternative Dispute Resolution.

The Participant and the Company agree to resolve all disputes arising under the Plan or involving the participation by Participant in the Plan exclusively through Alternative Dispute Resolution, including direct discussion and mandatory mediation, followed, if necessary, by final and binding arbitration in accordance with the Company’s dispute resolution policies and the Participant’s ADR Agreement with the Company then in effect.
		
	IX.
	FORFEITURE OF INCENTIVE AWARDS

9.1Forfeiture Pursuant to Restatement of Financial Results.

Notwithstanding any other provision of this Plan to the contrary, in the event that (i) the Company issues a restatement of financial results to correct a material error; (ii) the Compensation Committee determines, in good faith, that a Participant’s fraud or willful misconduct was a significant contributing factor to the need to issue such restatement; and (iii) some or all of an award awarded to that Participant prior to such restatement (the “Relevant Award”) and/or shares of Stock or mutual fund shares that were awarded and/or other property earned by the Participant prior to such restatement (the “Relevant Property”) would not have been awarded and/or earned, as applicable, based upon the restated financial results, the Participant shall immediately return to the Company the Relevant Award and the Relevant Property, including any property received with respect to that Relevant Award or Relevant Property, including any pre-tax income derived from any disposition of it, and shares of Stock, mutual fund shares or other property previously received in settlement of a Relevant Award that would not have been awarded and/or earned based upon the restated financial results (the “Repayment Obligation”), and any and all such Relevant Award or Relevant Property (whether or not vested) shall immediately be forfeited. The Company shall be able to enforce the Repayment Obligation by all legal means available, including, without limitation, by withholding such amount from other sums owed by the Company to the Participant.

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9.2Forfeiture Pursuant to Fraud or Breach of Securities Law.

(a)Notwithstanding any other provision of this Plan to the contrary, in the event that the Participant:

(i)is convicted by any court for fraud;

(ii)is finally adjudicated by any court or is otherwise finally determined by a Regulatory Agency to be in violation of any Securities Law where the violation related to a period of time during which the Participant was an employee; or

(iii)enters into a settlement agreement with a Regulatory Agency, with or without admission of any liability, in relation to or in connection with an allegation concerning a violation of any Securities Law by the Participant where the violation or alleged violation related to a period of time during which the Participant was an employee, and the terms of the settlement agreement result in (x) the Participant making, or being required to make, payment of any penalty or a payment in lieu of any penalty or redress in respect of such violation, or alleged violation; (y) the publication of any statement of reprimand or censure; or (z) the Participant suffering any other penalty including (without limitation) suspension or termination of his status for the purposes of any Securities Law, each of the Participant’s Incentive Awards under the Plan, if and to the extent that it has not been awarded or paid, shall immediately be forfeited without any payment to the Participant therefor and the Participant will immediately cease to have any further rights over or interest in such award; provided, however, that in such event Equity Awards (other than Mutual Fund Units) shall be subject to the terms of the 2002 Universal Stock Incentive Plan and the applicable award agreement(s) underlying such Equity Awards and Equity Awards that are Mutual Fund Units shall be governed by this Plan. Notwithstanding the foregoing, the Compensation Committee may determine, in its sole discretion, that only a portion of the Participant’s award specified by the Compensation Committee (or no such portion of the award) shall be forfeited. However, there is no obligation, either expressed or implied, that the Compensation Committee must actually consider causing only a portion (or no such portion) of the Participant’s award to be forfeited.

For the purposes of Section 9.2, the following words shall have the following meanings: 
“Regulatory Agency” shall mean in any jurisdiction any department of government, independent agency, authority appointed by statute or by government in connection with the supervision and or enforcement of any Securities Law including, but not limited to, the U.S. Securities and Exchange Commission; 
“Securities Law” shall mean any enactment, law, statute, rule, requirement or regulation in any jurisdiction relating to Securities that is or was applicable to the Company or that is or was applicable to the Participant;
“Securities” shall mean any shares, bonds, derivatives or other financial instruments or financial assets or any interest therein.
9.3Other Repayment or Forfeiture.

Any benefits Participants may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with (i) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder, (ii) similar laws, and implementing rules and regulations, of the European Union (as implemented by its member states and by the European Securities and Markets Authority) and of any other jurisdiction and (iii) any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to Participant.

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* * *
This Plan was originally approved by the stockholders of Franklin Resources, Inc. on January 19, 1994. The stockholders of Franklin Resources, Inc. approved an amendment of the Plan on January 24, 1995. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on December 11, 2003 to (a) provide that up to 20% of pre-tax operating income may be allocated to the Award Pool by the Compensation Committee and (b) give broad discretion to the Compensation Committee in determining the amount of Incentive Awards payable to Participants in the Plan, which amendment and restatement was approved by the stockholders of Franklin Resources, Inc. on January 29, 2004. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on December 16, 2004 to provide that Incentive Awards may be paid in Options, SARs, Stock Awards and Restricted Stock Unit Awards, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on September 22, 2005 principally to (a) provide that the allocation of actual amounts to the Award Pool, Associates’ Pool(s) and/or Principals’ Pool(s) for a Plan Year and the determination and payment of actual Incentive Awards for a Plan Year may be made in advance of the completion of such Plan Year and (b) make various conforming and other technical changes to the Plan, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on December 16, 2005 principally to change the governing law of the Plan to Delaware, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on December 13, 2006 principally to make clarifying and technical changes to the Plan, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on March 16, 2010 principally to (a) make clarifying and technical changes to the Plan, including to extend certain administrative authority to appropriate officers and members of management personnel in addition to the Compensation Committee, as well as (b) include a clawback provision providing for the forfeiture of Incentive Awards by a Participant in the context of certain material financial restatements resulting from such Participant’s misconduct, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on October 22, 2012 to permit additional committees established by the Board to act under the Plan to the extent of the authority awarded to any such committee, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on October 20, 2014 to amend the clawback provision to also provide for the forfeiture of Incentive Awards by a Participant in the case of certain circumstances involving fraud or breach of securities laws by the Participant, any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and, similar laws, and implementing rules and regulations, of the European Union (as implemented by its member states and by the European Securities and Markets Authority) and of any other jurisdiction, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on June 14, 2016 to amend the Plan in certain respects to clarify the rights of Participants and make other conforming changes, which amendment and restatement was not subject to the approval of the stockholders of Franklin Resources, Inc. The Board of Directors of Franklin Resources, Inc. approved an amendment and restatement of the Plan on December 10, 2019 to (a) increase the maximum amount to be allocated to the Award Pool from twenty percent (20%) of PBOI to thirty percent (30%) of PBOI, and (b) make clarifying and technical changes to the Plan, including to Sections 5.1 and 5.2 of the Plan.
FRANKLIN RESOURCES, INC.

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