Document:

Exhibit 4.1

    

     

    

     

    

    WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST

    Issuer

    and

    MUFG UNION BANK, N.A.

    Indenture Trustee

    

    

    

    

    SERIES 2019-C INDENTURE SUPPLEMENT

    Dated as of September 18, 2019

    

    

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

      

      

      	
              ARTICLE I.

            	
              CREATION OF THE SERIES 2019-C NOTES

            	
              1

            
	 	 	 
	
              Section 1.1

            	
              Designation

            	
              1

            
	
              Section 1.2

            	
              Transfer Restrictions

            	
              2

            
	 	 	 
	
              ARTICLE II.

            	
              DEFINITIONS

            	
              4

            
	 	 	 
	
              Section 2.1

            	
              Definitions

            	
              4

            
	 	 	 
	
              ARTICLE III.

            	
              NOTEHOLDER SERVICING FEE

            	
              18

            
	 	 	 
	
              Section 3.1

            	
              Servicing Compensation

            	
              18

            
	
              Section 3.2

            	
              Covenants

            	
              18

            
	 	 	 
	
              ARTICLE IV.

            	
              RIGHTS OF SERIES 2019-C NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

            	
              18

            
	 	 	 
	
              Section 4.1

            	
              Collections and Allocations

            	
              18

            
	
              Section 4.2

            	
              Determination of Monthly Interest

            	
              21

            
	
              Section 4.3

            	
              Determination of Monthly Principal

            	
              23

            
	
              Section 4.4

            	
              Application of Available Finance Charge Collections and Available Principal Collections

            	
              23

            
	
              Section 4.5

            	
              Investor Charge-Offs

            	
              25

            
	
              Section 4.6

            	
              Reallocated Principal Collections

            	
              25

            
	
              Section 4.7

            	
              Excess Finance Charge Collections

            	
              26

            
	
              Section 4.8

            	
              Shared Principal Collections

            	
              26

            
	
              Section 4.9

            	
              Certain Series Accounts

            	
              26

            
	
              Section 4.10

            	
              Reserve Account

            	
              28

            
	
              Section 4.11

            	
              [Reserved.]

            	
              29

            
	
              Section 4.12

            	
              Investment Instructions

            	
              29

            
	
              Section 4.13

            	
              Controlled Accumulation Period

            	
              30

            
	
              Section 4.14

            	
              Suspension of Controlled Accumulation Period

            	
              31

            
	 	 	 
	
              ARTICLE V.

            	
              DELIVERY OF SERIES 2019-C NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2019-C NOTEHOLDERS

            	
              32

            
	 	 	 
	
              Section 5.1

            	
              Delivery and Payment for the Series 2019-C Notes

            	
              32

            
	
              Section 5.2

            	
              Distributions

            	
              33

            
	
              Section 5.3

            	
              Reports and Statements to Series 2019-C Noteholders

            	
              33

            
	 	 	 
	
              ARTICLE VI.

            	
              SERIES 2019-C EARLY AMORTIZATION EVENTS

            	
              34

            
	 	 	 
	
              Section 6.1

            	
              Series 2019-C Early Amortization Events

            	
              34

            
	 	 	 
	
              ARTICLE VII.

            	
              REDEMPTION OF SERIES 2019-C NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

            	
              36

            
	 	 	 
	
              Section 7.1

            	
              Optional Redemption of Series 2019-C Notes; Final Distributions

            	
              36

            
	
              Section 7.2

            	
              Series Termination

            	
              37

            

      

    

    
      

      

      

      

      
        i

        
          

      

      

      TABLE OF CONTENTS

        (continued)

      Page

       

      

      	
              ARTICLE VIII.

            	
              MISCELLANEOUS PROVISIONS

            	
              37

            
	 	 	 
	
              Section 8.1

            	
              Ratification of Indenture; Amendments

            	
              37

            
	
              Section 8.2

            	
              Form of Delivery of the Series 2019-C Notes

            	
              37

            
	
              Section 8.3

            	
              Counterparts

            	
              38

            
	
              Section 8.4

            	
              GOVERNING LAW

            	
              38

            
	
              Section 8.5

            	
              Limitation of Liability

            	
              38

            
	
              Section 8.6

            	
              Rights of the Indenture Trustee

            	
              38

            
	
              Section 8.7

            	
              Additional Provisions

            	
              38

            
	
              Section 8.8

            	
              Notice Address for Rating Agencies

            	
              40

            
	
              Section 8.9

            	
              Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes

            	
              40

            
	
              Section 8.10

            	
              Additional Matters Concerning the Indenture Trustee

            	
              41

            

      

      

      

      

      

    

    EXHIBITS

    

    

    	
            EXHIBIT A-1

          	 	
            FORM OF CLASS A NOTE

          
	
            EXHIBIT A-2

          	 	
            FORM OF CLASS M NOTE

          
	
            EXHIBIT A-3

          	 	
            FORM OF DEFINITIVE CLASS B NOTE

          
	
            EXHIBIT B

          	 	
            FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

          
	 	 	
            NOTIFICATION TO INDENTURE TRUSTEE

          
	
            EXHIBIT C

          	 	
            FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

          
	
            SCHEDULE I

          	 	
            PERFECTION COVENANTS

          

    

    

    

    

    
      ii

      
        

    

    SERIES 2019-C INDENTURE SUPPLEMENT, dated as of September 18, 2019 (the “Indenture Supplement”), between WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, a statutory trust organized and existing under the laws of the State of Delaware (herein, the “Issuer” or the “Trust”), and MUFG UNION BANK, N.A., a national banking association (formerly
      known as Union Bank, N.A., “Union Bank”), not in its individual capacity, but solely as indenture trustee (herein, together with its successors in the trusts thereunder as provided in the Master Indenture referred to below, the “Indenture
        Trustee”) under the Master Indenture, dated as of August 1, 2001, between the Issuer and the Indenture Trustee, as amended by the Omnibus Amendment, dated as of March 31, 2003, among WFN Credit Company, LLC (the “Transferor”), the
      Issuer, Comenity Bank (formerly known as World Financial Network Bank), individually and as Servicer, World Financial Network Credit Card Master Trust, Union Bank (successor to The Bank of New York Mellon Trust Company, N.A.), as trustee of World
      Financial Network Credit Card Master Trust and as Indenture Trustee, and as further amended by Supplemental Indenture No. 1 to Master Indenture, dated as of August 13, 2003, Supplemental Indenture No. 2 to Master Indenture, dated as of June 13, 2007,
      Supplemental Indenture No. 3 to Master Indenture, dated as of May 27, 2008, Supplemental Indenture No. 4 to Master Indenture, dated as of June 28, 2010, and Supplemental Indenture No. 5 to Master Indenture, dated as of February 20, 2013, and
      Supplemental Indenture No. 6 to Master Indenture, dated as of July 6, 2016, each between the Issuer and the Indenture Trustee, and as supplemented by the Agreement of Resignation, Appointment and Acceptance, dated as of May 27, 2008, by and among the
      Administrator, the Issuer, BNY Midwest Trust Company (the successor in interest to the corporate trust administration of Harris Trust and Savings Bank), as resigning indenture trustee, and The Bank of New York Mellon Trust Company, N.A., as successor
      indenture trustee, and as further supplemented by the Agreement of Resignation, Appointment and Acceptance, dated as of June 26, 2012, by and among the Administrator, the Issuer, The Bank of New York Mellon Trust Company, N.A., as resigning indenture
      trustee, and Union Bank, as successor indenture trustee (as amended, the “Indenture”, and together with this Indenture Supplement, the “Agreement”).

    Pursuant to Section 2.11 of the Indenture, the Transferor may direct the Owner Trustee, on behalf of the Issuer,
      to issue one or more Series of Notes.  The Principal Terms of this Series are set forth in this Indenture Supplement to the Indenture.

    ARTICLE I.

        

        Creation of the Series 2019-C Notes.

    Section 1.1 Designation.

    (a) There is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “World Financial
          Network Credit Card Master Note Trust, Series 2019-C” or the “Series 2019-C Notes.”  The Series 2019-C Notes shall be issued in three Classes, known as the “Class A Series 2019-C 2.21% Asset Backed Notes” (or the “Class A
          Fixed Rate Asset Backed Notes, Series 2019-C”), the “Class M Series 2019-C 2.71% Asset Backed Notes” (or the “Class M Fixed Rate Asset Backed Notes, Series 2019-C”) and the “Class B Series 2019-C 0.00% Asset Backed Notes”
        (or the “Class B Fixed Rate Asset Backed Notes, Series 2019-C”).

    
      
        

    

    
    (b) Series 2019-C shall be included in Group One and shall be a Principal Sharing Series.  Series 2019-C shall be an Excess Allocation Series with respect to Group One
        only.

    (c) The Series 2019-C Notes shall be issued in minimum denominations of $1,000 and in integral multiples of $1,000.

    (d) The Class B Notes shall be Risk Retention Retained Notes.

    Section 1.2 Transfer Restrictions.

    (a) The Class B Notes have not been registered under the Securities Act or any state securities law.  None of the Issuer, the Note Registrar or the Indenture Trustee is
        obligated to register the Class B Notes under the Securities Act or any other securities or “blue sky” laws or to take any other action not otherwise required under this Indenture Supplement or the Trust Agreement to permit the transfer of any
        Class B Note without registration.

    (b) Until such time as the Class B Notes have been registered under the Securities Act and any applicable state securities law, the Class B Notes may not be sold,
        transferred, assigned, participated, pledged or otherwise disposed of (any such act, a “Retained Note Transfer”) to any Person except in accordance with the provisions of this Section 1.2, and any attempted Retained Note Transfer in
        violation of this Section 1.2 will be null and void.

    (c) Each Class B Note will bear a legend to the effect of the following unless determined otherwise by the Administrator (as certified to the Indenture Trustee in an
        Officer’s Certificate) consistent with applicable law:

    THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

    AGREES FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED,
      PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
      PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB,
      WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE TRANSFEROR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
      UNITED STATES; AND AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND

    
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    (d) By acceptance of any Class B Note, the Class B Noteholder specifically agrees with and represents to the Transferor, the Issuer and the Transfer Agent and Registrar
        that no Retained Note Transfer will be made unless (i) the registration requirements of the Securities Act and any applicable state securities laws have been complied with, (ii) such Retained Note Transfer is to the Transferor or its Affiliates or
        (iii) such Retained Note Transfer is exempt from the registration requirements under the Securities Act because such Retained Note Transfer is in compliance with Rule 144A under the Securities Act and is being made to a transferee who the
        transferor reasonably believes is a “Qualified Institutional Buyer” (as defined in the Securities Act) that is purchasing for its own account or for the account of a Qualified Institutional Buyer and to whom notice is given that such
        Retained Note Transfer is being made in reliance upon Rule 144A under the Securities Act.

    (e) The Issuer will make available to the prospective transferor and transferee of a Class B Note information requested to satisfy the requirements of paragraph (d)(4)
        of Rule 144A.

    (f) All Transfers will be subject to the transfer restrictions set forth on the Notes.

    (g) Each Class A Note and Class M Note will bear a legend to the effect of the following unless determined otherwise by the Administrator (as certified to the Indenture
        Trustee in an Officer’s Certificate) consistent with applicable law:

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO
      REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS
      DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST
      HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA (AS DEFINED BELOW) OR SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR A VIOLATION OF SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS
      DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT
      IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
      RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    
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    (h) Each Class B Note will bear a legend to the effect of the following unless determined otherwise by the Administrator (as certified to the Indenture Trustee in an
        Officer’s Certificate) consistent with applicable law:

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT
      AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR
      HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE,
      ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION
      SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    (i) By its acquisition of a Class A Note or a Class M Note or any interest therein, each purchaser or transferee of such Note shall be deemed to represent, covenant and
        agree that either: (i) it is not a Benefit Plan  Investor a plan subject to Similar Law and that it is not purchasing or holding such Note or any interest therein on behalf of, or with the assets of, a Benefit Plan Investor or plan subject to
        Similar Law or (ii) its purchase, holding and disposition of such Note or interest therein will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a violation of Similar Law. By its acquisition of a Class B
        Note or any interest therein, each purchaser or transferee of such Note shall be deemed to represent, covenant and agree that it is not a Benefit Plan  Investor or a plan subject to Similar Law and that it is not purchasing or holding such Note or
        any interest therein on behalf of, or with the assets of, a Benefit Plan Investor or plan subject to Similar Law.

    ARTICLE II

        

        Definitions

    Section 2.1 Definitions.

    (a) Whenever used in this Indenture Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are applicable to
        the singular as well as the plural forms of such terms and the masculine as well as the feminine and neuter genders of such terms.

    
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    “Accumulation Shortfall” means (a) for the first Distribution Date during the Controlled Accumulation Period, zero;
      and (b) thereafter, for any Distribution Date during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Distribution Date over the amount deposited into the Principal Accumulation Account
      pursuant to subsection 4.4(c)(i) for the previous Distribution Date.

    “Additional Interest” means, for any Distribution Date, Class A Additional Interest and Class M Additional Interest
      for such Distribution Date.

    “Additional Minimum Transferor Amount” means (a) as of any date of determination falling in November, December and
      January of each calendar year, the product of (i) 2% and (ii) the sum of (A) the Aggregate Principal Receivables and (B) if such date of determination occurs prior to the Certificate Trust Termination Date, the amount on deposit in the Excess Funding
      Account and (b) as of any date of determination falling in any other month, zero; provided that the amount specified in clause (a) shall be without duplication of the amount specified as the “Additional Minimum Transferor Amount” in
      any future supplement to the Pooling and Servicing Agreement that specifies such an amount and indicates that such amount is without duplication of the amount specified in clause (a) and in the Indenture Supplement relating to the Series
      2015-B Notes, Series 2016-A Notes, Series 2016-C Notes, Series 2017-A Notes, Series 2017-C Notes, Series 2018-A Notes, Series 2018-B Notes, Series 2018-C, Series 2019-A, Series 2019-B or Series 2009-VFN Notes (or in any future Indenture Supplement
      that specifies such an amount and indicates that such amount is without duplication of the amount specified in clause (a)).  The Additional Minimum Transferor Amount is specified pursuant to Section 8.7 as an additional amount to be
      considered part of the Minimum Transferor Amount.

    “Aggregate Investor Default Amount” means, as to any Monthly Period, the sum of the Investor Default Amounts in
      respect of such Monthly Period.

     “Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction:

    (a) the numerator of which shall be equal to:

    (i)  (x) for Principal Collections for any Monthly Period (or portion thereof) during the Revolving
      Period and (y) for Finance Charge Collections and Default Amounts at any time, the Collateral Amount at the end of the last day of the prior Monthly Period (or, in the case of the Monthly Period in which the Closing Date occurs, on the Closing Date),
      less any reductions to be made to the Collateral Amount on account of principal payments, the retirement and cancellation of any Series 2019-C Notes or deposits to the Principal Accumulation Account to be made
      on the Distribution Date falling in the Monthly Period for which the Allocation Percentage is being calculated; or

    (ii)  for Principal Collections for any Monthly Period (or portion thereof) during the Early
      Amortization Period and the Controlled Accumulation Period, (x) the Collateral Amount at the end of the last day of the Revolving Period, less, (y) if sufficient funds have been deposited to a Trust Account
      to pay the

    
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    outstanding principal amount of the Series 2019-C Notes (excluding the principal amount of any Series 2019-C Notes
      deducted pursuant to the following clause (z)) in full on the Distribution Date falling in the Monthly Period for which the Allocation Percentage is being calculated, the aggregate amount of principal payments to be made on such final Distribution
      Date; and less (z) the principal amount of any Series 2019-C Notes held by the Transferor to be retired and cancelled in consideration for an increase in the Transferor Interest on the Distribution Date
      falling in the Monthly Period for which the Allocation Percentage is being calculated if after giving effect to such retirement and cancellation, there would be no Series 2019-C Notes Outstanding;

    provided, however, that
      the Transferor may, by written notice to the Indenture Trustee, the Servicer and the Rating Agencies, reduce the numerator used for purposes of allocating Principal Collections to Series 2019-C at any time if (x) the Rating Agency Condition shall
      have been satisfied with respect to such reduction and (y) the Transferor shall have delivered to the Indenture Trustee an Officer’s Certificate to the effect, based on the facts known to such officer at that time, in the reasonable belief of the
      Transferor, such designation will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early Amortization Event to occur with respect to Series 2019-C; and

    (b) the denominator of which shall be the greater of (x) the Aggregate Principal Receivables determined as of the close of business on the last
        day of the prior calendar month and (y) the sum of the numerators used to calculate the allocation percentages for allocations with respect to Finance Charge Collections, Principal Collections or Default Amounts, as applicable, for all outstanding
        Series and all outstanding Series under (and as defined in) the Pooling and Servicing Agreement (other than any Series represented by the Collateral Certificate) on such date of determination; provided,
        that if one or more Reset Dates occur in a Monthly Period, the Allocation Percentage for the portion of the Monthly Period falling on and after such Reset Date and prior to any subsequent Reset Date will be recalculated for such period as of the
        close of business on the subject Reset Date.

    “Applicable Investor” means each holder of a beneficial interest in any Series 2019-C Note that is an
      “institutional investor” as defined in the EU Securitization Regulation and to which the EU Securitization Regulation applies.

    “Available Finance Charge Collections” means, for any Monthly Period, an amount equal to the sum of (a) the
      Investor Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series 2019-C for such Monthly Period, plus
      (c) Principal Accumulation Investment Proceeds, if any, with respect to the related Transfer Date, plus (d) interest and earnings on funds on deposit in the Reserve Account which will be deposited into the
      Finance Charge Account on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to Section 4.10(b), plus (e) amounts, if any, to be withdrawn from the Reserve
      Account which will be deposited into the Finance Charge Account

    
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    on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to Section 4.10(d).

    “Available Principal Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor
      Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.6 are required to be applied on
      the related Transfer Date, plus (c) any Shared Principal Collections with respect to other Principal Sharing Series (including any amounts on deposit in the Excess Funding Account that are allocated to Series
      2019-C for application as Shared Principal Collections), plus (d) the aggregate amount to be treated as Available Principal Collections pursuant to subsections 4.4(a)(vi) and (vii) for the
      related Distribution Date.

    “Available Reserve Account Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the
      Reserve Account (after taking into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.4(a)(ix)
      to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

    “Base Rate” means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day
      months, or in the case of the initial Monthly Period, the actual number of days and a 360 day year) equivalent of a fraction, the numerator of which is equal to the sum of (x) the Monthly Interest and (y) the Noteholder Servicing Fee, each with
      respect to the related Distribution Date, and the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period.

    “Benefit Plan Investor” means “employee benefit plans” subject to Title I of ERISA, plans subject to Section 4975
      of the Code and entities deemed to hold plan assets of the foregoing.

    “Class A Additional Interest” is defined in Section 4.2(a).

    “Class A Deficiency Amount” is defined in Section 4.2(a).

    “Class A Monthly Interest” is defined in Section 4.2(a).

    “Class A Note Initial Principal Balance” means $600,000,000.

    “Class A Note Interest Rate” means a per annum rate of 2.21%.

    “Class A Note Principal Balance” means, on any date of determination, an amount equal to (a) the Class A Note
      Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

    “Class A Noteholder” means the Person in whose name a Class A Note is registered in the Note Register.

    
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    “Class A Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and
      authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1.

    “Class A Required Amount” means, for any Distribution Date, an amount equal to the excess of the amounts described
      in subsection 4.4(a)(i) over the amount of Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

    “Class B Note Initial Principal Balance” means $30,822,000.

    “Class B Note Principal Balance” means, on any date of determination, an amount equal to (a) the Class B Note
      Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

    “Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note Register.

    “Class B Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and
      authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A‐3.

    “Class M Additional Interest” is defined in Section 4.2(b).

    “Class M Deficiency Amount” is defined in Section 4.2(b).

    “Class M Monthly Interest” is defined in Section 4.2(b).

    “Class M Note Initial Principal Balance” means $53,425,000.

    “Class M Note Interest Rate” means a per annum rate of 2.71%.

    “Class M Note Principal Balance” means, on any date of determination, an amount equal to (a) the Class M Note
      Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class M Noteholders on or prior to such date.

    “Class M Noteholder” means the Person in whose name a Class M Note is registered in the Note Register.

    “Class M Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and
      authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A‐2.

    “Class M Required Amount” means, for any Distribution Date, an amount equal to the excess of the amounts described
      in subsection 4.4(a)(ii) over the amount of Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

    “Closing Date” means September 18, 2019.

    “Code” means the U.S. Internal Revenue Code of 1986, as amended.

    
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    “Collateral Amount” means, as of any date of determination, an amount equal to the result of (a) Initial Collateral
      Amount, minus (b) the amount of principal previously paid to the Series 2019-C Noteholders and, without duplication, the principal amount of any Series 2019-C Notes that are retired and cancelled, minus (c) reductions in the Collateral Amount pursuant to Section 4.4(f), minus (d) the balance on deposit in the Principal Accumulation Account, minus (e) the excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal Collections over the
      reimbursements of such amounts pursuant to subsection 4.4(a)(vii) prior to such date; provided, that, the Collateral Amount will not be less than zero.

    “Controlled Accumulation Amount” means, for any Transfer Date with respect to the Controlled Accumulation Period,
      the result of (rounded up to the nearest whole dollar) (i) the Note Principal Balance as of the last day of the Revolving Period divided by (ii) the Controlled Accumulation Period Length; provided, further,
      that the Controlled Accumulation Amount for any Distribution Date shall not exceed the Note Principal Balance minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date.

    “Controlled Accumulation Period” means, unless an Early Amortization Event shall have occurred prior thereto, the
      period commencing at the opening of business on September 1, 2021 or such later date as is determined in accordance with Section 4.13, and ending on the first to occur of (a) the commencement of the Early Amortization Period and (b) the
      Series Termination Date.

    “Controlled Accumulation Period Length” is defined in Section 4.13.

    “Controlled Deposit Amount” means, for any Transfer Date with respect to the Controlled Accumulation Period, an
      amount equal to the sum of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall.

    “Covered Amount” means an amount, determined as of each Transfer Date for any Distribution Period, equal to the sum
      of (a) the product of (i) the Class A Monthly Interest times (ii) a fraction, (A) the numerator of which is equal to the aggregate amount on deposit in the Principal Accumulation Account, up to the Class A
      Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator of which is equal to the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, plus (b) the product of (i) the Class M Monthly Interest times (ii) a fraction (A) the numerator of which is equal to the aggregate amount on deposit in the
      Principal Accumulation Account in excess of the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, up to the Class M Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator of
      which is equal to the Class M Note Principal Balance as of the Record Date preceding such Transfer Date.

     “CRR Delegated Regulation” means Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) No.
      625/2014, as applicable on the date hereof pursuant to Article 43(7) of the EU Securitization Regulation.

    “Default Amount” means, as to any Defaulted Account, the amount of Principal Receivables (other than Ineligible
      Receivables, unless there is an Insolvency Event with respect

    
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    to Comenity Bank or the Transferor) in such Defaulted Account on the day it became a Defaulted Account.

    “Defaulted Account” means an Account in which there are Defaulted Receivables.

    “Dilution” means any downward adjustment made by Servicer in the amount of any Receivable (a) because of a rebate,
      refund or billing error to an accountholder, (b) because such Receivable was created in respect of merchandise which was refused or returned by an accountholder or (c) for any other reason other than receiving Collections therefor or charging off
      such amount as uncollectible.

    “Distribution Account” is defined in Section 4.9(a).

    “Distribution Date” means November 15, 2019 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day.

    “Distribution Period” means, for any Distribution Date, the period from and including the Distribution Date
      immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date.

    “Early Amortization Period” means the period commencing on the date on which a Trust Early Amortization Event or a
      Series 2019-C Early Amortization Event is deemed to occur and ending on the Series Termination Date.

     “Eligible Investments” is defined in Annex A to the Indenture; provided that references within clause (f)
      of the definition of “Eligible Investments” to the “highest investment category” of S&P shall mean AAAm and of Moody’s shall mean AAA-mf.

    “EU Due Diligence and Retention Rules” means Articles 5 and 6 of the EU Securitization Regulation, together with
      any guidance published in relation thereto by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority or the European Commission and any relevant regulatory and/or
      implementing technical standards adopted by the European Commission in relation thereto or to precedent legislation.

    “EU Securitization Regulation” means the European Union’s Regulation (EU) 2017/2402.

     “Excess Collateral Amount” means, for any date of determination, the excess of (a) the sum of (i) the Collateral
      Amount as of such date of determination and (ii) the Principal Accumulation Account Balance as of such date of determination, over (b) the Note Principal Balance as of such date of determination.

    “Excess Spread Percentage” means, for any Monthly Period, a percentage equal to the Portfolio Yield for such
      Monthly Period, minus the Base Rate for such Monthly Period.

    “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended.

    
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    “Expected Principal Payment Date” means the September 2022 Distribution Date.

    “Finance Charge Account” is defined in Section 4.9(a).

    “Finance Charge Collections” means Collections of Finance Charge Receivables.

    “Finance Charge Shortfall” is defined in Section 4.7.

    “Group One” means Series 2015-B, Series 2016-A, Series 2016-C, Series 2017-A, Series 2017-C, Series 2018-A, Series
      2018-B, Series 2018-C, Series 2019-A, Series 2019-B, Series 2019-C and Series 2009-VFN, the outstanding Series under (and as defined in) the Pooling and Servicing Agreement (other than Series represented by the Collateral Certificate) hereafter
      specified in the related supplement to the Pooling and Servicing Agreement to be included in Group One and each other Series hereafter specified in the related Indenture Supplement to be included in Group One.

    “Hague Securities Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities
      Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

    “Initial Collateral Amount” means $821,919,000.

    “Interest Period” means, for any Distribution Date, the related Distribution Period.

    “Investor Charge-Offs” is defined in Section 4.5.

    “Investor Default Amount” means, with respect to any Defaulted Account, an amount equal to the product of (a) the
      Default Amount and (b) the Allocation Percentage on the day such Account became a Defaulted Account.

    “Investor Finance Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of
      Finance Charge Collections (including net recoveries treated as Finance Charge Collections) retained or deposited in the Finance Charge Account for Series 2019-C pursuant to subsection 4.1(b)(i) for such Monthly Period.

    “Investor Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of
      Principal Collections retained or deposited in the Principal Account for Series 2019-C pursuant to subsection 4.1(b)(ii) for such Monthly Period.

    “Investor Uncovered Dilution Amount” means an amount equal to the product of (x) the Series Allocation Percentage
      for the related Monthly Period (determined on a weighted average basis, if one or more Reset Dates occur during that Monthly Period), times (y) the aggregate Dilutions occurring during that Monthly Period as
      to which any deposit is required to be made to the Excess Funding Account pursuant to Section 3.9(a) of the Transfer and Servicing Agreement or Section 3.9(a) of the Pooling and Servicing Agreement but has not been made; provided
      that, if the Transferor Amount is greater than zero at the time the deposit referred to in clause (y) is required to be made, the Investor Uncovered Dilution Amount for such amount to be deposited shall be deemed to be zero.

    
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    “Maximum Delinquency Percentage” means, for purposes of Series 2019-C, 9.5%.

    “Minimum Transferor Amount” means (a) prior to the Certificate Trust Termination Date, the “Minimum Transferor
      Amount” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Minimum Transferor Amount” as defined in Annex A to the Indenture.

    “Monthly Interest” means, for any Distribution Date, the sum of the Class A Monthly Interest and the Class M
      Monthly Interest for such Distribution Date.

    “Monthly Period” means the period from and including the first day of the calendar month preceding a related
      Distribution Date to and including the last day of such calendar month; provided that the Monthly Period related to the November 2019 Distribution Date shall mean the period from and including the Closing Date to and including the last day of
      October 2019.

    “Monthly Principal” is defined in Section 4.3.

    “Monthly Principal Reallocation Amount” means, for any Monthly Period, an amount equal to the sum of:

    (a)  the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the product of (I) 27.00% and (II) the
      Initial Collateral Amount minus (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Distribution Date), (II) unreimbursed
      Reallocated Principal Collections (as of the previous Distribution Date) and (III) any reduction to the Collateral Amount pursuant to Section 4.4(f),  and (B)
      zero; and

    (b)  the lower of (i) the Class M Required Amount and (ii) the greater of (A)(x) the product of (I) 20.50% and (II) the
      Initial Collateral Amount minus (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Distribution Date), (II) unreimbursed
      Reallocated Principal Collections (as of the previous Distribution Date and as required in clause (a) above) and (III) any reduction to the Collateral Amount
      pursuant to Section 4.4(f),  and (B) zero.

    “Note Principal Balance” means, on any date of determination, an amount equal to the sum of the Class A Note
      Principal Balance, the Class M Note Principal Balance and the Class B Note Principal Balance.

    “Noteholder Servicing Fee” is defined in Section 3.1.

    “Percentage Allocation” is defined in subsection 4.1(b)(ii)(x).

    “Potential Shortfall” is defined in subsection 4.1(b)(ii)(x).

    “Portfolio Yield” means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve
      30-day months or, in the case of the initial Monthly Period, the actual number of days and a 360 day year) equivalent of a fraction, (a) the numerator of which is equal

    
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    to (i) the aggregate amount of Finance Charge Collections (including net recoveries treated as Finance Charge Collections) allocated to
      Series 2019-C for such Monthly Period, plus the amounts treated as Available Finance Charge Collections pursuant to clauses (c), (d) and (e) of the definition of “Available Finance Charge Collections” minus
      (ii) the Aggregate Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on deposit in Principal Accumulation Account, each as of the close of
      business on the last day of such Monthly Period.

    “Principal Account” is defined in Section 4.9(a).

    “Principal Accumulation Account” is defined in Section 4.9(a).

    “Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on
      deposit in the Principal Accumulation Account on such date of determination.

    “Principal Accumulation Investment Proceeds” means, with respect to each Transfer Date, the investment earnings on
      funds in the Principal Accumulation Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date.

    “Principal Collections” means Collections of Principal Receivables.

    “Principal Shortfall” is defined in Section 4.8.

    “Qualified Maturity Agreement” means an agreement whereby an Eligible Institution agrees to make a deposit into the
      Principal Accumulation Account on the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance.

    “Rating Agency” means as of any date and with respect to any Class of the Series 2019-C Notes, the nationally
      recognized statistical rating organizations that have been requested by the Transferor to provide ratings of such class and that are rating the Series 2019-C Notes on such date.

    “Rating Agency Condition” means, notwithstanding anything to the contrary in the Indenture, with respect to Series
      2019-C and any action subject to such condition, (i) if Standard & Poor’s is a Rating Agency with respect to Series 2019-C, Standard & Poor’s shall have notified the Issuer in writing that such action will not result in a reduction or
      withdrawal of their respective ratings of any outstanding Class of Series 2019-C Notes and (ii) for any Rating Agency of the Series 2019-C Notes other than Standard & Poor’s, 10 days’ prior written notice (or, if 10 days’ advance notice is
      impracticable, as much advance notice as is practicable) to each Rating Agency delivered electronically to such email address as may be provided by the applicable Rating Agency.

    “Reallocated Principal Collections” means, for any Transfer Date, Investor Principal Collections applied in
      accordance with Section 4.6 in an amount not to exceed the Monthly Principal Reallocation Amount for the related Monthly Period.

    
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    “Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise
      to be made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest
      previously due but not distributed to the Series 2019-C Noteholders, plus (iii) the amount of Additional Interest, if any, for the related Distribution Date and any Additional Interest previously due but not
      distributed to the Series 2019-C Noteholders on a prior Distribution Date.

    “Record Date” means, for any Distribution Date, the last Business Day of the Monthly Period preceding such
      Distribution Date, or with respect to the first Distribution Date, the Closing Date.

    “Regulation RR” means Regulation RR (Credit Risk Retention) promulgated by the Securities and Exchange Commission
      to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act, as in effect as of the date hereof.

    “Required Excess Collateral Amount” means, at any time, 16.75% of the Collateral Amount; provided, that:

    (a) except as provided in clause (c), the Required Excess Collateral Amount shall never be less
      than 16.75% of the Initial Collateral Amount;

    (b) except as provided in clause (c), the Required Excess Collateral Amount shall not decrease
      during an Early Amortization Period; and

    (c) the Required Excess Collateral Amount shall never be greater than the excess of the Note Principal
      Balance over the balance on deposit in the Principal Accumulation Account.

    “Required Principal Balance” means (a) prior to the Certificate Trust Termination Date, the “Required Principal
      Balance” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Required Principal Balance” as defined in Annex A to the Indenture.

    “Required Seller’s Interest” means, as of any date of determination, the product of (a) 5% and (b) the result of
      (i) the excess of the outstanding principal balance of all outstanding Classes of Notes other than Risk Retention Retained Notes minus (ii) the principal balance of all funds held in segregated principal accumulation accounts that meet the
      requirements of Rule 5(c)(2) of Regulation RR for the repayment of the principal amount of Notes other than Risk Retention Retained Notes.

    “Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date, an
      amount equal to (a) 0.50% of the Note Principal Balance or (b) any other amount designated by the Transferor; provided, however, that if such designation is of a lesser amount, the Transferor
      shall (i) provide the Servicer and the Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to the Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts
      known to such officer at such time, in the reasonable belief of the Transferor, such designation

    
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    will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early
      Amortization Event to occur with respect to Series 2019-C; and provided, further, that at any time during which the Controlled Accumulation Period Length is equal to one month, the Required Reserve Account Amount shall be zero.

    “Required Retained Transferor Percentage” means, for purposes of Series 2019-C, 4.0%.

    “Reserve Account” is defined in Section 4.10(a).

    “Reserve Account Funding Date” means the Transfer Date designated by the Servicer which occurs not later than the
      Transfer Date with respect to the Monthly Period which commences 3 months prior to the commencement of the Controlled Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however,
      that subject to satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by the Servicer.

    “Reserve Account Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if
      any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount.

    “Reserve Draw Amount” means, with respect to each Transfer Date relating to the Controlled Accumulation Period or
      the first Transfer Date relating to the Early Amortization Period, the amount, if any, by which the Principal Accumulation Investment Proceeds for such Distribution Date are less than the Covered Amount determined as of such Transfer Date.

    “Reset Date” means:

    (a)  each Addition Date and each “Addition Date” (as such term is defined in the Pooling and Servicing
      Agreement), in each case relating to Supplemental Accounts;

    (b)  each Removal Date and each “Removal Date” (as such term is defined in the Pooling and Servicing
      Agreement) on which, if any Series of Notes or any Series under (and as defined in) the Pooling and Servicing Agreement has been paid in full, Principal Receivables equal to the Initial Collateral Amount for that Series are removed from the
      Receivables Trust;

    (c)  each date on which there is an increase in the outstanding balance of any Variable Interest or
      “Variable Interest” (as such term is defined in the Pooling and Servicing Agreement); and

    (d)  each date on which a new Series, Class or subclass of Notes is issued and each date on which a new
      “Series” or “Class” (each as defined in the Pooling and Servicing Agreement) of investor certificates is issued by the Certificate Trust.

    “Revolving Period” means the period beginning on the Closing Date and ending at the close of business on the day
      immediately preceding the earlier of the day the Controlled Accumulation Period commences or the day the Early Amortization Period commences.

    
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    “Risk Retention Retained Note” means any Note issued by the Issuer that is retained by Comenity Bank, as sponsor,
      or a Wholly-owned Affiliate thereof upon initial issuance thereof and at all times thereafter; provided that no Note issued after December 24, 2016 shall be treated as a Risk Retention Retained Note unless designated as a Risk Retention Retained Note
      pursuant to the related Indenture Supplement.

    “RR Measurement Date” is defined in Section 8.7(d).

    “Securities Exchange Act” means the provisions of the Securities Exchange Act of 1934 15 U.S.C. Sections 78a et seq., and any regulations promulgated thereunder.

    “Seller’s Interest” means, as of any date of determination, the result of (a) the sum of the aggregate amount of
      Principal Receivables and the principal amount of any Participations held by the Issuer as of such date of determination, plus (b) the aggregate amount of Principal Collections on deposit in the Collection Account as of such date of determination,
      minus (c) the aggregate of the principal balances of all outstanding Notes issued by the Issuer as of such date of determination.

     “Series 2019-C” means the Series of Notes the terms of which are specified in this Indenture Supplement.

    “Series 2019-C Early Amortization Event” is defined in Section 6.1.

    “Series 2019-C Final Maturity Date” means the July 2026 Distribution Date.

    “Series 2019-C Note” means a Class A Note, a Class M Note or a Class B Note.

    “Series 2019-C Noteholder” means a Class A Noteholder, a Class M Noteholder or a Class B Noteholder.

    “Series Account” means, (a) with respect to Series 2019-C, the Finance Charge Account, the Principal Account, the
      Principal Accumulation Account, the Distribution Account, the Reserve Account and (b) with respect to any other Series, the “Series Accounts” for such Series as specified in the Indenture and the applicable Indenture Supplement for such Series.

    “Series Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction,
      the numerator of which is the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator of which is the sum of the Allocation Percentages for Finance Charge Receivables for all outstanding Series on such date of
      determination; provided that if one or more Reset Dates occur in a Monthly Period, the Series Allocation Percentage for the portion of the Monthly Period falling on and after each such Reset Date and prior to any subsequent Reset Date will be
      determined using a denominator which is equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Receivables for all outstanding Series as of the close of business on the subject Reset Date.

    “Series Servicing Fee Percentage” means 2% per annum.

    
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    “Series Termination Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid
      in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the Series 2019-C Final Maturity Date.

    “Servicing Fee Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount
      described in subsection 4.4(a)(iv) over the amount of the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

    “Similar Law” means any law substantially similar to the fiduciary responsibility or prohibited transaction
      sections of ERISA or Section 4975 of the Code.

     “Specified Transferor Amount” means, at any time, the Minimum Transferor Amount (including the Additional Minimum
      Transferor Amount, if any) at that time.

    “Surplus Collateral Amount” means, with respect to any Distribution Date, the excess, if any, of the Excess
      Collateral Amount over the Required Excess Collateral Amount, in each case calculated after giving effect to any deposits into the Principal Accumulation Account and payments of principal on such Distribution Date, but before giving effect to any
      reduction in the Collateral Amount on such Distribution Date pursuant to Section 4.4(f).

    “Target Amount” is defined in subsection 4.1(b)(i).

     “Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation,
      or other grant of a security interest in or disposition of, a Note.

    “Transferor Amount” means (a) prior to the Certificate Trust Termination Date, the “Transferor Amount” under (and
      as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Transferor Amount” as defined in Annex A to the Indenture.  For purposes of determining the Transferor Amount on any date of
      determination, any amount deposited into the Principal Account in respect of a Potential Shortfall shall be deemed not to be on deposit in the Principal Account.

    “Wholly-owned Affiliate” has the meaning specified in Rule 2 of Regulation RR.

    (b) Each capitalized term defined herein shall relate to the Series 2019-C Notes and no other Series of Notes issued by the Trust, unless the context otherwise requires.  All capitalized
        terms used herein and not otherwise defined herein have the meanings ascribed to them in Annex A to the Master Indenture.

    (c) The interpretive rules specified in Section 1.2 of the Master Indenture also apply to this Indenture Supplement.  If any term or provision contained herein shall conflict with
        or be inconsistent with any term or provision contained in the Master Indenture, the terms and provisions of this Indenture Supplement shall be controlling.

    
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    ARTICLE III.

        

        Noteholder Servicing Fee

    Section 3.1 Servicing Compensation.  The share of the Servicing Fee allocable to Series 2019-C for any Transfer Date (the “Noteholder Servicing Fee”) shall be equal to one-twelfth of
        the product of (a) the Series Servicing Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided, however, that with respect to the first Transfer Date, the Noteholder Servicing Fee shall be equal to $2,009,135.33.  The remainder of the Servicing Fee shall be paid by the holders of the Transferor Interest or the
        noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Trust, the Indenture Trustee or the Series 2019-C Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the
        Transferor Interest or the noteholders of any other Series.

    Section 3.2 Covenants.  The parties hereto agree that the covenants set forth in Schedule I shall be a part of this Indenture Supplement for all purposes.

     

      

    ARTICLE IV.

        

        Rights of Series 2019-C Noteholders and Allocation and Application of Collections

    Section 4.1 Collections and Allocations.

    (a) Allocations.  Finance Charge Collections, Principal Collections and Defaulted Receivables allocated to Series 2019-C pursuant to Article VIII of the Indenture shall be
        allocated and distributed as set forth in this Article.

    (b) Allocations to the Series 2019-C Noteholders.  The Servicer shall on the Date of Processing, allocate to the Series 2019-C Noteholders the following amounts as set forth below:

    
      
        (i)  Allocations of Finance Charge Collections.  The Servicer shall allocate to the Series 2019-C Noteholders an amount equal to the product of (A) the Allocation
          Percentage and (B) the aggregate Finance Charge Collections processed on such Date of Processing and shall deposit such amount into the Finance Charge Account, provided that, with respect to each Monthly Period falling in the Revolving
          Period (and with respect to that portion of each Monthly Period in the Controlled Accumulation Period falling on or after the day on which Collections of Principal Receivables equal to the related Controlled Deposit Amount have been allocated
          pursuant to Section 4.1(b)(ii) and deposited pursuant to Section 4.1(c)), Collections of Finance Charge Receivables shall be transferred into the Finance Charge Account only until such time as the aggregate amount so deposited
          equals the sum (the “Target Amount”) of (A) the Monthly Interest for the related Distribution Date, (B) if Comenity Bank is not the Servicer, the Noteholder Servicing Fee (and if Comenity Bank is the Servicer, then amounts that
          otherwise would have been transferred into the Finance Charge Account pursuant to this clause (B) shall instead be returned to Comenity Bank as payment of the Noteholder Servicing Fee), (C) any amount required to be deposited in the
          Reserve Account on the related Transfer Date

      

    

    
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    and (D) the sum of 150% of the Investor Default Amounts from the prior Monthly Period and any Investor Uncovered Dilution
      Amounts from the prior Monthly Period; provided further, that, notwithstanding the preceding proviso, if on any Business Day the Servicer determines that the Target Amount for a Monthly Period exceeds the Target Amount for that Monthly
      Period as previously calculated by Servicer, then (x) Servicer shall (on the same Business Day) inform Transferor of such determination, and (y) within two Business Days of receiving such notice Transferor shall deposit into the Finance Charge
      Account funds in an amount equal to the amount of Collections of Finance Charge Receivables allocated to the Noteholders for that Monthly Period but not deposited into the Finance Charge Account due to the operation of the preceding proviso (but not
      in excess of the amount required so that the aggregate amount deposited for the subject Monthly Period equals the Target Amount); and provided, further, if on any Transfer Date the Transferor
      Amount is less than the Specified Transferor Amount after giving effect to all transfers and deposits on that Transfer Date, Transferor shall, on that Transfer Date, deposit into the Principal Account funds in an amount equal to the amounts of
      Available Finance Charge Collections that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi) and (vii) but are not available from funds in the Finance Charge Account as a result of the
      operation of the second preceding proviso.

    With respect to any Monthly Period when deposits of Collections of Finance Charge Receivables into the Finance Charge
      Account are limited to deposits up to the Target Amount in accordance with clause (i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections” for the related Transfer Date shall be calculated as if the full
      amount of Finance Charge Collections allocated to the Noteholders during that Monthly Period had been deposited in the Finance Charge Account and applied on such Transfer Date in accordance with Section 4.4(a); and (2) Collections of Finance
      Charge Receivables released to Transferor pursuant to such Section 4.1(b)(i) shall be deemed, for purposes of all calculations under this Indenture Supplement, to have been retained in the Finance Charge Account and applied to the items
      specified in Section 4.4(a) to which such amounts would have been applied (and in the priority in which they would have been applied) had such amounts been available in the Finance Charge Account on such Transfer Date.  To avoid doubt, the
      calculations referred to in the preceding clause (2) include the calculations required by clause (e) of the definition of Collateral Amount and by the definition of Portfolio Yield.

    
      
        (ii)  Allocations of Principal Collections.  The Servicer shall allocate to the Series 2019-C
          Noteholders the following amounts as set forth below:

      

    

    (x) Allocations During the Revolving Period.

    (1) During the Revolving Period an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections
        processed on such Date of Processing (the product for any such date is hereinafter referred to as a “Percentage Allocation”), shall be allocated to the Series 2019-C Noteholders and such amount shall be applied as follows: (I) first,
        if there shall not have been credited to the Finance Charge Account an amount equal to the sum of the amount of Monthly Interest distributable from the Distribution Account

    
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    with respect to the Notes issued pursuant to this Indenture Supplement and, if the Bank is not the Servicer, the
      Noteholder Servicing Fee for such Monthly Period (the amount of any such shortfall in the Finance Charge Account being hereinafter referred to as the “Potential Shortfall”), retained in the Collection Account in an amount equal to the amount
      of the Potential Shortfall, (II) second, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in the Collection Account for application, to the extent necessary, as Shared
      Principal Collections to other Principal Sharing Series on the related Distribution Date, (III) third, deposited in the Excess Funding Account to the extent necessary so that the Transferor Amount is not less than the Specified Transferor
      Amount and (IV) fourth, paid to the holders of the Transferor Interest; provided that if on any date the aggregate amount retained in the Collection Account in respect of clause (I) exceeds the Potential Shortfall, such excess
      amount shall be applied pursuant to clauses (II) through (IV) so that the amount retained in the Collection Account in respect of clause (I) equals the Potential Shortfall; and provided further that the aggregate amount of
      Principal Collections retained in the Collection Account in respect of Clause (I) shall be transferred to the Principal Account on the related Transfer Date to the extent required to be applied as Reallocated Principal Collections.

    (2) With respect to each Monthly Period falling in the Revolving Period, to the extent that Collections of Principal Receivables allocated to the
        Series 2019-C Noteholders pursuant to this subsection 4.1(b)(ii) are paid to Transferor, Transferor shall make an amount equal to the Reallocated Principal Collections for the related Transfer Date available on that Transfer Date for
        application in accordance with Section 4.6.

    (y) Allocations During the Controlled Accumulation Period.  During the Controlled Accumulation Period an amount equal to the Percentage
        Allocation shall be allocated to the Series 2019-C Noteholders and such amount shall be applied as follows: (I) first, if there is a Potential Shortfall, retained in the Collection Account in an amount equal to the amount of the Potential
        Shortfall, (II) second, transferred to the Principal Account until the sum of the portion of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period that have been transferred to the
        Principal Account for such purpose equals the Controlled Deposit Amount for the related Distribution Date, (III) third, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in
        the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Distribution Date, (IV) fourth, deposited in the Excess Funding Account to the extent
        necessary so that the Transferor Amount is not less than the Specified Transferor Amount and (V) fifth, paid to the holders of the Transferor Interest; provided that if on any date the aggregate amount retained in the Collection
        Account in respect of clause (I) exceeds the Potential Shortfall, such excess amount shall be applied pursuant to clauses (II) through (V) so that the amount credited to the Principal Account in respect of clause (I)
        equals the Potential Shortfall; and provided further that the

    
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    aggregate amount of Principal Collections retained in the Collection Account in respect of Clause (I) shall be
      transferred to the Principal Account on the related Transfer Date to the extent required to be applied as Reallocated Principal Collections.

    (z) Allocations During the Early Amortization Period.  During the Early Amortization Period, an amount equal to the Percentage Allocation
        shall be allocated to the Series 2019-C Noteholders and applied as follows: (I) first, if there is a Potential Shortfall, retained in the Collection Account in an amount equal to the amount of the Potential Shortfall, (II) second,
        transferred to the Principal Account until the sum of the portion of such Percentage Allocation and all preceding Percentage Allocations that have been transferred to the Principal Account for such purpose equals the Note Principal Balance; (III) third,
        if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing
        Series on the related Distribution Date, (IV) fourth, deposited in the Excess Funding Account to the extent necessary so that the Transferor Amount is not less than the Specified Transferor Amount and (V) fifth, paid to the holders
        of the Transferor Interest; provided that if on any date the aggregate amount transferred to the Principal Account in respect of clause (I) exceeds the Potential Shortfall, such excess amount shall be applied pursuant to clauses
          (II) through (V) so that the amount retained in the Collection Account in respect of clause (I) equals the Potential Shortfall; and provided further that the aggregate amount of Principal Collections retained in the Collection
        Account in respect of Clause (I) shall be transferred to the Principal Account on the related Transfer Date to the extent required to be applied as Reallocated Principal Collections.

    (c) During any period when Servicer is permitted by Section 4.3 of the Pooling and Servicing Agreement or Section 8.4 of the Indenture to make a single monthly deposit to
        the Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.1(a) and (b) with respect to any Monthly Period need not be deposited into the Collection Account or any Series Account prior to the related Transfer
        Date, and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if Comenity Bank is Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of Collections of
        Finance Charge Receivables) and the Principal Account (in the case of Collections of Principal Receivables (not including any Shared Principal Collections allocated to Series 2019-C pursuant to Section 4.15 of the Pooling and Servicing
        Agreement or Section 8.5 of the Indenture)).

    (d) On any date, Servicer may withdraw from the Collection Account or any Series Account any amounts inadvertently deposited in such account that should have not been so deposited.

    Section 4.2 Determination of Monthly Interest.

    
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    (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution Account with respect to the Class A Notes for any Interest Period on the related
        Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period
        and (ii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class
        A Monthly Interest for the August 2019 Distribution Date shall be $2,099,500.00.

    On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class
        A Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution
      Account for payment of such amount.  If the Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A
        Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. 
      Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

    (b) The amount of monthly interest (“Class M Monthly Interest”) distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related
        Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period
        and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class
        M Monthly Interest for the August 2019 Distribution Date shall be $229,237.77.

    On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class
        M Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution
      Account for payment of such amount.  If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount (“Class M
        Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. 
      Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law.

    
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    Section 4.3 Determination of Monthly Principal.  The amount of monthly principal to be transferred from the Principal Account with respect to the Notes on each Transfer Date (the “Monthly

          Principal”), beginning with the Transfer Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Available Principal
        Collections on deposit in the Principal Account with respect to such Transfer Date, (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date, (iii) the Collateral Amount
        (after taking into account any adjustments to be made on such Distribution Date pursuant to Sections 4.4, 4.5 and 4.6) prior to any deposit into the Principal Accumulation Account on such Transfer Date, and (iv) the Note
        Principal Balance, minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date.

    Section 4.4 Application of Available Finance Charge Collections and Available Principal Collections.  On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in
        writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to
        the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:

    (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following
        priority:

    
      
        (i) an amount equal to Class A
          Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the
          Distribution Account;

      

    

    
      
        (ii) an amount equal to Class M
          Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the
          Distribution Account;

      

    

    
      
        (iii) [reserved];

      

    

    
      
        (iv) an amount equal to the
          Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the
          Servicer;

      

    

    
      
        (v) [reserved];

      

    

    
      
        (vi) an amount equal to the
          Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the

      

    

    
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    Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related
      Transfer Date;

    
      
        (vii) an amount equal to the
          sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal
          Collections for such Distribution Date;

      

    

    
      
        (viii) [reserved];

      

    

    
      
        (ix) on each Transfer Date from
          and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);

      

    

    
      
        (x) [reserved];

      

    

    
      
        (xi) any amounts designated in
          writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor’s instructions; and

      

    

    
      
        (xii) the balance, if any, will
          constitute a portion of Excess Finance Charge Collections for such Distribution Date.

      

    

    (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal
        Collections and applied in accordance with Section 8.5 of the Indenture.

    (c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related
        Monthly Period shall be distributed or deposited in the following order of priority:

    
      
        (i) during the Controlled
          Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;

      

    

    
      
        (ii) during the Early
          Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related
          Distribution Date until the Class A Note Principal Balance has been paid in full;

      

    

    
      
        (iii) during the Early
          Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each
          subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;

      

    

    
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        (iv) during the Early
          Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such
          Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and

      

    

    
      
        (v) in the case of each of the
          Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared
          Principal Collections and applied in accordance with Section 8.5 of the Indenture.

      

    

    (d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into
        the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii)
        on the preceding Transfer Date.

    (e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment
        Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an
        amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance.  The
        Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as
        applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).

    (f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.

    Section 4.5 Investor Charge-Offs.  On each Determination Date, the Servicer shall calculate the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for the related
        Distribution Date.  If, on any Distribution Date, the sum of the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date exceeds the amount of Available Finance Charge Collections allocated with
        respect thereto pursuant to subsection 4.4(a)(vi) with respect to such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

    Section 4.6 Reallocated Principal Collections.  On each Transfer Date, the Servicer shall apply, or shall instruct the Indenture Trustee in writing to apply, Reallocated Principal
        Collections with respect to that Transfer Date, to fund any deficiency pursuant to and in the priority set forth in subsections 4.4(a)(i), (ii), (iii) and (iv).  On each Transfer Date, the Collateral

    
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    Amount shall be reduced (but not below zero) by the amount of Reallocated Principal Collections for such Transfer Date.

    Section 4.7 Excess Finance Charge Collections.  Series 2019-C shall be an Excess Allocation Series with respect to Group One only.  For this purpose, each outstanding series of certificates
        issued by World Financial Network Master Trust (other than series represented by the Collateral Certificate) shall be deemed to be a Series in Group One.  Subject to Section 8.6 of the Indenture, Excess Finance Charge Collections with
        respect to the Excess Allocation Series in Group One for any Transfer Date will be allocated to Series 2019-C in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess
        Allocation Series in Group One for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2019-C for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge
        Shortfalls for all the Excess Allocation Series in Group One for such Distribution Date.  The “Finance Charge Shortfall” for Series 2019-C for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be
        paid, without duplication, pursuant to subsections 4.4(a)(i) through (xi) on such Distribution Date over (b) the Available Finance Charge Collections with respect to such Distribution Date
        (excluding any portion thereof attributable to Excess Finance Charge Collections).

    Section 4.8 Shared Principal Collections.  Subject to Section 4.4 of the Pooling and Servicing Agreement and Section 8.5 of the Indenture, Shared Principal Collections
        allocable to Series 2019-C on any Transfer Date will be equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which
        is the Principal Shortfall for Series 2019-C for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Transfer Date.  For this purpose, each
        outstanding series of certificates issued by World Financial Network Master Trust (other than series represented by the Collateral Certificate) shall be deemed to be a Principal Sharing Series.  The “Principal Shortfall” for Series 2019-C
        will be equal to (a) for any Transfer Date with respect to the Revolving Period or any Transfer Date during the Early Amortization Period prior to the earlier of (i) the Expected Principal Payment Date and (ii) the date on which all outstanding
        Series are in early amortization periods, zero, (b) for any Transfer Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over
        the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Shared Principal Collections) and (c) for any Transfer Date on or after the earlier of (i) the Expected Principal Payment Date and
        (ii) the date on which all outstanding Series are in early amortization periods, the Note Principal Balance.

    Section 4.9 Certain Series Accounts.

    (a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of
        the Series 2019-C Noteholders, four segregated trust accounts (the “Finance Charge Account”, the “Principal Account”, the “Principal Accumulation Account” and the “Distribution Account”).  The Principal Account, the
        Principal Accumulation Account and the Distribution

    
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    Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-C
      Noteholders.  The Finance Charge Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-C Noteholders.  The Indenture Trustee shall possess all right, title and interest in all
      funds on deposit from time to time in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account and in all proceeds thereof.  The Finance Charge Account, the Principal Account, the Principal
      Accumulation Account and the Distribution Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2019-C Noteholders.  If at any time the institution holding the Finance Charge Account, the
      Principal Account, the Principal Accumulation Account and the Distribution Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on
      its behalf) shall, within ten (10) Business Days, establish a new Finance Charge Account, a new Principal Account, a new Principal Accumulation Account and a new Distribution Account meeting the conditions specified above with an Eligible
      Institution, and shall transfer any cash or any investments to such new Finance Charge Account, new Principal Account, new Principal Accumulation Account and new Distribution Account.  The Indenture Trustee, at the written direction of the Servicer,
      shall (i) make withdrawals from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii)
      on each Transfer Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Accumulation Account, make deposits into the Principal Accumulation Account in the amounts specified in, and
      otherwise in accordance with, subsection 4.4(c)(i).  Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the
      Distribution Account.

    (b) Funds on deposit in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account, from time to time shall be invested and
        reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date.

    On each Transfer Date with respect to the Controlled Accumulation Period and on the first Transfer Date with respect to
      the Early Amortization Period, the Indenture Trustee, acting at the Servicer’s direction given on or before such Transfer Date, shall transfer from the Principal Accumulation Account to the Finance Charge Account the Principal Accumulation Investment
      Proceeds on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with Section 4.4.

    Principal Accumulation Investment Proceeds (including reinvested interest) shall not be considered part of the amounts on
      deposit in the Principal Accumulation Account for purposes of this Indenture Supplement.

    
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    Section 4.10 Reserve Account.

    (a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of
        the Series 2019-C Noteholders, a segregated trust account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-C Noteholders.  The Indenture Trustee
        shall possess all right, title and interest in all funds on deposit from time to time in the Reserve Account and in all proceeds thereof.  The Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of
        the Series 2019-C Noteholders.  If at any time the institution holding the Reserve Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on
        its behalf) shall, within ten (10) Business Days, establish a new Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Reserve Account.  The Indenture
        Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii)
        on each Transfer Date (from and after the Reserve Account Funding Date) prior to termination of the Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.4(a)(ix).

    (b) Funds on deposit in the Reserve Account shall be invested at the written direction of the Servicer by the Indenture Trustee in Eligible Investments.  Funds on deposit in the Reserve
        Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the
        following Transfer Date.

    On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding
      Transfer Date on funds on deposit in the Reserve Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited
      into the Finance Charge Account and included in Available Finance Charge Collections for such Transfer Date.  For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement,
      except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit.

    (c) On or before each Transfer Date with respect to the Controlled Accumulation Period and on or before the first Transfer Date with respect to the Early Amortization Period, the Servicer
        shall calculate the Reserve Draw Amount; provided, however, that such amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under Section 4.4(a)(ix)
        with respect to such Transfer Date.

    (d) If for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn from the Reserve Account
        on such Transfer Date by the Indenture Trustee (acting in accordance with

    
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    the written instructions of the Servicer) and deposited into the Finance Charge Account for application as Available Finance Charge
      Collections for such Transfer Date.

    (e) If the Reserve Account Surplus on any Transfer Date, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Transfer Date, is greater than
        zero, the Indenture Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the Reserve Account an amount equal to such Reserve Account Surplus and distribute any such amounts to the holders of the
        Transferor Interest.

    (f) Upon the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the first Transfer Date relating to the Early Amortization
        Period and (iii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Series 2019-C
        Noteholders that are payable from the Reserve Account as provided herein, shall withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and deposit such amounts into the Finance Charge Account for application in the
        priority set forth in Section 4.4(a), to the extent such payments or deposits have not been made pursuant to Section 4.4(a).  The Reserve Account shall thereafter be automatically terminated for purposes of this Indenture
        Supplement.

    Section 4.11 [Reserved.]

    Section 4.12 Investment Instructions.

    (a) Any investment instructions required to be given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture Trustee no later than 11:00 a.m., New York City
        time, on the date such investment is to be made.  In the event the Indenture Trustee receives such investment instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment.  In the event the
        Indenture Trustee is unable to make an investment required in an investment instruction received by the Indenture Trustee after 11:00 a.m., New York City time, on such day, such investment shall be made by the Indenture Trustee on the next
        succeeding Business Day.  In no event shall the Indenture Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m., New York City time, on the day such investment is requested to be made.

    (b) The Indenture Trustee shall hold such of the Eligible Investments in the Series Accounts as consists of instruments, deposit accounts, negotiable documents, money,
        goods, letters of credit, and advices of credit in the State of New York and/or Illinois.  The Indenture Trustee shall hold such of the Eligible Investments as constitutes investment property through a securities intermediary, which securities
        intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall treat the Indenture Trustee as entitled to
        exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement
        orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders

    
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    originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien,
      security interest or right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Indenture Trustee), (g) such agreement shall be governed by the laws of the State of New York and (h) the account agreement
      establishing a securities account with such institution shall provide that the account agreement is governed solely by the law of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague
      Securities Convention; and such institution acting as securities intermediary shall have and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America
      which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.  Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall
      have the meaning set forth in the New York UCC.

    (c) The Indenture Trustee, in its capacity as securities intermediary, represents that:

    (i) it is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC, that in the ordinary course of its
        business maintains "securities accounts" for others, as such term is used in Section 8-501 of the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention; and

    (ii) the Indenture Trustee is not a “clearing corporation,” as such term is defined in Section 8-102(a)(5) of the relevant UCC.

    (d) The Indenture Trustee, in its capacity as securities intermediary, agrees that:

    (i) pursuant to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC and the Hague Securities Convention, the local law of
        the jurisdiction of the Indenture Trustee as securities intermediary is the law of the State of New York.  Further, the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, the
        “securities intermediary's jurisdiction” as defined in the relevant UCC shall be the State of New York;

    (ii) the Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
        Convention) in the United States of America, which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.

    (e) To the extent that there are any other agreements with the Indenture Trustee governing the Series Accounts (any or each of such agreements, also an “Account
        Agreement”), the parties agree that each and every such agreement is hereby amended to provide that with respect to the Series Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities Convention shall be the laws
        of the State of New York.

    Section 4.13 Controlled Accumulation Period.  The Controlled Accumulation Period is scheduled to commence at the beginning of business on September 1, 2021, provided that if the
        Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the May 2021 Determination Date is less than 12 months, upon written notice to

    
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    the Indenture Trustee, Transferor and each Rating Agency, Servicer shall postpone the date on which the Controlled Accumulation Period
      actually commences so that the number of Monthly Periods in the Controlled Accumulation Period will equal the Controlled Accumulation Period Length; provided that (i) the length of the Controlled Accumulation Period will not be less than one
      month, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the May 2021 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any
      postponement of the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled
      Accumulation Period shall in no event commence prior to September 1, 2021, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the Controlled Accumulation Period shall be made after an Early
      Amortization Event shall have occurred and be continuing with respect to any other Series.  The “Controlled Accumulation Period Length” will mean a number of whole months such that the amount available for distribution of principal on the
      Class A Notes, the Class M Notes and the Class B Notes on the Expected Principal Payment Date is expected to equal or exceed the Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal Collections remains
      constant at the lowest level of such payment rate during the twelve preceding Monthly Periods (or such lower payment rate as Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the
      Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Early Amortization Event with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such
      date of determination) will be subsequently issued; provided that the Servicer may on any Determination Date increase the Controlled Accumulation Period Length calculated as described in the preceding sentence by either 1 month or 2 months. 
      Any notice by Servicer modifying the commencement of the Controlled Accumulation Period pursuant to this Section 4.13 shall specify (i) the Controlled Accumulation Period Length, (ii) the commencement date of the Controlled Accumulation
      Period and (iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Controlled Accumulation Period.  The Servicer shall calculate the Controlled Accumulation Period Length on each Determination Date prior to the May
      2021 Determination Date as necessary to determine the Reserve Account Funding Date.

    Section 4.14 Suspension of Controlled Accumulation Period.

    (a) The commencement of the Controlled Accumulation Period shall be suspended upon delivery by the Servicer to the Indenture Trustee of (i) an Officer’s Certificate stating that all
        conditions precedent to such suspension set forth in this Section 4.14 have been satisfied, (ii) a copy of an executed Qualified Maturity Agreement, (iii) an Opinion of Counsel addressed to the Indenture Trustee as to the due authorization,
        execution and delivery and the validity and enforceability of such Qualified Maturity Agreement and (iv) a Tax Opinion concerning the effect of entering into the Qualified Maturity Agreement.  The Servicer shall deliver a prior notice to the Rating
        Agencies of such suspension.  The Issuer does hereby transfer, assign, set-over, and otherwise convey to the Indenture Trustee for the benefit of the Series 2019-C Noteholders, without recourse, all of its rights under any Qualified Maturity
        Agreement obtained in accordance with this Section 4.14 and all proceeds thereof.  Such property shall constitute part of the Trust Estate for all purposes of the Indenture.  The foregoing transfer, assignment, set-over

    
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    and conveyance does not constitute and is not intended to result in a creation or an assumption by the Indenture Trustee or any Noteholder of
      any obligation of the Issuer or any other Person in connection with a Qualified Maturity Agreement or under any agreement or instrument relating thereto.

    The Indenture Trustee hereby acknowledges its acceptance, to the extent validly transferred, assigned, set-over or
      otherwise conveyed to the Indenture Trustee, for the benefit of the Series 2019-C Noteholders, of all of the rights previously held by the Issuer under any Qualified Maturity Agreement obtained by the Issuer and all proceeds thereof, and declares
      that it shall hold such rights upon the trust set forth herein and in the Agreement, and subject to the terms hereof and thereof, for the benefit of the Series 2019-C Noteholders.

    (b) The Issuer shall cause the provider of each Qualified Maturity Agreement to deposit into the Principal Accumulation Account on or before the Expected Principal Payment Date an amount
        equal to the initial Note Principal Balance; provided, however, that, if provided in the related Qualified Maturity Agreement, all or a portion of such deposits may be funded with the proceeds of the issuance of a new Series or with
        the Available Principal Collections with respect to such Transfer Date.  The amounts so deposited shall be applied on the Expected Principal Payment Date pursuant to Section 4.4(c) as if the commencement of the Controlled Accumulation
        Period had not been suspended.

    (c) Each Qualified Maturity Agreement shall terminate at the close of business on the Expected Principal Payment Date; provided, however, that the Issuer shall terminate a
        Qualified Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if (i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii) one of the following events occurs: (A) the Issuer
        obtains a substitute Qualified Maturity Agreement, (B) the provider of the Qualified Maturity Agreement ceases to qualify as an Eligible Institution and the Issuer is unable to obtain a substitute Qualified Maturity Agreement or (C) an Early
        Amortization Event occurs.  In the event that the provider of a Qualified Maturity Agreement ceases to qualify as an Eligible Institution, the Issuer shall use its best efforts to obtain a substitute Qualified Maturity Agreement.

    (d) If a Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal Payment Date and the commencement of the Early Amortization Period and the Issuer does
        not obtain a substitute Qualified Maturity Agreement, the Controlled Accumulation Period shall commence on the latest of (i) the beginning of business on September 1, 2021, (ii) the date to which the commencement of the Controlled Accumulation
        Period is postponed pursuant to Section 4.13 (as determined on the date of such termination) and (iii) the first day of the Monthly Period following the date of such termination.

    ARTICLE V.

        

        Delivery of Series 2019-C Notes; Distributions; Reports to Series 2019-C Noteholders

    Section 5.1 Delivery and Payment for the Series 2019-C Notes.  The Owner Trustee, on behalf of the Issuer, shall execute and issue, and the Indenture Trustee shall authenticate, the Series
        2019-C Notes in accordance with Section 2.3 of the Indenture.  The Indenture Trustee

    
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    shall deliver the Series 2019-C Notes to or upon the written order of the Trust when so authenticated.

    Section 5.2 Distributions.

    (a) On each Distribution Date, the Indenture Trustee shall distribute to each Class A Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the
        Indenture) such Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable to the Class A
        Noteholders pursuant to this Indenture Supplement.

    (b) On each Distribution Date, the Indenture Trustee shall distribute to each Class M Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the
        Indenture) such Class M Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable to the Class M
        Noteholders pursuant to this Indenture Supplement.

    (c) On each Distribution Date, the Indenture Trustee shall distribute to each Class B Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the
        Indenture) such Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable to the Class B
        Noteholders pursuant to this Indenture Supplement.

    (d) The distributions to be made pursuant to this Section 5.2 are subject to the provisions of Sections 2.6, 6.1 and 7.1 of the Transfer and Servicing
        Agreement, Section 11.2 of the Indenture and Section 7.1 of this Indenture Supplement.

    (e) Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 2019-C Noteholders hereunder shall be made by (i) check mailed
        to each Series 2019-C Noteholder (at such Noteholder’s address as it appears in the Note Register), except that for any Series 2019-C Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made by wire transfer
        of immediately available funds and (ii) without presentation or surrender of any Series 2019-C Note or the making of any notation thereon.

    Section 5.3 Reports and Statements to Series 2019-C Noteholders.

    (a) On each Distribution Date, the Indenture Trustee shall forward to each Series 2019-C Noteholder a statement substantially in the form of Exhibit C prepared by the Servicer; provided
        that the Servicer may amend the form of Exhibit C from time to time, with the prior written consent of the Indenture Trustee and with written notice to the Rating Agencies.

    (b) Not later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency a statement
        substantially in the form of Exhibit B prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time to time, with the prior written consent of the Indenture Trustee.

    
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    (c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b) may be obtained by any Series 2019-C Noteholder by a request in writing to the
        Servicer.

    (d) On or before January 31 of each calendar year, beginning with January 31, 2020, the Indenture Trustee shall furnish or cause to be furnished to each Person who at any time during the
        preceding calendar year was a Series 2019-C Noteholder, a statement prepared by the Servicer containing the information which is required to be contained in the statement to Series 2019-C Noteholders, as set forth in paragraph (a) above,
        aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 2019-C Noteholder, together with other information as is required to be provided by an issuer of indebtedness under the Code.  Such obligation
        of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Code as from time to time in effect.

    ARTICLE VI.

        

        Series 2019-C Early Amortization Events

    Section 6.1 Series 2019-C Early Amortization Events.  If any one of the following events shall occur with respect to the Series 2019-C Notes:

    (a) failure on the part of Transferor or the “Transferor” under the Pooling and Servicing Agreement (i) to make any payment or deposit required to be made by it by the terms of the Pooling
        and Servicing Agreement, the Collateral Series Supplement, the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five (5) Business Days after the date such payment or deposit is required to
        be made therein or herein or (ii) duly to observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and Servicing Agreement, the Pooling and Servicing Agreement, the Indenture or this Indenture
        Supplement, which failure has a material adverse effect on the Series 2019-C Noteholders and which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall
        have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Holder of the Series 2019-C Notes;

    (b) any representation or warranty made by Transferor or the “Transferor” under the Pooling and Servicing Agreement, in the Transfer and Servicing Agreement or the Pooling and Servicing
        Agreement or any information contained in a computer file or microfiche list required to be delivered by it pursuant to Section 2.1 or Section 2.6(c) of the Transfer and Servicing Agreement or Section 2.1 or Section
          2.6(c) of the Pooling and Servicing Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after the date on
        which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Holder of the Series 2019-C Notes and as a result of
        which the interests of the Series 2019-C Noteholders are materially and adversely affected for such period; provided, however, that a Series 2019-C
        Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such

    
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    Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement or the Pooling and
      Servicing Agreement;

    (c) a failure by Transferor or the “Transferor” under the Pooling and Servicing Agreement to convey Receivables in Additional Accounts or Participations to the Receivables Trust within
        five (5) Business Days after the day on which it is required to convey such Receivables pursuant to Section 2.6(b) of the Transfer and Servicing Agreement or Section 2.8(b) of the Pooling and Servicing Agreement, respectively; provided,
        however, that a Series 2019-C Early Amortization Event pursuant to this Section 6.1(c) shall not be deemed to have occurred hereunder if, prior to the date on which such conveyance was required to be completed, Transferor causes a
        reduction in the Collateral Amount of any Variable Interest to occur or a reduction in the “Invested Amount” or “Adjusted Invested Amount” (as such terms are defined in the Pooling and Servicing Agreement) of any “Variable Interest” (as defined in
        the Pooling and Servicing Agreement) so that, after giving effect to that reduction (i) the Transferor Amount is not less than the Minimum Transferor Amount and (ii) the sum of the aggregate amount of principal receivables plus amounts on deposit
        in the Excess Funding Account is not less than the Required Principal Balance;

    (d) any Servicer Default or any “Servicer Default” under the Pooling and Servicing Agreement shall occur and as a result of which the interests of the Series 2019-C Noteholders are
        materially and adversely affected;

    (e) (i) the average of the Portfolio Yield for the two Monthly Periods immediately preceding the January 2020 Payment Date is less than the average of the Base Rates for the same Monthly
        Periods, or (ii) beginning with the three consecutive Monthly Periods immediately preceding the February 2020 Payment Date, the Portfolio Yield averaged over any three consecutive Monthly Periods is less than the Base Rate averaged over such
        period;

    (f) the Note Principal Balance shall not be paid in full on the Expected Principal Payment Date;

    (g) without limiting the foregoing, the occurrence of an Event of Default with respect to Series 2019-C and acceleration of the maturity of the Series 2019-C Notes pursuant to Section 5.3
        of the Indenture; or

    (h) the occurrence of an Early Amortization Event as defined in the Pooling and Servicing Agreement and specified in Section 9.1 of that Agreement;

    then, in the case of any event described in Section (a), (b) or (d), after the applicable grace period, if any, set
      forth in such subparagraphs, either the Indenture Trustee or the holders of Series 2019-C Notes evidencing more than 50% of the aggregate Outstanding Amount of Series 2019-C Notes (or, if 100% of the principal amount of the Series 2019-C Notes are
      held by the Transferor or any Affiliate of the Transferor, then the holders of Series 2019-C Notes evidencing more than 50% of the aggregate unpaid principal amount of the Series 2019-C Notes) by notice then given in writing to the Transferor and the
      Servicer (and to the Indenture Trustee if given by the Series 2019-C Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2019-C (a “Series 2019-C Early Amortization Event”) has occurred as of the

    
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    date of such notice, and, in the case of any event described in Section (c), (e), (f), (g) or (h) a
      Series 2019-C Early Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series 2019-C Noteholders immediately upon the occurrence of such event.

    ARTICLE VII.

        

        Redemption of Series 2019-C Notes; Final Distributions; Series Termination

    Section 7.1 Optional Redemption of Series 2019-C Notes; Final Distributions.

    (a) On any day occurring on or after the date on which the outstanding principal balance of the Series 2019-C Notes is reduced to 5% or less of the initial outstanding principal balance of
        Series 2019-C Notes, the Servicer shall have the option to redeem the Series 2019-C Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a
        Distribution Date, the Reassignment Amount for the Distribution Date following such day.

    (b) Servicer shall give the Indenture Trustee at least thirty (30) days’ prior written notice of the date on which Servicer intends to exercise such optional redemption.  Not later than
        12:00 noon, New York City time, on such day Servicer shall deposit into the Collection Account in immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit in the Principal Accumulation Account.  Such
        redemption option is subject to payment in full of the Reassignment Amount.  Following such deposit into the Collection Account in accordance with the foregoing, the Collateral Amount for Series 2019-C shall be reduced to zero and the Series 2019-C
        Noteholders shall have no further security interest in the Receivables.  The Reassignment Amount shall be distributed as set forth in Section 7.1(d).

    (c) The amount to be paid by the Transferor with respect to Series 2019-C in connection with a reassignment of Receivables to the Transferor pursuant to Section 2.4(e) of the
        Transfer and Servicing Agreement shall equal the Reassignment Amount for the first Distribution Date following the Monthly Period in which the reassignment obligation arises under the Transfer and Servicing Agreement.

    (d) With respect to (a) the Reassignment Amount deposited into the Distribution Account pursuant to Section 7.1 or (b) the proceeds of any sale of Receivables pursuant to Section

          5.5(a)(iii) of the Indenture with respect to Series 2019-C, the Indenture Trustee shall, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make
        distributions of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds:  (i) (x) the Class A Note Principal
        Balance on such Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Deficiency Amount for such Distribution Date and (C) the
        amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Noteholders on any prior Distribution Date, will be distributed to the Class A
        Noteholders, (ii) (x) the Class M Note Principal Balance on such

    
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    Distribution Date will be distributed to the Class M Noteholders and (y) an amount equal to the sum of (A) Class M Monthly Interest for such
      Distribution Date, (B) any Class M Deficiency Amount for such Distribution Date and (C) the amount of Class M Additional Interest, if any, for such Distribution Date and any Class M Additional Interest previously due but not distributed to the Class
      M Noteholders on any prior Distribution Date, will be distributed to the Class M Noteholders, (iii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders and (y) an amount equal to the sum of
      (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Deficiency Amount for such Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously
      due but not distributed to the Class B Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders and (iv) any excess shall be released to the Issuer.

    Section 7.2 Series Termination.  On the Series 2019-C Final Maturity Date, the unpaid principal amount of the Series 2019-C Notes shall be due and payable, and the right of the Series
        2019-C Noteholders to receive payments from the Issuer will be limited solely to the right to receive payments pursuant to Section 5.5 of the Indenture.

    ARTICLE VIII.

        

        Miscellaneous Provisions

    Section 8.1 Ratification of Indenture; Amendments.  As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
        supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.  This Indenture Supplement may be amended only by a Supplemental Indenture entered in accordance with the terms of Section 10.1 or
        10.2 of the Indenture.  For purposes of the application of Section 10.2 to any amendment of this Indenture Supplement, the Series 2019-C Noteholders shall be the only Noteholders whose vote shall be required.

    Section 8.2 Form of Delivery of the Series 2019-C Notes.  The Class A Notes and Class M Notes shall be Book-Entry Notes and shall be delivered as Registered Notes as provided in Sections 2.1
        and 2.13 of the Indenture.  The Class B Notes shall initially be issued as Definitive Notes registered in the Note Register in the name of the Transferor.  In connection with any transfer of the Class B Notes by the Transferor in accordance
        with the terms of the Agreement, the Transferor may deliver the related Definitive Note to the Indenture Trustee and request that such Definitive Note be exchanged for a Book-Entry Note registered in the name of the nominee of the Clearing Agency. 
        In connection therewith, at the request of the Transferor, the Issuer will deliver a replacement Class B Note, to the Indenture Trustee for authentication, and the Indenture Trustee will authenticate and deliver such replacement Note to or at the
        direction of the Transferor; provided, however, that no Definitive Note shall be exchanged for a Book-Entry Note unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such Note will constitute debt for U.S. federal
        income tax purposes.  If directed by the Transferor, the Issuer shall obtain a new CUSIP number for the replacement Book-Entry Note and such new CUSIP number shall be indicated on the replacement Note.  Any Book-Entry Note issued in exchange for a
        Definitive Note shall bear a legend to the following effect:

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

     

    

    Section 8.3 Counterparts.  This Indenture Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but
        all of which shall constitute one and the same instrument.

    Section 8.4 GOVERNING LAW.  THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
        OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    Section 8.5 Limitation of Liability.  Notwithstanding any other provision herein or elsewhere, this Agreement has been executed and delivered by U.S. Bank Trust National Association, not in
        its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall U.S. Bank Trust National Association in its individual capacity have any liability in respect of the representations, warranties, or obligations of
        the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust, and for all purposes of this Agreement and each other document, the Owner Trustee (as such or in its individual capacity)
        shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

    Section 8.6 Rights of the Indenture Trustee.  The Indenture Trustee shall have herein the same rights, protections, indemnities and immunities as specified in the Master Indenture.

    Section 8.7 Additional Provisions.

    (a) The Additional Minimum Transferor Amount is hereby specified as an additional amount to be considered part of the Minimum Transferor Amount pursuant to clause (b) of the
        definition of Minimum Transferor Amount.

    (b) Transferor shall not exercise its right to require reassignment to it or its designee of the Receivables in any Removed Account or “Removed Account” (as defined in the Pooling and
        Servicing Agreement) pursuant to Section 2.7(a) of the Transfer and Servicing Agreement or Section 2.9(a) of the Pooling and Servicing Agreement more than once during any Monthly Period; it being understood that this Section
          8.7(b) shall not limit any right of the Transferor pursuant to Section 2.7(b) of the Transfer and Servicing Agreement or Section 2.9(b) of the Pooling and Servicing Agreement.

    
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    (c) Transferor shall not exercise its discount option pursuant to Section 2.10 of the Pooling and Servicing Agreement or Section 2.8 of the Transfer and Servicing
        Agreement.

    (d) So long as Regulation RR is in effect (x) to the extent that the sum of (i) the Seller’s Interest and (ii) amounts on deposit (excluding any investment earnings on deposit) in the
        Excess Funding Account (to the extent the Excess Funding Account meets the requirements of Rule 5(f) of Regulation RR) is less than the Required Seller’s Interest as of the last day of any Monthly Period (each, an “RR Measurement Date”), the
        Transferor shall cause the Seller’s Interest to be increased to an amount such that the sum of (i) the Seller’s Interest and (ii) amounts on deposit (excluding any investment earnings on deposit) in the Excess Funding Account (to the extent the
        Excess Funding Account meets the requirements of Rule 5(f) of Regulation RR) will be equal to or greater than the Required Seller’s Interest on or before the following RR Measurement Date; provided, that failure to satisfy the foregoing
        covenant shall not constitute a breach of this Indenture Supplement if at the time of such failure, the transaction contemplated by the Transaction Documents shall otherwise be in compliance with the requirements of Regulation RR and (y) other than
        as permitted by Regulation RR, the Transferor shall not sell, transfer or hedge any assets used to satisfy risk retention obligations under Regulation RR.

    (e) For the avoidance of doubt, in no event shall either of the Indenture Trustee or the Owner Trustee have any responsibility to monitor compliance with or, subject to their obligations
        under the Transaction Documents, enforce compliance with, or be charged with knowledge of Regulation RR or any rules or regulations promulgated in connection therewith, nor shall it be liable to any investor or any other party whatsoever for any
        violation of Regulation RR or any rules or regulations promulgated in connection therewith or any similar provisions in effect or the breach of any related term of this Indenture Supplement, any Transaction Document or any other document made or
        delivered pursuant hereto or thereto.

    (f) The Servicer will include the amount of the Seller’s Interest as of the most recent RR Measurement Date (or, with respect to the first such statement following the Closing Date, as of
        the Closing Date) on each statement delivered pursuant to Section 5.3(a).

    (g) Comenity Bank confirms, represents and warrants to and agrees with, and irrevocably and unconditionally undertakes to the Issuer and the Indenture Trustee, solely for the benefit of
        each Applicable Investor, in connection with the EU Due Diligence and Retention Rules as in effect on the Closing Date, on an ongoing basis, so long as any Series 2019-C Notes remain Outstanding, that (i) Comenity Bank, as “originator” for the
        purposes of the EU Due Diligence and Retention Rules, will retain on an ongoing basis a material net economic interest that is not less than 5% of the nominal value of the securitized exposures with respect to the Series 2019-C notes, in the form
        of a first loss tranche in accordance with the text of option (d) of Article 6(3) of the EU Securitization Regulation (as supplemented by Article 8 of the CRR Delegated Regulation), by holding, through the Transferor (its wholly-owned subsidiary),
        the right to receive distributions in respect of the Excess Collateral Amount relating to the Series 2019-C notes, (ii) Comenity Bank will not (and will not permit the Depositor or any of its Affiliates to) allow the retained interest to be subject
        to any credit risk mitigation, short position or other credit risk hedge or to be sold if, as a result, Comenity Bank would not retain a material net economic interest in an amount that is not less than 5% of the nominal value of the

    
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    securitized exposures, except to the extent permitted in accordance with Article 6(1) of the EU Securitization Regulation (as supplemented by
      Article 12 of the CRR Delegated Regulation), (iii) Comenity Bank will not change the retention option or method of calculation of its net economic interest in the securitized exposures while the Series 2019-C Notes are outstanding, except as
      permitted under Article 6(1) of the EU Securitization Regulation (as supplemented by Article 10 of the CRR Delegated Regulation), and (iv) Comenity Bank will provide ongoing confirmation of Comenity Bank’s continued compliance with its obligations
      described in (i) and (ii) above in or concurrently with the delivery of each statement delivered pursuant to Section 5.3(a).

    Section 8.8 Notice Address for Rating Agencies.  Delivery of any notices required to be delivered to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be
        sufficient for the purposes of this Indenture Supplement and the other Transaction Documents if sent to such mailing addresses or such email addresses as may be provided by the Rating Agencies.

    Section 8.9 Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes.

    (a) All Transfers will be subject to the transfer restrictions set forth on the Notes.

    (b) No Transfer (or purported Transfer) of a Class B Note (or economic interest therein) shall be made by Comenity Bank, the Transferor or any person which is considered the same person as
        Comenity Bank or the Transferor for U.S. Federal income tax purposes (except to a person which is considered the same person as Comenity Bank for such purposes) and any such Transfer (or purported Transfer) of such Notes shall be void ab initio
        unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Notes will constitute debt for U.S. federal income tax purposes; provided that any such Note may be pledged to a Federal Reserve Bank provided
        that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the
        Indenture Trustee to the effect that such Notes will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such Notes (e.g., if a portion of the Notes have original issue discount and a
        portion of the Notes do not), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Transferor as a condition to such transfer.

    (c) Any Class A Note or Class M Note (or economic interest therein) that is held after the Closing Date by Comenity Bank, the Transferor or any person which is considered the same person
        as Comenity Bank or the Transferor for U.S. federal income tax purposes shall not be transferred to any person (except to a person which is considered the same person as Comenity Bank or the Transferor for U.S. federal income tax purposes) and any
        such transfer shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary
        to track any such Note (e.g., if the transferred Note has original issue discount and a portion of the outstanding same Class of Notes as the transferred Note do not), tracking

    
      40

      
        

    

     

    

    conditions such as requiring that such Note be in definitive registered form may be required by the Transferor as a condition to such
      transfer.

    Section 8.10 Additional Matters Concerning the Indenture Trustee. The Indenture Trustee hereby represents and warrants that, as of the date of this Indenture Supplement, the Indenture
        Trustee is not in violation of any provision or condition of that certain order of the Securities and Exchange Commission dated December 23, 2014 (the "Order") concerning the exemption of the Indenture Trustee from certain requirements of Rule
        3a-7(a)(4)(i) under the Investment Company Act.  The Indenture Trustee shall comply with all conditions for reliance on the Order in connection with acting as Indenture Trustee with respect to the Series 2019-C Notes.

    

    

     [SIGNATURE PAGE FOLLOWS]

    

    

    
      41

      
        

    

    IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly executed and delivered by their
      respective duly authorized officers on the day and year first above written.

    WORLD FINANCIAL NETWORK CREDIT 

    CARD MASTER NOTE TRUST, as Issuer

    By:  U.S. Bank Trust National Association, not in 

    its individual capacity, but solely as Owner Trustee

    By: /s/ Mirtza J. Escobar

      

         Name: Mirtza J. Escobar

         Title: Vice President

      

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: /s/ Marion Zinowski

      

         Name: Marion Zinowski

         Title: Vice President

      

    Acknowledged and Accepted:

      

      

      COMENITY BANK,

      as Servicer

    

    

    By: /s/ Randy J. Redcay

      

         Name: Randy J. Redcay

         Title: Chief Financial Officer

      

    WFN CREDIT COMPANY, LLC

        as Transferor

    By: /s/ Michael Blackham

      

         Name: Michael Blackham

         Title: Treasurer

      

     

      

    
      	 	
              S-1

            	
              Indenture Supplement

            

       

    
      
        

    

    
    

    

    EXHIBIT A-1

    FORM OF CLASS A SERIES 2019-C 2.21% ASSET BACKED NOTE

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

    THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
      THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR FEDERAL OR STATE BANKRUPTCY LAWS OR OTHER LAWS SIMILAR
      THERETO IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

    THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO
      TREAT THE CLASS A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE
      BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT
      PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT
      PROHIBITED TRANSACTION UNDER ERISA (AS DEFINED BELOW) OR SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR A VIOLATION OF SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN”

    
      Exhibit A-1 (Page 1)

      
        

    

    

    

    INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
      THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
      REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    
      Exhibit A-1 (Page 2)

      
        

    

    

    

    	
            REGISTERED

            No. R- ____________

          	 	
            $600,000,000

              CUSIP NO. 981464HF0

              

          

    

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS A SERIES 2019-C 2.21% ASSET BACKED NOTE

    World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
      statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions,
      the principal sum of SIX HUNDRED MILLION DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the July 2026 Distribution Date, except as otherwise provided below or in the Indenture.  The Issuer will pay
      interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.  Interest on this Note will accrue for each Distribution Date from and including
      the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date.  Interest will be computed
      on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
      as though fully set forth on the face of this Note.

    Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

    
      Exhibit A-1 (Page 3)

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly executed.

    WORLD FINANCIAL NETWORK CREDIT

    CARD MASTER NOTE TRUST,

      as Issuer

    

    

    By: U.S. Bank Trust National Association, not in

    its individual capacity but solely as Owner Trustee

    under the Trust Agreement

    By:                                                

      Name:

      Title:

    Dated:  ____________, 2019

    
      Exhibit A-1 (Page 4)

      
        

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    This is one of the Class A Notes described in the within-mentioned Indenture.

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: ____________________________________

                           Authorized Signatory

      Dated: ____________________________________

    
      Exhibit A-1 (Page 5)

      
        

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS A SERIES 2019-C 2.21% ASSET BACKED NOTE

      

      

      Summary of Terms and Conditions

    This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit
      Card Master Note Trust, Series 2019-C (the “Series 2019-C Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture trustee
      (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of September 18, 2019 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
      otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined in the Indenture shall have the meanings
      assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

    The Class M Notes and the Class B Notes will also be issued under the Indenture.

    The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to
      the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as
      expressly provided in the Indenture, subject to any liability under the Indenture.

    This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
      limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

    THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, COMENITY BANK, WFN CREDIT COMPANY, LLC, OR ANY
      OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.  THIS CLASS A NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
      RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2019-C NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE INDENTURE AND THE INDENTURE SUPPLEMENT.

    The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee
      shall treat the person in whose name this Class A Note is registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be
      affected by notice to the contrary.

    
      Exhibit A-1 (Page 6)

      
        

    

    

    

    THIS CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    
      Exhibit A-1 (Page 7)

      
        

    

    ASSIGNMENT

    Social Security or other identifying number of assignee

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
      (name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints                              attorney, to transfer said certificate on the books kept for registration thereof,
      with full power of substitution in the premises.

    

    

    	
            Dated:_____________________

          	 	
            ___________________________**

            Signature Guaranteed:

          

    

    

    

    

    

    

    

    

    

    ** The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      Exhibit A-1 (Page 8)

      
        

    

    
    

    

    EXHIBIT A-2

    FORM OF CLASS M SERIES 2019-C 2.71% ASSET BACKED NOTE

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

    THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
      THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR FEDERAL OR STATE BANKRUPTCY LAWS OR OTHER LAWS SIMILAR
      THERETO IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

    THE HOLDER OF THIS CLASS M NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO
      TREAT THE CLASS M NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME, UNLESS AND UNTIL OTHERWISE REQUIRED BY AN APPLICABLE
      TAXING AUTHORITY.

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE
      BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT
      PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT
      PROHIBITED TRANSACTION UNDER ERISA (AS

    
      Exhibit A-2 (Page 1)

      
        

    

    

    

    DEFINED BELOW) OR SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR A VIOLATION OF SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES
      AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
      AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY
      SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    

    

    
      Exhibit A-2 (Page 2)

      
        

    

    

    

    	
            REGISTERED

            No. R- ____________

          	 	
            $53,425,000

            CUSIP NO. 981464HG8

          

    

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS M SERIES 2019-C 2.71% ASSET BACKED NOTE

    World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
      statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions,
      the principal sum of FIFTY-THREE MILLION FOUR HUNDRED TWENTY-FIVE THOUSAND DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the July 2026 Distribution Date, except as otherwise provided below or in the
      Indenture.  The Issuer will pay interest on the unpaid principal amount of this Note at the Class M Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.  Interest on this Note will accrue for each
      Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such
      Distribution Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
      as though fully set forth on the face of this Note.

    Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

    THIS CLASS M NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN
      THE INDENTURE SUPPLEMENT.

    
      Exhibit A-2 (Page 3)

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this Class M Note to be duly executed.

    WORLD FINANCIAL NETWORK CREDIT

    CARD MASTER NOTE TRUST,

      as Issuer

    

    

    By: U.S. Bank Trust National Association, not in

    its individual capacity but solely as Owner Trustee

    under the Trust Agreement

    By:                                                

      Name:

      Title:

    Dated:  ____________, 2019

    
      Exhibit A-2 (Page 4)

      
        

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    This is one of the Class M Notes described in the within-mentioned Indenture.

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: ____________________________________

                           Authorized Signatory

      Dated: ____________________________________

    
      Exhibit A-2 (Page 5)

      
        

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS M SERIES 2019-C 2.71% ASSET BACKED NOTE

      

      

      Summary of Terms and Conditions

    This Class M Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit
      Card Master Note Trust, Series 2019-C (the “Series 2019-C Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture trustee
      (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of September 18, 2019 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
      otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined in the Indenture shall have the meanings
      assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

    The Class A Notes and the Class B Notes will also be issued under the Indenture.

    Payments of principal and interest on the Class M Notes are subordinated to payments of principal and interest on the
      Class A Notes pursuant to and in accordance with the Indenture.

    The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to
      the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as
      expressly provided in the Indenture, subject to any liability under the Indenture.

    This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
      limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

    THIS CLASS M NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, COMENITY BANK, WFN CREDIT COMPANY, LLC, OR ANY
      OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.  THIS CLASS M NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
      RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2019-C NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE INDENTURE AND THE INDENTURE SUPPLEMENT.

    The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee
      shall treat the person in whose name this Class M Note is registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the

    
      Exhibit A-2 (Page 6)

      
        

    

    

    

    Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be affected by notice to the contrary.

    THIS CLASS M NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    

    

    
      Exhibit A-2 (Page 7)

      
        

    

    ASSIGNMENT

    Social Security or other identifying number of assignee                                .

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
      (name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints                              attorney, to transfer said certificate on the books kept for registration thereof,
      with full power of substitution in the premises.

    	
            Dated:_____________________

          	 	
            ___________________________**

            Signature Guaranteed:

          

    

    

    

    

    

    

    

    ** The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      Exhibit A-2 (Page 8)

      
        

    

    
    EXHIBIT A-3

    

    

    

    

    FORM OF DEFINITIVE CLASS B SERIES 2019-C 0.00% ASSET BACKED NOTE

    THIS CLASS B NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS CLASS B NOTE:

    
      
        	

              	(1)	
                AGREES FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN
                  COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING
                  OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE
                  DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

              

      

    

    
      
        	

              	(2)	
                AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CLASS B NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

              

      

    

    THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
      THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR FEDERAL OR STATE BANKRUPTCY LAWS OR OTHER LAWS SIMILAR
      THERETO IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

    THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO
      TREAT THE

    
      Exhibit A-3 (Page 1)

      
        

    

    

    

    CLASS B NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY
      OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME, UNLESS AND UNTIL OTHERWISE REQUIRED BY AN APPLICABLE TAXING AUTHORITY.

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE
      BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR HOLDING SUCH NOTE OR
      ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING
      ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975
      OF THE CODE.

    TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE SUPPLEMENT.  NO TRANSFER OF THIS NOTE SHALL
      BE MADE BY COMENITY BANK (“COMENITY”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS COMENITY OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED THE SAME PERSON AS COMENITY FOR SUCH
      PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH NOTES WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE
      PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE  PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN
      OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH NOTES WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES.

    

    

    
      Exhibit A-3 (Page 2)

      
        

    

    

    

    	
            REGISTERED

            No. R- ____________

          	 	
            $30,822,000

            CUSIP NO. 981464HH6

          

    

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS B SERIES 2019-C 0.00% ASSET BACKED NOTE

    World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
      statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to [________], or registered assigns, subject to the following provisions, the
      principal sum of THIRTY MILLION EIGHT HUNDRED TWENTY-TWO THOUSAND DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the July 2026 Distribution Date, except as otherwise provided below or in the Indenture. 
      The Issuer will pay interest on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.  Interest on this Note will accrue for each Distribution
      Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. 
      Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
      as though fully set forth on the face of this Note.

    Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

    THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES AND THE CLASS M NOTES TO
      THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

    
      Exhibit A-3 (Page 3)

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed.

    WORLD FINANCIAL NETWORK CREDIT

    CARD MASTER NOTE TRUST,

      as Issuer

    

    

    By: U.S. Bank Trust National Association, not in

    its individual capacity but solely as Owner Trustee

    under the Trust Agreement

    By:                                                

      Name:

      Title:

    Dated:  ____________, 2019

    
      Exhibit A-3 (Page 4)

      
        

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    This is one of the Class B Notes described in the within-mentioned Indenture.

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: ____________________________________

                           Authorized Signatory

      Dated: ____________________________________

    
      Exhibit A-3 (Page 5)

      
        

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS B SERIES 2019-C 0.00% ASSET BACKED NOTE

      

      

      Summary of Terms and Conditions

    This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit
      Card Master Note Trust, Series 2019-C (the “Series 2019-C Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture trustee
      (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of September 18, 2019 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
      otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined in the Indenture shall have the meanings
      assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

    The Class A Notes and the Class M Notes will also be issued under the Indenture.

    Payments of principal and interest on the Class B Notes are subordinated to payments of principal and interest on the
      Class A Notes and the Class M Notes pursuant to and in accordance with the Indenture.

    The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to
      the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as
      expressly provided in the Indenture, subject to any liability under the Indenture.

    This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
      limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

    THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, COMENITY BANK, WFN CREDIT COMPANY, LLC, OR ANY
      OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.  THIS CLASS B NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
      RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2019-C NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE INDENTURE AND THE INDENTURE SUPPLEMENT.

    The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee
      shall treat the person in whose name this Class B Note is

    
      Exhibit A-3 (Page 6)

      
        

    

    

    

    registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer,
      the Transferor or the Indenture Trustee shall be affected by notice to the contrary.

    THIS CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    

    

    
      Exhibit A-3 (Page 7)

      
        

    

    ASSIGNMENT

    Social Security or other identifying number of assignee                                .

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
      (name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints                              attorney, to transfer said certificate on the books kept for registration thereof,
      with full power of substitution in the premises.

    	
            Dated:_____________________

          	 	
            ___________________________**

            Signature Guaranteed:

          

    

    

    

    

    

    

    

    ** The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      Exhibit A-3 (Page 8)

      
        

    

    
    EXHIBIT B

    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

      NOTIFICATION TO INDENTURE TRUSTEE

    	
            COMENITY BANK

          
	
            WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST

            Series [List Applicable Series] and 2019-C

          
	
            MONTHLY PERIOD ENDING

          
	
            [                                     ]

          

    I.  INSTRUCTIONS TO MAKE CERTAIN PAYMENTS

    Comenity Bank, as Servicer does hereby instruct MUFG Union Bank, N.A., as Indenture Trustee, to pay in accordance with the [Describe Applicable
      Indenture Supplements], and the Series 2019-C Indenture Supplement, dated as of September 18, 2019, [additional indenture supplements as applicable from time to time] (each, an “Indenture Supplement”) from the Distribution Account (or other Series
      Account as specified below) on [ ] which date is a Transfer Date under each Indenture Supplement, amounts so deposited pursuant to each Indenture Supplement as set below.  Defined terms used herein have the meanings specified in the related Indenture
      Supplements.

    

    

    	 	 	
            
              Series 2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          	 	
            
              Total

            

          
	
            INTEREST PAYMENTS

          	 	 	 	 	 	 
	
            (From Distribution Accounts)

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            1. Amount to be distributed to the Class A Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            2. Amount to be distributed to the Class M Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            3. Amount to be distributed to the Class B Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            4. Amount to be distributed to the Class C Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            5. Amount to be distributed to the Class D Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            6. Amount to be distributed to the Swap Provider, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            7. Amount to be received from the Swap Provider, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            8. Amount to be returned to Comenity Bank

          	 	 	 	 	 	 

    

    

    
      Exhibit B (Page 1)

      
        

    

    

    

    
      	 	 	
              
                Series 2019-C

              

            	 	
              
                [Insert columns for

                other Series]

              

            	 	
              
                Total

              

            

    

    	 	 	 	 	 	 	 
	
            PRINCIPAL PAYMENTS

          	 	 	 	 	 	 
	
            (From Principal Accounts)

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            1. Amount to be distributed to the Class A Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            2. Amount to be distributed to the Class M Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            3. Amount to be distributed to the Class B Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            4. Amount to be distributed to the Class C Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            5. Amount to be distributed to the Class D Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            TRANSFER OF

              INTEREST EARNINGS

          	 	 	 	 	 	 
	
            (from Accounts below to Finance Charge Accounts)

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            1. Cash Collateral Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            2. Spread Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            3. Principal Accumulation Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            4. Principal Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            5. Reserve Account, if applicable

             

             

          	 	 	 	 	 	 

    

    

    

    

    

    

    	 	
             Comenity Bank, as Servicer

             

          	 	 
	 	
             By:

          	 	 	 	 
	 	
             Name:

          	 	 	 	 
	 	
             Title:

          	 	 	 	 
	 	 	 	 	 	 

    

    

    

    

    

    

    
      Exhibit B (Page 2)

      
        

    

    
    EXHIBIT C

    FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

    MONTHLY NOTEHOLDERS' STATEMENT

      WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST

       [List Applicable Series] AND SERIES 2019-C

    Pursuant to the Master Indenture, dated as of August 1, 2001, (as amended and supplemented, the “Indenture”) between World Financial Network Credit Card Master
      Note Trust (the “Issuer”) and MUFG Union Bank, N.A., as indenture trustee (the “Indenture Trustee”), [Describe Applicable Indenture Supplements], and the Series 2019-C Indenture Supplement, dated as of September 18, 2019 (each, an “Indenture
      Supplement”), Comenity Bank, as Servicer (the “Servicer”), under the Transfer and Servicing Agreement, dated as of August 1, 2001 (as amended, the “Transfer and Servicing Agreement”) between the Servicer, WFN Credit Company, LLC, as Transferor and
      the Issuer, is required to prepare certain information each month regarding current distributions to the Noteholders and the performance of the Trust during the previous month.  The information required to be prepared with respect to the Distribution
      Date of [  ], 20[  ], and with respect to the performance of the Trust during the month of [  ], 20[  ] is set forth below.  Capitalized terms herein are defined in the Indenture and the Indenture Supplements.

    

    

    	 	
            Monthly Period:

          	 	 
	 	
            Determination Date:

          	 	 
	 	
            Distribution Date:

          	 	 
	 	
            Number of Days in Period:

          	 	 
	 	
            Number of Days in Month:

          	 	 
	 	
            Record Date:

          	 	 

    

    

    
      

      

      

      

    

    
      Exhibit C (Page 1)

      
        

    

    I.  DEAL PARAMETERS

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Class A Initial Note Principal Balance

          	 	 	 	 
	
            (b) Class M Initial Note Principal Balance

          	 	 	 	 
	
            (c) Class B Initial Note Principal Balance

          	 	 	 	 
	
            (d) Class C Initial Note Principal Balance, if applicable

          	 	 	 	 
	
            (e) Class D Initial Note Principal Balance, if applicable

          	 	 	 	 
	
            (f) Total Initial Note Principal Balance

          	 	 	 	 
	
            (g) Initial Excess Collateral Amount

          	 	 	 	 
	
            (h) Class A Initial Note Principal Balance %

          	 	 	 	 
	
            (i) Class M Initial Note Principal Balance %

          	 	 	 	 
	
            (j) Class B Initial Note Principal Balance %

          	 	 	 	 
	
            (k) Class C Initial Note Principal Balance %, if applicable

          	 	 	 	 
	
            (l) Class D Initial Note Principal Balance %, if applicable

          	 	 	 	 
	
            (m)      Excess Collateral Amount %

          	 	 	 	 
	
            (n) Required Retained Transferor Percentage

          	 	 	 	 
	
            (o) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)

          	 	 	 	 
	
            (p) LIBOR rate as of most recent reset day, if applicable

          	 	 	 	 
	
            (q) Class A Note Interest Rate

          	 	 	 	 
	
            (r) Class A Swap Rate, if applicable

          	 	 	 	 
	
            (s) Class M Note Interest Rate

          	 	 	 	 
	
            (t) Class M Swap Rate, if applicable

          	 	 	 	 
	
            (u) Class B Note Interest Rate

          	 	 	 	 
	
            (v) Class B Swap Rate, if applicable

          	 	 	 	 
	
            (w) Class C Note Interest Rate, if applicable

          	 	 	 	 
	
            (x) Class C Swap Rate, if applicable

          	 	 	 	 
	
            (y) Class D Note Interest Rate, if applicable

          	 	 	 	 
	
            (z) Class D Swap Rate, if applicable

          	 	 	 	 
	
            (aa)      Servicing Fee Percentage

          	 	 	 	 

    
      Exhibit C (Page 2)

      
        

    

    II.  COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            Monthly Period

          	 	 	 	 
	 	 	 	 	 
	
            (a) Initial Collateral Amount

          	 	 	 	 
	
            (b) Initial Excess Collateral Amount

          	 	 	 	 
	
            (c) Principal Payments made to Noteholders

          	 	 	 	 
	
            (d) Principal Accumulation Account Balance

          	 	 	 	 
	
            (e) Unreimbursed Investor Charge-offs and

              

                         Reallocated Principal Collections

          	 	 	 	 
	
            (f) Collateral Amount- End of Current

              

                         Monthly Period

          	 	 	 	 
	
            (g) Excess Collateral Amount- End of Current

              

                         Monthly Period

          	 	 	 	 
	
            (h) Required Excess Collateral Amount

          	 	 	 	 
	
            (i) Beginning Class A Note Principal Balance

          	 	 	 	 
	
            (j) Beginning Class M Note Principal

              

                        Balance

          	 	 	 	 
	
            (k) Beginning Class B Note Principal Balance

          	 	 	 	 
	
            (l) Beginning Class C Note Principal Balance, if applicable

          	 	 	 	 
	
            (m)      Beginning Class D Note Principal
                Balance, if applicable

          	 	 	 	 
	
            (n) Total Beginning Note Principal Balance

          	 	 	 	 
	
            (o) Ending Class A Note Principal Balance

          	 	 	 	 
	
            (p) Ending Class M Note Principal Balance

          	 	 	 	 
	
            (q) Ending Class B Note Principal Balance

          	 	 	 	 
	
            (r) Ending Class C Note Principal Balance, if applicable

          	 	 	 	 
	
            (s) Ending Class D Note Principal Balance, if applicable

          	 	 	 	 
	
            (t) Total Ending Note Principal Balance

          	 	 	 	 
	
            (u) Allocation Percentage- Finance Charges

              

                        Collections and Default Amounts

          	 	 	 	 
	
            (v) Allocation Percentage- Principal

              

                        Collections

          	 	 	 	 

    

    

    III.  RECEIVABLES IN THE TRUST

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Beginning of the Month Principal Receivables

          	 	 	 	 
	
            (b) Collection of Principal Receivables

          	 	 	 	 
	
            (c) Defaulted Receivables (principal charge-offs):

          	 	 	 	 
	
            (d) Dilution (Principal net of Debit Adjustments):

          	 	 	 	 
	
            (e) Sales (principal receivables generated):

          	 	 	 	 
	
            (f) Net (Removal)/Addition of Principal Receivables:

          	 	 	 	 
	
            (g) End of Month Principal Receivables (a – b - c - d + e + f)

          	 	 	 	 
	
            (h) Recoveries of previously Charged-off Receivables:

          	 	 	 	 
	
            (i) Beginning of the Month Finance Charge Receivables

          	 	 	 	 
	
            (j) End of the Month Finance Charge Receivables

          	 	 	 	 

    
      Exhibit C (Page 3)

      
        

    

    IV.  RECEIVABLES PERFORMANCE SUMMARY

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            COLLECTIONS:

          	 	 	 	 
	
            (a) Collections of Principal Receivables

          	 	 	 	 
	
            (b) Collections of Finance Charge Receivables

          	 	 	 	 
	
            (c) Total Collections (a+b).

          	 	 	 	 
	
            (d) Monthly Payment Rate (% of Beginning Total Receivables Outstanding)

          	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
            DELINQUENCIES AND LOSSES:

          	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            End of the month delinquencies:

          	 	 	 	 
	
            (e) 1-30 days delinquent (CA1)

          	 	 	 	 
	
            (f) 31-60 days delinquent (CA2)

          	 	 	 	 
	
            (g) 61-90 days delinquent (CA3)

          	 	 	 	 
	
            (h) 91-120 days delinquent (CA4)

          	 	 	 	 
	
            (i) 121-150 days delinquent (CA5)

          	 	 	 	 
	
            (j) 151+ days delinquent (CA6)

          	 	 	 	 
	
            (k) Total delinquencies (e +f + g  + h + i + j)

            (l) Total 60+ days delinquent

            (m)      Lowest Delinquency Trigger (all
                series)

            (n) Investor Requests for Communications

          	 	 	 	 
	 	 	 	 	 
	
            CHARGE-OFFS:

          	 	 	 	 
	
            (o) Defaulted Receivables (principal charge-offs):

          	 	 	 	 
	
            (p) Recoveries of previously Charged-off Receivables

          	 	 	 	 
	
            (q) Gross Principal Charge-Offs (% of End of Month Total Principal Receivables)

            (annualized)

          	 	 	 	 
	
            (r) Net Principal Charge-Offs (% of End of Month Total Principal Receivables)

            (annualized)

          	 	 	 	 

    

    

    V.  TRANSFEROR INTEREST AND SELLER’S INTEREST

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Required Retained Transferor Percentage

          	 	 	 	 
	
            (b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)

          	 	 	 	 
	
            (c) Beginning Transferor Amount

          	 	 	 	 
	
            (d) Ending Transferor Amount

          	 	 	 	 
	
            (e) Minimum Transferor Amount

          	 	 	 	 
	
            (f) Excess Funding Account Balance at end of Monthly Period

          	 	 	 	 
	
            (g) Principal Accounts Balance at end of Monthly Period

          	 	 	 	 
	
            (h) Sum of Principal Receivables, Excess Funding Account and Principal Accounts at end of Monthly 

                         Period

          	 	 	 	 
	
            (i) Required Seller's Interest (as of the most recent RR measurement date)

          	 	 	 	 
	
            (j) Seller's Interest (as of the most recent RR measurement date)

          	 	 	 	 

    

    

    
      Exhibit C (Page 4)

      
        

    

    VI.  TRUST ACCOUNT BALANCES AND EARNINGS

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            BEGINNING ACCOUNT BALANCES:

          	 	 	 	 
	 	 	 	 	 
	
            (a) Finance Charge Account

          	 	 	 	 
	
            (b) Cash Collateral Account, if applicable

          	 	 	 	 
	
            (c) Spread Account, if applicable

          	 	 	 	 
	
            (d) Reserve Account

          	 	 	 	 
	
            (e) Principal Account

          	 	 	 	 
	
            (f) Principal Accumulation Account

          	 	 	 	 
	 	 	 	 	 
	
            ENDING ACCOUNT BALANCES:

          	 	 	 	 
	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (g) Finance Charge Account

          	 	 	 	 
	
            (h) Cash Collateral Account, if applicable

          	 	 	 	 
	
            (i) Spread Account, if applicable

          	 	 	 	 
	
            (j) Reserve Account

          	 	 	 	 
	
            (k) Principal Account

          	 	 	 	 
	
            (l) Principal Accumulation Account

          	 	 	 	 
	 	 	 	 	 
	
            INTEREST AND EARNINGS:

          	 	 	 	 
	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (m)      Interest and Earnings on Finance
                Charge Account

          	 	 	 	 
	
            (n) Interest and Earnings on Cash Collateral Account, if applicable

          	 	 	 	 
	
            (o) Interest and Earnings on Spread Account, if applicable

          	 	 	 	 
	
            (p) Interest and Earnings on Reserve Account, if applicable

          	 	 	 	 
	
            (q) Interest and Earnings on Principal Accumulation Account, if applicable

          	 	 	 	 
	
            (r) Interest and Earnings on Principal Funding Account, if applicable

          	 	 	 	 

    
      Exhibit C (Page 5)

      
        

    

    VII.  ALLOCATION AND APPLICATION of COLLECTIONS

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            APPLICATIONS OF FINANCE CHARGE COLLECTIONS:

          	 	 	 	 
	 	 	 	 	 
	
            (a) Floating Allocation of Finance Charges

          	 	 	 	 
	
            (b) Class A Monthly Interest

          	 	 	 	 
	
            (c) Class A Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (d) Class M Monthly Interest

          	 	 	 	 
	
            (e) Class M Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (f) Class B Monthly Interest, if applicable

          	 	 	 	 
	
            (g) Class B Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (h) Servicing Fee (Beginning Collateral Amount*2%/12)

          	 	 	 	 
	
            (i) Class C Monthly Interest, if applicable

          	 	 	 	 
	
            (j) Class C Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (k) Class D Monthly Interest, if applicable

          	 	 	 	 
	
            (l) Class D Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (m)      Investor Default Amounts

          	 	 	 	 
	
            (n) Uncovered Dilution Amounts

          	 	 	 	 
	
            (o) Unreimbursed Investor Chargeoffs and Reallocated Principal Collections

          	 	 	 	 
	
            (p) Required to be Deposited into Cash Collateral Account, if applicable

          	 	 	 	 
	
            (q) Required Reserve Account Amount, if applicable

          	 	 	 	 
	
            (r) Required to be Deposited into the Spread Account, if applicable

          	 	 	 	 
	
            (s) Required Payments and Deposits Relating to Interest Rate Swaps, if applicable

          	 	 	 	 
	
            (t) Other Payments Required to be made

          	 	 	 	 
	
            (u) Excess Finance Charge Collections (a-b-c-d-e-f-g-h-i-j-k-l-m-n-o-p-q-r-s-t)

          	 	 	 	 
	 	 	 	 	 
	
            APPLICATION OF PRINCIPAL COLLECTIONS:

          	 	 	 	 
	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Investor Principal Collections

          	 	 	 	 
	
            (b) Less Reallocated Principal Collections

          	 	 	 	 
	
            (c) Plus Shared Principal Collections from other Principal Sharing Series

          	 	 	 	 
	
            (d) Plus Aggregate amount of Finance Charge Collections applied to cover Defaults and Uncovered 

                        Dilution and to be treated as Available Principal Collections

          	 	 	 	 
	
            (e) Available Principal Collections (a+b+c+d)

          	 	 	 	 
	
            (f) Deposits to Principal Accumulation Account

          	 	 	 	 
	
            (g) Monthly Principal applied for payments to the Class A Noteholders

          	 	 	 	 
	
            (h) Monthly Principal applied for payments to the Class M Noteholders

          	 	 	 	 
	
            (i) Monthly Principal applied for payments to the Class B Noteholders

          	 	 	 	 

    

    

    
      Exhibit C (Page 6)

      
        

    

    

    

    
      	 	 	
              
                Series

                2019-C

              

            	 	
              
                [Insert columns for

                other Series]

              

            

    

    	
            (j) Monthly Principal applied for payments to the Class C Noteholders, if applicable

          	 	 	 	 
	
            (k) Monthly Principal applied for payments to the Class D Noteholders, if applicable

          	 	 	 	 
	
            (l) Shared Principal Collections applied to other Principal Sharing

          	 	 	 	 

    

    

    VIII.  INVESTOR CHARGE-OFFS

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Investor Defaults and Uncovered Dilution

          	 	 	 	 
	
            (b) Reimbursed from Available Funds

          	 	 	 	 
	
            (c) Reimbursed from Cash Collateral Account

          	 	 	 	 
	
            (d) Total reimbursed in respect of Investor Defaults and Dilution

          	 	 	 	 
	
            (e) Investor Charge-off (a - d)

          	 	 	 	 

    

    

    IX.  YIELD AND BASE RATE

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            Base Rate

          	 	 	 	 
	
            (Monthly interest, any net swap payments and monthly servicing fees divided by collateral amounts plus amounts on deposit in the principal accumulation account)

          	 	 	 	 
	 	 	 	 	 
	
            (a) Base Rate (current month)

          	 	 	 	 
	
            (b) Base Rate (prior month)

          	 	 	 	 
	
            (c) Base Rate (2 months prior)

          	 	 	 	 
	
            (d) 3 Month Average Base Rate

          	 	 	 	 
	 	 	 	 	 
	
            Portfolio Yield

          	 	 	 	 
	
            (Finance charge collections less defaults allocable to each series divided by collateral amounts plus amounts on deposit in the principal accumulation account)

          	 	 	 	 
	 	 	 	 	 
	
            (e) Portfolio Yield (current month)

          	 	 	 	 
	
            (f) Portfolio Yield (prior month)

          	 	 	 	 
	
            (g) Portfolio Yield (2 months prior)

          	 	 	 	 
	
            (h) 3 Month Average Portfolio Yield

          	 	 	 	 
	 	 	 	 	 
	
            Excess Spread Percentage

          	 	 	 	 
	
            (Portfolio Yield less Base Rate)

          	 	 	 	 
	 	 	 	 	 
	
            (i) Portfolio Adjusted Yield (current month)

          	 	 	 	 
	
            (j) Portfolio Adjusted Yield (prior month)

          	 	 	 	 
	
            (k) Portfolio Adjusted Yield (2 months prior)

          	 	 	 	 
	
            (l) Portfolio Adjusted Yield (3 month average)

          	 	 	 	 

    

    

    
      Exhibit C (Page 7)

      
        

    

    X.  PRINCIPAL ACCUMULATION ACCOUNT

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Cumulative Class A principal distributed to PAA (as of prior distribution date)

          	 	 	 	 
	
            (b) Class A Principal deposited in the Principal Accumulation Account (PAA)

          	 	 	 	 
	
            (c) Total Class A Principal deposited in the PAA (a + b)

          	 	 	 	 
	
            (d) Cumulative Class M principal distributed to PAA (as of prior distribution date)

          	 	 	 	 
	
            (e) Class M Principal deposited in the Principal Accumulation Account (PAA)

          	 	 	 	 
	
            (f) Total Class M Principal deposited in the PAA (d +e)

          	 	 	 	 
	
            (g) Cumulative Class B principal distributed to PAA (as of prior distribution date)

          	 	 	 	 
	
            (h) Class B Principal deposited in the Principal Accumulation Account (PAA)

          	 	 	 	 
	
            (i) Total Class B Principal deposited in the PAA (g + h)

          	 	 	 	 
	
            (j) Cumulative Class C principal distributed to PAA (as of prior distribution date), if applicable

          	 	 	 	 
	
            (k) Class C Principal deposited in the Principal Accumulation Account (PAA), if applicable

          	 	 	 	 
	
            (l) Total Class C Principal deposited in the PAA (j + k), if applicable

          	 	 	 	 
	
            (m)     Cumulative Class D principal
                distributed to PAA (as of prior distribution date), if applicable

          	 	 	 	 
	
            (n) Class D Principal deposited in the Principal Accumulation Account (PAA), if applicable

          	 	 	 	 
	
            (o) Total Class D Principal deposited in the PAA (m + n), if applicable

          	 	 	 	 
	
            (p) Ending PAA balance (c + f + i + l + o)

          	 	 	 	 

    

    

    
      Exhibit C (Page 8)

      
        

    

    XI.  PRINCIPAL REPAYMENT

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Class A Principal Paid (as of prior distribution dates)

          	 	 	 	 
	
            (b) Class A Principal Payments

          	 	 	 	 
	
            (c) Total Class A Principal Paid (a + b)

          	 	 	 	 
	
            (d) Class M Principal Paid (as of prior distribution dates)

          	 	 	 	 
	
            (e) Class M Principal Payments

          	 	 	 	 
	
            (f) Total Class M Principal Paid (d + e)

          	 	 	 	 
	
            (g) Class B Principal Paid (as of prior distribution dates)

          	 	 	 	 
	
            (h) Class B Principal Payments

          	 	 	 	 
	
            (i) Total Class B Principal Paid (g + h)

          	 	 	 	 
	
            (j) Class C Principal Paid (as of prior distribution dates), if applicable

          	 	 	 	 
	
            (k) Class C Principal Payments

          	 	 	 	 
	
            (l) Total Class C Principal Paid (j + k)

          	 	 	 	 
	
            (m)     Class D Principal Paid (as of prior
                distribution dates), if applicable

          	 	 	 	 
	
            (n) Class D Principal Payments, if applicable

          	 	 	 	 
	
            (o) Total Class D Principal Paid (m + n)

          	 	 	 	 

    

    

    XII.  SUPPLEMENTAL INFORMATION

    	 	 
	
            Solely with respect to the Series 2019-C Notes:

             

          	 
	
            Comenity Bank (the “Bank”)  as “originator” for the purposes of the EU Due Diligence and Retention Rules, as in effect and applicable on the Closing Date, will retain on an
              ongoing basis a material net economic interest that is not less than five percent of the nominal value of the securitized exposures with respect to the Series 2019-C Notes, in the form of a first loss tranche in accordance with the text of
              option (d) of Article 6(3) of the EU Securitization Regulation (as supplemented by Article 8 of the CRR Delegated Regulation), by holding, through the Transferor (its wholly-owned subsidiary), the right to receive distributions in respect of
              the excess collateral amount relating to the Series 2019-C Notes (the “Retained Interest”).

             

            The Bank will not allow the Retained Interest to be subject to any credit risk mitigation or other credit risk hedge or to be sold if, as a result, the bank would not retain a
              material net economic interest in an amount that is not less than five percent of the nominal value of the securitized exposures, except to the extent permitted in accordance with Article 6(1) of the EU Securitization Regulation (as
              supplemented by Article 12 of the CRR Delegated Regulation).

             

            For purposes of the foregoing: (i) “CRR Delegated Regulation” means Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) No. 625/2014, as applicable on
              the Closing Date pursuant to Article 43(7) of the EU Securitization Regulation, (ii) “EU Due Diligence and Retention Rules” means Articles 5 and 6 of the EU Securitization Regulation, together with any guidance published in relation thereto
              by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority or the European Commission and any relevant regulatory and/or implementing technical standards
              adopted by the European Commission in relation thereto or to precedent legislation, and (iii) “EU Securitization Regulation” means the European Union's Regulation (EU) 2017/2042.

          	 
	 	 

    

    

    	 	
             Comenity Bank, as Servicer

             

          	 	 
	 	
             By:

          	 	 	 	 
	 	
             Name:

          	 	 	 	 
	 	
             Title:

          	 	 	 	 
	 	 	 	 	 	 

    
      Exhibit C (Page 9)

      
        

    

    
    SCHEDULE 1

      

      

      PERFECTION COVENANTS

    Indenture Trustee covenants that it shall retain possession of the Collateral Certificate and that it shall not cause or
      allow possession of the Collateral Certificate to be transferred to any other entity, including any Affiliate of Indenture Trustee, unless (i) the Indenture Trustee provides written notice of its intent to transfer possession of the Collateral
      Certificate to the Owner Trustee, the Issuer and the Administrator at least sixty (60) days prior to such transfer,  (ii) each of the Issuer and the Indenture Trustee receives an Opinion of Counsel of the Administrator stating that the Indenture
      Trustee will continue to have a perfected security interest in the Collateral Certificate free of any adverse claim and (iii) the Indenture Trustee receives a certificate of the Administrator, on behalf of the Issuer, signed by the Chairman of the
      Board, President, any Vice President or the Treasurer or any Assistant Treasurer, stating that the lien of the Indenture continues to constitute a valid first priority perfected security interest in the Collateral Certificate (other than with respect
      to a tax, mechanics or similar lien).

     

    

  

  -1-EX-4.5

 Exhibit 4.5 

SALEM MEDIA GROUP, INC. 

Issuer 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
 INDENTURE

 Dated as of         , 20 

Debt Securities 
  

 

 CROSS-REFERENCE TABLE(1) 

 

			
	 SECTION OF
 TRUST
INDENTURE
 ACT OF 1939, AS AMENDED
	  	 SECTION(S) OF

INDENTURE

	 310(a)
	  	7.9
	 310(b)
	  	7.8
	 311(a)
	  	7.13
	 311(b)
	  	7.13
	 312(a)
	  	5.1, 5.2(a)
	 312(b)
	  	5.2(b)
	 312(c)
	  	5.2(c)
	 313(a)
	  	5.4
	 313(b)
	  	5.4
	 313(c)
	  	5.4
	 313(d)
	  	5.4
	 314(a)
	  	5.3, 14.12
	 314(c)
	  	14.7(a)
	 314(e)
	  	14.7(b)
	 315(a)
	  	7.1
	 315(b)
	  	7.14
	 315(c)
	  	7.1
	 315(d)
	  	7.1
	 315(e)
	  	6.7
	 316(a)
	  	6.6, 8.4
	 316(b)
	  	6.4
	 316(c)
	  	8.1
	 317(a)
	  	6.2
	 317(b)
	  	4.2
	 318(a)
	  	14.9

  

	(1)	 This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the
interpretation of any of its terms or provisions. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  			
			
	 Section 1.1
	 	Definitions of Terms	  	 	1	 
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	4	 
		
	 ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES
	  			
			
	 Section 2.1
	 	Designation and Terms of Securities	  	 	5	 
	 Section 2.2
	 	Form of Securities and Trustee’s Certificate	  	 	7	 
	 Section 2.3
	 	Denominations; Provisions for Payment	  	 	7	 
	 Section 2.4
	 	Execution and Authentication	  	 	8	 
	 Section 2.5
	 	Registration of Transfer and Exchange	  	 	9	 
	 Section 2.6
	 	Temporary Securities	  	 	10	 
	 Section 2.7
	 	Mutilated, Destroyed, Lost or Stolen Securities	  	 	10	 
	 Section 2.8
	 	Cancellation	  	 	10	 
	 Section 2.9
	 	Benefits of Indenture	  	 	11	 
	 Section 2.10
	 	Authenticating Agent	  	 	11	 
	 Section 2.11
	 	Global Securities	  	 	11	 
	 Section 2.12
	 	CUSIP and ISIN Numbers	  	 	12	 
		
	 ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  			
			
	 Section 3.1
	 	Redemption	  	 	12	 
	 Section 3.2
	 	Notice of Redemption	  	 	12	 
	 Section 3.3
	 	Payment Upon Redemption	  	 	13	 
	 Section 3.4
	 	Sinking Fund	  	 	14	 
	 Section 3.5
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	14	 
	 Section 3.6
	 	Redemption of Securities for Sinking Fund	  	 	14	 
		
	 ARTICLE IV COVENANTS
	  			
			
	 Section 4.1
	 	Payment of Principal, Premium and Interest	  	 	14	 
	 Section 4.2
	 	Paying Agent and Security Registrar	  	 	15	 
	 Section 4.3
	 	Appointment to Fill Vacancy in Office of Trustee	  	 	16	 
	 Section 4.4
	 	Compliance with Consolidation Provisions	  	 	16	 
		
	 ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE
	  			
			
	 Section 5.1
	 	Company to Furnish Trustee Names and Addresses of Securityholders	  	 	16	 
	 Section 5.2
	 	Preservation of Information; Communications With Securityholders	  	 	16	 
	 Section 5.3
	 	Reports by the Company	  	 	17	 
	 Section 5.4
	 	Reports by the Trustee	  	 	17	 
		
	 ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  			
			
	 Section 6.1
	 	Events of Default	  	 	17	 
	 Section 6.2
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	19	 
	 Section 6.3
	 	Application of Moneys Collected	  	 	20	 
	 Section 6.4
	 	Limitation on Suits	  	 	20	 
	 Section 6.5
	 	Rights and Remedies Cumulative; Delay or Omission Not Waiver	  	 	21	 
	 Section 6.6
	 	Control by Securityholders	  	 	21	 
	 Section 6.7
	 	Undertaking to Pay Costs	  	 	22	 
		
	 ARTICLE VII CONCERNING THE TRUSTEE
	  			
			
	 Section 7.1
	 	Certain Duties and Responsibilities of Trustee	  	 	22	 
	 Section 7.2
	 	Certain Rights of Trustee	  	 	23	 
	 Section 7.3
	 	Trustee Not Responsible for Recitals or Issuance or Securities	  	 	24	 

  
 i 

							
	 Section 7.4
	 	 May Hold Securities and Otherwise Deal With the Company
	  	 	24	 
	 Section 7.5
	 	 Moneys Held in Trust
	  	 	25	 
	 Section 7.6
	 	 Compensation and Reimbursement
	  	 	25	 
	 Section 7.7
	 	 Reliance on Officer’s Certificate
	  	 	25	 
	 Section 7.8
	 	 Disqualification; Conflicting Interests
	  	 	25	 
	 Section 7.9
	 	 Corporate Trustee Required; Eligibility
	  	 	26	 
	 Section 7.10
	 	 Resignation and Removal; Appointment of Successor
	  	 	26	 
	 Section 7.11
	 	 Acceptance of Appointment By Successor
	  	 	27	 
	 Section 7.12
	 	 Merger, Conversion, Consolidation or Succession to Business.
	  	 	28	 
	 Section 7.13
	 	 Preferential Collection of Claims Against the Company
	  	 	28	 
	 Section 7.14
	 	 Notice of Default
	  	 	28	 
	 Section 7.15
	 	 Limitation of Liability
	  	 	28	 
		
	 ARTICLE VIII CONCERNING THE SECURITYHOLDERS
	  			
			
	 Section 8.1
	 	 Evidence of Action by Securityholders
	  	 	28	 
	 Section 8.2
	 	 Proof of Execution by Securityholders
	  	 	29	 
	 Section 8.3
	 	 Who May be Deemed Owners
	  	 	29	 
	 Section 8.4
	 	 Certain Securities Owned by Company Disregarded
	  	 	29	 
	 Section 8.5
	 	 Actions Binding on Future Securityholders
	  	 	30	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  			
			
	 Section 9.1
	 	 Supplemental Indentures Without the Consent of Securityholders
	  	 	30	 
	 Section 9.2
	 	 Supplemental Indentures With the Consent of Securityholders
	  	 	31	 
	 Section 9.3
	 	 Effect of Supplemental Indentures
	  	 	32	 
	 Section 9.4
	 	 Securities Affected by Supplemental Indentures
	  	 	32	 
	 Section 9.5
	 	 Execution of Supplemental Indentures
	  	 	32	 
		
	 ARTICLE X SUCCESSOR ENTITY
	  			
			
	 Section 10.1
	 	 Company May Consolidate, Etc.
	  	 	33	 
	 Section 10.2
	 	 Successor Entity Substituted
	  	 	33	 
	 Section 10.3
	 	 Evidence of Consolidation, Etc. to Trustee
	  	 	33	 
		
	 ARTICLE XI SATISFACTION AND DISCHARGE
	  			
			
	 Section 11.1
	 	 Satisfaction and Discharge of Indenture
	  	 	34	 
	 Section 11.2
	 	 Application of Trust Money
	  	 	35	 
		
	 ARTICLE XII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  			
			
	 Section 12.1
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	35	 
	 Section 12.2
	 	 Legal Defeasance and Discharge
	  	 	35	 
	 Section 12.3
	 	Covenant Defeasance	  	 	36	 
	 Section 12.4
	 	Conditions to Legal or Covenant Defeasance	  	 	36	 
	 Section 12.5
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	37	 
	 Section 12.6
	 	Repayment to Company	  	 	37	 
	 Section 12.7
	 	Reinstatement	  	 	38	 
		
	 ARTICLE XIII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  			
			
	 Section 13.1
	 	No Recourse	  	 	38	 
		
	 ARTICLE XIV MISCELLANEOUS PROVISIONS
	  			
			
	 Section 14.1
	 	Effect on Successors and Assigns	  	 	38	 
	 Section 14.2
	 	Actions by Successor	  	 	38	 
	 Section 14.3
	 	Surrender of Company Powers	  	 	39	 
	 Section 14.4
	 	Notices	  	 	39	 
	 Section 14.5
	 	Governing Law/Waiver of Jury Trial	  	 	39	 
	 Section 14.6
	 	Treatment of Securities as Debt	  	 	39	 
	 Section 14.7
	 	Compliance Certificates and Opinions	  	 	39	 
	 Section 14.8
	 	Payments on Business Days	  	 	40	 
	 Section 14.9
	 	Conflict with Trust Indenture Act	  	 	40	 
	 Section 14.10
	 	Counterparts	  	 	40	 
	 Section 14.11
	 	Severability	  	 	40	 
	 Section 14.12
	 	Compliance Certificates	  	 	40	 
	 Section 14.13
	 	USA Patriot Act	  	 	40	 
	 Section 14.14
	 	Consent to Jurisdiction and Service	  	 	41	 
	 Section 14.15
	 	Force Majeure	  	 	41	 

  
 ii 

 INDENTURE 

INDENTURE, dated as of             , 20 , among SALEM MEDIA GROUP, INC., a Delaware corporation
(the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the “Trustee”): 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt
securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be
authenticated by the Trustee; 
 WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the
Company has duly authorized the execution of this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof,
it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1 DEFINITIONS OF
TERMS. 
 The terms defined in this Section (except as in this Indenture or any Board Resolution or indenture supplemental hereto otherwise expressly
provided or unless the context otherwise requires) for all purposes of this Indenture and of any Board Resolution or indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as
the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act (except as herein or any Board Resolution or indenture
supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this
instrument. 
 “Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the
Trustee pursuant to Section 2.10. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified person. For purposes of this definition, “control,” as used with respect to any Person, means 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, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” have correlative meanings. 
 “Authorized Officer,” when used with respect to the Company, means the
Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Executive Vice President or Senior
Vice President of the Company. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of
debtors. 
 “Board of Directors” means the Board of Directors of the Company or any duly authorized committee of such Board. 

“Board Resolution” means a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors, or such committee of the Board of Directors or officers of the Company to which authority to act on behalf of the Board of Directors has been delegated, and to be in full force and effect on the date of such
certification, and to be delivered to the Trustee. 
  

  
 1 

 “Business Day” means, with respect to any series of Securities, any day other than a day on
which federal or state banking institutions in the Borough of Manhattan, the City and State of New York, are authorized or obligated by law, executive order or regulation to close. 

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

“Commission” means the Securities and Exchange Commission. 

“Company” means Salem Media Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to
the provisions of Article X, shall also include its successors and assigns.
 “Company Request” and “Company Order”
means a written request or order signed in the name of the Company by one or more Authorized Officers of the Company, and delivered to the Trustee. 

“Corporate Trust Office” means the principal office of the Trustee at which, at any particular time, this Indenture shall be administered,
which office at the date hereof is located at 333 S. Grand Avenue, 5th Floor, Suite 5A, MAC: E2064-05A, Los Angeles, CA 90071; Attention: Corporate, Municipal and Escrow Services. With respect to presentation
for transfer or exchange, conversions or principal payment, such address shall be 608 2nd Avenue South, Minneapolis, MN 55402, attention: Bondholder Communications, or such other address as the
Trustee may designate from time to time by written notice to the Securityholders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by
written notice to the Securityholders and the Company). 
 “Covenant Defeasance” shall have the meaning set forth in Section 12.3.

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

“Default” means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Securities Exchange Act of 1934, or other applicable statute or regulation, which, in each case,
shall be designated by the Company pursuant to either Section 2.1 or 2.11. 
 “Event of Default” means, with respect to Securities of
a particular series, any event specified in Section 6.1, continued for the period of time, if any, therein designated. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Global Security” means, with respect to any series of Securities,
a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture, which shall be registered in the name of the Depositary or its nominee. 

“Governmental Obligations” means securities that are (a) direct obligations of the U.S. for the payment of which its full faith and
credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the U.S., the payment of which is unconditionally guaranteed as a full faith and credit obligation by the U.S. that, in
either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such
Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation 

or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

 

  
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 “herein,” “hereof” and “hereunder,” and other words of
similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Indenture” means
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more Board Resolutions or one or more indentures supplemental hereto entered into in accordance with the terms hereof. 

“Interest Payment Date,” when used with respect to any installment of interest on a Security of a particular series, means the date specified
in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable. 

“Legal Defeasance” shall have the meaning set forth in Section 12.2. 

“Officer’s Certificate” means a certificate signed by an Authorized Officer of the Company that is delivered to the Trustee in
accordance with the terms hereof. Each such certificate shall include the statements provided for in Section 14.7, if and to the extent required by the provisions thereof. An Officer’s Certificate given pursuant to Section 14.12 shall
be signed by the principal executive, financial or accounting officer of the Company but need not contain the statements provided for in Section 14.7. 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for
the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 14.7, if and to the extent required by the provisions thereof. 

“Outstanding,” when used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any
particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee, or delivered to the Trustee or any Paying Agent for
cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which cash or Governmental Obligations in the necessary amount shall have been irrevocably deposited in trust with the
Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided, however, that if such Securities or portions of such
Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in
lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.7, unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by
a protected purchaser. 
 “Paying Agent” shall have the meaning set forth in Section 4.2(a). 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity, and includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost,
destroyed or stolen Security. 
 “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for
such redemption by or pursuant to this Indenture. 
  

  
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 “Securities” means the debt Securities authenticated and delivered under this Indenture.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Securityholder,” “holder of Securities,” “registered holder,” or other similar term, means the Person or
Persons in whose name or names a particular Security shall be registered on the Security Register in accordance with the terms of this Indenture. 

“Security Register” shall have the meaning set forth in Section 4.2(a). 

“Security Registrar” shall have the meaning set forth in Section 4.2(a). 

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

“Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the
time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose
outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any
of its Subsidiaries is a general partner. 
 “Trustee” means Wells Fargo Bank, National Association, and, subject to the provisions of
Article VII, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a
particular series of the Securities shall mean the trustee with respect to that series. 
 “Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended. 
 “Trust Officer” means any officer of the Trustee with direct responsibility for the administration of this
Indenture and also means, with respect to a particular corporate trust matter hereunder, any other officer of the Trustee to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time. 

“U.S.” means the United States of America. 

“USA Patriot Act” shall have the meaning set forth in Section 14.13. 

“Voting Stock,” as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest
(however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency.
 SECTION 1.2 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. 

Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. 

All Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute
or defined by Commission rule have the meanings assigned to them by such definitions. 
  

  
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 ARTICLE II 

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION 

AND EXCHANGE OF SECURITIES 
 SECTION 2.1
DESIGNATION AND TERMS OF SECURITIES. 
 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 up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental
hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

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

(2) the principal amount of the Securities being offered and any limit upon the aggregate principal amount of the Securities of that
series that 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 that series); 

(3) the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to
the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment; 
 (4) the rate
or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any, and whether the rate(s) are fixed or variable; 

(5) the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the
manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 (6) the right, if any, to extend the interest payment periods and the duration of such extension; 

(7) the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company; 
 (8) the obligation, if any, of the Company to redeem or
purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) 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; 

(9) the terms of the subordination of any series of subordinated debt; 

(10) the form of the Securities of the series including the form of the certificate of authentication for such series; 

(11) if other than minimum denominations of two thousand U.S. dollars ($2,000) or any integral multiple of one thousand U.S. dollars
($1,000) in excess thereof, the minimum denominations and multiples in excess thereof in which the Securities of the series shall be issuable; 

(12) whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such
series; 
  

  
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 (13) whether the Securities will be convertible into or exchangeable for shares of
common stock or other securities of the Company or any other Person or other securities and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as
applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period; 

(14) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1; 
 (15) any additional or different Events of
Default or restrictive covenants (which may but shall not be required to include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue
additional securities; create liens; pay dividends or make distributions in respect of their capital stock; redeem capital stock; in the case of such Subsidiaries, pay dividends, make distributions or transfer assets; make investments or other
restricted payments; sell or otherwise dispose of assets; enter into sale leaseback transactions; engage in transactions with stockholders and affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger)
or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial
ratios) provided for with respect to the Securities of the series; 
 (16) if other than U.S. dollars, the coin or currency in which
the Securities of the series are denominated (including, but not limited to, foreign currency); 
 (17) the terms and conditions, if
any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any, and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes,
and the terms and conditions, if any, relating to the Company’s ability to redeem such Securities if the Company is required to pay such additional amounts; 

(18) a discussion of any material U.S. federal income tax considerations applicable to the Securities of the series; 

(19) any restrictions on transfer, sale or assignment of the Securities of the series; 

(20) the terms, if any, relating to any auction or remarketing of the Securities of the series and any security for the obligations of
the Company with respect to such Securities; 
 (21) whether the Securities of the series are secured or unsecured, and if the
Securities are secured, the terms of the secured Securities; 
 (22) information describing any book-entry features; 

(23) the identity of any guarantors and the terms of the guarantees; and 

(24) any and all other terms with respect to the series (which terms shall not be inconsistent with the terms of this Indenture, as
amended by any Board Resolution or supplemental indenture, but which may modify or delete any provisions of this Indenture insofar as it applies to such series), including any terms which may be required by or advisable under the laws of the U.S. or
regulations thereunder or advisable (as determined by the Company) in connection with the marketing of Securities of that series. 
 All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto. If any of the terms of the series are established by
action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the
Officer’s Certificate of the Company setting forth the terms of the series. 
  

  
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 Securities of any particular series may be issued at various times, with different dates on which the
principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different
redemption dates. A series may be reopened for issuances of additional Securities of such series or to establish additional terms of such Securities.

SECTION 2.2 FORM OF SECURITIES AND TRUSTEE’S CERTIFICATE. 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and
purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

SECTION 2.3 DENOMINATIONS; PROVISIONS FOR PAYMENT. 
 The
Securities shall be issuable as registered Securities and in the minimum denomination of two thousand U.S. dollars ($2,000) or any integral multiple of one thousand U.S. dollars ($1,000) in excess thereof, subject to Section 2.1(11). The
Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon, shall be payable in
the coin or currency of the U.S. that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the United States, which shall initially be an office or agency of the Trustee. Each
Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.
Presentment and surrender of the Securities is required for final payment thereon. 
 The interest installment on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular
record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and
prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.3. 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the
Company, at its election, as provided in clause (1) or clause (2) below: 
 (1) The Company may make payment of any
Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be
fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more
than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and,
in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid (or, in the case of Securities held in book-entry
form, by electronic transmission), to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such
Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special
record date. 
  

  
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 (2) The Company may make payment of any Defaulted Interest on any Securities in any
other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Unless otherwise set forth in a Board
Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of
Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur,
if such Interest Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 
 Subject to the foregoing provisions of this Section and
Sections 2.5 and 2.11, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were
carried by such other Security.
 SECTION 2.4 EXECUTION AND AUTHENTICATION. 

The Securities shall be signed on behalf of the Company by an Authorized Officer and, to the extent necessary, under its corporate seal. Signatures may be in
the form of a manual or facsimile signature. 
 The Company may use the facsimile signature of any Person who shall have been an Authorized Officer thereof,
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. To the extent a Company seal is necessary, the Company seal may be in
the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security
shall be dated the date of its authentication by the Trustee. 
 A Security shall not be valid until authenticated manually by an authorized signatory of
the Trustee. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
signed by an Authorized Officer, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities. 
 In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Opinion of
Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture. 
 The Trustee shall not be
required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.  
  

  
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 SECTION 2.5 REGISTRATION OF TRANSFER AND EXCHANGE. 

(a) Securities of any series may be exchanged upon presentation thereof at the office of the Security Registrar, for other Securities of
such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so
surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be
entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) Upon surrender for transfer of any Security at the
office of the Security Registrar, the Company shall execute, the Trustee shall authenticate and the Security Registrar shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security
presented for a like aggregate principal amount. 
 All Securities presented or surrendered for exchange or registration of transfer, as provided in this
Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by
such holder’s duly authorized attorney in writing. 
 (c) Except as provided pursuant to Section 2.1 pursuant to a Board
Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new
Securities in case of partial repurchase or redemption of any series, but the Company and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to
Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer. 
 (d) The Company shall not be required
(i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same
series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portion thereof called for redemption, other than the unredeemed portion of any such
Securities being redeemed in part. 
 (e) Successive registrations and registrations of transfers and exchanges as aforesaid may be
made from time to time as desired, and each such registration shall be noted on the register for the Securities. 
 (f) The Security
Registrar shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Security Registrar of Securities upon transfer or exchange of Securities. 

(g) The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof. 

(h) 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 (including any transfers between or among Depositary participants or beneficial owners of interests in any Global 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. 
 (i) Neither the Trustee nor any agent shall have any responsibility or liability for any
actions taken or not taken by the Depositary. 
  

  
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 SECTION 2.6 TEMPORARY SECURITIES. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as
may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be
surrendered in exchange therefor (without charge to the holders), at the office of the Security Registrar, and the Trustee shall authenticate and the Security Registrar shall deliver in exchange for such temporary Securities an equal aggregate
principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary
Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

SECTION 2.7 MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon a Company Request, the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated
Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case, the requirements of Section 8-405 of the Uniform Commercial Code shall be met and the applicant
for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the delivery
of a Company Order. Upon the issuance of any substituted Security, 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. 
 In case any Security that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to
the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such
Security and of the ownership thereof. 
 Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional
contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.
 SECTION 2.8 CANCELLATION. 

All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or
any Paying Agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this
Indenture. On the delivery of a Company Order at the time of such surrender, the Trustee shall cancel Securities held by the Trustee in accordance with its standard procedures and applicable law and provide confirmation to the Company of such
cancellation if requested by the Company. In the absence of such request, the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver evidence of cancellation to the Company. If the Company shall otherwise
acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

 

  
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 SECTION 2.9 BENEFITS OF INDENTURE. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the
holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit
of the parties hereto and of the holders of the Securities.
 SECTION 2.10 AUTHENTICATING AGENT. 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the
Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee
shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or
determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to
supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and
upon a Company Request shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating
Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its
predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.
 SECTION 2.11 GLOBAL SECURITIES. 

(a) If the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction
and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of this Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary
or to a successor Depositary or to a nominee of such successor Depositary.” 
 (b) Notwithstanding the provisions of
Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary. Nothing in this Section 2.11(b) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the
other provisions of this Indenture. 
  

  
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 (c) If at any time the Depositary for a series of the Securities notifies the Company
that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a
successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the
Company has received a request from the Depositary, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver the
Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In
addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such
event the Company will execute and, subject to Section 2.4, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for
such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Persons in whose names such Securities are so registered.
 SECTION 2.12 CUSIP AND ISIN NUMBERS. 

The Company, in issuing the Securities, shall use CUSIP and ISIN numbers for such Securities (if then generally in use). The Trustee shall use CUSIP and ISIN
numbers in notices of redemption as a convenience to holders; provided, however, that neither the Company nor the Trustee shall have any responsibility for any defect in the CUSIP or ISIN number that appears on any Security, check, advice of payment
or redemption notice, and 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 redemption and that reliance may be placed only on the
other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing in the event of any change in the CUSIP or
ISIN numbers.
 ARTICLE III 

REDEMPTION OF SECURITIES AND 

SINKING FUND PROVISIONS 
 SECTION 3.1
REDEMPTION. 
 The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.1 hereof. The provisions of this Article III may be modified, amended or replaced, in part or in their entirety, with Securities of any series, by an Officer’s Certificate pursuant to a Board
Resolution or one or more indentures supplemental hereto, in each case in accordance with Section 2.1 hereof.
 SECTION 3.2 NOTICE OF REDEMPTION.

 (a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities
of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to
be redeemed by mailing, first class postage prepaid (or, in the case of Securities held in book-entry form, by electronic transmission), a notice of such redemption not less than 30 days and not more than 60 days (except in accordance with Articles
XI and XII) before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed
in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for
redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 

 

  
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 Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which
Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Paying Agent or as otherwise established in a Board Resolution or an
indenture supplemental hereto, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that
the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be
so redeemed. 
 In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, (i) if the
Securities are in the form of Global Securities, by lot, or otherwise in accordance with the procedures of the Depositary, or (ii) if the Securities are not in the form of Global Securities, by lot, a portion or portions (equal to one thousand
U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $2,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the
Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Authorized Officer, instruct the Trustee or any Paying Agent to call all or any part of the
Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such Paying Agent may deem advisable. In any
case in which notice of redemption is to be given by the Trustee or any such Paying Agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such Paying Agent, as the case may be, such Security Register,
transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such Paying Agent to give any notice by mail that may be required under the provisions of this Section.

SECTION 3.3 PAYMENT UPON REDEMPTION. 

(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion
thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of
business on the applicable record date pursuant to Section 2.3). 
  

  
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 (b) Upon presentation of any Security of such series that is to be redeemed in part
only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized
denominations in principal amount equal to the unredeemed portion of the Security so presented.
 SECTION 3.4 SINKING FUND. 

If Securities of a series provide for a sinking fund as contemplated by Section 2.1, the provisions of this Section 3.4 and Sections 3.5 and 3.6
shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for Securities of such series. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is 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 3.5. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of
Securities of such series.
 SECTION 3.5 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. 

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

SECTION 3.6 REDEMPTION OF SECURITIES FOR SINKING FUND. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to
the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less
than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 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 3.2. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3.

ARTICLE IV 
 COVENANTS

 SECTION 4.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time
and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn
on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an
aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date). Payments
of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such
Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date). 
  

  
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 SECTION 4.2 PAYING AGENT AND SECURITY REGISTRAR. 

(a) So long as any series of the Securities remain Outstanding, the Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange (“Security Registrar”), an office or agency where Securities may be presented for payment (“Paying Agent”) and an office or agency where notices
to or upon the Company in respect of the Securities and this Indenture may be served. The Security Registrar shall keep a register for the recordation of, and shall record, the names and addresses of holders of the Securities, the Securities held by
each holder and the transfer and exchange of Securities (the “Security Register”). The entries in the Security Register shall be conclusive, and the parties may treat each Person whose name is recorded in the Security
Register pursuant to the terms hereof as a holder hereunder for all purposes of this Indenture. The Company may have one or more co-Security Registrars and one or more additional Paying Agents. 

The Company hereby initially designates the Trustee as Paying Agent and Security Registrar, and the Corporate Trust Office shall be considered as one such
office or agency of the Company for each of the aforesaid purposes, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by an Authorized Officer and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. 
 (b) The Company shall enter into an appropriate agency agreement with
any Security Registrar, Paying Agent, or co-registrar not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture
that relate to such agent. The Company shall notify the Trustee in writing of the name and address of any such agent. If the Company fails to maintain a Security Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor. The Company and any of its Subsidiaries may act as Paying Agent, Security Registrar or co-registrar. 

(c) If the Company shall appoint one or more Paying Agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section: 

(1) that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or
interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto; 

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to
make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 

(3) that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above,
upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and 

(4) that it will perform all other duties of Paying Agent as set forth in this Indenture. 

(d) If the Company shall act as its own Paying Agent with respect to any series of the Securities, it will on or before each due date of
the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so
becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities)
to take such action. Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the
Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to 

such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to
act. 
  

  
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 (e) Notwithstanding anything in this Section to the contrary, the Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released
from all further liability with respect to such money.
 SECTION 4.3 APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so
that there shall at all times be a Trustee hereunder.
 SECTION 4.4 COMPLIANCE WITH CONSOLIDATION PROVISIONS. 

The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not
the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article X hereof are complied with.

ARTICLE V 

SECURITYHOLDERS’ LISTS AND REPORTS BY 

THE COMPANY AND THE TRUSTEE 
 SECTION
5.1 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF SECURITYHOLDERS. 
 The Company will furnish or cause to be furnished to the Trustee (a) on
each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company
shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request
in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list
need be furnished for any series for which the Trustee shall be the Security Registrar. 
 SECTION 5.2 PRESERVATION OF INFORMATION; COMMUNICATIONS WITH
SECURITYHOLDERS. 
 (a) 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 the Securityholders of each series of Securities and shall otherwise comply with Section 312(a) of the Trust Indenture Act. If the Trustee is not the Security Registrar, the Company shall furnish to
the Trustee at least ten (10) days before each interest payment date with respect to any series of Securities 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 the Securityholders of such series of Securities, which list may be conclusively relied upon by the Trustee. 
  

  
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 (b) Securityholders of any series may communicate pursuant to Section 312(b) of
the Trust Indenture Act with other Securityholders of that series or any other series with respect to their rights under this Indenture or the Securities of that series or any other series. 

(c) The Company, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the Trust
Indenture Act.
 SECTION 5.3 REPORTS BY THE COMPANY. 

(a) So long as any Security is Outstanding, the Company shall furnish a copy to the Trustee, within 15 days after the Company files the
same with the Commission, 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 Commission may from time to time by rules and regulations prescribe) that the
Company files with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any materials for which the Company has sought and received
confidential treatment by the Commission; and provided further, so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), such filings shall be deemed to have been
furnished to the Trustee for purposes of this Section 5.3 without any further action required by the Company. The Trustee shall have no obligation whatsoever to determine whether or not such filings have been made. 

(b) Delivery of such reports, information and documents to the Trustee shall be for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of the covenants contained in this Indenture (as to
which the Trustee is entitled to conclusively rely upon an Officer’s Certificate).
 SECTION 5.4 REPORTS BY THE TRUSTEE. 

(a) The Trustee shall transmit to the Securityholders such reports concerning the Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act at the time and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this
Indenture, deliver to holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a). 

(b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

(c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 

ARTICLE VI 
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS 
 ON EVENT OF DEFAULT 

SECTION 6.1 EVENTS OF DEFAULT. 

(a) Whenever used herein with respect to Securities of a particular series, unless otherwise specified in a Board Resolution or in an
indenture supplemental hereto, “Event of Default” means any one or more of the following events that has occurred and is continuing: 
  

  
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 (1) the Company defaults in the payment of any installment of
interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 30 days; provided, however, that a valid extension of an interest payment period by the Company in
accordance with the terms of any Board Resolution or indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 

(2) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that
series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that
a valid extension of the maturity of such Securities in accordance with the terms of any Board Resolution or indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any; 

(3) the Company defaults in the performance or breach of its covenants or agreements with respect to that series
contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one
or more series of Securities other than such series) for a period of 90 consecutive days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of
Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time
Outstanding; 
 (4) 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 or (iv) makes a general assignment for
the benefit of its creditors; 
 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that
(i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company 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 consecutive days; or 
 (6) certain other specified events, as may be provided for in a
Board Resolution or in a supplemental indenture. 
 (b) In each and every such case (other than an Event of Default specified in
clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of
that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the
Securities of that series then outstanding hereunder shall, declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall
automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under this Indenture with respect to such series, other than the nonpayment of principal of (and premium, if any, on) and accrued and unpaid interest on
Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6. 
  

  
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 No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right
consequent thereon. 
 (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series
under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any
determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such
proceedings had been taken.
 SECTION 6.2 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. 

(a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, and such default shall have continued for a period of 30 days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and
payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have
become due and payable, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.6. 
 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name
and as trustee of an express trust, shall be entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of
the Company or other obligor upon the Securities of that series, wherever situated. 
 (c) In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein
that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount due and payable by the Company under this Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after
such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee or
trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such
Securityholders, to pay to the Trustee any amount due it under Section 7.6. 
 (d) All rights of action and of asserting claims
under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding
relative thereto, and any such suit or 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 payment to the Trustee of any amounts due under
Section 7.6, be for the ratable benefit of the holders of the Securities of such series. 
  

  
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 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce
the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

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

SECTION 6.3 APPLICATION OF MONEYS COLLECTED. 
 Any moneys
collected by the Trustee pursuant to this Article VI with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of
principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 

FIRST: To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6; 

SECOND: To the payment to holders of Securities of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any), amounts
payable upon redemption or repurchase of the Securities, and interest, 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 premium, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto. 
 The Trustee may fix a record date and payment date for any payment to holders pursuant to this Section 6.3.
At least 15 days before such record date, the Company shall mail to each holder and the Trustee a notice that states the record date, the payment date and the amount to be paid.

SECTION 6.4 LIMITATION ON SUITS. 
 No holder of any
Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series
specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such indemnity reasonably satisfactory to it against the costs, losses, expenses and liabilities to be incurred
therein or thereby; (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 60 day period, the holders of a
majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 
  

  
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 Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the
right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on
the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any
manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such
holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders). For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.
 SECTION 6.5 RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER. 

(a) Except as otherwise provided in Section 2.7, all powers and remedies given by this Article VI to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy
given by this Article VI or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

SECTION 6.6 CONTROL BY SECURITYHOLDERS. 
 The holders of a
majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, 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 such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture. 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 Trust Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s
duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of
any series at the time Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained
herein or established pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same
shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee
(in accordance with Section 6.1(c)), which requires the consent of each holder affected by such waiver. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the
Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

  
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 SECTION 6.7 UNDERTAKING TO PAY COSTS. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s 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 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 Securityholder, or group of Securityholders, holding more than 10% in aggregate
principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this Indenture. 
 ARTICLE VII 

CONCERNING THE TRUSTEE 
 SECTION 7.1
CERTAIN DUTIES AND RESPONSIBILITIES OF TRUSTEE. 
 (a) The Trustee, prior to the occurrence of an Event of Default with respect to
the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties
as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived),
the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. Except during the continuance of an Event of Default with respect to the Securities of a series, in the absence of bad faith on its part, the Trustee may with respect to the Securities of such
series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any
such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (b) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

(i) this subsection (b) shall not be construed to limit the effect of subsection (a) of this Section; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer or Trust Officers
of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time
Outstanding 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 that series;
and 
 (iv) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it. 
  

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

SECTION 7.2 CERTAIN RIGHTS OF TRUSTEE. 
 Except as
otherwise provided in Section 7.1: 
 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties; 
 (b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently
evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c) The Trustee may consult with counsel 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 or suffered or omitted hereunder in good faith and in reliance thereon; 

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, losses, expenses and
liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or
waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs; 
 (e) The Trustee shall not be liable for any action taken or omitted to be
taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities
of the particular series affected thereby (determined as provided in Section 8.4), and, if so requested, except as otherwise prohibited by applicable law or as would reasonably be expected to violate or result in the loss or impairment of any
attorney-client or work product privilege, the Trustee shall be entitled to examine the books, records, and premises of the Company, personally or by agent, or attorney, and it shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation; provided, however, that the Company shall not be required to provide access or furnish information in the event of any litigation involving this Indenture or the Securities except pursuant to applicable rules of
discovery; and provided, further, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such
examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 
 (g) The Trustee
may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder; 
  

  
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 (h) In no event shall the Trustee be responsible or liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(i) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; 

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

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

(l) The Trustee shall not be liable for the acts or omissions of any other agent of the Company, and may assume performance by any such
agent of its duties, absent written notice or actual knowledge to the contrary; and 
 (m) The permissive right of the Trustee to take
the actions permitted by this Indenture shall not be construed as an obligation or duty to do so.
 SECTION 7.3 TRUSTEE NOT RESPONSIBLE FOR RECITALS OR
ISSUANCE OR SECURITIES. 
 (a) The recitals contained herein and in the Securities shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for the correctness of the same. 
 (b) The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities. 
 (c) The Trustee shall not be accountable for the use or
application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to
Section 2.1, or for the use or application of any moneys received by any Paying Agent other than the Trustee.
 SECTION 7.4 MAY HOLD SECURITIES AND
OTHERWISE DEAL WITH THE COMPANY. 
 Subject to the Trust Indenture Act, the Trustee, the Security Registrar, any Paying Agent or any other agent of the
Company, in its individual or any other capacity, may buy, own, hold, sell and become the pledgee of any of the Securities or any other evidences of indebtedness or other securities, whether heretofore or hereafter created or issued, of the Company
or any Subsidiary or Affiliate of the Company with the same rights it would have if it were not Trustee, Security Registrar, Paying Agent or such other agent; and the Trustee may engage or be interested in any financial or other transaction with the
Company or any Subsidiary or Affiliate of the Company, including, without limitation, secured and unsecured loans to the Company or any Subsidiary or Affiliate of the Company; and may maintain any and all other general banking and business relations
with the Company and any Subsidiary or Affiliate of the Company with like effect and in the same manner and to the same extent as if the Trustee were not a party to this Indenture; and no implied covenant shall be read into this Indenture against
the Trustee in respect of any such matters. 
  

  
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 SECTION 7.5 MONEYS HELD IN TRUST. 

Subject to the provisions of Sections 11.2, 12.5, 12.6 and 12.7, all moneys received by the Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may
agree with the Company to pay thereon.
 SECTION 7.6 COMPENSATION AND REIMBURSEMENT. 

(a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and
in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except
any such expense, disbursement or advance as may arise from its negligence or willful misconduct and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any loss, costs, damages, liability or expense incurred without negligence or willful misconduct on the part of the Trustee (as determined by a court of competent jurisdiction in
a final and non-appealable judgment) and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim
of liability in the premises. 
 (b) To secure the Company’s payment obligations in this Section 7.6, 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 such series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(a)(4) or 6.1(a)(5) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The provisions of this Section 7.6
shall survive the resignation or removal of the Trustee and the termination or satisfaction of this Indenture.
 SECTION 7.7 RELIANCE ON OFFICER’S
CERTIFICATE. 
 Except as otherwise provided in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall
deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in
the absence of negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or willful
misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

SECTION 7.8 DISQUALIFICATION; CONFLICTING INTERESTS. 
 If
the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the
Trust Indenture Act. 
  

  
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 SECTION 7.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the U.S. or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust
powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and surplus of at least one hundred million U.S. dollars ($100,000,000), and subject to supervision or
examination by federal, state, territorial, or District of Columbia authority. 
 If such corporation or other Person publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as
Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

SECTION 7.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid (or, in the case of Securities held in book-entry form, by electronic transmission), to the Securityholders of such series,
as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days
after the mailing of such notice of resignation, the resigning Trustee may at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or the
holders of at least 10% in the aggregate principal amount of Outstanding Securities may petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee. 
 (b) In case at any time any one of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the
Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to
resign after written request therefor by the Company or by any such Securityholder; or 
 (iii) the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Company
may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

 

  
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 (c) The holders of a majority in aggregate principal amount of the Securities of any
series at the time Outstanding may, upon 30 days’ notice, remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company. 

(d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.
 SECTION 7.11 ACCEPTANCE OF
APPOINTMENT BY SUCCESSOR. 
 (a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every
such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective
and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all
property and money held by such retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor trustee with
respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each
successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates. 
 (c) Upon request of any such successor trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

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

  
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 (e) Upon acceptance of appointment by a successor trustee as provided in this
Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit
such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

SECTION 7.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall
be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

SECTION 7.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY. 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

SECTION 7.14 NOTICE OF DEFAULT. 
 If any Default or any
Event of Default occurs and is continuing and if the Trustee has notice of such Default or Event of Default, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act
notice of the Default or Event of Default within 90 days after it occurs (or, the Trustee does not have notice of such Default or Event of Default until after that time, 15 days after the Trustee has notice of such Default or Event of Default),
unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such
notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interest of the Securityholders. 
 SECTION
7.15 LIMITATION OF LIABILITY 
 The Trustee is entering into this Indenture and the other documents contemplated hereby and related
hereto to which it is a party solely in its capacity as trustee under the Indenture and not in its individual capacity (except as expressly stated herein) and in no case shall the Trustee (or any Person acting as successor trustee under this
Indenture) be personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of the Company hereunder or thereunder, all such liability, if any, being expressly waived by the
parties hereto and any person claiming by, through or under such party. 
 ARTICLE VIII 

CONCERNING THE SECURITYHOLDERS 
 SECTION
8.1 EVIDENCE OF ACTION BY SECURITYHOLDERS. 
 Whenever in this Indenture it is provided that the holders of a majority or specified percentage in
aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of
taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in
person or by agent or proxy appointed in writing. 
  

  
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 If the Company shall solicit from the Securityholders of any series any request, demand, authorization,
direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may
be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.
 SECTION 8.2 PROOF OF EXECUTION BY SECURITYHOLDERS. 

Subject to the provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his
agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee. 
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the
Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

SECTION 8.3 WHO MAY BE DEEMED OWNERS. 
 Prior to the due
presentment for registration of transfer of any Security, the Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as
the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account
of the principal of, premium, if any, and (subject to Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to
the contrary.
 SECTION 8.4 CERTAIN SECURITIES OWNED BY COMPANY DISREGARDED. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or
waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the
Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for
the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

  
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 SECTION 8.5 ACTIONS BINDING ON FUTURE SECURITYHOLDERS. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority
or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities
the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such Security. Except as aforesaid any such action
taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof,
irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this
Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF SECURITYHOLDERS. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a) to cure any ambiguity, defect, omission or inconsistency herein or in the Securities of any series (with such ambiguity, defect,
omission or inconsistency being evidenced by an Officer’s Certificate); 
 (b) to comply with Article X, including to evidence
the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities contained or to provide for the assumption of a guarantor’s obligations to holders of the
Securities in the case of a merger or consolidation or sale of all or substantially all of the guarantor’s assets; 
 (c) to
provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code; 

(d) to add to the covenants of the Company or any guarantor for the benefit of the holders of the Securities of any series or to
surrender any right or power conferred upon the Company or any guarantor; 
 (e) to provide for the issuance of additional Securities
of any series in accordance with the terms of this Indenture; 
 (f) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee; 
 (g) to comply with any requirements of the Commission or any successor in connection with the
qualification of this Indenture under the Trust Indenture Act; 
 (h) to provide security for the Securities of any series or to
provide for any guarantee of the Securities of any series or to confirm or evidence the release, termination or discharge of any guarantee of or lien securing the Securities of any series when such release, termination or discharge is permitted by
this Indenture; 
 (i) to make any change that would provide any additional rights or benefits to the holders of the Securities of any
series or that does not adversely affect the legal rights under this Indenture of any holder; 
  

  
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 (j) to make any amendment to the provision of this Indenture relating to the transfer
and legending of the Securities of any series; provided, however, that (1) compliance with this Indenture as so amended would not result in Securities of such series being transferred in violation of the Securities Act or any other applicable
securities law and (2) such amendment does not materially and adversely affect the rights of holders to transfer Securities of such series; or 

(k) to conform the text of this Indenture, any guarantee of the Securities of any series or the notes to any provision of the
“Description of Debt Securities and Guarantees” included in the prospectus forming a part of the registration statement filed by the Company with the Commission on Form S-3 on August 4, 2016 or
any subsequent description of Securities contained in any prospectus supplement, to the extent that such provision in that “Description of Debt Securities and Guarantees” or any subsequent description of Securities contained in any
prospectus supplement was intended by the Company to be a verbatim recitation of a provision of this Indenture, any guarantee of the Securities of any series or the Securities, as applicable (with such intention being evidenced by an Officer’s
Certificate). 
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of
the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.
 SECTION 9.2 SUPPLEMENTAL
INDENTURES WITH THE CONSENT OF SECURITYHOLDERS. 
 With the consent (evidenced as provided in Section 8.1) of the holders of not less than a
majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding (including consents obtained in connection with a tender offer or exchange offer for the
Securities), the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as
then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating (or waiving any past default or compliance with) any of the provisions of this Indenture or of any supplemental indenture or of modifying in any
manner not covered by Section 9.1 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then
Outstanding and affected thereby, 
 (a) reduce the percentage or aggregate principal amount of Securities, the holders of which are
required to consent to any modification, amendment, supplement or waiver; 
 (b) reduce the principal amount of, or premium, if any,
or rate of interest on, such Securities; 
 (c) extend the fixed maturity of such Securities; 

(d) extend the time for payment of interest on such Securities; 

(e) reduce the redemption or repurchase price of such Securities or change the time at which the Securities may or must be redeemed or
repurchased; 
  

  
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 (f) change the currency of payment of principal of, or premium, if any, or interest
on, such Securities; 
 (g) waive a default in the payment of principal of, premium, if any, or interest on such Securities (except as
provided in Section 6.1(c)); 
 (h) voluntarily release a guarantor of such Securities other than in accordance with this
Indenture; 
 (i) reduce the percentage or aggregate principal amount of Outstanding Securities the consent of whose holders is
necessary for waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults; or 
 (j) impair the
right to institute suit for the enforcement of any payment on or after the stated maturity (or, in the case of a redemption, on or after the redemption date) of such Securities. 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.
 SECTION 9.3 EFFECT OF SUPPLEMENTAL
INDENTURES. 
 Upon the execution of any supplemental indenture pursuant to the provisions of this Article IX or of Section 10.1, this Indenture
shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
 SECTION 9.4 SECURITIES AFFECTED BY
SUPPLEMENTAL INDENTURES. 
 Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such
supplemental indenture pursuant to the provisions of this Article IX or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be
listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

SECTION 9.5 EXECUTION OF SUPPLEMENTAL INDENTURES. 
 Upon
the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as
aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee shall receive, in addition to the documents required by Section 14.7(a), an Officer’s Certificate and an Opinion of Counsel
stating that and as conclusive evidence that any supplemental indenture executed pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this Article IX, constitutes the legal, valid and binding obligation of the
Company, enforceable against it in accordance with its terms (subject to customary exceptions) and that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall
transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security
Register. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

 

  
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 ARTICLE X 

SUCCESSOR ENTITY 
 SECTION 10.1 COMPANY
MAY CONSOLIDATE, ETC. 
 Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or
successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors
as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and
agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any)
and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each
series or established with respect to such series pursuant to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in
effect) executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any
series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series
shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion or
exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

SECTION 10.2 SUCCESSOR ENTITY SUBSTITUTED. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee of the obligations set forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and
form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 (c) Nothing contained in
this Article X shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all
or any part of the property of any other Person (whether or not affiliated with the Company).
 SECTION 10.3 EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.

 The Trustee, subject to the provisions of Section 7.1, shall receive an Officer’s Certificate and an Opinion of Counsel stating that and as
conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article X. 

 

  
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 ARTICLE XI 

SATISFACTION AND DISCHARGE 
 SECTION
11.1 SATISFACTION AND DISCHARGE OF INDENTURE. 
 This Indenture shall upon Company Request cease to be of further effect with respect to any series of
Securities (except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided for or in the form of Security for such series and any right to receive additional amounts), and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 

(a) either 

(i) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.7 and (ii) Securities for whose payment cash, Governmental Obligations or a combination thereof has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Sections 12.5 and 12.6) have been delivered to the Trustee for cancellation; or 

(ii) all such Securities of such series not theretofore delivered to the Trustee for cancellation, or 

(A) have become due and payable by reason of the mailing of a notice of redemption or otherwise, or 

(B) will become due and payable within one year, 

and the Company, in the case of (A) or (B) above, has deposited or caused to be deposited with the Trustee as trust funds in trust specifically pledged
as security for, and dedicated solely to, the benefit of the Securityholders of the Securities of that series, cash in U.S. dollars, Governmental Obligations or a combination thereof in such amount as will be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case
of Securities which have become due and payable), or to the Stated Maturity or the Redemption Date, as the case may be; 
 (b) in
respect of clause (a)(ii), no Event of Default has occurred and is continuing on the date of deposit (other than an Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other
indebtedness and, in each case, the granting of certain liens to secure such borrowing); 
 (c) the Company or any guarantor has paid
or caused to be paid all other sums payable hereunder by the Company with respect to such series; and 
 (d) the Company has delivered
irrevocable instructions to the Trustee under this Indenture to apply the deposited money towards the payment of the notes at maturity or on the redemption date, as the case may be. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to such series, the obligations of the Company to the Trustee with respect to
such series under this Section 11.1 and Sections 7.6 and 7.10, the obligations of the Company to any Authenticating Agent under Section 2.10, and, if cash, Governmental Obligations or a combination thereof shall have been deposited with
the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 11.2, shall survive. 
  

  
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 SECTION 11.2 APPLICATION OF TRUST MONEY. 

Subject to the provisions of Section 12.6, all cash and Governmental Obligations deposited with the Trustee pursuant to Section 11.1 shall be held in
trust and applied by the Trustee, in accordance with the provisions of the series of Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any of its Subsidiaries acting as Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of all sums due and to become due thereon in respect of the principal of (and premium, if any) and interest, if any, on the Securities for which payment of such cash and Governmental
Obligations has been deposited with the Trustee. 
 If the Trustee or Paying Agent is unable to apply any cash or Governmental Obligations in accordance
with this Article XI by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company under this
Indenture and the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XI until such time as the Trustee or Paying Agent is permitted to apply all such cash and Governmental Obligations
in accordance with this Article XI; provided, however, that, if the Company has made any payment of principal, premium, if any, interest on or principal of any Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the holders of such Securities to receive such payment from the cash and Governmental Obligations held by the Trustee or Paying Agent.

ARTICLE XII 
 LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 12.1 OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE. 

The Company may at any time, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, elect to have
either Section 12.2 or 12.3 hereof be applied to all outstanding Securities of a series upon compliance with the conditions set forth below in this Article XII.

SECTION 12.2 LEGAL DEFEASANCE AND DISCHARGE. 

Upon the Company’s exercise under Section 12.1 hereof of the option applicable to this Section 12.2 with respect to a series of Securities, the
Company will, subject to the satisfaction of the conditions set forth in Section 12.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities of such series on the date the conditions set forth
below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Securities of such
series, which will thereafter be deemed to be Outstanding only for the purposes of Section 12.5 hereof and the Articles and other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other
obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise
terminated or discharged hereunder: 
 (1) the rights of holders of Outstanding Securities of such series to receive payments in
respect of the principal of, premium on, if any, or interest on such Securities when such payments are due from the trust referred to in Section 12.4 hereof; 

(2) the Issuers’ obligations with respect to such Securities under Article 2 and Section 4.2 hereof; 

(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; and 
  

  
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 (4) this Article XII. 

Subject to compliance with this Article XII, the Company may exercise its option under this Section 12.2 with respect to a series of Securities,
notwithstanding the prior exercise of its option under Section 12.3 hereof with respect to such series of Securities.
 SECTION 12.3 COVENANT
DEFEASANCE. 
 Upon the Company’s exercise under Section 12.1 hereof of the option applicable to this Section 12.3
with respect to a series of Securities, the Company will, subject to the satisfaction of the conditions set forth in Section 12.4 hereof, be released from its obligations under Section 5.3 and Article X and any additional covenants
specified in any Board Resolution or indenture supplemental hereto with respect to the Outstanding Securities of such series on and after the date the conditions set forth in Section 12.4 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Securities of such series will thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of holders (and the consequences of any thereof) in connection with such
covenants, but will continue to be deemed Outstanding for all other purposes hereunder (it being understood that such Securities will not be deemed Outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect
to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in Section 5.3 or Article X and any additional covenants specified in any
Board Resolution or indenture supplemental hereto, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein
or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof with respect to Outstanding Securities of such series, but, except as specified above, the remainder of this
Indenture and such Securities shall be unaffected thereby.
 SECTION 12.4 CONDITIONS TO LEGAL OR COVENANT DEFEASANCE. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 12.2 or 12.3 hereof with respect to the Outstanding Securities of
a particular series: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Securityholders of
the Securities of that series, cash in U.S. dollars, Governmental Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants, to pay the principal of, premium on, if any, and interest on, the Outstanding Securities of such series on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify
whether the Securities of such series are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in
the case of an election under Section 12.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 

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

(B) since the date of this Indenture, there has been a change in the applicable federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders of the Outstanding Securities of such series will
not recognize income, gain or loss for federal income tax purposes as a result of such Legal 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 Legal
Defeasance had not occurred; 
 (3) in the case of an election under Section 12.3 hereof, the Company must deliver to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

 

  
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 (4) 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 (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and
the granting of liens to secure such borrowings); 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under, any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company is a party or by which the
Company is bound; and 
 (6) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.
 SECTION 12.5 DEPOSITED MONEY
AND GOVERNMENT SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS. 
 Subject to Section 12.6 hereof, all cash and
Governmental Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.4 hereof in respect of the Outstanding Securities of a particular series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the holders of such Securities of all
sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Governmental Obligations
deposited pursuant to Section 12.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the holders of the Outstanding Securities of the applicable
series. 
 Notwithstanding anything in this Article XII to the contrary, the Trustee shall deliver or pay to the Company from time to time upon Company
Request any cash or Governmental Obligations held by it as provided in Section 12.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 12.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

SECTION 12.6 REPAYMENT TO COMPANY. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if any, or
interest on any Security and remaining unclaimed for two years after such principal, premium, if any, or interest, has become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property law, be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the holder of such Security will thereafter, as an unsecured general creditor, be permitted to look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may give written notice to the holder of such Security, at such holder’s address as it appears upon the Security Register, that such money remains unclaimed and that, after a date specified
therein, which will not be less than 30 days from the date of such notification, any unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law,
be repaid to the Company. 
  

  
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 SECTION 12.7 REINSTATEMENT. 

If the Trustee or Paying Agent is unable to apply any cash or Governmental Obligations in accordance with Section 12.2 or 12.3 hereof, as the case may be,
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Securities of the particular series shall be
revived and reinstated as though no deposit had occurred pursuant to Section 12.2 or 12.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such cash or Governmental Obligations in accordance with Section 12.2
or 12.3 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest on, any Security of the particular series following the reinstatement of its obligations, the
Company shall be subrogated to the rights of the holders of such Securities to receive such payment from the cash or Governmental Obligations held by the Trustee or Paying Agent.

ARTICLE XIII 
 IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 

SECTION 13.1 NO RECOURSE. 
 No recourse under or upon any
obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the
Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the
incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any
and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 

ARTICLE XIV 

MISCELLANEOUS PROVISIONS 
 SECTION 14.1
EFFECT ON SUCCESSORS AND ASSIGNS. 
 All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall
bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Trustee shall bind its successors and assigns, whether so expressed or not.

SECTION 14.2 ACTIONS BY SUCCESSOR. 
 Any act or proceeding
by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of
any corporation that shall at the time be the lawful successor of the Company. 
  

  
 38 

 SECTION 14.3 SURRENDER OF COMPANY POWERS. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to
the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.
 SECTION 14.4 NOTICES.

 Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be
given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed, as follows: Salem
Media Group, Inc., 4880 Santa Rosa Road, Camarillo, California 93012, Attention: Secretary. Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.
 SECTION
14.5 GOVERNING LAW/WAIVER OF JURY TRIAL. 
 This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State
of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

SECTION 14.6 TREATMENT OF SECURITIES AS DEBT. 
 It is
intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.

SECTION 14.7 COMPLIANCE CERTIFICATES AND OPINIONS. 

(a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be furnished. 
 (b) Each certificate or opinion provided
for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition;
(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has
made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of
such Person, such condition or covenant has been complied with. 
  

  
 39 

 SECTION 14.8 PAYMENTS ON BUSINESS DAYS. 

Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more
indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if
any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date.

SECTION 14.9 CONFLICT WITH TRUST INDENTURE ACT. 
 If and
to the extent that any provision of this Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act, such Trust Indenture Act provision shall control.

SECTION 14.10 COUNTERPARTS. 
 This Indenture may be
executed in any number of counterparts, each of which shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

SECTION 14.11 SEVERABILITY. 
 In case any one or more of
the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

SECTION 14.12 COMPLIANCE CERTIFICATES. 
 The Company shall
deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an Officer’s Certificate stating whether or not the signers know of any Default or Event of Default that
occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of
the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 14.12, such compliance shall be determined without regard
to any period of grace or requirement of notice provided under this Indenture. If any of the officers of the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or
Event of Default and its status.
 SECTION 14.13 USA PATRIOT ACT 

The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to
obtain, verify, and record information that identifies each Person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may request in order for the
Trustee to satisfy the requirements of the USA Patriot Act. 
  

  
 40 

 SECTION 14.14 CONSENT TO JURISDICTION AND SERVICE 

To the fullest extent permitted by applicable law, each party hereby irrevocably submits to the non-exclusive
jurisdiction of any Federal or State court located in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this Indenture or any Securities and irrevocably agrees that
all claims in respect of such suit or proceeding may be determined in any such court. Each party irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of any such suit, action or
proceeding brought in an inconvenient forum. Each party agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon such party, and may be enforced in any courts to the jurisdiction
of which such party is subject by a suit upon such judgment, provided, that service of process is effected upon such party in the manner specified herein or as otherwise permitted by law. 

SECTION 14.15 FORCE MAJEURE 
 In no event
shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; 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. 

[Signature page follows] 

  
 41 

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

			
	SALEM MEDIA GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 SIGNATURE PAGE TO INDENTURE

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