Document:

Exhibit 10.1

 

 

 

 

RUNWAY GROWTH FINANCE CORP.

 

 

 

$20,000,000

7.00% Series 2022A Senior Notes due August 31, 2027

 

 

 

MASTER NOTE PURCHASE AGREEMENT

 

 

 

Dated August 31, 2022

 

 

 

 

     

     

    

 

Table
of Contents

 

Page

 

	Section 1.       AUTHORIZATION OF NOTES; INTEREST RATE.	1
	 	 	 
	Section 1.1.	Authorization of Notes	1
	Section 1.2.	Changes in Interest Rate	1
	 	 	 
	Section 2.       SALE AND PURCHASE OF NOTES.	1
	 	 	 
	Section 2.1.	Purchase and Sale of Series 2022A Notes	1
	Section 2.2.	Additional Series of Notes	1
	 	 	 
	Section 3.       CLOSING.	2
	 	 	 
	Section 4.       CONDITIONS TO CLOSING.	3
	 	 	 
	Section 4.1.	Representations and Warranties	3
	Section 4.2.	Performance; No Default	3
	Section 4.3.	Compliance Certificates	3
	Section 4.4.	Opinions of Counsel	3
	Section 4.5.	Purchase Permitted by Applicable Law, Etc	3
	Section 4.6.	Payment of Special Counsel Fees	4
	Section 4.7.	[Reserved]	4
	Section 4.8.	Changes in Corporate Structure	4
	Section 4.9.	Funding Instructions	4
	Section 4.10.	Asset Coverage Test	4
	Section 4.11.	Compliance with All Outstanding Debt Obligations	4
	Section 4.12.	Proceedings and Documents	4
	Section 4.13.	Conditions to Issuance of Additional Notes	4
	 	 	 
	Section 5.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY	5
	 	 	 
	Section 5.1.	Organization; Power and Authority	5
	Section 5.2.	Authorization, Etc	5
	Section 5.3.	Disclosure	6
	Section 5.4.	Organization and Ownership of Shares of Subsidiaries; Affiliates	6
	Section 5.5.	Financial Statements; Material Liabilities	7
	Section 5.6.	Compliance with Laws, Other Instruments, Etc	7
	Section 5.7.	Governmental Authorizations, Etc	7
	Section 5.8.	Litigation; Observance of Agreements, Statutes and Orders	7
	Section 5.9.	Taxes	8
	Section 5.10.	Title to Property; Leases	8
	Section 5.11.	Licenses, Permits, Etc	8
	Section 5.12.	Private Offering by the Company	8
	Section 5.13.	Use of Proceeds; Margin Regulations	9
	Section 5.14.	Existing Indebtedness; Future Liens	9
	Section 5.15.	Foreign Assets Control Regulations, Etc.	10
	Section 5.16.	Environmental Matters	10
	Section 5.17.	Investment Company Act	11

 

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Table
of Contents

(continued)

 

Page

 

	Section 6.       REPRESENTATIONS OF THE PURCHASERS	11
	 	 	 
	Section 6.1.	Purchase for Investment	11
	Section 6.2.	Source of Funds	11
	Section 6.3.	Investment Experience; Access to Information	13
	Section 6.4.	Authorization	13
	Section 6.5.	Restricted Securities	14
	Section 6.6.	No Public Market	14
	Section 6.7.	Legends	14
	 	 	 
	Section 7.       INFORMATION AS TO COMPANY.	14
	 	 	 
	Section 7.1.	Financial and Business Information	14
	Section 7.2.	Officer’s Certificate	16
	Section 7.3.	Visitation	17
	Section 7.4.	Electronic Delivery	17
	Section 7.5.	Limitation on Competitors	18
	 	 	 
	Section 8.       PAYMENT AND PREPAYMENT OF THE NOTES	18
	 	 	 
	Section 8.1.	Maturity	18
	Section 8.2.	Optional Redemption	18
	Section 8.3.	Allocation of Partial Redemption	18
	Section 8.4.	Maturity; Surrender, Etc	18
	Section 8.5.	Purchase of Notes	18
	Section 8.6.	Payments Due on Non-Business Days	19
	Section 8.7.	Change in Control	19
	 	 	 
	Section 9.       AFFIRMATIVE COVENANTS	20
	 	 	 
	Section 9.1.	Compliance with Laws	20
	Section 9.2.	Insurance	20
	Section 9.3.	Maintenance of Properties	20
	Section 9.4.	Payment of Taxes and Claims	20
	Section 9.5.	Corporate Existence, Etc	21
	Section 9.6.	Books and Records	21
	Section 9.7.	Subsidiary Guarantors	21
	Section 9.8.	Status of RIC and BDC	22
	Section 9.9.	Investment Policies	22
	 	 	 
	Section 10.       NEGATIVE COVENANTS.	22
	 	 	 
	Section 10.1.	Transactions with Affiliates	22
	Section 10.2.	Merger, Consolidation, Fundamental Changes, Etc	24
	Section 10.3.	Line of Business	26
	Section 10.4.	Economic Sanctions, Etc	26
	Section 10.5.	Liens	26
	Section 10.6.	Restricted Payments	29

 

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Table
of Contents

(continued)

 

Page

 

	Section 10.7.	Financial Covenants.	30
	 	 	 
	Section 11.       EVENTS OF DEFAULT	31
	 	 	 
	Section 12.       REMEDIES ON DEFAULT, ETC	33
	 	 	 
	Section 12.1.	Acceleration	33
	Section 12.2.	Holder Action	34
	Section 12.3.	Rescission	34
	Section 12.4.	No Waivers or Election of Remedies, Expenses, Etc	34
	 	 	 
	Section 13.       REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.	35
	 	 	 
	Section 13.1.	Registration of Notes	35
	Section 13.2.	Transfer and Exchange of Notes	35
	Section 13.3.	Replacement of Notes	36
	 	 	 
	Section 14.       PAYMENTS ON NOTES	36
	 	 	 
	Section 14.1.	Place of Payment	36
	Section 14.2.	Payment by Wire Transfer	36
	Section 14.3.	Tax Information	37
	 	 	 
	Section 15.       EXPENSES, ETC.	38
	 	 	 
	Section 15.1.	Transaction Expenses	38
	Section 15.2.	Certain Taxes	38
	Section 15.3.	Survival	39
	 	 	 
	Section 16.       SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.	39
	 	 	 
	Section 17.       AMENDMENT AND WAIVER	39
	 	 	 
	Section 17.1.	Requirements.	39
	Section 17.2.	Solicitation of Holders of Notes	40
	Section 17.3.	Binding Effect, Etc	40
	Section 17.4.	Notes Held by Company, Etc	40
	 	 	 
	Section 18.       NOTICES.	41
	 	 	 
	Section 19.       REPRODUCTION OF DOCUMENTS.	41
	 	 	 
	Section 20.       CONFIDENTIAL INFORMATION	42
	 	 	 
	Section 21.       SUBSTITUTION OF PURCHASER.	43
	 	 	 
	Section 22.       MISCELLANEOUS.	43
	 	 	 
	Section 22.1. 	Successors and Assigns	43
	Section 22.2. 	Accounting Terms	43
	Section 22.3. 	Severability	44
	Section 22.4. 	Construction, Etc	44

 

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Table
of Contents

(continued)

 

Page

 

	Section 22.5. 	Counterparts; Electronic
Contracting	44
	Section 22.6. 	Governing Law	45
	Section 22.7.	Jurisdiction and Process; Waiver of Jury Trial	45

 

 

 

 

	Schedule A	 —	Defined Terms
	 	 	 
	Schedule 1	—	Form of 7.00% Series 2022A Senior Notes due August 31, 2027
	 	 	 
	Schedule 5.3	—	Disclosure Materials
	 	 	 
	Schedule 5.4A	—	Subsidiaries of the Company and Ownership of Subsidiary Stock
	 	 	 
	Schedule 5.4B	—	Excluded Subsidiaries of the Company
	 	 	 
	Schedule 5.5	—	Financial Statements
	 	 	 
	Schedule 5.14	—	Existing Indebtedness
	 	 	 
	Schedule 10.1	—	Transactions with Affiliates
	 	 	 
	Schedule 10.5	—	Liens
	 	 	 
	Schedule 14.3	—	U.S. Tax Compliance Certificate
	 	 	 
	Exhibit S	—	Form of Supplement to Master Note Purchase Agreement
	 	 	 
	Purchaser Schedule	—	Information Relating to Purchaser

 

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RUNWAY
GROWTH FINANCE CORP.

205 N. Michigan Avenue, #4200

Chicago, IL 60601

 

7.00% Series 2022A Senior Notes due August 31,
2027

 

August 31, 2022

 

To the
Purchaser Listed in the

 

Purchaser
Schedule Hereto

 

Ladies and Gentlemen:

 

RUNWAY GROWTH FINANCE CORP.,
a Maryland corporation (the “Company”), agrees with the Purchaser as follows:

 

Section 1.          AUTHORIZATION
OF NOTES; INTEREST RATE.

 

Section 1.1.           Authorization
of Notes. The Company will authorize the issue and sale of $20,000,000 aggregate principal amount of its 7.00% Series 2022A
Senior Notes due August 31, 2027 (the “Series 2022A Notes”; such term shall also include any such notes as amended,
restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor
pursuant to Section 13). The Series 2022A Notes shall be substantially in the form set out in Schedule 1. Certain capitalized
and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction
set forth in Section 22.4 shall govern.

 

The Series 2022A Notes, together with each Series of Additional
Notes which may from time to time be issued pursuant to the provisions of Section 2.2, are collectively referred to as the
 “Notes” (such term shall also include any such notes as amended, restated or otherwise modified from time to time
pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13).

 

Section 1.2.           Changes
in Interest Rate. Following the occurrence of an Event of Default, the Notes shall bear interest at the Default Rate.

 

Section 2.SALE
AND PURCHASE OF NOTES.

 

Section 2.1.           Purchase
and Sale of Series 2022A Notes. Subject to the terms and conditions of this Agreement, the Company will issue and sell to the
Purchaser and the Purchaser will purchase from the Company, at the Closing provided for in Section 3, Series 2022A Notes in
the aggregate principal amount of $20,000,000 at a purchase price of 97.0% of the principal amount thereof (or $19,400,000).

 

Section 2.2.           Additional
Series of Notes. The Company may, from time to time, in its sole discretion but subject to the terms hereof, issue and sell
one or more additional Series of its promissory notes under the provisions of this Agreement pursuant to a supplement (a “Supplement”)
substantially in the form of Exhibit S. Each additional Series of Notes (the “Additional Notes”) issued
pursuant to a Supplement shall be subject to the following terms and conditions:

 

(i)            each
Series of Additional Notes, when so issued, shall be differentiated from all previous Series by sequential designation inscribed
thereon;

 

    1

     

    

 

(ii)           Additional
Notes of the same Series may consist of more than one different and separate tranches and may differ with respect to outstanding
principal amounts, maturity dates, interest rates and premiums, if any, and price and terms of redemption or payment prior to maturity,
but all such different and separate tranches of the same Series shall vote as a single class and constitute one Series;

 

(iii)          each
Series of Additional Notes shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates,
be subject to such mandatory and optional prepayment on the dates and at the premiums, if any, have such additional or different conditions
precedent to closing, such representations and warranties and such additional covenants as shall be specified in the Supplement under
which such Additional Notes are issued and upon execution of any such Supplement, this Agreement shall be amended (a) to reflect
such additional covenants and any associated cure rights or grace period without further action on the part of the holders of the Notes
outstanding under this Agreement, provided, that any such additional covenants, including, for the avoidance of doubt, any associated
cure rights or grace period, shall inure to the benefit of all holders of Notes so long as any Additional Notes issued pursuant to such
Supplement remain outstanding, and, provided further, for the avoidance of doubt, no covenant, definition, default cure right
or grace period expressly set forth in this Agreement as of the date of this Agreement shall be deemed to be amended or deleted in any
respect to be less favorable to the holders of the Notes by virtue of the provisions of this clause (iii), and (b) to reflect such
representations and warranties as are contained in such Supplement for the benefit of the holders of such Additional Notes in accordance
with the provisions of Section 16;

 

(iv)          each
Series of Additional Notes issued under this Agreement shall be in substantially the form of Exhibit 1 to Exhibit S hereto
with such variations, omissions and insertions as are necessary or permitted hereunder;

 

(v)           the
minimum principal amount of any Note issued under a Supplement shall be $100,000, except as may be necessary to evidence the outstanding
amount of any Note originally issued in a denomination of $100,000 or more;

 

(vi)          all
Additional Notes shall rank pari passu with all other outstanding Notes; and

 

(vii)         no
Additional Notes shall be issued hereunder if immediately after the time of issuance thereof and after giving effect to the application
of the proceeds thereof, any Event of Default shall have occurred and be continuing.

 

Section 3.         CLOSING.

 

The execution and delivery
of this Agreement will be made at the offices of Troutman Pepper Hamilton Sanders LLP in Philadelphia, Pennsylvania on August 31,
2022 (the “Execution Date”).

 

The sale and purchase of
the Series 2022A Notes to be purchased by the Purchaser shall occur at the offices of Troutman Pepper Hamilton Sanders LLP in Philadelphia,
Pennsylvania, at 10:00 a.m. New York City time, on August 31, 2022 or on such other Business Day thereafter as may be agreed
upon by the Company and the Purchaser (the “Closing”). At the Closing, the Company will deliver to the Purchaser the
Series 2022A Notes to be purchased by the Purchaser in the form of a single Series 2022A Note (or such greater number of Notes
in denominations of at least $100,000 as the Purchaser may request) dated the date of the Closing and registered in the Purchaser’s
name (or in the name of its nominee), against delivery by the Purchaser to the Company or its order of immediately available funds in
the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company pursuant to
the applicable funding instructions delivered in accordance with Section 4.9. If at the Closing the Company shall fail to
tender such Series 2022A Notes to the Purchaser as provided above in this Section 3, or any of the conditions specified
in Section 4 shall not have been fulfilled to the Purchaser’s satisfaction, confirmation of such satisfaction not to
be unreasonably withheld or delayed, the Purchaser shall, at its election, be relieved of all further obligations under this Agreement,
without thereby waiving any rights the Purchaser may have by reason of such failure by the Company to tender such Series 2022A Notes
or any of the conditions specified in Section 4 not having been fulfilled to the Purchaser’s satisfaction.

 

    2

     

    

 

Section 4.         CONDITIONS
TO CLOSING.

 

The
Purchaser’s obligation to purchase and pay for the Notes to be sold to the Purchaser at the Closing is subject to the fulfillment
to the Purchaser’s satisfaction, prior to or at the Closing (unless otherwise indicated below), of the following conditions:

 

Section 4.1.           Representations
and Warranties. The representations and warranties of the Company in this Agreement shall be correct when made and at the Closing.

 

Section 4.2.           Performance;
No Default. The Company shall have performed and complied with all agreements and conditions contained in this Agreement required
to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the Notes
(and the application of the proceeds thereof as contemplated by Section 5.13) at the Closing, no Event of Default shall have
occurred and be continuing and no Change in Control shall have occurred.

 

Section 4.3.           Compliance
Certificates

 

(a)           Officer’s
Certificate. The Company shall have delivered to the Purchaser an Officer’s Certificate, dated the date of the Closing, certifying
that the conditions specified in Sections 4.1, 4.2, 4.8 and 4.10 have been fulfilled.

 

(b)           Secretary’s
Certificate. The Company shall have delivered to the Purchaser a certificate of its Secretary or Assistant Secretary, dated the date
of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization,
execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents as then in effect.

 

Section 4.4.           Opinions
of Counsel. The Purchaser shall have received customary opinions in form and substance reasonably satisfactory to the Purchaser,
dated the date of the Closing from (a) Dechert LLP, special counsel for the Company, covering matters with respect to the Company
and the Subsidiary Guarantors incident to the transactions contemplated hereby as the Purchaser or its counsel may reasonably request
(and the Company hereby instructs its counsel to deliver such opinion to the Purchaser).

 

Section 4.5.           Purchase
Permitted by Applicable Law, Etc. On the date of the Closing, the Purchaser’s purchase of Notes shall (a) be permitted
by the laws and regulations of each jurisdiction to which the Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of
the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular
investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of Governors of the Federal
Reserve System) and (c) not subject the Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation,
which law or regulation was not in effect on the date hereof. If requested by the Purchaser, the Purchaser shall have received an Officer’s
Certificate certifying as to such matters of fact as the Purchaser may reasonably specify to enable the Purchaser to determine whether
such purchase is so permitted.

 

    3

     

    

 

Section 4.6.           Payment
of Special Counsel Fees. Without limiting Section 15.1, the Company shall pay, within five days after the Execution Date
and the Closing, the reasonable and documented out-of-pocket fees, charges and disbursements of the Purchaser’s counsel to the
extent reflected in a statement of such counsel rendered to the Company no later than one Business Day after to the Closing; provided,
that all such fees, charges and disbursements shall not exceed $10,000 in aggregate.

 

Section 4.7.           [Reserved]

 

Section 4.8.           Changes
in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation or organization, as applicable, or been
a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity (in each case,
other than as permitted under Section 10.2), at any time following the date of the most recent financial statements referred
to in Schedule 5.5 or delivered pursuant to Section 7.1(a) or Section 7.1(b), as applicable.

 

Section 4.9.           Funding
Instructions. At least one Business Days prior to the date of the Closing, the Purchaser shall have received written instructions
signed by a Responsible Officer on letterhead of the Company specifying (i) the name and address of the transferee bank, (ii) such
transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited.
The Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver
a micro deposit (less than $50.00) to the account identified in the written instructions no later than two (2) Business Days prior
to Closing. If the Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro
deposit to the Purchaser on a telephone call initiated by the Purchaser prior to Closing. The Company shall not be obligated to return
the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase price of the
Notes.

 

Section 4.10.        Asset
Coverage Test. After giving effect to each issuance of the Notes, the Asset Coverage Ratio shall not be less than the ratio required
under Section 10.7(a).

 

Section 4.11.        Compliance
with All Outstanding Debt Obligations. (a)  On or prior to the date of such Closing, any consents or approvals required to be
obtained from any holder or holders of any outstanding Indebtedness of the Company or its Subsidiaries and any amendments of agreements
pursuant to which any Indebtedness may have been issued which shall be necessary to permit the consummation of the transactions contemplated
hereby shall have been obtained (and shall be in full force and effect on the date of such Closing) and shall be satisfactory to the
Purchaser and its counsel.

 

(b)           The
Company shall have performed and complied with the terms and conditions of its outstanding debt obligations, including the Bank Credit
Agreement, and no event of default has occurred and is currently occurring as of the date of such Closing with respect to the Bank Credit
Agreement.

 

Section 4.12.        Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement and
all documents and instruments incident to such transactions shall be reasonably satisfactory to the Purchaser, and the Purchaser shall
have received all such counterpart originals or certified or other copies of such documents as the Purchaser may reasonably request.

 

    4

     

    

 

Section 4.13.        Conditions
to Issuance of Additional Notes. The obligations of the purchasers of Additional Notes (the “Additional Purchasers”)
to purchase any Additional Notes shall be subject to the following conditions precedent, in addition to any conditions specified in the
Supplement pursuant to which such Additional Notes may be issued:

 

(a)            Compliance
Certificate. A duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser and each holder of
Notes an Officer’s Certificate dated the date of issue of such Series of Additional Notes stating that such officer has reviewed
the provisions of this Agreement (including any Supplements hereto) and setting forth the information and computations (in sufficient
detail) required in order to establish whether the Company is in compliance with the requirements of Section 10.7 on such
date (based upon the financial statements for the most recent fiscal quarter ended prior to the date of such certificate but after giving
effect to the issuance of the Additional Series of Notes and the application of the proceeds thereof).

 

(b)            Execution
and Delivery of Supplement. The Company and each such Additional Purchaser shall execute and deliver a Supplement substantially in
the form of Exhibit S hereto.

 

(c)            Representations
of Additional Purchasers. Each Additional Purchaser shall have confirmed in the Supplement that the representations set forth in
Section 6 are true with respect to such Additional Purchaser on and as of the date of issue of the Additional Notes.

 

(d)            Execution
and Delivery of Guaranty Ratification. Each Subsidiary Guarantor, if any, shall execute and deliver a ratification of its Subsidiary
Guaranty.

 

Section 5.              REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The Company represents and
warrants to the Purchaser as of the Execution Date and as of the Closing (or, if any such representations and warranties expressly relate
to an earlier date, then as of such earlier date) that:

 

Section 5.1.           Organization;
Power and Authority. The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction
of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own
or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact,
to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

 

Section 5.2.           Authorization,
Etc. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and this
Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the
Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally
and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

    5

     

    

 

Section 5.3.           Disclosure

 

(a)           This
Agreement and the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchaser
by or on behalf of the Company (other than financial projections, pro forma financial information and other forward-looking information referenced in
Section 5.3(b), information relating to third parties and general economic information) prior to August 31, 2022 in connection
with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, and such documents, certificates or other writings
and such financial statements delivered to the Purchaser being referred to, collectively, as the “Disclosure Documents”),
taken as a whole (and after taking into account all updates thereto and the same having been delivered to the Purchaser), do not contain
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in
light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since June 30, 2022, there
has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the
Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

(b)           All
financial projections, pro forma financial information and other forward-looking information which has been delivered to the Purchaser
by or on behalf of the Company in connection with the transactions contemplated by this Agreement are based upon good faith assumptions
and, in the case of financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable
at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant
uncertainty and contingencies (many of which are beyond the control of the Company) and are therefore not to be viewed as fact, and (ii) actual
results during the period or periods covered by such financial information may materially differ from the results set forth therein.

 

Section 5.4.           Organization
and Ownership of Shares of Subsidiaries.

 

(a)           Schedule
5.4A (as may be updated by the Company from time to time) contains (except as noted therein) complete and correct lists, as of the date
of the applicable Closing, of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction
of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the
Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor and (ii) the Company’s directors and
executive officers.

 

(b)           All
of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4A as being owned by the
Company and its Subsidiaries have been validly issued, and, to the extent applicable, are fully paid and non-assessable and are owned
by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

 

(c)           Each
Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the
laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable,
is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports
to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to do so would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(d)           No
Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4A and
customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of
profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of
capital stock or similar equity interests of such Subsidiary.

 

Section 5.5.           Financial
Statements; Material Liabilities. The Company has delivered to the Purchaser copies of the financial statements of the Company listed
on Schedule 5.5 (as may be updated by the Company from time to time and delivered to the Purchaser). All of such financial statements
(including in each case the related schedules and notes, but excluding all financial projections, pro forma financial information and
other forward-looking information) fairly present in all material respects the financial position of the Company as of the respective
dates specified in such Schedule and the results of their operations and cash flows for the respective periods so specified and have
been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject,
in the case of any interim financial statements, to normal year-end adjustments and lack of footnotes); provided, that with respect
to all or any portion of such financial statements that are financial projections, pro forma financial information and other forward-looking
information, the Company represents only that such information was prepared in good faith based upon assumptions and, in the case of
financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable at the time
made. The Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents or in
the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2022.

 

Section 5.6.           Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement and the Notes will not
(i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any
property of the Company or any Subsidiary under, any (A) indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary
or any of their respective properties may be bound or affected or (B) the corporate charter or by-laws of the Company, (ii) conflict
with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator
or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or
regulation of any Governmental Authority applicable to the Company or any Subsidiary, in each case, except where any of the foregoing
(other than clause (i)(B) above), individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect.

 

Section 5.7.           Governmental
Authorizations, Etc. Assuming the accuracy of the representations and warranties of the Purchaser, no consent, approval or authorization
of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or
performance by the Company of this Agreement or the Notes, other than any filing required under the Exchange Act or the rules or
regulations promulgated thereunder on Form 8-K, Form 10-Q, or Form 10-K.

 

Section 5.8.           Litigation;
Observance of Agreements, Statutes and Orders. (a) There are no actions, suits, investigations or proceedings pending or, to
the best knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any
Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that would, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)           Neither
the Company nor any Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which it is bound,
(ii) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority
or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental
Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.15), which default or
violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    7

     

    

 

Section 5.9.          Taxes.
The Company and its Subsidiaries have filed all federal and state income and other material tax returns that are required to have been
filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied
upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and
before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually or in the aggregate,
is not Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP. The Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Company and its Subsidiaries
in respect of U.S. federal, state or other Taxes for all fiscal periods are adequate in all material respects.  The U.S. federal
income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the
statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2021.

 

Section 5.10.        Title
to Property; Leases. The Company and its Subsidiaries have good and sufficient title to their respective properties that individually
or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5
or purported to have been acquired by the Company or any Subsidiary after such date (except as sold or otherwise disposed of in the
ordinary course of business or as permitted by this Agreement), in each case free and clear of Liens prohibited by this Agreement.

 

Section 5.11.        Licenses,
Permits, Etc. (a) The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate
are Material, without known conflict with the rights of others, except for any such conflicts that, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect.

 

(b)           To
the best knowledge of the Company, no product or service of the Company or any of its Subsidiaries infringes in any material respect
any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other
right owned by any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected
to result in a Material Adverse Effect.

 

(c)           To
the best knowledge of the Company, there is no Material violation by any Person of any right of the Company or any of its Subsidiaries
with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade
name or other right owned or used by the Company or any of its Subsidiaries.

 

Section 5.12.        Private
Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Series 2022A Notes or any substantially
similar debt Securities for sale to, or solicited any offer to buy the Series 2022A Notes or any substantially similar debt Securities
from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchaser and not more than twenty-five
(25) Institutional Investors (as defined in clause (c) of the definition thereof), each of which has been offered the Series 2022A
Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that
would subject the issuance or sale of the Series 2022A Notes to the registration requirements of Section 5 of the Securities
Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

    8

     

    

 

Section 5.13.        Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Series 2022A Notes hereunder to repay
outstanding indebtedness, make investments in accordance with the Company’s investment objective and investment strategy and for
other general corporate purposes of the Company and its subsidiaries. No part of the proceeds from the sale of the Series 2022A
Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities
under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker
or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the
consolidated assets of the Company and its subsidiaries and the Company does not have any present intention that margin stock will constitute
more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying
or carrying” shall have the meanings assigned to them in said Regulation U.

 

Section 5.14.        Existing
Indebtedness; Future Liens.

 

(a)           Except
as described therein, Schedule 5.14 (as may be updated by the Company from time to time and delivered to the Purchaser) sets forth a
complete and correct list of all outstanding Material Indebtedness of the Company and its Subsidiaries as of the Execution Date (including
descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guaranty thereof), since which
date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of such Material
Indebtedness. The Company is not in default in the payment of any principal or interest on the Material Credit Facility or any other
Material Indebtedness and, to the knowledge of the Company, no event or condition exists with respect to the Material Credit Facility
or any other Material Indebtedness that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause the Material Credit Facility or such other Material Indebtedness, as applicable, to become due and payable before its stated
maturity or before its regularly scheduled dates of payment. The provisions of this clause (a) shall not apply to any Indebtedness
consisting of repurchase agreements or other Indebtedness incurred in the ordinary course of business and secured solely by U.S. Treasury
securities.

 

(b)           Except
as disclosed in Schedule 5.14 (as may be updated by the Company from time to time and delivered to the Purchaser), neither the Company
nor any Subsidiary has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject
to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or otherwise) any of its
property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness. The provisions of this clause (b) shall
not apply to any Indebtedness consisting of repurchase agreements or other Indebtedness incurred in the ordinary course of business and
secured solely by U.S. Treasury securities.

 

(c)           Neither
the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness
of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational
document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Material Indebtedness of the Company, except
as disclosed in Schedule 5.14 (as may be updated by the Company from time to time and delivered to the Purchaser).

 

    9

     

    

 

Section 5.15.        Foreign
Assets Control Regulations, Etc.

 

(a)           Neither
the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future
appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European
Union.

 

(b)           Neither
the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable
U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge, is under
investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or
Anti-Corruption Laws.

 

(c)           No
part of the proceeds from the sale of the Notes hereunder:

 

(i)            constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity,
directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for
any purpose that would cause the Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation
of any U.S. Economic Sanctions Laws;

 

(ii)           will
be used, directly or indirectly, in violation of, or cause the Purchaser to be in violation of, any applicable Anti-Money Laundering
Laws; or

 

(iii)          will
be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial
counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation
of, or cause the Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

(d)           The
Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law)
to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions
Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

Section 5.16.        Environmental
Matters.

 

(a)           Neither
the Company nor any Subsidiary has received any written notice of any claim and no proceeding has been instituted asserting any claim
against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by
any of them, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably
be expected to result in a Material Adverse Effect.

 

(b)           Neither
the Company nor any Subsidiary has knowledge of any facts which would reasonably be expected to give rise to any claim, public or private,
of violation of Environmental Laws by the Company or any Subsidiary, except, in each case, such as would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(c)           Neither
the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any
of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect.

 

    10

     

    

 

(d)           Neither
the Company nor any Subsidiary has disposed of any Hazardous Materials in a manner which would reasonably be expected to give rise to
liability under any Environmental Law that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect.

 

Section 5.17.        Investment
Company Act

 

(a)           Status
as Business Development Company. The Company has elected to be regulated as a “business development company” within the
meaning of the Investment Company Act and has elected to be treated, and qualifies as, a RIC under Subchapter M of the Code.

 

(b)           Compliance
with Investment Company Act. The business and other activities of the Company and its Subsidiaries, including the issuance of the
Notes hereunder, the application of the proceeds and repayment thereof by the Company and the consummation of the transactions contemplated
by this Agreement do not result in a violation or breach in any material respect of the provisions of the Investment Company Act or any
rules, regulations or orders issued by the SEC thereunder, in each case that are applicable to the Company and its Subsidiaries.

 

(c)           Investment
Policies. The Company is in compliance in all respects with the Investment Policies, except to the extent that the failure to so
comply could not reasonably be expected to have a Material Adverse Effect.

 

Section 6.         REPRESENTATIONS
OF THE PURCHASERS

 

Section 6.1.           Purchase
for Investment

 

(a)           The
Purchaser represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser
or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that
the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. The
Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant
to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that the Company is not required to register the Notes.

 

(b)           The
Purchaser understands and agrees that it will not transfer the Notes or any part or portion thereof held by it (i) to any Person
who is not an Institutional Investor or who is a Competitor or (ii) in violation of applicable law.

 

Section 6.2.          Source
of Funds. The Purchaser represents that at least one of the following statements is an accurate representation as to each source
of funds (a “Source”) to be used by the Purchaser to pay the purchase price of the Notes to be purchased by the Purchaser
hereunder:

 

(a)           the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the
annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general
account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for
the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate
thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves
and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement
filed with the Purchaser’s state of domicile; or

 

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(b)           the
Source is a separate account of an insurance company that is maintained solely in connection with the Purchaser’s fixed contractual
obligations of the insurance company under which the amounts payable, or credited, to any employee benefit plan (or its related trust)
that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the separate account; or

 

(c)           the
Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective
investment fund, within the meaning of the PTE 91-38 and, except as disclosed by the Purchaser to the Company in writing pursuant to
this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns
more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

(d)         
the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM
Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part
VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined
with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning
of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more
than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither
the QPAM nor a person controlling or controlled by the QPAM (applying the definition of “control” in Section VI(e) of the
QPAM Exemption) maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related”
within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans
whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the
same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee
organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to
this clause (d); provided, that such information provided to the Company by the Purchaser pursuant to this Section 6.2(d) shall
be provided, and used by the Company, solely for purposes related to ERISA compliance; or

 

(e)           the
Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling
or controlled by the INHAM (applying the definition of “control” in Part IV(d) (3) of the INHAM Exemption)
owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit
plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)            the
Source is a governmental plan; or

 

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(g)           the
Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each
of which has been identified to the Company in writing pursuant to this clause (g); or

 

(h)           the
Source does not include “plan assets” of any employee benefit plan as determined in accordance with Section 3(42) of
ERISA and the regulations thereunder.

 

As used in this Section 6.2, the
terms “employee benefit plan” and “separate account” shall have the respective meanings assigned to such terms
in section 3 of ERISA.

 

Section 6.3.           Investment
Experience; Access to Information. The Purchaser (for itself and for each account for which such Purchase is acquiring the Notes)
represents that it:

 

(a)           is
an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the
Securities Act and an “Institutional Account” as defined in FINRA Rule 4512(c),

 

(b)           either
alone or together with its representatives has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of this investment and make an informed decision to so invest and has so evaluated and analyzed the risks and merits
of such investment,

 

(c)           has
the ability to bear the economic risks of this investment and can afford a complete loss of such investment,

 

(d)           understands
the terms of and risks associated with the purchase of the Notes, including, without limitation, a lack of liquidity, pricing availability
and risks associated with the industry in which the Company operates,

 

(e)           has
had the opportunity to review (i) the Disclosure Documents, (ii) the financial statements set forth on Schedule 5.5 (as such
Schedule 5.5 may be updated by the Company from time to time), (iii) the Annual Report on Form 10-K for the Company for the
fiscal year ended December 31, 2021 (the “2021 Annual Report”), (iv) Amendment No. 1 to the 2021 Annual
Report, filed by the Company with the SEC on March 14, 2022, (v) the Quarterly Report on Form 10-Q for the Company for
the fiscal quarter ended June 30, 2022, (vi) such other disclosure regarding the Company, its business, its management and
its financial affairs and condition as the Purchaser has determined to be necessary in connection with the purchase of the Notes, and
(v) has not received any other information, whether orally or in writing, contrary to the information in this sub-clause (e), and

 

(f)            has
had an opportunity to ask such questions and make such inquiries concerning the conditions of the offering of the Notes, the Company,
its business, the management and its financial affairs and condition, and has had an opportunity to review the Company’s facilities,
in each case as Purchaser has deemed appropriate in connection with its purchase of the Notes and to receive satisfactory answers to
such questions and inquiries.

 

Section 6.4.           Authorization.
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms, except as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting
enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

 

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Section 6.5.           Restricted
Securities. The Purchaser understands that the Notes have not been, and will not be, registered under the Securities Act by reason
of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands
that the Notes are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to
these laws, the Purchaser must hold the Notes indefinitely unless they are registered with the SEC and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no
obligation to register or qualify the Notes for resale. The Purchaser further acknowledges that if an exemption from registration or
qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale,
the holding period for the Notes, and on requirements relating to the Company which are outside of the Purchaser’s control, and
which the Company is under no obligation and may not be able to satisfy.

 

Section 6.6.           No
Public Market. The Purchaser understands that no public market now exists for the Notes, and that the Company has made no assurances
that a public market will ever exist for the Notes.

 

Section 6.7.           Legends.
The Purchaser understands that the Notes may be notated with one or more of the following legends:

 

(a)           “THE
NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE.”

 

(b)           “THIS
NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) AS DEFINED BY SECTION 1273(a)(1) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED. THE FOLLOWING INFORMATION IS PROVIDED PURSUANT TO THE INFORMATION REPORTING REQUIREMENTS SET FORTH IN TREASURY REGULATION
1.1275-3. PLEASE CONTACT THOMAS B. RATERMAN AT 205 N. MICHIGAN AVE., SUITE 4200, CHICAGO, IL 60601 TO REQUEST IN WRITING INFORMATION
REGARDING THE DEBT INSTRUMENT’S ISSUE PRICE, OID, ISSUE DATE, AND YIELD TO MATURITY.”

 

(c)           Any
legend required by the securities laws of any state to the extent such laws are applicable to the Notes represented by the certificate,
instrument or book entry so legended.

 

Section 7.         INFORMATION
AS TO COMPANY.

 

Section 7.1.           Financial
and Business Information. The Company shall deliver to the Purchaser and each holder of a Note that, in each case, is an Institutional
Investor:

 

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(a)           Quarterly
Statements — within 60 days (or such shorter period as is 15 days greater than the period applicable to the filing of the Company’s
Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Company is subject
to the filing requirements thereof) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the
last quarterly fiscal period of each such fiscal year), duplicate copies of,

 

(i)            a
consolidated balance sheet of the Company and any consolidated subsidiaries as at the end of such quarter, and

 

(ii)           consolidated
statements of operations, changes in net assets and cash flows of the Company and its consolidated subsidiaries for such quarter and/or
(in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 

setting forth in each case in comparative form
the figures for the corresponding periods in the previous fiscal year (except that the balance sheet shall set forth comparative figures
for the prior fiscal year end), all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements
generally (other than absence of footnotes and year-end adjustments), and certified by a Senior Financial Officer as fairly presenting,
in all material respects, the financial position of the Company and its consolidated subsidiaries being reported on and their results
of operations and cash flows, subject to changes resulting from year-end adjustments;

 

(b)           Annual
Statements — within 105 days (or such shorter period as is 15 days greater than the period applicable to the filing of the
Company’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC regardless of whether the Company
is subject to the filing requirements thereof) after the end of each fiscal year of the Company, duplicate copies of

 

(i)            a
consolidated balance sheet of the Company and its consolidated subsidiaries as at the end of such year, and

 

(ii)           consolidated
statements of operations, changes in net assets and cash flows of the Company and its consolidated subsidiaries for such year,

 

setting forth in each case in comparative form
the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon
(without a “going concern” or similar qualification or exception as to the Company (other than as a result of the impending
maturity or any prospective default under any credit agreement of the Company, including this Agreement and the Notes) and without any
qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized
national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position
of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and
that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted
auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;

 

(c)           SEC
and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice,
proxy statement or similar document sent by the Company or any Subsidiary to its public Securities holders generally, and (ii) each
regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus
and all amendments thereto filed by the Company with the SEC and of all press releases and other statements made available generally
by the Company or any Subsidiary to the public concerning developments that are Material;

 

    15

     

    

 

(d)            Notice
of Event of Default — promptly, and in any event within 5 Business Days after a Responsible Officer becoming aware of the existence
of any Event of Default or that any Person (other than the Purchaser or a holder of a Note) has given any notice or taken any action
with respect to a claimed default hereunder or that any Person (other than the Purchaser or a holder of a Note) has given any notice
or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying
the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

 

(e)            Notices
from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Company
or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that would reasonably
be expected to have a Material Adverse Effect and to the extent such notice is required to be disclosed in connection with any regulation
or disclosure obligations under the Securities Act;

 

(f)            Resignation
or Replacement of Auditors — within 10 days following the date on which the Company’s auditors resign or the Company
elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may
request;

 

(g)            Requested
Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial
condition, assets or properties of the Company or any of its Subsidiaries (including actual copies of the Company’s Form 10-Q
and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to
time may be reasonably requested by the Required Holders, in each case to the extent reasonably available to the Company; and

 

(h)            Supplements
— promptly, and in any event within 10 Business Days after the execution and delivery of any Supplement, a copy thereof.

 

Section 7.2.           Officer’s
Certificate. Solely during the continuance of an Event of Default described in Section 11.1, each set of financial statements
delivered to the Purchaser or a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall
be accompanied by a certificate of a Senior Financial Officer:

 

(a)           Covenant
Compliance — setting forth the information from such financial statements that is required in order to establish whether the
Company was in compliance with the requirements of Section 10.7 during the quarterly or annual period covered by the financial
statements then being furnished (including with respect to each such provision that involves mathematical calculations, the information
from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount,
ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage
then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair
value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2)
as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include
a reconciliation from GAAP with respect to such election; and

 

(b)           Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to
be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning
of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review
shall not have disclosed the existence during such period of any condition or event that constitutes an Event of Default or, if any such
condition or event existed or exists, specifying the nature and period of existence thereof and what action the Company shall have taken
or proposes to take with respect thereto; and

 

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(c)           Subsidiary
Guarantors — setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying that each Subsidiary that
is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date
of such certificate of Senior Financial Officer.

 

Section 7.3.          Visitation.
The Company shall permit the representatives of the Purchaser and each holder of a Note that, in each case, is an Institutional Investor
and not a Competitor:

 

(a)           No
Default — if no Event of Default then exists and is continuing, at the expense of the Purchaser or holder and upon at least
ten (10) Business Days’ prior written notice to the Company, to visit the principal executive office of the Company, to discuss
the affairs, finances and accounts of the Company and the Subsidiary Guarantors with the Company’s officers, and (with the consent
of the Company, which consent will not be unreasonably withheld and so long as a Senior Financial Officer or his or her delegee is given
reasonable notice and the opportunity to be present during such discussions) its independent public accountants, and (with the consent
of the Company, which consent will not be unreasonably withheld) to visit the other offices or properties of the Company and each Subsidiary
Guarantor, all at such reasonable times and as often as may be reasonably requested in writing; provided, that such visitation
rights set forth in this clause (a) may be exercised only once per calendar year for all holders of the Notes, collectively; and

 

(b)           Default
— if an Event of Default then exists and is continuing, at the expense of the Company, and upon at least ten (10) Business
Days’ prior written notice to the Company, to visit and inspect any of the offices or properties of the Company or any Subsidiary
Guarantor, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom,
and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and
by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiary
Guarantors), all at such reasonable times and as often as may be reasonably requested.

 

Section 7.4.           Electronic
Delivery Financial statements, opinions of independent certified public accountants, other information and Officer’s Certificates
that are required to be delivered by the Company pursuant to Sections 7.1(a) or (b), (c) or (g) and
Section 7.2 shall be deemed to have been delivered if the Company satisfies any of the following requirements with respect
thereto:

 

(a)           such
financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate
satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered
to each holder of a Note by e-mail at the e-mail address communicated from time to time in a separate writing delivered to the Company;

 

(b)           the
Company shall have timely filed such Form 10—Q or Form 10-K, satisfying the requirements of Section 7.1(a),
Section 7.1(b) or Section 7.1(g), as the case may be, with the SEC on EDGAR and shall have made such form
available on its home page on the internet, which is located at https://investors.runwaygrowth.com/ as of the date of this
Agreement;

 

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(c)           the
Company shall have timely filed any of the items referred to in Section 7.1(c) or Section 7.1(g) with the
SEC on EDGAR or shall have made such items available on its home page on the internet;

 

provided
however, that in no case shall access to such financial statements, other information and Officer’s Certificates be
conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20
of this Agreement); provided further, that upon request of any holder to receive paper copies of such forms, financial statements,
other information and Officer’s Certificates or to receive them by e-mail, the Company will promptly e-mail them or deliver such
paper copies, as the case may be, to such holder.

 

Section 7.5.           Limitation
on Competitors. Under no circumstances shall the Company or any Subsidiary be required to disclose any information pursuant to Section 7.1(g) or
7.3 to any Person that is a Competitor.

 

Section 8.         PAYMENT
AND PREPAYMENT OF THE NOTES

 

Section 8.1.           Maturity.
As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

 

Section 8.2.           Optional
Redemption. The Company may, at its option, upon notice as provided below, redeem at any time all, or from time to time any part
of, the Notes, in each case at 100% of the principal amount so redeemed, together with interest on such Notes accrued to, but excluding,
the date of redemption. The Company will give each holder of Notes written notice of each optional redemption under this Section 8.2
not less than 30 days and not more than 60 days prior to the date fixed for such redemption unless the Company and the Required Holders
agree to another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business
Day), the aggregate principal amount of the Notes to be redeemed on such date, the principal amount of each Note held by such holder
to be redeemed (determined in accordance with Section 8.3), and the interest to be paid on the redemption date with respect
to such principal amount being redeemed. Each notice may be revocable by the Company up to 15 days before the date that is fixed for
redemption.

 

Section 8.3.           Allocation
of Partial Redemption. In the case of each partial redemption of the Notes pursuant to Section 8.2, the principal amount
of the Notes to be redeemed shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable,
to the respective unpaid principal amounts thereof not theretofore called for redemption. All partial redemptions made pursuant to Section 8.7
shall be applied only to the Notes of the holders who have accepted the offer of redemption and shall be allocated among all such Notes
in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for redemption.

 

Section 8.4.           Maturity;
Surrender, Etc. In the case of each redemption of the Notes pursuant to this Section 8, the principal amount of each
Note to be redeemed shall mature and become due and payable on the date fixed for such redemption, together with interest on such principal
amount accrued to such date. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable,
together with the interest, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or redeemed in full
shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any redeemed principal
amount of any Note.

 

Section 8.5.           Purchase
of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly,
any of the outstanding Notes except (a) upon the payment or redemption of the Notes in accordance with this Agreement and the Notes
or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes at the time outstanding
upon the same terms and conditions. Any such offer set forth in clause (b) of this Section 8.5 shall provide each holder with
sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 10 Business
Days. If the holders of more than 20% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly
notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended
by the number of days necessary to give each such remaining holder at least five Business Days from its receipt of such notice to accept
such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, redemption or purchase
of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

 

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Section 8.6.           Payments
Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, any payment of interest on any
Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional
days elapsed in the computation of the interest payable on such next succeeding Business Day.

 

Section 8.7.           Change
in Control

 

(a)           Notice
of Change in Control. The Company will, within five Business Days after any Responsible Officer has knowledge of the occurrence of
any Change in Control, give written notice of such Change in Control to each holder of Notes. Such notice shall contain and constitute
an offer to redeem Notes as described in subparagraph (b) of this Section 8.7 and shall be accompanied by the certificate
described in subparagraph (e) of this Section 8.7.

 

(b)           Notice
of Offer of Redemption. The offer to redeem Notes contemplated by subparagraph (a) of this Section 8.7 shall be
an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, of the Notes held by
each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed
beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Proposed Redemption Date”).
Such date shall be not less than 30 days and not more than 60 days after the date of such notice (if the Proposed Redemption Date shall
not be specified in such notice, the Proposed Redemption Date shall be the first Business Day after the 45th day after the date of such
notice).

 

(c)           Acceptance/Rejection.
A holder of Notes may accept the offer to prepay made pursuant to this Section 8.7 by causing a notice of such acceptance to be
delivered to the Company not later than 15 Business Days after receipt by such holder of the most recent offer of prepayment. A failure
by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute rejection
of such offer by such holder.

 

(d)           Redemption.
Redemption of the Notes pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with
interest on such Notes accrued to, but excluding, the date of redemption.

 

(e)           Officer’s
Certificate. Each notice of offer to redeem the Notes pursuant to this Section 8.7 shall be accompanied by a certificate,
executed by a Senior Financial Officer of the Company and dated the date of such notice, specifying: (i) the Proposed Redemption
Date; (ii) that such offer is made pursuant to this Section 8.7; (iii) the principal amount of each Note offered
to be redeemed; (iv) the interest that would be due on each Note offered to be redeemed, accrued to, but excluding, the Proposed
Redemption Date; (v) that the conditions of this Section 8.7 have been fulfilled; and (vi) in reasonable detail,
the nature and date or proposed date of the Change in Control.

 

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Section 9.         AFFIRMATIVE
COVENANTS

 

From the date of this Agreement
until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:

 

Section 9.1.           Compliance
with Laws. Without limiting Section 10.4, the Company will, and will cause each of the Subsidiary Guarantors to, comply
with all laws, ordinances or governmental rules or regulations to which each of them is subject (including Environmental Laws, the
USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.15) and will obtain and maintain in
effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective
properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with
such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. Without limiting the foregoing, the Company will, and will cause its Subsidiaries to, conduct its business
and other activities in compliance with the applicable provisions of the Investment Company Act and any applicable rules, regulations
or orders issued by the SEC thereunder, except where such failure to comply would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

Section 9.2.           Insurance.
The Company will, and will cause each of the Subsidiary Guarantors to, maintain, with financially sound and reputable insurers, insurance
with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and
in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as
is customary in the case of similarly situated externally managed business development companies engaged in the same or a similar business.

 

Section 9.3.           Maintenance
of Properties. The Company will, and will cause each of the Subsidiary Guarantors to, maintain and keep, or cause to be maintained
and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business
carried on in connection therewith may be properly conducted at all times, provided that this Section 9.3 shall not
prevent the Company or any Subsidiary Guarantor from discontinuing the operation and the maintenance of any of its properties if such
discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.4.           Payment
of Taxes and Claims. The Company will, and will cause each of its Subsidiary Guarantors to, file all federal and state income and
other material tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on
such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income
or franchises, to the extent the same have become due and payable and before they have become delinquent and all material claims for
which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary Guarantor,
provided that neither the Company nor any Subsidiary Guarantor need pay any such tax, assessment, charge, levy or claim if (i) the
amount, applicability or validity thereof is contested by the Company or such Subsidiary Guarantor on a timely basis in good faith and
in appropriate proceedings, and the Company or a Subsidiary Guarantor has established adequate reserves therefor in accordance with GAAP
on the books of the Company or such Subsidiary Guarantor or (ii) the nonpayment of all such taxes, assessments, charges, levies
and claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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Section 9.5.           Corporate
Existence, Etc. Subject to Section 10.2, the Company will at all times preserve and keep its corporate existence in full
force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect the corporate
(or other) existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises
of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and
keep in full force and effect such corporate (or other) existence, right or franchise would not, individually or in the aggregate, have
a Material Adverse Effect.

 

Section 9.6.           Books
and Records. The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity
with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such
Subsidiary, as the case may be. The Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which,
in reasonable detail, accurately reflect all transactions and dispositions of assets. The Company and its Subsidiaries have devised a
system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records, and accounts
accurately reflect all transactions and dispositions of assets and the Company will, and will cause each of its Subsidiaries to, continue
to maintain such system.

 

Section 9.7.           Subsidiary
Guarantors. (a) The Company will cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time as a
borrower or co-borrower in respect of the Indebtedness under the Material Credit Facility or any other Material Indebtedness after the
date hereof to concurrently therewith:

 

(i)            enter
into an agreement in form and substance reasonably satisfactory to the Required Holders providing for the guaranty by such Subsidiary,
on a joint and several basis with all other Subsidiary Guarantors, of the prompt payment in full when due of all amounts payable by the
Company pursuant to the Notes (whether for principal, interest or otherwise) and this Agreement, including all indemnities, fees and
expenses payable by the Company thereunder (the “Subsidiary Guaranty”); and

 

(ii)           deliver
the following to each holder of a Note:

 

(A)          an
executed counterpart of the Subsidiary Guaranty or a joinder thereto;

 

(B)           a
certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on behalf of such
Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7
of this Agreement (but with respect to such Subsidiary and the Subsidiary Guaranty rather than the Company and the Notes and this
Agreement);

 

(C)           all
documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where applicable,
good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and
delivery of the Subsidiary Guaranty and the performance by the Subsidiary of its obligations thereunder; and

 

(D)           upon
request of the Required Holders, a customary opinion of counsel reasonably satisfactory to the Required Holders covering such matters
relating to such Subsidiary and the Subsidiary Guaranty as the Required Holders may reasonably request.

 

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(b)           At
the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor may be discharged from all of its
obligations and liabilities under the Subsidiary Guaranty and shall be automatically released from its obligations thereunder without
the need for the execution or delivery of any other document by the holders, provided that (i) if such Subsidiary Guarantor
is a guarantor or is otherwise liable for or in respect of the Material Credit Facility or any other Material Indebtedness, then such
Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary
Guarantor under the Subsidiary Guaranty) under the Material Credit Facility or such other Material Indebtedness, as applicable, (ii) at
the time of, and after giving effect to, such release and discharge, no Event of Default shall be existing, (iii) no amount is then
due and payable under the Subsidiary Guaranty, (iv) if, solely as a result of (or in order to induce any holder of such Indebtedness
to agree to) such Subsidiary Guarantor being released and discharged under the Material Credit Facility or such other Material Indebtedness,
as applicable, any fee or other form of consideration is given to any holder of Indebtedness under the Material Credit Facility or such
other Material Indebtedness, as applicable (or any agent therefor), for such release (which, for the avoidance of doubt, shall not include
any prepayment to any such holders of Indebtedness under the Material Credit Facility or such other Material Indebtedness, as applicable,
in connection with an asset sale or other disposition or any prepayment premium or penalty or any other fee that was part of the Material
Credit Facility or such other Material Indebtedness, as applicable, prior to such release or discharge), the holders of the Notes shall
receive equivalent consideration substantially concurrently therewith and (v) each holder shall have received a certificate of a
Responsible Officer certifying as to the matters set forth in clauses (i) through (iii).

 

(c)           Notwithstanding
anything to the contrary herein, in no event shall an Excluded Subsidiary or a Foreign Subsidiary be required to be a Subsidiary Guarantor.

 

Section 9.8.           Status
of RIC and BDC. The Company shall at all times, subject to any applicable grace periods set forth in the Code, maintain its status
as a RIC under the Code and as a “business development company” under the Investment Company Act.

 

Section 9.9.           Investment
Policies. The Company will comply in all material respects with the Investment Policy; except to the extent that failure to so comply
would not reasonably be expected to result in a Material Adverse Effect.

 

Section 10.       NEGATIVE
COVENANTS.

 

From the date of this Agreement
until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:

 

Section 10.1.        Transactions
with Affiliates. The Company will not, and will not permit any Subsidiary Guarantor to, enter into directly or indirectly any transaction
or group of related transactions (including the purchase, lease, sale or exchange of properties of any kind or the rendering of any service)
with any Affiliate (other than the Company or any Subsidiary) involving payment in excess of $5,000,000, except

 

(a)           pursuant
to the reasonable requirements of the Company’s or such Subsidiary Guarantor’s business and upon fair and reasonable terms
no less favorable to the Company or such Subsidiary Guarantor than would be obtainable in a comparable arm’s-length transaction
with a Person not an Affiliate;

 

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(b)           transactions
otherwise permitted by this Agreement;

 

(c)           transactions
with Affiliates in connection with the agreements set forth in Schedule 10.1;

 

(d)           transactions
with one or more Affiliates (including co-investments) as permitted by any SEC exemptive order (as may be amended from time to time),
any no-action letter or as otherwise permitted by applicable law, rule or regulation or SEC staff interpretations thereof or based
on advice of counsel;

 

(e)           transactions
between or among, on the one hand, the Company and/or of any Subsidiary, and, on the other hand, any SBIC Subsidiary or any “downstream
affiliate” (as such term is used under the rules promulgated under the Investment Company Act) company of the Company and/or
any Subsidiary at prices and on terms and conditions, taken as a whole, not materially less favorable to the Company and/or such Subsidiary
than in good faith is believed could be obtained on an arm’s-length basis from unrelated third parties,

 

(f)            a
transaction that has been approved by a majority of the independent directors of the board of directors of the Company;

 

(g)           any
Investment that results in the creation of an Affiliate;

 

(h)           any
issuance, sale or grant of securities, awards or grants in cash, securities or otherwise pursuant to, or the funding of employment arrangements,
stock options, restricted stock awards or units and stock ownership plans or other non-cash compensation, severance or retention awards
or plans approved by the board of directors of the Company or any Subsidiary;

 

(i)            (i) any
collective bargaining, employment, retention or severance agreement or compensatory arrangement entered into by the Company or any of
its direct or indirect subsidiaries with their respective current or former officers, directors, members of management, managers, employees,
consultants or independent contractors or those of the Company in the ordinary course of business, (ii) any agreement pertaining
to the repurchase of Equity Interests pursuant to rights with current or former officers, directors, members of management, managers,
employees, consultants or independent contractors, and (iii) transactions pursuant to any employee compensation, benefit plan, stock
option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members
of management, managers, employees, consultants or independent contractors or any employment contract or arrangement in the ordinary
course of business;

 

(j)            customary
compensation to Affiliates in connection with investment advisory, administration, financial advisory, financing, underwriting or placement
services or in respect of other investment banking activities and other transaction fees, which payments are approved by the majority
of the members of the board of directors (or similar governing body) or a majority of the disinterested members of the board of directors
of the Company in good faith;

 

(k)           transactions
and payments required under the definitive agreement for any acquisition or Investment permitted under this Agreement (to the extent
any seller, employee, officer or director of an acquired entity becomes an Affiliate in connection with such transaction);

 

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(l)            the
payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors
(or similar governing body), officers, employees, members of management, managers, consultants, investment advisers, administrative service
providers and independent contractors of the Company and/or any of its direct or indirect subsidiaries in the ordinary course of business;

 

(m)          transactions
with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or services or providers of employees or other labor
entered into in the ordinary course of business, which are (i) fair to the Company and/or the applicable Subsidiary in the good
faith determination of the board of directors (or similar governing body) of the Company or the senior management thereof or (ii) on
terms at least as favorable as might reasonably be obtained from a Person other than an Affiliate;

 

(n)           the
Company may issue and sell Equity Interests and debt to its Affiliates;

 

(o)           pursuant
to the Investment Advisory Agreement and the Administration Agreement and any transactions contemplated or permitted thereunder;

 

(p)           the
Company or any Subsidiary may sell, transfer or otherwise dispose of Portfolio Investments, cash and Cash Equivalents to any Financing
Subsidiary or joint venture with a third-party (including, for clarity, as investments (debt or equity) or capital contributions), in
each case, in the ordinary course of business and on an arm’s-length basis;

 

(q)           transactions
between or among the Obligors not involving any other Affiliate; and

 

(r)            restricted
payments permitted by any Material Credit Facility.

 

Section 10.2.        Merger,
Consolidation, Fundamental Changes, Etc. The Company will not, and will not permit any Subsidiary Guarantor to, consolidate with
or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series
of transactions to any Person except:

 

(a)           in
the case of any such transaction involving the Company, the successor formed by such consolidation or the survivor of such merger or
the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the
case may be, shall be a solvent corporation or limited liability company organized and existing under the laws of the United States or
any state thereof (including the District of Columbia), and, if the Company is not such corporation or limited liability company,

 

(i)            such
corporation or limited liability company shall have executed and delivered to each holder of any Notes its assumption of the due and
punctual performance and observance of each covenant and condition of this Agreement and the Notes and

 

(ii)           such
corporation or limited liability company shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized
independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements
or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof;

 

(b)           in
the case of any such transaction involving a Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such
merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor
as an entirety, as the case may be, shall be (1) the Company, such Subsidiary Guarantor or another Subsidiary Guarantor; or (2) a
solvent corporation or limited liability company (other than the Company or another Subsidiary Guarantor) that is organized and existing
under the laws of the United States or any state thereof (including the District of Columbia) and, if such Subsidiary Guarantor is not
such corporation or limited liability company, (A) such corporation or limited liability company shall have executed and delivered
to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Subsidiary
Guaranty of such Subsidiary Guarantor and (B) the Company shall have caused to be delivered to each holder of Notes an opinion of
nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect
that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms
hereof;

 

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(c)           the
Equity Interests of any Subsidiary Guarantor may be sold, transferred or otherwise disposed of to another Obligor;

 

(d)           any
Subsidiary Guarantor may be liquidated or dissolved; provided that (i) in connection with such liquidation or dissolution,
any and all of the assets of such Subsidiary Guarantor shall be distributed or otherwise transferred to an Obligor and (ii) the
Company determines in good faith that such liquidation is not materially disadvantageous to the holders of the Notes;

 

(e)           any
Obligor may (i) convey, sell, transfer or otherwise dispose of all or substantially all of their assets to a Financing Subsidiary
or (ii) transfer assets to a Financing Subsidiary for the purpose of facilitating the transfer of assets from one Financing Subsidiary
(or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary, directly or
indirectly through such Obligor.

 

(f)            in
the cases of clauses (a) and (b)(2) above, each Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the
time such transaction or each transaction in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty
in writing at such time pursuant to documentation that is reasonably acceptable to the Required Holders;

 

(g)           in
the case of clause (a) above, (x) at the time of the signing of the purchase agreement for any such transaction, no Event of
Default shall have occurred and be continuing and (y) immediately before and immediately after giving effect to such transaction
or each transaction in any such series of transactions, no Event of Default under Section 11(a), 11(b), 11(g), 11(h) or 11(i) shall
have occurred and be continuing;

 

(h)           the
Company or any Subsidiary Guarantor may sell, transfer or otherwise dispose of Portfolio Investments, cash and Cash Equivalents to any
Financing Subsidiary or joint venture with a third-party (including, for clarity, as investments (debt or equity) or capital contributions),
in each case, upon fair and reasonable terms no less favorable to the Company or such Subsidiary Guarantor than would be obtainable in
a comparable arm’s-length transaction with a Person not an Affiliate.

 

No such conveyance, transfer or lease of substantially
all of the assets of the Company or any Subsidiary Guarantor shall have the effect of releasing the Company or such Subsidiary Guarantor,
as the case may be, or any successor corporation or limited liability company that shall theretofore have become such in the manner prescribed
in this Section 10.2, from its liability under (x) this Agreement or the Notes (in the case of the Company) or (y) the
Subsidiary Guaranty (in the case of any Subsidiary Guarantor), unless, in the case of the conveyance, transfer or lease of substantially
all of the assets of a Subsidiary Guarantor, such Subsidiary Guarantor is released from its Subsidiary Guaranty in accordance with Section 9.7(b) in
connection with or immediately following such conveyance, transfer or lease.

 

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Section 10.3.        Line
of Business. The Company will not and will not permit any Subsidiary (other than an Immaterial Subsidiary) to engage in any business
if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged
would be substantially changed from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are
engaged on the date of this Agreement as described in the Company’s most recent Form 10-K filed prior to the date of this
Agreement, other than (i) ancillary or support businesses; (ii) any business in or related to private credit or that other
business development companies enter into or are engaged in; or (iii) as is otherwise in accordance with its Investment Policies.

 

Section 10.4.        Economic
Sanctions, Etc. The Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being
owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or
engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any
Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be in violation
of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions
under any U.S. Economic Sanctions Laws.

 

Section 10.5.        Liens.
The Company will not and will not permit any Subsidiary Guarantor to, directly or indirectly, create, incur, assume or permit to exist
(upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including any document or instrument
in respect of goods or accounts receivable) of the Company or any such Subsidiary Guarantor, whether now owned or held or hereafter acquired,
or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except:

 

(a)           any
Lien on any property or asset of the Company or a Subsidiary existing on the date of this Agreement and set forth in Schedule 10.5;

 

(b)           Liens
imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested in good faith and by
appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Company in accordance with GAAP;

 

(c)           Liens
of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business, provided that such Liens (i) attach
only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred in connection with such purchase
or sale, and not any obligation in connection with margin financing;

 

(d)           Liens
imposed by law, such as materialmen’s, mechanics’, carriers’, workmens’, storage, landlord, and repairmen’s
Liens and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed
money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto
are maintained on the books of the Company or any Subsidiary Guarantor in accordance with GAAP;

 

(e)           Liens
incurred or pledges or deposits made to secure obligations incurred to secure public or statutory obligations;

 

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(f)            Liens
securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government
or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of
a similar nature incurred in the ordinary course of business;

 

(g)           Liens
arising out of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments
or awards do not constitute an Event of Default;

 

(h)           customary
rights of setoff, bankers’ liens, security interest, liens or other like rights upon (i) deposits of cash in favor of banks
or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash and financial assets
(including, for the avoidance of doubt, Portfolio Investments) held in securities accounts in favor of banks and other financial institutions
with which such accounts are maintained in the ordinary course of business and (iii) assets (including, for the avoidance of doubt,
Portfolio Investments) held by a custodian in favor of such custodian in the ordinary course of business, in the case of each of clauses
(i) through (iii) above (other than with respect to Portfolio Investments), securing payment of fees, indemnities, charges
for returning items and other similar obligations;

 

(i)            Liens
arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions;

 

(j)            zoning
restrictions, easements, rights-of-way, encroachments, protrusions, licenses, or other restrictions on, and other minor defects or irregularities
affecting, the use of any real estate (including leasehold title), in each case which do not interfere with or affect in any material
respect the ordinary course conduct of the business of the Company and the Subsidiary Guarantors;

 

(k)           purchase
money Liens on specific equipment and fixtures provided that (i) such Liens only attach to such equipment and fixtures and (ii) the
Indebtedness secured thereby does not exceed the lesser of the cost and the fair market value of such equipment and fixtures at the time
of the acquisition thereof;

 

(l)            deposits
of money securing leases to which the Company or any Subsidiary is a party as lessee made in the ordinary course of business;

 

(m)          Liens
consisting of any (i) interest or title of a lessor or sublessor under any lease of real estate not prohibited hereunder, (ii) landlord
lien permitted by the terms of any lease, (iii) restriction or encumbrance to which the interest or title of such lessor or sub-lessor
may be subject or (iv) subordination of the interest of the lessee or sub-lessee under such lease to any restriction or encumbrance
referred to in the preceding clause (iii);

 

(n)           Liens
(i) solely on any cash earnest money deposits made by the Company and/or any of its Subsidiaries in connection with any letter of
intent or purchase agreement with respect to any Investment permitted by this Agreement or (ii) consisting of an agreement to dispose
of any property;

 

(o)           Liens
securing obligations (other than obligations representing Indebtedness for borrowed money) under operating, reciprocal easement or similar
agreements entered into in the ordinary course of business of the Company and/or any Subsidiary;

 

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(p)           leases,
licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material
respect with the business of the Company and the Subsidiary Guarantors or (ii) secure any Indebtedness;

 

(q)           Liens
on Securities that are the subject of repurchase agreements constituting Investments arising out of such repurchase transaction;

 

(r)            Liens
arising (i) out of conditional sale, title retention, consignment or similar arrangements for the sale of any assets or property
in the ordinary course of business or (ii) by operation of law under Article 2 of the UCC (or similar law of any jurisdiction);

 

(s)           Liens
in favor of any Obligor;

 

(t)            Liens
securing obligations under Swap Contracts entered into in the ordinary course of the Company’s or a Subsidiary’s business
for financial planning and not for speculative purposes;

 

(u)           (i) Liens
on Equity Interests of joint ventures or non-Obligors securing capital contributions to, or obligations of, such Persons and (ii) customary
rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to non-Obligors;

 

(v)           Liens
on cash or Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

(w)          Liens
on assets owned by Financing Subsidiaries;

 

(x)           any
encumbrance or restriction assumed in connection with an acquisition of the property or Equity Interests of any Person, so long as such
encumbrance or restriction relates solely to the property so acquired (or to the Person or Persons (and its or their subsidiaries) bound
thereby) and was not created in connection with or in anticipation of such acquisition;

 

(y)           [Reserved];

 

(z)            Liens
on Equity Interests in any SBIC Subsidiary created in favor of the SBA or its designee;

 

(aa)         Liens
on Equity Interests in any SPE Subsidiary in favor of and required by any lender providing third-party financing to such SPE Subsidiary;

 

(bb)        (i) Liens
in favor of any escrow agent solely on and in respect of any cash earnest money deposits made by the Company or any Subsidiary in connection
with any letter of intent or purchase agreement (to the extent that the acquisition or disposition with respect thereto is otherwise
permitted hereunder) and (ii) prior to release of the relevant escrow, Liens on cash or Cash Equivalents (and the related escrow
accounts) constituting the proceeds, and the related prefunding of interest, premiums and other customary amounts, from an issuance into
(and pending the release from) escrow,

 

(cc)         Liens
securing collateral posted as margin to secure obligations under any Indebtedness so long as, after giving pro forma effect to such Liens,
the Company is in compliance with Section 10.7;

 

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(dd)        Liens
on Special Equity Interests included in the Investments of the Company or any Subsidiary but only to the extent securing obligations
in the manner provided in the definition of “Special Equity Interests”;

 

(ee)         other
Liens on assets securing Indebtedness so long as, immediately after giving pro forma effect to such Liens, the Company is in compliance
with Section 10.7;

 

(ff)          Liens
on assets securing other obligations in an aggregate principal amount at any time outstanding not to exceed $500,000;

 

(gg)        Liens
which secure obligations under the Bank Credit Agreement, any Replacement Facility or any other Material Credit Facility; and

 

(hh)        Liens
permitted under the Bank Credit Agreement, any Replacement Facility or any other Material Credit Facility.

 

Section 10.6.        Restricted
Payments. The Company will not, nor will it permit any of its Subsidiary Guarantors to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except that any Obligor may declare and pay:

 

(a)           dividends
with respect to the capital stock of the Company or such Subsidiary Guarantor (including, for the avoidance of doubt, pursuant to any
distribution or dividend reinvestment plan of the Company or such Subsidiary Guarantor) to the extent payable in additional shares of
the stock, units or interests or the Company or such Subsidiary Guarantor;

 

(b)           Restricted
Payments to the Company or any Subsidiary Guarantor or, other than the Company, to each other owner of Equity Interests of such Subsidiary
Guarantor based on their relative ownership interests;

 

(c)           Restricted
Payments in or with respect to any taxable year of the Company (or any calendar year, as relevant) in amounts not to exceed 125% of the
higher of (x) the Net Investment Income of the Company for the applicable year determined in accordance with GAAP and as specified
in the annual financial statements most recently delivered pursuant to Section 7.1(b) and (y) the amounts that are required
to be distributed to: (i) allow the Company to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of
the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable year, (ii) for so long
as the Company maintains its status as a RIC under the Code, reduce to zero for any such taxable year the Company’s liability for
U.S. federal income Taxes imposed on (A) its investment company taxable income pursuant to Section 852(b)(1) of the Code
(or any successor thereto) and (B) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto),
and (iii) for so long as the Company maintains its status as a RIC under the Code, reduce to zero the Company’s liability
for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto);

 

(d)           any
settlement in respect of a conversion feature in any convertible security that may be issued by such Obligor to the extent made through
the delivery of common stock (except in the case of interest (which may be payable in cash));

 

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(e)           Restricted
Payments to pay general administrative costs and expenses (including corporate overhead, legal or similar expenses and payments to directors,
investment advisers, administrators and/or consultants of any Obligor or any of its subsidiaries) and franchise fees and Taxes and similar
fees, Taxes and expenses required to enable the recipient of such Restricted Payment to maintain its organizational existence or qualification
to do business, in each case, which are reasonable and customary and incurred in the ordinary course of business, plus any
reasonable and customary indemnification claims made by directors, officers, members of management, managers, or consultants of any such
recipient, in each case, to the extent attributable to the ownership or operations of the Company and its subsidiaries;

 

(f)            Restricted
Payments to finance or acquire any Investment permitted hereunder;

 

(g)           Restricted
Payments to current or former directors, managers or consultants of any Obligor or any of its subsidiaries;

 

(h)           Restricted
Payments to enable the recipient of such Restricted Payment to make cash payments in lieu of the issuance of fractional shares in connection
with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of such recipient;

 

(i)            Restricted
Payments for the repurchase of Equity Interests upon the exercise of warrants, options or other securities convertible into or exchangeable
for Equity Interests if such Equity Interests represents all or a portion of the exercise price of, or tax withholdings with respect
to, such warrants, options or other securities convertible into or exchangeable for Equity Interests as part of a “cashless”
exercise;

 

(j)            to
the extent constituting a Restricted Payment, any other transaction permitted under Section 10;

 

(k)           any
dividend or consummation of any redemption within 60 days after the date of the declaration thereof or the provision of a redemption
notice with respect thereto, as the case may be, if at the date of such declaration or notice, the dividend or redemption notice would
have complied with the provisions hereof; and

 

(l)            any
Restricted Payments, so long as (i) as of the date of such Restricted Payment, no Event of Default has occurred and is continuing
and (ii) after giving pro forma effect to such Restricted Payment, the Company is in compliance with Section 10.7.

 

Section 10.7.         Financial
Covenants.

 

(a)            Asset
Coverage Ratio. The Company will not permit the Asset Coverage Ratio as of the last Business Day of any fiscal quarter to be less
than 2.00 to 1.00; provided, that after, in accordance with the Investment Company Act, (i) obtaining required approval by
the Company’s shareholders to reduce its asset coverage ratio and (ii) satisfying of all required conditions to the effectiveness
thereof, the Asset Coverage Ratio as of the last Business Day of any fiscal quarter may be less than 2.00 to 1.00, but in no event less
than the greater of (i) 1.50 to 1.00 and (ii) the ratio permitted by the SEC under business development company regulatory
requirements applicable to the Company.

 

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(b)           Cure
Right. If, within 30 calendar days after delivery of an Officer’s Certificate delivered pursuant to Section 7.2(a), which
certificate demonstrates a Financial Covenant Default, the Company may present the Required Holders with a reasonably feasible plan for
the Company to offer or sell Equity Interests or raise Indebtedness of the Company or any of its subsidiaries (the “Cure Right”),
the proceeds of which shall be deemed received immediately prior to such default and used immediately prior to such default as specified
in such plan to enable such Financial Covenant Default to be cured within 120 calendar days after the expiration of the 30-day period
above, then, once such plan is submitted, the Company shall be deemed to have complied with the relevant covenant under Section 10.7
that gave rise to such Financial Covenant Default as of the relevant date of determination with the same effect as though there had been
no failure to comply therewith at such date, and the applicable Financial Covenant Default that had occurred shall be deemed cured for
the purposes of this Agreement; provided, that if the transaction specified in such plan is not consummated within such 120-day
period, it shall constitute an immediate Event of Default. Notwithstanding anything herein to the contrary, (i) no more than three
Cure Rights may be exercised during the term of this Agreement, and (ii) the Cure Right shall not be exercised in any two consecutive
fiscal quarters.

 

The holders of the Notes agree that
from and after their receipt of notice from the Company of its intent to exercise the Cure Right in respect of any Financial Covenant
Default in accordance with this Section 10.7(b), no holder of the Notes shall impose any Default Rate of interest, accelerate its
Notes, or exercise any of its rights or remedies pursuant to Section 12 solely on the basis of the occurrence and continuance of
such Financial Covenant Default during the period from the date of delivery of such notice and until the date that is 120 days after
the date on which the Company delivers its plan to cure such Financial Covenant Default as provided above.

 

Section 11.       EVENTS
OF DEFAULT

 

An “Event of Default”
shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)           the
Company defaults in the payment of any principal on any Note when the same becomes due and payable, whether at maturity or at a date
fixed for redemption or by declaration or otherwise;

 

(b)           the
Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable;

 

(c)           subject
to 10.7(b), the Company defaults in the performance of or compliance with any term contained in or Section 10.7(a) or
any covenant in a Supplement which specifically provides that it shall have the benefit of this paragraph (c);

 

(d)           the
Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein or in any Supplement
(other than those referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guaranty and such default
is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the
Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice
of default” and to refer specifically to this Section 11(d));

 

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(e)           (i) any
representation or warranty made in writing by or on behalf of the Company or by any Responsible Officer of the Company in this Agreement
or in any Supplement or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect
in any material respect on the date as of which made, or (ii) any representation or warranty made in writing by or on behalf of
any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection
with such Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date as of which made; provided
that, the Company may cure any Default or Event of Default arising solely from the delivery of any certificate or report with an
inaccuracy, by delivering, within three Business Days after knowledge by the Company of such inaccuracy, a corrected certificate or report,
so long as (i) any action of the Company or any other Obligor that was taken in reliance on such certificate or report containing
such inaccuracy would have also been permitted hereunder if such action had been taken in reliance on the corrected certificate or report
and (ii) the Company (or any of its officers or directors signatory to such certificate) did not have knowledge of such inaccuracy
at the time such certificate or report that included such inaccuracy was delivered;

 

(f)           (i) the
Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium
or make-whole amount or interest on any Indebtedness for borrowed money that is outstanding in an aggregate principal amount of at least
the greater of (x) $50,000,000 (or its equivalent in the relevant currency of payment) and (y) the corresponding threshold
in the Material Credit Facility beyond any period of grace provided with respect thereto, or (ii) the Company or any Subsidiary
is in default in the performance of or compliance with any term of any evidence of any Indebtedness for borrowed money in an aggregate
outstanding principal amount of at least the greater of (x) $50,000,000 (or its equivalent in the relevant currency of payment)
and (y) the corresponding threshold in the Material Credit Facility or of any mortgage, indenture or other agreement relating thereto
or any other condition exists, and as a consequence of such default or condition such Indebtedness has been accelerated and has become,
or has been declared, due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as
a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder
of such Indebtedness to convert such Indebtedness into equity interests), the Company or any Subsidiary has become obligated to purchase
or repay Indebtedness for borrowed money before its regular maturity or before its regularly scheduled dates of payment in an aggregate
outstanding principal amount of at least the greater of (x) $50,000,000 (or its equivalent in the relevant currency of payment)
and (y) the corresponding threshold in the Material Credit Facility; provided that this clause (g) shall not
apply to (1) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness, the net cash proceeds of which are used to repay such Indebtedness within thirty (30) days after such sale or transfer;
or (2) convertible debt that becomes due as a result of a conversion or redemption event, other than as a result of an “event
of default” (as defined in the documents governing such convertible debt); or

 

(g)           the
Company or any Subsidiary (other than any Immaterial Subsidiary) (i) is generally not paying, or admits in writing its inability
to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for
relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy,
insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its
creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect
to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes
corporate action for the purpose of any of the foregoing;

 

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(h)           a
court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any Subsidiary
(other than any Immaterial Subsidiary), a custodian, receiver, trustee or other officer with similar powers with respect to it or with
respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization
or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction,
or ordering the dissolution, winding-up or liquidation of the Company or any of its Subsidiaries (other than any Immaterial Subsidiary),
or any such petition shall be filed against the Company or any of its Subsidiary Guarantors and such petition shall not be dismissed
within 60 days;

 

(i)            any
event occurs with respect to the Company or any Subsidiary (other than any Immaterial Subsidiary) which under the laws of any jurisdiction
is analogous to any of the events described in Section 11(g) or Section 11(h), provided that the
applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds
to the proceeding described in Section 11(g) or Section 11(h); or

 

(j)            one
or more final judgments or orders for the payment of money aggregating in excess of the greater of (x) $50,000,000 (or its equivalent
in the relevant currency of payment) and (y) the corresponding threshold in the Material Credit Facility (to the extent not covered
by independent third-party insurance or by an enforceable indemnity) are rendered against one or more of the Company and its Subsidiaries
(other than Immaterial Subsidiaries) and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending
appeal, or are not discharged within 60 days after the expiration of such stay; or

 

(k)           the
Company or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse to
any Obligor under any Permitted SBIC Guarantee, to the extent such recourse would reasonably be expected to have a Material Adverse Effect;
or

 

(l)            any
Subsidiary Guaranty shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary
Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guaranty, or the obligations of
any Subsidiary Guarantor under any Subsidiary Guaranty are not or cease to be legal, valid, binding and enforceable in accordance with
the terms of such Subsidiary Guaranty; or

 

(m)          the
Company is required to register as an “investment company” subject the Investment Company Act;

 

(n)           the
Investment Adviser is no longer serving as the investment adviser to the Company; or

 

(o)           either
of David Spreng or Thomas Raterman ceases to be involved in the operations of the Company, unless the Company shall have within a reasonable
period of time (which, for the avoidance of doubt, shall be no more than 120 days) obtained one or more successors reasonably acceptable
to the Required Holders.

 

Section 12.       REMEDIES
ON DEFAULT, ETC

 

Section 12.1.        Acceleration.
(a) If an Event of Default with respect to the Company described in Section 11(g), (h) or (i) (other
than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by
virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding
shall automatically become immediately due and payable.

 

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(b)            If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or
notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

 

(c)            If
any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders
of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the
Company, declare all the Notes held by it or them to be immediately due and payable.

 

Upon any Notes becoming due
and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire
unpaid principal amount of such Notes, plus all accrued and unpaid interest thereon (including interest accrued thereon at the Default
Rate) shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of
which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain
its investment in the Notes free from repayment by the Company (except as herein specifically provided for).

 

Section 12.2.         Holder
Action. The Purchaser and each holder of a Note agrees that it shall not take or institute any actions or proceedings, judicial or
otherwise, for any right or remedy against the Company or any Subsidiary Guarantor or any other obligor under this Agreement (or any
Supplement hereto), the Subsidiary Guaranty or any of the Notes (including the exercise of any right of setoff, rights on account of
any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence
any remedial procedures, with respect to any property of any Obligor, except as provided in Section 12.1(a) and Section 12.1(c),
without the prior written consent of the Super-Majority Holders. The provisions of this Section 12.2 are for the sole benefit of
the holders of the Notes and shall not afford any right to, or constitute a defense available to, the Obligors.

 

Section 12.3.        Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required
Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has
paid all overdue interest on the Notes and all principal of any Notes that are due and payable and are unpaid other than by reason of
such declaration, and all interest on such overdue principal and (to the extent permitted by applicable law) any overdue interest in
respect of any Series of the Notes, at the Default Rate for such Series, (b) neither the Company nor any other Person shall
have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other
than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to
Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the
Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default
or impair any right consequent thereon.

 

Section 12.4.         No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in exercising
any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No
right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or any Note upon any holder of any Note shall be exclusive
of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Company under Section 15, the Company will pay on demand such further amount as shall
be sufficient to cover all reasonable and documented out-of-pocket costs and expenses of one special outside counsel for all of the holders
of the Notes, taken as a whole, reasonably acceptable to the holders of the Notes, collectively incurred in any enforcement or collection
under this Section 12.

 

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Section 13.       REGISTRATION;
EXCHANGE; SUBSTITUTION OF NOTES.

 

Section 13.1.        Registration
of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers
of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and
address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at
any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant
to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall
be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or
knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor,
a complete and correct copy of the names and addresses of all registered holders of Notes. For the avoidance of doubt, the language in
this Section 13.1 is intended to cause the Notes to be issued in “registered form” as defined in Sections 163(f), 871(h)(2) and
881(c)(2) of the Code and Sections 5f.103-1(c) and 1.871-14(c) of the U.S. Treasury Regulations, and such language shall
be interpreted and applied consistently therewith.

 

Section 13.2.         Transfer
and Exchange of Notes

 

(a)            Subject
to clause (b) below, any registered holder of a Note or a Purchaser (an “Assigning Party”) may assign to one
or more assignees (other than a Competitor) (an “Assignee”) all or a portion of its rights and obligations under its
Note and/or under this Agreement.

 

(b)            Any
such assignment or transfer shall be subject to the following conditions: (i) the Assigning Party shall deliver to the Company a
written instrument of transfer duly executed by the Assigning Party or such Assigning Party’s attorney duly authorized in writing
and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof; (ii) the
Assignee shall have made the representations set forth in Section 6 to the Company; (iii) an exemption from registration
of the Notes under the Securities Act is available; and (iv) if requested by the Company, the Assigning Party shall have delivered
to the Company such legal opinions, certifications or other evidence to determine that such assignment or transfer is being made in compliance
with the Securities Act and applicable state securities laws, in each case under this clause (iv) at the sole expense of the Assigning
Party.

 

(c)            Upon
satisfaction of the conditions set forth in clause (b) above and surrender of any Note to the Company at the address and to the
attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and
in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered
holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other
information for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company shall execute
and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same Series (as requested by
the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note.
Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Notes as set
forth in Schedule 1 or attached to the applicable Supplement with respect to any Additional Notes. Each such new Note shall be dated
and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note
if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or other similar
governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000,
provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note of each
such holder may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the
name of its nominee), shall be deemed to have made the representations set forth in Section 6. Notwithstanding any other
provision hereof, if a transferee, in connection with giving the representation set forth in Section 6.2, is required to make disclosure
under Section 6.2(c), (d), (e) or (g), then no transfer of Notes shall be effective without the prior written consent of the
Company, which consent, as to these matters, shall not be withheld if the Company reasonably determines that it is able to conclude (taking
into account the specifics of the applicable disclosure) that the transfer of the Notes to the transferee would not constitute a transaction
that is subject to the prohibitions of Section 406(a) of ERISA or in connection with which a tax could be imposed under Section 4975
of the Code.

 

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Section 13.3.        Replacement
of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii))
of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence
shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction
or mutilation in the form of a lost note affidavit), and

 

(a)            in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is
a nominee for, the original Purchaser or Additional Purchaser or another holder of a Note with a minimum net worth of at least $500,000,000
or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

 

(b)            in
the case of mutilation, upon surrender and cancellation thereof,

 

within 10 Business Days thereafter, the Company
at its own expense shall execute and deliver, in lieu thereof, a new Note of the same Series, dated and bearing interest from the date
to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed
or mutilated Note if no interest shall have been paid thereon.

 

Section 14.       PAYMENTS
ON NOTES

 

Section 14.1.        Place
of Payment. Subject to Section 14.2, payments of principal and interest becoming due and payable on the Notes shall be
made in Chicago, Illinois at the principal office of RGC in such jurisdiction located on the date hereof at 205 N. Michigan Ave.
(Suite 4200), Chicago, IL 60601. The Company (or its agent or sub-agent) may at any time, by notice to each holder of a Note,
change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company, the principal
office of the Company’s agent or sub-agent in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

 

Section 14.2.        Payment
by Wire Transfer. So long as the Purchaser or Additional Purchaser or its nominee shall be the holder of any Note, and notwithstanding
anything contained in Section 14.1 or in such Note to the contrary, the Company (or its agent or sub-agent) will pay all
sums becoming due on such Note for principal, interest and all other amounts becoming due hereunder by the method and at the address
specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or, in the case of any Additional Purchaser,
the method described in such Supplement to which such Additional Purchaser is a party, or by such other method or at such other address
as the Purchaser or Additional Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently
with or reasonably promptly after payment or prepayment/redemption in full of any Note, the Purchaser or Additional Purchaser shall surrender
such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place
of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any
Note held by the Purchaser or Additional Purchaser or its nominee, the Purchaser will, at its election, either endorse thereon the amount
of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange
for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to
any Institutional Investor that is the direct or indirect transferee of any Note purchased by the Purchaser or Additional Purchaser under
this Agreement or any Supplement and that has made the same agreement relating to such Note as the Purchaser has made in this Section 14.2.

 

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Section 14.3.        Tax
Information. The Company shall be entitled to deduct and withhold from amounts payable with respect to Notes such amounts as the
Company may be required to deduct and withhold under the Code or any provision of applicable state, local or foreign tax law. By acceptance
of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company,
or to such other Person as may be reasonably requested by the Company, on or before the date on which such holder obtains a Note and
from time to time (a) any forms, documents or certifications as may be reasonably required for the Company to satisfy any information
reporting or withholding tax obligations with respect to any payments under this Agreement, or to determine the amount (if any) to deduct
and withhold from any such payment made to such holder, and (b) (x) in the case of any such holder that is a United States
Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company necessary to establish
such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its
obligations under FATCA and (y) in the case of any such holder that is not a United States Person, such documentation prescribed
by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be
necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s
obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Without
limiting the generality of the forgoing, except as otherwise required by applicable law, in the case of a holder (i) claiming the
benefits of the exemption for portfolio interest under Section 881(c) of the Code, (ii) claiming exemption from withholding
under an applicable treaty or (iii) claiming treatment as income effectively connected with a United States trade or business under
Section 882 of the Code, the Company agrees that it will make commercially reasonable efforts to not withhold from any applicable
payment to be made to a holder of a Note that is not a United States Person any U.S. federal withholding tax so long as such holder shall
have delivered to the Company (in such number of copies as shall be reasonably requested) on or before the date on which such holder
becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), (i) duly completed
and duly executed copies of the applicable IRS Form W-8 (and any documentation prescribed by applicable law) claiming a complete
exemption from U.S. federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Company to determine that no withholding is required, and (ii) in the case of a holder claiming benefits under
Section 881(c) of the Code, the applicable “U.S. Tax Compliance Certificate” substantially in the form attached
as Schedule 14.3, in each case correctly completed and duly executed. Each holder of a Note agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification promptly.
To the extent that amounts are deducted or withheld in accordance with this Section 14.3 and timely paid over to the proper
taxing authority, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person
in respect of which such deduction and withholding was made.

 

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Section 15.       EXPENSES, ETC.

 

Section 15.1.        Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable and documented
out-of-pocket costs and expenses (but limited, in the case of attorneys’ fees and expenses, to the reasonable and documented out-of-pocket
attorneys’ fees of one special counsel (reasonably acceptable to the Purchaser) for, collectively, the Purchaser (and Additional
Purchasers under any Supplement) and each other holder of a Note, taken as a whole, and, if reasonably required by the Required Holders,
one local counsel in each applicable jurisdiction for all such holders, taken as a whole) incurred in good faith by the Purchaser, the
Additional Purchasers, if any, and each other holder of a Note in connection with such transactions and in connection with any amendments,
waivers or consents under or in respect of this Agreement (including any Supplement), any Subsidiary Guaranty or the Notes (whether or
not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending
(or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding
to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement (including any Supplement),
any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note and (b) the costs and expenses, including financial
advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with
any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guaranty; provided,
that all such attorneys’ fees, costs and expenses payable in connection with and as of the date of Closing shall not exceed $10,000
in the aggregate. For the avoidance of doubt, this Section 15.1 shall not apply to any taxes other than taxes that arise from non-tax
claims.

 

The Company will pay, and
will save the Purchaser, each Additional Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any
fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by the Purchaser or Additional Purchaser
or other holder in connection with its purchase of the Notes) and (ii) any judgment, liability, claim, order, decree, fine, penalty,
cost, fee, expense (but limited, in the case of attorneys’ fees and expenses, to the reasonable and documented out-of-pocket attorneys’
fees of one special counsel for, collectively, the Purchaser, the Additional Purchasers, if any, and each other holder of a Note, taken
as a whole) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds
of the Notes by the Company, in each case, other than any such judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense
(including reasonable attorneys’ fees and expenses) or obligation that resulted from (x) the bad faith, gross negligence or
willful misconduct or breach of this Agreement or any Note by the Purchaser or such holder of a Note or (y) a claim between the
Purchaser and an Additional Purchaser, or holder of a Note, on the one hand, and any other Purchaser or holder of a Note, on the other
hand (other than claims arising out of any act or omission by the Company and/or its Affiliates). Notwithstanding anything to the contrary,
the Company shall not be liable to the Purchaser and an Additional Purchaser, or holder of a Note for any special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of the transactions contemplated
hereunder or under any Note asserted by the Purchaser and an Additional Purchaser, or a holder of a Note against the Company or any of
its Affiliates.

 

Section 15.2.        Certain
Taxes. The Company agrees to pay all stamp, documentary or similar Taxes or fees which may be payable in respect of the execution
and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or
the enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Subsidiary Guarantor has
assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary Guaranty or of any of
the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to
this Section 15, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss
or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.

 

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Section 15.3.        Survival.
The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement, any Supplement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.

 

Section 16.       SURVIVAL
OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

 

All representations and warranties
contained herein or in any Supplement shall survive the execution and delivery of this Agreement, such Supplement and the Notes, the
purchase or transfer by the Purchaser or any Additional Purchaser of any Note or portion thereof or interest therein and the payment
of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf
of the Purchaser or any Additional Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument
delivered by or on behalf of the Company pursuant to this Agreement or any Supplement shall be deemed representations and warranties
of the Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranties embody
the entire agreement and understanding between the Purchaser and Additional Purchaser and the Company and supersede all prior agreements
and understandings relating to the subject matter hereof.

 

Section 17.       AMENDMENT
AND WAIVER

 

Section 17.1.        Requirements.

 

(a)           Amendments.
This Agreement (including any Supplement) and the Notes may be amended, and the observance of any term hereof or of the Notes may be
waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that:

 

(i)            no
amendment or waiver of any of the provisions of Sections 1, 2, 3, 4, 6 or 21 hereof, or the
corresponding provision of any Supplement, or any defined term (as it is used in any such Section or such corresponding provision
of any Supplement) will be effective as to each Purchaser or Additional Purchaser unless consented to by the Purchaser or Additional
Purchaser in writing; and

 

(ii)           no
amendment or waiver may, without the written consent of each Purchaser, Additional Purchaser and the holder of each Note directly and
adversely affected thereby at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission,
change the amount or time of any prepayment/redemption or payment of principal of, or reduce the rate or change the time of payment or
method of computation of interest on the Notes, (ii) change the principal amount of the Notes that the Purchaser is to purchase
pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, (iii) change
the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver, or (iv) amend
any of Section 8 (except as set forth in the second sentence of Section 8.2 (or such corresponding provision
of any Supplement)), 11(a), 11(b), 12, 17 or 20.

 

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(b)           Supplements.
Notwithstanding anything to the contrary contained herein, the Company may enter into any Supplement providing for the issuance of one
or more Series of Additional Notes consistent with, and in compliance with, Sections 2.2 and 4.13 hereof without obtaining
the consent of any holder of any other Series of Notes.

 

Section 17.2.        Solicitation
of Holders of Notes

 

(a)           Solicitation.
The Company will provide the Purchaser and each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient
information, sufficiently far in advance of the date a decision is required, to enable the Purchaser and such holder to make an informed
and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof, any Supplement
or of the Notes or any Subsidiary Guaranty. The Company will deliver executed or true and correct copies of each amendment, waiver or
consent effected pursuant to the provisions of this Section 17 or any Subsidiary Guaranty to the Purchaser and each holder
of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the
requisite Purchasers or holders of Notes.

 

(b)           Payment.
The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest,
fee or otherwise, or grant any security or provide other credit support, to the Purchaser or holder of Notes as consideration for or
as an inducement to the entering into by the Purchaser or holder of Notes of any waiver or amendment of any of the terms and provisions
hereof, any Supplement or of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently
granted or other credit support concurrently provided, on the same terms, ratably to the Purchaser and each holder of Notes then outstanding
even if such holder did not consent to such waiver or amendment.

 

(c)           Consent
in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by the Purchaser
or holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any
other Affiliate or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender
offer for or merging with the Company and/or any of its Affiliates, in each case in connection with such consent, shall be void and of
no force or effect except solely as to the Purchaser or holder, and any amendments effected or waivers granted or to be effected or granted
that would not have been or would not be so effected or granted but for such consent (and the consents of all other Purchasers and holders
of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to the Purchaser
or holder.

 

Section 17.3.        Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 or the Subsidiary Guaranty applies equally
to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without
regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect
any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.
No course of dealing between the Company and the Purchaser or holder of any Note nor any delay in exercising any rights hereunder or
under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement”
and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.

 

Section 17.4.        Notes
Held by Company, Etc. Solely for the purpose of determining whether the Purchasers or holders of all or the requisite percentage
of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under
this Agreement, any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein or in any Subsidiary
Guaranty or the Notes to be taken upon the direction of the Purchasers and/or holders of all or a specified percentage of the aggregate
principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed
not to be outstanding.

 

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Section 18.       NOTICES.

 

Except to the extent otherwise
provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy
to any Person who has provided its telecopy number in its notice instructions, if the sender on the same day sends a confirming copy
of such notice by an internationally recognized overnight delivery service (charges prepaid), (b) by registered or certified mail
with return receipt requested or priority or express mail with on-line tracking services available (postage prepaid), or (c) by
an internationally recognized overnight delivery service (charges prepaid). Notwithstanding the foregoing, any such notice may be sent
by email, provided that, upon written request of any holder to receive paper copies of such notices or communications, the Company will
promptly deliver such paper copies to such holder. Any such notice must be sent:

 

(i)            if
to the Purchaser or its nominee, to the Purchaser or nominee at the address specified for such communications on the first page hereof,
or at such other address as the Purchaser or nominee shall have specified to the Company in writing, with a copy to Troutman Pepper Hamilton
Sanders LLP, 3000 Two Logan Square, 18th and Arch Streets, Philadelphia, PA 19103, Attn: John P. Falco, john.falco@troutman.com.

 

(ii)           if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing,
or

 

(iii)          if
to the Company, to the Company at its address set forth at the beginning hereof to the attention of Thomas B. Raterman, or at such other
address as the Company shall have specified to the holder of each Note in writing, in each case, with a copy (which shall not constitute
notice) to: Dechert LLP, 1900 K Street NW, Washington, DC 20006, Attn: Harry S. Pangas, Fax: (202) 261-3333, Email: harry.pangas@dechert.com,
or

 

(iv)          if
to an Additional Purchaser or such Additional Purchaser’s nominee, to such Additional Purchaser or such Additional Purchaser’s
nominee at the address specified for such communications in Schedule A to any Supplement, or at such other address as such Additional
Purchaser or such Additional Purchaser’s nominee shall have specified to the Company in writing.

 

Notices under this Section 18 will
be deemed given only when actually received. Notwithstanding anything to the contrary contained herein, any notice to be given by the
Company (other than an officer’s certificate) may be delivered by an agent or subagent of the Company.

 

Section 19.       REPRODUCTION
OF DOCUMENTS.

 

This Agreement and all documents
relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received
by the Purchaser at the Closing or Additional Purchaser at a subsequent closing (except the Notes themselves), and (c) financial
statements, certificates and other information previously or hereafter furnished to the Purchaser or Additional Purchaser, may be reproduced
by the Purchaser or Additional Purchaser by any photographic, photostatic, electronic, digital, or other similar process and the Purchaser
or Additional Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted
by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such reproduction was made by the Purchaser or Additional Purchaser in
the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible
in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction
to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

 

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Section 20.       CONFIDENTIAL
INFORMATION

 

For the purposes of this
Section 20, “Confidential Information” means information delivered to the Purchaser or Additional Purchaser
by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement
or any Supplement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received
by the Purchaser or Additional Purchaser as being confidential information of the Company or such Subsidiary, provided that such
term does not include information that (a) was publicly known or otherwise known to the Purchaser or Additional Purchaser prior
to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by the Purchaser or Additional
Purchaser or any Person acting on the Purchaser’s or Additional Purchaser’s behalf, (c) otherwise becomes known to the
Purchaser or Additional Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements
delivered to the Purchaser Additional Purchaser under Section 7.1 that are otherwise publicly available. The Purchaser and
Additional Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by the
Purchaser or Additional Purchaser in good faith to protect confidential information of third parties delivered to the Purchaser and Additional
Purchaser, provided that the Purchaser or Additional Purchaser may deliver or disclose Confidential Information to (i) its
Affiliates (who are not Competitors) and its and their respective directors, officers, employees (legal and contractual), agents, attorneys,
trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its
Notes) and such disclosure is made on a confidential basis, (ii) its auditors, financial advisors, other professional advisors,
consultants and investors or partners and who agree to hold confidential the Confidential Information substantially in accordance with
this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers
to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such
Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security
of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20),
(vi) any federal or state regulatory authority having jurisdiction over the Purchaser or Additional Purchaser or (vii) any
other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation
or order applicable to the Purchaser or Additional Purchaser, (x) in response to any subpoena or other legal process, (y) in
connection with any litigation to which the Purchaser or Additional Purchaser is a party or (z) if an Event of Default has occurred
and is continuing, to the extent the Purchaser or Additional Purchaser may reasonably determine such delivery and disclosure to be necessary
or appropriate in the enforcement or for the protection of the rights and remedies under the Purchaser’s or Additional Purchaser’s
Notes or this Agreement or any Subsidiary Guaranty. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed
to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement or any Subsidiary
Guaranty. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be
delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its
nominee), such holder will enter into an agreement with the Company embodying this Section 20.

 

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In the event that as a condition
to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or
otherwise pursuant to this Agreement, the Purchaser or Additional Purchaser or holder of a Note is required to agree to a confidentiality
undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this
Section 20, this Section 20 shall not be amended thereby and, as between the Purchaser or Additional Purchaser
or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking.

 

Section 21.       SUBSTITUTION
OF PURCHASER.

 

The Purchaser or Additional
Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or Additional Purchaser or any one of such
other Purchaser’s or Additional Purchaser’s Affiliates (other than a Competitor) (a “Substitute Purchaser”)
as the purchaser of the Notes that it has agreed to purchase hereunder, by prior written notice to the Company, which notice shall be
signed by both the Purchaser or Additional Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement
to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
representations set forth in Section 6. Upon receipt of such notice, any reference to the Purchaser in this Agreement (other
than in this Section 21) or any Additional Purchaser in any Supplement, shall be deemed to refer to such Substitute Purchaser
in lieu of such original Purchaser or Additional Purchaser, as the case may be. In the event that such Substitute Purchaser is so substituted
as the Purchaser hereunder or any Additional Purchaser in any Supplement and such Substitute Purchaser thereafter transfers to the original
Purchaser or Additional Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such
transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21),
shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to the original Purchaser or Additional Purchaser, as
the case may be, and the original Purchaser or Additional Purchaser shall again have all the rights of an original holder of the Notes
under this Agreement.

 

Section 22.       MISCELLANEOUS.

 

Section 22.1.        Successors
and Assigns. All covenants and other agreements contained in this Agreement (including all covenants and other agreements contained
in any Supplement) by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns
(including any subsequent holder of a Note) permitted hereby, whether so expressed or not, except that, subject to Section 10.2,
the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written
consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

 

Section 22.2.        Accounting
Terms. (a) All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively
given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For
purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
 “Indebtedness”), any election by the Company to measure any financial liability using fair value (as permitted by
Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 — Fair Value Option, International
Accounting Standard 39 — Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be
disregarded and such determination shall be made as if such election had not been made.

 

    43

     

    

 

(b)           If,
at any time, either the Company or the Required Holders shall request an amendment to any provision hereof to eliminate the effect of
any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then the parties shall negotiate in good
faith to amend such provision to preserve the original intent thereof in light of such change in GAAP; provided that until so amended,
such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in accordance herewith.

 

Section 22.3.        Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision
in any other jurisdiction.

 

Section 22.4.        Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other
covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to
excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person
is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

 

Defined terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument, law, statute, rule, regulation, form or other document herein shall be construed as referring to such agreement,
instrument, law, statute, rule, regulation, form or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the Notes, shall also include
any such notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 22.1, any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,”
 “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections
of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time.

 

Section 22.5.        Counterparts;
Electronic Contracting. This Agreement may be executed in any number of counterparts, each of which shall be an original but all
of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than
all, but together signed by all, of the parties hereto. The parties agree to electronic contracting and signatures with respect to this
Agreement and the other documents. Delivery of an electronic signature to, or a signed copy of, this Agreement and such other documents
by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the
signed originals and shall be admissible into evidence for all purposes. The words “execution,” “execute”, “signed,”
 “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the
other documents shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations
on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act. Notwithstanding the foregoing, if the Purchaser or Additional Purchaser shall request manually signed counterpart signatures to
any document, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon
as reasonably practicable (but in any event within 30 days of such request or such longer period as the requesting Purchaser or Additional
Purchaser and the Company may mutually agree).

 

    44

     

    

 

Section 22.6.        Governing
Law This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law
of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of
a jurisdiction other than such State.

 

Section 22.7.        Jurisdiction
and Process; Waiver of Jury Trial. (a) The Company and the Purchaser and Additional Purchaser irrevocably submits to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action
or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company
and the Purchaser and Additional Purchaser irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any
claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum.

 

(b)           The
Company and the Purchaser and Additional Purchaser agree, to the fullest extent permitted by applicable law, that a final judgment in
any suit, action or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive
and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America
or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon
such judgment.

 

(c)           The
Company and the Purchaser and Additional Purchaser consent to process being served by or on behalf of any holder of Notes in any suit,
action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified,
priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested,
to it at its address specified in Section 18 or at such other address of which such holder shall then have been notified
pursuant to said Section. The Company and the Purchaser and Additional Purchaser agrees that such service upon receipt (i) shall
be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest
extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder
shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable
commercial delivery service.

 

(d)           Nothing
in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit
any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

    45

     

    

 

(e)           THE
PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT
EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

 

 

* * * * *

 

    46

     

    

 

If you are in agreement with
the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement
shall become a binding agreement between you and the Company.

 

	 	Very truly yours,
	 	 
	 	RUNWAY GROWTH FINANCE CORP.
	 	 
	 	 
	 	By	 /s/ R. David Spreng
	 	 	Name:	R. David Spreng
	 	 	Title:	President and Chief Executive Officer

 

    47

     

    

 

This Agreement is hereby
accepted and agreed to as of the date hereof.

 

	 	On behalf of the Purchaser listed on the Purchaser Schedule hereto
	 	 
	 	 
	 	By	/s/ Erik Herzfeld
	 	 	Name:	Erik Herzfeld
	 	 	Title:	 Authorized Signatory

 

    

     

    

 

SCHEDULE A

 

DEFINED TERMS

(to Master Note Purchase Agreement)

 

As used herein, the following
terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Additional Notes”
is defined in Section 2.2.

 

“Additional Purchasers”
is defined in Section 4.13.

 

“Administration
Agreement” means that certain Amended and Restated Administration Agreement, dated June 28, 2021, by and between the Company
and Runway Administrator Services LLC, as amended, supplemented or restated from time to time and any successor agreement thereto.

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any
reference to an “Affiliate” is a reference to an Affiliate of the Company. Notwithstanding anything herein to the contrary,
the term “Affiliate” shall not include any Person that constitutes a Portfolio Investment held by any Obligor or any of its
or their subsidiaries in the ordinary course of business.

 

“Agreement”
means this Master Note Purchase Agreement, including all Supplements, Schedules and Exhibits attached to this Agreement (including all
Schedules and Exhibits attached to any Supplement) as it may be amended, restated, supplemented or otherwise modified from time to time.

 

“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including
the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

 

“Anti-Money Laundering
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related
activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise
known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Asset Coverage
Ratio” means, for the Company and its consolidated subsidiaries, the ratio which the value of total assets, less all liabilities
and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness of
the Company and its subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Company
thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any orders of the SEC issued under
the Investment Company Act, including any exemptive relief granted by the SEC with respect to the exclusion of indebtedness of any SBIC
Subsidiary from the definition of Senior Securities.

 

“Assignee”
is defined in Section 13.2(a).

 

“Assigning Party”
is defined in Section 13.2(a).

 

“Bank Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated as of April 20, 2022, by and among the Company, as the borrower,
and certain banks and other financial intuitions party thereto from time to time as lenders and KeyBank National Association, as administrative
agent, as the same may be amended, restated, amended and restated, supplemented, refinanced, substituted or otherwise modified from time
to time.

 

    Sch. A-1

     

    

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a
Person, entity, organization, country or regime that is blocked or a target of comprehensive sanctions that have been imposed under U.S.
Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by,
controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause
(a) or (b).

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to
be closed.

 

“Capital Lease”
means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the
incurrence of a liability in accordance with GAAP.

 

“cash”
means any immediately available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof)
which is a freely convertible currency.

 

“Cash
Equivalents” means (a) U.S. Government Securities maturing within 1 year from the applicable date of determination,
(b) securities that are direct obligations of, and obligations the timely payment of principal and interest on which is issued by,
any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within 1
year from the applicable date of determination and, at the time of acquisition, having one of the two highest ratings obtainable from
either S&P or Moody’s, (c) commercial paper maturing no more than 270 days from the date of acquisition thereof and, at
the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit,
bankers’ acceptances and time deposits maturing within 1 year from the date of acquisition thereof issued or guaranteed by or placed
with, any bank organized under the laws of the United States or any state thereof or under the laws of a Permitted Foreign Jurisdiction,
(e) money market and demand deposit accounts issued by, offered by or maintained with any bank organized under the laws of the United
States or any state or under the laws of a Permitted Foreign Jurisdiction, (f) fully collateralized repurchase agreements with a
term of not more than 30 days from the date of acquisition thereof for U.S. Government Securities and entered into with (i) a financial
institution satisfying the criteria described in clause (d) of this definition or (ii) a primary dealer in U.S. Government
Securities having (or being a member of a consolidated group having) at such date of acquisition, a credit rating of at least A-1 from
S&P or at least P-1 from Moody’s, (g) certificates of deposit or bankers’ acceptances with a maturity of 90 days
or less of any financial institution that is a member of the Federal Reserve System having combined capital and surplus and undivided
profits of not less than $1,000,000,000, and (h) money market funds or mutual funds substantially all of whose assets are invested
in the types of assets described in clauses (a) through (g) above.

 

“Change
in Control” means (a) the acquisition after the date of this Agreement of ownership, directly or indirectly, beneficially
or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the Securities and Exchange Commission
thereunder as in effect on the Execution Date), other than the Investment Adviser, OCM or their respective Affiliates, of shares representing
more than 50.0% of the aggregate ordinary voting power represented by the issued and outstanding capital stock (or similar ownership
interests) of the Company or (b) David Spreng, Cobblestone Total Return Fund LLC, the executive management of the Investment Adviser,
OCM, and their respective Affiliates shall cease to own and control in the aggregate at least 50.0% of the ordinary voting power represented
by the issued and outstanding capital stock (or similar ownership interests) of the Investment Adviser.

 

    Sch. A-2

     

    

 

“Closing”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder from time to time.

 

“Company”
is defined in the first paragraph of this Agreement.

 

“Competitor”
means (a) any entity that has elected to be regulated as a “business development company” under the Investment Company
Act; and (b) any Person who is not an Affiliate of the Company or any of its subsidiaries and who is actively engaged, as its primary
business, in the same or similar line of business as any material business of the Company or any of its subsidiaries as of the Execution
Date; provided, however, that (x) in no event shall any insurance company, bank, trust company, pension plan, savings and
loan association or any other similar financial institution or entity (regardless of legal form) be deemed to be a Competitor and (y) in
no event shall any entity which (i) maintains passive investments in any Person which is a Competitor and (ii) is not an asset
manager, a vehicle of an asset manager or a Person controlled by an asset manager, solely because of such passive investments, be deemed
a Competitor.

 

“Confidential Information”
is defined in Section 20.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling”
shall have meanings correlative to the foregoing.

 

“Controlled Entity”
means any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates.

 

“Controlled Foreign
Corporation” means any Subsidiary which is (i) a “controlled foreign corporation” (within the meaning of Section 957
of the Code), (ii) a Subsidiary substantially all the assets of which consist (directly or indirectly through one or more flow-through
entities) of Equity Interests and/or indebtedness of one or more Subsidiaries described in clause (i) of this definition, or (iii) without
duplication of clause (i) or (ii) of this definition, an entity treated as disregarded for U.S. federal income tax purposes
and substantially all of the assets of which consist (directly or indirectly through one or more flow-through entities) of the Equity
Interests and/or indebtedness of one or more Subsidiaries described in clause (i) or (ii) of this definition.

 

“Cure Right”
is defined in Section 10.7(b).

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become
an Event of Default.

 

“Default Rate”
means, with respect to any Note, the rate of interest per annum that is 2.0% above the rate of interest then in effect pursuant to clause
(a) of the first paragraph of such Note.

 

“Disclosure Documents”
is defined in Section 5.3.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such
purposes.

 

    Sch. A-3

     

    

 

“Environmental Laws”
means any applicable federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment
or the release of any materials into the environment, including those related to Hazardous Materials.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests or equivalents in a Person, and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include
convertible debt unless and until such debt has been converted to capital stock.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time
in effect.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with
the Company under section 414(b), (c), (m) or (o) of the Code.

 

“Event of Default”
is defined in Section 11.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder from time to time in
effect.

 

“Excluded Subsidiaries” means,
collectively, (a) any Financing Subsidiary, (b) any bankruptcy remote special purpose vehicle, (c) any Person that constitutes
an Investment held by the Company that is not, under generally accepted accounting principles in the United States, consolidated on the
financial statements of the Company and its Subsidiaries, and (d) any Subsidiary of any of the foregoing, in each case, so long
as any such Person described in clauses (a) through (d) above is not a guarantor, borrower or co-borrower with respect to the
Material Credit Facility.

 

“Execution Date”
is defined in Section 3.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.

 

“Financial Covenant
Default” means a Default under Section 11(c) for failure to comply with Section 10.7(a).

 

“Financing Subsidiary”
means (a) any SPE Subsidiary or (b) any SBIC Subsidiary.

 

“Foreign Subsidiary” means
any Subsidiary of the Company that is a Controlled Foreign Corporation or a Subsidiary of a Controlled Foreign Corporation.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

    Sch. A-4

     

    

 

“GAAP”
means (a) generally accepted accounting principles as in effect from time to time in the United States of America and (b) for
purposes of Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International
Financial Reporting Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

 

“Governmental Authority”
means:

 

(a)           the
government of:

 

(i)            the
United States of America, Canada or any state, province or other political subdivision thereof, or

 

(ii)           any
other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or

 

(b)           any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Governmental Official”
means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official
of a political party, candidate for political office, official of any public international organization or anyone else acting in an official
capacity.

 

“Guaranty”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance
or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued
to support such Indebtedness or obligation; provided, that the term Guaranty shall not include (i) “bad boy”
guaranties and (ii) endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements
entered into in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any
Guaranty at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in
respect of which such Guaranty is incurred, unless the terms of such Guaranty expressly provide that the maximum amount for which such
Person may be liable thereunder is a lesser amount (in which case the amount of such Guaranty shall be deemed to be an amount equal to
such lesser amount). The terms “Guaranteed” and “Guarantees” shall have correlative meanings.

 

“Hazardous Materials”
means any and all pollutants, contaminants, or toxic or hazardous wastes, substances or which are regulated by Environmental Law, including
asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, or petroleum products.

 

“Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement, or
other interest, currency exchange rate or commodity hedging arrangement.

 

    Sch. A-5

     

    

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant
to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7,
12, 17.2 and 18 and any related definitions in this Schedule A, “holder” shall mean the
beneficial owner of such Note whose name and address appears in such register.

 

“Immaterial Subsidiaries”
means those Subsidiaries of the Company that are designated as “Immaterial Subsidiaries” by the Company from time to time
(it being understood that the Company may at any time change any such designation); provided that such designated Immaterial Subsidiaries
shall collectively meet all of the following criteria as of the date of (x) the designation of each such Immaterial Subsidiary and
(y) the most recent balance sheet required to be delivered pursuant to Section 7.1 (and the Company shall in each case deliver
to the holders of the Notes a certificate of a Senior Financial Officer to such effect setting forth reasonably detailed calculations
demonstrating such compliance): (a) the aggregate assets of all such Subsidiaries and their Subsidiaries (on a consolidated basis)
as of such date do not exceed an amount equal to 5% of the consolidated assets of the Company and its subsidiaries as of such date; and
(b) the aggregate revenues of all such Subsidiaries and their Subsidiaries (on a consolidated basis) for the fiscal quarter ending
on such date (or, in the event that the designation of such Immaterial Subsidiary occurs prior to the end of the first fiscal quarter
ending after the Execution Date, the fiscal quarter ended immediately prior to the date of designation) do not exceed an amount equal
to 5% of the consolidated revenues of the Company and its subsidiaries for such period. Notwithstanding the foregoing, no Immaterial
Subsidiary that is or later becomes a Subsidiary Guarantor may be an Immaterial Subsidiary.

 

“Indebtedness”
with respect to any Person means, at any time, without duplication,

 

(a)           its
liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;

 

(b)           its
liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary course
of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect
to any such property);

 

(c)           (i) all
liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and (ii) all liabilities which would
appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for
as Capital Leases;

 

(d)           all
liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or
otherwise become liable for such liabilities);

 

(e)           all
its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks
and other financial institutions (whether or not representing obligations for borrowed money);

 

(f)            the
aggregate Swap Termination Value of all Swap Contracts of such Person; and

 

(g)           any
Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through (f) hereof.

 

Indebtedness of any Person shall include all
obligations of such Person of the character described in clauses (a) through (g) to the extent such Person remains legally
liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. Notwithstanding the foregoing,
 “Indebtedness” shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect
of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment,
(y) a commitment arising in the ordinary course of business to make a future Portfolio Investment or fund the delayed draw or unfunded
portion of any existing Portfolio Investment or (z) indebtedness of an Obligor on account of the sale by an Obligor of the first
out tranche of any debt Portfolio Investment that is entitled to the benefit of a first lien that arises solely as an accounting matter
under ASC 860, provided that such indebtedness (i) is non-recourse to the Company and its Subsidiaries and (ii) would not represent
a claim against the Company or any of its Subsidiaries in a bankruptcy, insolvency or liquidation proceeding of the Company or its Subsidiaries,
in each case in excess of the amount sold or purportedly sold.

 

    Sch. A-6

     

    

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional Investor”
means (a) any Purchaser, (b) any holder of a Note holding (together with one or more of its affiliates) more than 5% of the
aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial
institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution
or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible
securities) or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including
any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such
sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property
from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging
Agreements and/or Swap Contracts.

 

“Investment Adviser”
means (a) RGC, (b) an Affiliate of RGC, or (c) another investment adviser reasonably satisfactory to the Required Holders.

 

“Investment Advisory
Agreement” means that certain Second Amended and Restated Investment Advisory Agreement dated as of May 27, 2021 by and
between the Investment Adviser and the Company as the same may from time to time be amended, restated, supplemented, waived or otherwise
modified and any successor agreement thereto.

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder and all
exemptive relief, if any, obtained by the Company thereunder.

 

“Investment Policies”
means, with respect to the Company, the investment objectives, policies, restrictions and limitations as the same may be changed, altered,
expanded, amended, modified, terminated or restated from time to time.

 

“Lien”
means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title
of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement
or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements,
voting trust agreements and all similar arrangements but, in the case of Portfolio Investments that are equity securities, excluding
customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer).
For the avoidance of doubt, in the case of Investments that are loans or other debt obligations, customary restrictions on assignments
or transfers thereof on customary and market based terms pursuant to the underlying documentation relating to such Investment shall not
be deemed to be a “Lien.”

 

    Sch. A-7

     

    

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets, or properties of the Company and its Subsidiaries
taken as a whole.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties
of the Company and its Subsidiaries taken as a whole (excluding in any case a decline in the net asset value of the Company or its Subsidiaries
or a change in general market conditions or values of the Portfolio Investments of the Company and its Subsidiaries (taken as a whole)),
(b) the ability of the Company to perform its obligations under this Agreement and the Notes, (c) the ability of any Subsidiary
Guarantor to perform its obligations under its Subsidiary Guaranty, or (d) the validity or enforceability of this Agreement, the
Notes or any Subsidiary Guaranty.

 

“Material Credit
Facility” means, at any time, any revolving credit facility, term loan facility or financing agreement similar to this Agreement
(whether in the form of a loan agreement, note purchase agreement, credit agreement, indenture or other agreement creating or evidencing
Indebtedness for borrowed money) in respect of which the Company is an obligor (or otherwise provides a guarantee or other credit support)
with the largest aggregate principal amount outstanding or available for borrowing thereunder in an aggregate principal amount in excess
of $50,000,000 (other than the Notes, this Agreement, bonds, converts, public or registered offerings of debt securities or investments
or prime brokerage facilities) as of such date, if any, as such facility or agreement may be amended, restated, supplemented, otherwise
modified, refinanced or replaced from time to time. As of the Execution Date, the Bank Credit Agreement is currently the Material Credit
Facility.

 

“Material Indebtedness”
means Indebtedness (other than the Notes), of any one or more of the Company and its Subsidiaries (excluding any Financing Subsidiary)
in an aggregate outstanding principal amount exceeding $50,000,000.

 

“Maturity Date”
is defined in the first paragraph of each Note.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

“NAIC”
means the National Association of Insurance Commissioners.

 

“Notes”
is defined in Section 1.

 

“Obligor”
means the Company and any Subsidiary Guarantor.

 

“OCM”
means OCM Growth Holdings, LLC.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“OFAC
Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of
OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

“Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities
extend to the subject matter of such certificate.

 

    Sch. A-8

     

    

 

“Permitted
Equity Interests” means common stock of the Company that after its issuance is not subject to any agreement between
the holder of such common stock and the Company where the Company is required to purchase, redeem, retire, acquire, cancel or terminate
any such common stock.

 

“Permitted
Foreign Jurisdiction” means Canada, Germany, Ireland, Luxembourg, the Netherlands, Australia, New Zealand, Denmark,
Norway, Sweden and Switzerland and the United Kingdom.

 

“Permitted SBIC
Guarantee” means a Guaranty by the Company of Indebtedness of an SBIC Subsidiary on the SBA’s then-applicable form; provided
that the recourse to the Company thereunder is expressly limited only to periods after the occurrence of an event or condition that is
an impermissible change in the control of such SBIC Subsidiary.

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity
or governmental authority.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title IV of ERISA (other than
a Multiemployer Plan) that is or, within the preceding five years, has been established or maintained, or to which contributions are
or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to
which the Company or any ERISA Affiliate has any liability.

 

“Portfolio Investment”
means any Investment held by the Company and/or its subsidiaries in their asset portfolio (and, for the avoidance of doubt, shall not
include any Subsidiary of the Company).

 

“Preferred Stock”
means any class of capital stock of a Person that is preferred over any other class of capital stock (or similar equity interests) of
such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person.

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible,
choate or inchoate.

 

“PTE”
is defined in Section 6.2(a).

 

“Purchaser”
or “Purchasers” means The HCM Master Fund Limited, an exempted company incorporated with limited liability under the
laws of the Cayman Islands, and its successors and assigns (so long as any such assignment complies with Section 13.2) and
any Substitute Purchaser (so long as any such substitution complies with Section 21), provided, however, that any Purchaser
of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer
thereof pursuant to Section 13.2 or as the result of a substitution pursuant to Section 21 shall cease to be
included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer.

 

“Purchaser Schedule”
means the Purchaser Schedule to this Agreement listing the Purchaser of the Notes and including their notice and payment information.

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Qualified Institutional
Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in
Rule 144A(a)(1) under the Securities Act.

 

    Sch. A-9

     

    

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is
advised or managed by such holder, the same investment adviser as such holder or by an affiliate of such holder or such investment adviser.

 

“Replacement Facility”
means at any time on or after the Bank Credit Agreement is expired or terminated, the senior secured credit facility or similar secured
loan agreement to which the Company is a party as borrower and pursuant to which substantially all of the Company’s assets, other
than investments in subsidiaries, are pledged and which includes terms that are substantially comparable to market terms for substantially
similar debt of other similarly situated borrowers as reasonably determined in good faith by the Company or, if such transaction is not
one in which there are market terms for substantially similar debt of other similarly situated borrowers, on terms that are negotiated
in good faith on an arm’s length basis.

 

“Required Holders”
means, at any time on or after the Closing, the holders of more than 50% in principal amount of the Notes (without regard to Series)
at the time outstanding (exclusive of Notes then owned by the Company, any of its Affiliates or any Person that constituted a Portfolio
Investment held by any Obligor); provided that in the event a Supplement has been entered into by the Company with Additional
Purchasers thereunder, but the Additional Notes to be issued have not yet been so issued, “Required Holders” shall
also include the Additional Purchasers scheduled to purchase such Additional Notes until such time as such Additional Notes are so purchased.

 

“Responsible Officer”
means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion
of this Agreement.

 

“Restricted
Payment” means any dividend or other distribution in cash with respect to any shares of any class of capital stock of the Company,
or any payment in cash, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such shares of capital stock of the Company or any option, warrant or other right to acquire any such
shares of capital stock of the Company, provided, for clarity, neither the conversion or settlement of convertible debt into Permitted
Equity Interests nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with
Permitted Equity Interests shall be a Restricted Payment hereunder.

 

“RGC”
means Runway Growth Capital LLC, a Delaware limited liability company.

 

“RIC”
means a person qualifying for treatment as a “regulated investment company” under the Code.

 

“S&P”
means S&P Global Ratings, a division of S&P Global, Inc., a New York corporation, or any successor thereto.

 

“SBA”
means the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

“SBIC Subsidiary”
means any subsidiary of the Company (or such subsidiary’s general partner or manager entity) that is (x) either (i) a
 “small business investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing
the granting thereof by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act
of 1958, as amended, or (ii) any wholly-owned, direct or indirect, subsidiary of an entity referred to in clause (x)(i) of
this definition, and (y) designated in writing by the Company (as provided below) as an SBIC Subsidiary, so long as:

 

    Sch. A-10

     

    

 

(a)           other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Company make an equity or capital contribution to
the SBIC Subsidiary in connection with its incurrence of Indebtedness (provided that such contribution is permitted by the Material Credit
Facility and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness or any other obligations (contingent
or otherwise) of such Person (i) is Guaranteed by the Company or any of its subsidiaries (other than any SBIC Subsidiary), (ii) is
recourse to or obligates the Company or any of its subsidiaries (other than any SBIC Subsidiary) in any way, or (iii) subjects any
property of the Company or any of its subsidiaries (other than any SBIC Subsidiary) to the satisfaction thereof, other than Equity Interests
in any SBIC Subsidiary pledged to secure such Indebtedness;

 

(b)           neither
the Company nor any of its subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve its
financial condition or cause it to achieve certain levels of operating results; and

 

(c)           such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of any one
or more of the Obligors.

 

Any designation by the Company
under clause (y) above shall be effected pursuant to a certificate of a Senior Financial Officer delivered to the Purchasers, which
certificate shall include a statement to the effect that, to the best of such Senior Financial Officer’s knowledge, such designation
complied with the foregoing conditions.

 

“SEC”
means the Securities and Exchange Commission of the United States of America.

 

“Securities”
or “Security” shall have the meaning specified in section 2(a)(1) of the Securities Act.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder from time to time in effect.

 

“Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.

 

“Senior Securities”
means senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC issued
to the Company thereunder).

 

“Series”
means any series of Notes issued pursuant to this Agreement or any Supplement hereto.

 

“Series 2022A
Notes” is defined in Section 1.1.

 

“Source”
is defined in Section 6.2.

 

“SPE Subsidiary”
means

 

		(a)	each entity set forth on Schedule
                                            5.4B hereto;

 

		(b)	a direct or indirect subsidiary of the
                                            Company, which is formed in connection with such subsidiary obtaining and maintaining third-party
                                            financing, and which engages in no material activities other than in connection with the
                                            purchase and financing of such assets, and which is designated by the Company (as provided
                                            below) as an SPE Subsidiary; and, so long as:

 

    Sch. A-11

     

    

 

		(i)	no portion of the Indebtedness or any
                                            other obligations (contingent or otherwise) of such subsidiary (i) is Guaranteed by
                                            any Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is
                                            recourse to or obligates any Obligor in any way other than pursuant to Standard Securitization
                                            Undertakings or (iii) subjects any property of any Obligor (other than property that
                                            has been contributed or sold or otherwise transferred to such subsidiary in accordance with
                                            the terms of the Material Credit Facility), directly or indirectly, contingently or otherwise,
                                            to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings
                                            or any Guarantee thereof; and

 

		(ii)	no Obligor has any obligation to maintain
                                            or preserve such entity’s financial condition or cause such entity to achieve certain
                                            levels of operating results; and

 

		(c)	any passive holding company that is
                                            designated by the Company (as provided below) as an SPE Subsidiary, so long as:

 

		(i)	such passive holding company is the
                                            direct parent of an SPE Subsidiary referred to in clause (a);

 

		(ii)	such passive holding company engages
                                            in no activities and has no assets (other than in connection with the transfer of assets
                                            to and from an SPE Subsidiary referred to in clause (a), and its ownership of all of the
                                            Equity Interests of an SPE Subsidiary referred to in clause (a)) or liabilities;

 

		(iii)	all of the Equity Interests of such
                                            passive holding company are owned directly by an Obligor;

 

		(iv)	no Obligor has any contract, agreement,
                                            arrangement or understanding with such passive holding company; and

 

		(v)	no Obligor has any obligation to maintain
                                            or preserve such passive holding company’s financial condition or cause such entity
                                            to achieve certain levels of operating results.

 

Any such designation by the
Company pursuant to (b) and (c) of this definition shall be effected pursuant to a certificate of a Senior Financial Officer
delivered to the Purchasers, which certificate shall include a statement to the effect that, to such Senior Financial Officer’s
knowledge, such designation complied with the applicable foregoing conditions. Each subsidiary of an SPE Subsidiary shall be deemed to
be an SPE Subsidiary and shall comply with the foregoing requirements of this definition.

 

“Special Equity
Interest” means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest,
provided that such Lien was created to secure Indebtedness owing by such issuer to such creditors.

 

“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons
that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed
under U.S. Economic Sanctions Laws.

 

    Sch. A-12

     

    

 

“Standard Securitization
Undertakings” collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees),
(b) obligations (together with any related performance guarantees) to refund the purchase price or grant purchase price credits
for breach of representations and warranties referred to in clause (c), and (c) representations, warranties, covenants and indemnities
(together with any related performance guarantees) of a type that are reasonably customary in commercial loan securitizations (in each
case in clauses (a), (b) and (c) excluding obligations related to the collectability of the assets sold or the creditworthiness
of the underlying obligors and excluding obligations that constitute credit recourse). Representations made at the time of transfer of
an asset to an SPE Subsidiary as to the creditworthiness of the account debtor at such time and that to the transferor’s knowledge,
no event has occurred and is continuing that could reasonably be expected to affect the collectability of such asset or cause it not
to be paid in full, and any associated repurchase obligation for breach of any such representation, shall be deemed to be Standard Securitization
Undertakings.

 

“Subsidiary”
means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one
or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership
or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries
or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major
business actions without the prior approval of such Person or one or more of its Subsidiaries). Anything herein to the contrary notwithstanding,
the term “Subsidiary” shall not include any Excluded Subsidiary. Unless the context otherwise clearly requires, any reference
to a “Subsidiary” is a reference to a Subsidiary of the Company.

 

“Subsidiary Guarantor”
means each Subsidiary that has executed and delivered a Subsidiary Guaranty or a joinder thereto.

 

“Subsidiary Guaranty”
is defined in Section 9.7(a).

 

“Substitute Purchaser”
is defined in Section 21.

 

“Super-Majority
Holders” means at any time on or after the Closing, the holders of more than 66-2/3% in principal amount of the Notes at the
time outstanding (exclusive of the Notes then owned by the Company or any of its Affiliates).

 

“Supplement”
is defined in Section 2.2.

 

“SVO” means
the Securities Valuation Office of the NAIC.

 

“Swap Contract”
means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward foreign exchange transactions, cap transactions, floor transactions, currency options,
spot contracts or any other similar transactions or any of the foregoing (including any options to enter into any of the foregoing),
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International
Foreign Exchange Master Agreement.

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts.

 

    Sch. A-13

     

    

 

“Synthetic Lease”
means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any property (a) that is accounted
for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased
for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

 

“Taxes”
means taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to
tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other
Governmental Authority.

 

“tranche”
means all Notes of a Series having the same maturity, interest rate, currency and schedule for mandatory prepayments.

 

“United States Person”
has the meaning set forth in Section 7701(a)(30) of the Code.

 

“USA PATRIOT Act”
means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.

 

“U.S. Economic Sanctions
Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States
pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading
with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment
Act and any other OFAC Sanctions Program.

 

“U.S.
Government Securities” means securities that are direct obligations of, and obligations the timely payment of principal
and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations
of which are backed by the full faith and credit of the United States.

 

“Wholly-Owned Subsidiary”
means, at any time, any subsidiary all of the equity interests (except directors’ qualifying shares) and voting interests of which
are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time.

 

    Sch. A-14

     

    

 

Schedule 1

 

[FORM OF SERIES 2022A NOTE]

 

[THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR UNLESS AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE.]

 

[THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT
(“OID”) AS DEFINED BY SECTION 1273(a)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE FOLLOWING INFORMATION
IS PROVIDED PURSUANT TO THE INFORMATION REPORTING REQUIREMENTS SET FORTH IN TREASURY REGULATION 1.1275-3.

 

PLEASE CONTACT THOMAS B. RATERMAN AT 205 N. MICHIGAN
AVE., SUITE 4200, CHICAGO, IL 60601 TO REQUEST IN WRITING INFORMATION REGARDING THE DEBT INSTRUMENT’S ISSUE PRICE, OID, ISSUE
DATE, AND YIELD TO MATURITY.]

 

RUNWAY GROWTH FINANCE CORP.

 

7.00% SERIES 2022A SENIOR NOTE DUE AUGUST 31,
2027

 

	No. [_____]	August 31, 2022
	$[_____]	 

 

FOR VALUE RECEIVED, the undersigned,
RUNWAY GROWTH FINANCE CORP. (herein called the “Company”), a corporation organized and existing under the laws of
the State of Maryland, hereby promises to pay to [______], or registered assigns, the principal sum of [_______] DOLLARS
(or so much thereof as shall not have been prepaid) on August 31, 2027 (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 7.00% per annum, as may
be adjusted in accordance with Section 1.2 of the Note Purchase Agreement (as hereinafter defined), from the date hereof, payable
semiannually, on the 15th day of February and August in each year, commencing with the February or August next succeeding
the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted
by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance
at a rate per annum from time to time equal to the Default Rate, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand).

 

Payments of principal of
and interest on this Note are to be made in lawful money of the United States of America at the principal office of Runway Growth Capital
LLC in Chicago, Illinois or at such other place as the Company shall have designated by written notice to the holder of this Note
as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a series
of Senior Notes (herein called the “Notes”) issued pursuant to the Master Note Purchase Agreement, dated August 31,
2022 (as from time to time amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”),
between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will
be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note
Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement. Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

Schedule
1

(to Note Purchase Agreement)

 

    

     

    

 

This Note is a registered
Note with the Company and, as provided in (and subject to the terms and conditions of) the Note Purchase Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof
or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person
in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company
will not be affected by any notice to the contrary.

 

This
Note is not subject to regularly scheduled prepayments of principal. This Note is subject to optional redemption, in whole or
from time to time in part, on the terms specified in the Note Purchase Agreement.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price and with
the effect provided in the Note Purchase Agreement.

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

	 	RUNWAY
    GROWTH FINANCE CORP.
	 	 
	 	 
	 	By	            

 

    2

     

    

 

Schedule
5.3

 

Disclosure
Materials

 

[Intentionally Omitted]

 

 

 

 

 

Schedule
5.3

(to Note Purchase Agreement)

 

    

     

    

 

Schedule 5.4A

 

Subsidiaries of the Company and

Ownership of Subsidiary Stock

 

 

[Intentionally Omitted]

 

 

 

Schedule
5.4A

(to Note Purchase Agreement)

 

    

     

    

 

Schedule
5.4B

 

Excluded
Subsidiaries of the Company

 

[Intentionally Omitted]

 

 

 

 

Schedule
5.4B

(to Note Purchase Agreement)

 

    

     

    

 

Schedule 5.5

 

Financial
Statements

 

[Intentionally Omitted]

 

 

 

 

Schedule
5.5

(to Note Purchase Agreement)

 

    

     

    

 

Schedule 5.14

 

Existing
Indebtedness of the Company and its Subsidiaries

 

[Intentionally Omitted]

 

 

 

 

Schedule
5.14

(to Note Purchase Agreement)

 

    

     

    

 

Schedule 10.1

 

Transactions
with Affiliates

 

[Intentionally Omitted]

 

 

 

Schedule
10.1

(to Note Purchase Agreement)

 

    

     

    

 

Schedule 10.5

 

Liens

 

[Intentionally Omitted]

 

 

 

Schedule
10.5

(to Note Purchase Agreement)

 

    

     

    

 

Schedule 14.3

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

 

[Intentionally Omitted]

 

 

 

 

Schedule
14.3

(to Note Purchase Agreement)

 

    

     

    

 

Exhibit S

 

 

 

 

Runway
Growth Finance Corp.

 

 

 

 

 

 

[Number]
Supplement to Master Note Purchase Agreement

 

Dated as of ______________________

 

 

 

 

 

 

 

 

Re:           $____________ _____%
Series _______ Senior Notes

Due _____________________

 

 

 

 

 

 

Exhibit
S

(to Note Purchase Agreement)

 

    

     

    

 

Runway
Growth Finance Corp.

205 N. Michigan Avenue, #4200

Chicago, IL 60601

 

Dated as of

____________________, 20__

 

To the Additional

Purchaser(s) named in

Schedule A hereto

 

 

Ladies and Gentlemen:

 

This [Number] Supplement
to Master Note Purchase Agreement (the “Supplement”) is among Runway Growth
Finance Corp., a Maryland corporation (the “Company”), and the institutional investors named on Schedule A
attached hereto (the “Additional Purchasers”).

 

Reference is hereby made
to that certain Master Note Purchase Agreement dated as of August 31, 2022 (the “Note Purchase Agreement”) among
the Company and the Purchasers listed on the Purchaser Schedule thereto. All capitalized terms not otherwise defined herein shall have
the same meanings as specified in the Note Purchase Agreement. Reference is further made to Section 4.13 of the Note Purchase Agreement
which requires that, prior to the delivery of any Additional Notes, the Company and each Additional Purchaser shall execute and deliver
a Supplement.

 

The Company hereby agrees
with the Additional Purchaser(s) as follows:

 

1.             The
Company has authorized the issue and sale of $__________ aggregate principal amount of its _____% Series ______ Senior Notes due
_________, ____ (the “Series ______ Notes”). The Series ____ Notes, together with the Series 2022A
Notes issued pursuant to the Note Purchase Agreement and each series of Additional Notes which may from time to time hereafter be issued
pursuant to the provisions of Section 2.2 of the Note Purchase Agreement, are collectively referred to as the “Notes”
(such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement).
The Series _____ Notes shall be substantially in the form set out in Schedule 1 hereto with such changes therefrom, if any,
as may be approved by the Additional Purchaser(s) and the Company.

 

2.             Subject
to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and warranties
hereinafter set forth, the Company agrees to issue and sell to each Additional Purchaser, and each Additional Purchaser agrees to purchase
from the Company, Series _____ Notes in the principal amount set forth opposite such Additional Purchaser’s name on Schedule A
hereto at a price of 100% of the principal amount thereof on the closing date hereinafter mentioned.

 

    

     

    

 

3.             The
sale and purchase of the Series ______ Notes to be purchased by each Additional Purchaser shall occur at the offices of [____] at
[____], at a closing on ______, ____ or on such other Business Day thereafter on or prior to _______, ____ as may be agreed upon by the
Company and the Additional Purchasers (the “Series [____] Closing”). At the Series [____] Closing, the Company
will deliver to each Additional Purchaser the Series ______ Notes to be purchased by such Additional Purchaser in the form of a
single Series ______ Note (or such greater number of Series ______ Notes in denominations of at least $100,000 as such Additional
Purchaser may request) dated the date of the Series [____] Closing and registered in such Additional Purchaser’s name (or
in the name of such Series [__] Additional Purchaser’s nominee), against delivery by such Additional Purchaser to the Company
or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds
for the account of the Company to account number [__________________________] at ____________ Bank, [Insert Bank address, ABA number
for wire transfers, and any other relevant wire transfer information]. If, at the Series [____] Closing, the Company shall fail
to tender such Series ______ Notes to any Additional Purchaser as provided above in this Section 3, or any of the conditions
specified in Section 4 shall not have been fulfilled to any Additional Purchaser’s satisfaction, such Additional Purchaser
shall, at such Additional Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving
any rights such Additional Purchaser may have by reason of such failure or such nonfulfillment.

 

4.             The
obligation of each Additional Purchaser to purchase and pay for the Series ______ Notes to be sold to such Additional Purchaser
at the Series [____] Closing is subject to the fulfillment to such Additional Purchaser’s satisfaction, prior to the Series [____]
Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement with respect to the Series ______ Notes to
be purchased at the Series [____] Closing as if each reference to “2022A Notes” or “Notes,” “Closing”
and “Purchaser” set forth therein was modified to refer to “Series ______ Notes,” “Series [____]
Closing” and “Additional Purchaser” (each as defined in this Supplement) and to the following additional conditions:

 

(a)           Except
as supplemented, amended or superseded by the representations and warranties set forth in Exhibit A hereto, each of the representations
and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be correct as of the date of the Series [____]
Closing (except for representations and warranties which apply to a specific earlier date which shall be true as of such earlier date
or as of the date specified in Exhibit A to the extent such provision is superseded in Exhibit A) and the Company shall have
delivered to each Additional Purchaser an Officer’s Certificate, dated the date of the Series [____] Closing certifying that
such condition has been fulfilled.

 

(b)           Contemporaneously
with the Series [____] Closing, the Company shall sell to each Additional Purchaser, and each Additional Purchaser shall purchase,
the Series ______ Notes to be purchased by such Additional Purchaser at the Series [____] Closing as specified in Schedule
A.

 

5.             [Here
insert special provisions for Series ______ Notes including mandatory prepayment provisions applicable to Series ______ Notes;
any series-specific closing conditions or delayed funding matters applicable to Series ______ Notes; or any additional covenants].

 

6.             Each
Additional Purchaser represents and warrants that the representations and warranties set forth in Section 6 of the Note Purchase
Agreement are true and correct on the date hereof with respect to the purchase of the Series ______ Notes by such Additional Purchaser
as if each reference to “2022A Notes” or “Notes,” “Series [____] Closing” and “Purchaser”
set forth therein was modified to refer to “Series ______ Notes,” “Series [____] Closing” and “Additional
Purchaser” and each reference to “this Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented
by this Supplement.

 

    S-2

     

    

 

7.            The
Company and each Additional Purchaser agree to be bound by and comply with the terms and provisions of the Note Purchase Agreement as
fully and completely as if such Additional Purchaser were an original signatory to the Note Purchase Agreement.

 

8.            This
Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State
of New York, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

The execution hereof shall
constitute a contract between the Company and the Additional Purchaser(s) for the uses and purposes hereinabove set forth, and this
agreement may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one
agreement.

 

    S-3

     

    

 

	 	Runway Growth Finance Corp.
	 	 
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

Accepted as of __________, _____

 

	 	[Additional
Purchaser] 
	 	 
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

    S-4

     

    

 

Information
Relating to Additional Purchasers

 

	
Name and Address of Additional Purchaser	Principal 
 Amount of Series ______ Notes to Be Purchased	Note Number
	[Name of Additional Purchaser]	$	 
	 	 	 
	(1)           All payments by wire transfer of immediately available funds to: 	 	 
	 	 	 
	 	 	 
	 	 	 
	                with sufficient information to identify the source and application of such funds.	 	 
	 	 	 
	(2)           All notices of payments and written confirmations of such wire transfers: 	 	 
	 	 	 
	 	 	 
	 	 	 
	(3)           All other communications:	 	 

 

 

 

Schedule
A 

(to Supplement)

 

    

     

    

 

Supplemental
Representations

 

[updated
representations as appropriate to be included]

 

The Company represents and warrants to each Additional
Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties set forth in Section 5
of the Note Purchase Agreement (other than representations and warranties that apply solely to a specific earlier date which shall be
true as of such earlier date and other than the Section references hereinafter set forth) is true and correct in all material respects
as of the date hereof with respect to the Series ______ Notes with the same force and effect as if each reference to “the
Notes” set forth therein was modified to refer to the “Series ______ Notes” and each reference to “this
Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by the _______ Supplement. The Section references
hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:

 

Section 5.3.           Disclosure.
(a) This Agreement and the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered
to the Purchaser by or on behalf of the Company (other than financial projections, pro forma financial information and other forward-looking
information referenced in Section 5.3(b), information relating to third parties and general economic information) prior
[TO BE UPDATED] in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement and such documents,
certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the “Disclosure
Documents”), taken as a whole (and after taking into account all updates thereto and the same having been delivered to the Purchaser),
do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since [TO BE UPDATED]
there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to
the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure
Documents.

 

Section 5.4.           Organization
and Ownership of Shares of Subsidiaries. (a) Schedule 5.4A (as may be updated by the Company from time to time and
delivered to the Purchaser) contains (except as noted therein) complete and correct lists as of the date of the Series ___ Closing
of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization,
the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other
Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, and (ii) the Company’s directors and executive officers.

 

Section 5.5.           Financial
Statements; Material Liabilities. The Company has delivered to each
Additional Purchaser copies of the financial statements of the Company listed on Schedule 5.5 (as may be updated by the Company from
time to time and delivered to the Purchaser). All of such financial statements (including in each case the related schedules and notes,
but excluding all financial projections, pro forma financial information and other forward-looking information) fairly present in all
material respects the financial position of the Company as of the respective dates specified in such Schedule and the consolidated results
of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently
applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements,
to normal year-end adjustments and lack of footnotes); provided, that with respect to all or any portion of such financial
statements that are financial projections, pro forma financial information and other forward-looking information, the Company represents
only that such information was prepared in good faith based upon assumptions and, in the case of financial projections and pro forma
financial information, good faith estimates, in each case, believed to be reasonable at the time made.

 

    

     

    

 

Section 5.12.        Private
Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Series ______ Notes or any
substantially similar debt Securities for sale to, or solicited any offer to buy the Series ______ Notes or any substantially similar
debt Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Additional Purchasers
and not more than ______ other Institutional Investors (as defined in clause (c) of the definition thereof), each of which has been
offered the Series ______ Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken,
or will take, any action that would subject the issuance or sale of the Series ______ Notes to the registration requirements of
Section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

Section 5.13.        Use
of Proceeds; Margin Regulations The Company will apply the proceeds of the sale of the Series ______ Notes hereunder
for [TO BE UPDATED]. No part of the proceeds from the sale of the Series ______ Notes hereunder will be used, directly or indirectly,
for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve
the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation
T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and
its subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of
such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall
have the meanings assigned to them in said Regulation U.

 

Section 5.14.        Existing
Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.14 (as may be updated by the Company from time
to time and delivered to the Purchaser) sets forth a complete and correct list of all outstanding Material Indebtedness of the Company
and its Subsidiaries as of the Series [____] Closing (including descriptions of the obligors and obligees, principal amounts outstanding,
any collateral therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates,
sinking funds, installment payments or maturities of such Material Indebtedness. The Company is not in default in the payment of any
principal or interest on the Material Credit Facility or any other Material Indebtedness and, to the knowledge of the Company, no event
or condition exists with respect to the Material Credit Facility or any other Material Indebtedness of that would permit (or that with
notice or the lapse of time, or both, would permit) one or more Persons to cause the Material Credit Facility or such other Material
Indebtedness, as applicable, to become due and payable before its stated maturity or before its regularly scheduled dates of payment.
The provisions of this clause (a) shall not apply to any Indebtedness consisting of repurchase agreements or other Indebtedness
incurred in the ordinary course of business and secured solely by U.S. Treasury securities.

 

    -2-

     

    

 

[Add any
additional representations as appropriate at the time the Series ______ Notes are issued]

 

 

    -3-

     

    

 

[Form of
Series _____ Note]

 

[THE NOTE
REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE.]

 

 

Runway
Growth Finance Corp.

 

[____]%
Series _________ Senior Note Due [__________, ____]

 

	No. [_____]	[Date]
	$[_______]	PPN[______________]

 

For
Value Received, the undersigned, Runway Growth Finance Corp. (herein called the
“Company”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on [_________, ____] (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of [_____]% per annum, as may
be adjusted in accordance with Section 1.2 of the Note Purchase Agreement (as hereinafter defined), from the date hereof, payable
semiannually, on the [___] day of [__________] and [_________] in each year, commencing with the [_________] or [_________] next succeeding
the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted
by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance,
at a rate per annum from time to time equal to the Default Rate, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand).

 

Payments of principal of
and interest on this Note are to be made in lawful money of the United States of America at [_____] or at such other place as the Company
shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a series
of Senior Notes (herein called the “Notes”) issued pursuant to a Supplement dates as of [ ], 202[ ] to the Master
Note Purchase Agreement, dated [∙], 2022 (as from time to time amended, restated, supplemented or otherwise modified from time
to time, the “Note Purchase Agreement”), among the Company, the Purchasers named therein and Additional Purchasers
of Notes from time to time issued pursuant to any Supplement to the Note Purchase Agreement. This Note and the holder hereof are entitled
with the holders of all other Notes of all series from time to time outstanding under the Note Purchase Agreement to all the benefits
provided for thereby or referred to therein. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed
to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations
set forth in Section 6 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have
the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

    

     

    

 

This Note is a registered
Note with the Company and, as provided in (and subject to the terms and conditions of) the Note Purchase Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof
or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person
in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company
will not be affected by any notice to the contrary.

 

This Note is not subject
to regularly scheduled prepayments of principal. This Note is subject to optional redemption, in whole or from time to time in part,
on the terms specified in the Note Purchase Agreement.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price and with
the effect provided in the Note Purchase Agreement.

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

	 	Runway Growth Finance Corp.
	 	 
	 	 
	 	By	 
	 	 	[Title]

 

    -2-

     

    

 

Purchaser
Schedule

(to
Note Purchase Agreement)

 

 

 

[Intentionally Omitted]Document

Exhibit 4.1
EXECUTION VERSION

			
	

FIDELITY & GUARANTY LIFE HOLDINGS, INC. 
as Issuer 
THE GUARANTORS PARTY 
HERETO 
			
	

INDENTURE 
Dated as of April 20, 2018 
			
	

WELLS FARGO BANK, NATIONAL ASSOCIATION 
as Trustee 
			
	

PROVIDING FOR THE ISSUANCE OF NOTES IN SERIES

TABLE OF CONTENTS
									
			Page
	ARTICLE I
			
	Definitions and Incorporation by Reference
			
	SECTION 1.1.	Definitions	1
	SECTION 1.2.	Other Definitions	41
	SECTION 1.3.	Rules of Construction	42
	SECTION 1.4.	Financial Calculations for Limited Condition Transactions	43
			
	ARTICLE II
			
	The Notes
			
	SECTION 2.1.	Form and Dating	44
	SECTION 2.2.	Issuable in Series	48
	SECTION 2.3.	Form of Execution and Authentication	49
	SECTION 2.4.	Registrar and Paying Agent	50
	SECTION 2.5.	Paying Agent to Hold Money in Trust	50
	SECTION 2.6.	Lists of Holders of the Notes	50
	SECTION 2.7.	Transfer and Exchange	51
	SECTION 2.8.	Replacement Notes	62
	SECTION 2.9.	Outstanding Notes	62
	SECTION 2.10.	Treasury Notes	62
	SECTION 2.11.	Temporary Notes	63
	SECTION 2.12.	Cancellation	63
	SECTION 2.13.	Payment of Interest; Defaulted Interest	63
	SECTION 2.14.	CUSIP and ISIN Numbers	64
	SECTION 2.15.	Additional Amounts	65
			
	ARTICLE III
			
	Covenants
			
	SECTION 3.1.	Payment of Notes	67
	SECTION 3.2.	Reports	67
	SECTION 3.3.	Limitation on Indebtedness	70
	SECTION 3.4.	Limitation on Restricted Payments	76
	SECTION 3.5.	Limitation on Liens	83
	SECTION 3.6.	Limitation on Restrictions on Distributions from Restricted Subsidiaries	84

-i-

									
	SECTION 3.7.	Limitation on Sales of Assets and Subsidiary Stock	86
	SECTION 3.8.	Limitation on Affiliate Transactions	89
	SECTION 3.9.	Change of Control Triggering Event	93
	SECTION 3.10.	Future Guarantors	95
	SECTION 3.11.	Effectiveness of Covenants	96
	SECTION 3.12.	Compliance Certificate	97
	SECTION 3.13.	Statement by Officers as to Default	97
			
	ARTICLE IV
			
	Successor Company and Successor Guarantor
			
	SECTION 4.1.	When Company May Merge or Otherwise Dispose of Assets	97
	SECTION 4.2.	When a Subsidiary Guarantor May Merge or Otherwise Dispose of Assets	99
			
	ARTICLE V
			
	Redemption of Notes
			
	SECTION 5.1.	Applicability of Article	100
	SECTION 5.2.	Right of Redemption	100
	SECTION 5.3.	Election to Redeem; Notice to Trustee of Optional Redemptions	101
	SECTION 5.4.	Selection by Trustee of Notes to Be Redeemed	101
	SECTION 5.5.	Notice of Redemption	101
	SECTION 5.6.	Deposit of Redemption Price	102
	SECTION 5.7.	Notes Payable on Redemption Date	103
	SECTION 5.8.	Notes Redeemed in Part	103
	SECTION 5.9.	Redemption for Changes in Taxes	103
			
	ARTICLE VI
			
	Defaults and Remedies
			
	SECTION 6.1.	Events of Default	105
	SECTION 6.2.	Acceleration	107
	SECTION 6.3.	Other Remedies	108
	SECTION 6.4.	Waiver of Past Defaults	108
	SECTION 6.5.	Control by Majority	108
	SECTION 6.6.	Limitation on Suits	109
	SECTION 6.7.	Rights of Holders to Receive Payment	109
	SECTION 6.8.	Collection Suit by Trustee	109
	SECTION 6.9.	Trustee May File Proofs of Claim	110
	SECTION 6.10.	Priorities	110
	SECTION 6.11.	Undertaking for Costs	110
			

-ii-

									
	ARTICLE VII
			
	Trustee
			
	SECTION 7.1.	Duties of Trustee	111
	SECTION 7.2.	Rights of Trustee	112
	SECTION 7.3.	Individual Rights of Trustee	114
	SECTION 7.4.	Disclaimer	114
	SECTION 7.5.	Notice of Defaults	114
	SECTION 7.6.	Compensation and Indemnity	114
	SECTION 7.7.	Replacement of Trustee	115
	SECTION 7.8.	Successor Trustee by Merger	116
	SECTION 7.9.	Eligibility; Disqualification	116
			
	ARTICLE VIII
			
	Discharge of Indenture; Defeasance
			
	SECTION 8.1.	Discharge of Liability on Notes; Defeasance	117
	SECTION 8.2.	Conditions to Defeasance	118
	SECTION 8.3.	Application of Trust Money	119
	SECTION 8.4.	Repayment to Company	120
	SECTION 8.5.	Indemnity for U.S. Government Obligations	120
	SECTION 8.6.	Reinstatement	120
			
	ARTICLE IX
			
	Amendments
			
	SECTION 9.1.	Without Consent of Holders	120
	SECTION 9.2.	With Consent of Holders	122
	SECTION 9.3.	Effect of Consents and Waivers	123
	SECTION 9.4.	Notation on or Exchange of Notes	124
	SECTION 9.5.	Trustee To Sign Amendments	124
			
	ARTICLE X
			
	Guarantee
			
	SECTION 10.1.	Guarantee	124
	SECTION 10.2.	Limitation on Liability; Termination, Release and Discharge	126
	SECTION 10.3.	Right of Contribution	127
	SECTION 10.4.	No Subrogation	127

-iii-

									
	ARTICLE XI
			
	Miscellaneous
			
	SECTION 11.1.	Notices	128
	SECTION 11.2.	Certificate and Opinion as to Conditions Precedent	129
	SECTION 11.3.	Statements Required in Certificate or Opinion	129
	SECTION 11.4.	Rules by Trustee, Paying Agent and Registrar	130
	SECTION 11.5.	Days Other than Business Days	130
	SECTION 11.6.	Governing Law	130
	SECTION 11.7.	No Recourse Against Others	130
	SECTION 11.8.	Successors	130
	SECTION 11.9.	Multiple Originals	130
	SECTION 11.10.	Table of Contents; Headings	130
	SECTION 11.11.	Force Majeure	130
	SECTION 11.12.	USA Patriot Act	131
	SECTION 11.13.	Communication by Holders of Notes with other Holders of Notes	131
	SECTION 11.14.	Waiver of Jury Trial	131

						
	EXHIBITS
		
	EXHIBIT A	Form of Global Note
	EXHIBIT B	Form of Certificate of Transfer
	EXHIBIT C	Form of Certificate of Exchange
	EXHIBIT D	Form of Certificate of Acquiring Institutional Accredited Investor
	EXHIBIT E	Form of Supplemental Indenture to be Delivered by Subsequent Guarantors
	EXHIBIT F	Form of Supplemental Indenture Establishing a Series of Notes

-iv-

INDENTURE, dated as of April 20, 2018, as amended, restated, supplemented or otherwise modified from time to time (this “Indenture”), among FIDELITY & GUARANTY LIFE HOLDINGS, INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), CF BERMUDA HOLDINGS LIMITED, a Bermuda exempted company (the “Parent”), FGL US HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware ( the “Intermediate Guarantor”), certain other subsidiaries of the Parent from time to time party hereto (the “Subsidiary Guarantors” and together with the Parent and the Intermediate Guarantor, the “Guarantors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (together with its successors and assigns, in such capacity, the “Trustee”). 
Each party agrees as follows for the benefit of the other parties and for the benefit of the Holders (as defined herein) of the Notes (as defined herein): 
ARTICLE I 
Definitions and Incorporation by Reference
SECTION 1.1. Definitions. 
“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2) bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
“Acquired Indebtedness” means, with respect to any Person, Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person is merged or consolidated with the Parent or a Restricted Subsidiary or 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, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such acquisition, and Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person is merged or consolidated with the Parent or a Restricted Subsidiary or becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets. 
“Acquisition” means the acquisition of Fidelity & Guaranty Life by FGL US Holdings Inc. pursuant to the Merger Agreement. 
“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. 
“Agent” means any Registrar, Paying Agent or co-registrar.
“Aggregate RBC Ratio” means, with respect to the Insurance Subsidiaries (other than any Insurance Subsidiary that is a Foreign Subsidiary) taken as a whole, on any date of determination, one-half of the ratio (expressed as a percentage) of (a) the aggregate “Total Adjusted Capital” (as defined by the applicable Insurance Regulatory Authority) for each such Insurance Subsidiary to (b) the aggregate “Authorized Control Level Risk-Based Capital” (as defined by the applicable Insurance Regulatory Authority) for each such Insurance Subsidiary. 
“Annual Statement” means the annual statutory financial statement of an Insurance Subsidiary (other than any Insurance Subsidiary that is a Foreign Subsidiary (except, for so long as it is a Material Subsidiary, F&G Re)) required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of organization, which statement shall be in the form required by its jurisdiction of organization or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar authority) to be used for filing annual statutory financial statements and shall contain the type of information permitted or required by such insurance commissioner (or such similar authority) to be disclosed therein. 
“Applicable Premium” means, with respect to any series of Notes, “Applicable Premium” as such term is defined in the Notes Supplemental Indenture establishing such series of Notes. 
“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange or for other procedural matters. 
“Asset Acquisition” means (1) an Investment by the Parent or any Restricted Subsidiary in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be consolidated or merged with the Parent or any Restricted Subsidiary or (2) the acquisition by the Parent or any Restricted Subsidiary of assets of any Person. 
“Asset Disposition” means any sale, lease (other than an operating lease entered into in the ordinary course of business), transfer, issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions that are part of a common plan, of shares of Capital Stock of a Restricted Subsidiary, including any transaction pursuant to a Reinsurance Agreement (other than directors’ qualifying shares or local ownership shares) (it being understood that the Capital Stock of the Parent is not an asset of the Parent), property or other assets (each referred to for the purposes of this definition as a “disposition”) by the Parent or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction. 
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Notwithstanding the preceding, the following items shall not be deemed to be Asset Dispositions: 
(1) a disposition of assets by a Restricted Subsidiary to the Parent or by the Parent or a Restricted Subsidiary to a Restricted Subsidiary; 
(2) the disposition of Cash Equivalents in the ordinary course of business or the unwinding of any Hedging Obligations; 
(3) a disposition of equipment, inventory, accounts receivable and other assets in the ordinary course of business; 
(4) a disposition of used, obsolete, worn out, damaged or surplus equipment or equipment or assets that are no longer used or useful in the conduct of the business of the Parent and its Restricted Subsidiaries and that is disposed of in each case in the ordinary course of business; 
(5) the disposition of all or substantially all of the assets of the Parent in a manner permitted pursuant to Article IV or any disposition that constitutes a Change of Control; 
(6) an issuance of Capital Stock by a Restricted Subsidiary to the Parent or to a Restricted Subsidiary; 
(7) for purposes of Section 3.7 hereof only, the making of a Permitted Investment or a disposition subject to Section 3.4 hereof; 
(8) dispositions of Capital Stock of a Restricted Subsidiary or property or other assets in a single transaction or a series of related transactions with an aggregate Fair Market Value of less than $15.0 million; 
(9) the creation of a Permitted Lien and dispositions in connection with Permitted Liens; 
(10) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 
(11) the licensing or sublicensing of patents, trade secrets, know-how and other intellectual property, know-how or other general intangibles and licenses, leases or subleases of other property which do not materially interfere with the business of the Parent and its Restricted Subsidiaries as operated immediately prior to the granting of such license, lease or sublease; 
(12) to the extent allowable under Section 1031 of the Code, any exchange of like property for use in a Related Business;
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(13) foreclosure on assets or transfers by reason of eminent domain; 
(14) any sale of Capital Stock, Indebtedness or other securities, of an Unrestricted Subsidiary; 
(15) a Sale/Leaseback Transaction that is made for cash consideration in an amount not less than the cost of the underlying fixed or capital asset and is consummated within 180 days after the Parent or any Restricted Subsidiary acquires or completes the acquisition of such fixed or capital asset; 
(16) the receipt by the Parent or any Restricted Subsidiary of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property or assets; 
(17) operating leases in the ordinary course of business; 
(18) the surrender or waiver of contract rights or litigation rights or the settlement, release or surrender of tort or other litigation claims of any kind; 
(19) the transfer of improvements, additions or alterations in connection with the lease of any property; 
(20) dispositions of Investments by any Insurance Subsidiary (other than any of its Investments in Subsidiaries engaged in insurance lines of business) consistent with the investment policy approved by the Board of Directors of such Insurance Subsidiary, the Parent or the Company, as the case may be; 
(21) dispositions by Insurance Subsidiaries and Special Purpose Subsidiaries pursuant to Reinsurance Agreements and Statutory Reserve Financings so long as such disposition is entered into in the ordinary course of business for the purpose of managing insurance risk consistent with industry practice; 
(22) dispositions of Investments made out of the cash proceeds received from any Insurance Subsidiary pending further distribution in accordance with Section 3.4 hereof; 
(23) dispositions of shares of Capital Stock in order to qualify members of the Board of Directors or equivalent governing body of the Parent or a Restricted Subsidiary or such other nominal shares required to be held other than by the Parent or a Restricted Subsidiary, as required by applicable law; 
(24) any disposition necessary or advisable (as determined in Good Faith by the Parent) in order to consummate any acquisition of any Person, business or assets; and 
(25) any disposition of assets in connection with the Transactions. 
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“Attributable Indebtedness” in respect of a Sale/Leaseback Transaction means, as at the time of determination, (1) if such Sale/Leaseback Transaction does not constitute a Capitalized Lease Obligation, the present value (discounted at the interest rate implicit in the transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended), determined in accordance with GAAP or (2) if such Sale/Leaseback Transaction constitutes a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capitalized Lease Obligations.” 
“Authentication Order” has the meaning assigned to such term in Section 2.3 hereof. 
“Average Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (2) the sum of all such payments. 
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” shall have a corresponding meaning. 
“Blackstone Funds” means, individually or collectively, any investment fund, coinvestment vehicles and/or other similar vehicles or accounts, in each case, managed by an Affiliate of The Blackstone Group L.P., or any of their respective successors. 
“Board of Directors” means: 
(1) with respect to a corporation, the Board of Directors of the corporation or any committee thereof duly authorized to act on behalf of the Board of Directors with respect to the relevant matter; 
(2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and 
(3) with respect to any other Person, the board or committee of such Person serving a similar function. 
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of a company to have been duly adopted by the Board of Directors of such 
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company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
“Broker-Dealer” means any broker or dealer registered under the Exchange Act. 
“Business Day” means each day that is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York or the place of payment are authorized or required by law to close. 
“Capital and Surplus” means, as to any Insurance Subsidiary, as of any date, total assets minus total liabilities of such Insurance Subsidiary, as at the end of the most recently ended fiscal quarter of such Insurance Subsidiary for which financial statements are available, determined in accordance with SAP. 
“Capital Market Indebtedness” means any series of indebtedness specified within clauses (1) or (2) of the definition of “Indebtedness” with an aggregate principal amount outstanding in excess of $100.0 million. 
“Capital Stock” of any Person means (1) with respect to any Person that is a corporation, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Common Stock or Preferred Stock, and (2) with respect to any Person that is not a corporation, any and all partnership, limited liability company, membership or other equity interests of such Person, but in each case excluding any debt securities convertible into any of the foregoing. 
“Capitalized Lease Obligation” means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and 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 in accordance with 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 by the lessee without payment of a penalty. 
“Cash Equivalents” means: 
(1) U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union, or in the case of any Foreign Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
(2) securities issued or directly and fully guaranteed or insured by the United States Government or issued by any agency or instrumentality of the United States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 
(3) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality 
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thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of “A” or better from Standard & Poor’s Ratings Group, Inc. or A2 or better from Moody’s Investors Service, Inc.; 
(4) certificates of deposit, demand deposits, 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 commercial bank (x) the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by Standard & Poor’s Ratings Group, Inc., or “A” or the equivalent thereof by Moody’s Investors Service, Inc. or (y) the short term commercial paper of such commercial bank or its parent company is rated at the time of acquisition thereof at least “A-1” or the equivalent thereof by Standard & Poor’s Ratings Group, Inc. or “P-1” or the equivalent thereof by Moody’s Investors Service, Inc., and having combined capital and surplus in excess of $500.0 million; 
(5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4) above, entered into with any financial institution meeting the qualifications specified in clause (4) above; 
(6) commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by Standard & Poor’s Ratings Group, Inc. or “P-2” or the equivalent thereof by Moody’s Investors Service, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if both of the two named Rating Agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition thereof; 
(7) instruments equivalent to those referred to in clauses (1) through (6) above denominated in euros or any foreign currency comparable in credit quality and tenor to those referred to in such clauses and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction; 
(8) interests in any investment company or money market fund that invests 95% or more of its assets in instruments of the type specified in clauses (1) through (7) above and clause (10) below; 
(9) money market funds that (i) comply with the criteria set forth in Rule 2A-7 of the Investment Company Act of 1940, as amended, (ii) are rated at the time of acquisition thereof “AAA” or the equivalent by Standard & Poor’s Ratings Group, Inc. or “Aaa” or the equivalent thereof by Moody’s Investors Service, Inc. and (iii) have portfolio assets of at least $5.0 billion; and 
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(10) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (4) of this definition. 
“CBOs” means notes or other instruments (other than CMOs) secured by collateral consisting primarily of debt securities and/or other types of debt obligations, including loans 
“Change of Control” means: 
(1) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the ultimate Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Parent (or its successors by merger, consolidation or purchase of all or substantially all of its assets) other than a Permitted Holder; provided that such event shall not be deemed a Change of Control so long as one or more Permitted Holders shall Beneficially Own at least as much total voting power of the Voting Stock of the Parent as that Beneficially Owned by such person or group; 
(2) the sale, assignment, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Parent and its Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Permitted Holder; or 
(3) the adoption by the stockholders of the Parent of a plan or proposal for the liquidation or dissolution of the Parent. 
For purposes of this definition, (i) any direct or indirect holding company of the Parent shall not itself be considered a “person” or “group” for purposes of clause (1) above; provided that no “person” or “group” (other than the Permitted Holders or another such holding company) Beneficially Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of such company, and a majority of the Voting Stock of such holding company immediately following it becoming the holding company of the Parent is Beneficially Owned by the Persons who Beneficially Owned the voting power of the Voting Stock of the Parent immediately prior to it becoming such holding company and (ii) a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement. 
Notwithstanding the foregoing, the consummation of the Transactions shall not constitute a Change of Control. 
“Change of Control Triggering Event” means (1) if the Notes have an Investment Grade Rating from at least two Rating Agencies at the time of the applicable Change of Control, the occurrence of both (i) a Change of Control and (ii) a Rating Decline, and (2) if the Notes do 
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not have an Investment Grade Rating at the time of the applicable Change of Control from at least two Rating Agencies, the occurrence of a Change of Control. 
“CMOs” means Notes or other instruments secured by collateral consisting primarily of mortgages, mortgage-backed securities and/or other types of mortgage-related obligations. 
“Code” means the Internal Revenue Code of 1986, as amended. 
“Common Stock” means with respect to any Person, any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common stock. 
“Company” has the meaning assigned to such term in the preamble to this Indenture. 
“Consolidated Income Taxes” means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits or capital of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), including, without limitation, state, franchise and similar taxes and foreign withholding taxes regardless of whether such taxes or payments are required to be remitted to any governmental authority. 
“Consolidated Interest Expense” means, for any period, the interest expense of the Parent and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including but not limited to the portion of any payments or accruals with respect to Capitalized Lease Obligations that are allocable to interest expense, excluding (x) any write-offs of capitalized fees under agreements governing Indebtedness and all amendments thereto, (y) all non-cash charges for the amortization of deferred financing fees and debt issuance costs, and (z) any interest on tax reserves to the extent the Parent has elected to treat such interest as an interest expense under FASB ASC 450 since its adoption. 
“Consolidated Net Income” means, for any period, the net income (loss) of the Parent and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP (before preferred stock dividends); provided, however, that (without duplication): 
(1) any net income (loss) of any Person if such Person is not a Restricted Subsidiary or that is accounted for by the equity method of accounting shall be excluded from such Consolidated Net Income, except that: 
(a) the Parent’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the 
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Parent or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to clause (2) below); and 
(b) the Parent’s equity in a net loss of any such Person for such period will be included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Parent or a Restricted Subsidiary during such period; 
(2) solely for the purpose of determining the amount available for Restricted Payments under clause (3)(A) of Section 3.4(a), there shall be excluded from such Consolidated Net Income any net income (but not loss) of any Restricted Subsidiary (other than a Guarantor or an Insurance Subsidiary) if such Restricted Subsidiary is subject to prior government approval or other restrictions due to the operation of its charter or any agreement, instrument, judgment, decree, order, statute, rule or government regulation (which have not been waived), directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Parent, except that: 
(a) the Parent’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Parent or another Restricted Subsidiary as a dividend (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause); and 
(b) the Parent’s equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated Net Income; 
(3) any net income (but not loss) of the Insurance Subsidiaries determined on a combined basis shall be excluded from such Consolidated Net Income; provided that, notwithstanding the foregoing, with respect to any such period, there shall be included in Consolidated Net Income any such amount that could have been distributed by any Insurance Subsidiary, directly or indirectly, to the Company or any Guarantor as a dividend, distribution or return of capital or as a payment of interest or principal on any Surplus Note; 
(4) any after-tax effect of gain or loss (less all fees and expenses relating thereto) realized upon sales or other dispositions of any assets of the Parent or such Restricted Subsidiary (including pursuant to any Sale/Leaseback Transaction) other than in the ordinary course of business shall be excluded from such Consolidated Net Income; 
(5) any after-tax effect of income (loss) from the early extinguishment of Indebtedness or early termination of Hedging Obligations or other derivative instruments shall be excluded from such Consolidated Net Income; 
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(6) the after-tax effect of extraordinary gain or loss shall be excluded from such Consolidated Net Income; 
(7) the after-tax effect of the cumulative effect of a change in accounting principles shall be excluded from such Consolidated Net Income; 
(8) any after-tax effect of non-cash impairment charges recorded in connection with the application of FASB ASC 350 and FASB ASC 360 shall be excluded from such Consolidated Net Income; 
(9) any non-cash compensation expense realized for grants of performance shares, stock options or other rights to officers, directors and employees of the Parent or any Restricted Subsidiary shall be excluded from such Consolidated Net Income; 
(10) all impairment charges in connection with Investments made by any Insurance Subsidiary in the ordinary course of business shall be excluded from such Consolidated Net Income; provided that the amount of any cash charges relating to such impairment charges shall not be excluded from Consolidated Net Income by operation of this clause (10) to the extent such cash charges reduce (i) with respect to any Insurance Subsidiary that is not a Foreign Subsidiary, “Total Adjusted Capital” (as defined by the applicable Insurance Regulatory Authority) or (ii) with respect to any Insurance Subsidiary that is a Foreign Subsidiary, such comparable term as defined by the Insurance Regulatory Authority of such Insurance Subsidiary; and 
(11) interest related realized net investment portfolio trading losses of any Insurance Subsidiary shall be excluded from Consolidated Net Income to the extent such losses do not reduce (i) with respect to any Insurance Subsidiary that is not a Foreign Subsidiary, such Insurance Subsidiary’s “Total Adjusted Capital” (as defined by the applicable Insurance Regulatory Authority) or (ii) with respect to any Insurance Subsidiary that is a Foreign Subsidiary, such comparable term as defined by the Insurance Regulatory Authority of such Insurance Subsidiary. 
“Contribution Debt” means Indebtedness of the Company or any Guarantor in an aggregate principal amount not greater than the aggregate amount of cash received from cash contributions (other than proceeds from Disqualified Stock) made to the capital of the Parent after the Issue Date; provided that: 
(1) such cash has not been used to make a Restricted Payment and shall thereafter be excluded from any calculation under clause (3)(B) of Section 3.4(a) or used to make any Restricted Payment pursuant to Section 3.4(b) (it being understood that if any such Indebtedness incurred as Contribution Debt is redesignated as incurred under any provision other than clause (xviii) of Section 3.3(b) the related capital contribution may thereafter be included in any calculation under clause (3)(B) of Section 3.4(a); and 
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(2) such Contribution Debt (a) is incurred within 180 days after the making of such cash contributions and (b) is so designated as Contribution Debt pursuant to an Officer’s Certificate on the incurrence date thereof. 
“Corporate Trust Office” shall be at the address of the Trustee specified in Section 11.1 or such other address as to which the Trustee may give notice to the Company or Holders pursuant to the procedures set forth in Section 11.1. 
“Credit Facilities” means (i) the Credit Agreement, dated as of November 30, 2017, among the Company and the Parent, as borrowers, Royal Bank of Canada, as administrative agent, the lenders party thereto and the other parties thereto, including any notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any debt facilities, commercial paper facilities, credit agreements, indentures or other agreements, in each case with banks or other institutional lenders, purchasers, investors, trustees or agents that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof and (ii) one or more debt facilities, commercial paper facilities, credit agreements, indentures or other agreements, in each case with banks or other institutional lenders, purchasers, investors, trustees or agents providing for revolving credit loans, term loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against receivables, letters of credit or other extensions of credit or other indebtedness, in each case including any notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any debt facilities, commercial paper facilities, credit agreements, indentures or other agreements, in each case with banks or other institutional lenders, purchasers, investors, trustees or agents that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof. 
“Currency Agreement” means in respect of a Person any foreign exchange contract, currency swap agreement, currency futures contract, currency option contract or other similar agreement as to which such Person is a party or a beneficiary. 
“Debt to Total Capitalization Ratio” means, as of any date, the ratio of (a) the principal amount of, and accrued but unpaid interest on, all Indebtedness for borrowed money of the Parent and its Restricted Subsidiaries outstanding on such date, other than (i) Indebtedness owing to the Parent or any of its Restricted Subsidiaries and (ii) the liabilities (if any) of the Parent or any of its Restricted Subsidiaries in respect of Hedging Obligations as determined by reference to the termination value of the agreements or arrangements giving rise to such Hedging Obligations, to (b) Total Capitalization on such date. 
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In the event that the Parent or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other than in the case of revolving credit borrowings, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems, Capital Stock, Disqualified Stock or Preferred Stock subsequent to the last day of the Parent’s most recently ended fiscal quarter for which internal financial statements are available but prior to or simultaneously with the event for which the calculation of the Debt to Total Capitalization Ratio is made (the “Calculation Date”), then the Debt to Total Capitalization Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Capital Stock, Disqualified Stock or Preferred Stock, as if the same had occurred at the Calculation Date. 
For purposes of making the computation referred to above, issuances of Capital Stock, Investments, Asset Dispositions, Asset Acquisitions and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Parent or any Restricted Subsidiary has determined to make and/or has made subsequent to the last day of the Parent’s most recently ended fiscal quarter for which internal financial statements are available and on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma basis assuming that all such events had occurred on the last day of the Parent’s most recently ended fiscal quarter for which internal financial statements are available. 
For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made in Good Faith by the Parent. 
For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the exchange rate for such currency as of the Calculation Date. 
“Default” means any event or condition that is, or after notice or passage of time or both would be, an Event of Default. 
“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.7 hereof, substantially in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2 hereof) except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
“Depositary” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter appointed by the Company. 
“Designated Non-cash Consideration” means any consideration which is not cash or Cash Equivalents received by the Parent or its Restricted Subsidiaries in connection with an Asset Disposition that is designated as Designated Non-cash Consideration pursuant to an 
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Officer’s Certificate executed by the Parent or the Company at the time of such Asset Disposition. Any particular item of Designated Non-cash Consideration will cease to be considered to be outstanding once it has been transferred, sold or otherwise exchanged for or converted into or for cash or Cash Equivalents. 
“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person that 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: 
(1) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 
(2) is convertible into or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Parent or a Restricted Subsidiary (it being understood that upon such conversion or exchange it shall be an Incurrence of such Indebtedness or Disqualified Stock)); or 
(3) is redeemable at the option of the holder of the Capital Stock in whole or in part, 
in each case on or prior to the date 91 days after the earlier of the final maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock that 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; provided, further, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require such Person to repurchase such Capital Stock upon the occurrence of a “change of control” or “asset disposition” (each defined in a similar manner to the corresponding definitions in this Indenture) shall not constitute Disqualified Stock if the terms of such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable) provide that such Person may not repurchase or redeem any such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable) pursuant to such provision prior to compliance by the Parent with Section 3.7 and Section 3.9 and such repurchase or redemption complies with Section 3.4. In addition, any Capital Stock held by any future, present or former employee, director, officer, manager or consultant (or their estates, spouses or former spouses) of the Parent, any of its Subsidiaries or any direct or indirect parent company of the Parent pursuant to any stockholders agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent or its Subsidiaries following the termination of employment or death or disability of such employee, director, officer, manager or consultant with the Parent or any of its Subsidiaries or in order to satisfy applicable regulatory or statutory obligation (so long as, in each case referred to in this sentence, any such requirement is made subject to compliance with this Indenture). 
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“Equity Offering” means any public or private sale, after the Issue Date, of Capital Stock of the Parent or any direct or indirect parent of the Parent (to the extent the proceeds thereof are contributed to the common equity of the Parent) other than an issuance registered on Form S-4 or S-8, or any successor thereto or any issuance to a Subsidiary of the Parent or pursuant to employee benefit plans or otherwise in compensation to officers, directors or employees. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
“Excluded Subsidiary” means (a) any Foreign Subsidiary of the Parent or any Subsidiary of a Foreign Subsidiary of the Parent, (b) any Immaterial Subsidiary (other than an Insurance Subsidiary), (c) any Insurance Subsidiary or any Subsidiary of an Insurance Subsidiary, (d) any Special Purpose Subsidiary, (e) any Unrestricted Subsidiary, (f) any Restricted Subsidiary that is not permitted by law or regulation to guarantee the Obligations with respect to the Notes or that would be required to obtain governmental (including regulatory) consent, approval, license or authorization to guarantee the Obligations with respect to the Notes (unless such consent, approval, license or authorization has been received), (g) any Restricted Subsidiary that is prohibited from guaranteeing the Obligations with respect to the Notes by any contractual obligation in existence on the Issue Date (or, in the case of any newly acquired Subsidiary, in existence at the time of acquisition but not entered into in contemplation thereof) and (h) any Subsidiary of the Parent to the extent such Subsidiary guaranteeing the Obligations would reasonably be expected to result in an adverse tax consequence to the Parent (or its direct or indirect beneficial owners) and its Subsidiaries (including as a result of the operation of Section 956 of the Code or any similar law or regulation in any applicable jurisdiction) as reasonably determined by the Parent. 
“Fair Market Value” means, with respect to any property, the price that would reasonably be expected to be paid in an arm’s length free market transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall be determined in Good Faith by the Parent. 
“F&G Re” means F&G Re Ltd., a Bermuda exempted company registered as a Class C insurer under the Insurance Act, and any successor thereto as permitted by the terms of this Indenture. 
“Foreign Guarantor” means any Guarantor that is organized or existing under the laws of, or otherwise treated as resident for tax purposes in, a jurisdiction other than the United States, any state thereof or the District of Columbia. 
“Foreign Subsidiary” of any Person means (i) any Restricted Subsidiary that is not organized or existing under the laws of the United States of America or any state thereof or the District of Columbia, (ii) any Restricted Subsidiary that is organized or existing under the laws of the United States of America or any state thereof or the District of Columbia, if all or substantially all of the assets of such Restricted Subsidiary consist of equity or debt of one or 
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more Restricted Subsidiaries described in clause (i), intellectual property relating to such Restricted Subsidiaries and other assets (including cash or Cash Equivalents) relating to an ownership interest in such Restricted Subsidiaries, and (iii) any Subsidiary of a Restricted Subsidiary described in clause (i). 
“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date (except with respect to the financial statements being furnished pursuant to Section 3.2 hereof, as to which such principles in effect from time to time shall apply), including those 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 approved by a significant segment of the accounting profession. All ratios and computations based on GAAP contained in this Indenture will be computed in conformity with GAAP, except that in the event the Parent is acquired in a transaction that is accounted for using purchase accounting, the effects of the application of purchase accounting shall be disregarded in the calculation of such ratios and other computations contained in this Indenture. 
“Global Note Legend” means the legend set forth in Section 2.1(b) hereof, which is required to be placed on all Global Notes issued under this Indenture. 
“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2 hereof) issued in accordance with Section 2.1 or 2.7 hereof. 
“Good Faith by the Parent” means the decision in good faith by a responsible financial or accounting officer of the Parent, which determination shall be conclusive. 
“Guarantee” means any obligation, contingent or otherwise, of any Person, directly or indirectly, guaranteeing any Indebtedness or other financial obligations of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
(1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or 
(2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other financial obligation 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. The term “Guarantee” used as a verb has a corresponding meaning. 
“Guarantors” has the meaning assigned to such term in the preamble to this Indenture. 
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“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement or Currency Agreement, excluding any Obligations of Insurance Subsidiaries with respect to Swap Contracts entered into in the ordinary course of business and consistent with the investment policy approved by the Board of Directors of such Insurance Subsidiary. 
“Holder” means a Person in whose name a Note is registered on the Registrar’s books. 
“IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2) bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in an initial denomination equal to the outstanding principal amount of the Notes initially sold to Institutional Accredited Investors. 
“Immaterial Subsidiary” means any Subsidiary that has less than 5% of the consolidated assets of the Parent and its Subsidiaries or that accounts for less than 5% of the consolidated revenues of the Parent and its Subsidiaries. Any Subsidiary so designated as an Immaterial Subsidiary that fails to meet the foregoing as of the last day of the period of four consecutive fiscal quarters most recently ended shall continue to be deemed an “Immaterial Subsidiary” hereunder until the date that is 60 days following the delivery of annual or quarterly financial statements pursuant to Section 3.2 hereof with respect to such period (or the last quarter thereof, as applicable). 
“Incur” means to issue, create, assume, Guarantee, incur 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 Person at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. Any Indebtedness issued at a discount (including Indebtedness on which interest is payable through the issuance of additional Indebtedness) shall be deemed incurred at the time of original issuance of the Indebtedness at the initial accreted amount thereof. 
“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 
(1) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 
(2) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
(3) the principal component of all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto, except to the extent such reimbursement obligation relates to a Trade Payable or similar obligation to a trade creditor in each case 
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incurred in the ordinary course of business) other than obligations with respect to letters of credit, bankers’ acceptances or similar instruments securing obligations (other than obligations described in clauses (1) and (2) above and clause (5) below) entered into in the ordinary course of business of such Person to the extent such letters of credit, bankers’ acceptances or similar instruments are not drawn upon or, to the extent drawn upon, such drawing is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit, bankers’ acceptance or similar instrument; 
(4) the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except Trade Payables), which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto, except (i) any such balance that constitutes a Trade Payable, accrued liability or similar obligation to a trade creditor, in each case accrued in the ordinary course of business, and (ii) any earn-out obligation until the amount of such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP; 
(5) Capitalized Lease Obligations and all Attributable Indebtedness of such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); 
(6) the principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary that is not a Guarantor, any Preferred Stock (but excluding, in each case, any accrued dividends); 
(7) 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 and (b) the amount of such indebtedness of such other Persons; 
(8) the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); and 
(9) to the extent not otherwise included in this definition, net Hedging Obligations of such Person (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Hedging Obligation that would be payable by such Person at such time). 
In no event shall the term “Indebtedness” include (i) any indebtedness under any overdraft or cash management facilities so long as any such indebtedness is repaid in full no later than five Business Days following the date on which it was incurred or in the case of such 
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indebtedness in respect of credit or purchase cards, within 60 days of its incurrence, (ii) obligations in respect of performance, appeal or other surety bonds or completion guarantees incurred in the ordinary course of business, (iii) except as provided in clause (5) above, any obligations in respect of a lease properly classified as an operating lease in accordance with GAAP, (iv) any liability for federal, state, local or other taxes not yet delinquent or being contested in good faith and for which adequate reserves have been established to the extent required by GAAP, (v) any customer deposits or advance payments received in the ordinary course of business, (vi) Obligations of Insurance Subsidiaries with respect to Swap Contracts entered into in the ordinary course of business and consistent with the investment policy approved by the Board of Directors of such Insurance Subsidiary, (vii) the following obligations issued or undertaken in connection with a Statutory Reserve Financing: (A) Surplus Notes or other obligations of any Special Purpose Subsidiary of the Parent (“Reserve Financing Notes”), (B) any securities backed by such Reserve Financing Notes by an entity formed in connection with a Statutory Reserve Financing, (C) letters of credit issued for the account of any Special Purpose Subsidiary of the Parent, (D) reimbursement obligations of any Special Purpose Subsidiary, (E) any guarantees of the obligations described in (A), (B), (C) or (D) above, (F) reimbursement obligations or (G) capital maintenance or similar obligations in favor of any Special Purpose Subsidiary, and (viii) any obligations with respect to insurance policies, annuities, guaranteed investment contracts and similar policies underwritten by an Insurance Subsidiary, in each case, in the ordinary course of business. 
The amount of Indebtedness of any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date; provided that (x) contingent obligations arising in the ordinary course of business and not with respect to borrowed money of such Person or other Persons, and (y) the obligations of any Person under Reinsurance Agreements shall be deemed not to constitute Indebtedness. Notwithstanding the foregoing, money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the payment of interest on such Indebtedness shall not be deemed to be “Indebtedness;” provided that such money is held to secure the payment of such interest. 
“Independent Financial Advisor” means (1) an accounting, appraisal or investment banking firm or (2) a consultant to Persons engaged in a Related Business, in each case of nationally recognized standing that is, in the good faith judgment of the Parent, qualified to perform the task for which it has been engaged. 
“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
“Initial Notes” means the $550,000,000 in aggregate principal amount of 5.50% Senior Notes due 2025 of the Company issued under the first Notes Supplemental Indenture on the Issue Date. 
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“Initial Purchasers” means, with respect to the Initial Notes, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Blackstone Advisory Partners L.P. and, with respect to any Additional Notes, other such initial purchasers party to future purchase agreements entered into in connection with an offer and sale of such Additional Notes. 
“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
“Insurance Act” means the Insurance Act 1978 of Bermuda and its related rules and regulations, as amended. 
“Insurance Regulatory Authority” means, with respect to any Insurance Subsidiary, the governmental or regulatory authority or agency charged with regulating the insurance business of insurance companies or insurance holding companies, in its jurisdiction of legal domicile. 
“Insurance Subsidiary” means any Restricted Subsidiary of the Parent that is required to be licensed as an insurer or reinsurer. 
“Interest Payment Date” means, when used with respect to any Note and any installment of interest thereon, the date specified in such Note as the fixed date on which such installment of interest is due and payable, as set forth in such Note. 
“Interest Rate Agreement” means with respect to any Person any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a beneficiary. 
“Intermediate Guarantor” has the meaning assigned to in the preamble to this Indenture. 
“Investment” in any Person means any direct or indirect advance, loan (other than advances or extensions of credit in the ordinary course of business that are in conformity with GAAP recorded as accounts receivable on the balance sheet of the Parent or its Restricted Subsidiaries) or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit other than a time deposit) 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 any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP; provided that none of the following will be deemed to be an Investment: 
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(1) Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture; 
(2) endorsements of negotiable instruments and documents in the ordinary course of business; 
(3) an acquisition of assets, Capital Stock or other securities by the Parent or a Subsidiary for consideration to the extent such consideration consists of Common Stock of the Parent; 
(4) a deposit of funds in connection with an acquisition of assets, Capital Stock or other securities; provided that either such acquisition is consummated by or through a Restricted Subsidiary or such deposit is returned to the Person who made it; 
(5) an account receivable arising, or prepaid expenses or deposits made, in the ordinary course of business; and 
(6) licensing or transfer of know-how or intellectual property or the providing of services in the ordinary course of business. 
For purposes of Section 3.4 hereof, (1) “Investment” will include the portion (proportionate to the Parent’s equity interest in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Parent shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Parent’s aggregate “Investment” in such Subsidiary as of the time of such redesignation less (b) the portion (proportionate to the Parent’s equity interest in such Subsidiary) of the Fair Market Value of the net assets (as conclusively determined in good faith by the Board of Directors of the Parent) of such Subsidiary at the time that such Subsidiary is so redesignated a Restricted Subsidiary; (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Parent; and (3) the value of any “Investment” made by an Insurance Subsidiary shall be calculated net of any liabilities of the Insurance Subsidiary that are assumed by the Person in whom the Investment is being made. 
“Investment Grade Rating” means a rating equal to or higher than (i) Baa3 (or the equivalent) by Moody’s Investors Service, Inc., (ii) BBB- (or the equivalent) by Standard & Poor’s Ratings Group, Inc. and (iii) BBB- (or the equivalent) by Fitch, Inc. or an equivalent rating by any other Rating Agency substituted for any of the foregoing; provided that a change in outlook shall not by itself cause the Parent to lose its Investment Grade Rating. 
“Investment Grade Securities” means: 
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(1) securities issued or directly and fully guaranteed or insured by the United States, United Kingdom or Canadian government or any agency or instrumentality thereof (other than Cash Equivalents); 
(2) debt securities or debt instruments with a rating of “A-” or higher from Standard & Poor’s Ratings Group, Inc. or “A3” or higher by Moody’s Investors Service, Inc. or the equivalent of such rating by such rating organization or, if no rating of Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Group, Inc. then exists, the equivalent of such rating by any other nationally recognized Rating Agency, but excluding any debt securities or instruments constituting loans or advances among the Parent and its Subsidiaries; and 
(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) above which fund may also hold cash and Cash Equivalents pending investment or distribution. 
“Investment Management Agreement” means each investment management agreement, each management services agreement and any similar or related agreements or arrangements, between (a) any of the management companies associated with one or more of the Permitted Holders or their advisors, if applicable, and (b) the Parent or any Restricted Subsidiary (and/or any direct or indirect parent companies of the Parent or any Restricted Subsidiary), in each case, as in effect from time to time. 
“Issue Date” means April 20, 2018. 
“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease (or any filing or agreement to give any financing statement in connection therewith) be deemed to constitute a Lien. 
“Material Subsidiary” means any Subsidiary that is not an Immaterial Subsidiary. Notwithstanding anything to the contrary in this Indenture, Parent shall have no obligation to maintain any particular Subsidiary (including F&G Re) as, or cause any Subsidiary (including F&G Re) to be, a Material Subsidiary. 
“Merger Agreement” means the Merger Agreement, dated as of May 24, 2017, by and among CF Corporation, FGL US Holdings Inc., FGL Merger Sub Inc. and Fidelity & Guaranty Life, as it may be amended, supplemented, waived or otherwise modified from time to time. 
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 
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“NAIC” means the National Association of Insurance Commissioners or any successor thereto, or in the absence of the National Association of Insurance Commissioners or such successor, any other association, agency or other organization performing advisory, coordination or other like functions among insurance departments, insurance commissioners and similar governmental authorities of the various states of the United States toward the promotion of uniformity in the practices of such governmental authorities. 
“Net Available Cash” from an Asset Disposition means an amount equal to the cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities or other assets received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of: (1) all brokerage, legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition; (2) all payments made on any Indebtedness that is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or that must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law be repaid out of the proceeds from such Asset Disposition; (3) all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Disposition; (4) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed of in such Asset Disposition and retained by the Parent or any Restricted Subsidiary after such Asset Disposition, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters; (5) any portion of the purchase price from an Asset Disposition placed in escrow (whether as a reserve for adjustment of the purchase price, or for satisfaction of indemnities in respect of such Asset Disposition); and (6) in the case of an Asset Disposition by an Insurance Subsidiary, proceeds that are not permitted to be paid as a dividend or distribution by such Insurance Subsidiary pursuant to regulatory restrictions provided, however, that in the cases of clauses (4) and (5), upon reversal of any such reserve or the termination of any such escrow, Net Available Cash shall be increased by the amount of such reversal or any portion of funds released from escrow to the Parent or any Restricted Subsidiary. 
“Net Cash Proceeds” means, with respect to any issuance or sale of Capital Stock of the Parent or any Restricted Subsidiary or Indebtedness, the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees, charges and expenses actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements). 
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“Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not the Company or a Guarantor. 
“Non-Recourse Debt” means Indebtedness of a Person: 
(1) as to which neither the Parent nor any Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); 
(2) no default with respect to which would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Parent or any Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and 
(3) the explicit terms of which provide there is no recourse against any of the assets of the Parent or its Restricted Subsidiaries. 
“Non-U.S. Person” means a Person who is not a U.S. Person. 
“Notes” means the Initial Notes and any Additional Notes. 
“Notes Custodian” means the custodian with respect to the Global Note (as appointed by the Depositary), or any successor Person thereto and shall initially be the Trustee. 
“Notes Supplemental Indenture” means a Supplemental Indenture pursuant to which the Company issues Notes in accordance with Section 2.2, which may be substantially in the form attached hereto as Exhibit F, or in such other form as the Company may determine in accordance with Section 2.2. 
“Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foregoing law), penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 
“Offering Memorandum” means the offering memorandum, dated as of April 17, 2018, relating to the offering of the Notes. 
“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Parent or the Company or, in the event that a Person is a partnership or a limited liability company that has no such officers, a person duly 
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authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of such Person. Officer of any Guarantor has a correlative meaning. 
“Officer’s Certificate” means a certificate signed by an Officer of the Parent or the Company and delivered to the Trustee. 
“OM Purchase Agreement” means the First Amended and Restated Stock Purchase Agreement, dated February 17, 2011, between OM Group (UK) Limited and Harbinger F&G, LLC. 
“Opinion of Counsel” means a written opinion from legal counsel that is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Parent or a Restricted Subsidiary. 
“Parent” has the meaning assigned to such term in the preamble to this Indenture. 
“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 
“Permitted Holders” means: 
(1) each of FGL Holdings (f/k/a CF Corporation), Blackstone Tactical Opportunities Fund II, L.P., GSO Capital Partners LP, Fidelity National Financial, Inc., BilCar, LLC, CC Capital Management, LLC, CFS Holdings (Cayman), LP, CFS II Holdings (Cayman), LP and the Blackstone Funds; 
(2) any Affiliate or Related Party of any Person specified in clause (1), other than another portfolio company thereof (which means a company actively engaged in providing goods and services to unaffiliated customers) or a company controlled by a “portfolio company”; and 
(3) any Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the beneficial interests in which) are owned 50% or more by Persons specified in clauses (1) and (2) or any group in which the Persons specified in clauses (1) and (2) own more than a majority of the voting power of the Voting Stock held by such group, and any Person that is a member of any such group. 
“Permitted Investment” means an Investment by the Parent or any Restricted Subsidiary in: 
(1) the Parent or a Restricted Subsidiary, including through the purchase of Capital Stock of a Restricted Subsidiary; 
(2) any Investment by the Parent or any of its Restricted Subsidiaries in a Person that is engaged in a Related Business if as a result of such Investment: 
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(a) such Person becomes a Restricted Subsidiary; or 
(b) such Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Parent or a Restricted Subsidiary, 
and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 
(3) cash and Cash Equivalents or Investments that constituted Cash Equivalents at the time made or Investment Grade Securities; 
(4) receivables owing to the Parent or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Parent or any such Restricted Subsidiary deems reasonable under the circumstances; 
(5) commission, relocation, entertainment, payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
(6) loans or advances to, or guarantees of third party loans to, employees, officers or directors of the Parent or any Subsidiary in the ordinary course of business in an aggregate amount outstanding at any time not in excess of $5.0 million with respect to all loans or advances or guarantees made since the Issue Date (without giving effect to the forgiveness of any such loan) or to fund such Person’s purchase of Capital Stock of the Parent or any direct or indirect parent of the Parent; 
(7) any Investment acquired by the Parent or any of its Restricted Subsidiaries: 
(a) in exchange for any other Investment or accounts receivable held by the Parent or any such Restricted Subsidiary in connection with or as a result of a judgment, bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable; 
(b) as a result of a foreclosure by the Parent or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; or 
(c) in the form of notes payable, or stock or other securities issued by account debtors to the Parent or any Restricted Subsidiary pursuant to negotiated agreements with respect to the settlement of such account debtor’s accounts, and 
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other Investments arising in connection with the compromise, settlement or collection of accounts receivable, in each case in the ordinary course of business; 
(8) Investments made as a result of the receipt of non-cash consideration (including Designated Non-cash Consideration) from an Asset Disposition that was made pursuant to and in compliance with Section 3.7 hereof or any other disposition of assets not constituting an Asset Disposition; 
(9) Investments in existence on the Issue Date and Investments committed to be made as of the Issue Date, and any extension, modification or renewal of any such Investments, or Investments purchased or received in exchange for such Investments, existing on the Issue Date, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than (x) as contemplated by the terms of such Investment as in effect on the Issue Date, (y) as permitted under this definition or Section 3.4 hereof or (z) pursuant to the terms of such Investment as in effect on the Issue Date, as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities); 
(10) any Person to the extent such Investments consist of Hedging Obligations, which transactions or obligations are Incurred in compliance with Section 3.3 hereof; 
(11) Guarantees of Indebtedness issued in accordance with Section 3.3 hereof and guarantees to suppliers, licensors or the providers of operating leases (other than guarantees of Indebtedness) in the ordinary course of business; 
(12) Investments made in connection with the funding of contributions under any non-qualified retirement plan or similar employee compensation plan, including, without limitation, split-dollar insurance policies, in an amount not to exceed the amount of compensation expense recognized by the Parent and its Restricted Subsidiaries in connection with such plans; 
(13) Investments received in settlement of debts created in the ordinary course of business and owing to the Parent or any Restricted Subsidiary or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of a debtor; 
(14) any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility, unemployment insurance, workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Parent or any Restricted Subsidiary; 
(15) prepayments and other credits to suppliers made in the ordinary course of business; 
(16) endorsements of negotiable instruments and documents in the ordinary course of business; 
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(17) loans or advances or similar transactions with customers, distributors, clients, developers, suppliers or purchasers of goods or services in the ordinary course of business; 
(18) Investments by any Insurance Subsidiary (including by any Subsidiary of such Insurance Subsidiary that is not itself an Insurance Subsidiary) in the ordinary course of business and consistent with the investment policy approved by the Board of Directors of such Insurance Subsidiary or otherwise consistent with Investment guidelines approved by the applicable Insurance Regulatory Authority; 
(19) Investments by the Parent that constitute Investments that would be permitted to be made by an Insurance Subsidiary pursuant to clause (18) of this definition of “Permitted Investments”; 
(20) Investments of the type described in clause (vii) of the second paragraph of the definition of “Indebtedness” in connection with Statutory Reserve Financings; 
(21) Investments by the Parent or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (21), in an aggregate amount at the time of such Investment not to exceed the greater of $100.0 million and 0.50% of Total Assets outstanding at any one time (with the Fair Market Value of such Investment being measured at the time made and without giving effect to subsequent changes in value); 
(22) Investments in Unrestricted Subsidiaries and/or joint ventures or similar arrangements, together with all other Investments pursuant to this clause (22), in an aggregate amount at the time of such Investment not to exceed the greater of $50.0 million and 0.25% of Total Assets; and 
(23) any Investments in connection with the Transactions. 
For purposes of determining compliance with this definition, in the event that a proposed Permitted Investment (or portion thereof) meets the criteria of more than one of the categories of Permitted Investments described in clauses (1) through (23) above, or is entitled to be made pursuant to Section 3.4, the Parent will be entitled to divide and classify (or reclassify) such Permitted Investment (or portion thereof) in any manner that complies with this definition or Section 3.4. 
“Permitted Liens” means, with respect to any Person: 
(1) (x) pledges or deposits by such Person under workers’ compensation laws, unemployment, general insurance and other insurance laws and old age pensions and other social security or retirement benefits or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory or regulatory obligations of such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or good faith 
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deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business and (y) collateral consisting of Cash Equivalents securing letters of credit issued in respect of obligations to insurers in an aggregate amount not to exceed $10.0 million at any time outstanding; 
(2) Liens imposed by law and carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens arising in the ordinary course of business; 
(3) Liens for taxes, assessments or other governmental charges or levies not yet subject to penalties for non-payment or that are being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 
(4) Liens in favor of issuers of surety, appeal or performance bonds or letters of credit or bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 
(5) minor survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
(6) Liens securing Hedging Obligations relating to Indebtedness so long as the related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Obligation; 
(7) leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) that do not materially interfere with the ordinary conduct of the business of the Parent or any of its Restricted Subsidiaries; 
(8) judgment Liens not giving rise to an Event of Default, and Liens securing appeal or surety bonds related to such judgment, so long as any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 
(9) Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, mortgage financings, purchase money indebtedness or other payments Incurred pursuant to Section 3.3(b)(viii) hereof to finance assets or property (other than Capital Stock or other Investments) acquired, 
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constructed, improved or leased in the ordinary course of business; provided that, in the case of this clause (9): 
(a) the aggregate principal amount of Indebtedness secured by such Liens does not exceed the cost of the assets or property so acquired, constructed or improved, plus reasonable fees and expenses of such Person incurred in connection therewith; and 
(b) such Liens are created within 450 days of construction, acquisition or improvement of such assets or property and do not encumber any other assets or property of the Parent or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto and the proceeds thereof; 
(10) Liens that constitute banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a bank, depositary or other financial institution, whether arising by operation of law or pursuant to contract; 
(11) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Parent and its Restricted Subsidiaries in the ordinary course of business; 
(12) Liens existing on the Issue Date; 
(13) Liens on property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, further, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided further, however, that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure), the obligations to which such Liens relate or is in respect of property that is the security for a Permitted Lien hereunder; 
(14) Liens on property at the time the Parent or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Parent or any Restricted Subsidiary; provided, further, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided further, however, that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure), the obligations to which such Liens relate or is in respect of property that is the security for a Permitted Lien hereunder; 
(15) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Parent or another Restricted Subsidiary; 
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(16) Liens on Capital Stock of Unrestricted Subsidiaries and Liens on property of an Unrestricted Subsidiary at the time that it is designated as a Restricted Subsidiary; provided that such Liens were not incurred in connection with or in contemplation of such designation; 
(17) good faith deposits as security for contested taxes or contested import to customs duties; 
(18) Liens securing Refinancing Indebtedness Incurred to refinance, refund, replace, amend, extend or modify, as a whole or in part, Indebtedness that was previously so secured pursuant to clauses (9), (12), (13), (14), (16), (18) and (37) of this definition; provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the indebtedness being refinanced or is in respect of property that is the security for a Permitted Lien hereunder; 
(19) any interest or title of a lessor under any operating lease; 
(20) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
(21) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with importation of goods; 
(22) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered into by the Parent or any of its Restricted Subsidiaries in the ordinary course of business; 
(23) Liens on funds of the Parent or any Subsidiary held in deposit accounts with third party providers of payment services securing credit card charge-back reimbursement and similar cash management obligations of the Parent or the Subsidiaries; 
(24) Liens of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon; 
(25) Liens arising by operation of law or contract on insurance policies and the proceeds thereof to secure premiums thereunder; 
(26) Liens on insurance policies and proceeds of insurance policies (including rebates of premiums) securing Indebtedness incurred pursuant to Section 3.3(b)(xii) to finance the payment of premiums on the insurance policies subject to such Liens; 
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(27) statutory, common law or contractual Liens of landlords; 
(28) customary Liens granted in favor of a trustee to secure fees and other amounts owing to such trustee under an indenture or other agreement pursuant to which Indebtedness permitted under Section 3.3 is Incurred; 
(29) Liens on any cash earnest money deposit made by the Parent or any Restricted Subsidiary in connection with any letter of intent or acquisition agreement that is not prohibited by this Indenture; 
(30) Liens in favor of credit card processors granted in the ordinary course of business; 
(31) Liens arising in connection with Cash Equivalents described in clause (5) of the definition of Cash Equivalents; 
(32) Liens securing other obligations in an amount not to exceed the greater of $100.0 million and 0.50% of Total Assets at any time outstanding; 
(33) Liens securing cash management obligations incurred in the ordinary course of business; 
(34) Liens securing Indebtedness incurred pursuant to Section 3.3(b)(xiii) in an aggregate amount not to exceed $10.0 million and customary set-off rights in favor of depositary banks; 
(35) Liens on the Capital Stock of Fidelity and Guaranty Life Insurance Company (or any successor thereto) arising pursuant to the terms of the OM Purchase Agreement as in effect on the Issue Date; 
(36) Liens on the assets of a Non-Guarantor Subsidiary securing Indebtedness of a Non-Guarantor Subsidiary that was permitted by the terms of this Indenture to be incurred; and 
(37) Liens securing Indebtedness Incurred pursuant to Section 3.3(b)(i). 
For purposes of determining compliance with this definition Section 3.5, in the event that a proposed Permitted Lien (or portion thereof) meets the criteria of more than one of the categories of Permitted Liens described in clauses (1) through (37) above, the Parent will be entitled to divide and classify (or reclassify) such Permitted Lien (or portion thereof) in any manner that complies with this definition. 
“Permitted Transactions” means (a) mortgage-backed security transactions in which an investor sells mortgage collateral, such as securities issued by the Government National Mortgage Association and the Federal Home Loan Mortgage Corporation, for delivery in the current month while simultaneously contracting to repurchase “substantially the same” (as 
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determined by the Public Securities Association and GAAP) collateral for a later settlement, (b) transactions in which an investor lends cash to a primary dealer and the primary dealer collateralizes the borrowing of the cash with certain securities, (c) transactions in which an investor lends securities to a primary dealer and the primary dealer collateralizes the borrowing of the securities with cash collateral, (d) transactions in which an investor makes loans of securities to a broker-dealer under an agreement requiring such loans to be continuously secured by cash collateral or United States government securities, (e) transactions structured as, and submitted to the NAIC Security Valuation Office for approval as, Replication (Synthetic Asset) Transactions (RSAT) (provided that, to the extent that such approval is not granted in respect of any such transaction, such transaction shall cease to constitute a Permitted Transaction 30 days following the date of such rejection, denial or non-approval) and (f) transactions in which a federal home loan mortgage bank (a “FHLMB”) makes loans to an Insurance Subsidiary, that are sufficiently secured by appropriate assets of such Insurance Subsidiary consisting of Qualifying Collateral in accordance with the rules, regulations and guidelines of such FHLMB for its loan programs. 
“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
“Preferred Stock” means, as applied to the Capital Stock of any corporation, Capital Stock of any class or classes (however designated) that 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. 
“Private Placement Legend” means the legend set forth in Section 2.1(d) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions hereof. 
“QIB” means any “qualified institutional buyer” (as defined in Rule 144A). 
“Qualifying Collateral” means: (i) whole mortgage loans, including residential first mortgage, multifamily mortgage, home equity line of credit (HELOC), second mortgage and commercial mortgage; (ii) loans secured by farmland; (iii) government and agency securities, including treasuries, agencies, agency mortgage back security (MBS) pass-through, agency collateralized mortgage obligation (CMO) or real estate mortgage investment, real estate mortgage investment conduit (REMIC), Small Business Administration (SBA) pool certificates, Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) guaranteed notes and Government National Mortgage Association (Ginnie Mae) home equity conversion mortgage (HECM); (iv) non-agency securities, including municipal securities, private placement securities, residential mortgage-backed securities, commercial mortgage-backed securities (CMBS) and asset-backed securities secured by HELOC/second mortgage loan collateral; and (v) cash. 
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“Quarterly Statement” means the quarterly statutory financial statement of an Insurance Subsidiary (other than any Insurance Subsidiary that is a Foreign Subsidiary) required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of organization, which statement shall be in the form required by its jurisdiction of organization or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar authority) to be used for filing quarterly statutory financial statements and shall contain the type of information permitted or required by such insurance commissioner (or such similar authority) to be disclosed therein. 
“Rating Agencies” means Standard & Poor’s Ratings Group, Inc., Fitch, Inc. and Moody’s Investors Service, Inc. or if Standard & Poor’s Ratings Group, Inc., Fitch, Inc. or Moody’s Investors Service, Inc. or any combination of the foregoing shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company or the Parent (as certified by a Board Resolution) which shall be substituted for Standard & Poor’s Ratings Group, Inc., Fitch, Inc. or Moody’s Investors Service, Inc. or any combination of the foregoing, as the case may be. 
“Rating Decline” shall be deemed to occur if on the 60th day following the occurrence of a Change of Control (1) if Notes are then rated by three Rating Agencies, the rating of the notes by two or more of the Rating Agencies shall have been (i) withdrawn or (ii) downgraded to a rating below an Investment Grade Rating, or (2) if the Notes are then rated by two or fewer Rating Agencies, the rating of the notes by each Rating Agency shall have been (i) withdrawn or (ii) downgraded to a rating below an Investment Grade Rating; provided that, in each case, each such Rating Agency indicates that such withdrawal or downgrade is as a result of such Change of Control. 
“Record Date” means, with respect to any series of Notes, the “Record Date” as such term is defined in the Notes Supplemental Indenture establishing such series of Notes. 
“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, replace, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for or to consolidate, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 
“Refinancing Indebtedness” means any Indebtedness that Refinances any other Indebtedness, including any successive Refinancings, so long as: 
(1) such Indebtedness is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) not in excess of the sum of: 
(a)    the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being Refinanced, and
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(b)    an amount necessary to pay any fees and expenses, including accrued and unpaid interest, premiums, transaction costs and defeasance costs, related to such Refinancing,
(2) the Average Life of such Indebtedness is equal to or greater than the Average Life of the Indebtedness being Refinanced, 
(3) the Stated Maturity of such Indebtedness is no earlier than the Stated Maturity of the Indebtedness being Refinanced, and 
(4) if the Indebtedness being Refinanced was subordinated to the Notes or the Guarantees, the new Indebtedness shall be subordinated to the Notes or the Guarantees, as applicable, at least to the same extent as such Indebtedness being Refinanced; 
provided, however, that Refinancing Indebtedness shall not include: 
(1) Indebtedness of a Restricted Subsidiary of the Parent that is not the Company or a Guarantor that Refinances Indebtedness of the Company or a Guarantor, or 
(2) Indebtedness of the Parent or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 
“Regulation S” means Regulation S promulgated under the Securities Act. 
“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate. 
“Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2 hereof) bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 
“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2 hereof) deposited with or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.1(e) hereof, which is required to be placed on all Regulation S Temporary Global Notes issued under this Indenture except where otherwise permitted by the provisions hereof. 
“Reinsurance Agreements” means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another 
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insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Insurance Regulatory Authority. 
“Related Business” means any business that is the same as or related, ancillary or complementary to any of the businesses of the Parent and its Restricted Subsidiaries on the Issue Date and any reasonable extension or evolution of any of the foregoing. 
“Related Party” means: 
(1) any controlling stockholder, majority owned Subsidiary, or immediate family member (in the case of an individual) of any Permitted Holder; or 
(2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members, owners or Persons beneficially holding a majority (and controlling) interest of which consist of any one or more Permitted Holder and/or such other Persons referred to in the immediately preceding clause (1). 
“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
“Restricted Investment” means any Investment other than a Permitted Investment. 
“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 
“Restricted Subsidiary” means any Subsidiary (including the Company) of the Parent other than an Unrestricted Subsidiary. 
“Rule 144” means Rule 144 promulgated under the Securities Act. 
“Rule 144A” means Rule 144A promulgated under the Securities Act. 
“Rule 903” means Rule 903 promulgated under the Securities Act. 
“Rule 904” means Rule 904 promulgated under the Securities Act. 
“Sale/Leaseback Transaction” means any direct or indirect arrangement relating to property now owned or hereafter acquired by the Parent or a Restricted Subsidiary whereby the Parent or such Restricted Subsidiary transfers such property to a Person (other than the 
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Parent or any of its Subsidiaries) and the Parent or such Restricted Subsidiary leases it from such Person. 
“SAP” shall mean, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the Insurance Regulatory Authority of its jurisdiction of legal domicile, consistently applied as in effect from time to time. 
“SEC” means the United States Securities and Exchange Commission. 
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Parent within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
“Special Purpose Subsidiary” means any Restricted Subsidiary of the Parent formed to issue Surplus Notes or other obligations in connection with a Statutory Reserve Financing or enter into Reinsurance Agreements in connection with a Statutory Reserve Financing or enter into ancillary obligations in respect of the foregoing. 
“Stated Maturity” means, with respect to any security, the date specified in the agreement governing or certificate relating to such security as the fixed date on which the final 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. 
“Statutory Reserve Financing” means a transaction or series of transactions entered into primarily for the purpose of financing a portion of the statutory reserves required to be held by an Insurance Subsidiary, where the proceeds or funding obligations provided by the financing counterparty or counterparties in such transaction or transactions are not expected, as of the date such transaction or transactions are entered into, to be used or applied to pay insurance or reinsurance claims reasonably projected to be payable as of the date such transaction or transactions are entered into. 
“Subordinated Obligation” means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) that is subordinated or junior in right of payment to the Notes pursuant to its terms. No Indebtedness of the Company shall be deemed to be subordinated or junior in right of payment to any other Indebtedness of the Company solely by virtue of Liens, guarantees, maturity or payments or structural subordination. 
“Subsidiary” of any Person means (1) any corporation, association or other business 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 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 
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(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Parent. 
“Subsidiary Guarantee” means, individually, any Guarantee by a Subsidiary Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. 
“Subsidiary Guarantor” means each Restricted Subsidiary in existence on the Issue Date that provides a Subsidiary Guarantee on the Issue Date (and any other Restricted Subsidiary that provides a Subsidiary Guarantee in accordance with this Indenture); provided that upon release or discharge of such Restricted Subsidiary from its Subsidiary Guarantee in accordance with this Indenture, such Restricted Subsidiary ceases to be a Guarantor. 
“substantially concurrent” means, with respect to two or more events, the occurrence of such events within 45 days of each other. 
“Surplus Note” means a promissory note executed by an Insurance Subsidiary of the type generally described in the insurance industry as a “surplus note”, the principal amount of which an insurance regulator permits the issuer to record as an addition to Capital and Surplus rather than as a liability in accordance with SAP. 
“Swap Contract” means any agreement relating to any transaction (whether or not arising under a master agreement) that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond, note or bill option, interest rate option, futures contract, forward foreign exchange transaction, cap, collar or floor transaction, currency swap, cross-currency rate swap, swaption, currency option, credit derivative transaction or any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing, and any master agreement relating to or governing any or all of the foregoing. 
“TIA” means the Trust Indenture Act of 1939 as in effect on the Issue Date. 
“Total Assets” means the total assets of the Parent and the Restricted Subsidiaries, as shown on the most recent balance sheet of the Parent for which internal financial statements are available immediately preceding the date on which any calculation of Total Assets is being made, with such pro forma adjustments for transactions consummated on or prior to or simultaneously with the date of the calculation as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Debt to Total Capitalization Ratio. 
“Total Capitalization” means, without duplication, (a) the amount described in clause (a) of the definition of “Debt to Total Capitalization Ratio” plus (b) the Total Shareholders’ Equity of the Parent. 
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“Total Shareholders’ Equity” means as to any Person the total common and preferred shareholders’ equity of such Person as determined in accordance with GAAP (calculated excluding (i) unrealized gains (losses) on securities as determined in accordance with FASB ASC 320 (Investments—Debt and Equity Securities) and (ii) any charges taken to write off any goodwill included on such Person’s balance sheet on the Issue Date to the extent such charges are required by FASB ASC 320 (Investments— Debt and Equity Securities) and ASC 350 (Intangibles—Goodwill and Others). 
“Trade Payables” means, with respect to any Person, any accounts payable to trade creditors created, assumed or Guaranteed by such Person arising in the ordinary course of business in connection with the acquisition of goods or services. 
“Transaction Expenses” means any fees or expenses incurred or paid by the Permitted Holders, the Parent, the Company or any of their respective Subsidiaries in connection with the Transactions (including payments to officers, employees and directors as change of control payments, severance payments, special or retention bonuses and charges for repurchase or rollover of, or modifications to, stock option, expenses in connection with hedging transactions and any original issue discount or upfront fees), the Merger Agreement, any Investment Management Agreement, the Indenture, the Loan Documents (as defined in the Credit Facilities) and the transactions contemplated hereby and thereby. 
“Transactions” means (i) the Acquisition, (ii) any Incurrence of Indebtedness by the Parent, the Company or any of their respective Subsidiaries or Affiliates relating to the Acquisition and the refinancing of any existing Indebtedness of the Parent in connection with the Acquisition, and the application of the proceeds therefrom, (iii) any restructuring transactions relating to the Acquisition, (iv) the payment of Transaction Expenses and (v) any other transactions contemplated by the Merger Agreement or entered into in connection with or relating to the Acquisition. 
“Trust Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall, in each case, have direct responsibility for the administration of this Indenture. 
“Trustee” has the meaning assigned to such term in the preamble to this Indenture. 
“Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time. 
“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
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“Unrestricted Global Note” means a permanent Global Note substantially in the form of Exhibit A attached hereto (as such form may be modified in accordance with Section 2.2 hereof) that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 
“Unrestricted Subsidiary” means (1) any Subsidiary of the Parent that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Parent in the manner provided below; and (2) any Subsidiary of an Unrestricted Subsidiary. 
The Board of Directors of the Parent may designate any Subsidiary of the Parent (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if: 
(1) such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold any Lien on any property of, any other Subsidiary of the Parent that is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; 
(2) all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will at all times thereafter while they are Unrestricted Subsidiaries, consist of Non-Recourse Debt; 
(3) such designation and the Investment of the Parent in such Subsidiary complies with Section 3.4; 
(4) such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly or indirectly, all or substantially all of the business of the Parent and its Subsidiaries; 
(5) such Subsidiary is a Person with respect to which neither the Parent nor any of its Restricted Subsidiaries has any direct or indirect obligation: 
(a) to subscribe for additional Capital Stock of such Person; or 
(b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
(6) on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or understanding with the Parent or any Restricted Subsidiary with terms substantially less favorable to the Parent than those that might have been obtained from Persons who are not Affiliates of the Parent. 
Any such designation by the Board of Directors of the Parent shall be evidenced to the Trustee by filing with the Trustee a Board Resolution of the Parent giving effect to such 
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designation and an Officer’s Certificate certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be Incurred as of such date. 
The Board of Directors of the Parent may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and the Parent could Incur at least $1.00 of additional Indebtedness pursuant to Section 3.3(a) on a pro forma basis taking into account such designation. 
“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 issuer 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. 
“U.S. Person” means a U.S. Person as defined in Rule 902(k) of Regulation S under the Securities Act. 
“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, managers or trustees, as applicable, of such Person. 
“Wholly-Owned Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’ qualifying shares or local ownership shares) is owned by the Parent or another Wholly Owned Subsidiary. 
SECTION 1.2. Other Definitions.
						
	Term	Defined in
Section
	“actual knowledge”	7.2(g)
	“Additional Amounts”	2.15
	“Additional Notes”	2.3

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	Term	Defined in
Section
	“Affiliate Transaction”	3.8(a)
	“Agent Members”	2.1(f)
	“Asset Disposition Offer”	3.7(c)
	“Asset Disposition Offer Amount”	3.7(d)
	“Asset Disposition Offer Period”	3.7(d)
	“Asset Disposition Purchase Date”	3.7(d)
	“Bankruptcy Law”	6.1
	“Change of Control Offer”	3.9(b)
	“Change of Control Payment”	3.9(b)(i)
	“Change of Control Payment Date”	3.9(b)(ii)
	“covenant defeasance option”	8.1(b)
	“Custodian”	6.1
	“Defaulted Interest”	2.13
	“DTC”	2.1(b)
	“Event of Default”	6.1(a)
	“Excess Proceeds”	3.7(c)
	“Guarantor Obligations”	10.1
	“legal defeasance option”	8.1(b)
	Limited Condition Transaction	1.4
	Limited Condition Transaction Election	1.4
	Limited Condition Transaction Test Date	1.4
	“Notice of Default”	6.1
	“Parent Conference Call”	3.2(b)(1)
	“Paying Agent”	2.4
	“payment default”	6.1(a)(vi)(A)
	“Redemption Date”	5.4
	“Registrar”	2.4
	“Reinstatement Date”	3.11(b)
	“Restricted Payment”	3.4(a)(iv)
	“Special Interest Payment Date”	2.13(a)
	“Special Record Date”	2.13(a)
	“Successor Company”	4.1(a)(i)
	“Successor Guarantor”	4.2(a)(i)
	“Suspended Covenants”	3.11(a)
	“Suspension Period”	3.11(b)
	“Tax Jurisdiction”	2.15
	“Tax Redemption Date”	5.9
	“Unutilized Excess Proceeds”	3.7(c)

SECTION 1.3. Rules of Construction . Unless the context otherwise requires: 
(a) a term has the meaning assigned to it; 
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(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
(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) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
(g) references to sections of, or rules under, the Securities Act or Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 
(h) unless the context otherwise requires, any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 
(i) the words “herein,” “hereof” and “hereunder” and any other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision. 
SECTION 1.4. Financial Calculations for Limited Condition Transactions. 
When calculating the availability under any basket or ratio under this Indenture or determining the absence of a Default or Event of Default as a condition to the making of any acquisition or other Permitted Investment the consummation of which is not conditioned on the availability of, or on obtaining, third party financing (each, a “Limited Condition Transaction”) or the incurrence of Indebtedness in connection therewith, the determination of whether the relevant condition is satisfied may be made, at the irrevocable election of the Company (such election, a “Limited Condition Transaction Election”), at the time of (and on the basis of the financial statements to be delivered pursuant to Section 3.2 for the most recently ended fiscal period for which financial statements are available at the time of) either (x) the execution of the definitive agreement with respect to such Limited Condition Transaction or (y) the consummation of the Limited Condition Transaction, in each case, after giving effect to the relevant Limited Condition Transaction and any related transactions (including any incurrence of Indebtedness and the use of proceeds thereof), on a pro forma basis (such date, the “Limited Condition Transaction Test Date”). If the Company makes such a Limited Condition Transaction Election, any subsequent calculation of any such basket or ratio as a condition to consummating such transaction or the incurrence of Indebtedness in connection therewith shall be calculated on an equivalent pro forma basis, unless the definitive agreement for such Limited Condition Transaction expires or is terminated without its consummation. Any Limited Condition Transaction Election shall be made pursuant to a written notice from the Company delivered to the Trustee at the time of the 
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execution of the definitive agreements with respect to the Limited Condition Transaction; provided, however, that, to the extent the Company has not delivered such written notice to the Trustee by the time of execution of the definitive agreements with respect to such transaction, the relevant conditions required to be satisfied as a condition to consummating such transaction and/or incurring such Indebtedness will be tested at the time of consummation of such transaction and the related incurrence of Indebtedness. 
For the avoidance of doubt, if the Company has made a Limited Condition Transaction Election and any of the ratios or baskets for which compliance was determined or tested as of the Limited Condition Transaction Test Date (including with respect to the incurrence of any Indebtedness) are exceeded as a result of fluctuations in any such ratio or basket (including due to fluctuations of the target of any Limited Condition Transaction) at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations.
ARTICLE II 
The Notes
SECTION 2.1. Form and Dating. 
(a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto (as such form may be modified in accordance with Section 2.2), the terms of which are incorporated in and made a part hereof. The Notes may have notations, legends or endorsements approved as to form by the Company, and required by law, stock exchange rule, agreements to which the Company is subject or usage. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
(b) The Notes shall initially be issued in the form of one or more Global Notes and The Depository Trust Company (“DTC”), its nominees, and their respective successors, shall act as the Depositary with respect thereto. Each Global Note (i) shall be registered in the name of the Depositary for such Global Note or the nominee of such Depositary, (ii) shall be delivered by the Trustee to such Depositary or held by the Trustee as custodian for the Depositary pursuant to such Depositary’s instructions, and (iii) shall bear a Global Note Legend in substantially the following form: 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS 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 
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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. 
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
(c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of a Regulation S Temporary Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Following the termination of the Restricted Period, beneficial interests in such Regulation S Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. The Company shall deliver to the Trustee an Authentication Order for the authentication of the Permanent Regulation S Global Note, a Permanent Regulation S Global Note, an Offices’ Certificate, and an Opinion of Counsel. Simultaneously with the authentication of such Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and a Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interests therein as hereinafter provided. 
The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in a Regulation S Temporary Global Note and a Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream. 
(d) Except as permitted by Section 2.7(i)(B), any Note not registered under the Securities Act shall bear the following Private Placement Legend on the face thereof: 
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THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN 208 RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE. 
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER 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 NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF 
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COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SEC 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON- EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
(e) Each Regulation S Temporary Global Note shall bear the following Regulation S Temporary Global Note Legend on the face thereof: 
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Note for all purposes whatsoever, including but not limited to notices and payments. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a 
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Holder of any Note. Any notice to be delivered to DTC (including, but not limited to, a notice of redemption) may be delivered electronically by the Trustee or the Company in accordance with the Applicable Procedures. 
SECTION 2.2. Issuable in Series. The Notes may be issued from time to time in one or more series. Except as provided in Section 9.2, all Notes will vote (or consent) as a single class with the other Notes and otherwise be treated as Notes for all purposes of this Indenture. 
The following matters shall be established with respect to each series of Notes issued hereunder in a Notes Supplemental Indenture: 
(1) the title of the Notes of the series (which title shall distinguish the Notes of the series from all other series of Notes); 
(2) any limit (if any) upon the aggregate principal amount of the Notes of the series that may be authenticated and delivered under this Indenture (which limit shall not pertain to Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Section 2.7, 2.8, 2.11, 3.7, 3.9 or 5.8); 
(3) the date or dates on which the principal of and premium, if any, on the Notes of the series is payable or the method of determination and/or extension of such date or dates, and the amount or amounts of such principal and premium, if any, payments and methods of determination thereof; 
(4) the rate or rates at which the Notes of the series shall bear interest, if any, or the method of calculating and/or resetting such rate or rates of interest, the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, and the Interest Payment Dates on which any such interest shall be payable; 
(5) the period or periods within which, the price or prices at which, and other terms and conditions upon which Notes of the series (i) may be redeemed, in whole or in part, at the option of the Company, if the Company is to have the option or (ii) shall be redeemed, in whole or in part, upon the occurrence of specified events, if the Notes shall be subject to a mandatory redemption provision; 
(6) if other than the principal amount thereof, the portion of the principal amount of Notes of the series that shall be payable upon declaration of acceleration of maturity thereof pursuant to Section 6.2 or the method by which such portion shall be determined; 
(7) any addition to or change in the Events of Default which apply to any Notes of the series and any change in the right of the Trustee or the requisite Holders of 
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such Notes to declare the principal amount thereof due and payable pursuant to Section 6.2; and 
(8) any addition to or change in the covenants set forth in Article III. 
The form of the Notes of such series, as set forth in Exhibit A, may be modified to reflect such matters as so established in such Notes Supplemental Indenture. 
Such matters may also be established in a Notes Supplemental Indenture for any Additional Notes issued hereunder that are to be of the same series as any Notes previously issued hereunder. Notes that have the same terms described in the foregoing clauses (1) though (8) will be treated as the same series, unless otherwise designated by the Company. 
For the avoidance of doubt, the Company, the Guarantors and the Trustee may enter into the Note Supplemental Indenture on the Issue Date without notice to or the consent of any Holder to provide for the issuance of the Initial Notes. 
SECTION 2.3. Form of Execution and Authentication. An Officer shall sign the Notes for the Company by manual or facsimile signature. 
If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. 
A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 
The Trustee shall authenticate (i) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $550,000,000 and (ii) subject to the Company’s compliance with Section 3.3, one or more series of Notes (“Additional Notes”)(which may be of the same series as any Notes previously issued hereunder, or a different series), for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A as such form may be modified in accordance with Section 2.2) in an unlimited amount, in each case upon receipt of a written order of the Company (an “Authentication Order”). In addition, each such Authentication Order shall specify the amount of Notes to be authenticated, the date on which the Notes are to be authenticated, whether the securities are to be Initial Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued as Global Notes or Definitive Notes. Such Notes shall initially be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued or (ii) shall be registered in the name of the Depositary or its nominee. 
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to 
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authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or any Affiliate of the Company. 
SECTION 2.4. Registrar and Paying Agent. The Company shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (including any co-registrar, the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder of a Note. The Company shall notify the Trustee in writing and the Trustee shall notify the Holders of the Notes of the name and address of any Agent not a party to this Indenture. The Company or any of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions hereof that relate to such Agent. The Company shall notify the Trustee in writing of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6. 
The Company initially appoints the Trustee as Registrar and Paying Agent and to act as Notes Custodian with respect to the Notes. 
SECTION 2.5. Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders of the Notes or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by such Paying Agent to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or any of its domestically incorporated Wholly-Owned Subsidiaries) shall have no further liability for the money delivered to the Trustee. If the Company or any of its domestically incorporated Wholly-Owned Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders of the Notes all money held by it as Paying Agent. 
SECTION 2.6. Lists of Holders of the Notes. 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 of the Notes. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven 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 of the Notes, including the aggregate principal amount of the Notes held by each thereof. 
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SECTION 2.7. Transfer and Exchange. 
(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Notes will be exchanged by the Company for Definitive Notes, subject to any applicable laws, only (i) if the Company delivers to the Trustee notice from the Depositary that (A) the Depositary is unwilling or unable to continue to act as Depositary for the Global Notes or (B) the Depositary is no longer a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint a successor Depositary within 90 days after the date of such notice from the Depositary or (ii) if there shall have occurred and be continuing an Event of Default with respect to the Notes and the Depositary so requests. In any such case, the Company will notify the Trustee in writing that, upon surrender by the Participants and Indirect Participants of their interests in such Global Note, certificated Notes will be issued to each Person that such Participants, Indirect Participants and DTC jointly identify as being the beneficial owner of the related Notes; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company for Definitive Notes prior to (A) the expiration of the Restricted Period with respect thereto and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.7 or Sections 2.8 or 2.11 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.7. However, beneficial interests in a Global Note may be transferred and exchanged as provided in paragraph (b) or (c) below. 
(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth in this Indenture to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with the applicable subparagraphs below. 
(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period with respect thereto, transfers of beneficial interests in a Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be 
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delivered to the Registrar to effect the transfers described in this subparagraph (i) unless specifically stated above. 
(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.7(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either: 
(a) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
(b) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; 
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period with respect thereto and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. 
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.7(k) hereof. 
(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of subparagraph (ii) above and the Registrar receives the following: 
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(A) if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or a Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 
(C) if the transferee will take delivery in the form of a beneficial interest in an IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)(c) thereof. 
(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.7(b)(ii) above and: 
(A) such transfer is effected pursuant to an effective registration statement under the Securities Act; or 
(B) the Registrar receives the following: 
(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
and, in each such case set forth in this subparagraph (B), if the Company so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
If any such transfer is effected pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon 
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receipt of an Authentication Order in accordance with Section 2.3 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests exchanged or transferred pursuant to subparagraph (A) or (B) above. 
Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
(c) Transfer and Exchange of Beneficial Interests for Definitive Notes. 
(i) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes. Subject to Section 2.7(a), if any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then upon receipt by the Registrar of the following documentation: 
(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 
(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
(C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
(D) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (C) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)(c) thereof; or 
(E) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof, 
the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (k) below, and the Company shall execute and, upon receipt of an Authentication Order the Trustee shall authenticate and deliver to the Person 
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designated in the certificate a Restricted Definitive Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this paragraph (c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this subparagraph (i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
Notwithstanding Section 2.7(c)(i)(A) and (C) above, a beneficial interest in a Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period with respect thereto and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
(ii) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Unrestricted Definitive Notes. Subject to Section 2.7(a), a holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
(A) such transfer is effected pursuant to an effective registration statement under the Securities Act; or 
(B) the Registrar receives the following: 
(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
and, in each such case set forth in this subparagraph (B), if the Company so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the 
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Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
(iii) Transfer and Exchange of Beneficial Interests in Unrestricted Global Notes for Unrestricted Definitive Notes. Subject to Section 2.7(a), if any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in subparagraph (b)(ii) above, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (k) below, and the Company shall execute and, upon receipt of an Authentication Order the Trustee shall authenticate and deliver to the Person designated in the certificate a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall not bear the Private Placement Legend. 
(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
(i) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
(A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
(D) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration 
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requirements of the Securities Act other than those listed in subparagraphs (B) through (C) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)(c) thereof; or 
(E) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof, 
the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in the case of clause (D) above, the IAI Global Note. 
(ii) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
(a) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
(b) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 
and, in each such case set forth in this Section 2.7(d)(ii), if the Company so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
Upon satisfaction of the conditions of any of the subparagraphs in this subparagraph (d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
(e) Transfer and Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial 
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interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
If any such exchange or transfer from an Unrestricted Definitive Note or a Restricted Definitive Note, as the case may be, to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.3, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Notes or Restricted Definitive Notes, as the case may be, so transferred. 
(f) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this paragraph (f), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this paragraph (f). 
(g) Transfer of Restricted Definitive Notes to Restricted Definitive Notes. (i) Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
(B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; 
(C) if the transfer will be made to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (A) through (B) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)(c) thereof; or 
(D) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including, if the Company so 
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requests, a certification or opinion of counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act. 
(ii) Transfer and Exchange of Restricted Definitive Notes for Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
(A) any such transfer is effected pursuant to an effective registration statement under the Securities Act; or 
(B) the Registrar receives the following: 
(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
(B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
and, in each such case set forth in this subparagraph (B), if the Company so requests, an opinion of counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
(h) Transfer of Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
(i) Private Placement Legend. 
(A) Except as permitted by subparagraph (B) below, each Global Note (other than an Unrestricted Global Note) and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the Private Placement Legend. 
(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(ii), (c)(iii), (d)(ii), (e) or (g)(ii) of this Section 2.7 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 
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(j) Global Note Legend. Each Global Note shall bear the Global Note Legend. 
(k) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
(l) General Provisions Relating to Transfers and Exchanges. 
(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order. 
(ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.3, 2.11, 3.7, 3.9 and 5.8). 
(iii) Neither the Registrar nor the Trustee shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except for the unredeemed portion of any Note being redeemed in part. 
(iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits hereof, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
(v) Neither the Trustee, the Registrar nor the Company shall be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business on a Business Day 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing or (B) to register the 
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transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
(vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
(vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.3. 
(viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.7 to effect a registration of transfer or exchange may be submitted by facsimile or electronically. 
(ix) 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 Participants or Indirect Participants) 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. 
(x) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 
(xi) The Trustee shall have no responsibility or obligation to any Participant or Indirect Participant or any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary 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 or Indirect Participant or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, 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 under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Participants or Indirect Participants. 
(xii) The transferor of any Note shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 
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6045 of the Code. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 
(xiii) In connection with any proposed transfer of Definitive Notes, there shall be provided to the Trustee all information reasonably requested by the Trustee to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 
SECTION 2.8. Replacement Notes. 
If any mutilated Note is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements for replacements of Notes are met. The Holder must supply indemnity or security sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any loss which any of them may suffer if a Note is replaced. The Company and the Trustee may charge for their fees and expenses in replacing a Note including amounts to cover any tax, assessment, fee or other governmental charge that may be imposed in relation thereto. 
Every replacement Note is an obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued here under. 
SECTION 2.9. Outstanding Notes. 
The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.9 as not outstanding. 
If a Note is replaced pursuant to Section 2.8, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
If the principal amount of any Note is considered paid under Section 3.1 hereof, it shall cease to be outstanding and interest on it shall cease to accrue. 
Subject to Section 2.10, a Note does not cease to be outstanding because the Company, a Subsidiary of the Company or an Affiliate of the Company holds the Note. 
SECTION 2.10. Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, any Subsidiary of the Company or any Affiliate of the Company shall be considered as though not outstanding, except that for purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which 
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a Trust Officer actually knows to be so owned shall be so considered. Notwithstanding the foregoing, Notes that are to be acquired by the Company, any Subsidiary of the Company or an Affiliate of the Company pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by the Company, a Subsidiary of the Company or an Affiliate of the Company until legal title to such Notes passes to the Company, such Subsidiary or such Affiliate, as the case may be. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any known by the Company to be owned or held by or for the account of any of the Company or any Affiliate of the Company, and the Trustee shall be entitled to accept and rely upon such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any determination. 
SECTION 2.11. Temporary Notes. Until Definitive Notes are ready for delivery, the Company may prepare and, upon receipt of an Authentication Order the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company and the Trustee consider appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as Definitive Notes. 
SECTION 2.12. Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of all canceled Notes in its customary manner (subject to the record retention requirements of the Exchange Act). The Company may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. 
SECTION 2.13. Payment of Interest; Defaulted Interest. Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.2, 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 interest at the office or agency of the Company maintained for such purpose pursuant to Section 2.4. 
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 by virtue of having been such Holder, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by such Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 
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(a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names such 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 Company 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 unless a shorter period shall be acceptable to the Trustee) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a record date (the “Special Record Date”) for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the Special Interest Payment Date and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee, in writing, of such Special Record Date and shall, or at the written request and in the name and at the expense of the Company, 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 11.1, not less than 10 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 such 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 following clause (b). 
(b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (b), such manner of payment shall be deemed practicable by the Trustee. 
Subject to the foregoing provisions of this Section, 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 2.14. CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and “ISIN” numbers (if then generally in use). The Trustee shall not be responsible for the use of CUSIP and ISIN numbers, and the Trustee makes no representation as to their correctness as printed on any Note or notice to Holders. The Company shall promptly notify the Trustee in writing of any change in the CUSIP and ISIN numbers. 
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SECTION 2.15. Additional Amounts. All payments made by or on behalf of a Foreign Guarantor under or with respect to the Notes or its Guarantee will be made free and clear of and without withholding or deduction for, or on account of, any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of any jurisdiction in which any Foreign Guarantor is then incorporated, organized, engaged in business or resident for tax purposes, or any political subdivision or governmental authority thereof or therein having power to tax or any jurisdiction from or through which payment is made, excluding the United States and any political subdivision thereof (each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made by or on behalf of any Foreign Guarantor with respect to any Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, the Foreign Guarantor will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments (including Additional Amounts) after such withholding, deduction will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: 
(a) any Taxes that would not have been imposed but for the Holder or beneficial owner of the Notes being a citizen, resident or national of, incorporated in or carrying on a business in the relevant Tax Jurisdiction in which such Taxes are imposed, or having any other present or former connection with the relevant Tax Jurisdiction in which such Taxes are imposed other than by the mere acquisition or holding of any note or the enforcement or receipt of payment under or in respect of any note or any Guarantee; 
(b) any Taxes imposed or withheld as a result of the failure of the Holder or beneficial owner of the Notes to comply with any reasonable written request, made to that Holder in writing at least 30 days before any such withholding or deduction would be payable, by any Foreign Guarantors to provide timely or accurate information concerning the nationality, residence or identity of such Holder or to make any valid or timely declaration or similar claim or satisfy any certification, information or other reporting requirements (to the extent such Holder or beneficial owner is legally eligible to do so), which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes; 
(c) any Taxes that are imposed or withheld as a result of the presentation of any note for payment (where Notes are in the form of definitive Notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the note been presented on the last day of such 30 day period); 
(d) any estate, inheritance, gift, sale, transfer, use, personal property tax or similar tax or assessment; 
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(e) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; 
(f) any Tax that was imposed with respect to any payment on a Note to any Holder who is a fiduciary partnership, limited liability company or any person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or limited liability company or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; 
(g) any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code, as of the issue date (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or 
(h) any combination of items (a) through (g) above. 
In addition to the foregoing, any Foreign Guarantor will pay and indemnify the Holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies or Taxes levied by any jurisdiction on the execution, delivery, registration or enforcement of any of the Notes, any Guarantee (other than on or in connection with a transfer of the Notes other than the initial sale by the Initial Purchaser) or any other document or instrument referred to therein, or the receipt of any payments with respect thereto. 
If any Foreign Guarantor becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes or any Guarantee, the relevant Foreign Guarantor will deliver to the trustee on a date at least 30 days prior to the date of payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the relevant Foreign Guarantor shall notify the trustee promptly thereafter) an officers’ certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The officers’ certificate must also set forth any other information reasonably necessary to enable the paying agent to pay Additional Amounts on the relevant payment date. The trustee shall be entitled to rely solely on such officers’ certificate as conclusive proof that such payments are necessary. The relevant Foreign Guarantor will provide the trustee with documentation reasonably satisfactory to the trustee evidencing the payment of Additional Amounts. 
The relevant Foreign Guarantor will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The relevant Foreign Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The relevant Foreign Guarantor will furnish to the Holders, within 60 days after the date the 
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payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Foreign Guarantor or if, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments by such entity. 
Whenever the Indenture or this “Description of Notes” mentions the payment of amounts based on the principal amount, interest of any other amount payable under, or with respect to, any of the notes, such mention shall be deemed to include the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
The above obligation will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to any Foreign Guarantor is then incorporated, organized, engaged in business or resident for tax purposes or any jurisdiction from or through which such person makes any payment on the Notes (or any Guarantee) and any political subdivision or taxing authority or agency thereof or therein having the power to tax. 
ARTICLE III 
Covenants
SECTION 3.1. Payment of Notes. The Company shall promptly pay, or cause to be paid, the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if 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. 
The Company shall pay interest on overdue principal at the rate specified therefor in the Notes. 
Notwithstanding anything to the contrary contained in this Indenture, the Company 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. Reports. 
(a) So long as any notes are outstanding, the Parent will furnish to the Holders and the Trustee: 
(1) (A) within 90 days after the end of each fiscal year of the Parent, beginning with the first fiscal year ending after the Issue Date, annual audited financial 
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statements for such fiscal year, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with respect to the periods presented prepared in accordance with GAAP and a report on the annual financial statements by the Parent’s independent registered accounting firm and (B) with respect to any Insurance Subsidiary (other than any Insurance Subsidiary that is a Foreign Subsidiary (except, for so long as it is a Material Subsidiary, F&G Re)), within 5 days following the date such form is filed with the Insurance Regulatory Authority of such Insurance Subsidiary’s jurisdiction of legal domicile, the audited Annual Statement of such Insurance Subsidiary that is not itself a Subsidiary of an Insurance Subsidiary as of the end of such fiscal year and for the fiscal year then ended, in the form filed with such Insurance Regulatory Authority; 
(2) (A) within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, beginning with the fiscal quarter ending after the Issue Date, unaudited financial statements for the interim period as of, and for the period ending on, the end of such quarter, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with respect to the periods presented prepared in accordance with GAAP and (B) with respect to any Insurance Subsidiary (other than any Insurance Subsidiary that is a Foreign Subsidiary), beginning with the first fiscal quarter of such Insurance Subsidiary ending after the Issue Date, within 5 days following the date such form is filed with the Insurance Regulatory Authority of such Insurance Subsidiary’s jurisdiction of legal domicile, a Quarterly Statement of such Insurance Subsidiary that is not itself a Subsidiary of an Insurance Subsidiary as of the end of such fiscal quarter and for the fiscal quarter then ended, in the form filed with such Insurance Regulatory Authority; and 
(3) within five days of the time period specified for filing current reports on Form 8-K by the SEC, current reports containing information substantially similar to the information that would be required to be filed in a Current Report on Form 8-K under the Exchange Act on the Issue Date pursuant to Sections 1 and 4, Items 2.01, 2.03, 5.01, 5.02(a)(1) (with respect to independent directors only), 5.02(b) (with respect to officers and independent directors only), 5.02(c)(1) and (3), 5.02 (d)(1 ), (2), (3) and (4) (in each case, with respect to independent directors only) and 5.03(b) of Form 8-K (but excluding, for the avoidance of doubt, financial statements and exhibits that would be required pursuant to Item 9.01 of Form 8-K, other than financial statements and pro forma financial information required pursuant to clauses (a) and (b) of Item 9.01 of Form 8-K (in each case relating to transactions required to be reported pursuant to Item 2.01 of Form 8-K) to the extent available (as determined in Good Faith by the Parent)) if the Company had been a reporting company under the Exchange Act; provided, however, that no such current report will be required to be furnished if the Parent determines in its good faith judgment that such event is not material to Holders or the business, assets, operations, financial position or prospects of the Parent and its Restricted Subsidiaries, taken as a whole, or if the Parent determines in its good faith judgment that such disclosure would otherwise cause material competitive harm to the business, assets, operations, financial position or prospects of the Parent and its Restricted Subsidiaries, 
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taken as a whole; provided, that such nondisclosure shall be limited only to those specific provisions that would cause material competitive harm and not the occurrence of the event itself. 
Notwithstanding the foregoing, (a) the Parent will not be required to furnish any information, certificates or reports required by (i) Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation S-K, (ii) Regulation G or Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-generally accepted accounting principles financial measures contained therein, (iii) Rule 3-09 of Regulation S-X or (iv) Rule 3-05 of Regulation S-X, (b) such reports will not be required to contain the separate financial information for Guarantors or Subsidiaries whose securities are pledged to secure the Notes contemplated by Rule 3-10 or Rule 3-16 of Regulation S-X, and (c) such reports shall not be required to present compensation or beneficial ownership information. 
If the Parent has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary, then the quarterly and annual financial information required by the preceding paragraph shall include a summary presentation, in the footnotes to the financial statements, of the financial condition and results of operations of the Parent and its Restricted Subsidiaries. 
In addition, the Company and the Guarantors have agreed that they will make available to the Holders and to prospective investors, upon the request of such Holders, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to the extent such Notes constitute “restricted securities” within the meaning of the Securities Act. 
The Parent shall maintain a website to which all of the reports and press releases required by this Section 3.2 are posted and made available to Holders, prospective investors that certify that they are qualified institutional buyers (or Non-U.S. Persons or Institutional Accredited Investors that are eligible to purchase the Notes), securities analysts and market makers (unless such reports are otherwise filed with the SEC). 
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
The Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been posted on the Parent’s website. 
(b) So long as any Notes are outstanding, the Parent will also use its reasonable best efforts to: 
(1) within 15 Business Days after providing the annual and quarterly information required pursuant to Section 3.2(a) (or such earlier time as the Parent 
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determines), hold a conference call (the “Parent Conference Call”) to discuss the results of operations for the relevant reporting period; and 
(2) issue a press release to an internationally recognized wire service no fewer than three Business Days prior to the proposed date of the Parent Conference Call, announcing the time and date of the Parent Conference Call and either including all information necessary to access the call or directing Holders, prospective investors that certify that they are qualified institutional buyers (or Non-U.S. Persons or Institutional Accredited Investors that are eligible to purchase the Notes), securities analysts and market makers to contact the appropriate person at the Company to obtain such information. The Parent Conference Call may be part of or separate from any earnings or similar conference call of the Parent or any direct or indirect parent company of the Parent as long as such call otherwise meets the requirements of the foregoing clause (1) and this clause (2). 
Notwithstanding the time periods set forth above, the Parent Conference Call may be held following any similar financial reporting call of any direct or indirect parent of the Parent discussing the Parent’s results of operations; provided that the failure of such parent to a hold such a call shall not relieve the Parent of its obligation to use reasonable best efforts to hold a Parent Conference Call during the relevant reporting period (it being understood such a call and provision of a related press release may occur after the time periods set forth above). 
(c) In addition, if at any time any direct or indirect parent company of the Parent has filed reports containing the information described above with the SEC (including, to the extent applicable, a reconciliation or narrative description of any material differences between the financial information of such direct or indirect parent and the financial information of the Parent), the reports, information and other documents required to be furnished to Holders pursuant to this Section 3.2 may, at the option of the Parent, be furnished by and be those of such parent rather than the Parent and this covenant shall be deemed satisfied by the filing of such reports with the SEC. 
(d) Any and all Defaults or Events of Default arising from a failure to furnish or file in a timely manner a report required by this Section 3.2 shall be deemed cured (and the Parent shall be deemed to be in compliance with this Section 3.2) upon furnishing or filing such report or certification as contemplated by this Section 3.2 (but without regard to the date on which such report or certification is so furnished or filed); provided that such cure shall not otherwise affect the rights of the holders described pursuant to Section 6.1 hereof hereunder if the principal, premium, if any, and accrued interest have been accelerated in accordance with the terms of this Indenture and such acceleration has not been rescinded or cancelled prior to such cure. 
SECTION 3.3. Limitation on Indebtedness. 
(a) The Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness); provided, 
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however, that the Company and any Guarantor may Incur Indebtedness (including Acquired Indebtedness) if the Debt to Total Capitalization Ratio as of the last day of the Parent’s for the most recently ended fiscal quarter for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred is equal to or less than 35% determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred and the application of proceeds therefrom had occurred as of the last day of such fiscal quarter 
(b) The provisions of Section 3.3(a) shall not apply to the Incurrence of the following Indebtedness: 
(i) Indebtedness of the Parent or any Restricted Subsidiary pursuant to Credit Facilities (including the issuance and creation of letters of credit and bankers’ acceptances thereunder) up to an aggregate principal amount outstanding at the time of Incurrence that does not exceed the greater of $300.0 million and 1.25% of Total Assets; 
(ii) Indebtedness of the Company evidenced by the Notes (other than Additional Notes) and Indebtedness of Guarantors evidenced by the Guarantees relating to the Notes (other than Additional Notes); 
(iii) Guarantees by (x) the Company or a Guarantor (including any Restricted Subsidiary the Parent elects to cause to become a Guarantor in connection therewith) of Indebtedness permitted to be Incurred by the Parent or a Restricted Subsidiary in accordance with the provisions of this Indenture; provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such Guarantor with respect to such Indebtedness shall be subordinated in right of payment to such Guarantor’s Guarantee with respect to the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes or the Guarantee of such Restricted Subsidiary, as applicable and (y) Non-Guarantor Subsidiaries of Indebtedness Incurred by the Parent or any Restricted Subsidiary in accordance with the provisions of this Indenture; 
(iv) Indebtedness of the Parent owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the Parent or any other Restricted Subsidiary; provided, however, 
(A) if the Company is the obligor on Indebtedness owing to a Non-Guarantor Subsidiary, such Indebtedness is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes; 
(B) if a Guarantor is the obligor on such Indebtedness and a Non-Guarantor Subsidiary is the obligee, such Indebtedness is subordinated in right of payment to the Guarantees of such Guarantor; and 
(C) (1) any subsequent issuance or transfer of Capital Stock or any other event that results in any such Indebtedness being beneficially held by a 
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Person other than the Parent or a Restricted Subsidiary of the Parent; and (2) any subsequent sale or other transfer of any such Indebtedness to a Person other than the Parent or a Restricted Subsidiary of the Parent; shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be; 
(v) any Indebtedness (other than the Indebtedness described in clauses (i) and (ii)) outstanding on the Issue Date, and any Refinancing Indebtedness Incurred at any time in respect of any Indebtedness described under clause (ii), this clause (v) or clauses (vi) or (xviii) or Incurred pursuant to Section 3.3(a); 
(vi) Indebtedness (i) of the Issuer or any of the Guarantors Incurred to finance an acquisition of any assets (including Capital Stock), business or Person not to exceed the greater of $100.0 million and 0.50% of Total Assets at any one time outstanding, plus unlimited additional Indebtedness if the Debt to Total Capitalization Ratio as of the last day of the Parent’s most recently ended fiscal quarter for which internal financial statements are available that immediately precedes the date of such acquisition, merger or consolidation calculated immediately after giving effect to such acquisition, merger or consolidation on a pro forma basis, is not greater than such ratio immediately prior to such acquisition, merger or consolidation; and (ii) of Persons Incurred and outstanding on the date on which such Person became a Restricted Subsidiary or was acquired by, or merged or consolidated with or into, the Parent or any Restricted Subsidiary (other than Indebtedness Incurred in connection with, or in contemplation of, such acquisition, merger or consolidation), provided that, either (i) 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 or (ii) the Debt to Total Capitalization Ratio as of the last day of the Parent’s most recently ended fiscal quarter for which internal financial statements are available that immediately precedes the date of such acquisition, merger or consolidation, calculated immediately after giving effect to such acquisition, merger or consolidation, on a pro forma basis, is not greater than such ratio immediately prior to such acquisition, merger or consolidation; 
(vii) Indebtedness under Hedging Obligations; provided, however, that such Hedging Obligations are entered into to fix, manage or hedge interest rate or currency exposure of the Parent or any Restricted Subsidiary and not for speculative purposes; 
(viii) the incurrence by the Company or any Restricted Subsidiary of Indebtedness (including Capitalized Lease Obligations, mortgage financings or purchase money obligations), incurred for the purpose of financing or reimbursing all or any part of the purchase price or cost of the acquisition, development, construction, purchase, lease, repair, addition or improvement of property (real or personal), plant, equipment or other fixed or capital assets that are used or useful in a Related Business, whether through the direct purchase of assets or the purchase of Equity Interests of any Person owning such assets (in each case, incurred within 450 days of such acquisition, development, construction, purchase, lease, repair, addition or improvement) and all Indebtedness 
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incurred to refund, refinance or replace any such Indebtedness, in an aggregate principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (viii), will not exceed the greater of $25.0 million and 0.125% of Total Assets at any one time outstanding; 
(ix) Indebtedness Incurred by the Parent or its Restricted Subsidiaries in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance, self-insurance obligations, performance, bid, surety, appeal and similar bonds and completion Guarantees (not for borrowed money) or security deposits, letters of credit, banker’s guarantees or banker’s acceptances, in each case in the ordinary course of business (including letters of credit issued in connection with reinsurance transactions entered into in the ordinary course of business); 
(x) Indebtedness arising from agreements of the Parent or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business or assets of the Parent or any business, assets or Capital Stock of a Subsidiary, other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Capital Stock for the purpose of financing such acquisition; 
(xi) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument, including, but not limited to, electronic transfers, wire transfers and commercial card payments drawn against insufficient funds in the ordinary course of business (except in the form of committed or uncommitted lines of credit); provided, however, that such Indebtedness is extinguished within ten Business Days of Incurrence; 
(xii) Indebtedness Incurred by the Parent or any Restricted Subsidiary in connection with third party insurance premium financing arrangements; 
(xiii) Indebtedness owed to banks and other financial institutions Incurred in the ordinary course of business of the Parent and its Restricted Subsidiaries with such banks or financial institutions that arise in connection with ordinary banking arrangements to provide treasury services or to manage cash balances of the Parent and its Restricted Subsidiaries; 
(xiv) guarantees to suppliers or licensors (other than guarantees of Indebtedness) in the ordinary course of business; 
(xv) Indebtedness of the Parent or any Restricted Subsidiary to the extent that the Net Proceeds thereof are promptly deposited to defease the Notes in accordance with Article VIII; 
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(xvi) Indebtedness in connection with Permitted Transactions entered into by Insurance Subsidiaries or by the Parent or the Company in connection with Investments permitted by clause (18) of the definition of “Permitted Investment”; 
(xvii) Non-Recourse Debt of Insurance Subsidiaries incurred in the ordinary course of business resulting from the sale or securitization of non-admitted assets, policy loans, CBOs and CMOs; 
(xviii) Any Contribution Debt; 
(xix) Indebtedness of Non-Guarantor Subsidiaries in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (xix) and then outstanding, will not exceed the greater of $50.0 million and 0.25% of Total Assets at any one time outstanding; 
(xx) Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount not greater than the aggregate amount of Restricted Payments which could be made at the time of such Incurrence pursuant to clause (iv) of Section 3.4(a), or clauses (xi) or (xix) of Section 3.4(b); and any Refinancing Indebtedness with respect thereto; provided that the Incurrence of Indebtedness in reliance on amounts available for making Restricted Payments pursuant to any of the foregoing clauses in Section 3.4 shall reduce the amount available under any such applicable clause by an amount equal to the outstanding principal amount of such Indebtedness; and 
(xxi) in addition to the items referred to in clauses (i) through (xx) above, Indebtedness of the Parent and its Restricted Subsidiaries in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (xxi) and then outstanding, will not exceed the greater of $100.0 million and 0.50% of Total Assets at any one time outstanding. 
(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 3.3: 
(i) in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 3.3(b) or could be Incurred pursuant to Section 3.3(a), the Parent, in its sole discretion, may divide and classify such item of Indebtedness (or any portion thereof) on the date of Incurrence and may later reclassify such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 3.3 and only be required to include the amount and type of such Indebtedness once; 
(ii) Guarantees of, or obligations in respect of letters of credit or banker’s acceptances related thereto relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 
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(iii) the principal amount of any Disqualified Stock of the Parent or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary that is not the Company or a Guarantor, 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; 
(iv) Indebtedness permitted by this Section 3.3 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 3.3 permitting such Indebtedness; and 
(v) the amount of Indebtedness issued at a price that is less than the principal amount thereof shall be equal to the amount of the liability in respect thereof determined in accordance with GAAP. 
Accrual of interest, accrual of dividends, the accretion of accreted value or the amortization of debt discount, the payment of interest in the form of additional Indebtedness and the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock shall not be deemed to be an Incurrence of Indebtedness for purposes of this Section 3.3. The amount of any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount or the aggregate principal amount outstanding in the case of Indebtedness issued with interest payable-in-kind, (ii) the principal amount or liquidation preference thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness, (iii) in the case of the guarantee by a specified Person of Indebtedness of another Person, the maximum liability to which the specified Person may be subject upon the occurrence of the contingency giving rise to the obligation and (iv) in the case of Indebtedness of others guaranteed solely by means of a Lien on any asset or property of the Parent or any Restricted Subsidiary (and not to their other assets or properties generally), the lesser of (x) the Fair Market Value of such asset or property on the date on which such Indebtedness is Incurred and (y) the amount of the Indebtedness so secured. 
(d) For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. 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 Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced plus the amount of any reasonable premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness. Notwithstanding any other provision of this Section 3.3, the maximum amount of Indebtedness that may be Incurred 
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pursuant to this Section 3.3 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. 
SECTION 3.4. Limitation on Restricted Payments. 
(a) Unless the Debt to Total Capitalization Ratio as of the last day of the Parent’s most recently ended fiscal quarter for which internal financial statements are available that immediately precedes the date of any Restricted Payment, calculated immediately after giving effect to such Restricted Payment on a pro forma basis, is equal to or less than 20.0%, the Parent shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to: 
(i) declare or pay any dividend or make any distribution (whether made in cash, securities or other property) on or in respect of its Capital Stock (including any payment in connection with any merger or consolidation involving the Parent or any of its Restricted Subsidiaries) other than: 
(A) dividends or distributions payable solely in Capital Stock of the Parent (other than Disqualified Stock) or in options, warrants or other rights to purchase such Capital Stock of the Parent; and 
(B) dividends or distributions by a Restricted Subsidiary payable to the Parent or another Restricted Subsidiary (and if such Restricted Subsidiary is not a Wholly Owned Subsidiary, to its other holders of any series or class of Capital Stock on a pro rata basis in respect of such series or class or on a basis that results in the receipt by the Parent or a Restricted Subsidiary of dividends or distributions of a greater value than it would receive on a pro rata basis); 
(ii) purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Parent held by Persons other than the Parent or a Restricted Subsidiary (other than in exchange for Capital Stock of the Parent (other than Disqualified Stock)); 
(iii) make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to any scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Obligations other than the purchase, repurchase, redemption, defeasance or other acquisition of such Subordinated Obligations in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or acquisition; or 
(iv) make any Restricted Investment 
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(all such payments and other actions referred to in clauses (i) through (iv) (other than any exception thereto) shall be referred to as a “Restricted Payment”), unless, at the time of and after giving effect to such Restricted Payment: 
(1) no Default shall have occurred and be continuing (or would result therefrom); 
(2) immediately after giving effect to such transaction on a pro forma basis, (1) the Parent could Incur $1.00 of additional Indebtedness under Section 3.3(a) hereof; (2) the Aggregate RBC Ratio exceeds 250% and (3) at any time that F&G Re is a Material Subsidiary, the Total Shareholders’ Equity of F&G Re is equal to or greater than 60% of the Total Shareholders’ Equity of F&G Re as of the Issue Date; 
(3) the aggregate amount of such Restricted Payment and all other Restricted Payments declared or made subsequent to the Issue Date (excluding Restricted Payments made pursuant to clauses (i), (ii), (iii), (v), (vi), (vii), (viii), (ix), (x), (xi), (xiii), (xiv), (xv), (xvi), (xvii) and (xx) of Section 3.4(b)) would not exceed the sum of, without duplication: 
(A) 50% of the Consolidated Net Income of the Parent during the period (taken as one accounting period) beginning with the first day of the fiscal quarter in which the Issue Date occurs to the end of the Parent’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit); plus 
(B) 100% of the aggregate Net Cash Proceeds and the Fair Market Value of marketable securities or other property received by the Parent or a Restricted Subsidiary from the issue or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Issue Date (other than any capital contributions made in connection with the Transactions), other than Net Cash Proceeds received from an issuance or sale of such Capital Stock to a Subsidiary of the Parent or to an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock ownership plan, option plan or similar trust is financed by loans from or Guaranteed by the Parent or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination; plus 
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(C) the amount by which Indebtedness of the Parent and its Restricted Subsidiaries is reduced on the Parent’s consolidated balance sheet upon the conversion or exchange subsequent to the Issue Date of any Indebtedness of the Parent or its Restricted Subsidiaries for Capital Stock (other than Disqualified Stock) of the Parent (less the amount of any cash, or the Fair Market Value of any other property, distributed by the Parent upon such conversion or exchange); plus 
(D) 100% of the Net Cash Proceeds and the Fair Market Value of property other than cash and marketable securities from the sale or other disposition (other than to the Parent or a Restricted Subsidiary) of Restricted Investments made after the Issue Date and redemptions and repurchases of such Restricted Investments from the Parent or its Restricted Subsidiaries and repayment of Restricted Investments in the form of loans or advances from the Parent and its Restricted Subsidiaries and releases of Guarantees that constitute Restricted Investments by the Parent and its Restricted Subsidiaries (other than in each case to the extent the Restricted Investment was made pursuant to Section 3.4(b)(xi)); plus 
(E) 100% of the Net Cash Proceeds and the Fair Market Value of property other than cash and marketable securities received by the Parent or its Restricted Subsidiaries after the Issue Date from the sale (other than to the Parent or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Parent or a Restricted Subsidiary pursuant to Section 3.4(b)(xi) or (xvi) or to the extent such Investment constituted a Permitted Investment); plus 
(F) to the extent that any Unrestricted Subsidiary of the Parent designated as such after the Issue Date is redesignated as a Restricted Subsidiary or any Unrestricted Subsidiary of the Parent merges into or consolidates with the Parent or any of its Restricted Subsidiaries or any Unrestricted Subsidiary transfers, dividends or distributes assets to the Parent or a Restricted Subsidiary, in each case after the Issue Date, the Fair Market Value of such Subsidiary as of the date of such redesignation or such merger or consolidation, or in the case of the transfer, dividend or distribution of assets of an Unrestricted Subsidiary to the Parent or a Restricted Subsidiary, the Fair Market Value of such assets of the Unrestricted Subsidiary, as determined at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, consolidation or transfer, dividend or distribution of assets (other than an Unrestricted Subsidiary to the extent the Investment in such Unrestricted Subsidiary was made by a Restricted Subsidiary pursuant to Section 3.4(b)(xi) or to the extent such Investment constituted a Permitted Investment); plus 
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(G) $475.0 million. 
(b) The provisions of Section 3.4(a) hereof shall not prohibit 
(i) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock or Subordinated Obligations or any Restricted Investment made in exchange for, or out of the proceeds of a contribution to the common equity capital of the Parent or the substantially concurrent sale of, Capital Stock of the Parent (other than (x) Disqualified Stock and (y) Capital Stock issued or sold to a Subsidiary of the Parent or an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock ownership plan, option plan or similar trust is financed by loans from or Guaranteed by the Parent or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination); provided, however, that the Net Cash Proceeds from such contribution or sale of Capital Stock shall be excluded from Section 3.4(a)(3)(B); 
(ii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations made in exchange for, or out of the proceeds of the substantially concurrent Incurrence of Refinancing Indebtedness; 
(iii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Parent or a Restricted Subsidiary made in exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Parent or such Restricted Subsidiary, as the case may be, so long as such Disqualified Stock is permitted to be Incurred pursuant to Section 3.3 hereof; 
(iv) dividends paid or redemptions made within 60 days after the date of declaration or the giving of the redemption notice if at such date of declaration or notice such dividend or redemption would have complied with this provision; 
(v) the purchase, repurchase, redemption or other acquisition (including by cancellation of indebtedness), cancellation or retirement for value of or payment in respect of (or payments to any direct or indirect parent of the Parent to fund any such purchase, repurchase, redemption or other acquisition, cancellation or retirement for value) Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock, of any direct or indirect parent of the Parent or the Parent held by any existing or former employees, management or directors of or consultants to the Parent or any Subsidiary of the Parent or their assigns, estates or heirs, in each case in connection with the repurchase or payment provisions under employee stock option or stock purchase agreements or other compensatory agreements approved by the Board of Directors of the Parent, as applicable, or the compensation committee thereof; provided that such purchases, repurchases, redemptions, acquisitions, cancellations or retirements pursuant to this clause (v) will not exceed $10.0 million in the aggregate during any calendar year (with any unused amounts in a given calendar year being available in succeeding calendar years so long as the amount does not exceed 
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$20.0 million in any given calendar year); provided that amount in any calendar year (with any unused amounts in a given calendar year being available in succeeding calendar years) may be increased by an amount not to exceed: 
(A) the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Parent to, or capital contributions by, existing or former employees or members of management of the Parent or any of its Subsidiaries that occurs after the Issue Date, to the extent the Net Cash Proceeds from the sale of such Capital Stock or capital contributions have not otherwise been applied to the payment of Restricted Payments (provided that the Net Cash Proceeds from such sales or contributions shall be excluded from Section 3.4(a)(3)(B)); plus
(B) the cash proceeds of key man life insurance policies received by the Parent or its Restricted Subsidiaries after the Issue Date relating to the Parent’s or such Restricted Subsidiaries’ key persons who are so insured; less
(C) the amount of any Restricted Payments previously made with the Net Cash Proceeds described in the clauses (A) and (B) of this clause (v); 
provided that cancellation of Indebtedness owing to the Parent or any Restricted Subsidiary from any existing or former employees, management, directors or consultants of the Parent, any Restricted Subsidiary or any direct or indirect parent of the Parent in connection with a repurchase of Capital Stock of the Parent, or any direct or indirect parent of the Parent will not be deemed to constitute a Restricted Payment for purposes of this Section 3.4 or any other provision of this Indenture; 
(vi) (A) the accrual, declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Parent or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiary issued in accordance with the terms of this Indenture and payment of any redemption price or liquidation value of any such Disqualified Stock or Preferred Stock when due at final maturity in accordance with its terms and (B) the declaration and payment of dividends to a direct or indirect parent company of the Parent, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Preferred Stock (other than Disqualified Stock) of such parent company issued after the Issue Date; provided that (i) the aggregate amount of dividends paid pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to the common equity capital of the Parent from the sale of such Preferred Stock and (ii) the amount of cash used to make any payments pursuant to this clause (B) shall be excluded from calculations pursuant to Section 3.4(a)(3)(B) and shall not be used for the purpose of any other Restricted Payment; 
(vii) repurchases or other acquisitions of Capital Stock deemed to occur (i) upon the exercise of stock options, warrants, restricted stock units or other rights to purchase Capital Stock or other convertible securities if such Capital Stock represents a portion of the exercise price thereof or conversion price thereof or (ii) in connection with 
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withholdings or similar taxes payable by any future, present or former employee, director or officer; 
(viii) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Obligations in accordance with provisions applicable thereto similar to those described under Sections 3.7 and 3.9 hereof; provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company has made a Change of Control Offer or Asset Disposition Offer, as applicable, under this Indenture and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Disposition Offer, as applicable, under this Indenture; 
(ix) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Parent or other exchanges of securities of the Parent or a Restricted Subsidiary in exchange for Capital Stock of the Parent; 
(x) the purchase, repurchase, redemption, acquisition or retirement of Subordinated Obligations with Unutilized Excess Proceeds remaining after an Asset Disposition Offer pursuant to Section 3.7 hereof; 
(xi) other Restricted Payments not to exceed $150.0 million in the aggregate in any one calendar year; 
(xii) the purchase of fractional shares of Capital Stock of the Parent arising out of stock dividends, splits or combinations or mergers, consolidations or other acquisitions; 
(xiii) in connection with any acquisition by the Parent or any of its Subsidiaries, the receipt or acceptance of the return to the Parent or any of its Restricted Subsidiaries of Capital Stock of the Parent constituting a portion of the purchase price consideration in settlement of indemnification claims or as a result of a purchase price adjustment (including earn outs or similar obligations); 
(xiv) the distribution of rights pursuant to any shareholder rights plan or the redemption of such for nominal consideration in accordance with the terms of any shareholder rights plan; 
(xv) payments or distributions to stockholders pursuant to appraisal rights required under applicable law in connection with any merger, consolidation or other acquisition by the Parent or any Restricted Subsidiary; 
(xvi) the distribution or transfer, as a dividend, Investment or otherwise, of shares of Capital Stock of Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and Cash Equivalents); 
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(xvii) payments made to any direct or indirect parent of the Parent (A) (i) to allow such direct or indirect parent of the Parent to pay administrative expenses and corporate overhead, franchise fees, public company costs (including SEC and auditing fees) and customary director fees; (ii) to allow such direct or indirect parent of the Parent to pay premiums and deductibles in respect of directors and officers insurance policies and umbrella excess insurance policies obtained from third-party insurers and indemnities for the benefit of its directors, officers and employees, and (iii) to allow such direct or indirect parent of the Parent to pay reasonable fees and expenses incurred in connection with any unsuccessful debt or equity offering or any unsuccessful acquisition or strategic transaction by such direct or indirect parent of the Parent and (B) if the Parent is a member of group filing a consolidated income tax return with a direct or indirect parent of the Parent, to allow such direct or indirect parent of the Parent) to pay (1) the relevant income taxes for which such direct or indirect parent of the Parent is liable, but only to the extent such taxes are attributable to income of the Parent and its Subsidiaries in an amount not to exceed the amount of such taxes that would be payable by the Parent and its Subsidiaries on a stand-alone basis if the Parent had filed a consolidated return on behalf of an affiliated group (as defined in Section 1504 of the Code or any analogous provision of state, local or foreign law) including its Subsidiaries of which it were the common parent, taking into account any net operating losses and other attributes of the Parent or its Subsidiaries, and (2) franchise and excise taxes, fees and other similar taxes and expenses required to maintain its existence; provided that any payments pursuant to this clause (B) in any period not otherwise deducted in calculating Consolidated Net Income shall be deducted in calculating Consolidated Net Income for such period; 
(xviii) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or owed to Affiliates in connection therewith; 
(xix) the payment by the Parent of, or loans, advances, dividends or distributions by the Parent to any direct or indirect parent of the Parent to pay, dividends on the common stock or equity of the Parent or any such direct or indirect parent following a public offering of such common stock or equity after the Issue Date in an amount not to exceed in any fiscal year 6% of the net cash proceeds received by the Parent (whether directly, or indirectly through a contribution to common equity capital by any direct or indirect parent of the Parent) in or from such public offering; and 
(xx) the declaration and payment of dividends as described in the “Use of Proceeds” section included in the Offering Memorandum. 
provided, however, that at the time of and after giving effect to any Restricted Payment permitted under clauses (v), (viii) and (xix), no Default shall have occurred and be continuing or would occur as a consequence thereof. 
(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the assets or securities proposed to be paid, transferred or issued by the Parent or such Restricted Subsidiary, as the case may be, 
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pursuant to such Restricted Payment. The Fair Market Value of any cash Restricted Payment shall be its face amount and any non-cash Restricted Payment shall be determined conclusively in Good Faith by the Parent. 
For purposes of determining compliance with this Section 3.4, in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of more than one of the categories of Restricted Payments described in clauses (i) through (xix) of Section 3.4(b), or is entitled to be made pursuant to Section 3.4(a) or the definition of “Permitted Investment,” the Parent shall be entitled to divide and classify such Restricted Payment (or portion thereof) on the date of its payment in any manner that complies with this Section 3.4 or the definition of “Permitted Investment.” 
If the Parent or any Restricted Subsidiary makes a Restricted Investment or a Permitted Investment and the Person in which such Investment was made subsequently becomes a Restricted Subsidiary, to the extent such Investment resulted in a reduction of the amounts calculated under Section 3.4(a) or any other provision of this Section 3.4 or the definition of Permitted Investment (which was not subsequently reversed), then such amount shall be increased by the amount of such reduction to the extent of the lesser of (x) the amount of such Investment and (y) the Fair Market Value of such Investment at the time such Person becomes a Restricted Subsidiary. 
(d) The Company shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted Subsidiary”. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Parent and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the definition of “Investment”. Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
SECTION 3.5. Limitation on Liens. The Parent will not, and will not permit any of its Restricted Subsidiaries to create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, that secures Indebtedness of the Parent or any of its Restricted Subsidiaries without effectively providing that the Notes are secured equally and ratably with (or, if the Indebtedness to be secured by the Lien is subordinated in right of payment to the Notes or any Guarantee, prior to) the Indebtedness so secured for so long as such Indebtedness is so secured. 
With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time such Indebtedness was Incurred, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, the payment of 
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dividends on preferred stock in the form of additional shares of preferred stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (7) of the definition of “Indebtedness.” 
SECTION 3.6. Limitation on Restrictions on Distributions from Restricted Subsidiaries. 
(a) The Parent shall not, and shall not permit any Restricted Subsidiary to create or otherwise cause or permit to exist any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 
(i) pay dividends or make any other distributions on its Capital Stock to the Parent or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock); 
(ii) make any loans or advances to the Parent or any Restricted Subsidiary (it being understood that the subordination of loans or advances made to the Parent or any Restricted Subsidiary to other Indebtedness Incurred by the Parent or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or 
(iii) sell, lease or transfer any of its property or assets to the Parent or any Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause (i) or (ii) of this Section 3.6(a)). 
(b) The restrictions in Section 3.6(a) shall not prohibit encumbrances or restrictions existing under or by reason of: 
(i) any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date, including, without limitation, this Indenture, the Notes and the Guarantees in effect on such date; 
(ii) any encumbrance or restriction with respect to a Person or assets pursuant to an agreement in effect on or before the date on which such Person became a Restricted Subsidiary or was acquired by, merged into or consolidated with the Parent or a Restricted Subsidiary (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by, merged into or consolidated with the Parent or in contemplation of the transaction) or such assets were acquired by the Parent or any Restricted Subsidiary; provided, that any such encumbrance or restriction shall not extend to any Person or the assets or property of the Parent or any other Restricted Subsidiary 
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other than the Person and its Subsidiaries or the assets and property so acquired and that, in the case of Indebtedness, was permitted to be Incurred pursuant to this Indenture; 
(iii) any encumbrance or restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an agreement referred to in clause (i) or (ii) of this Section 3.6(b) or this clause (iii) or contained in any amendment, restatement, modification, renewal, supplement, refunding, replacement or Refinancing of an agreement referred to in clause (i) or (ii) of this Section 3.6(b) or this clause (iii); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement are no less favorable (as determined in Good Faith by the Parent) in any material respect, taken as a whole, to the Holders of the Notes than the encumbrances and restrictions contained in such agreements referred to in clause (i) or (ii) of this Section 3.6(b) on the Issue Date or the date such Restricted Subsidiary became a Restricted Subsidiary or was merged into or consolidated with a Restricted Subsidiary, whichever is applicable; 
(iv) in the case of Section 3.6(a)(iii), encumbrances or restrictions arising in connection with Liens permitted to be Incurred under the provisions of Section 3.5 hereof that apply only to the assets subject to such Liens; 
(v) purchase money obligations for property acquired and Capitalized Lease Obligations, in each case, that impose restrictions of the nature described in Section 3.6(a)(iii) on the property so acquired; 
(vi) contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Parent pursuant to an agreement that has been entered into for the sale or disposition of all or a portion of the Capital Stock or assets of such Subsidiary; 
(vii) restrictions on cash or other deposits or net worth imposed by customers or lessors or required by insurance, surety or bonding companies under contracts entered into in the ordinary course of business; 
(viii) any customary provisions in leases, subleases or licenses and other agreements entered into by the Parent or any Restricted Subsidiary in the ordinary course of business; 
(ix) encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation, order, permit or grant, including for the avoidance of doubt, any encumbrance or restriction on any Insurance Subsidiary by any governmental authority having the power to regulate such Insurance Subsidiary; 
(x) encumbrances or restrictions contained in or arising under indentures or debt instruments or other debt arrangements Incurred or Preferred Stock issued by the Parent or any Restricted Subsidiary subsequent to the Issue Date pursuant to Section 3.3
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hereof that are not more restrictive, taken as a whole (as determined in Good Faith by the Parent), than those applicable to the Parent in this Indenture on the Issue Date; 
(xi) encumbrances or restrictions contained in or arising under indentures or other debt instruments or other debt arrangements Incurred or Preferred Stock issued by the Parent or any Subsidiary subsequent to the Issue Date pursuant to Section 3.3 hereof or contained or arising in connection with any Reinsurance Agreement or Statutory Reserve Financing or agreement entered into by an Insurance Subsidiary or Special Purpose Subsidiary; provided that such encumbrances and restrictions contained in any agreement or instrument will not materially adversely affect the Company’s ability to make anticipated principal or interest payments on the Notes or are otherwise customary for financings or arrangements of that type (in each case, as determined in Good Faith by the Parent); 
(xii) restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase or other agreement to which the Parent or any of its Restricted Subsidiaries is a party and entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance of solely the property or assets of the Parent or such Restricted Subsidiary that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Parent or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary. 
(xiii) customary provisions in joint venture agreements and other similar agreements; 
(xiv) customary provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of business; and 
(xv) any instrument governing any Indebtedness or Capital Stock of a Person that is an Unrestricted Subsidiary as in effect on the date that such Person becomes a Restricted Subsidiary, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person who became a Restricted Subsidiary or the property or assets of the Person who became a Restricted Subsidiary, and was not entered into in contemplation of the designation of such Subsidiary as a Restricted Subsidiary; provided that in the case of Indebtedness, the incurrence of such Indebtedness as a result of such Person becoming a Restricted Subsidiary was permitted by the terms of this Indenture. 
SECTION 3.7. Limitation on Sales of Assets and Subsidiary Stock. 
(a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, make any Asset Disposition following the Issue Date unless: 
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(i) the Parent or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the Fair Market Value (such Fair Market Value to be determined as of the date of contractually agreeing to such Asset Disposition) of the assets subject to such Asset Disposition; and 
(ii) at least 75% of the consideration from such Asset Disposition received by the Parent or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents. 
The Parent shall determine the Fair Market Value of any consideration from such Asset Disposition that is not cash or Cash Equivalents. 
(b) Any Net Available Cash received by the Parent or any Restricted Subsidiary from any Asset Disposition shall be applied at the Parent’s election: 
(x)    to prepay, repay or repurchase secured Indebtedness of the Parent or any Restricted Subsidiary or to prepay, repay or repurchase any Indebtedness of the Parent or any of its Restricted Subsidiaries which is not expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the Guarantees, in the case of a Guarantor and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto;
(y)    to repay, prepay or repurchase Indebtedness of a Non-Guarantor Subsidiary, or
(z)    to reinvest in or acquire assets (including Capital Stock or other securities purchased in connection with the acquisition of Capital Stock or property of another Person that is or becomes a Restricted Subsidiary of the Parent or that would constitute a Permitted Investment under clause (2) of the definition thereof) used or useful in a Related Business. 
(c) All Net Available Cash that is not applied or invested (or committed pursuant to a written agreement to be applied or invested) as provided in subclauses (x), (y) or (z) of the preceding paragraph within 450 days after receipt (or in the case of any amount committed to be so applied or reinvested, which are not actually so applied or reinvested within 180 days following such 450 day period) will be deemed to constitute “Excess Proceeds.” Within 30 days after the aggregate amount of Excess Proceeds exceeds $50.0 million, the Company will make an offer (“Asset Disposition Offer”) to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes or any Guarantee containing provisions similar to those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of assets, to purchase the maximum principal amount of the Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The Company may make 
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an Asset Disposition Offer under this section using Net Available Cash prior to the time any such Net Available Cash becomes Excess Proceeds, in which case such Net Available Cash shall be deemed to have been applied within the time frame required by this Section 3.7. The offer price in any Asset Disposition Offer will be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus accrued and unpaid interest thereon to, but excluding, the date of purchase (subject to the rights of Holders of record on any record date to receive payments of interest on the related Interest Payment Date that is prior to the relevant redemption date), and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Disposition Offer (“Unutilized Excess Proceeds”), the Parent may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of the Notes and such other pari passu Indebtedness tendered into such Asset Disposition Offer exceeds the amount of Excess Proceeds, the Notes and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of the Notes and such other pari passu Indebtedness tendered. Upon completion of each Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 
(d) The Asset Disposition Offer shall remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Asset Disposition Offer Period”). No later than five Business Days after the termination of the Asset Disposition Offer Period (the “Asset Disposition Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to this Section 3.7 (the “Asset Disposition Offer Amount”) or, if less than the Asset Disposition Offer Amount has been so validly tendered and not properly withdrawn, all Notes validly tendered in response to the Asset Disposition Offer. 
(i) On or before the Asset Disposition Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Asset Disposition Offer Amount of Notes or portions of Notes validly tendered and not properly withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes validly tendered and not properly withdrawn, in each case in minimum denominations of $1,000 (except that no Note shall be purchased in part if the remaining principal amount would be less than $2,000). The Company or the Paying Agent, as the case may be, shall promptly (but in any case not later than five Business Days after termination of the Asset Disposition Offer Period) mail or deliver to each tendering Holder of Notes an amount equal to the purchase price of the Notes validly tendered and not properly withdrawn by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon receipt of an Officer’s Certificate, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note shall be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. 
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(e) For the purposes of this Section 3.7, the following are deemed to be Cash Equivalents: (x) any liabilities (as shown on the Parent’s or such Restricted Subsidiary’s most recent balance sheet or in the Notes thereto) of the Parent or any Restricted Subsidiary of the Parent (other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets (including, without limitation, liabilities relating to insurance products); (y) any Notes or other obligations or other securities or assets received by the Parent or such Restricted Subsidiary of the Parent from such transferee that are converted within 180 days by the Parent or such Restricted Subsidiary into cash (to the extent of the cash received); and (z) any Designated Non-cash Consideration received by the Parent or any of its Restricted Subsidiaries in such Asset Dispositions having an aggregate Fair Market Value (determined in Good Faith by the Parent), taken together with all other Designated Non-cash Consideration received pursuant to this clause (z) that is at that time outstanding, not to exceed $100.0 million at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value). 
(f) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 3.7. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 3.7, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.7. 
(g) Pending the final application of any such Net Available Cash, the Parent or its Restricted Subsidiaries may temporarily reduce revolving indebtedness under any debt facility or otherwise invest such Net Available Cash in Cash Equivalents. 
SECTION 3.8. Limitation on Affiliate Transactions. 
(a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to enter into or conduct any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Parent (an “Affiliate Transaction”) involving payments of consideration in excess of $15.0 million unless: 
(i) the terms of such Affiliate Transaction, when viewed together with any related Affiliate Transactions, are not materially less favorable to the Parent or such Restricted Subsidiary, as the case may be, than those that could have been obtained in a comparable transaction at the time of such transaction in arm’s-length dealings with a Person who is not an Affiliate; and 
(ii) in the event such Affiliate Transaction involves an aggregate consideration in excess of $35.0 million, the terms of such transaction have been approved by a majority of the members of the Board of Directors of the Parent (and such majority determines that such Affiliate Transaction satisfies the criteria in clause (i) above). 
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(b) The provisions of Section 3.8(a) shall not apply to: 
(i) any (x) Restricted Payment permitted to be made pursuant to Section 3.4 hereof and (y) Permitted Investment in any Person that is an Affiliate of the Parent solely as a result of the ownership of Investments in such Person by the Parent or any Restricted Subsidiary; 
(ii) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements and other compensation arrangements, options to purchase Capital Stock of the Parent pursuant to restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans, pension plans or similar plans or agreements or arrangements approved by the Board of Directors of the Parent or the compensation committee thereof; 
(iii) loans or advances to employees, officers or directors of the Parent or any Subsidiary of the Parent or any direct or indirect parent of the Parent in the ordinary course of business, in an aggregate amount outstanding at any time not in excess of $5.0 million (without giving effect to the forgiveness of any such loan); 
(iv) any transaction between or among the Parent and any Restricted Subsidiary or between or among Restricted Subsidiaries, and any Guarantees issued by the Parent or a Restricted Subsidiary for the benefit of the Parent or a Restricted Subsidiary; 
(v) the payment of reasonable and customary compensation (including fees, benefits, severance, change of control payments and incentive arrangements) to, and employee benefit arrangements, including, without limitation, split-dollar insurance policies, and indemnity or similar arrangements provided on behalf of, directors, officers, employees and agents of the Parent or any of its Subsidiaries or any direct or indirect parent of the Parent, whether by charter, bylaw, statutory or contractual provisions; 
(vi) the existence of, and the performance of obligations of the Parent or any of its Restricted Subsidiaries under the terms of any agreement to which the Parent or any of its Restricted Subsidiaries is a party as of or on the Issue Date, as these agreements may be amended, modified, supplemented, extended or renewed from time to time; provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the Issue Date shall be permitted to the extent that its terms, taken as a whole, are not more disadvantageous to the Holders of the Notes in any material respect, as determined in Good Faith by the Parent, than the terms of the agreements in effect on the Issue Date; 
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(vii) any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged with or into or consolidated with the Parent or a Restricted Subsidiary; provided that such agreement was not entered into in contemplation of such acquisition, merger or consolidation, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect to the Holders, as determined in Good Faith by the Parent, when taken as a whole as compared to the applicable agreement as in effect on the date of such acquisition or merger); 
(viii) insurance transactions, intercompany pooling and other reinsurance transactions entered into in the ordinary course of business; 
(ix) any purchases by the Parent’s Affiliates of Indebtedness of the Parent or any of its Restricted Subsidiaries the majority of which Indebtedness is placed with Persons who are not Affiliates and payments of principal and interest on such Indebtedness; 
(x) arrangements for indemnification payments for directors and officers of the Parent and its Subsidiaries or any direct or indirect parent of the Parent; 
(xi) any issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Parent and the granting of registration and other customary rights in connection therewith or any contribution to the Capital Stock of the Parent or any Restricted Subsidiary; 
(xii) payments by the Parent or any of its Subsidiaries to any Affiliate for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are on arms’-length terms and are approved by a majority of the members of the Board of Directors of the Parent in good faith; 
(xiii) any transaction pursuant to which any Permitted Holder provides the Parent and/or its Subsidiaries, at cost, with services, including services to be purchased from third-party providers, such as legal and accounting, tax, consulting, financial advisory, corporate governance, insurance coverage and other services which transaction is approved by a majority of the members of the Board of Directors or a committee thereof in good faith; 
(xiv) transactions in which the Parent or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Parent or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable taken as a whole than those that might reasonably have been obtained by the Parent or such Restricted Subsidiary in a comparable transaction at such time on an arms’ length basis from a Person that is not an Affiliate; 
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(xv) transactions with customers, clients, suppliers, joint ventures, joint venture partners, Unrestricted Subsidiaries or purchasers or sellers of goods and services and Investments by any Insurance Subsidiary in accordance with clause (18) of the definition of “Permitted Investments”, in each case in the ordinary course of business (as determined in Good Faith by the Parent) and on terms no less favorable than that available from non-affiliates (as determined in Good Faith by the Parent) and otherwise not prohibited by this Indenture; 
(xvi) any transaction with an Affiliate where the only consideration paid by the Parent or any Restricted Subsidiary is Capital Stock of the Parent (other than Disqualified Stock); 
(xvii) the payment of all fees and expenses in connection with the offering of the Notes; 
(xviii) any merger, consolidation or reorganization of the Parent or any Restricted Subsidiary (otherwise permitted by this Indenture) with an Affiliate of the Parent solely for the purpose of (a) reorganizing to facilitate an initial public offering of securities of the Parent or a direct or indirect parent of the Parent, (b) forming or collapsing a holding company structure or (c) reincorporating the Parent or any Restricted Subsidiary in a new jurisdiction; 
(xix) transactions between the Parent or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because one or more of its directors is also a director of the Parent or any direct or indirect parent of the Parent; provided that such director abstains from voting as a director of the Parent or such direct or indirect parent, as the case may be, on any matter involving such other Person; 
(xx) any transaction entered into by an Insurance Subsidiary for which approval has been received from the applicable Insurance Regulatory Authority; provided that any direct involvement of the Parent or any of its Restricted Subsidiaries (other than such Insurance Subsidiary) in such transaction is on terms that are not materially less favorable taken as a whole than those that might reasonably have been obtained by the Parent or such Restricted Subsidiary in a comparable transaction at such time on an arms’ length basis from a Person that is not an Affiliate, as determined in Good Faith by the Parent; 
(xxi) the entry by the Parent (and any direct or indirect parent company thereof) or any of its Restricted Subsidiaries into tax sharing agreements providing for payments consistent with Sections 3.4(b)(xv) and (xvii)(B) and the making of any such payments pursuant thereto; 
(xxii) the payment of management, consulting, monitoring, transaction, advisory and other fees, indemnities and expenses pursuant to any Investment Management Agreement (plus any unpaid management, consulting, monitoring, transaction, advisory 
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and other fees, indemnities and expenses accrued in any prior year) and any termination fees (including any such cash lump sum or present value fee upon the consummation of a corporate event, including an initial public equity offering) pursuant to any Investment Management Agreement; 
(xxiii) (a) investments by Permitted Holders in securities or loans of the Parent or any of the Restricted Subsidiaries (and payment of reasonable out-of-pocket expenses incurred by such Permitted Holders in connection therewith) so long as the investment is being offered by the Parent or such Restricted Subsidiary generally to other investors on the same or more favorable terms, and (b) payments to Permitted Holders in respect of securities or loans of the Parent or any of its Restricted Subsidiaries contemplated in the foregoing subclause (a) or that were acquired from Persons other than the Parent and its Restricted Subsidiaries, in each case, in accordance with the terms of such securities or loans; and 
(xxiv) the Transactions and the payment of all fees and expenses related to the Transactions, including Transaction Expenses. 
SECTION 3.9. Change of Control Triggering Event. 
(a) If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem all of the Notes as described under paragraph 6 of the applicable Notes Supplemental Indenture and all conditions precedent applicable to such redemption have been satisfied, each Holder shall have the right to require the Company to repurchase all or any part (in integral multiples of $1,000 except that no Note may be tendered in part if the remaining principal amount would be less than $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date that is prior to the relevant redemption date). 
(b) Prior to or within 30 days following any Change of Control Triggering Event, except to the extent the Company has exercised its right to redeem all of the Notes under paragraph 6 of the applicable Notes Supplemental Indenture, the Company shall mail a notice (the “Change of Control Offer”) to each Holder or otherwise give notice in accordance with the applicable procedures of DTC, with a copy to the Trustee, stating: 
(i) that a Change of Control Offer is being made and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on a Record Date to receive interest on the relevant Interest Payment Date that is prior to the relevant redemption date) (the “Change of Control Payment”); 
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(ii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or otherwise delivered in accordance with the applicable procedures of DTC) (the “Change of Control Payment Date”); 
(iii) the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in order to have its Notes repurchased; 
(iv) that any Notes not tendered will continue to accrue interest in accordance with the terms of this Indenture; 
(v) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
(vi) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes delivered for purchase and a statement that such Holder is unconditionally withdrawing its election to have such Notes purchased; 
(vii) If such notice is delivered prior to the occurrence of a Change of Control Triggering Event, stating that the Change of Control is conditional on the occurrence of such Change of Control Triggering Event; and 
(viii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 
(c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 
(i) accept for payment all Notes or portions of Notes (in principal amounts of $2,000 or larger integral multiples of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer; 
(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes validly tendered; and 
(iii) deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
(d) The Paying Agent shall promptly submit electronically or mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and upon receipt of 
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an Authentication Order the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate will be required for the Trustee to authenticate or deliver such 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 integral multiples of $1,000 in excess thereof. 
(e) The Company shall not be required to make a Change of Control Offer following a Change of Control Triggering Event 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 Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) a notice of redemption for all of the outstanding Notes has been given pursuant to this Indenture unless and until there is a default in payment of the applicable redemption price, plus accrued and unpaid interest to, but excluding, the proposed Redemption Date. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event. 
(f) 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 Company, or any third party making a Change of Control Offer in lieu of the pursuant to Section 3.9, purchases all of the Notes validly tendered and not withdrawn by such Holders in such Change of Control Offer, all of the Holders of Notes will be deemed to have consented to such tender offer or other offer, and, accordingly, the Company or such third party may elect, upon not less than 15 nor more than 60 days’ prior notice, to redeem all Notes that remain outstanding following the consummation of the Change of Control Offer at a redemption price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date; provided that the Company or the applicable third party must provide any such notice of redemption within 30 days following the Change of Control Payment Date. 
(g) The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder 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 provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue of such compliance. 
SECTION 3.10. Future Guarantors. 
(a) The Parent shall cause (i) each Wholly Owned Subsidiary (other than any Excluded Subsidiary) that is formed or acquired following the Issue Date and (ii) any other Restricted Subsidiary of the Parent that guarantees any Capital Market Indebtedness of the Company or any Guarantor to execute and deliver to the Trustee within 30 days of the event 
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pursuant to which such obligation has arisen a supplemental indenture to this Indenture, substantially in the form of Exhibit E hereto, pursuant to which such Restricted Subsidiary shall fully and unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes and all other obligations under this Indenture, on the terms set forth in Article X. In addition, the Parent may cause any Restricted Subsidiary that is not a Guarantor so to guarantee payment of the Notes and become a Guarantor. 
SECTION 3.11. Effectiveness of Covenants. 
(a) After the Issue Date, following the first day: (i) the Notes have an Investment Grade Rating from two Rating Agencies; and (ii) no Default has occurred and is continuing under this Indenture; the Parent and its Restricted Subsidiaries shall not be subject to Sections 3.3, 3.4, 3.6, 3.7, 3.8, 3.10 and 4.1(a)(iv) (collectively, the “Suspended Covenants”). Additionally, upon the commencement of a Suspension Period (as defined below), the amount of Excess Proceeds will be reset to zero. 
(b) If at any time the Notes’ credit rating is downgraded from an Investment Grade Rating by at least two Rating Agencies, then the Suspended Covenants shall thereafter be reinstated as if such covenants had never been suspended (the “Reinstatement 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 an Investment Grade Rating and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist or have occurred under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants based on, and none of the Parent 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 Reinstatement 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 Reinstatement Date is referred to as the “Suspension Period”. 
(c) On the Reinstatement Date, all Indebtedness Incurred during the Suspension Period will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 3.3(b)(v). In addition, for purposes of Section 3.8 hereof, all agreements and arrangements entered into by the Parent and any Restricted Subsidiary with an Affiliate of the Parent during the Suspension Period prior to such Reinstatement Date will be deemed to have been entered into on or prior to the Issue Date and for purposes of Section 3.6 hereof all contracts entered into during the Suspension Period prior to such Reinstatement Date that contain any of the restrictions contemplated by such covenant will be deemed to have been existing on the Issue Date. Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 3.4 hereof will be made as though 
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such Section 3.4 had been in effect since the Issue Date and prior to, but not during, the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under such Section 3.4. 
(d) During any period when the Suspended Covenants are suspended, the Board of Directors of the Parent may not designate any of the Parent’s Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture, unless such designation would have complied with Section 3.4 hereof as if such Section 3.4 would have been in effect during such period. 
(e) The Company shall deliver to the Trustee an Officer’s Certificate notifying the Trustee of any Reinstatement Date or the commencement of any Suspension Period and certifying that such suspension or reinstatement complied with the foregoing provisions, and in no event shall the Trustee be charged with the knowledge of such Suspension Period or Reinstatement Date, except to the extent that a Trust Officer has received such Officer’s Certificate. In the case of a Suspension Period such notice shall list the Suspended Covenants. 
(f) On and after each Reinstatement Date, the Parent and its Subsidiaries may consummate any transactions contemplated by any contract or arrangement entered into in good faith during the Suspension Period, so long as such contract and such consummation would have been permitted during such Suspension Period. 
SECTION 3.12. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Parent an Officer’s Certificate signed by the principal executive officer, the principal financial officer or the principal accounting officer stating whether or not the signers know of any Default or Event of Default that occurred during such period. If they do, the certificate shall describe the Default or Event of Default and its status. 
SECTION 3.13. Statement by Officers as to Default. The Parent shall deliver to the Trustee, within 30 days after the knowledge thereof if such event is still continuing, written notice in the form of an Officer’s Certificate of any Event of Default or any event which, with notice or the lapse of time or both, would constitute an Event of Default under Section 6.1(a)(i), (ii), (iii), (iv), (v), (viii) or (ix), which shall include their status. 
ARTICLE IV 
Successor Company and Successor Guarantor 
SECTION 4.1. When Company May Merge or Otherwise Dispose of Assets. 
(a) Neither the Company nor the Parent shall consolidate with or merge with or into (whether or not the Company or the Parent is the surviving entity), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the properties and assets of the Parent and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to, any Person unless: 
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(i) if other than the Company or the Parent, as applicable, the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation, partnership or limited liability company organized and existing under the laws of the United States of America, any State of the United States, the District of Columbia or any territory thereof (and, in the case of the Parent, Bermuda or the Cayman Islands); 
(ii) the Successor Company (if other than the Company or the Parent) and, in the case of a Successor Company that is not a corporation, a corporate co-issuer, assumes all of the obligations of the Company under the Notes and this Indenture or the Parent under its Guarantee and this Indenture, as applicable, pursuant to a supplemental indenture or other documentation executed and delivered to the Trustee; 
(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Company, the Parent, the Successor Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Parent, the Successor Company or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; 
(iv) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred as of the last day of the applicable fiscal quarter; 
(A) the Parent or the Successor Company of the Parent, as applicable, would be able to Incur at least $1.00 of additional Indebtedness pursuant to Section 3.3(a) hereof; or 
(B) the Debt to Total Capitalization Ratio for the Parent and its Restricted Subsidiaries or the Successor Company and its Restricted Subsidiaries, as applicable, would be greater than the Debt to Total Capitalization Ratio immediately prior to such transaction; and 
(v) each Guarantor (unless it is the other party to the transactions above, in which case clause (i) of Section 4.1(b) shall apply) shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations in respect of this Indenture and the Notes. 
(b) Without compliance with Sections 4.1(a)(iii) and (iv): 
(i) any Restricted Subsidiary may consolidate with, merge with or into or transfer all or part of its properties and assets to the Company or a Guarantor so long as no Capital Stock of the Restricted Subsidiary is distributed to any Person other than the Company or a Guarantor, and 
(ii) the Company or the Parent, as the case may be, may merge with an Affiliate of the Company or the Parent, as the case may be, solely for the purpose of 
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reincorporating the Company or the Parent, as the case may be, in another jurisdiction to realize tax or other benefits, so long as the amount of Indebtedness of the Parent and its Restricted Subsidiaries is not increased thereby. 
(c) Upon satisfaction of the conditions set forth in Section 4.1(a) or 4.1(b), as applicable, the Company shall be released from its obligations under this Indenture and the Successor Company shall 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 the obligation to pay the principal of and interest on the Notes. 
(d) Solely for the purpose of computing amounts under Sections 3.4(a)(3)(A), (a)(3)(B), (a)(3)(C) and (a)(3)(D), the Successor Company shall only be deemed to have succeeded and be substituted for the Parent with respect to periods subsequent to the effective time of such merger, consolidation, combination or transfer of assets. 
SECTION 4.2. When a Subsidiary Guarantor May Merge or Otherwise Dispose of Assets. 
(a) The Parent shall not permit any Subsidiary Guarantor to consolidate with or merge with or into (whether or not the Subsidiary Guarantor is the surviving entity), or sell, assign, convey, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person (other than to the Company or another Guarantor), unless: 
(i) if such entity remains a Subsidiary Guarantor, (A) the resulting, surviving or transferee Person (the “Successor Guarantor”) shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State of the United States, the District of Columbia or any other territory thereof (and, in the case of the Intermediate Guarantor, Bermuda or the Cayman Islands); (B) the Successor Guarantor, if other than such Subsidiary Guarantor, expressly assumes in writing by supplemental indenture (and other applicable documents), executed and delivered to the Trustee all the obligations of such Subsidiary Guarantor under the Subsidiary Guarantee and this Indenture and (C) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; and 
(ii) if such transaction constitutes an Asset Disposition, the transaction is made in compliance with Section 3.7 hereof (it being understood that only such portion of the Net Available Cash as is required to be applied on the date of such transaction in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time), to the extent applicable. 
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(b) Notwithstanding the foregoing, any Subsidiary Guarantor may (i) merge with or into or transfer all or part of its properties and assets to the Company or another Guarantor or (ii) merge with a Restricted Subsidiary of the Parent solely for the purpose of reincorporating the Subsidiary Guarantor in a State of the United States or the District of Columbia (and, in the case of the Intermediate Guarantor, Bermuda or the Cayman Islands), as long as the amount of Indebtedness of the Parent and its Restricted Subsidiaries is not increased thereby. 
(c) Upon satisfaction of the conditions set forth in Section 4.2(a) or (b), the Parent or applicable Subsidiary Guarantor shall be released from its obligations under this Indenture and its Guarantee and the Successor Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, a Subsidiary Guarantor under this Indenture, but, in the case of a lease of all or substantially all its assets, a Subsidiary Guarantor will not be released from its obligations under its Subsidiary Guarantee. 
ARTICLE V 
Redemption of Notes 
SECTION 5.1. Applicability of Article. Notes of or within any series that are redeemable in whole or in part before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.2) in accordance with this Article V. 
SECTION 5.2. Right of Redemption. 
(a) Notes of any series may be redeemed, in whole at any time, or in part from time to time, subject to the conditions and in accordance with the provisions set forth in paragraph 6 of the applicable Notes Supplemental Indenture, which are hereby incorporated by reference and made a part of this Indenture. 
(b) In connection with any redemption of Notes (including with the Net Cash Proceeds of an Equity Offering), any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, consummation of any Equity Offering, incurrence of Indebtedness, or acquisition, merger or consolidation. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded (by the Company in its sole discretion) in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date so delayed. 
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SECTION 5.3. Election to Redeem; Notice to Trustee of Optional Redemptions. If the Company elects to redeem Notes pursuant to paragraph 6 of the applicable Notes Supplemental Indenture, the Company shall furnish to the Trustee, at least 5 Business Days (or such shorter period as the Trustee may agree) before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 5.5, an Officer’s Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this Indenture and or Notes Supplemental Indenture pursuant to which the redemption shall occur, (b) the Redemption Date, (c) the principal amount of the Notes to be redeemed and (d) the redemption price. The Company shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 5.4. 
SECTION 5.4. Selection by Trustee of Notes to Be Redeemed. Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, in the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not listed, then on as nearly a pro rata basis as possible or by lot or such other similar method in accordance with the Applicable Procedures (subject to such rounding as may be necessary so that Notes are redeemed in whole increments of $1,000 and no Note of $2,000 in principal amount or less shall be redeemed in part), and in accordance with the Applicable Procedures. If any Note is to be redeemed in part only, the notice of redemption relating to such Note will state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note in accordance with Section 5.8.
The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. 
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 
SECTION 5.5. Notice of Redemption. Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, the Company shall mail or cause to be mailed by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address or in accordance with the applicable procedures of DTC not less than 15 nor more than 60 days prior to a date fixed for redemption (a “Redemption Date”), to each Holder of Notes to be redeemed; provided, however, that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article VIII. At the Company’s written request, the Trustee shall give notice of redemption in the Company’s name and at the Company’s expense; provided that the Company shall have delivered to the Trustee, at least 5 Business Days (or such shorter period as the Trustee may agree) before notice of redemption is required to be mailed or caused 
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to be mailed to Holder pursuant to this Section 5.5 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the following paragraph.
All notices of redemption shall be prepared by the Company and shall state: 
(a) the Redemption Date, 
(b) the redemption price, if then determinable, and if not, then a method for determination, and the amount of accrued interest, if any, to, but excluding, the Redemption Date payable as provided in Section 5.7, if any, 
(c) if less than all outstanding Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption, 
(d) in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption Date, upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed, 
(e) that on the Redemption Date the redemption price (and accrued interest, if any, to, but excluding, the Redemption Date payable as provided in Section 5.7) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless the Company defaults in making the redemption payment, that interest on Notes called for redemption (or the portion thereof) shall cease to accrue on and after said date, 
(f) the place or places where such Notes are to be surrendered for payment of the redemption price and accrued interest, if any, 
(g) the name and address of the Paying Agent, 
(h) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, 
(i) the CUSIP number, and that no representation is made as to the accuracy or correctness of the CUSIP number, if any, listed in such notice or printed on the Notes, and 
(j) the Section of this Indenture pursuant to which the Notes are to be redeemed. 
SECTION 5.6. Deposit of Redemption Price. By no later than 12:00 p.m. (New York City time) on the Redemption Date, the Company shall deposit with the Trustee or 
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with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.5) an amount of money sufficient to pay the redemption price of, and accrued interest on, all the Notes which are to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price. 
SECTION 5.7. Notes Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the redemption price therein specified (together with accrued interest, if any, to, but excluding, the Redemption Date) (except as provided for in Section 5.2(b)) and from and after such date (unless the Company shall default in the payment of the redemption price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the redemption price, together with accrued interest, if any, to, but excluding, the Redemption Date (subject to the rights of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 
If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 
If a Redemption Date is on or after a Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, shall be paid to the Person in whose name the Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption by the Company. 
SECTION 5.8. Notes Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at the office or agency of the Company maintained for such purpose pursuant to Section 2.4 (with, if the Company so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute, and, upon receipt of an Authentication Order, the Trustee shall authenticate and make available for delivery to the Holder of such Note at the expense of the Company, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered, provided that each such new Note shall be in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 
SECTION 5.9. Redemption for Changes in Taxes The Company may redeem the Notes, in whole but not in part, at any time upon giving not less than 15 nor more than 60 days’ prior notice to the Holders (which notice will be given in accordance with this Article V, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the Company for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any) then due and that will become due on the Tax Re- 
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demption Date as a result of the redemption or otherwise (subject to the right of Holders on the relevant record date to receive interest due on an Interest Payment Date that is prior to the Tax Redemption Date and Additional Amounts (if any) in respect thereof), if on the next date on which any amount would be payable in respect of the Guarantees, the relevant Foreign Guarantor is or would be required to pay Additional Amounts, the payment giving rise to such requirement cannot be made by the Company or another Guarantor without the obligation to pay Additional Amounts, and the relevant Foreign Guarantor cannot avoid any such payment obligation taking reasonable measures available, as a result of: 
(1) any change in, or amendment to or the laws (or any regulations, protocols or rulings promulgated thereunder) of the relevant Tax Jurisdiction affecting taxation which change or amendment has not been publicly announced before and which becomes effective on or after the date of this Offering Memorandum (or, if the relevant Tax Jurisdiction was not a Tax Jurisdiction on the Issue Date, the date on which such Tax Jurisdiction became a Tax Jurisdiction under the Indenture); or 
(2) any change in, or amendment to, the existing official written position or the introduction of a written official position regarding the application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction or a change in published administrative practice), which change, amendment, application or interpretation has not been publicly announced and becomes effective on or after the date of this Offering Memorandum (or, if the relevant Tax Jurisdiction was not a Tax Jurisdiction on the Issue Date, the date on which such Tax Jurisdiction became a Tax Jurisdiction under the Indenture). 
The Company will not give any such notice of redemption earlier than 30 days prior to the earliest date on which the relevant Foreign Guarantor would be obligated to make such payment or withholding if a payment in respect of the Notes or the Guarantees were then due, and unless at the time such notice is given, the obligation to pay Additional Amounts remains in effect. 
Prior to the publication or, where relevant, mailing of any notice of redemption of the Notes pursuant to the foregoing, the Company will deliver the trustee an Opinion of Counsel to the effect that there has been such change or amendment which would entitle the relevant Foreign Guarantor to redeem the Notes hereunder. In addition, before the Company publishes or mails notice of redemption of the Notes as described above, it will deliver to the trustee an Officer’s Certificate to the effect that the obligation to pay Additional Amounts cannot be avoided by the relevant Foreign Guarantor (but, in the case of a Guarantor, only if the payment giving rise to such requirement cannot be made by the Company or another Guarantor without the obligation to pay Additional Amounts) taking reasonable measures available to it. 
The Trustee will accept such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the existence and satisfaction of the conditions precedent as described above, in which event it will be conclusive and binding on the Holders of the Notes. 
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ARTICLE VI 
Defaults and Remedies 
SECTION 6.1. Events of Default. 
(a) Each of the following is an event of default (an “Event of Default”): 
(i) default in any payment of interest on any Note when the same becomes due, and the such default continues for a period of 30 days; 
(ii) default in the payment of principal of or premium, if any, on any Note when the same becomes due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration of acceleration or otherwise; 
(iii) failure by the Company or the Parent to comply with its obligations under Section 3.9 hereof or Article IV hereof; 
(iv) failure by the Company or any Guarantor to comply for 60 days after written notice as provided below with any of its obligations under the Notes or this Indenture (except as contained in clauses (a)(i) through (a)(iii) of this Section 6.1); provided that, such 60-day period shall instead be 180 days with respect to defaults under Section 3.1. 
(v) the Parent or any of its Restricted Subsidiaries defaults under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Parent or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Parent or any of its Restricted Subsidiaries), other than Indebtedness owed to the Parent or a Restricted Subsidiary, whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, which default: 
(A) is caused by a failure to pay principal on such Indebtedness at its final stated maturity within the grace period provided in the agreements or instruments governing such Indebtedness (“payment default”); or 
(B) results in the acceleration of such Indebtedness prior to its stated final maturity; 
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 or the maturity of which has been so accelerated, aggregates $75.0 million or more (or its foreign currency equivalent); 
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(vi) the Company, the Parent or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements for the Parent and its consolidated Subsidiaries), would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law (as defined below): 
(A) commences a voluntary case or proceeding with respect to itself; 
(B) consents to the entry of an order for relief against it in an involuntary case or proceeding; 
(C) consents to the appointment of a Custodian (as defined below) of it or for substantially all of its property; or 
(D) makes a general assignment for the benefit of its creditors; 
or takes any comparable action under any foreign laws relating to insolvency; 
(vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
(A) is for relief against the Company, the Parent or any Significant Subsidiary or a group of Restricted Subsidiaries that, taken together (as of the date of the latest audited financial statements for the Parent and its consolidated Subsidiaries), would constitute a Significant Subsidiary, in an involuntary case; 
(B) appoints a Custodian of the Parent, the Company, any Significant Subsidiary or a group of Restricted Subsidiaries that, taken together (as of the date of the latest audited financial statements for the Company and its consolidated Subsidiaries), would constitute a Significant Subsidiary, for any substantial part of its property; or 
(C) orders the winding up or liquidation of the Parent, the Company, any Significant Subsidiary or a group of Restricted Subsidiaries that, taken together (as of the date of the latest audited financial statements for the Company and its consolidated Subsidiaries), would constitute a Significant Subsidiary; 
and the order or decree remains unstayed and in effect for any period of 60 consecutive days; 
(viii) failure by the Company, the Parent or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements for the Parent and its consolidated Subsidiaries), would constitute a Significant Subsidiary to pay final and non-appealable judgments aggregating in excess of $75.0 million (or its foreign currency equivalent) (net of any amounts that are covered by insurance), which judgments remain unsatisfied or undischarged for any 
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period of 60 consecutive days during which a stay of enforcement of such judgments shall not be in effect; and 
(ix) any Guarantee of the Parent, the Intermediate Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that taken together (as of the date of the latest audited consolidated financial statements for the Parent and its consolidated Subsidiaries), would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of this Indenture and the Guarantees) or is declared null and void in a judicial proceeding or any Guarantor that is the Parent, the Intermediate Guarantor or a Significant Subsidiary or group of Subsidiary Guarantors that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its consolidated Subsidiaries) would constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Guarantee, and the Parent fails to cause such Restricted Subsidiary or Restricted Subsidiaries, as the case may be, to rescind such denials or disaffirmations within 30 days. 
The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 
Notwithstanding the foregoing, a default under clause (iv) of this Section 6.1(a) shall not constitute an Event of Default until the Trustee or the Holders of at least 30% in principal amount of the then outstanding Notes notify the Parent or the Company of the default and the Parent or the Company does not cure such default within the time specified in clause (iv) of this Section 6.1(a) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
SECTION 6.2. Acceleration . If an Event of Default (other than an Event of Default specified in Section 6.1(a)(vi) or (vii) with respect to the Company or the Parent) occurs and is continuing, unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, the Trustee by notice in writing specifying the Event of Default and that it is a “notice” to the Company or the Parent, or the Holders of at least 30% in principal amount of the then outstanding Notes by notice to the Company or the Parent and the Trustee, may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, shall, subject to Section 6.4, be immediately due and payable. In the event of a declaration of acceleration of the Notes because an Event of Default set forth in Section 6.1(a)(v) above has occurred and is continuing, unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, such 
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declaration of acceleration of the Notes shall be automatically rescinded and annulled if the default triggering such Event of Default pursuant to Section 6.1(a)(v) shall be remedied or cured by the Company, the Parent or a Restricted Subsidiary, as applicable, or waived by the holders of the relevant Indebtedness within 30 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of principal, premium or interest, if any, on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. If an Event of Default specified in Section 6.1(a)(vi) or (vii) with respect to the Company or the Parent occurs and is continuing, unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. 
SECTION 6.3. Other Remedies . If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture (including sums owed to the Trustee and its agents and counsel) and the Guarantees. 
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 to the extent permitted by law. 
SECTION 6.4. Waiver of Past Defaults . Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, the Holders of a majority in principal amount outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, notes) Notes by notice to the Trustee may waive an existing Default or Event of Default and its consequences (except a Default or Event of Default in the payment of the principal of, premium or interest on a Note) and rescind any such acceleration with respect to the Notes and its consequences if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived. 
SECTION 6.5. Control by Majority . Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.2, the Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising 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, the Notes or the Guarantees, or, subject to Sections 7.1 and 7.2, that the Trustee determines in good faith is 
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unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders),; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnity satisfactory to it in its sole discretion against all losses, liabilities and expenses caused by taking or not taking such action. 
SECTION 6.6. Limitation on Suits. Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy with respect to this Indenture, the Notes or the Guarantees unless: 
(i) the Holder has previously given to the Trustee written notice stating that an Event of Default is continuing; 
(ii) the Holders of at least 30% in principal amount of the Notes then outstanding have made a written request to the Trustee to pursue the remedy; 
(iii) such Holder or Holders have offered to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
(iv) the Trustee has not complied with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
(v) the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction that is inconsistent with the request during such 60-day period. 
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. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium (if any) or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
SECTION 6.8. 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 Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.6. 
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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 and its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company, its Subsidiaries or their respective creditors or properties and, unless prohibited by law or applicable regulations, 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 reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.6. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, either agents and counsel, and any other amounts due to the Trustee under Section 7.6 hereof out of the estate in any proceeding shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holder may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan or 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 such proceeding. 
SECTION 6.10. Priorities. The Trustee shall pay out any money or property received by it in the following order: 
First: to the Trustee for amounts due to each of them under this Indenture; 
Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 
Third: to the Company or, to the extent the Trustee receives any amount for any Guarantor, to such Guarantor, or as a court of competent jurisdiction shall direct. 
The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days before such record date, the Company shall mail 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 
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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 does not apply to a suit by the Trustee, a suit by the Company, 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, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture, the Notes or the Guarantees at the request or direction of any of the Holders unless such Holders have offered the Trustee indemnity or security satisfactory to the Trustee in its sole discretion, as applicable, against loss, liability or expense. 
(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 in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
(ii) the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee under this Indenture, the Notes and the Guarantees, as applicable. 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, the Notes and the Guarantees, as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
(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; 
(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer or Trust Officers unless it is proved in a final and non-appealable decision of a court of competent jurisdiction that the Trustee was grossly negligent in ascertaining the pertinent facts; 
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(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) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
(e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
(f) No provision of this Indenture, the Notes or the Guarantees shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or 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. The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder. 
(g) 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. 
(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee, security, prefunding or indemnity satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 
SECTION 7.2. Rights of Trustee. 
(a) The Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or any other paper or document believed by it to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee need not investigate any fact or matter stated in the document. 
(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. 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. 
(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. 
(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct, respectively, does not constitute willful misconduct or gross 
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negligence as determined in a final and non-appealable decision of a court of competent jurisdiction. 
(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture, the Notes or the Guarantees shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder or under the Notes or the Guarantees in good faith and in accordance with the advice or opinion of such counsel. 
(f) The Trustee shall not be bound to make any investigation into any statement, warranty or representation, or the facts or matters stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or other paper or document made or in connection with this Indenture; moreover, the Trustee shall not be bound to make any investigation into (i) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument or document or (iii) the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
(g) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except any Default or Event of Default of which a Trust Officer shall have (x) received written notification from the Company or Holders at the Corporate Trust Office of the Trustee and such notice references the Notes and this Indenture or (y) obtained “actual knowledge.” “Actual knowledge” shall mean the actual fact or statement of knowing by a Trust Officer without independent investigation with respect thereto. 
(h) In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder. 
(j) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
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(k) The permissive rights of the Trustee enumerated herein shall not be construed as duties. The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law. 
(l) The Company shall provide prompt written notice to the Trustee of any change to its fiscal year. 
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 Company, the 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 Section 7.9. In addition, the Trustee shall be permitted to engage in transactions with the Company; provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign. 
SECTION 7.4. Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or the Subsidiary Guarantees, it shall not be accountable for the Company’s use of the Notes or the proceeds from the Notes, and it shall not be responsible for any statement of the Company 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 or for the use or application of any funds received by any Paying Agent other than the Trustee. 
SECTION 7.5. Notice of Defaults. If a Default occurs and is continuing and is known to the Trustee, the Trustee shall mail to each Holder, notice of the Default within 90 days after the Trustee obtains such knowledge. Except in the case of a Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if the Trustee determines in good faith that withholding the notice is in the interests of Holders. 
SECTION 7.6. Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation for its services as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company 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 and reviewing reports, certificates and other documents, costs of preparation and mailing of notices to Holders and reasonable costs of counsel, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee or any predecessor Trustee in each of its capacities hereunder (including Paying Agent, and Registrar), and each of their officers, directors, employees, counsel and agents, against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the 
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administration of this trust and the performance of its duties hereunder and under the Notes or the Guarantees, including the costs and expenses of enforcing this Indenture (including this Section 7.6), the Notes or the Guarantees and of defending itself against any claims (whether asserted by any Holder, the Company or otherwise). The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through its own willful misconduct, gross negligence as determined in a final and non-appealable decision of a court of competent jurisdiction. 
To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The right of the Trustee to receive payment of any amounts due under this Section 7.6 shall not be subordinate to any other liability or indebtedness of the Company. 
The Company’s payment obligations pursuant to this Section and any lien arising hereunder shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.1(a)(vi) or (vii) with respect to the Company, the expenses are intended to constitute expenses of administration under any Bankruptcy Law. 
Pursuant to Section 10.1, the obligations of the Company hereunder are jointly and severally guaranteed by the Guarantor. 
The obligation of the Company under this Section 7.6 shall survive satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 
SECTION 7.7. Replacement of Trustee. The Trustee may resign at any time by so notifying the Company. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Company and the Trustee in writing and may appoint a successor Trustee. The Company shall remove the Trustee if:the Trustee fails to comply with Section 7.9; 
(ii) the Trustee is adjudged bankrupt or insolvent; 
(iii) a receiver or other public officer takes charge of the Trustee or its property; or 
(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, or if a vacancy exists in the office of Trustee for any reason (the Trustee in 
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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 promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6. 
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 7.9, unless the Trustee’s duty to resign is stayed, any Holder 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 7.7, the Company’s obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. 
SECTION 7.8. 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; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 
SECTION 7.9. Eligibility; Disqualification. The Trustee shall have a combined capital and surplus of at least $50.0 million as set forth in its most recent filed annual report of condition. 
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ARTICLE VIII 
Discharge of Indenture; Defeasance 
SECTION 8.1. Discharge of Liability on Notes; Defeasance. 
(a) When (i) (x) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, have been delivered to the Trustee for cancellation or (y) all outstanding Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of making a notice of redemption pursuant to Section 5.5 hereof or otherwise, or will become due and payable within one year or may be called for redemption within one year under arrangements pursuant to Article V and the Parent, the Company or any Guarantor irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as shall be sufficient without consideration of any reinvestment of interest to pay and discharge the entire Indebtedness on such Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to, but excluding, the date of maturity or redemption, as the case may be; provided that, with respect to any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit on the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; (ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit (other than a default resulting from borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowing); (iii) the Company or any Guarantor has paid or caused to be paid all sums payable by the Company on the date of deposit to the Trustee under this Indenture; and (iv) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at maturity or the Redemption Date, as the case may be, then this Indenture shall, subject to Section 8.1(c), cease to be of further effect. 
(b) Subject to Sections 8.1(c) and 8.2, the Company at any time may at its option terminate (i) all of the Company’s obligations under the Notes and this Indenture and have each Guarantor’s obligation discharged with respect to its Guarantee (“legal defeasance option”) or (ii) the obligations of the Company and the Guarantors under Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10 and 3.11 and the operation of Sections 4.1(a)(iii) and (a)(iv) and Sections 6.1(a)(iii) (other than with respect to any Default under Section 3.12 or 3.13), 6.1(a)(iv), 6.1(a)(v), 6.1(a)(vi) (only with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company and 
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its consolidated Subsidiaries), 6.1(a)(vii) (only with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company and its consolidated Subsidiaries) and 6.1(a)(viii) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Company terminates all of its obligations under the Notes and this Indenture (with respect to such Notes) by exercising its legal defeasance option or their covenant defeasance option, the obligations of each Guarantor under its Guarantee of such Notes shall be terminated simultaneously with the termination of such obligations. 
If the Company exercises its legal defeasance option, payment of the Notes may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in Section 6.1(a)(iii) (only with respect to the covenants subject to such covenant defeasance), 6.1(a)(iv), 6.1(a)(v), 6.1(a)(vi) (only with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company and its consolidated Subsidiaries), would constitute a Significant Subsidiary), 6.1(a)(vii) (only with respect to Significant Subsidiaries or a group of consolidated Subsidiaries that, taken together (as of the latest audited financial statements of the Company and its consolidated Subsidiaries), would constitute a Significant Subsidiary), 6.1(a)(viii) or 6.1(a)(ix) or because of the failure of the Company to comply with Section 4.1(a)(iii) or (iv). 
Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
(c) Notwithstanding the provisions of Sections 8.1(a) and (b), the Company’s obligations in Sections 2.3, 2.4, 2.5, 2.6, 2.7, 2.10, 2.11, 2.13, 3.1, 6.7, 6.8, 7.1, 7.2, 7.6, 7.7, 8.1(b) (with respect to legal defeasance), 8.3, 8.4, 8.5 and 8.6 shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations in Sections 6.7, 7.6, 8.4 and 8.5 shall survive. 
SECTION 8.2. Conditions to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option only if: 
(i) the Company shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, U.S. dollars or U.S. Government Obligations, or a combination of U.S. dollars and U.S. Government Obligations, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants in the event a deposit of U.S. Government Obligations is made, to pay the principal of, or interest and premium, if any, on the outstanding Notes issued hereunder on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular Redemption Date; provided that, with respect to any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal 
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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. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 
(ii) in the case of legal defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee stating that, subject to customary assumptions and exclusions, (a) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such legal defeasance and shall 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; 
(iii) in the case of covenant defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee stating that, subject to customary assumptions and exclusions, the Holders of the respective outstanding Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and shall 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 has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings); 
(v) the Company shall deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 
(vi) the Company shall deliver 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 relating to the legal defeasance or the covenant defeasance, as the case may be, have been complied with. 
SECTION 8.3. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes. 
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SECTION 8.4. Repayment to Company. Anything herein to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon receipt of an Officer’s Certificate any money or U.S. Government Obligations held by it as provided in this Article VIII which are in excess of the amount thereof which would then be required to be deposited to effect legal defeasance or covenant defeasance, as applicable. 
Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal of or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general creditors. 
SECTION 8.5. Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 
SECTION 8.6. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article VIII 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 obligations of the Company and each Guarantor under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Company or the Guarantors have made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the Company or the Guarantors, as the case may be, 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. 
ARTICLE IX 
Amendments
SECTION 9.1. Without Consent of Holders. This Indenture, the Notes and the Subsidiary Guarantees may be amended or supplemented without notice to or consent of any Holder: 
(i) to cure any ambiguity, omission, defect, mistake or inconsistency; 
(ii) to provide for the assumption by a successor corporation of the obligations of the Company or any Guarantor under the Indenture, the Notes and the Guarantees; 
(iii) to provide for or facilitate the issuance of uncertificated Notes in addition to or in place of certificated Notes; provided that such uncertificated Notes are properly treated as in registered form for U.S. federal income tax purposes; 
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(iv) to comply with the rules of any applicable depositary; 
(v) to add Guarantees with respect to the Notes or to release a Guarantor from its obligations under its Guarantee or this Indenture in accordance with the applicable provisions of this Indenture; 
(vi) to secure the Notes and the Guarantees; 
(vii) to add to the covenants of the Parent and its Restricted Subsidiaries or Events of Default for the benefit of the Holders or to make changes that would provide additional rights to the Holders, or to surrender any right or power herein conferred upon the Company or any Guarantor; 
(viii) to make any change that does not adversely affect the rights of any Holder in any material respect; 
(ix) to comply with any requirement of the SEC in connection with the qualification of this Indenture under the TIA, as amended, if applicable; 
(x) to provide for the appointment of a successor trustee; provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; 
(xi) to conform the text of this Indenture, the Notes or the Guarantees to any provision of the “Description of the Notes” section of the Offering Memorandum or, with respect to any Additional Notes and any supplemental indenture or other instrument pursuant to which such Additional Notes are issued, to such “Description of notes” relating to the issuance of such Additional Notes solely to the extent that such “Description of notes” provides for terms of such Additional Notes that differ from the terms of the Initial Notes, in each case as evidenced in an Officer’s Certificate delivered to the Trustee; 
(xii) to provide for or confirm the issuance of Additional Notes in accordance with the terms of this Indenture; 
(xiii) make any amendment to the provisions of the Indenture relating to the transfer and legending of Notes, including to facilitate the issuance, transfer, delegending or administration of Notes; provided, however, that compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any other applicable securities law. 
After an amendment or supplement under this Section becomes effective, the Company shall mail to Holders, or in accordance with the applicable procedures of DTC, a notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement under this Section. A consent to any amendment, supplement or waiver under this 
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Indenture by any Holder given in connection with a tender of such Holder’s Note shall not be rendered invalid by such tender. 
Upon the request of the Company or the Parent accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.2 and 11.2 hereof, the Trustee shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
SECTION 9.2. With Consent of Holders. This Indenture, the Notes or the Guarantees may be amended or supplemented with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Any past default or compliance with the provisions of this Indenture, the Notes or the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes); provided that (x) if any such amendment or waiver will only affect one series of Notes (or less than all series of Notes) then outstanding under the Indenture, then only the consent of the Holders of a majority in principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) shall be required and (y) if any such amendment or waiver by its terms will affect a series of Notes in a manner different and materially adverse relative to the manner such amendment or waiver affects other series of Notes, then the consent of the Holders of a majority in principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) shall be required. However, without the consent of each Holder of an outstanding Note affected, no amendment, supplement or waiver may: 
(i) reduce the principal amount of Notes whose Holders must consent to an amendment; 
(ii) reduce the rate of or change the stated time for payment of interest on any Note; 
(iii) reduce the principal of or extend the Stated Maturity of any Note; 
(iv) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes issued hereunder (except a rescission of acceleration of the Notes issued hereunder by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes with respect to a nonpayment default and a waiver of the payment default that resulted from such acceleration); 
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(v) reduce the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased in accordance with Article V hereof, whether through an amendment or waiver of provisions in the covenants or otherwise; 
(vi) make any Note payable in a currency other than that stated in the Note; 
(vii) impair the right of any Holder to receive payment of principal, premium, if any, and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 
(viii) make any change in the amendment provisions in this Section 9.2 as described in clauses (i) through (vii) above. 
It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment or supplement, 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 given in connection with a tender of such Holder’s Note shall not be rendered invalid by such tender. 
Upon the request of the Company or the Parent accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.2 and 11.2 hereof, the Trustee shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
After an amendment or supplement under the Indenture becomes effective, the Company is required to mail to the Holders, or in accordance with the Applicable Procedures, a notice briefly describing such amendment or supplement. The failure to give such notice to all the Holders, or any defect in the notice will not impair or affect the validity of the amendment or supplement. 
SECTION 9.3. Effect of Consents and Waivers. A consent to an amendment, supplement or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver made pursuant to Section 9.2 shall become effective upon receipt by the Trustee of the requisite number of written consents. 
The Company 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 above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then 
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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 revoke such consent or to take any such action, whether or not such Persons continue to be Holders after such record date. 
SECTION 9.4. Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue, and upon receipt of an Authentication Order the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment. 
SECTION 9.5. Trustee To Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment, supplement or waiver does not, in the sole determination of the Trustee, adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing any amendment, supplement or waiver pursuant to this Article IX, the Trustee shall receive, and (subject to Sections 7.1 and 7.2) shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by or complies with this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and the Guarantors party thereto, enforceable against the Company and the Guarantors party thereto in accordance with its terms, subject to customary exceptions. Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture pursuant to Exhibit E hereto. For the avoidance of doubt, no Officer’s Certificate shall be required on the Issue Date for the execution of any Note Supplemental Indenture. 
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, to the extent lawful, 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 of the Company under this Indenture and the Notes (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 Company 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 7.6) (all the foregoing being hereinafter collectively called the “Guarantor Obligations”). Each Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or in part, 
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without notice or further assent from it, and that it shall remain bound under this Article X notwithstanding any extension or renewal of any Guarantor Obligation. 
Each Guarantor waives (to the extent lawful) presentation to, demand of, payment from and protest to the Company of any of the Guarantor Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or the Guarantor 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 Guarantor Obligations. 
Except as set forth in Section 4.2, Section 10.2 and Article VIII hereof, 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 Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not (to the extent lawful) 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 Company 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 Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the Guarantor 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 Guarantor Obligations or such Guarantor is released from its Guarantee in compliance with Section 4.2, Section 10.2 or Article VIII hereof. 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 Guarantor Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Company 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 Company to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to 
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be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such Guarantor 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 Company or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 
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 Guarantor 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 Guarantor Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor 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 reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section. Neither the Company nor the Guarantors shall be required to make a notation on the Notes to reflect any Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any Guarantee. 
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 shall be limited to the maximum amount as shall, 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 or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
(b) A Subsidiary Guarantee by a Subsidiary Guarantor shall be automatically and unconditionally released and discharged, and each Subsidiary Guarantor and its obligations under the Subsidiary Guarantee and this Indenture shall be released and discharged: 
(i) upon any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of such Subsidiary Guarantor following which such Subsidiary Guarantor ceases to be a direct or indirect Restricted Subsidiary of the Parent if such sale or 
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disposition does not constitute an Asset Disposition or is made in compliance with Section 3.7 and Article IV hereof); 
(ii) if such Subsidiary Guarantor is dissolved or liquidated in accordance with the provisions of this Indenture; 
(iii) the release or discharge of the guarantee by such Subsidiary Guarantor of the Indebtedness that resulted in the creation of such Subsidiary Guarantee, except a discharge or release as a result of payment under such guarantee by such Subsidiary Guarantor (it being understood that a release subject to a contingent reinstatement is still a release, and if any such Indebtedness of such Subsidiary Guarantor under such guarantee is so reinstated, such Guarantee shall also be reinstated); 
(iv) upon exercise of the Company’s legal defeasance option or covenant defeasance option or upon satisfaction and discharge of this Indenture, in each case, pursuant to the provisions of Article VIII hereof; and 
(v) if the Company designates such Subsidiary Guarantor as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of this Indenture. 
(c) In the case of Section 10.2(b)(i) only, the Company or the Parent shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 
(d) The release of a Subsidiary Guarantor from its Subsidiary Guarantee and its obligations under this Indenture in accordance with the provisions of this Section 10.2 shall not preclude the future applications of Section 3.10 hereof to such Person. 
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 Company 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 Company 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 Guarantor Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company 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 Company on 
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account of the Guarantor 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 Guarantor 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 Guarantor Obligations. 
ARTICLE XI
Miscellaneous
SECTION 11.1. Notices. Notices given by publication shall be deemed given on the first date on which publication is made, notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing and notices given by overnight courier guaranteeing next day delivery shall be deemed given the next Business Day after timely delivery to the courier. Any notice or communication shall be in writing and delivered in person, by facsimile (with respect to the Trustee only), mailed by first-class mail or overnight air courier guaranteeing next day delivery, addressed as follows: 
if to the Company or to any Guarantor:
Fidelity & Guaranty Life Holdings, Inc.
1001 Fleet Street, 6th Floor 
Baltimore, MD 21202 
Attention: General Counsel 
if to the Trustee: 
Wells Fargo Bank, National Association 
Corporate Trust Services 
1 Independent Drive, Suite 620,Jacksonville, Florida 32202Facsimile: (904) 351-7266
The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. 
Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
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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 mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption) to any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC or any other applicable Depositary for such Note (or its designee) according to the applicable procedures of DTC or such Depositary. 
SECTION 11.2. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
(i) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
(ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
SECTION 11.3. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
(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; 
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(iii) a statement that, in the opinion of such individual, he or she has made such examination or investigation as is necessary to enable him or her 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 11.4. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
SECTION 11.5. Days Other than Business Days. If a payment date is not a Business Day, payment shall be made on the next succeeding Business Day with the same force and effect as if made on the date of such payment and no interest shall accrue for the intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be affected. 
SECTION 11.6. Governing Law. This Indenture, the Notes and the Subsidiary Guarantees shall be governed by, and construed in accordance with, the laws of the State of New York. 
SECTION 11.7. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Company or any of the Guarantors shall have any liability for any obligations of the Parent or its Restricted Subsidiaries under the Notes, this Indenture, the Guarantees, 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 shall be part of the consideration for the issuance of the Notes and the Guarantees. 
SECTION 11.8. Successors. All agreements of the Company 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 11.9. Multiple Originals. The parties may sign any number of copies (including PDF copies) of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
SECTION 11.10. Table of Contents; Headings. The table of contents, cross-reference sheet 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 11.11. 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 
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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; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
SECTION 11.12. USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee and the Trust Officers, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are 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 agreement agree that they will provide the Trustee and the Trust Officers with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 
SECTION 11.13. Communication by Holders of Notes with other Holders of Notes. Holders of the Notes may communicate with other Holders of Notes with respect to their rights under this Indenture or the Notes. 
SECTION 11.14. Waiver of Jury Trial. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
[Remainder of Page Intentionally Left Blank] 
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IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date first written above. 
									
		Fidelity & Guaranty Life Holdings, Inc.
			
		By:	/s/ Dennis R. Vigneau
			Name: Dennis R. Vigneau
			Title: Executive Vice President
& Chief Financial Officer
		
		Fidelity & Guaranty Life Business Services, Inc.
			
		By:	/s/ Dennis R. Vigneau
			Name: Dennis R. Vigneau
			Title: Executive Vice President
& Chief Financial Officer
		
		CF Bermuda Holdings Limited
			
		By:	/s/ Dennis R. Vigneau
			Name: Dennis R. Vigneau
			Title: Executive Vice President
& Chief Financial Officer
		
		FGL US Holdings, Inc.
			
		By:	/s/ Dennis R. Vigneau
			Name: Dennis R. Vigneau
			Title: Executive Vice President
& Chief Financial Officer

[Signature Page to Indenture] 

									
		WELLS FARGO BANK, 
NATIONAL ASSOCIATION, as 
Trustee
		
		By:	/s/ Yana Kislenko
			Name: Yana Kislenko
			Title: Vice President

[Signature Page to Indenture] 

EXHIBIT A 
[FORM OF FACE OF NOTE] 
[Global Note Legend, if applicable] 
[Private Placement Legend, if applicable] 
[Regulation S Temporary Global Note Legend, if applicable] 
						
	No. [ ]
	Principal Amount $[ ],
as revised by the Schedule of Increases
or Decreases in the Global Note attached 
hereto

		
		CUSIP NO.

FIDELITY & GUARANTY LIFE HOLDINGS, INC. 
[ ]% Senior Note due 20[ ]
Fidelity & Guaranty Life Holdings, Inc., a Delaware corporation, promises to pay to , or registered assigns, the initial principal amount set forth on the Schedule of Increases or Decreases in the Global Note attached hereto, as revised by the Schedule of Increases or Decreases in the Global Note attached hereto, on [ ], 20[ ]. 
Interest Payment Dates: [ ] and [ ]. 
Record Dates [ ] and [ ]. 
Additional provisions of this Note are set forth on the other side of this Note. 
1Replace with the name of any successor, if applicable. 
A-1

									
		FIDELITY & GUARANTY LIFE 
HOLDINGS, INC.
			
		By:	
			Name:
			Title:

A-2

TRUSTEE’S CERTIFICATE OF 
AUTHENTICATION 
WELLS FARGO BANK, NATIONAL ASSOCIATION 
as Trustee, certifies that this is one of the 
Notes referred to in the Indenture. 
												
	By:			
		Authorized Signatory		Date:

A-3

[FORM OF REVERSE SIDE OF NOTE] 
[ ]% Senior Note due 20[ ]
1.    Interest
Fidelity & Guaranty Life Holdings, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. 
The Company shall pay interest semiannually on [ ] and [ ] of each year, with the first interest payment to be made on [ ]. Interest on the Notes shall accrue [(or will be deemed to have accrued)]2 from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from [ ]3. The Company shall pay interest on overdue principal or premium, if any (plus interest on such interest to the extent lawful), at the rate borne by the Notes to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
2.    Method of Payment
By no later than 12:00 p.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 Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Company shall pay interest (except Defaulted Interest) to the Persons who are registered Holders of Notes at the close of business on [ ] and [ ] next preceding the Interest Payment Date unless Notes are cancelled, repurchased or redeemed after the record date and before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by the transfer of immediately available funds to the accounts specified by the Depositary. The Company shall make all 
2Insert for Additional Note, if applicable.
3Insert applicable date. 
A-4

payments in respect of a Definitive Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof. 
3.    Paying Agent and Registrar
Initially, Wells Fargo Bank, National Association, duly organized and existing under the laws of the United States of America and having a corporate trust office at 1 Independent Drive, Suite 620, Jacksonville, Florida 32202 (in such capacity the “Trustee”), shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Company or any of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.
4.    Indenture
The Company issued the Notes under an Indenture dated as of April 20, 2018 (as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
The Notes are senior obligations of the Company. This Note is one of the [ ]4 issued under the Indenture. 
5.    Guarantee
To guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest under any Bankruptcy Law) on the Notes and all other amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors have fully and unconditionally guaranteed (and future guarantors, together with the Guarantors, shall fully and unconditionally Guarantee), jointly and severally, such obligations pursuant to the terms of the Indenture. 
4Insert applicable series of Notes.
A-5

6.    Redemption.
The Notes are redeemable, at the Company’s option, in whole or in part, as provided in the Indenture and the [ ]5 Supplemental Indenture, dated as of [ ]6, among the Company, the Guarantors and the Trustee (the “[ ] Notes Supplemental Indenture”). 
7.    Change of Control; Asset Sales
(a) If a Change of Control occurs, unless the Company has exercised its right to redeem all of the Notes under paragraph 6 of the [ ] Notes Supplemental Indenture and all conditions precedent applicable to such redemption have been satisfied, each Holder shall have the right to require the Company to repurchase all or any part (in integral multiples of $1,000 except that no Note may be tendered in part if the remaining principal amount would be less than $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date that is prior to the relevant redemption date) as provided in, and subject to the terms of, the Indenture. 
(b) In the event of an Asset Disposition that requires the purchase of Notes pursuant to Section 3.7(c) of the Indenture, the Company shall be required to make an offer to all Holders to purchase Notes in accordance with Section 3.7(c) of the Indenture at an offer price in cash in an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the date of purchase (subject to the rights of Holders of record on any Record Date to receive payments of interest on the related Interest Payment Date). Holders of Notes that are the subject of an offer to purchase will receive an Asset Disposition Offer from the Company prior to any related purchase date and may elect to have such Note purchased pursuant to such offer by completing the form entitled “Option of Holder To Elect Purchase” attached hereto, or transferring its interest in such Note by book-entry transfer, to the Company or a Paying Agent at the address specified in the notice at least three Business Days before the Asset Disposition Purchase Date. 
5Insert applicable number. 
6Insert date of issuance of Notes. 
A-6

8.    Denominations; Transfer; Exchange
The Notes are in registered form without coupons in minimum denominations of principal amount of $2,000 and whole multiples 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 any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes for a period at the opening of business on a Business Day 15 days before an Interest Payment Date and ending on such Interest Payment Date. 
[This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.]7
9.    Persons Deemed Owners
The registered Holder of this Note may be treated as the owner of it for all purposes. Only registered Holders shall have rights hereunder. 
10.    Unclaimed Money
If money for the payment of the principal of or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 
11.    Discharge and Defeasance
Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 
7Include in Regulation S Temporary Global Note only. 
A-7

12.    Amendment, Waiver
Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes and the Guarantees may be amended with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for Notes) and (ii) any default (other than (x) with respect to nonpayment or (y) in respect of a provision that cannot be amended without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the Notes then outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes); provided that (x) if any such amendment or waiver will only affect one series of Notes (or less than all series of Notes) then outstanding under the Indenture, then only the consent of the Holders of a majority in principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) shall be required and (y) if any such amendment or waiver by its terms will affect a series of Notes in a manner different and materially adverse relative to the manner such amendment or waiver affects other series of Notes, then the consent of the Holders of a majority in principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) shall be required. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend the Indenture, the Notes and the Guarantees in certain circumstances as set forth in the Indenture. 
13.    Defaults and Remedies
Under the Indenture, and subject to the terms and provisions of the Indenture, Events of Default include, without limitation: (i) default in any payment of interest on any Note when the same becomes due and the default continues for 30 days; (ii) default in payment of the principal of or premium, if any, on any Note when the same becomes due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration of acceleration or otherwise; (iii) failure by the Company or the Parent to comply with its obligations under Section 3.9 or Article IV of the Indenture, (iv) failure by the Company or any Guarantor to comply with certain other provisions or agreements in the Indenture and the Notes, in certain cases subject to notice and lapse of time; (v) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness for money borrowed of the Parent or any 
8Revise in accordance with Section 2.2(8) of the Indenture, if applicable.
A-8

Restricted Subsidiary if the amount accelerated (or so unpaid) exceeds $75.0 million (or its foreign currency equivalent); (vi) certain events of bankruptcy or insolvency with respect to the Company, the Parent or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together would constitute a Significant Subsidiary; (vii) certain final and non-appealable judgments for the payment of money aggregating in excess of $75.0 million (or its foreign currency equivalent) (net of amounts that are covered by insurance) against the Company, the Parent or a Significant Subsidiary or group of Restricted Subsidiaries that when taken together would constitute a Significant Subsidiary; and (viii) any Guarantee of the Parent, the Intermediate Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that when taken together would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture and the Guarantees) or is declared null and void in a judicial proceeding or is denied or disaffirmed by the Parent, the Intermediate Guarantor, such Significant Subsidiary or such group of Restricted Subsidiaries, as the case may be, and is not rescinded. 
If an Event of Default occurs and is continuing, the Trustee or Holders of at least 30% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Company or the Parent are Events of Default which shall result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless each receives indemnity or security satisfactory to the Trustee. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines in good faith that withholding the notice is in the interests of Holders. 
14.    Trustee Dealings with the Company
Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
15.    No Recourse Against Others
No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Company or any of the Guarantors shall have any liability for any obligations of the Company or its Restricted Subsidiaries under the Notes, the Indenture or the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the Notes and the Guarantees. 
A-9

16.    Authentication
This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) signs the certificate of authentication on the other side of this Note. 
17.    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). 
18.    CUSIP Numbers
Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers placed thereon. 
19.    Successor Entity
When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes and the Indenture, and immediately before and thereafter no Default or Event of Default exists and all other conditions of the Indenture are satisfied, the predecessor entity will be released from those obligations. 
20.    Governing Law
This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 
The Company shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture. Requests may be made to: 
Fidelity & Guaranty Life Holdings, Inc. 
1001 Fleet Street, 6th Floor 
Baltimore, MD 21202 
Attention: General Counsel 
A-10

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 soc. sec. or tax I.D. No.) 
and irrevocably appoint agent to transfer this Note on the books of the Company. 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 SEC Rule 17Ad-15.
A-11

[TO BE ATTACHED TO GLOBAL NOTES] [REGULATION S TEMPORARY GLOBAL NOTE] 
SCHEDULE OF INCREASES OR DECREASES IN [GLOBAL NOTE][REGULATION S TEMPORARY GLOBAL NOTE] 
The initial principal amount of the Note shall be $ [ ]. 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-12

OPTION OF HOLDER TO ELECT PURCHASE 
If you want to elect to have this Note purchased by the Company pursuant to Section 3.7 or 3.9 of the Indenture, check the box: 
															
		☐
Section 3.7
		☐
Section 3.9
	

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 3.7 or 3.9 of the Indenture, state the amount in principal amount (must be in minimum denominations of $2,000 or integral multiples of $1,000 in excess thereof): $ 
												
	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 SEC Rule 17Ad-15.
A-13

EXHIBIT B
FORM OF CERTIFICATE OF TRANSFER 
Fidelity & Guaranty Life Holdings, Inc. 
1001 Fleet Street, 6th Floor 
Baltimore, MD 21202 
Attention: General Counsel 
Wells Fargo Bank, National Association 
600 South Fourth Street, 7th Floor 
MAC N9300-070
Minneapolis, MN 55415 
Phone: 1-800-344-5128Fax No.: (866) 969-1290
Email: DAPSReorg@wellsfargo.com
Re: [ ]% Senior Notes due 20[ ]
Reference is hereby made to the Indenture, dated as of April 20, 2018 (the “Indenture”), among Fidelity & Guaranty Life Holdings, Inc., as issuer (the “Company”), the Guarantors named therein and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $ in such Note[s] or interests (the “Transfer”), to (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
[CHECK ALL THAT APPLY] 
1. ☐    Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to 
B-1

the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.
2. ☐    Check if Transferee will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
3. ☐    Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
(a) ☐    such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;
or
(b) ☐    such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act;
B-2

or 
(c) ☐    such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 
4. ☐    Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
(a) ☐    Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
(b) ☐    Check if Transfer is pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the 
B-3

Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(c) ☐    Check if Transfer is pursuant to other exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
									
			[Insert Name of Transferor]
			
		By:	
			Name:
			Title:
			
	Dated:		

B-4

ANNEX A TO CERTIFICATE OF TRANSFER
1.    The Transferor owns and proposes to transfer the following:
[CHECK ONE OF (a) OR (b)]
															
		(a)	☐	a beneficial interest in the:
					
			(i)	☐	144A Global Note (CUSIP US315786AC73), or
					
			(ii)	☐	Regulation S Global Note (CUSIP USU30050AB14), or
					
			(iii)	☐	IAI Global Note (CUSIP [ ]), or
					
		(b)	☐	a Restricted Definitive Note.

2.    After the Transfer the Transferee will hold:
[CHECK ONE]
															
		(a)	☐	a beneficial interest in the:
					
			(i)	☐	144A Global Note (CUSIP US315786AC73), or
					
			(ii)	☐	Regulation S Global Note (CUSIP USU30050AB14), or
					
			(iii)	☐	IAI Global Note (CUSIP [ ]), or
					
			(iv)	☐	Unrestricted Global Note CUSIP [ ], or
					
		(b)	☐	a Restricted Definitive Note; or
					
		(c)	☐	an Unrestricted Definitive Note,

in accordance with the terms of the Indenture.
B-5

EXHIBIT C
FORM OF CERTIFICATE OF EXCHANGE 
Fidelity & Guaranty Life Holdings, Inc. 
1001 Fleet Street, 6th Floor 
Baltimore, MD 21202 
Attention: General Counsel 
Wells Fargo Bank, National Association 
600 South Fourth Street, 7th Floor 
MAC N9300-070
Minneapolis, MN 55415 
Phone: 1-800-344-5128Fax No.: (866) 969-1290
Email: DAPSReorg@wellsfargo.com 
Re: [ ]% Senior Notes due 20[ ]
Reference is hereby made to the Indenture, dated as of April 20, 2018 (the “Indenture”), among Fidelity & Guaranty Life Holdings, Inc., as issuer (the “Company”), the Guarantors named therein and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 
(a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
C-1

(b) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
(c) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
(d) ☐ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 
(a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
C-2

(b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global Note, ☐ Regulation S Global Note, ☐ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.
C-3

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
									
			[Insert Name of Transferor]
			
		By:	
			Name:
			Title:
			
	Dated:		

C-4

EXHIBIT D
FORM OF CERTIFICATE FROM 
ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
Fidelity & Guaranty Life Holdings, Inc. 
1001 Fleet Street, 6th Floor 
Baltimore, MD 21202 
Attention: General Counsel 
Wells Fargo Bank, National Association 
600 South Fourth Street, 7th Floor 
MAC N9300-070
Minneapolis, MN 55415 
Phone: 1-800-344-5128Fax No.: (866) 969-1290
Email: DAPSReorg@wellsfargo.com 
Re: [ ]% Senior Notes due 20[ ]
Reference is hereby made to the Indenture, dated as of April 20, 2018 (the “Indenture”), among Fidelity & Guaranty Life Holdings, Inc., as issuer (the “Company”), the Guarantors named therein and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
In connection with our proposed purchase of $ aggregate principal amount of: 
(a) ☐ a beneficial interest in a Global Note, or 
(b) ☐ a Definitive Note, 
we confirm that: 
1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 
2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” 
D-1

(as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
You and the Company are entitled to 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. 
									
			
			[Insert Name of Accredited Investor]
			
		By:	
			Name:
			Title:
			
	Dated:		

D-2

EXHIBIT E
FORM OF SUPPLEMENTAL INDENTURE 
TO BE DELIVERED BY SUBSEQUENT GUARANTORS 
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of , among (the “Subsequent Guarantor”), [a subsidiary][the indirect parent] of FIDELITY & GUARANTY LIFE HOLDINGS, INC. (or its permitted successor), a Delaware corporation (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (together with its successors and assigns, in such capacity, the “Trustee”) under the Indenture referred to below. 
WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of April 20, 2018 providing for the issuance of [ ]% Senior Notes due 20[ ] (the “Notes”); 
WHEREAS, the Indenture provides that under certain circumstances the Subsequent Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsequent Guarantor shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and 
WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the benefit of the Holders of the Notes as follows: 
1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
2. Agreement to Guarantee. The Subsequent Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect to, each signatory hereto; and (iii) perform all obligations and duties required of a Guarantor pursuant to the Indenture. The Subsequent Guarantor hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article X thereof. 
3. Execution and Delivery. The Subsequent Guarantor agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 
E-1

4. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Company or any of the Guarantors shall have any liability for any obligations of the Company or its Restricted Subsidiaries under the Notes, the Indenture, this Supplemental Indenture, the Guarantees 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 shall be part of the consideration for the issuance of the Notes and the Guarantees. 
5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
6. Waiver of Jury Trial. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmissions 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. 
8. Effect of Headings. The Section headings herein 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. 
9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or 
in respect of the recitals contained herein, all of which recitals are made solely by the Subsequent Guarantor and the Company. 
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10.Benefits Acknowledged. The Subsequent Guarantor’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Subsequent Guarantor 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 its Guarantee are knowingly made in contemplation of such benefits. 
11. Successors. All agreements of the Subsequent Guarantor in this Supplemental Indenture shall bind its successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind their respective successors. 
[Remainder of Page Intentionally Left Blank] 
E-3

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written. 
									
		FIDELITY & GUARANTY LIFE HOLDINGS, INC.
			
		By:	
			Name:
			Title:
		
		[SUBSEQUENT GUARANTOR]

			
		By:	
			Name:
			Title:

E-4

									
		WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

			
		By:	
			Name:
			Title:

E-5

EXHIBIT F
FORM OF SUPPLEMENTAL INDENTURE ESTABLISHING A SERIES OF NOTES 
FIDELITY & GUARANTY LIFE HOLDINGS, INC. 
as Issuer 
and 
the Guarantors from time to time party to the Indenture 
and 
[NAME] 
as Trustee 
[ ] SUPPLEMENTAL INDENTURE 
DATED AS OF [ ], 20[ ] 
[ ]% Senior Notes Due 20[ ] 
F-1

[ ]9 SUPPLEMENTAL INDENTURE, dated as of [ ], 20[ ] (this “Supplemental Indenture”), among Fidelity & Guaranty Life Holdings, Inc.10 (the “Company”), the Guarantors under the Indenture referred to below (the “Guarantors”), and Wells Fargo Bank, National Association, as Trustee under the Indenture referred to below. 
W I T N E S S E T H: 
WHEREAS, the Company, the Guarantors and the Trustee, are party to an Indenture, dated as of April 20, 2018 (as amended, supplemented, waived or otherwise modified, the “Indenture”), relating to the issuance from time to time by the Company of Notes; 
[WHEREAS, Section 9.1(xii) of the Indenture provides that the Company may provide for the issuance of Notes of any series as permitted by Section 2.2 therein]; 
WHEREAS, in connection with the issuance of the [ ] Notes (as defined herein), the Company has duly authorized the execution and delivery of this Supplemental Indenture to establish the forms and terms of the [ ] Notes as hereinafter described; and 
WHEREAS, pursuant to Section 9.1 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture to amend 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 Company, the Guarantors and the Trustee mutually covenant and agree for the benefit of the Holders of the Notes as follows: 
1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as so 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. 
2. Title of Notes. There shall be a series of Notes of the Company designated the “[ ]%11 Senior Notes due 20[ ]”12 (the “[ ]13 Notes”). 
9Insert supplement number. 
10Replace company name with that of any successor, if applicable. 
11Insert interest rate. 
F-2

3. Maturity Date. The final Stated Maturity of the [ ] Notes shall be [[ ], 20[ ]].14
4. Interest and Interest Rates. Interest on the outstanding principal amount of [ ] Notes will accrue at the rate of [ ]%15 per annum and will be payable semi-annually in arrears on [[ ] and [ ]]16 in each year, commencing on [[ ], 20[ ]],17 to holders of record on the immediately preceding [[ ] and [ ]],18 respectively (each such [ ] and [ ], a “Record Date”). Interest on the [ ] Notes will accrue from the most recent date to which interest has been paid or provided for or, if no interest has been paid, from [ ], 20[ ], except that interest on any Additional [ ] Notes (as defined below) issued on or after the first Interest Payment Date will accrue (or will be deemed to have accrued) from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid on such Additional [ ] Notes, from the Interest Payment Date immediately preceding the date of issuance of such Additional [ ] Notes (or if the date of issuance of such Additional [ ] Notes is an Interest Payment Date, from such date of issuance); provided that if any [ ] Note is surrendered for exchange on or after a record date for an Interest Payment Date that will occur on or after the date of such exchange, interest on such Note received in exchange thereof will accrue from such Interest Payment Date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
5. [No] Limitation on Aggregate Principal Amount. The aggregate principal amount of [ ] Notes that may be authenticated, delivered and outstanding under the Indenture is [not limited] [limited to $[ ]].19 [The aggregate principal amount of the [ ] Notes shall initially be $[ ]20
Footnote continued from previous page. 
12Insert year during which the maturity date falls. 
13Insert title of notes. 
14Insert Maturity Date. 
15Insert interest rate. 
16Insert Interest Payment Dates. 
17Insert First Interest Payment Date. 
18Insert Record Dates. 
19Insert whether the applicable series of Notes will be limited or not. 
F-3

million.]21 [The aggregate principal amount of the [ ] Notes issued pursuant to this Supplemental Indenture shall be $[ ] million.]22 The Company may from time to time, without the consent of the Holders, create and issue Additional Notes having the same terms and conditions as the Notes in all respects except for issue date and, if applicable, issue price and the first date on which interest accrues and the first payment of interest thereon. Additional Notes issued in this manner will be consolidated with, and will form a single series with, the [ ] Notes (any such Additional Notes, “Additional [ ] Notes”), unless otherwise specified for Additional Notes in an applicable Notes Supplemental Indenture, or otherwise designated by the Company, as contemplated by Section 2.2 of the Indenture. 
6.    Redemption. 
◾    Except as set forth in clauses (b), (c) and (d) of this Paragraph 6, the [ ] Notes are not redeemable until [ ]23. On and after [ ] (the “Par Call Date”), the Company may redeem all or, from time to time, a part of the[ ] Notes at 100.0% of principal amount of the [ ] Notes to be redeemed) plus accrued and unpaid interest on the [ ] Notes, if any, to, but excluding, the Par Call Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date that is prior to the Par Call Date). 
◾    In addition, at any time prior to [ ]24, the Company may redeem the [ ] Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, 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). 
Footnote continued from previous page. 
20Insert principal amount of issuance. 
21Insert for the initial notes of any applicable series. 
22Insert for the Additional Notes of any applicable series. 
23Insert date upon which Notes are callable. 
24Insert date upon which Notes are callable.
F-4

◾    If Holders of not less than [ ]%25 in aggregate principal amount of the outstanding [ ] Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described under Section 3.9 of the Indenture, purchases all of the [ ] Notes validly tendered and not withdrawn by such Holders in such Change of Control Offer, all of the holders of [ ] Notes will be deemed to have consented to such tender offer or other offer, and, accordingly, the Company or such third party may elect, upon not less than 15 nor more than 60 days’ prior notice, to redeem all [ ] Notes that remain outstanding following the consummation of the Change of Control Offer at a redemption price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date; provided that the Company or the applicable third party must provide any such notice of redemption within 30 days following the Change of Control Payment Date. 
◾    Any redemption pursuant to this paragraph 6 shall be made pursuant to the provisions of Section 5.1, and Sections 5.2 through 5.8 of the Indenture. 
◾    In connection with any redemption of Notes (including with the Net Cash Proceeds of an Equity Offering), any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, consummation of any Equity Offering, incurrence of Indebtedness, or acquisition, merger or consolidation. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded (by the Company in its sole discretion) in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date so delayed.
◾    For purposes of this paragraph 6, the following terms shall have the following meanings:
25Insert minimum tender percentage. 
F-5

“Applicable Premium” means, as determined by the Parent with respect to a Note on any Redemption Date, the greater of: 
(1) 1.0% of the principal amount of such Note; and 
(2) the excess, if any, of (a) the present value as of such Redemption Date of (i) the redemption price of such Note on the Par Call Date as set forth in Paragraph 6(a) hereof, plus (ii) the remaining scheduled interest payments due on such Note through the Par Call Date (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (b) the then outstanding principal amount of such Note. 
“Treasury Rate” means, as obtained by the Company, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to the Par Call Date; provided, however, that if the period from the Redemption Date to the Par Call Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given. 
7. [ ]26
8. Form. The [ ] Notes shall be issued substantially in the form set forth, or referenced, in Article II of the Indenture, and Exhibit A attached to the Indenture, in each case as provided for in Section 2.1 of the Indenture (as such form may be modified in accordance with Section 2.2 of the Indenture). 
9. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
10. Waiver of Jury Trial. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT 
26Include appropriate provisions in accordance with Section 2.2(7) and/or Section 2.2(8) of the Indenture. 
F-6

OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
11. 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. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or as to the accuracy of the recitals to this Supplemental Indenture. 
12. Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 
13. Headings. The section headings herein are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
F-7

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