Document:

Exhibit 4.5 

 

China Ceramics Co., Ltd. 

 

 

 

INDENTURE

 

Dated as of [            ]

 

 

 

[            ]

 

TABLE OF CONTENTS 

 

	 	 	 	Page
	 	 	ARTICLE I	 
	 	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 
	Section 1.1	 	Definitions	1
	Section 1.2	 	Other Definitions	3
	Section 1.3	 	Incorporation by Reference of Trust Indenture Act	4
	Section 1.4	 	Rules of Construction	4
	 	 	 	 
	 	 	ARTICLE II	 
	 	 	THE SECURITIES	 
	 	 	 	 
	Section 2.1	 	Issuable in Series	4
	Section 2.2	 	Establishment of Terms of Series of Securities	4
	Section 2.3	 	Execution and Authentication	6
	Section 2.4	 	Registrar and Paying Agent	6
	Section 2.5	 	Paying Agent to Hold Money in Trust	7
	Section 2.6	 	Security Holder Lists	7
	Section 2.7	 	Transfer and Exchange	7
	Section 2.8	 	Mutilated, Destroyed, Lost and Stolen Securities	8
	Section 2.9	 	Outstanding Securities	8
	Section 2.10	 	Treasury Securities	9
	Section 2.11	 	Temporary Securities	9
	Section 2.12	 	Cancellation	9
	Section 2.13	 	Defaulted Interest	9
	Section 2.14	 	Global Securities	9
	Section 2.15	 	CUSIP Numbers	10
	 	 	 	 
	 	 	ARTICLE III	 
	 	 	REDEMPTION	 
	 	 	 	 
	Section 3.1	 	 Notice to Trustee	10
	Section 3.2	 	Selection of Securities to be Redeemed	11
	Section 3.3	 	 Notice of Redemptionkon	11
	Section 3.4	 	Effect of Notice of Redemption	11
	Section 3.5	 	Deposit of Redemption Price	  11
	Section 3.6	 	Securities Redeemed in Part	11

 

     

     

    

 

	 	 	ARTICLE IV	 
	 	 	COVENANTS	 
	 	 	 	 
	Section 4.1	 	Payment of Principal and Interest	12
	Section 4.2	 	SEC Reports	12
	Section 4.3	 	Compliance Certificate	12
	Section 4.4	 	Stay, Extension and Usury Laws	12
	Section 4.5	 	Corporate Existence	12
	 	 	 	 
	 	 	ARTICLE V	 
	 	 	SUCCESSORS	 
	 	 	 	 
	Section 5.1	 	When Company May Merge, Etc.	13
	Section 5.2	 	Successor Corporation Substituted	13
	 	 	 	 
	 	 	ARTICLE VI	 
	 	 	DEFAULTS AND REMEDIES	 
	 	 	 	 
	Section 6.1	 	Events of Default	13
	Section 6.2	 	Acceleration of Maturity; Rescission and Annulment	14
	Section 6.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee	14
	Section 6.4	 	Trustee May File Proofs of Claim	15
	Section 6.5	 	Trustee May Enforce Claims Without Possession of Securities	15
	Section 6.6	 	Application of Money Collected	16
	Section 6.7	 	Limitation on Suits	16
	Section 6.8	 	Unconditional Right of Holders to Receive Principal and Interest	16
	Section 6.9	 	Restoration of Rights and Remedies	16
	Section 6.10	 	Rights and Remedies Cumulative	17
	Section 6.11	 	Delay or Omission Not Waiver	17
	Section 6.12	 	Control by Holders	17
	Section 6.13	 	Waiver of Past Defaults	17
	Section 6.14	 	Undertaking for Costs	17
	 	 	 	 
	 	 	ARTICLE VII	 
	 	 	TRUSTEE	 
	 	 	 	 
	Section 7.1	 	Duties of Trustee	18
	Section 7.2	 	Rights of Trustee	19
	Section 7.3	 	Force Majeure	20
	Section 7.4	 	Individual Rights of Trustee	20
	Section 7.5	 	Trustee’s Disclaimer	20
	Section 7.6	 	Notice of Defaults	20
	Section 7.7	 	Reports by Trustee to Holders	20
	Section 7.8	 	Compensation and Indemnity	20
	Section 7.9	 	Replacement of Trustee	21
	Section 7.10	 	Successor Trustee by Merger, etc.	22
	Section 7.11	 	Eligibility; Disqualification	22
	Section 7.12	 	Preferential Collection of Claims Against Company	22

 

     

     

    

 

	 	 	ARTICLE VIII	 
	 	 	SATISFACTION AND DISCHARGE; DEFEASANCE	 
	 	 	 	 
	Section 8.1	 	Satisfaction and Discharge of Indenture	22
	Section 8.2	 	Application of Trust Funds; Indemnification	23
	Section 8.3	 	Legal Defeasance of Securities of any Series	23
	Section 8.4	 	Covenant Defeasance	24
	Section 8.5	 	Repayment to Company	25
	 	 	 	 
	 	 	ARTICLE IX	 
	 	 	SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS	 
	 	 	 	 
	Section 9.1	 	Without Consent of Holders	25
	Section 9.2	 	With Consent of Holders	26
	Section 9.3	 	Limitations	26
	Section 9.4	 	Compliance with Trust Indenture Act	26
	Section 9.5	 	Revocation and Effect of Consents	26
	Section 9.6	 	Notation on or Exchange of Securities	27
	Section 9.7	 	Trustee Protected	27
	 	 	 	 
	 	 	ARTICLE X	 
	 	 	MISCELLANEOUS	 
	 	 	 	 
	Section 10.1	 	Trust Indenture Act Controls	27
	Section 10.2	 	Notices	27
	Section 10.3	 	Communication by Holders with Other Holders	28
	Section 10.4	 	Certificate and Opinion as to Conditions Precedent	28
	Section 10.5	 	Statements Required in Certificate or Opinion	28
	Section 10.6	 	Rules by Trustee and Agents	28
	Section 10.7	 	Legal Holidays	28
	Section 10.8	 	No Recourse Against Others	28
	Section 10.9	 	Counterparts	29
	Section 10.10	 	Governing Laws	29
	Section 10.11	 	No Adverse Interpretation of Other Agreements	29
	Section 10.12	 	Successors	29
	 Section 10.13	 	Severability	29
	Section 10.14	 	Table of Contents, Headings, Etc.	29
	Section 10.15	 	Securities in a Foreign Currency or in ECU	29
	Section 10.16	 	Judgment Currency	30
	 	 	 	 
	 	 	ARTICLE XI	 
	 	 	SINKING FUNDS	 
	 	 	 	 
	Section 11.1	 	Applicability of Article	30
	Section 11.2	 	Satisfaction of Sinking Fund Payments with Securities	31
	Section 11.3	 	Redemption of Securities for Sinking Fund	31

 

Form of Indenture

 

Indenture dated as of [   ]
between China Ceramics Co., Ltd., an exempted company incorporated in the British Virgin Islands (“Company”), and [  ]
(“Trustee”). Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit
of the Holders of the Securities issued under this Indenture.

 

     

     

    

 

ARTICLE I

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1 Definitions.

 

“Additional Amounts” means
any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid
by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

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

 

“Agent” means any Registrar,
Paying Agent or Notice Agent.

 

“Board of Directors” means
the Board of Directors of the Company or any duly authorized committee thereof.

 

“Board Resolution” means
a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee.

 

“Business Day” means, unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any
day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required
by law, regulation or executive order to close or a day the Corporate Trust Office is closed.

 

“Capital Stock” means any
and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company” means the party
named as such above until a successor replaces it and thereafter means the successor.

 

“Company Order” means a
written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

“Company Request” means
a written request signed in the name of the Company by its Chairman, its Chief Executive Officer, or any Vice President and by
its Chief Financial Officer and delivered to the Trustee.

 

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.

 

“Default” means any event
which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary” means, with
respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the
person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security” means
any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars” and “$”
means the currency of The United States of America.

 

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“ECU” means the European
Currency Unit as determined by the Commission of the European Union.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Foreign Currency” means
any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the
government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged
or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the
timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either
case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute
of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect
as of the date of determination.

 

“Global Security” or “Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part
of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.

 

“Holder” or “Security
Holder” means a person in whose name a Security is registered.

 

“Indenture” means this Indenture
as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established
as contemplated hereunder.

 

“interest” with respect
to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,” when used with
respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Officer” means the Chairman,
the Chief Executive Officer, any Vice President, or the Chief Financial Officer of the Company.

 

“Officers’ Certificate”
means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial
officer or principal accounting officer.

 

“Opinion of Counsel” means
a written opinion of legal counsel, which opinion, is acceptable to the Trustee. The counsel may be an employee of or counsel to
the Company.

 

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

 

“principal” of a Security
means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of,
the Security.

 

“Responsible Officer” means
any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any
other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular
subject and who shall in each case have direct responsibility for the administration of this Indenture.

 

    	 	2	 

     

    

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1
and 2.2 hereof.

 

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

 

“Subsidiary” of any specified
person means 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.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the
event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment,
the Trust Indenture Act as so amended.

 

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

 

“U.S. Government Obligations”
means securities which are (i) direct obligations of The United States of America for the payment of which its full faith
and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The
United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian
for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation evidenced by such depository receipt.

 

Section 1.2 Other Definitions.

 

	TERM	 	DEFINED IN SECTION
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Journal”	 	10.15
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“successor person”	 	5.1

 

    	 	3	 

     

    

 

Section 1.3 Incorporation by Reference of Trust Indenture
Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities.

 

“indenture security holder” means a Security
Holder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

“obligor” on the indenture securities means the
Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein
as so defined.

 

Section 1.4 Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c) “or” is not exclusive;

 

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

 

(e) provisions apply to successive events and transactions.

 

ARTICLE II 

 

THE SECURITIES 

Section 2.1 Issuable in Series.

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided
in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant
to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority
granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record
date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters,
provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

Section 2.2 Establishment of Terms
of Series of Securities.

 

At or prior to the issuance
of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(a)
and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(b) through
2.2(u)) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or Officers’
Certificate, and associated supplemental indenture:

 

(a) the title of the Series (which shall distinguish
the Securities of that particular Series from the Securities of any other Series);

 

    	 	4	 

     

    

 

(b) the price or prices (expressed as a percentage
of the principal amount thereof) at which the Securities of the Series will be issued;

 

(c) any limit upon the aggregate principal
amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7,
2.8, 2.11, 3.6 or 9.6);

 

(d) the date or dates on which the principal
of the Securities of the Series is payable;

 

(e) the rate or rates (which may be fixed or
variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the
date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence
and be payable and any regular record date for the interest payable on any interest payment date;

 

(f) the place or places where the principal
of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered
for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such
Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other means;

 

(g) if applicable, the period or periods within
which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole
or in part, at the option of the Company;

 

(h) the obligation, if any, of the Company
to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities
of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(i) the dates, if any, on which and the price
or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other
detailed terms and provisions of such repurchase obligations;

 

(j) if other than denominations of $1,000 and
any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

(k) the forms of the Securities of the Series
and whether the Securities will be issuable as Global Securities;

 

(l) if other than the principal amount thereof,
the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.2;

 

(m) the currency of denomination of the Securities
of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the ECU, and if such currency of denomination
is a composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such composite currency;

 

(n) the designation of the currency, currencies
or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

 

(o) if payments of principal of or interest,
if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in
which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

(p) the manner in which the amounts of payment
of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference
to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial
index;

 

(q) the provisions, if any, relating to any
security provided for the Securities of the Series;

 

(r) any addition to or change in the Events
of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of
such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

(s) any addition to or change in the covenants
set forth in Articles IV or V which applies to Securities of the Series;

 

    	 	5	 

     

    

 

(t) any other terms of the Securities of the
Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series); and

 

(u) any depositaries, interest rate calculation
agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed
herein.

 

All Securities of any one Series need not be
issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or
pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above.

 

Section 2.3 Execution and Authentication.

 

Two Officers shall sign the Securities for
the Company by manual or facsimile signature.

 

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

 

A Security shall not be valid until authenticated
by the manual or facsimile signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that
the Security has been authenticated under this Indenture.

 

The Trustee shall at any time, and from time
to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of
its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal amount of Securities
of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as
provided in Section 2.8.

 

Prior to the issuance of Securities of any
Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that
Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such
action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee
or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal
liability to Holders of any then outstanding Series of Securities.

 

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

 

Section 2.4 Registrar and Paying Agent.

 

The Company shall maintain, with respect to
each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office
or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities
of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands
to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”).
The Trustee or Notice Agent, as applicable, shall deliver such notices and demands to the Company in accordance with Section 10.2
hereof. The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company
will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar,
Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice
Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands
may be made or delivered at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

 

    	 	6	 

     

    

 

The Company may also from time to time designate
one or more co-registrars, additional paying agents or notice agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar, additional paying agent or notice agent. The term “Registrar” includes any co-registrar;
the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any
additional notice agent.

 

The Company hereby appoints the Trustee the
initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the
case may be, is appointed prior to the time Securities of that Series are first issued.

 

The Company hereby appoints The Depository
Trust Company to act as Depositary with respect to the Securities.

 

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 will hold in trust, for the benefit of Security Holders of any
Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series
of Securities, and will notify the Trustee 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 it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Security Holders of any Series of Securities
all money held by it as Paying Agent.

 

Section 2.6 Security Holder Lists.

 

The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Security Holders of each Series
of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish
to the Trustee at least ten 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 Security Holders
of each Series of Securities.

 

Section 2.7 Transfer and Exchange.

 

Where Securities of a Series are presented
to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are
met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities upon receipt of a Company Order.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein),
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 tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11,
3.6 or 9.6).

 

Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening
of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for
redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.

 

    	 	7	 

     

    

 

Section 2.8 Mutilated, Destroyed, Lost
and Stolen Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.9 Outstanding Securities.

 

The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding.

 

If a Security is replaced pursuant to Section 2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.

 

If the Paying Agent (other than the Company,
a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to
pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue.

 

A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security.

 

In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver
hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount
of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration
of the Maturity thereof pursuant to Section 6.2.

 

    	 	8	 

     

    

 

Section 2.10 Treasury Securities.

 

In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or
waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

 

Section 2.11 Temporary Securities.

 

Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee, upon receipt of a Company Order, shall authenticate temporary Securities upon a Company
Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt
of a Company Order, shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12 Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange or payment. Upon receipt of written instruction from the Company, the Trustee shall
cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled
Securities and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. The Company may
not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

Section 2.13 Defaulted Interest.

 

If the Company defaults in a payment of interest
on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the
defaulted interest, to the persons who are Security Holders of the Series on a subsequent special record date. The Company shall
fix the record date and payment date. At least 10 days before the record date, the Company shall mail to the Trustee and to
each Security Holder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.
The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14 Global Securities.

 

(a) Terms of Securities. A Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued
in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.

 

(b) Transfer and Exchange. Notwithstanding
any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall
be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the
Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency
under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officers’
Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant
to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing
in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided in this Section 2.14(b),
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee
of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

    	 	9	 

     

    

 

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 Security 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.

 

(c) Legend. Any Global Security issued
hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global Security within
the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary.
This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in
the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, 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 a successor Depositary.”

 

(d) Acts of Holders. The Depositary,
as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

(e) Payments. Notwithstanding the other
provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest,
if any, on any Global Security shall be made to the Holder thereof.

 

(f) Consents, Declaration and Directions.
Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of
the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions
required to be given by the Holders pursuant to this Indenture.

 

Section 2.15 CUSIP Numbers.

 

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

 

ARTICLE III 

 

REDEMPTION 

 

Section 3.1 Notice to Trustee.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If
a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or
part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and
the principal amount of Series of Securities to be redeemed. The Company shall give the Trustee notice at least 45 days before
the redemption date (or such shorter notice as may be acceptable to the Trustee).

 

    	 	10	 

     

    

 

Section 3.2 Selection of Securities
to be Redeemed.

 

Unless otherwise indicated for a particular
Series by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, if less than all the Securities
of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee
deems fair and appropriate and in accordance with its customary practices or the selection shall be in accordance with DTC procedures,
as applicable. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption.
The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than
$1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or,
with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(j), the minimum principal
denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series
called for redemption also apply to portions of Securities of that Series called for redemption.

 

Section 3.3 Notice of Redemption.

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more
than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose
Securities are to be redeemed.

 

The notice shall identify the Securities of
the Series to be redeemed and shall state:

 

(a) the redemption date;

 

(b) the redemption price;

 

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

 

(d) that Securities of the Series called for
redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(e) that interest on Securities of the Series
called for redemption ceases to accrue on and after the redemption date;

 

(f) the CUSIP number, if any; and

 

(g) any other information as may be required
by the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee
shall give the notice of redemption prepared by the Company, in the Company’s name and at its expense.

 

Section 3.4 Effect of Notice of Redemption.

 

Once notice of redemption is mailed or published
as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and
at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall
be paid at the redemption price plus accrued interest to the redemption date.

 

Section 3.5 Deposit of Redemption Price.

 

On or before the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities
to be redeemed on that date.

 

Section 3.6 Securities Redeemed in
Part.

 

Upon surrender of a Security that is redeemed
in part, the Trustee, upon receipt of a Company Order, shall authenticate for the Holder a new Security of the same Series and
the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

    	 	11	 

     

    

 

ARTICLE IV 

 

COVENANTS 

 

Section 4.1 Payment of Principal and Interest.

 

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

 

Section 4.2 SEC Reports.

 

The Company shall deliver to the Trustee within
15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports
(or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions
of TIA § 314(a).

 

Section 4.3 Compliance Certificate.

 

The Company shall deliver to the Trustee, within
120 days after the end of each fiscal year (which on the date hereof ends on December 31) of the Company, an Officers’
Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been
made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed
and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that
to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if
a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge).

 

The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

Section 4.4 Stay, Extension and Usury
Laws.

 

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

 

Section 4.5 Corporate Existence.

 

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

 

    	 	12	 

     

    

 

ARTICLE V 

 

SUCCESSORS 

 

Section 5.1 When Company May Merge, Etc.

 

The Company shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

(a) the Company is the surviving corporation
or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S.
domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture and

 

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

 

The Company shall deliver to the Trustee prior
to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel
stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above, any Subsidiary of
the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officers’
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2 Successor Corporation Substituted.

 

Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1,
the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease,
conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however,
that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from
all obligations and covenants under this Indenture and the Securities.

 

ARTICLE VI 

 

DEFAULTS AND REMEDIES 

 

Section 6.1 Events of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event
of Default:

 

(a) default in the payment of any interest
on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless
the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of
such period of 30 days); or

 

(b) default in the payment of principal of
any Security of that Series at its Maturity; or

 

(c) default in the performance or breach of
any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture
solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(d) the Company pursuant to or within the meaning
of any Bankruptcy Law:

 

(i) commences a voluntary case,

 

(ii) consents to the entry of an order for
relief against it in an involuntary case,

 

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

 

    	 	13	 

     

    

 

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

 

(v) generally is unable to pay its debts as
the same become due; or

 

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

 

(i) is for relief against the Company in an
involuntary case,

 

(ii) appoints a Custodian of the Company or
for all or substantially all of its property, or

 

(iii) orders the liquidation of the Company,

 

and the order or decree remains unstayed and
in effect for 60 days; or

 

(f) any other Event of Default provided with
respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2(r).

 

The term “Bankruptcy Law” means
title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2 Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d)
or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities
of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of
the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of
the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the
principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of acceleration
with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all
Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any,
of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 6.13.

 

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

 

Section 6.3 Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

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

 

(b) default is made in the payment of principal
of any Security at the Maturity thereof, or

 

(c) default is made in the deposit of any sinking
fund payment when and as due by the terms of a Security,

 

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

 

    	 	14	 

     

    

 

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

 

Notwithstanding any other provision of
this Indenture, if an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in
its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by pursuing
any available remedy by proceeding at law or in equity as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

 

Section 6.4 Trustee May File Proofs
of Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a) to file and prove a claim for the whole
amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

(b) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8.

 

Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

Section 6.5 Trustee May Enforce Claims Without Possession
of Securities.

 

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

 

    	 	15	 

     

    

 

Section 6.6 Application of Money
Collected.

 

Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:

 

First: To the payment of all amounts due
the Trustee under Section 7.8; and

 

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

 

Third: To the Company or to such party
as a court of competent jurisdiction shall direct.

 

Section 6.7 Limitation on Suits.

 

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

 

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

 

(b) the Holders of not less than 25% in
principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

Section 6.8 Unconditional Right
of Holders to Receive Principal and Interest.

 

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

 

Section 6.9 Restoration of Rights
and Remedies.

 

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

 

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Section 6.10 Rights and Remedies
Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

Section 6.11 Delay or Omission
Not Waiver.

 

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

 

Section 6.12 Control by Holders.

 

The Holders of not less than a majority
in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such Series, provided that

 

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

 

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

 

(c) subject to the provisions of Section 7.1,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

Section 6.13 Waiver of Past Defaults.

 

The Holders of not less than a majority
in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series
waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal
of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding
Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon.

 

Section 6.14 Undertaking for Costs.

 

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

 

    	 	17	 

     

    

 

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 man would exercise or use under the circumstances in the conduct of his own affairs.

 

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

 

(i) The Trustee need perform only those
duties that are specifically set forth in this Indenture and no others.

 

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

 

(c) The Trustee may not be relieved from
liability for its own negligent action, its own 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 Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining
the pertinent facts.

 

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

 

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

 

(e) The Trustee may refuse to perform any
duty or exercise any right or power unless it receives security or indemnity satisfactory to it against any loss, liability or
expense.

 

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

 

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

 

    	 	18	 

     

    

 

(h) The Paying Agent, the Registrar, the
Notice Agent, any agent and any authenticating agent shall be entitled to the protections, immunities and standard of care as are
set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

 

Section 7.2 Rights of Trustee.

 

(a) The Trustee may rely on and shall be
protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented
by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

(b) Before the Trustee acts or refrains
from acting, it may require an Officers’ 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 such Officers’ Certificate or Opinion of Counsel. No such
Officers’ Certificate or Opinion of Counsel shall be at the expense of the Trustee. Any request or direction of the Company
mentioned herein shall be sufficiently evidenced by an Officers’ Certificate.

 

(c) The Trustee may act through agents
and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed
an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

(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
that the Trustee’s conduct does not constitute negligence or bad faith. The Trustee shall not be liable for any special,
punitive or consequential damages, even if they were reasonably foreseeable.

 

(e) The Trustee may consult with counsel
of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder, and the Trustee may conclusively rely on any such advice or
Opinion of Counsel.

 

(f) 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 of Securities
unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction.

 

(g) The Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.

 

(h) The Trustee shall not be deemed to
have notice of any Default or Event of Default (other than a payment default under Section 6.1 or 6.2) unless a Responsible
Officer of the Trustee has received written notice of any event which is in fact such a default at the Corporate Trust Office of
the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

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

 

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

 

(k) The Trustee shall have no duty to inquire
as to or monitor the performance of the Issuer with respect to the covenants contained in Article IV.

 

    	 	19	 

     

    

 

(l) The Trustee shall not be required to
give any note, bond or surety in respect of the execution of the trusts and powers under this Indenture.

 

(m) Nothing herein shall be deemed to require
the Trustee to submit to the jurisdiction or venue of a non-U.S. court.

 

Section 7.3 Force Majeure.

 

(a) The Trustee shall have no liability
for delays or inability to perform its duties hereunder due to forces majeure, events beyond its control, such as
(but not exclusively) civil unrest, earthquakes, hurricanes or other natural disasters, floods, utility failures, transmission
interruptions, power failures, wars, governmental declarations or Acts of God; 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.

 

(b) Delivery of reports or information
by the Company shall not be deemed to confer actual or constructive knowledge or notice on the Trustee with respect to a Default
or Event of Default, or otherwise.

 

Section 7.4 Individual Rights of
Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with
the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to
Sections 7.11 and 7.12.

 

Section 7.5 Trustee’s Disclaimer.

 

The Trustee makes no representation as
to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the
proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.6 Notice of Defaults.

 

If a Default or Event of Default occurs
and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the
Trustee shall mail (or deliver notice subject to the applicable procedures of the Depositary or relevant clearing system) to each
Security Holder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or,
if later, after a Responsible Officer of the Trustee has written notice of such Default or Event of Default. Except in the case
of a Default or Event of Default in payment of principal of or interest on any Security of any Series, or in the payment of any
sinking fund installment, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of
its Responsible Officers in good faith determines that withholding the notice is in the interests of Security Holders of that Series.

 

Section 7.7 Reports by Trustee
to Holders.

 

Within 60 days after May 15 in
each year, the Trustee shall transmit by mail to all Security Holders, as their names and addresses appear on the register kept
by the Registrar, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its
mailing to Security Holders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series
are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

 

Section 7.8 Compensation and Indemnity.

 

The Company shall pay to the Trustee from
time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. 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 by it. Such expenses shall include the reasonable compensation
and expenses of the Trustee’s agents and counsel.

 

    	 	20	 

     

    

 

The Company shall indemnify each of the
Trustee and any predecessor Trustee against any loss, liability or expense (including the cost of defending itself) incurred by
it except as set forth in the next paragraph in the performance of the Trustee duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for which it may seek indemnity; provided, however, that failure to
so notify the Company shall not relieve it of its obligations hereunder. The Company shall defend the claim and the Trustee shall
cooperate in the defense; provided, however, the Trustee may conduct its own defense if there is a conflict of interest between
the interests of the Company and those of the Trustee. The Trustee may have one separate counsel (in addition to local counsel,
if applicable) and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors,
employees, shareholders and Agents or agents of the Trustee.

 

The Company need not reimburse any expense
or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder, Agent or
agent of the Trustee to the extent it is attributed to its own negligence or willful conduct as determined by a court of competent
jurisdiction in a final, non-appealable order.

 

To secure the Company’s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the
services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.

 

The provisions of this Section shall survive
the termination of this Indenture and the resignation and removal of the Trustee.

 

Section 7.9 Replacement of Trustee.

 

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

 

The Trustee may resign with respect to
the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.
The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series
by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series
if:

 

(a) the Trustee fails to comply with Section 7.11;

 

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

 

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

 

(d) the Trustee becomes incapable of acting.

 

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

 

If a successor Trustee with respect to
the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

    	 	21	 

     

    

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee upon payment
of its fees and expenses then unpaid shall transfer all property held by it as Trustee to the successor Trustee subject to the
lien provided for in Section 7.8, 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 with respect to each Series of Securities for which it is acting
as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Security Holder of each such
Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.9, the Company’s obligations under Section 7.8
hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to
such replacement.

 

Section 7.10 Successor Trustee
by Merger, etc.

 

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

 

Section 7.11 Eligibility; Disqualification.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital
and surplus of at least $150,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA § 310(b).

 

Section 7.12 Preferential Collection of Claims Against
Company.

 

The Trustee is subject to TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be
subject to TIA § 311(a) to the extent indicated.

 

ARTICLE VIII 

 

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1 Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Order
cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a) either

 

(i) all Securities theretofore authenticated
and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered
to the Trustee for cancellation; or

 

(ii) all such Securities not theretofore
delivered to the Trustee for cancellation

 

(A) have become due and payable, or

 

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

 

(C) have been called for redemption or
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, or

 

(D) are deemed paid and discharged pursuant
to Section 8.3, as applicable;

 

and the Company, in the case of (A), (B) or
(C) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient
for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable
on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

    	 	22	 

     

    

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.8, and, if money shall have been deposited
with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall
survive.

 

Section 8.2 Application of Trust
Funds; Indemnification.

 

(a) Subject to the provisions of Section 8.5,
all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of
U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall
be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the
Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

(b) The Company shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government
Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations
other than any payable by or on behalf of Holders.

 

(c) The Trustee shall deliver or pay to
the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held
by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which
then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government
Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3 Legal Defeasance of
Securities of any Series.

 

Unless this Section 8.3 is otherwise
specified, pursuant to Section 2.2(t), to be inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request,
execute proper instruments acknowledging the same), except as to:

 

(a) the rights of Holders of Securities
of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of
and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal
or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities
of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities
of such Series;

 

(b) the provisions of Sections 2.4,
2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c) the rights, powers, trust and immunities
of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

 

    	 	23	 

     

    

 

(d) the Company shall have deposited or
caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders
of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government
Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency),
money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance
with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later
than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge
each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities
of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(e) such deposit will not result in a breach
or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party
or by which it is bound;

 

(f) no Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

 

(g) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture,
there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same
amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not
occurred;

 

(h) the Company shall have delivered to
the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Company; and

 

(i) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating
to the defeasance contemplated by this Section have been complied with.

 

Section 8.4 Covenant Defeasance.

 

Unless this Section 8.4 is otherwise
specified pursuant to Section 2.2(t) to be inapplicable to Securities of any Series, the Company may omit to comply with respect
to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1
as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or
an Officers’ Certificate delivered pursuant to Section 2.2(t) (and the failure to comply with any such covenants shall
not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event
specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered
pursuant to Section 2.2(r) and designated as an Event of Default shall not constitute a Default or Event of Default hereunder,
with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a) With reference to this Section 8.4,
the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as
trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash
in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be
imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in
the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking
fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking
fund payments are due;

 

    	 	24	 

     

    

 

(b) Such deposit will not result in a breach
or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party
or by which it is bound;

 

(c) No Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

 

(d) The Company shall have delivered to
the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance
had not occurred;

 

(e) The Company shall have delivered to
the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders
of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company; and

 

(f) The Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5 Repayment to Company.

 

The Trustee and the Paying Agent shall
pay to the Company upon written request any money held by them for the payment of principal and interest that remains unclaimed
for two years. After that, Security Holders entitled to the money must look to the Company for payment as general creditors unless
an applicable abandoned property law designates another person.

 

ARTICLE IX 

 

SUPPLEMENTAL INDENTURES, AMENDMENTS AND
WAIVERS 

 

Section 9.1 Without Consent of Holders.

 

The Company and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series without the consent of any Security Holder:

 

(a) to cure any ambiguity, defect or inconsistency;

 

(b) to comply with Article V;

 

(c) to provide for uncertificated Securities
in addition to or in place of certificated Securities;

 

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

 

(e) to provide for the issuance of and
establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

(f) to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee; or

 

(g) to comply with requirements of the
SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

    	 	25	 

     

    

 

Section 9.2 With Consent of Holders.

 

The Company and the Trustee may enter into
a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of
the Security Holders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal
amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender
offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture
or the Securities with respect to such Series.

 

It shall not be necessary for the consent
of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture
or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing
the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3 Limitations.

 

Without the consent of each Security Holder
affected, an amendment or waiver may not:

 

(a) reduce the principal amount of Securities
whose Holders must consent to an amendment, supplement or waiver;

 

(b) reduce the rate of or extend the time
for payment of interest (including default interest) on any Security;

 

(c) reduce the principal or change the
Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;

 

(d) reduce the principal amount of Discount
Securities payable upon acceleration of the maturity thereof;

 

(e) waive a Default or Event of Default
in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities
of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver
of the payment default that resulted from such acceleration);

 

(f) make the principal of or interest,
if any, on any Security payable in any currency other than that stated in the Security;

 

(g) make any change in Sections 6.8,
6.13 or 9.3 (this sentence); or

 

(h) waive a redemption payment with respect
to any Security, provided that such redemption is made at the Company’s option.

 

Section 9.4 Compliance with Trust
Indenture Act.

 

Every amendment or waiver to this Indenture
or the issuance of and establishment of the form and terms and conditions of Securities of one or more Series shall be set forth
in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5 Revocation and Effect
of Consents.

 

Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental
indenture or the date the waiver becomes effective.

 

Any amendment or waiver once effective
shall bind every Security Holder of each Series affected by such amendment or waiver unless it is of the type described in any
of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security.

 

    	 	26	 

     

    

 

Section 9.6 Notation on or Exchange
of Securities.

 

The Trustee may place an appropriate notation
about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of
that Series may issue and the Trustee shall authenticate upon receipt of a Company Order new Securities of that Series that reflect
the amendment or waiver.

 

Section 9.7 Trustee Protected.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely
affects its rights.

 

ARTICLE X 

 

MISCELLANEOUS 

 

Section 10.1 Trust Indenture Act Controls.

 

If any provision of this Indenture limits,
qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required
or deemed provision shall control.

 

Section 10.2 Notices.

 

Any notice or communication by the Company
or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing, in the English language,
referencing this Indenture and the applicable securities or series of securities, and delivered in person or mailed by first-class
mail, or by facsimile transmission:

 

if to the Company:

 

China Ceramics Co., Ltd.

Junbing Industrial Zone, Anhai, Jinjiang
City

Fujian Province, PRC

Attention: Chief Financial Officer

Fax: +86 (595) 8576 5059

 

if to the Trustee:

 

[            ]

Fax No: [            ]

Attention: [            ]

 

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

 

Any notice or communication to a Security
Holder shall be mailed by first-class mail to his address shown on the register kept by the Registrar or delivered subject to the
applicable procedures of Depositary or relevant clearing system. Failure to mail a notice or communication to a Security Holder
of any Series or any defect in it shall not affect its sufficiency with respect to other Security Holders of that or any other
Series.

 

    	 	27	 

     

    

 

If a notice or communication is mailed
or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Security Holder receives
it.

 

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

 

Section 10.3 Communication by Holders
with Other Holders.

 

Security Holders of any Series may communicate
pursuant to TIA § 312(b) with other Security Holders of that Series or any other Series with respect to their rights under
this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA § 312(c).

 

Section 10.4 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:

 

(a) an Officers’ Certificate 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

 

(b) an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 10.5 Statements Required
in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA §
314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

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

 

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

 

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

 

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

 

Section 10.6 Rules by Trustee and
Agents.

 

The Trustee may make reasonable rules for
action by or a meeting of Security Holders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 10.7 Legal Holidays.

 

Unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day
that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8 No Recourse Against
Others.

 

A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation. Each Security Holder by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

    	 	28	 

     

    

 

Section 10.9 Counterparts.

 

This Indenture may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

Section 10.10 Governing Laws.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD
TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

Section 10.11 No Adverse Interpretation
of Other Agreements.

 

This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

Section 10.12 Successors.

 

All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.13 Severability.

 

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

 

Section 10.14 Table of Contents,
Headings, Etc.

 

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

 

Section 10.15 Securities in a Foreign
Currency or in ECU.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of
a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action
at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding
for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange
Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying
rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however,
in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or
any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication,
the “Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee
shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or,
in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or,
in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency
in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee,
upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action
taken by Holders of Securities pursuant to the terms of this Indenture.

 

    	 	29	 

     

    

 

All decisions and determinations of the
Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in
its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes
and irrevocably binding upon the Company and all Holders.

 

Section 10.16 Judgment Currency.

 

The Company agrees, to the fullest extent
that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary
to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York
the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments
in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether
or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed
to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount
of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday,
Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or
executive order to close.

 

ARTICLE XI 

 

SINKING FUNDS 

 

Section 11.1 Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any
form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund
payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment”
and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

    	 	30	 

     

    

 

Section 11.2 Satisfaction of Sinking
Fund Payments with Securities.

 

The Company may, in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities
(1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such
Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which
such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the
Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’
Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as
a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount
of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such
cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to
the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities
of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to
the Company.

 

Section 11.3 Redemption of Securities
for Sinking Fund.

 

Not less than 45 days (unless otherwise
indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series
of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to
the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Sections 3.4, 3.5 and 3.6.

 

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

 

	 	China Ceramics Co., Ltd.
	 	 
	 	By:    	
	 	Name:  
	 	Title:  

 

	 	[            ], 
	 	as Trustee
	 	 
	 	By:    	
	 	Name:  
	 	Title:  

 

[Signature Page to Indenture]

 

    	 	31Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 3
TO THE

LOAN AND SERVICING AGREEMENT AND
AMENDMENT NO. 1 TO PURCHASE

AND SALE AGREEMENT, CUSTODY AGREEMENT AND SECURITIES ACCOUNT

CONTROL AGREEMENT

 

This AMENDMENT NO. 3
TO THE LOAN AND SERVICING AGREEMENT AND AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT, CUSTODY AGREEMENT AND SECURITIES ACCOUNT
CONTROL AGREEMENT (this “Amendment”), is dated as of August 17, 2015, among Fifth Street Funding II, LLC, as
the borrower (in such capacity, the “Borrower”), Fifth Street Finance Corp., as the transferor (in such capacity,
the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui
Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”), as lender
(in such capacity, the “Lender”) and as the collateral agent (in such capacity, the “Collateral Agent”)
and U.S. Bank National Association, as the custodian (the “Custodian”) and as the account bank (the “Account
Bank”). Capitalized terms used but not defined herein have the meanings provided in the Loan and Servicing Agreement
(as defined below).

 

RECITALS

 

WHEREAS, the Borrower,
the Servicer, the Transferor, the Administrative Agent, the Lender and the Collateral Agent have entered into the Loan and
Servicing Agreement, dated as of September 16, 2011 (such agreement as amended on March 16, 2012 by Amendment No. 1 and Waiver
to the Loan and Servicing Agreement and on October 30, 2013 by Amendment No. 2 to the Loan and Servicing Agreement and as may be
further amended, modified, supplemented, waived or restated from time to time, the “Loan and Servicing Agreement”);

 

WHEREAS, the Transferor
and the Borrower have entered into the Purchase and Sale Agreement dated as of September 16, 2011 (as may be further amended,
modified, supplemented or restated from time to time, the “Purchase and Sale Agreement”);

 

WHEREAS, the Borrower,
the Servicer, the Transferor, the Collateral Agent, the Administrative Agent and the Custodian have entered into the Custody
Agreement, dated as of September 16, 2011 (as amended, modified, supplemented, waived or restated from time to time, the “Custody
Agreement”);

 

WHEREAS, the Borrower,
the Servicer, the Collateral Agent and the Account Bank have entered into the Securities Account Control Agreement, dated
as of September 16, 2011 (as amended, modified, supplemented, waived or restated from time to time, the “Securities Account
Control Agreement”);

 

WHEREAS, pursuant
to and in accordance with Section 11.01 of the Loan and Servicing Agreement, the parties hereto desire to amend the Loan
and Servicing Agreement in certain respects as provided herein;

 

WHEREAS, pursuant
to and in accordance with Section 10.3 of the Purchase and Sale Agreement, the parties hereto desire to amend the Purchase
and Sale Agreement in certain respects as provided herein;

 

    	 	 	 

     

    

 

WHEREAS, pursuant
to and in accordance with Section 17.1 of the Custody Agreement, the parties hereto desire to amend the Custody Agreement
in certain respects as provided herein; and

 

WHEREAS, pursuant
to and in accordance with Section 10(b) of the Securities Account Control Agreement, the parties hereto desire to amend
the Securities Account Control Agreement in certain respects as provided herein;

 

NOW, THEREFORE,
based upon the above Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

SECTION 1. AMENDMENTS.

 

(a)          The
Loan and Servicing Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following
example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner
as the following example: bold and double-underlined text) as set forth on the pages of the Loan and Servicing Agreement
attached as Exhibit A hereto.

 

(b)          The
Schedules to the Loan and Servicing Agreement are hereby amended to delete the stricken text (indicated textually in the same manner
as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in
the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Schedules
to the Loan and Servicing Agreement attached as Exhibit B hereto.

 

(c)          The
Custody Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following
example: bold and double-underlined text) as set forth on the pages of the Custody Agreement attached
as Exhibit C hereto.

 

(d)          The
Securities Account Control Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the
following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same
manner as the following example: bold and double-underlined text) as set forth on the pages of the Securities Account
Control Agreement attached as Exhibit D hereto.

 

(e)          The
Purchase and Sale Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following
example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following
example: bold and double-underlined text) as set forth on the pages of the Purchase and Sale Agreement attached
as Exhibit E hereto.

 

    	 	- 2 -	 

     

    

 

SECTION 2. AGREEMENTS IN FULL FORCE AND EFFECT AS
AMENDED.

 

Except as specifically
amended hereby, all provisions of the Loan and Servicing Agreement, the Purchase and Sale Agreement, the Custody Agreement and
the Securities Account Control Agreement are hereby ratified and shall remain in full force and effect. After this Amendment becomes
effective, all references to the Loan and Servicing Agreement, the Purchase and Sale Agreement, the Custody Agreement and the Securities
Account Control Agreement, as applicable, and corresponding references thereto or therein such as “hereof,” “herein,”
or words of similar effect referring to the Loan and Servicing Agreement, the Purchase and Sale Agreement, the Custody Agreement
and the Securities Account Control Agreement, as applicable, shall be deemed to mean the Loan and Servicing Agreement, the Purchase
and Sale Agreement, the Custody Agreement and the Securities Account Control Agreement, as applicable, as amended hereby. This
Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Loan and Servicing Agreement,
the Purchase and Sale Agreement, the Custody Agreement and the Securities Account Control Agreement, as applicable, other than
as expressly set forth herein, and shall not constitute a novation of the Loan and Servicing Agreement, the Purchase and Sale Agreement,
the Custody Agreement or the Securities Account Control Agreement.

 

SECTION 3. Representations.

 

Each of the Borrower,
the Servicer and the Transferor, severally for itself only, represents and warrants as of the date of this Amendment as follows:

 

(i)          it
is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or
organization;

 

(ii)         the
execution, delivery and performance by it of this Amendment and the Loan and Servicing Agreement, the Purchase and Sale Agreement,
the Custody Agreement and the Securities Account Control Agreement, as applicable, as amended hereby are within its powers, have
been duly authorized, and do not contravene (A) its charter, by-laws, or other organizational documents, or (B) any Applicable
Law;

 

(iii)        no
consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental authority,
is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment and the Loan
and Servicing Agreement, the Purchase and Sale Agreement, the Custody Agreement and the Securities Account Control Agreement, as
applicable, as amended hereby by or against it;

 

(iv)        this
Amendment has been duly executed and delivered by it;

 

(v)         each
of this Amendment and the Loan and Servicing Agreement, the Purchase and Sale Agreement, the Custody Agreement and the Securities
Account Control Agreement, as applicable, as amended hereby constitutes its legal, valid and binding obligation enforceable against
it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity;

 

    	 	- 3 -	 

     

    

 

(vi)        no
Unmatured Event of Default, Event of Default or Servicer Termination Event has occurred or exists; and

 

(vii)       no
Unmatured Event of Default, Event of Default or Servicer Termination Event will result under the Loan and Servicing Agreement,
as amended by this Amendment.

 

SECTION 4. Conditions to Effectiveness.

 

The effectiveness of
this Amendment is conditioned upon: (i) payment of the outstanding fees and disbursements of the Collateral Agent, the Administrative
Agent and the Lender; (ii) payment of the outstanding fees and disbursements of Dechert LLP, as counsel to the Collateral Agent,
the Administrative Agent and the Lender; (iii) delivery to the Administrative Agent of (x) executed signature pages by all parties
hereto, (y) corporate authority documentation, certified by the Borrower or Servicer and the secretary of state (or similar authority)
of the jurisdiction in which the Borrower and Servicer are organized, as applicable, and (z) a favorable written opinion of legal
counsel to the Borrower, in form and substance satisfactory to the Administrative Agent and (iv) delivery and execution of the
Third Amended and Restated Lender Fee Letter Agreement by the parties thereto.

 

SECTION 5. Miscellaneous.

 

(a)          Without
in any way limiting any other obligation hereunder or under the Transaction Documents, the Borrower agrees to provide, from time
to time, any additional documentation and to execute additional acknowledgements, amendments, instruments or other agreements as
may be reasonably requested and required by the Administrative Agent to effectuate the foregoing.

 

(b)          This
Amendment may be executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same
or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute
one and the same agreement.

 

(c)          The
descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be
deemed to affect the meaning or construction of any of the provisions hereof.

 

(d)          This
Amendment may not be amended or otherwise modified except as provided in the Loan and Servicing Agreement, the Purchase and Sale
Agreement, the Custody Agreement or the Securities Account Control Agreement, as applicable.

 

(e)          The
failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment or the Loan and Servicing
Agreement, the Purchase and Sale Agreement, the Custody Agreement or the Securities Account Control Agreement, as applicable.

 

(f)          Whenever
the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the
plural number, and vice versa, and the

 

    	 	- 4 -	 

     

    

 

masculine gender shall include the feminine and neuter and the neuter
shall include the masculine and feminine.

 

(g)          This
Amendment and the Loan and Servicing Agreement, the Purchase and Sale Agreement, the Custody Agreement and the Securities Account
Control Agreement, as applicable, represent the final agreements among the applicable parties only with respect to the matters
expressly set forth therein and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements among
the parties. There are no unwritten oral agreements among the applicable parties with respect to such matters.

 

(h)          THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE LOAN AND SERVICING AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER
OF JURY TRIAL AND NOTICE PROVISIONS SET FORTH IN THE LOAN AND SERVICING AGREEMENT. 

 

[Remainder of Page Intentionally Left Blank]

 

    	 	- 5 -	 

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	FIFTH STREET FUNDING II, LLC, as the Borrower
	 	 	 
	 	By:	/s/ Alexander C. Frank
	 	 	Name:  Alexander C. Frank
	 	 	Title:    Chief Financial Officer and Treasurer

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

Fifth Street Funding II, LLC

Amendment No. 3 to Loan & Servicing Agreement and Amendment No. 1 to Purchase Agreement, Custody Agreement and Securities Account
Control Agreement

 

    	 	 	 

     

    

 

	 	FIFTH STREET FINANCE CORP., as the Servicer and as the Transferor
	 	 	 
	 	By: 	/s/ Steven M. Noreika
	 	 	Name:  Steven M. Noreika
	 	 	Title:    Chief Financial Officer

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

Fifth Street Funding II, LLC

Amendment No. 3 to Loan & Servicing Agreement and Amendment No. 1 to Purchase Agreement, Custody Agreement and Securities Account
Control Agreement

 

    	 	 	 

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, 
	 	as the Administrative Agent
	 	 	 
	 	By:	/s/ Hitoshi Ryoji
	 	 	Name:  Hitoshi Ryoji
	 	 	Title:    Managing Director

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

Fifth Street Funding II, LLC

Amendment No. 3 to Loan & Servicing Agreement and Amendment No. 1 to Purchase Agreement, Custody Agreement and Securities Account
Control Agreement

 

    	 	 	 

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, as the Lender
	 	 	 
	 	By: 	/s/ Hitoshi Ryoji
	 	 	Name: Hitoshi Ryoji
	 	 	Title:   Managing Director

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

Fifth Street Funding II, LLC

Amendment No. 3 to Loan & Servicing Agreement and Amendment No. 1 to Purchase Agreement, Custody Agreement and Securities Account
Control Agreement

 

    	 	 	 

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, as the Collateral Agent
	 	 	 
	 	By: 	/s/ Hitoshi Ryoji
	 	 	Name:  Hitoshi Ryoji
	 	 	Title:    Managing Director

  

Fifth Street Funding II, LLC

Amendment No. 3 to Loan & Servicing Agreement and Amendment No. 1 to Purchase Agreement, Custody Agreement and Securities Account
Control Agreement

 

    	 	 	 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as the Custodian
	 	 	 
	 	By:	/s/ Jon Sammarco
	 	 	Name: Jon Sammarco
	 	 	Title: Vice President
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as the Account Bank
	 	 	 
	 	By:	/s/ Jon Sammarco
	 	 	Name: Jon Sammarco
	 	 	Title: Vice President

  

Fifth Street Funding II, LLC

Amendment No. 3 to Loan & Servicing Agreement and Amendment No. 1 to Purchase Agreement, Custody Agreement and Securities Account
Control Agreement

 

    	 	 	 

     

    

 

Exhibit A

 

CONFORMED LOAN AND SERVICING AGREEMENT

 

    	 	 	 

     

    

 

EXECUTION VERSION

Conformed through Amendment No. 23

 

Up to U.S. $125,000,000

 

LOAN AND SERVICING AGREEMENT

 

Dated as of September 16, 2011

 

Among

 

FIFTH STREET FUNDING II, LLC,

as the Borrower

 

 

FIFTH STREET FINANCE CORP.,

as the Servicer and as the Transferor

 

SUMITOMO MITSUI BANKING CORPORATION,

as the Administrative Agent and as the Collateral
Agent

 

and

 

EACH OF THE LENDERS FROM TIME TO TIME PARTY
HERETO,

as the Lenders

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I.	DEFINITIONS	1
	Section 1.01	Certain Defined Terms	1
	Section 1.02	Other Terms	33
	Section 1.03	Computation of Time Periods	33
	Section 1.04	Interpretation	3334
	ARTICLE II.	THE FACILITY	34
	Section 2.01	Variable Funding Note and Advances	34
	Section 2.02	Procedure for Advances	35
	Section 2.03	Determination of Yield	3738
	Section 2.04	Remittance Procedures	38
	Section 2.05	Instructions to the Collateral Agent	41
	Section 2.06	Borrowing Base Deficiency Payments	41
	Section 2.07	Substitution and Sale of Loan Assets; Affiliate Transactions	42
	Section 2.08	Payments and Computations, Etc.	46
	Section 2.09	Fees	47
	Section 2.10	Increased Costs; Capital Adequacy	47
	Section 2.11	Taxes	49
	Section 2.12	Collateral Assignment of Agreements	51
	Section 2.13	Grant of a Security Interest	5152
	Section 2.14	Evidence of Debt	52
	Section 2.15	Survival of Representations and Warranties	5253
	Section 2.16	Release of Loan Assets	5253
	Section 2.17	Treatment of Amounts Received by the Borrower	53
	Section 2.18	Prepayment; Termination	53
	Section 2.19	[Reserved]	54
	Section 2.20	Collections and Allocations	54
	Section 2.21	Additional Lenders	55
	ARTICLE III.	CONDITIONS PRECEDENT	55
	Section 3.01	Conditions Precedent to Effectiveness	55
	Section 3.02	Conditions Precedent to All Advances	5657

 

    	 	i 	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	Section 3.03	Advances Do Not Constitute a Waiver	59
	Section 3.04	Conditions to Pledges of Loan Assets	59
	ARTICLE IV.	REPRESENTATIONS AND WARRANTIES	6061
	Section 4.01	Representations and Warranties of the Borrower	6061
	Section 4.02	Representations and Warranties of the Borrower Relating to
    the Agreement and the Collateral Portfolio	6869
	Section 4.03	Representations and Warranties of the Servicer	69
	Section 4.04	Representations and Warranties of each Lender	73
	ARTICLE V.	GENERAL COVENANTS	73
	Section 5.01	Affirmative Covenants of the Borrower	73
	Section 5.02	Negative Covenants of the Borrower	80
	Section 5.03	Affirmative Covenants of the Servicer	8283
	Section 5.04	Negative Covenants of the Servicer	87
	ARTICLE VI.	ADMINISTRATION AND SERVICING OF CONTRACTS	89
	Section 6.01	Appointment and Designation of the Servicer	89
	Section 6.02	Duties of the Servicer	91
	Section 6.03	Authorization of the Servicer	93
	Section 6.04	Collection of Payments; Accounts	94
	Section 6.05	Realization Upon Loan Assets	9596
	Section 6.06	Servicing Compensation	96
	Section 6.07	Payment of Certain Expenses by Servicer	96
	Section 6.08	Reports to the Administrative Agent; Account Statements; Servicing Information	96
	Section 6.09	Annual Statement as to Compliance	98
	Section 6.10	Annual Independent Public Accountant’s Servicing Reports	98
	Section 6.11	The Servicer Not to Resign	99
	Section 6.12	Required Sale Date	99
	ARTICLE VII.	EVENTS OF DEFAULT	99
	Section 7.01	Events of Default	99
	Section 7.02	Additional Remedies of the Administrative Agent	102
	ARTICLE VIII.	INDEMNIFICATION	104105

 

    	 	ii 	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	Section 8.01	Indemnities by the Borrower	104105
	Section 8.02	Indemnities by Servicer	107108
	Section 8.03	Legal Proceedings	109
	Section 8.04	After-Tax Basis	110
	ARTICLE IX.	THE ADMINISTRATIVE AGENT	110
	Section 9.01	The Administrative Agent	110
	ARTICLE X.	COLLATERAL AGENT	113114
	Section 10.01	Designation of Collateral Agent	113114
	Section 10.02	Duties of Collateral Agent	114
	Section 10.03	Merger or Consolidation	116
	Section 10.04	Collateral Agent Compensation	116117
	Section 10.05	Collateral Agent Removal	116117
	Section 10.06	Limitation on Liability	117
	Section 10.07	Collateral Agent Resignation	118
	ARTICLE XI.	MISCELLANEOUS	118119
	Section 11.01	Amendments and Waivers	118119
	Section 11.02	Notices, Etc.	119
	or at such other address as shall be designated by such party in a written notice to the other parties hereto	119120
	Section 11.03	No Waiver; Remedies	120
	Section 11.04	Binding Effect; Assignability; Multiple Lenders	120
	Section 11.05	Term of This Agreement	120121
	Section 11.06	GOVERNING LAW; JURY WAIVER	121
	Section 11.07	Costs, Expenses and Taxes	121
	Section 11.08	No Proceedings	122
	Section 11.09	Recourse Against Certain Parties	122123
	Section 11.10	Execution in Counterparts; Severability; Integration	123124
	Section 11.11	Consent to Jurisdiction; Service of Process	123124
	Section 11.12	Characterization of Conveyances Pursuant to the Purchase and Sale Agreement	124
	Section 11.13	Confidentiality	125126

 

    	 	iii 	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section 11.14	Non-Confidentiality of Tax Treatment	126127
	Section 11.15	Waiver of Set Off	127
	Section 11.16	Headings and Exhibits	127
	Section 11.17	Ratable Payments	127
	Section 11.18	Failure of Borrower or Servicer to Perform Certain Obligations	127128
	Section 11.19	Power of Attorney	127128
	Section 11.20	Delivery of Termination Statements, Releases, etc.	128

 

    	 	iv 	 

     

    

 

This LOAN AND SERVICING AGREEMENT
is made as of September 16, 2011, among:

 

(1)         FIFTH
STREET FUNDING II, LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”);

 

(2)         FIFTH
STREET FINANCE CORP., a Delaware corporation, as the Servicer (as defined herein) and as the Transferor (as defined herein);

 

(3)         SUMITOMO
MITSUI BANKING CORPORATION, a Japanese banking corporation, as Administrative Agent (together with its successors and assigns in
such capacity, the “Administrative Agent”) and as the Collateral Agent (together with its successors and assigns
in such capacity, the “Collateral Agent”); and

 

(4)         EACH
OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as a Lender.

 

PRELIMINARY STATEMENT

 

The Lenders have agreed,
on the terms and conditions set forth herein, to provide a secured revolving credit facility which shall provide for Advances under
the Variable Funding Note(s) from time to time in an aggregate principal amount not to exceed the Borrowing Base. The proceeds
of the Advances will be used (a) to finance the Borrower’s purchase, on a “true sale” basis, of Eligible Loan
Assets from the Transferor, approved by the Administrative Agent, pursuant to the Purchase and Sale Agreement between the Borrower
and the Transferor, (b) to fund the Unfunded Exposure Account and (c) to distribute such proceeds to the Borrower’s parent.
Accordingly, the parties agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

SECTION 1.01         Certain
Defined Terms.

 

(a)          Certain
capitalized terms used throughout this Agreement are defined above or in this Section 1.01.

 

(b)          As
used in this Agreement and the exhibits and schedules thereto (each of which is hereby incorporated herein and made a part hereof),
the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined):

 

“1940 Act”
means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

“Account Bank”
means U.S. Bank, in its capacity as the “Account Bank” pursuant to the Control Agreement.

    	 	 	 

     

    

 

Affiliate relationship which may exist solely
as a result of direct or indirect ownership or control by a common Financial Sponsor.

 

“Agented Note”
means any Loan Asset (i) originated as a part of a syndicated loan transaction that has been closed (without regard to any contemporaneous
or subsequent syndication of such Loan Asset) prior to such Loan Asset becoming part of the Collateral Portfolio and (ii) with
respect to which, upon an assignment of the note under the Purchase and Sale Agreement to the Borrower, the Borrower, as assignee
of the note, will have all of the rights but none of the obligations of the Transferor with respect to such note and the Underlying
Collateral.

 

“Agreement”
means this Loan and Servicing Agreement, as the same may be amended, restated, supplemented and/or otherwise modified from time
to time hereafter.

 

“Applicable Law”
means for any Person all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes,
treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable
to such Person (including, without limitation, predatory lending laws, usury laws, the Federal Truth-in-Lending Act, the Equal
Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the
Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and
“Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code and all other consumer credit laws and equal credit opportunity and disclosure laws) and applicable judgments,
decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal
or agency of competent jurisdiction.

 

“Applicable Percentage” means, for each
Eligible Loan Asset, 65%.

 

“Applicable Spread”
means, (i) with respect to any rate based on LIBOR, if the Advances Outstanding on the applicable
day (after giving effect to borrowings, prepayments and Commitment reductions effected on such day) were (x) greater than an amount
equal to thirty-five percent (35.00%) of the aggregate Commitments on such day, 2.00% per annum and (y) less than or equal
to an amount equal to thirty-five percent (35.00%) of the aggregate Commitments on such day, 2.25%
per annum and, (ii) with respect to
any rate based on the Base Rate, 1.25% per annum; provided that, at any time after the occurrence of an Event of
Default, the Applicable Spread shall be 4.00% per annum.

 

“Approval Notice”
means, with respect to any Eligible Loan Asset, the written notice, in substantially the form attached hereto as Exhibit A,
evidencing the approval by the Administrative Agent, in its sole discretion, of the conveyance of such Eligible Loan Asset by the
Transferor to the Borrower pursuant to the terms of the Purchase and Sale Agreement and the Loan Assignment by which the Transferor
effects such conveyance.

 

“Assigned Documents” has the meaning
assigned to that term in Section 2.12.

 

    	 	- 2 -	 

     

    

 

therein and (ii) provides that the payment obligation of the Obligor
on such Loan Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor.

 

“Floating
Rate Note” means a note issued pursuant to an indenture or equivalent document by a corporation, partnership, limited liability
company, trust or other Person, bearing interest at a floating rate. For the avoidance of doubt, a Floating Rate Note will not
include any note evidencing any borrowings under or in respect of a Loan Asset.

 

“Foreign Lender”
means a Lender that is not created or organized under the laws of the United States or a political subdivision thereof.

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States.

 

“Governmental Authority”
means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

 

“Hazardous Materials”
means all materials subject to any Environmental Law, including, without limitation, materials listed in 49 C.F.R. § 172.010,
materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended, flammable, explosive or radioactive materials, hazardous or toxic wastes or substances, lead-based materials,
petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde
and any substances classified as being “in inventory”, “usable work in process” or similar classification
that would, if classified as unusable, be included in the foregoing definition.

 

“Indebtedness”
means, with respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance
with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness
customary for indebtedness of that type, (b) all obligations of such Person under leases that have been or should be, in accordance
with GAAP, recorded as capital leases, (c) all obligations of such Person in respect of acceptances issued or created for the account
of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed
or otherwise become liable for the payment thereof, (e) all indebtedness, obligations or liabilities of that Person in respect
of derivatives, and (f) all obligations under direct or indirect guaranties in respect of obligations (contingent or otherwise)
to purchase or otherwise acquire, or to otherwise assure a creditor against loss in respect of, indebtedness or obligations of
others of the kind referred to in clauses (a) through (e).

 

“Indemnified Amounts” has the meaning
assigned to that term in Section 8.01.

 

“Indemnified Party” has the meaning assigned
to that term in Section 8.01.

 

    	 	- 3 -	 

     

    

 

scheduled payments of interest and payments of interest relating
to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales or dispositions
attributable to interest on such Loan Asset and (ii) amendment fees, late fees, waiver fees, prepayment fees or other amounts received
in respect of Loan Assets.

 

“Interest Period”
means with respect to any LIBOR Advance (i) the period beginning on, and including, the Advance Date or Conversion Date, as applicable,
with respect to such LIBOR Advance and ending on, but excluding, the first succeeding Payment Date (provided that if the
Advance Date or Conversion Date, as applicable, for any LIBOR Advance occurs on or after the Payment Date Cut-Off in any calendar
month but prior to the Payment Date in such calendar month, the initial Interest Period for such LIBOR Advance shall end on, but
exclude, the second succeeding Payment Date) and (ii) thereafter, for so long as such LIBOR Advance or any portion thereof remains
outstanding, each period beginning on, and including, the Payment Date on which the immediately preceding Interest Period with
respect to such LIBOR Advance ended and ending on, but excluding, the next succeeding Payment Date.

 

“Investment
Advisor Departure Event” means Fifth Street Management LLC shall cease to be the investment advisor of the Servicer without
having been immediately replaced with an investment advisor reasonably satisfactory to the Administrative Agent and the Required
Lenders in their reasonable discretion. For the avoidance of doubt, in the event the Servicer elects to be self-managed in accordance
with applicable law, no Investment Advisor Departure Event shall be deemed to have occurred so long as no Key Person Departure
Event has occurred.

 

“Investment Polices”
means Fifth Street’s written investment policies in effect on the date hereof (a copy of which has been previously delivered
to the Administrative Agent), as same may be amended from time to time in Fifth Street’s reasonable business judgment.

 

“Joinder Supplement”
means an agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit E to this Agreement
(appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date.

 

“Key
Person Departure Event” means any two of (i) Leonard Tannenbaum, (ii) Bernard Berman and (iii) Ivelin Dimitrov fail
 to provide active and material participation in Fifth
Street Management LLC’s daily activities (whether by resignation, termination, disability,
death or lack of day-to-day management).

 

“Lender”
means (i) SMBC, (ii) each financial institution which may from time to time become a Lender hereunder by executing and delivering
a Joinder Supplement to the Administrative Agent and the Borrower as contemplated by Section 2.21 and/or (iii) any other
Person to whom a Lender assigns any part of its rights and obligations under this Agreement and the other Transaction Documents
in accordance with the terms of Section 11.04.

 

“Lender Fee Letter”
means each fee letter agreement that shall be entered into by and among the Borrower, the Servicer and the applicable Lender in
connection with the transactions contemplated by this Agreement, as amended, modified, waived, supplemented, restated or replaced
from time to time.

 

    	 	- 4 -	 

     

    

 

other obligations that accrue after the commencement of an insolvency
proceeding (in each case whether or not allowed as a claim in such insolvency proceeding).

 

“Obligor”
means, collectively, each Person obligated to make payments under a Loan Agreement, including any guarantor thereof.

 

“Officer’s
Certificate” means a certificate signed by the president, the secretary, an assistant secretary, the chief financial
officer or any vice president, as an authorized officer, of any Person.

 

“Opinion of Counsel”
means a written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole discretion;
provided that Rutan & Tucker LLP and Sutherland Asbill & Brennan LLP shall be considered acceptable counsel for
purposes of this definition.

 

“Outstanding Balance”
means the principal balance of a Loan Asset, expressed exclusive of PIK Interest and accrued interest. For the avoidance of doubt,
the Outstanding Balance with respect to a Revolving Loan Asset or a Delayed Draw Loan Asset shall be equal to the funded amount
of such Revolving Loan Asset or Delayed Draw Loan Asset.

 

“Payment Date”
means the 15th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing
on the Initial Payment Date; provided that the final Payment Date shall occur on the Collection Date.

 

“Payment Date Cut-Off”
means, with respect to each Payment Date, the fifth Business Day prior to such Payment Date.

 

“Payment Duties”
has the meaning assigned to that term in Section 10.02(b)(ii).

 

“Pension Plan”
has the meaning assigned to that term in Section 4.01(x).

 

“Permitted
Investment Required Ratings” means (a) if such obligation or security (i) has both a long-term
and a short-term credit rating from Moody’s, such ratings are “Aa3” or better (not on credit watch for possible
downgrade) and “P-1” (not on credit watch for possible downgrade), respectively, (ii) has only a long-term credit
rating from Moody’s, such rating is “Aaa” (not on credit watch for possible downgrade) and
(iii) has only a short-term credit rating from Moody’s, such rating is “P-1” (not on credit
watch for possible downgrade) and (b) “A 1” or better (or, in the absence of a short-term credit rating, “A+”
or better) from S&P.“Permitted Investments” means, at any
time, either Cashcash
or any Dollar investment that, at the time it
is delivered (directly or through an intermediary or bailee), (x) matures not
later than the earlier of (A) the date that is 60 days after the date of delivery thereof and (B) the Business Day immediately
preceding the Payment Date immediately following the date of delivery thereof, and (y)investments
that is one or more of the following obligations or securities:

 

(i)          direct
Registeredinterest bearing obligations
of, and Registeredinterest bearing obligations
theguaranteed as to timely
payment of principal and interest on which is
fully and expressly guaranteed by, the United States or any agency
or instrumentality of the

 

    	 	- 5 -	 

     

    

 

United States, the
obligations of which are expressly backed by the full faith and credit of the
United States;

 

(ii)         demand
andor time deposits in, certificates
of deposit of, trust accounts with,demand notes
of, or bankers’ acceptances issued by, or
federal funds sold by any depository institution or trust company incorporatedorganized
under the laws of the United States or any
State thereof (including the Account Bank) or any state thereofany
federal or state branch or agency of a foreign depository institution or trust
company) and subject to supervision and examination by federal and/or state
banking authorities (including, if applicable, the Collateral Agent, the Collateral Custodian
or with the Administrative
Agent, in
each case payable within 60 days after issuance, so long as the commercial paper
and/or the or any agent thereof acting in its
commercial capacity); provided that the short term unsecured debt obligations of such depository institution
or trust company (or, in the case of the principal depository
institution in a holding company system, the commercial paper or debt obligations of such holding company) at
the time of such investment, or contractual commitment
providing for such investment have the Permitted Investment Required Ratingsare
rated at least “A-1” by Standard & Poor’s and “P-1”
by Moody’s;

 

(iii)        unleveraged
repurchase obligations (if treated as debt by the Borrower and the counterparty) with respect to (a) any security described in
clause (i) above or (b) any other Registered security issued or guaranteed by an agency or instrumentality of the United States,
in either case entered into with a depository institution or trust company (acting as principal) described in clause (ii) above
or entered into with an entity (acting as principal) with, or whose parent company has (in addition to issuing a guarantee agreement
guaranteeing payment of such entity’s obligations under such repurchase obligation, which guarantee agreement complies with
S&P’s then-current criteria with respect to guarantees), the Permitted Investment Required Ratings;commercial
paper that (a) is payable in Dollars and (b) is rated at least “A-1” by Standard & Poor’s and “P-1”
by Moody’s; and

 

(iv)        commercial
paper or other short-term obligations (other than asset-backed commercial paper) with the Permitted Investment Required Ratings
and that either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 60 days
from their date of issuance;units of money market funds rated in the highest credit
rating category by each of S&P and Moody’s.

 

(v)         a
Reinvestment Agreement issued by any bank (if treated as a deposit by such bank), or a Reinvestment Agreement issued by any insurance
company or other corporation or entity, in each case with the Permitted Investment Required Ratings; provided that such
Reinvestment Agreement may be unwound at the option of the Borrower without penalty; and

 

(vi)        money
market funds that have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and “AAAm”
or “AAAm-G” by S&P, respectively;

 

provided
that (1) Permitted Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise
specifically provided herein and shall include only such obligations or securities, other than those referred to in clause (vi)
above, as mature (or are putable at par to the issuer thereof) no later than the Business Day prior to the next Payment

 

    	 	- 6 -	 

     

    

 

Date
unless such Permitted Investments are issued by the Collateral Agent in its capacity as a banking institution, in which event
such Permitted Investments may mature on such Payment Date; and (2) none of the foregoing obligations or securities shall constitute
Permitted Investments if (a) such obligation or security has an “f”, “r”, “p”, “pi”,
“q” or “t” subscript assigned by S&P, (b) all, or substantially all, of the remaining amounts payable
thereunder consist of interest and not principal payments, (c) payments with respect to such
obligations or securitiesor proceeds
of disposition are subject to withholding taxes by any jurisdiction unless the payor is required to make “gross-up”
payments that cover the full amount of any such withholding tax on an after-tax basis, (d) such obligation or security is secured
by real property, (e) such obligation or security is purchased at a price greater than 100% of the principal or face amount thereof,
(f) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar
action, (g) in the Servicer’s judgment, such obligation or security is subject to material non-credit related risks, (h)
such obligation is a structured finance obligation or (i) such obligation or security is represented by a certificate of interest
in a grantor trust. Permitted Investments may include, without
limitation, those investments issued by or made with the Account Bank or for which the Account Bank or the Collateral Agent or
an Affiliate of the Account Bank or the Collateral Agent provides services and receives compensation.
No Permitted Investment shall have an “f”, “r”, “p”,
“pi”, “q”, “sf” or “t” subscript affixed to its S&P rating. Any such investment
may be made or acquired from or through the Collateral Agent or the Administrative Agent or any of their respective affiliates,
or any entity for whom the Collateral Agent, the Administrative Agent, the Collateral Custodian, the Account Bank or any of their
respective affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable requirements
of the foregoing definition of Permitted Investment at the time of acquisition); provided that, notwithstanding the foregoing
clauses (i) through (iv), unless the Borrower and the Servicer have received the written advice of counsel of national reputation
experienced in such matters to the contrary (together with an Officer’s Certificate of the Borrower or the Servicer to the
Administrative Agent and the Collateral Agent that the advice specified in this definition has been received by the Borrower and
the Servicer), on and after the Required Sale Date, Permitted Investments may
only include obligations or securities that
constitute cash equivalents for purposes of the rights and assets in
paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule.

 

“Permitted Liens”
means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced
(a) Liens for state, municipal or other local Taxes if such Taxes shall not at the time be due and payable or if a Person shall
currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance
with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen’s, warehousemen’s,
mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of
law in the ordinary course of business for sums that are not overdue or are being contested in good faith and (c) Liens granted
pursuant to or by the Transaction Documents.

 

“Person”
means an individual, partnership, corporation (including a statutory or business trust), limited liability company, joint stock
company, trust, unincorporated association,

 

    	 	- 7 -	 

     

    

 

accordance with the Servicing Standard, the
proceeds from the sale of the Underlying Collateral, the proceeds of any related Insurance Policy, any other recoveries with respect
to such Loan Asset, as applicable, the Underlying Collateral, and amounts representing late fees and penalties, net of any amounts
received that are required under such Loan Asset, as applicable, to be refunded to the related Obligor.

 

“Register” has the
meaning assigned to that term in Section 2.14.

 

“Registered”
means, for the purposes of the definition of “Permitted Investments”, in registered form for U.S. federal income tax
purposes and issued after July 18, 1984; provided that a certificate of interest in a grantor trust shall not be treated
as Registered unless each of the obligations or securities held by the trust was issued after that date.

 

“Reinvestment
Agreement” means a guaranteed reinvestment agreement from a bank, insurance company or other corporation or entity
having a Permitted Investment Required Rating; provided that such agreement provides that it is terminable by the purchaser,
without penalty, if the rating assigned to such agreement by either S&P or Moody’s is at any time lower than
such agreement’s Permitted Investment Required Rating.

 

“Reinvestment
Period” shall mean the date commencing on the Closing Date and ending on the day preceding the earlier of (i) September
16, 2016,2017, (ii) the occurrence
of an Event of Default (past any applicable notice or cure period provided in the definition thereof) and (iii) the date of any
voluntary termination by the Borrower pursuant to Section 2.18(b); provided that if any of the foregoing is not a
Business Day, the Reinvestment Period shall end on the next Business Day.

 

“Release Date” has the meaning set forth
in Section 2.07(c).

 

“Remittance Period”
means, (i) as to the Initial Payment Date, the period beginning on the Closing Date and ending on, and including, the Payment Date
Cut-Off immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the period beginning on the first day
after the most recently ended Remittance Period and ending on, and including, the Payment Date Cut-Off immediately preceding such
Payment Date, or, with respect to the final Remittance Period, the Collection Date.

 

“Replacement Servicer” has the meaning
assigned to that term in Section 6.01(c).

 

“Reporting Date”
means the date that is three Business Days prior to the Payment Date of each calendar month, commencing with the Payment Date in
October, 2011.

 

“Required Lenders”
means (i) SMBC (as a Lender hereunder) and its successors and assigns, in the event any such party is a Lender hereunder and (ii)
the Lenders representing an aggregate of at least 51% of the aggregate Commitments of the Lenders then in effect.

 

“Required Loan Documents”
means, for each Loan Asset, originals (except as otherwise indicated) of the following documents or instruments, all as specified
on the related Loan Asset Checklist:

 

    	 	- 8 -	 

     

    

 

(a)(i)          other
than in the case of a Noteless Loan Asset, the original or, if accompanied by an original “lost note” affidavit and
indemnity, a copy of, the underlying promissory note, endorsed by the Borrower or the prior holder of record in blank (and evidencing
an unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements in blank), and (ii) in
the case of a Noteless Loan Asset (x) a copy of each transfer document or instrument relating to such Noteless Loan Asset evidencing
the assignment of such Noteless Loan Asset to the Transferor and from the Transferor to the Borrower and from the Borrower in blank,
and (y) a copy of the Loan Asset Register with respect to such Noteless Loan Asset, as described in Section 5.03(k)(ii);

 

(b)          originals
or copies of each of the following, to the extent applicable to the related Loan Asset; any related Loan Agreement, credit agreement,
note purchase agreement, security agreement (if separate from any mortgage), sale and servicing agreement, acquisition agreement,
subordination agreement, intercreditor agreement or similar instruments, guarantee, Insurance Policy, assumption or substitution
agreement or similar material operative document, in each case together with any amendment or modification thereto, as set forth
on the Loan Asset Checklist; and

 

(c)          with
respect to any Loan Asset originated by the Transferor or an Affiliate and with respect to which the Transferor or an Affiliate
acts as administrative agent (or in a comparable capacity), either (i) copies of the UCC-1 Financing Statements, if any, and any
related continuation statements, each showing the Obligor as debtor and the Collateral Agent as total assignee or showing the Obligor,
as debtor and the Transferor or the applicable Affiliate as secured party and each with evidence of filing thereon, or (ii) copies
of any such financing statements certified by the Servicer to be true and complete copies thereof in instances where the original
financing statements have been sent to the appropriate public filing office for filing, in each case as set forth in the Loan Asset
Checklist.

 

“Required Reports”
means, collectively, the asset report and the Servicing Report required pursuant to Section 6.08(b), the Servicer’s
Certificate required pursuant to Section 6.08(c), the financial statements of the Servicer required pursuant to Section
6.08(d), the tax returns of the Borrower, the Transferor and the Servicer required pursuant to Section 6.08(e), the
financial statements and valuation reports of each Obligor required pursuant to Section 6.08(f), the annual statements as
to compliance required pursuant to Section 6.09, and the annual independent public accountant’s report required pursuant
to Section 6.10.

 

“Required
Sale Assets” means all assets owned by the Borrower that would disqualify the Borrower from using the “loan securitization
exemption” under the Volcker Rule (as determined by the Administrative Agent in its reasonable discretion). For the avoidance
of doubt, any asset that is an Eligible Loan Asset hereunder will not be included in the definition of “Required Sale Assets.”

 

“Required
Sale Date” means the date immediately prior to July 21, 2016 (or the date immediately prior to such later date (to the extent
applicable to the transactions contemplated hereby) as shall be determined by written order of the Board of Governors of the Federal
Reserve System with respect to the required conformance with the Volcker Rule by banking entities generally); provided that
if the Administrative Agent receives an

 

    	 	- 9 -	 

     

    

 

opinion of Dechert LLP or
other nationally recognized counsel satisfactory to it in its sole discretion that (A) the ownership of the Required Sale Assets
will not cause the Borrower to be a “covered fund” under the Volcker Rule, (B) the Advances are not considered to constitute
“ownership interests” under the Volcker Rule or (C) ownership of the Advances will be otherwise exempt from the Volcker
Rule, then the Required Sale Date shall not occur; provided further that upon receipt of further official guidance from
or on behalf of the Board of Governors of the Federal Reserve System with respect to compliance with the Volcker Rule, the Administrative
Agent, the Lenders and the Borrower shall negotiate in good faith in respect of amendments or modifications to the Transaction
Documents appropriate to assure compliance with or exemption from the Volcker Rule.

 

“Responsible Officer”
means, with respect to any Person, any duly authorized officer of such Person with direct responsibility for the administration
of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Restricted Junior
Payment” means (i) any dividend or other distribution, direct or indirect, on account of any class of membership interests
of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership interests
or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter
outstanding, (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire membership interests of the Borrower now or hereafter outstanding, and (iv) any payment of management
fees by the Borrower. For the avoidance of doubt, (x) payments and reimbursements due to the Servicer in accordance with this Agreement
or any other Transaction Document do not constitute Restricted Junior Payments and (y) distributions by the Borrower to holders
of its membership interests of Loan Assets or of cash or other proceeds relating thereto which have been substituted by the Borrower
in accordance with this Agreement shall not constitute Restricted Junior Payments.

 

“Retained Interest”
means, with respect to any Agented Note that is transferred to the Borrower, (i) all of the obligations, if any, of the agent(s)
under the documentation evidencing such Agented Note and (ii) the applicable portion of the interests, rights and obligations under
the documentation evidencing such Agented Note that relate to such portion(s) of the indebtedness that is owned by another lender.

 

“Revolving Loan
Asset” means a Loan Asset that is a line of credit or contains an unfunded commitment arising from an extension of credit
to an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (or its successors
in interest).

 

    	 	- 10 -	 

     

    

 

(e)          Fifth
Street shall assign its rights or obligations as “Servicer” hereunder to any Person without the
consent of each Lender and the Administrative Agent (as required in Section 11.04(a)
of this Agreement);

 

(f)          any
change in the management of the Servicer (whether by resignation, termination,
disability, death or lack of day-to-day management) relating to either (x) Leonard Tannenbaum or (y) both Bernard Berman and Ivelin Dimitrov, in each case failing to
provide active and material participation in the
Servicer’s or Transferor’s daily activities including, but not
limited to, general management, underwriting, and the credit approval process and credit monitoring activities, and such persons
are not replaced with other individuals reasonably acceptable to the Administrative Agent within 30 days of such event;a
Key Person Departure Event shall occur;

 

(g)          any
failure by the Servicer to deliver (i) any required Servicing Report on or before the date occurring two Business Days after the
date such report is required to be made or given, as the case may be or (ii) any other Required Reports hereunder on or before
the date occurring five Business Days after the date such report is required to be made or given, as the case may be, in each case
under the terms of this Agreement;

 

(h)          any
representation, warranty or certification made by the Servicer in any Transaction Document or in any document or report delivered
pursuant to any Transaction Document shall prove to have been incorrect when made, which inaccuracy has a material adverse effect
on the Lenders, and continues to be unremedied for a period of 30 days after the earlier to occur of (i) the date on which written
notice of such incorrectness requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent,
any Lender or the Collateral Agent (at the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer
of the Servicer acquires knowledge thereof;

 

(i)          any
financial or other information reasonably requested by the Administrative Agent, a Lender or the Collateral Agent is not provided
as requested within a reasonable amount of time following such request;

 

(j)          the
rendering against the Servicer of one or more final judgments, decrees or orders for the payment of money in excess of United States
$10,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect
for any period of more than 60 consecutive days without a stay of execution;

 

(k)          any
change in the control of the Servicer that takes the form of either a merger or consolidation that does not comply with the provisions
of Section 5.04(a) of this Agreement;

 

(l)          the
occurrence of an Event of Default (past any applicable notice or cure period provided in the definition thereof); or

 

(m)          the
Servicer resigns in contravention of Section
6.11 of this Agreement.

 

“Servicer Termination
Notice” has the meaning assigned to that term in Section 6.01(b).

 

    	 	- 11 -	 

     

    

 

liabilities beyond such Person’s ability
to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose
to engage in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital.

 

“State”
means one of the fifty states of the United States or the District of Columbia.

 

“Stated Maturity
Date” means September 16, 20202021
(or, if such day is not a Business Day, the next succeeding Business Day).

 

“Structured
Finance Obligation” means any obligation secured directly by, referenced to, or representing ownership of, a pool of receivables
or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities, including (but
not limited to) collateral debt obligations, collateral loan obligation, asset backed securities and commercial mortgage backed
securities or any resecuritization thereof.

 

“Subsidiary”
means with respect to a person, a corporation, partnership or other entity of which shares of stock or other ownership interests
having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity
are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries,
or both, by such person.

 

“Substitute Eligible
Loan Asset” means each Eligible Loan Asset Pledged by the Borrower to the Collateral Agent, on behalf of the Secured
Parties, pursuant to Section 2.07(a) or Section 2.07(c)(ii).

 

“Taxes”
means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including interest, penalties,
and additions thereto) that are imposed by any Governmental Authority.

 

“Term Loan Asset”
means a Loan Asset that is a term loan that has been fully funded and does not contain any unfunded commitment on the part of the
Transferor arising from an extension of credit by the Transferor to an Obligor.

 

“Third
Amendment Effective Date” means August 17, 2015.

 

“Transaction Documents”
means this Agreement, the Variable Funding Note(s), any Joinder Supplement, the Purchase and Sale Agreement, the Control Agreement,
the Custody Agreement, the U.S. Bank Fee Letter, each Lender Fee Letter and each document, instrument or agreement related to any
of the foregoing.

 

“Transferor”
means Fifth Street, in its capacity as the transferor hereunder and as the seller under the Purchase and Sale Agreement, together
with its successors and assigns in such capacity.

 

    	 	- 12 -	 

     

    

 

“Value Adjustment
Event” means, with respect to any Loan Asset, the occurrence of any one or more of the following events after the related
Cut-Off Date (any of which, for the avoidance of doubt, may occur more than once):

 

(i)          an
Obligor payment default under any Loan Asset (after giving effect to any grace and/or cure period set forth in the Loan Agreement,
but not to exceed five days);

 

(ii)         a
Bankruptcy Event with respect to the related Obligor; or

 

(iii)        the
occurrence of a Material Modification with respect to such Loan Asset.

 

“Variable Funding
Note” has the meaning assigned to such term in Section 2.01(a).

 

“Volcker
Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations
thereunder.

 

“Warranty Event”
means, as to any Loan Asset, the discovery that as of the related Cut-Off Date for such Loan Asset there existed a breach of any
representation or warranty relating to such Loan Asset (including that the Loan Asset failed to satisfy the criteria of the definition
of “Eligible Loan Asset”); provided that any Loan Asset approved by the Administrative Agent in accordance with
Section 2 of Schedule II on the applicable Cut-Off Date shall not be a Warranty Loan Asset due to the failure of such Loan
Asset to satisfy the requirements of Section 2 of Schedule II on any date thereafter.

 

“Warranty Loan Asset”
means a Loan Asset with respect to which a Warranty Event has occurred.

 

“Yield”
means the sum of the following, payable on each Payment Date:

 

(a) the aggregate LIBOR Yield
for all LIBOR Advances Outstanding that have an Interest Period that ends on such Payment Date and for any part of the outstanding
principal amount of a LIBOR Advance that was prepaid on a day other than a day on which an Interest Period for such LIBOR Advance
ended, to the extent that LIBOR Yield with respect to such prepaid principal remains accrued and unpaid:

 

plus,

 

(b) with respect to any previously
ended Remittance Period during which any Base Rate Advances were outstanding, the sum for each day in such Remittance Period of
amounts determined in accordance with the following formula (but only to the extent that such amounts were not previously paid
to the Lenders):

 

YR x L

D

 

    	 	- 13 -	 

     

    

 

(c)          If
as a result of any event or circumstance similar to those described in clause (a) or (b) of this Section 2.10,
any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement
or other similar support to such Affected Party in connection with this Agreement or the funding or maintenance of Advances hereunder,
then within ten days after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount
or amounts as may be necessary to reimburse such Affected Party for any amounts payable or paid by it.

 

(d)          In
determining any amount provided for in this Section 2.10, the Affected Party may use any reasonable averaging and attribution
methods. The Administrative Agent, on behalf of any Affected Party making a claim under this Section 2.10, shall submit
to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional or increased
costs, which certificate shall be conclusive absent manifest error.

 

(e)          Failure
or delay on the part of any Affected Party to demand compensation pursuant to this Section 2.10 shall not constitute a waiver
of such Affected Party’s right to demand or receive such compensation.

 

(f)          If
at any time the Borrower shall be liable for the payment of any additional amounts in accordance with this Section 2.10,
then the Borrower shall have the option to terminate this Agreement (in accordance with the provisions of Section 2.18(b)
but without the payment of any Make-Whole Premium); provided that such option to terminate shall in no event relieve the
Borrower of paying any amounts owing pursuant to this Section 2.10 in accordance with the terms hereof.

 

(g)          Notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all rules and regulations promulgated thereunder or issued in connection therewith shalland
(ii) any law, request, rule, guideline or directive promulgated by the Bank of International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III shall, in each case, be deemed to have been introduced
after the Closing Date, thereby constituting a change for which a claim for increased costs or additional amounts may be made
hereunder with respect to the Affected Parties, regardless of the date enacted, adopted or issued.

 

SECTION 2.11         Taxes.

 

(a)          All
payments made by the Borrower or made by the Servicer on behalf of the Borrower under this Agreement will be made free and clear
of and without deduction or withholding for or on account of any Non-Excluded Taxes. If any Non-Excluded Taxes are required to
be withheld from any amounts payable to any Indemnified Party, then the amount payable to such Person will be increased (the amount
of such increase, the “Additional Amount”) such that every net payment made under this Agreement after withholding
for or on account of any Non-Excluded Taxes (including, without limitation, any Non-Excluded Taxes on such increase) is not less
than the amount that would have been paid had no such deduction or withholding been made. The foregoing obligation to pay Additional
Amounts with respect to payments required to be made by the Borrower or made by the Servicer on behalf of the

 

    	 	- 14 -	 

     

    

 

SECTION 2.21         Additional
Lenders.

 

The Borrower may, with
the written consent of the Administrative Agent, add additional Persons as Lenders. Each additional Lender shall become a party
hereto by executing and delivering to the Administrative Agent and the Borrower a Joinder Supplement and aan
Assignment and Acceptance.

 

ARTICLE III.

 

CONDITIONS PRECEDENT

 

SECTION 3.01         Conditions
Precedent to Effectiveness.

 

(a)          This
Agreement shall be effective upon satisfaction of the conditions precedent that:

 

(i)          all
reasonable up-front expenses and fees (including legal fees, any fees required under any Lender Fee Letter and the U.S. Bank Fee
Letter) that are invoiced at or prior to the Closing Date shall have been paid in full and all other acts and conditions (including,
without limitation, the obtaining of any necessary consents and regulatory approvals and the making of any required filings, recordings
or registrations) required to be done and performed and to have happened prior to the execution, delivery and performance of this
Agreement and all related Transaction Documents and to constitute the same legal, valid and binding obligations, enforceable in
accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance
with all Applicable Law;

 

(ii)         in
the reasonable judgment of the Administrative Agent, there has not been any change after the date hereof in Applicable Law which
adversely affects any Lender’s or the Administrative Agent’s ability to enter into the transactions contemplated by
the Transaction Documents or any Material Adverse Effect or material disruption in the financial, banking or commercial loan or
capital markets generally;

 

(iii)        any
and all information submitted to each Lender and the Administrative Agent by the Borrower, the Transferor or the Servicer or any
of their Affiliates is true, accurate, complete in all material respects and not misleading in any material respect;

 

(iv)        the
Administrative Agent shall have received, all documentation and other information requested by the Administrative Agent in its
sole discretion and/or required by regulatory authorities with respect to the Borrower, the Transferor and the Servicer under applicable
“know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT
Act, all in form and substance reasonably satisfactory to the Administrative Agent;

 

(v)         the
Administrative Agent shall have received on or before the date of such effectiveness the items listed in Schedule I hereto,
each in form and substance satisfactory to the Administrative Agent;

 

    	 	- 15 -	 

     

    

 

which the Administrative Agent and Lenders
have access or upon receipt of such information through e-mail or another delivery method acceptable to the Administrative Agent.

 

SECTION 6.09         Annual
Statement as to Compliance. The Servicer will provide to the Administrative Agent, each Lender and the Collateral Agent within
90 days following the end of each fiscal year of the Servicer, commencing with the fiscal year ending on September 30, 2011, a
fiscal report signed by a Responsible Officer of the Servicer certifying that (a) a review of the activities of the Servicer, and
the Servicer’s performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal year has
been made under such Person’s supervision and (b) the Servicer has performed or has caused to be performed in all material
respects all of its obligations under this Agreement throughout such year and no Servicer Termination Event has occurred.

 

SECTION 6.10         Annual
Independent Public Accountant’s Servicing Reports. The Servicer will cause a firm of nationally recognized independent
public accountants (who may also render other services to the Servicer) to furnish to the Administrative Agent, each Lender and
the Collateral Agent within 90 days following the end of each fiscal year of the Servicer, commencing with the fiscal year ending
on September 30, 2012, a report covering such fiscal year to the effect that such accountants have applied certain agreed-upon
procedures (a copy of which procedures are attached hereto as Schedule III, it being understood that the Servicer and the
Administrative Agent will provide an updated Schedule III reflecting any further amendments to such Schedule III
prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing Schedule
III) to certain documents and records relating to the Collateral Portfolio under any Transaction Document, compared the information
contained in the Servicing Reports and the Servicer’s Certificates delivered during the period covered by such report with
such documents and records and that no matters came to the attention of such accountants that caused them to believe that such
servicing was not conducted in compliance with this Article VI, except for such exceptions as such accountants shall believe
to be immaterial and such other exceptions as shall be set forth in such statement.

 

SECTION 6.11         The
Servicer Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the
Servicer’s determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law
and (ii) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible
under Applicable Law. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i)
above by an Opinion of Counsel to such effect delivered to the Administrative Agent and each Lender. No such resignation shall
become effective until a Replacement Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance
with Section 6.02.

 

SECTION
6.12         Required Sale Date. Notwithstanding anything else in this Agreement or
the other Transaction Documents to the contrary, the Borrower shall divest itself of all Required Sale Assets on or prior to the
Required Sale Date; provided, however, that the Administrative Agent may, in its sole discretion, give notice at
any time to the Borrower to divest itself of any Required Sale Assets. For the avoidance of doubt, the Borrower’s divestment
of the Required Sale Assets shall not be included in determining the Borrower’s compliance with Section 2.07 of this Agreement.

 

    	 	- 16 -	 

     

    

 

(o)          any
representation, warranty or certification made by the Borrower or the Transferor in any Transaction Document or in any document
delivered pursuant to any Transaction Document shall prove to have been incorrect when made in any material respect, and continues
to be unremedied for a period of 30 days after the earlier to occur of (i) the date on which written notice of such incorrectness
requiring the same to be remedied shall have been given to the Borrower or the Transferor by the Administrative Agent or the Collateral
Agent (which shall be given at the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of the
Borrower or the Transferor acquires knowledge thereof; or

 

(p)          the
Borrower ceases to have a valid, perfected ownership interest in all of the Collateral Portfolio; or

 

(q)          the
Borrower makes any assignment of its respective rights or obligations under this Agreement or any other Transaction Document without
first obtaining the specific written consent of each of the Lenders and the Administrative Agent, which consent may be withheld
by any Lender or the Administrative Agent in the exercise of its sole and absolute discretion; or

 

(r)          the
Borrower, the Servicer or the Transferor fails to observe or perform any covenant, agreement or obligation with respect to the
management and distribution of funds received with respect to the Collateral Portfolio, and such failure is not cured within three
Business Days; or

 

(s)          (i)
failure of the Borrower to maintain at least one Independent Director, (ii) the removal of any Independent Director of the Borrower
without “cause” (as such term is defined in the organizational document of the Borrower) or without giving prior written
notice to the Administrative Agent and the Lenders, each as required in the organizational documents of the Borrower or (iii)
an Independent Director of the Borrower which is not provided by CSC or a nationally recognized service reasonably acceptable
to the Administrative Agent shall be appointed without the consent of the Administrative Agent; or

 

(t)          an
Investment Advisor Departure Event shall occur; 

 

then the Administrative Agent or all of
the Lenders, may, by notice to the Borrower, declare the Facility Maturity Date to have occurred; provided that, in the
case of any event described in Section 7.01(h) above, the Facility Maturity Date shall be deemed to have occurred automatically
upon the occurrence of such event. Upon any such declaration or automatic occurrence, (i) the Borrower shall cease purchasing Loan
Assets from the Transferor under the Purchase and Sale Agreement, (ii) the Administrative Agent or all of the Lenders may declare
the Advances to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which
are hereby waived by the Borrower) and any other Obligations to be immediately due and payable, and (iii) all proceeds and distributions
in respect of the Portfolio Assets shall be distributed by the Collateral Agent (at the direction of the Administrative Agent)
as described in Section 2.04(c) (provided that the Borrower shall in any event remain liable to pay such Advances
Outstanding and all such amounts and Obligations immediately in accordance with Section 2.04(e) hereof). In addition, upon
any such declaration or upon any such automatic occurrence, the Collateral Agent, on behalf of the Secured Parties and at the direction
of the

 

    	 	- 17 -	 

     

    

 

(a)          This
Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Administrative Agent, each Lender,
the Collateral Agent and their respective successors and permitted assigns. Each Lender and their respective successors and assigns
may assign, syndicate, or grant a security interest or sell a participation interest in, (i) this Agreement and such Lender’s
rights and obligations hereunder and interest herein in whole or in part (including by way of the sale of participation interests
therein) and/or (ii) any Advance (or portion thereof) or any Variable Funding Note (or any portion thereof) to any Person other
than the Borrower or an Affiliate thereof; provided that, (x) so long as no Event of Default has occurred, unless the Borrower
shall otherwise consent, a Lender may only assign, syndicate, grant a security interest or sell a participation in, its rights
and obligations hereunder to an Affiliate and (y) after an Event of Default has occurred, a Lender may assign its rights and obligations
hereunder to any Person who is not a Fifth Street Competitor. Any such assignee shall execute and deliver to the Servicer, the
Borrower and the Administrative Agent a fully-executed assignment and acceptance substantially in the form of Exhibit M
hereto (a “Assignment and Acceptance”) and a fully-executed Joinder Supplement. The parties to any such
assignment, grant or sale of a participation interest shall execute and the Lender record in its books and records, such agreement
or document as may be satisfactory to such parties. To the fullest extent effective under Applicable Law (including Section 9-408
of the UCC), none of the Borrower, the Transferor or the Servicer may assign, or permit any Lien (other than Permitted Liens)
to exist upon, any of its rights or obligations hereunder or under any Transaction Document or any interest herein or in any Transaction
Document, without the prior written consent of (with
respect to assignments, solely as to the Borrower) each Lender and the Administrative Agent.

 

(b)          Notwithstanding
any other provision of this Section 11.04, any Lender may at any time pledge or grant a security interest in all or any
portion of its rights (including, without limitation, rights to payment of principal and interest) under this Agreement to secure
obligations of such Lender to a Federal Reserve Bank, without notice to or consent of the Borrower or the Administrative Agent;
provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder,
or substitute any such pledgee or grantee for such Lender as a party hereto.

 

(c)          Each
Affected Party and each Indemnified Party shall be an express third party beneficiary of this Agreement.

 

SECTION 11.05         Term
of This Agreement. This Agreement, including, without limitation, the Borrower’s representations and covenants set forth
in Articles IV and V and the Servicer’s representations, covenants and duties set forth in Articles IV,
V and VI, shall remain in full force and effect until the Collection Date; provided that the rights and remedies
with respect to any breach of any representation and warranty made or deemed made by the Borrower or the Servicer pursuant to
Articles III and IV and the indemnification and payment provisions of Article VIII, IX and Article
XI and the provisions of Section 2.10, Section 2.11, Section 11.07, Section 11.08 and Section
11.09 shall be continuing and shall survive any termination of this Agreement.

 

SECTION 11.06         GOVERNING
LAW; JURY WAIVER. THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL

 

    	 	- 18 -	 

     

    

 

Exhibit B

 

CONFORMED SCHEDULES TO LOAN AND SERVICING
AGREEMENT

 

     

     

    

 

Execution
version

Conformed through Omnibus
Amendment No. 3

 

SCHEDULE I

 

CONDITIONS PRECEDENT DOCUMENTS

 

As required by Section
3.01 of the Loan and Servicing Agreement, each of the following items must be delivered to the Administrative Agent and the
Lenders prior to the effectiveness of the Loan and Servicing Agreement:

 

(a)          A
copy of the Loan and Servicing Agreement duly executed by each of the parties hereto;

 

(b)          A
certificate of the secretary or assistant secretary of each of the Borrower and Fifth Street, dated the date of the Loan and Servicing
Agreement, certifying (i) the names and true signatures of the incumbent officers of such Person authorized to sign on behalf of
such Person the Transaction Documents to which it is a party (on which certificate the Administrative Agent and the Lenders may
conclusively rely until such time as the Administrative Agent and the Lenders shall receive from the Borrower or Fifth Street,
as applicable, a revised certificate meeting the requirements of this paragraph (b)(i)), (ii) that the copy of the certificate
of formation or articles of incorporation of such Person, as applicable, is a complete and correct copy and that such certificate
of formation or articles of incorporation have not been amended, modified or supplemented and are in full force and effect, (iii)
that the copy of the limited liability company agreement or by-laws, as applicable, of such Person are a complete and correct copy,
and that such limited liability company agreement or by-laws have not been amended, modified or supplemented and are in full force
and effect, and (iv) the resolutions of the board of directors of such Person approving and authorizing the execution, delivery
and performance by such Person of the Transaction Documents to which it is a party;

 

(c)          A
good standing certificate, dated as of a recent date for each of the Borrower and Fifth Street, issued by the Secretary of State
of such Person’s State of formation or organization, as applicable;

 

(d)          Duly
executed Powers of Attorney from each of the Borrower and Fifth Street to the Administrative Agent and to the Collateral Agent;

 

(e)          Duly
executed Variable Funding Note(s);

 

(f)          Financing
statements (the “Facility Financing Statements”) describing the Collateral Portfolio, and (i) naming the Borrower
as debtor and the Collateral Agent, on behalf of the Secured Parties, as secured party, (ii) naming the Transferor as debtor, the
Borrower as assignor and the Collateral Agent, on behalf of the Secured Parties, as secured party/total assignee and (iii) other,
similar instruments or documents, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of
all appropriate jurisdictions or any comparable law to perfect the Collateral Agent’s, on behalf of the Secured Parties,
interests in all Collateral Portfolio;

 

(g)          Financing
statements, if any, necessary to release all security interests and other rights of any Person in the Collateral Portfolio previously
granted by the Transferor;

 

    	 	Sch. I- 1 	 

     

    

 

SCHEDULE II

 

ELIGIBILITY CRITERIA

 

The representations
and warranties set forth in this Schedule II are made by the Borrower and the Servicer under the Loan and Servicing Agreement
and the Transferor under the Purchase and Sale Agreement, with respect to all Loan Assets which are designated as being Eligible
Loan Assets on any Borrowing Base Certificate or are otherwise represented to the Administrative Agent or the Lenders as being
Eligible Loan Assets, or are included as Eligible Loan Assets in any calculation set forth in the Loan and Servicing Agreement
to which this Schedule II is attached. For the avoidance of doubt, if such Loan Asset does not satisfy the representations
and warranties set forth in this Schedule II then the Administrative Agent must expressly consent to the inclusion of such
Loan Asset; it being understood that the Administrative Agent will not be deemed to have consented to the acquisition of a Loan
Asset by the Borrower that does not satisfy the representations and warranties set forth in this Schedule II by merely
approving the acquisition of such Loan Asset by the Borrower unless there is an express acknowledgement by the Borrower and the
Servicer under the Loan and Servicing Agreement and the Seller under the Purchase and Sale Agreement of non-satisfaction of the
representations and warranties set forth in this Schedule II.

 

1.          As
of the related Cut-Off Date, each such Loan Asset is a First Lien Loan Asset evidenced by a note or a credit document and an assignment
document in the form specified in the applicable credit agreement or, if no such specification, on the LSTA assignment form. Each
such Loan Asset and the Portfolio Assets related thereto is subject to a valid, subsisting and enforceable first priority perfected
security interest (subject only to Permitted Liens) in favor of the Collateral Agent, on behalf of the Secured Parties, and the
Borrower has good and marketable title to such Loan Asset and the Portfolio Assets related thereto, free and clear of all Liens
other than any Permitted Liens.

 

2.          As
of the related Cut-Off Date, the acquisition of each such Loan Asset by the Borrower, and the Pledge of each such Loan Asset, has
been approved by the Administrative Agent, in its sole discretion, by delivery of an Approval Notice.

 

3.          As
of the related Cut-Off Date, each such Loan Asset is not (a) a participation interest
in all or a portion of a loan (for the avoidance of doubt, a syndication or co-lending interest which is not documented as a participation
interest shall not be deemed a participation interest), (b) a letter of credit, (c) a bond, (d)
a Structured Finance Obligation or (e) a Floating Rate Note.

 

4.          As
of the related Cut-Off Date, the Obligor with respect to each such Loan Asset is organized under the laws of the United States
or any state thereof and domiciled in the United States, as reasonably determined by the Administrative Agent.

 

5.          The
funding obligations for each such Loan Asset and the Loan Agreement under which such Loan Asset was created have been fully satisfied
and all sums available thereunder have been fully advanced, or if such Loan Asset is a Revolving Loan Asset or Delayed Draw Loan
Asset, then (a) the sum of (i) the aggregate commitments under the

 

 

    	 	Sch. II- 1 	 

     

    

 

Exhibit C

 

CONFORMED CUSTODY AGREEMENT

 

     

     

    

 

EXECUTION
COPYExecution Version

Conformed Copy

 

 

 

CUSTODY AGREEMENT

 

 

 

dated as of September 16, 2011

by and among

 

FIFTH STREET FUNDING II, LLC

(“Company”),

 

FIFTH STREET FINANCE CORP.

(“Servicer” and “Transferor”),

 

SUMITOMO MITSUI BANKING CORPORATION

(“Collateral Agent” and
“Administrative Agent”)

 

and

 

U.S. BANK NATIONAL ASSOCIATION

(“Custodian”)

 

     

     

    

 

	 	TABLE OF CONTENTS	 
	 	 	Page
	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN	45
	3.	DUTIES OF CUSTODIAN	56
	4.	REPORTING	1213
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	13
	6.	CERTAIN GENERAL TERMS	1314
	7.	COMPENSATION OF CUSTODIAN	1516
	8.	RESPONSIBILITY OF CUSTODIAN	16
	9.	SECURITY CODES	1819
	10.	TAX LAW	1819
	11.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT	19
	12.	REPRESENTATIONS AND WARRANTIES; Covenants	20
	13.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	2122
	14.	NOTICES	2122
	15.	CHOICE OF LAW AND JURISDICTION	2324
	16.	ENTIRE AGREEMENT; COUNTERPARTS	2324
	17.	AMENDMENT; WAIVER	2324
	18.	SUCCESSOR AND ASSIGNS	24
	19.	SEVERABILITY	2425
	20.	INSTRUMENT UNDER SEAL; HEADINGS	2425
	21.	REQUEST FOR INSTRUCTIONS	2425
	22.	OTHER BUSINESS	2526
	23.	REPRODUCTION OF DOCUMENTS	2526
	24.	CONFIDENTIALITY	2526
	25.	MISCELLANEOUS	2627
	SCHEDULES	 
	 	SCHEDULE A – Initial Authorized Persons	 

 

    	 	i 	 

     

    

 

THIS CUSTODY AGREEMENT
(this “Agreement”) is dated as of September 16, 2011 and is by and among FIFTH STREET FUNDING II, LLC, a Delaware
limited liability company (or any successor or permitted assign hereunder, the “Company”), FIFTH STREET FINANCE
CORP., a Delaware corporation, as the servicer and as the transferor (or any successor or permitted assign hereunder, the “Servicer”
or the “Transferor”), SUMITOMO MITSUI BANKING CORPORATION, a Japanese banking corporation (or any successor
or permitted assign acting as the collateral agent or as the administrative agent hereunder, the “Collateral Agent”
or the “Administrative Agent”, respectively, and “SMBC”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association (or any successor or permitted assign acting as custodian hereunder, the “Custodian”).

 

RECITALS

 

WHEREAS, the Company,
the Administrative Agent, the Collateral Agent and each of the Lenders from time to time a party to the Loan and Servicing Agreement
desire to retain U.S. Bank National Association to act as custodian;

 

WHEREAS, the Company,
the Administrative Agent, the Collateral Agent and each of the Lenders from time to time a party to the Loan and Servicing Agreement
desire that the Company’s Securities (as defined below), Required Loan Documents (as defined below) be held and administered
by the Custodian pursuant to this Agreement; and

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

1.          DEFINITIONS

 

1.1           Defined
Terms. All capitalized terms used but not otherwise defined in this Agreement shall have the same defined meanings as set forth
in the Loan and Servicing Agreement. In addition to terms expressly defined elsewhere herein, the following words shall have the
following meanings as used in this Agreement:

 

“Administrative Agent”
has the meaning set forth in the first paragraph of this Agreement.

 

“Agreement”
means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

 

“Authorized Person”
has the meaning set forth in Section 6.4.

 

“Business Day”
means a day on which the Custodian is open for business in the market or country in which a transaction is to take place.

 

“Collateral Agent”
has the meaning set forth in the first paragraph of this Agreement.

 

“Company”
has the meaning set forth in the first paragraph of this Agreement.

 

    	 	1	 

     

    

 

“Confidential Information”
means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other
similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

 

“Custodian” has the
meaning set forth in the first paragraph of this Agreement.

 

“Document Custodian”
means the Custodian when acting in the role of a document custodian hereunder.

 

“Eligible
Investment” means any investment that at the time of its acquisition is one or more of the following:

 

(a)          United
States government and agency obligations; 

 

(b)          commercial
paper having a rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s Investor
Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating
organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood
that as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1”
and such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”; 

 

(c)          interest
bearing deposits in United States dollars in United States or Canadian banks with an unrestricted surplus of at least U.S. $250,000,000,
maturing within one year; and 

 

(d)          money
market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds
designed to maintain a fixed share price and high liquidity. 

 

“Eligible Securities Depository”
has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“Excepted Persons” has
the meaning set forth in Section 24.1.

 

“Federal Reserve Bank Book-Entry
System” means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on
which are eligible to be held all United States Government direct obligation bills, notes and bonds.

 

“Loan Asset” means any
commercial loan, or portion thereof, individually or collectively, originated or acquired by the Transferor in the ordinary course
of its business, which loan includes, without limitation, (i) the Required Loan Documents and Loan Asset File, and (ii) all right,
title and interest of the Transferor in and to the loan and any Underlying Collateral, but excluding, in each case, the Retained
Interest and Excluded Amounts and which loan was acquired by the Borrower from the Transferor under the Purchase and Sale Agreement
and owned by the Borrower on the initial Advance Date (as set forth on

 

    	 	2	 

     

    

 

3.2           Securities
Custody Account. The Custodian shall open and maintain in its trust department a segregated trust account in the name of the Company,
subject to the Lien of the Collateral Agent, for the benefit of the Secured Parties, subject to order of the Custodian, in which
the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loan Assets) and other assets
(other than cash and EligiblePermitted
Investments) of the Company Pledged to the Collateral Agent, for the benefit of the Secured
Parties, which are delivered to it in accordance with this Agreement. For avoidance of doubt, the Custodian shall not be required
to credit or deposit Loan Assets in the Securities Account but shall instead maintain a register (in book-entry form or in such
other form as it shall deem necessary or desirable) of such Loan Assets, containing such information as the Servicer, the Collateral
Agent, the Administrative Agent and the Custodian may reasonably agree; provided that, with respect to such Loan Assets,
(i) all Required Loan Documents shall be held in safekeeping by the Document Custodian, as bailee of the Collateral Agent individually
segregated from the securities and investments of any other person and marked so as to clearly identify them as the property of
the Company, subject to the Lien of the Collateral Agent, for the benefit of the Secured Parties, in a manner consistent with
this Agreement.

 

3.3           Delivery
of Securities to Custodian.

 

(a)          The
Company, the Servicer or the Transferor shall deliver, or cause to be delivered, to the Custodian the Company’s Securities,
Pledged by the Company to the Collateral Agent under the Loan and Servicing Agreement. The Company and the Servicer agree and acknowledge
that cash Proceeds of Securities shall be delivered to the Account Bank pursuant to provisions of Control Agreement. With respect
to Loan Assets, the Required Loan Documents and other underlying loan documents shall be delivered to the Custodian in its role
as, and at the address identified for, the Document Custodian. With respect to assets other than Loan Assets, such assets shall
be delivered to the Custodian in its role as, and (where relevant) at the address identified for, the Securities Custodian. The
Custodian shall not be responsible for such Securities or other assets until actually delivered to, and received by it. In taking
and retaining custody of the Required Loan Documents, the Document Custodian shall be deemed to be acting as the agent of the Collateral
Agent for the benefit of the Secured Parties.

 

(b)          (i)
In connection with the Company’s Pledge of a Loan Asset or other Security to the Collateral Agent, the Company, the Servicer
or the Transferor shall deliver or cause to be delivered to the Custodian (in its roles as, and at the address identified for,
the Custodian and Document Custodian) a properly completed Trade Confirmation containing such information in respect of such Loan
Asset as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such
Loan Asset and on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as
the Custodian reasonably may require, and shall deliver to the Document Custodian (in its role as, and at the address identified
for, the

 

    	 	3	 

     

    

 

Exhibit D

 

CONFORMED SECURITIES ACCOUNT CONTROL AGREEMENT

 

    	 	 	 

     

    

 

EXECUTION
COPYExecution
version

Conformed Copy

 

 

 

SECURITIES ACCOUNT CONTROL AGREEMENT

 

dated as of September 16, 2011

 

by and among

 

FIFTH STREET FUNDING II, LLC

 

as the Borrower

 

FIFTH STREET FUNDING CORP.

 

as the Servicer

 

SUMITOMO MITSUI BANKING CORPORATION

 

as the Collateral Agent

 

U.S. BANK NATIONAL ASSOCIATION

 

as the Account Bank

 

 

 

     

     

    

 

	 	TABLE OF CONTENTS	 
	 	 	 
	Section 1.	Defined Terms; Interpretation	1
	 	 	 
	Section 2.	Appointment of the Account Bank	23
	 	 	 
	Section 3.	The Controlled Accounts	3
	 	 	 
	Section 4.	The Account Bank	6
	 	 	 
	Section 5.	Disbursements from the Controlled Accounts	89
	 	 	 
	Section 6.	Indemnity; Limitation on Damages; Expenses; Fees	89
	 	 	 
	Section 7.	Representations	910
	 	 	 
	Section 8.	Transfer	1011
	 	 	 
	Section 9.	Termination	1012
	 	 	 
	Section 10.	Miscellaneous	1112
	 	 	 
	Section 11.	Notices	1213
	 	 	 
	Section 12.	Governing Law and Jurisdiction	1314

 

    	 	- i -	 

     

    

 

SECURITIES ACCOUNT
CONTROL AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of September 16, 2011, by and among FIFTH STREET FUNDING II, LLC, as the borrower (the “Borrower”);
FIFTH STREET FINANCE CORP., as the servicer (the “Servicer”); SUMITOMO MITSUI BANKING CORPORATION, as the collateral
agent (in such capacity, together with its successors in such capacity, the “Collateral Agent”) under the Loan
and Servicing Agreement referred to below; and U.S. BANK NATIONAL ASSOCIATION, as the account bank (in such capacity, the “Account
Bank”).

 

In consideration of
the mutual agreements hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.          Defined
Terms; Interpretation

 

(a)       Definitions.
Capitalized terms used but not defined in this Agreement shall have the meanings provided in the Loan and Servicing Agreement.
In addition, all terms used herein which are defined in Article 8 or Article 9 of the UCC and which are not otherwise defined
herein are used herein as so defined. As used herein, the following defined terms have the meanings provided below.

 

“Account Bank”
has the meaning specified in the first paragraph hereof.

 

“Agreement”
has the meaning specified in the first paragraph hereof.

 

“Associated
Persons” has the meaning specified in Section 6(b).

 

“Borrower”
has the meaning specified in the first paragraph hereof.

 

“Business
Day” means a day of the year other than (i) Saturday or a Sunday or (ii) any other day on which commercial banks in New
York, New York or the city or cities in which the offices of the Collateral Agent and Account Bank are located and are authorized
or required by Applicable Law, regulation or executive order to close.

 

“Collateral
Agent” has the meaning specified in the first paragraph hereof.

 

“Controlled
Accounts” has the meaning specified in Section 3(a)(i).

 

“Disbursement
Request” shall means a disbursement request from the Borrower to the Administrative Agent and the Collateral Agent in
the form attached as Exhibit C attached hereto in connection with a disbursement request from the Unfunded Exposure Account
in accordance with Section 2.04(d) of the Loan and Servicing Agreement.

 

“Dollar”,
“USD” or “U.S.$” means a dollar or other equivalent unit in such coin or currency of the
United States as at the time shall be legal tender for all debts, public and private.

 

“Eligible
Account” shall mean a separate and identifiable account from all other funds held by the holding institution that is
either (i) an account or accounts maintained with a federal

 

     

     

    

 

or state-chartered depository institution
or trust company which complies with the definition of Eligible Institution or (ii) a segregated trust account or accounts maintained
with a federal or state chartered depository institution or trust company acting through its corporate trust division which, in
the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R.
§9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination
by federal and state authorities. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.

 

“Eligible Institution”
shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured
debt obligations or commercial paper of which are rated at least A-1 by Standard & Poor’s Ratings Services, a Standard
& Poor’s Financial Services LLC business (“S&P”), P-1 by Moody’s Investors Service, Inc. (“Moody’s”),
and F-1+ by Fitch, Inc. (“Fitch”) in the case of accounts in which funds are held for 30 days or less or, in the case
of letters of credit or accounts in which funds are held for more than 30 days, the long term unsecured debt obligations of which
are rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s.

 

“Law”
includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority) and “lawful” and “unlawful” will be construed accordingly.

 

“Loan and
Servicing Agreement” means the Loan and Servicing Agreement, dated as of September 16, 2011 by and among the Borrower,
the Servicer and Sumitomo Mitsui Banking Corporation, as the Administrative Agent, as Lender and as the Collateral Agent, a copy
of which is attached hereto as Exhibit A.

 

“Loan Assets”
has the meaning specified in Section 13.

 

“Loan Assignment
Agreement” has the meaning specified in Section 13.

 

“Moody’s”
means Moody’s Investors Service, Inc. (or its successors in interest).

 

“Payment Date”
means the 15th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing
on the 15th day of October, 2011; provided that the final Payment Date shall occur on the Collection Date.

 

“Permitted
Investment Required Ratings” means (a) if such obligation or security (i) has both a long-term and a short-term
credit rating from Moody’s, such ratings are “Aa3” or better (not on credit watch for possible downgrade) and
“P-1” (not on credit watch for possible downgrade), respectively, (ii) has only a long-term credit rating from Moody’s,
such rating is “Aaa” (not on credit watch for possible downgrade) and (iii) has only a short-term credit rating from
Moody’s, such rating is “P-1” (not on credit watch for possible downgrade) and (b) “A 1” or better
(or, in the absence of a short-term credit rating, “A+” or better) from S&P.

 

“Permitted
Investments” means either cash or any Dollar investment that, at the time it is delivered (directly or through
an intermediary or bailee), (x) matures not later than the earlier of (A) the date that is 60 days after the date of delivery thereof
and (B) the Business Day

 

    	 	- 2 -	 

     

    

 

immediately preceding
the Payment Date immediately following the date of delivery thereof, and (y) is
one or more of the following obligations or securities: 

 

(i)          direct
Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly
guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are expressly
backed by the full faith and credit of the United States; 

 

(ii)         demand
and time deposits in, certificates of deposit of, trust accounts with, bankers’ acceptances issued by, or federal funds
sold by any depository institution or trust company incorporated under the laws of the United States (including the Account Bank)
or any state thereof and subject to supervision and examination by federal and/or state banking authorities or with the Administrative
Agent, in each case payable within 60 days after issuance, so long as the commercial paper and/or the debt obligations of such
depository institution or trust company (or, in the case of the principal depository institution in a holding company system,
the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment providing
for such investment have the Permitted Investment Required Ratings; 

 

(iii)        unleveraged
repurchase obligations (if treated as debt by the Borrower and the counterparty) with respect to (a) any security described in
clause (i) above or (b) any other Registered security issued or guaranteed by an agency or instrumentality of the United States,
in either case entered into with a depository institution or trust company (acting as principal) described in clause (ii) above
or entered into with an entity (acting as principal) with, or whose parent company has (in addition to issuing a guarantee agreement
guaranteeing payment of such entity’s obligations under such repurchase obligation, which guarantee agreement complies with
S&P’s then-current criteria with respect to guarantees), the Permitted Investment Required Ratings; 

 

(iv)        commercial
paper or other short-term obligations (other than asset-backed commercial paper) with the Permitted Investment Required Ratings
and that either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 60 days
from their date of issuance; 

 

(v)         a
Reinvestment Agreement issued by any bank (if treated as a deposit by such bank), or a Reinvestment Agreement issued by any insurance
company or other corporation or entity, in each case with the Permitted Investment Required Ratings; provided that such
Reinvestment Agreement may be unwound at the option of the Borrower without penalty; and 

 

(vi)        money
market funds that have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and “AAAm”
or “AAAm-G” by S&P, respectively; 

 

provided
that (1) Permitted Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise
specifically provided herein and shall include only such obligations or securities, other than those referred to in clause (vi)
above, as mature (or are putable at par to the issuer thereof) no later than the Business Day prior to the next Payment Date unless
such Permitted Investments are issued by the Collateral Agent or the Account Bank

 

 

    	 	- 3 -	 

     

    

 

in
its capacity as a banking institution, in which event such Permitted Investments may mature on such Payment Date; and (2) none
of the foregoing obligations or securities shall constitute Permitted Investments if (a) such obligation or security has an “f”,
“r”, “p”, “pi”, “q” or “t” subscript assigned by S&P, (b) all,
or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (c) payments
with respect to such obligations or securities or proceeds of disposition are subject to withholding taxes by any jurisdiction
unless the payor is required to make “gross-up” payments that cover the full amount of any such withholding tax on
an after-tax basis, (d) such obligation or security is secured by real property, (e) such obligation or security is purchased at
a price greater than 100% of the principal or face amount thereof, (f) such obligation or security is subject of a tender offer,
voluntary redemption, exchange offer, conversion or other similar action, (g) in the Servicer’s judgment, such obligation
or security is subject to material non-credit related risks, (h) such obligation is a structured finance obligation or (i) such
obligation or security is represented by a certificate of interest in a grantor trust. Permitted Investments may include, without
limitation, those investments issued by or made with the Account Bank or for which the Account Bank or the Collateral Agent or
an Affiliate of the Account Bank or the Collateral Agent provides services and receives compensation.

 

“Proceedings”
has the meaning specified in Section 12(b).

 

“Registered”
means, for the purposes of the definition of “Permitted Investments”, in registered form for U.S. federal income tax
purposes and issued after July 18, 1984; provided that a certificate of interest in a grantor trust shall not be treated
as Registered unless each of the obligations or securities held by the trust was issued after that date.

 

“Reinvestment
Agreement” means a guaranteed reinvestment agreement from a bank, insurance company or other corporation or entity
having a Permitted Investment Required Rating; provided that such agreement provides that it is terminable by the purchaser,
without penalty, if the rating assigned to such agreement by either S&P or Moody’s is at any time lower than
such agreement’s Permitted Investment Required Rating.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (or its successors
in interest).

 

(b) Rules of Construction.
Unless the context otherwise clearly requires: (i) the definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined; (ii) whenever the context may require, any pronoun shall include the corresponding masculine, feminine
and neuter forms; (iii) the words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”; (iv) the word “will” shall be construed to have the same
meaning and effect as the word “shall”; (v) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument 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); (vi) any
reference herein to any Person shall be construed to include such Person’s successors and assigns; (vii) the words “herein”,
“hereof’ and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in
its entirety and not

 

    	 	- 4 -	 

     

    

 

Exhibit E

 

CONFORMED PURCHASE AND SALE AGREEMENT

 

     

     

    

 

EXECUTION
COPYExecution version

(Conformed Copy)

 

PURCHASE AND SALE AGREEMENT

 

by and between

 

FIFTH STREET FUNDING II, LLC,

 

as the Purchaser

 

and

 

FIFTH STREET FINANCE CORP.,

 

as the Seller

 

Dated as of September 16, 2011

 

     

     

    

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE
AGREEMENT, dated as of September 16, 2011, by and between FIFTH STREET FINANCE CORP., a Delaware corporation, as the seller (the
“Seller”) and FIFTH STREET FUNDING II, LLC, a Delaware limited liability company, as the purchaser (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Purchaser
has agreed to Purchase (as hereinafter defined) from the Seller from time to time, and the Seller has agreed to Sell (as hereinafter
defined) to the Purchaser from time to time, certain Loan Assets and Portfolio Assets related thereto on the terms set forth herein;

 

WHEREAS, it is contemplated
that the Loan Assets and Portfolio Assets Purchased hereunder may be Pledged by the Purchaser pursuant to the Loan and Servicing
Agreement (as defined herein) and the related Transaction Documents, to the Collateral Agent, for the benefit of the Secured Parties;
and

 

WHEREAS, the Seller
agrees that all representations, warranties, covenants and agreements made by the Seller herein with respect to the Sale Portfolio
shall also be for the benefit of any Secured Party.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Purchaser and the Seller, intending to be legally bound, hereby agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

Section 1.1.          General.
The specific terms defined in this Article include the plural as well as the singular. Words herein importing a gender include
the other gender. References herein to “writing” include printing, typing, lithography and other means of reproducing
words in visible form. References to agreements and other contractual instruments include all subsequent amendments thereto or
changes therein entered into in accordance with their respective terms and not prohibited by this Agreement or the Loan and Servicing
Agreement (as hereinafter defined). References herein to Persons include their successors and assigns permitted hereunder or under
the Loan and Servicing Agreement. The terms “include” or “including” mean “include without limitation”
or “including without limitation”. The words “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision,
and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules
and Exhibits to this Agreement. References to any Applicable Law means such Applicable Law as amended, modified, codified, replaced
or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and
reference to any Section or other provision of any Applicable Law means that provision of such Applicable Law from time to time

 

     

     

    

 

(b)          Security
Interests. Except as otherwise permitted herein and in the Loan and Servicing Agreement, the Seller will not sell, pledge,
assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Sale Portfolio Sold
by the Seller to the Purchaser hereunder, whether now existing or hereafter transferred hereunder, or any interest, therein, and
the Seller will not sell, pledge, assign or suffer to exist any Lien (except for Permitted Liens) on its interest in the Sale Portfolio
Sold by the Seller to the Purchaser hereunder. The Seller will promptly notify the Purchaser, the Collateral Agent, each Lender
and the Administrative Agent of the existence of any Lien on any Sale Portfolio and the Seller shall defend the right, title and
interest of the Purchaser and the Collateral Agent, on behalf of the Secured Parties, in, to and under the Sale Portfolio against
all claims of third parties; provided that nothing in this Section 5.3(b) shall prevent or be deemed to prohibit
the Seller from suffering to exist Permitted Liens upon any of the Sale Portfolio.

 

(c)          Mergers,
Acquisitions, Sales, Etc. The Seller will not consolidate with or merge into any other Person or convey or transfer its properties
and assets substantially as an entirety to any Person, or sell or assign with or without recourse any Sale Portfolio or any interest
therein (other than in the ordinary course of business or as permitted pursuant to this Agreement or the Transaction Documents).

 

(d)          Transfer
of Purchaser Membership Interests. The Seller shall not transfer, pledge, participate or otherwise encumber its membership
interests in the Purchaser without the prior
written consent of the Administrative Agent and the delivery of an acceptable (in the Administrative Agent’s reasonable discretion)
non-consolidation opinion.

 

(e)          Restricted
Payments. The Seller shall not cause or permit the Purchaser to make any Purchaser Restricted Junior Payment, except that,
so long as no Event of Default or Unmatured Event of Default has occurred or would result therefrom, the Purchaser may declare
and make distributions to its member on its membership interests.

 

(f)          Accounting
of Purchases. Other than for tax and consolidated accounting purposes, the Seller will not account for or treat (whether in
financial statements or otherwise) the transactions contemplated hereby in any manner other than as a sale of the Loan Assets to
the Purchaser.

 

(g)          ERISA
Matters. The Seller will not (a) engage, and will exercise its best efforts not to permit any ERISA Affiliate to engage, in
any prohibited transaction (within the meaning of ERISA Section 406(a) or (b) or Code Section 4975) for which an exemption is not
available or has not previously been obtained from the United States Department of Labor, (b) fail to meet the minimum funding
standard set forth in Section 302(a) of ERISA and Section 412(a) of the Code with respect to any Pension Plan other than a Multiemployer
Plan, (c) fail to make any payments to a Multiemployer Plan that the Seller or any ERISA Affiliate may be required to make under
the agreement relating to such Multiemployer Plan or any law pertaining thereto, (d) terminate any Pension Plan so as to result,
directly or indirectly, in any liability to the Seller, or (e) permit to exist any occurrence of any reportable event described
in Title IV of ERISA with respect to any Pension Plan other than an event for which the reporting requirements have been waived
by regulations.

 

    	 	2

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