Document:

sld_Ex_4_1

		
			Exhibit 4.1
		

		
			 
		

		
			EXECUTION VERSION
		

		
			 
		

		
			 
		

		
			 
		

		
			READYCAP HOLDINGS, LLC
		

		
			Issuer,
		

		
			 
		

		
			 
		

		
			THE GUARANTORS PARTY HERETO
		

		
			 
		

		
			 
		

		
			and
		

		
			 
		

		
			 
		

		
			U.S. BANK NATIONAL ASSOCIATION 
		

		
			Trustee
		

		
			 
		

		
			 
		

		

		
			 
		

		
			Indenture
		

		
			 
		

		
			Dated as of February 13, 2017
		

		

		
			 
		

		
			 
		

		
			Debt Securities
		

		
			

		 

 

		

		
			Table of Contents
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Page

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE One DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

					
1 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 101

					
					
						Definitions

					
1 
				
	
					
						Section 102

					
					
						Compliance Certificates and Opinions

					
11 
				
	
					
						Section 103

					
					
						Form of Documents Delivered to Trustee

					
12 
				
	
					
						Section 104

					
					
						Acts of Holders

					
12 
				
	
					
						Section 105

					
					
						Notices, Etc. to Trustee and Company

					
14 
				
	
					
						Section 106

					
					
						Notice to Holders; Waiver

					
15 
				
	
					
						Section 107

					
					
						Effect of Headings and Table of Contents

					
16 
				
	
					
						Section 108

					
					
						Successors and Assigns

					
16 
				
	
					
						Section 109

					
					
						Separability Clause

					
16 
				
	
					
						Section 110

					
					
						Benefits of Indenture

					
16 
				
	
					
						Section 111

					
					
						Governing Law

					
16 
				
	
					
						Section 112

					
					
						Legal Holidays

					
16 
				
	
					
						Section 113

					
					
						Waiver of Jury Trial

					
16 
				
	
					
						Section 114

					
					
						Force Majeure

					
16 
				
	
					
						Section 115

					
					
						Immunity of Partners, Members, Stockholders, Directors, Officers and Agents of the Company and the Guarantors

					
17 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Two SECURITIES FORMS

					
17 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 201

					
					
						Forms of Securities

					
17 
				
	
					
						Section 202

					
					
						Form of Trustee’s Certificate of Authentication

					
17 
				
	
					
						Section 203

					
					
						Securities Issuable in Global Form

					
18 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Three THE SECURITIES

					
19 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 301

					
					
						Amount Unlimited; Issuable in Series

					
19 
				
	
					
						Section 302

					
					
						Denominations

					
22 
				
	
					
						Section 303

					
					
						Execution, Authentication, Delivery and Dating

					
23 
				
	
					
						Section 304

					
					
						Temporary Securities

					
24 
				
	
					
						Section 305

					
					
						Registration, Registration of Transfer and Exchange

					
25 
				
	
					
						Section 306

					
					
						Mutilated, Destroyed, Lost and Stolen Securities

					
28 
				
	
					
						Section 307

					
					
						Payment of Interest; Interest Rights Preserved

					
29 
				
	
					
						Section 308

					
					
						Persons Deemed Owners

					
31 
				
	
					
						Section 309

					
					
						Cancellation

					
31 
				
	
					
						Section 310

					
					
						Computation of Interest

					
32 
				
	
					
						Section 311

					
					
						CUSIP Numbers

					
32 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Four SATISFACTION AND DISCHARGE

					
32 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 401

					
					
						Satisfaction and Discharge of Indenture

					
32 
				
	
					
						Section 402

					
					
						Application of Trust Funds

					
34 
				

		
			
		

		

		 

		

			i

		

 

	
					
						

					
						ARTICLE Five REMEDIES

					
34 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 501

					
					
						Events of Default

					
34 
				
	
					
						Section 502

					
					
						Acceleration of Maturity; Rescission and Annulment

					
36 
				
	
					
						Section 503

					
					
						Collection of Indebtedness and Suits for Enforcement by Trustee

					
37 
				
	
					
						Section 504

					
					
						Trustee May File Proofs of Claim

					
37 
				
	
					
						Section 505

					
					
						Trustee May Enforce Claims Without Possession of Securities or Coupons

					
38 
				
	
					
						Section 506

					
					
						Application of Money Collected

					
38 
				
	
					
						Section 507

					
					
						Limitation on Suits

					
39 
				
	
					
						Section 508

					
					
						Unconditional Right of Holders to Receive Principal, Premium, if any, Interest and Additional Amounts

					
39 
				
	
					
						Section 509

					
					
						Restoration of Rights and Remedies

					
40 
				
	
					
						Section 510

					
					
						Rights and Remedies Cumulative

					
40 
				
	
					
						Section 511

					
					
						Delay or Omission Not Waiver

					
40 
				
	
					
						Section 512

					
					
						Control by Holders of Securities

					
40 
				
	
					
						Section 513

					
					
						Waiver of Past Defaults

					
41 
				
	
					
						Section 514

					
					
						Waiver of Usury, Stay or Extension Laws

					
41 
				
	
					
						Section 515

					
					
						Undertaking for Costs

					
41 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Six THE TRUSTEE

					
42 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 601

					
					
						Notice of Defaults

					
42 
				
	
					
						Section 602

					
					
						Certain Rights of Trustee

					
42 
				
	
					
						Section 603

					
					
						Not Responsible for Recitals or Issuance of Securities

					
45 
				
	
					
						Section 604

					
					
						May Hold Securities

					
45 
				
	
					
						Section 605

					
					
						Money Held in Trust

					
46 
				
	
					
						Section 606

					
					
						Compensation and Reimbursement

					
46 
				
	
					
						Section 607

					
					
						Corporate Trustee Required; Eligibility; Conflicting Interests

					
47 
				
	
					
						Section 608

					
					
						Resignation and Removal; Appointment of Successor

					
47 
				
	
					
						Section 609

					
					
						Acceptance of Appointment by Successor

					
48 
				
	
					
						Section 610

					
					
						Merger, Conversion, Consolidation or Succession to Business

					
49 
				
	
					
						Section 611

					
					
						Appointment of Authenticating Agent

					
50 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTORS

					
51 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 701

					
					
						Disclosure of Names and Addresses of Holders

					
51 
				
	
					
						Section 702

					
					
						Reports by Trustee

					
51 
				
	
					
						Section 703

					
					
						Reports by Company and the Guarantors

					
52 
				
	
					
						Section 704

					
					
						Company to Furnish Trustee Names and Addresses of Holders

					
52 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Eight CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

					
52 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 801

					
					
						Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions

					
52 
				

		
			
		

		

		 

		

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						Section 802

					
					
						Consolidations and Mergers of a Parent Guarantor and Sales, Leases and Conveyances Permitted Subject to Certain Conditions

					
54 
				
	
					
						Section 803

					
					
						Consolidations and Mergers of the Subsidiary Guarantor and Sales, Leases and Conveyances Permitted Subject to Certain Conditions

					
56 
				
	
					
						Section 804

					
					
						Additional Provision for Consolidations, Mergers, Sales, Leases and Conveyances

					
57 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Nine SUPPLEMENTAL INDENTURES

					
57 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 901

					
					
						Supplemental Indentures Without Consent of Holders

					
57 
				
	
					
						Section 902

					
					
						Supplemental Indentures With Consent of Holders

					
59 
				
	
					
						Section 903

					
					
						Execution of Supplemental Indentures

					
61 
				
	
					
						Section 904

					
					
						Effect of Supplemental Indentures

					
61 
				
	
					
						Section 905

					
					
						Reference in Securities to Supplemental Indentures

					
61 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Ten COVENANTS

					
61 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1001

					
					
						Payment of Principal, Premium, if any, Interest and Additional Amounts

					
61 
				
	
					
						Section 1002

					
					
						Maintenance of Office or Agency

					
62 
				
	
					
						Section 1003

					
					
						Money for Securities Payments to be Held in Trust

					
63 
				
	
					
						Section 1004

					
					
						Statement as to Compliance

					
64 
				
	
					
						Section 1005

					
					
						Additional Amounts

					
65 
				
	
					
						Section 1006

					
					
						Waiver of Certain Covenants

					
66 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE Eleven REDEMPTION OF SECURITIES

					
66 
				
	
					
						 

					
					
						 

				
	
					
						Section 1101

					
					
						Applicability of Article

					
66 
				
	
					
						Section 1102

					
					
						Election to Redeem; Notice to Trustee

					
66 
				
	
					
						Section 1103

					
					
						Selection by Trustee of Securities to be Redeemed

					
66 
				
	
					
						Section 1104

					
					
						Notice of Redemption

					
67 
				
	
					
						Section 1105

					
					
						Conditions to Redemption

					
68 
				
	
					
						Section 1106

					
					
						Deposit of Redemption Price

					
69 
				
	
					
						Section 1107

					
					
						Securities Payable on Redemption Date

					
70 
				
	
					
						Section 1108

					
					
						Securities Redeemed in Part

					
71 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE Twelve SINKING FUNDS

					
71 
				
	
					
						 

					
					
						 

				
	
					
						Section 1201

					
					
						Applicability of Article

					
71 
				
	
					
						Section 1202

					
					
						Satisfaction of Sinking Fund Payments with Securities

					
71 
				
	
					
						Section 1203

					
					
						Redemption of Securities for Sinking Fund

					
71 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Thirteen REPAYMENT AT THE OPTION OF HOLDERS

					
72 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1301

					
					
						Applicability of Article

					
72 
				
	
					
						Section 1302

					
					
						Repayment of Securities

					
72 
				
	
					
						Section 1303

					
					
						Exercise of Option

					
72 
				
	
					
						Section 1304

					
					
						When Securities Presented for Repayment Become Due and Payable

					
73 
				

		
			
		

		

		 

		

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						Section 1305

					
					
						Securities Repaid in Part

					
74 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Fourteen DEFEASANCE AND COVENANT DEFEASANCE

					
74 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1401

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

					
74 
				
	
					
						Section 1402

					
					
						Defeasance and Discharge

					
74 
				
	
					
						Section 1403

					
					
						Covenant Defeasance

					
75 
				
	
					
						Section 1404

					
					
						Conditions to Defeasance or Covenant Defeasance

					
76 
				
	
					
						Section 1405

					
					
						Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions

					
77 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Fifteen [INTENTIONALLY OMITTED]

					
78 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE Sixteen GUARANTEE

					
78 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1601

					
					
						Applicability of Article

					
78 
				
	
					
						Section 1602

					
					
						Guarantee

					
78 
				
	
					
						Section 1603

					
					
						Waiver

					
79 
				
	
					
						Section 1604

					
					
						Guarantee of Payment

					
80 
				
	
					
						Section 1605

					
					
						No Discharge or Diminishment of Guarantee

					
80 
				
	
					
						Section 1606

					
					
						Defenses of Company Waived

					
80 
				
	
					
						Section 1607

					
					
						Continued Effectiveness.

					
80 
				
	
					
						Section 1608

					
					
						Subrogation

					
80 
				
	
					
						Section 1609

					
					
						Information

					
81 
				
	
					
						Section 1610

					
					
						Subordination

					
81 
				
	
					
						Section 1611

					
					
						Release of Guarantors

					
81 
				
	
					
						Section 1612

					
					
						Limitation of Guarantors’ Liability

					
81 
				
	
					
						Section 1613

					
					
						No Obligation to Take Action Against the Company

					
81 
				
	
					
						Section 1614

					
					
						Execution and Delivery of the Guarantee

					
81 
				

		
			 
		

		
			

		 

		

			iv

		

 

		

		
			INDENTURE, dated as of February 13, 2017, among READYCAP HOLDINGS, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal office at 1140 Avenue of the Americas, 7th Floor, New York, New York 10036, the Guarantors (as defined herein), and U.S. Bank National Association, as trustee hereunder (in such capacity, hereinafter called the “Trustee”), having its Corporate Trust Office at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603.
		

		
			RECITALS OF THE COMPANY
		

		
			The Company deems it necessary to issue from time to time for its lawful purposes senior debt securities (hereinafter called the “Securities”) evidencing its secured and unsecured indebtedness, which may be guaranteed by one or more of the Guarantors, and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the Securities, unlimited as to principal amount, to bear interest at the rates or formulas, to mature at such times and to have such other provisions as shall be fixed as hereinafter provided.
		

		
			Each Guarantor has duly authorized the execution and delivery of this Indenture to provide for its Guarantee (as herein defined) with respect to each series of Securities issued hereunder having the benefit of such Guarantee, if any.
		

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

		
			NOW, THEREFORE, THIS INDENTURE WITNESSETH:
		

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

		
			ARTICLE One
		

		
			DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
		

		
			SECTION 101       Definitions.  For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:
		

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

		
			(2)       all other terms used herein which are defined in the TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper”, as used in TIA Section 311, shall have the meanings assigned to them in the rules of the Commission adopted under the TIA;
		

		
			(3)       all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 
		

		
			
		

		
			

		 

		

			 

		

 

		

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

		
			(5)       the word “or” is always used inclusively.
		

		
			Certain terms used principally in Article Three, Article Five, Article Six and Article Ten are defined in those Articles.
		

		
			“Act”, when used with respect to any Holder, has the meaning specified in Section 104.
		

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

		
			“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing.
		

		
			“Authenticating Agent” means any authenticating agent appointed by the Trustee pursuant to Section 611.
		

		
			“Authorized Newspaper” means a newspaper, printed in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community of each such place.  Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any Business Day.
		

		
			“Bankruptcy Event” means, with respect to any Person, (a) the entry by a court of competent jurisdiction of an order or decree under any applicable Insolvency Law that (i) is for relief against such Person in an involuntary case, (ii) appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or all or substantially all of such Person’s properties, (iii) orders the winding up or liquidation of such Person, and, in each case, such order or decree remains unstayed and in effect for 90 days, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law, (c) the consent of such Person to the entry of an order for relief in an involuntary case under any applicable Insolvency Law, (d) the consent by such Person to the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or all or substantially all of such Person’s properties or (e) the making by such Person of any general assignment for the benefit of its creditors.
		

		
			“Bearer Security” means any Security established pursuant to Section 201 which is payable to bearer.
		

		
			

		 

		

			2

		

 

		

		
			“Board Member” means, with respect to the Company, (i) a member of the board of managers of the Company or (ii) if the Company ceases to be a limited liability company, a member of the board of directors, trustees or other governing body of the Company.
		

		
			“Board of Directors” means, as to any Person, the board of directors, managers or trustees or other governing body of such Person (or, if such Person is a partnership or limited liability company that does not have such a governing body, the board of directors, managers or trustees or other governing body of any direct or indirect general partner of such partnership or of any direct or indirect managing member or other managing Person of such limited liability company) or any duly authorized committee thereof.
		

		
			  “Board Resolution” means with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary (a) of such Person or (b) if such Person is a limited or general partnership or limited liability company that does not have officers, of any direct or indirect general partner or managing member, as the case may be, of such Person, to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.
		

		
			“Business Day”, when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with respect to any Securities pursuant to Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment or that particular location are authorized or obligated by law, regulation or executive order to close.
		

		
			“Capital Stock” means: 
		

		
			(1) with respect to any Person other than a business trust, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of or in its corporate stock or, if such Person is not a corporation, its equity; and 
		

		
			(2) with respect to any Person that is a business trust, any and all beneficial ownership interests (however designated and whether or not voting) in such Person;
		

		
			in each case including each class or series of Common Stock and Preferred Stock of such Person but in each case excluding any indebtedness (as defined with respect to each Outstanding Security) or debt securities convertible into or exchangeable for, or any options, warrants, contracts or other securities (including derivative instruments) exercisable or exchangeable for, convertible into or otherwise for or relating to the purchase or sale of, any of the items referred to in clauses (1) or (2) above.
		

		
			“Collateral” means, with respect to the Securities of any series, all of the property and assets, if any, from time to time subject to the Liens granted pursuant to the applicable Security Documents securing the respective obligations of the Company and the Guarantors, if any, under the Securities of such series, the Guarantees of such series of Securities, if any, and this Indenture. The Collateral, if any, with respect to the Securities of any series shall be specified by or pursuant to a Board Resolution or supplemental indenture establishing the Securities of such series and in the related Security Documents. 
		

		
			

		 

		

			3

		

 

		

		
			“Collateral Agent” means, with respect to the Securities of any series secured by Collateral, the Person appointed to act as the collateral agent to hold the Collateral in trust for the benefit of all of the Holders of such Securities, the Trustee and such collateral agent.
		

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

		
			“Common Stock” means, with respect to any Person other than a business trust, any and all shares, interests, participations or other equivalents (however designated and whether voting or non‐voting) of or in such Person’s common stock or, if such Person is not a corporation, its common equity or, if such Person is a business trust, any and all common beneficial ownership interests (however designated and whether voting or non‐voting) in such Person, in each case including, without limitation, all series and classes of such common stock, other common equity or common beneficial ownership interests, as the case may be, but in each case excluding any indebtedness or debt securities convertible into or exchangeable for, or any options, warrants, contracts or other securities (including derivative instruments) exercisable or exchangeable for, convertible into or otherwise for or relating to the purchase or sale of, any of the foregoing. The determination of whether any beneficial ownership interests or equity constitute common beneficial ownership interest or common equity, respectively, shall be made by the Parent in good faith.
		

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

		
			“Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company by a Board Member or Officer of the Company or any Person duly authorized by the Company to sign such written request or order, and delivered to the Trustee.
		

		
			“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community or (ii) any currency unit or composite currency for the purposes for which it was established.
		

		
			“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Corporate Trust Administration/ReadyCap Holdings, LLC.
		

		
			“Corporation” includes corporations, partnerships, associations, limited liability companies and other companies and business trusts.  The term “corporation” means a corporation only.
		

		
			“Coupon” means any interest coupon appertaining to a Bearer Security.
		

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

		
			“Defaulted Interest” has the meaning specified in Section 307.
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			“Depositary” means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as Depositary by the Company in or pursuant to this Indenture, and, unless otherwise provided with respect to any Security, any successor to such Person.  If at any time there is more than one such Person, “Depositary” shall mean, with respect to any Securities, the Depositary which has been appointed with respect to such Securities.
		

		
			“Direct Parent” Sutherland Asset I, LLC, a Delaware limited liability company and the direct parent of the Company, and any successor thereto.
		

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

		
			“Event of Default” has the meaning specified in Article Five.
		

		
			“Foreign Currency” means any currency, currency unit or composite currency issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments.
		

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

		
			“Government Obligations” means securities which are (i) direct obligations of the United States of America or the other government or governments in the confederation which issued the Foreign Currency in which the principal of, or any premium or interest on, the relevant Security or any Additional Amounts in respect thereof shall be payable, in each case where the timely payment or payments thereunder are supported by the full faith and credit of the United States of America or such other government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers 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 Government Obligation or a specific payment of principal of, or interest on, any such Government Obligation held by such custodian for the account of the holder of such a depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of principal of, or interest on, the Government Obligation evidenced by such depositary receipt.
		

		
			“Guarantee” has the meaning stated in Section 1602(a). The term “Guarantee” used as a verb has a corresponding meaning.
		

		
			“Guarantor”  means each of the Parent Guarantors and the Subsidiary Guarantor, if, and to the extent, designated as such pursuant to Section 301.
		

		
			
		

		
			

		 

		

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			“Holder” means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.
		

		
			“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section 301; provided,  however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.
		

		
			“Independent Financial Advisor” means any accounting firm, investment advisory firm, valuation firm, consulting firm, appraisal firm, investment bank, bank, trust company or similar entity of recognized standing selected by the Parent or any of its Subsidiaries from time to time.
		

		
			“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance.
		

		
			“Insolvency Law” means Title 11 of the United States Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights of creditors generally.
		

		
			“Interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable after Maturity, and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 1005, includes such Additional Amounts.
		

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

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

		
			“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or upon acceleration, notice of redemption, notice of option to elect repayment or otherwise.
		

		
			
		

		
			

		 

		

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			“Obligations” has the meaning specified in Section 1602(a).
		

		
			“Officer” means, with respect to any Person, (1) the Chairman, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Investment Officer, the Chief Financial Officer, the Chief Accounting Officer, the Controller, any Vice President (whether or not the title “Vice President” is preceded or followed by any other title such as “Senior,” “Executive” or otherwise), any Managing Director, the Treasurer, any Assistant Treasurer, the Secretary and any Assistant Secretary (a) of such Person or (b) if such Person is a limited or general partnership or limited liability company that does not have officers, of any direct or indirect general partner or managing member, as the case may be, of such Person, and (2) any other individual designated as an “Officer” by the Board of Directors of such Person (or, if applicable, by the Board of Directors of any entity or general partner or managing member referred to in clause (1)(b)).
		

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

		
			“Operating Partnership” means Sutherland Partners, L.P., a Delaware limited partnership and indirect parent of the Company.
		

		
			“Opinion of Counsel” means a written opinion, satisfactory to the Trustee, of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.
		

		
			“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon an acceleration of the Maturity thereof pursuant to Section 502.
		

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

		
			(i)       Securities theretofore cancelled by the Security Registrar or delivered to the Security Registrar for cancellation;
		

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

		
			(iii)     Securities, except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected defeasance and/or covenant defeasance as provided in Article Fourteen;
		

		
			(iv)     Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been 
		

		
			
		

		
			

		 

		

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			presented to the Security Registrar proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; and
		

		
			(v)      Securities converted into or exchanged for Common Stock or Preferred Stock pursuant to or in accordance with this Indenture if the terms of such Securities provide for conversion or exchange pursuant to Section 301;
		

		
			provided,  however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon an acceleration of the Maturity thereof pursuant to Section 502, (ii) the principal amount of any Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section 301 as of the date such Security is originally issued by the Company, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above) of such Security, (iii) the principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section 301, and (iv) Securities owned by the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding, except that, the Trustee shall not be deemed to have knowledge of any such ownership and shall be protected in making any  calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, unless a Responsible Officer of the Trustee has actual knowledge of such ownership, whether by receipt of written notice or otherwise.  Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other obligor.
		

		
			“Parent” means Sutherland Asset Management Corporation, a Maryland corporation and the ultimate parent of the Company. 
		

		
			“Parent Guarantor” means each of the Parent, the Operating Partnership and the Direct Parent if, and to the extent, designated as a guarantor of the Securities of any series pursuant to Section 301 until a successor Person to the same shall have become such pursuant to the applicable provisions of this Indenture, and thereafter references herein to the same shall mean such successor Person; provided, that, upon release or discharge of any such Parent Guarantor from its Guarantee of the Securities of any series, or upon the termination of any such Guarantee of the Securities of such series, in accordance with this Indenture, such Parent Guarantor shall cease to be a Parent Guarantor of the Securities of such series.
		

		
			
		

		
			

		 

		

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

		
			“Person” means any individual, Corporation, unincorporated organization, trust, joint venture or government or any agency or political subdivision thereof.
		

		
			“Place of Payment”, when used with respect to the Securities of or within any series, means The City of New York, New York, St. Paul, Minnesota and Chicago, Illinois and/or such other place or places where the principal of, and premium, if any, and interest on, such Securities are payable as specified as contemplated by Sections 301 and 1002.
		

		
			“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 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or stolen coupon appertains.
		

		
			“Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights over any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation, dissolution or winding‐up.
		

		
			“Record Date” means, with respect to the Registered Securities of or within any series, a Regular Record Date or a Special Record Date.
		

		
			“Redemption Date”, when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption, as such date may be delayed in accordance with the terms of such Security, by or pursuant to this Indenture.
		

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

		
			“Registered Security” shall mean any Security which is registered in the Security Register.
		

		
			“Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified for that purpose as contemplated by Section 301, whether or not a Business Day.
		

		
			“Repayment Date” means, when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to this Indenture.
		

		
			“Repayment Price” means, when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant to this Indenture.
		

		
			“Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee working in the Corporate Trust Office of the Trustee and having direct responsibility for the administration of this Indenture.
		

		
			
		

		
			

		 

		

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

		
			“Security” has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered under this Indenture; provided,  however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.
		

		
			“Security Documents” means, with respect to the Securities of any series secured by Collateral, the agreements, instruments and other documents executed and delivered pursuant to this Indenture or any of the foregoing, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, pursuant to which the Collateral for the Securities of such series is pledged, assigned or granted to or on behalf of the Collateral Agent for such Securities for the benefit of the Holders of such Securities and the Trustee.  The Security Documents, if any, with respect to the Securities of any series shall be specified by or pursuant to a Board Resolution or supplemental indenture establishing the Securities of such series.
		

		
			“Security Register” and “Security Registrar” have the respective meanings specified in Section 305.
		

		
			“Senior Officer” means, with respect to any Person, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Investment Officer, the Chief Financial Officer, the Chief Accounting Officer or any Executive Vice President (a) of such Person or (b) if such Person is a limited or general partnership or limited liability company that does not have officers, of any direct or indirect general partner or managing member of such Person.
		

		
			“Significant Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is a “significant subsidiary” of such Person within the meaning of Rule 1‐02(w) of Regulation S‐X promulgated by the Commission (as such Rule is in effect on February 13, 2017), with the calculation of whether such Subsidiary is a “significant subsidiary” within the meaning of such Rule to be made in accordance with GAAP.
		

		
			“Special Record Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee pursuant to Section 307.
		

		
			“Stated Maturity”, when used with respect to any Security or any installment of principal thereof or premium 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, or premium, if any, on such Security, or such installment of principal, premium or interest, is due and payable.
		

		
			“Subsidiary” means, with respect to any Person and at any time, any other Person if more than 50% of the total combined voting power of all of such other Person’s outstanding Voting Stock is at the time owned, directly or indirectly, by such referent Person and/or one or more other Subsidiaries of such referent Person. For purposes of clarity, it is understood and agreed that, 
		

		
			
		

		
			

		 

		

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			anything in this Indenture to the contrary notwithstanding, variable interest entities (within the meaning of GAAP) shall not be deemed to be Subsidiaries of any Person.
		

		
			“Subsidiary Guarantor” means ReadyCap Commercial, LLC if, and to the extent, designated as a guarantor of the Securities of any series pursuant to Section 301 until a successor Person to the same shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Subsidiary Guarantor” shall mean such successor Person; provided, that, upon release or discharge of the Subsidiary Guarantor from its Guarantee of the Securities of any series, or upon the termination of any such Guarantee of the Securities of such series, in accordance with this Indenture, the Subsidiary Guarantor shall cease to be the Subsidiary Guarantor of the Securities of such series.
		

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

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

		
			“United States” means, unless otherwise specified with respect to any Securities pursuant to Section 301, the United States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.
		

		
			“United States Person” means, unless otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United States federal income taxation regardless of its source.
		

		
			“Voting Stock” means, with respect to any Person, all classes and series of Capital Stock of such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote in the election of the directors, managers or trustees (or other persons performing similar functions), as the case may be, of such Person.
		

		
			“Yield To Maturity” means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.
		

		
			Section 102       Compliance Certificates and Opinions.  Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, 
		

		
			
		

		
			

		 

		

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			if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with. 
		

		
			Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (including certificates delivered pursuant to Section 1004) shall include:
		

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

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

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

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

		
			Section 103       Form of Documents Delivered to Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion as to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
		

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

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

		
			Section 104       Acts of Holders.  (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by 
		

		
			
		

		
			

		 

		

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			such Holders in person or by agents duly appointed in writing.  Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee, the Company and each Guarantor and each agent of the Trustee, the Company or any Guarantor, if made in the manner provided in this Section.
		

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

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

		
			(d)       The ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory.  The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding.  The ownership of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient.
		

		
			(e)       If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so.  Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed.  If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, 
		

		
			
		

		
			

		 

		

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			authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.
		

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

		
			Section 105       Notices, Etc. to Trustee and Company.  Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,
		

		
			(1)       the Trustee by any Holder or by the Company or a Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or
		

		
			(2)       the Company or any Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, to the Company and the Parent addressed to them at 1140 Avenue of the Americas, 7th Floor, New York, New York 10036 or at any other address previously furnished in writing to the Trustee by the Company.
		

		
			The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods.  The Trustee may but shall not be required to request and receive an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.  If the Company or any Guarantor elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee acts upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling.  No such instructions, directions or notice sent by electronic methods shall be deemed given until actually received by a Responsible Officer of the Trustee.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions to the extent such instructions conflict or are inconsistent with a subsequent written instruction that shall not have been received by the Trustee at the time such action was taken. The Company and each Guarantor agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.
		

		
			
		

		
			

		 

		

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			Section 106       Notice to Holders; Waiver.  Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and delivered to each such Holder affected by such event, at his address as it may appear in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.  In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein.  Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.
		

		
			If by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.
		

		
			Except as otherwise expressly provided herein or otherwise specified with respect to any Securities pursuant to Section 301, where this Indenture provides for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.  Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.
		

		
			If by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder.  Neither the failure to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein.
		

		
			Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.
		

		
			Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
		

		
			
		

		
			

		 

		

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			Section 107       Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
		

		
			Section 108       Successors and Assigns.  All covenants and agreements in this Indenture by the Company and, if applicable, each Guarantor shall bind their respective successors and assigns, whether so expressed or not.
		

		
			Section 109       Separability Clause.  In case any provision in this Indenture or in any Security or coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
		

		
			Section 110       Benefits of Indenture.  Nothing in this Indenture or in the Securities or coupons, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.
		

		
			Section 111       Governing Law.  This Indenture, the Securities, coupons, if any, and the Guarantees, if applicable, shall be governed by, and construed in accordance with, the law of the State of New York.  
		

		
			Section 112       Legal Holidays.  In any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest or any Additional Amounts or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, provided that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.
		

		
			Section 113       Waiver of Jury Trial.  EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
		

		
			Section 114       Force Majeure.  In no event shall the Trustee or any Collateral Agent, Paying Agent, Security Registrar or any agent of any of the foregoing 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 
		

		
			
		

		
			

		 

		

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			computer (software and hardware) services; it being understood that the Trustee or any Collateral Agent, Paying Agent, Security Registrar or any agent of any of the foregoing shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
		

		
			Section 115       Immunity of Partners, Members, Stockholders, Directors, Officers and Agents of the Company and the Guarantors.  No recourse under or upon any obligation, covenant or agreement contained in this Indenture, any Security of any series, any Guarantees of any Securities of any series or any Security Documents, or because of any indebtedness evidenced thereby, shall be had against any past, present or future partner, member, stockholder, employee, officer or director, as such, of the Company, any Guarantor or any Non-Guarantor Security Grantor (as defined with respect to each Outstanding Security) or of any of the Company’s, any Guarantor’s or any Non-Guarantor Security Grantor’s predecessors or successors, either directly or indirectly, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issuance of the Securities.
		

		
			ARTICLE Two
		

		
			SECURITIES FORMS
		

		
			Section 201       Forms of Securities.  The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be in substantially the forms as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed 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 stock exchange on which the Securities may be listed, or to conform to usage.
		

		
			Unless otherwise specified as contemplated by Section 301, Bearer Securities shall have interest coupons attached.
		

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

		
			Section 202       Form of Trustee’s Certificate of Authentication.  Subject to Section 611, the Trustee’s certificate of authentication shall be in substantially the following form:
		

		
			
		

		
			

		 

		

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

			
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			Section 203       Securities Issuable in Global Form.  If Securities of or within a series are issuable in global form, as specified as contemplated by Section 301, then, notwithstanding clause (8) of Section 301 and the provisions of Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges.  Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or 304.  Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order.  If a Company Order pursuant to Section 303 or 304 has been or is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing.
		

		
			The provisions of the last sentence of Section 303 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.
		

		
			Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by Section 301, payment of principal of, and any premium and interest on, any Security in permanent global form shall be made to the Person or Persons specified therein.
		

		
			Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the case of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in the case of a permanent global Security in bearer form, the Person or Persons specified in Section 301.
		

		
			
		

		
			

		 

		

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			ARTICLE Three
		

		
			THE SECURITIES
		

		
			Section 301       Amount Unlimited; Issuable in Series.  The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
		

		
			The Securities may be issued in one or more series.  Notwithstanding anything to the contrary in this Indenture, U.S. Bank National Association shall not act as Trustee for any Bearer Securities issued pursuant to this Indenture and, accordingly, no Bearer Securities shall be issued under this Indenture with U.S. Bank National Association acting as Trustee for any such Bearer Securities, and U.S. Bank National Association as Trustee hereunder shall not, and shall not be under any obligation to, take any action, whether pursuant to any Company Order or otherwise, relating to Bearer Securities. There shall be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (15) below), if so provided, may be determined from time to time by the Company with respect to unissued Securities of the series when issued from time to time):
		

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

		
			(2)       any limit upon the aggregate principal amount of the Securities of the 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 the series pursuant to Section 304, 305, 306, 906, 1108 or 1305);
		

		
			(3)       the date or dates, or the method by which such date or dates will be determined, on which the principal of the Securities of the series shall be payable;
		

		
			(4)       the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment Dates on which such interest will be payable and the Regular Record Date, if any, for the interest payable on any Registered Security on any Interest Payment Date, or the method by which such date shall be determined, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;
		

		
			(5)       the place or places, if any, other than or in addition to or in substitution for The City of New York, New York, St. Paul, Minnesota and/or Chicago, Illinois, where the principal of, and premium, if any, interest, if any, on, and Additional Amounts, if any, payable in respect of, Securities of the series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, exchange or conversion and 
		

		
			
		

		
			

		 

		

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			notices or demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;
		

		
			(6)       the period or periods within which, the price or prices at which, the currency or currencies, currency unit or units or composite currency or currencies in which, and other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have the option;
		

		
			(7)       the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price or prices at which, the currency or currencies, currency unit or units or composite currency or currencies in which, and other terms and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;
		

		
			(8)       if other than denominations of $100,000 and any integral multiple of $1,000 in excess thereof, the denominations in which any Registered Securities of the series shall be issuable and, if other than the denomination of $5,000, the denomination or denominations in which any Bearer Securities of the series shall be issuable;
		

		
			(9)       if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;
		

		
			(10)     if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon an acceleration of the Maturity thereof pursuant to Section 502 or, if applicable, the portion of the principal amount of Securities of the series that is convertible in accordance with the provisions of this Indenture, or the method by which such portion shall be determined;
		

		
			(11)     if other than Dollars, the Foreign Currency or Foreign Currencies in which payment of the principal of, and premium, if any, and interest and Additional Amounts, if any, on, the Securities of the series shall be payable or in which the Securities of the series shall be denominated;
		

		
			(12)     whether the amount of payments of principal of, and premium, if any, and interest, if any, on, the Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more currencies, currency units, composite currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined;
		

		
			(13)     whether the principal of, and premium, if any, and interest and Additional Amounts, if any, on, the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the 
		

		
			
		

		
			

		 

		

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			exchange rate agent with responsibility for, determining the exchange rate between the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are to be so payable;
		

		
			(14)      provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;
		

		
			(15)      any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;
		

		
			(16)      whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws and regulations), whether to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 305, and, if Securities of the series are to be issuable as a global Security, the identity of the Depositary for such series;
		

		
			(17)      the Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 304;
		

		
			(18)      whether Sections 1402 and/or 1403 do not apply to the Securities of the series and any provisions in modification of, in addition to or in lieu of any of the provisions of Article Fourteen;
		

		
			(19)       if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions;
		

		
			(20)      if the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated and delivered;
		

		
			
		

		
			

		 

		

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			(21)      whether and under what circumstances the Company will pay Additional Amounts as contemplated by Section 1005 on the Securities of the series to any Holder who is not a United States person (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);
		

		
			(22)      the obligation, if any, of the Company to permit the conversion or exchange of the Securities of such series into Common Stock or Preferred Stock (and the class thereof), as the case may be, of the Company, any Guarantor or another Person and the terms and conditions upon which such conversion or exchange shall be effected (including, without limitation, the initial conversion or exchange price or rate, the conversion or exchange period, any adjustment of the applicable conversion or exchange price and any requirements relative to the reservation of such shares for purposes of conversion or exchange);
		

		
			(23)      whether the provisions of Article 16 hereof providing for the benefits of a Guarantee pursuant to this Indenture will be applicable to the Securities of the series and, if so, the identity of each Guarantor that shall provide the Guarantee in respect of the Securities of such series;
		

		
			(24)      whether the Securities of such series or any Guarantees of such Securities are to be secured by Collateral and, if so, any deletions from, or modification or additions to, the provisions of this Indenture in connection with any Security Documents entered into in connection therewith; and
		

		
			(25)      any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)).
		

		
			All Securities of any one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section 303) and set forth in such Officer’s Certificate or in any such indenture supplemental hereto.  All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of, or notice to, the Holders, for issuances of additional Securities of such series.
		

		
			If any of the terms of the Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) 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 setting forth the terms of the Securities of such series.
		

		
			Section 302       Denominations.  The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301.  With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such series, other than Registered Securities issued in global form (which may be of any denomination), shall be issuable in denominations of 
		

		
			
		

		
			

		 

		

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			$100,000 and any integral multiple of $1,000 in excess thereof and the Bearer Securities of such series, other than Bearer Securities issued in global form (which may be of any denomination), shall be issuable in denominations of $5,000.
		

		
			Section 303       Execution, Authentication, Delivery and Dating.  The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its Board Member or any Person duly authorized by the Company to execute the Securities or any coupon appertaining thereto on its behalf.  The signature of any such Board Member or Person on the Securities and coupons may be manual or facsimile signatures of the present or any future such Board Member or Person and may be imprinted or otherwise reproduced on the Securities.
		

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

		
			At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities.
		

		
			If all the Securities of any series are not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such as interest rate or formula, maturity date, date of issuance and date from which interest shall accrue.  In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be provided with, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon,
		

		
			(i) an Opinion of Counsel stating (in addition to the statements required pursuant to Section 102) that:
		

		
			(a)       the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;
		

		
			(b)       the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; and
		

		
			(c)       such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, and, if applicable, each 
		

		
			
		

		
			

		 

		

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			Guarantee will constitute a valid and legally binding obligation of the applicable Guarantor, enforceable in accordance with its terms, except, in each case, as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally and general equitable principles; and
		

		
			(ii) an Officer’s Certificate stating (in addition to the statements required pursuant to Section 102) that, to the best of the knowledge of the signers of such certificate, no Event of Default with respect to any of the Securities shall have occurred and be continuing.
		

		
			If such form or terms have been so established, 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, obligations or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.
		

		
			Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officer’s Certificate otherwise required pursuant to Section 301 or a Company Order, or an Opinion of Counsel or an Officer’s Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, provided that such order, opinion and certificates, with appropriate language to cover such future issuances, shall be delivered at or before the time of issuance of the first Security of such series.
		

		
			Each Security shall be dated the date of its authentication.
		

		
			No Security, Guarantee in respect thereof, if any, or coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security, Security to which such Guarantee applies or Security to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.  Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309 together with a written statement stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.
		

		
			Section 304       Temporary Securities.  (a) Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may 
		

		
			
		

		
			

		 

		

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			determine, as conclusively evidenced by their execution of such Securities.  In the case of Securities of any series, such temporary Securities may be in global form.
		

		
			Except in the case of temporary Securities in global form (which shall be exchanged in accordance with Section 304(b) or as otherwise provided in or pursuant to a Board Resolution), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.  After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder.  Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations; provided,  however, that no definitive Bearer Security, except as provided in or pursuant to this Indenture, shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in or pursuant to this Indenture.  Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.
		

		
			Section 305       Registration, Registration of Transfer and Exchange.  The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities.  The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time.  The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided.  In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine the Security Register at all reasonable times.
		

		
			Subject to the provisions of this Section 305, upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and provisions.
		

		
			Subject to the provisions of this Section 305, at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any such office or agency.  Whenever any such Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.  Unless otherwise specified 
		

		
			
		

		
			

		 

		

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			with respect to any series of Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered Securities.
		

		
			If (but only if) permitted by the applicable Board Resolution and (subject to Section 303) set forth in the applicable Officer’s Certificate, or in any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured coupons in default thereto appertaining.  If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the portion of such payment equal to the face amount of such surrendered coupon, provided,  however, that, except as otherwise provided in Section 1002, interest represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the United States.  Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.  
		

		
			Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.
		

		
			Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any permanent global Security of a series shall be exchangeable for definitive certificated Securities of such series only if (i) at any time the Depositary notifies the Company that it is unwilling or unable to continue as depositary for the applicable global Security or Securities or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934 if so required by applicable law or regulation, and no successor Depositary for such Securities shall have been appointed by the Company within 90 days after the Company receives such notice or becomes aware that the Depositary has ceased to be so registered, (ii) an Event of Default has occurred and is continuing with respect to such Securities, or (iii) the Company, at its option and subject to the Depositary’s procedures, notifies the Trustee in writing that it has elected 
		

		
			
		

		
			

		 

		

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			that all Outstanding Securities (but not less than all) of any series issued or issuable in the form of one or more global Securities shall no longer be represented by such global Security or Securities and shall instead be issued as definitive Securities.  If the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive Securities in accordance with the provisions of clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall execute, and the Trustee shall authenticate and deliver, definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent global Security.  On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered for exchange by the Depositary (or its custodian) as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose; provided,  however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected for redemption; and provided further that no Bearer Security delivered in exchange for a portion of a permanent global Security shall be mailed or otherwise delivered to any location in the United States.  If a Registered Security is issued in exchange for any portion of a permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture.
		

		
			All Securities issued upon any registration of transfer or exchange of Securities, and any related Guarantees thereof, shall be the valid obligations of the Company and each applicable Guarantor, as the case may be, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
		

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

		
			No service charge shall be made for any registration of transfer or exchange of Securities, but the Company and any Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1108 or 1305 not involving any transfer.
		

		
			Neither the Company nor the Trustee shall be required (i) to issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period beginning at the opening of business 15 days before selection of the Securities to be 
		

		
			
		

		
			

		 

		

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			redeemed under Section 1103 and ending at the close of business on (A) if such Securities are issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities are issuable as Bearer Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed, (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.
		

		
			Section 306       Mutilated, Destroyed, Lost and Stolen Securities.  If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together with, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to the surrendered Security.
		

		
			If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.
		

		
			Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains, pay such Security or coupon; provided,  however, that payment of principal of, and any premium and interest on and any Additional Amounts with respect to, Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.
		

		
			
		

		
			

		 

		

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			Upon the issuance of any new Security under this Section, the Company and any Security Registrar 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 or Security Registrar) connected therewith.
		

		
			Every new Security of any series (together with each Guarantee, if any, thereof, if applicable) with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company and each applicable Guarantor, if any, whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their coupons, if any, duly issued hereunder.
		

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

		
			Section 307       Payment of Interest; Interest Rights Preserved.  Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, interest on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided,  however, that each installment of interest on any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located inside the United States.
		

		
			In case a Bearer Security of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.
		

		
			Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:
		

		
			 
		

		
			
		

		
			

		 

		

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			(1)       The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) 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 on or 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 be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date.  The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition precedent to the establishment of 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 the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).  In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.
		

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

		
			
		

		
			

		 

		

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			Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
		

		
			Section 308       Persons Deemed Owners.  Prior to due presentment of a Registered Security for registration of transfer, the Company, each Guarantor, if any, the Trustee, any Collateral Agent, any Security Registrar, any Paying Agent and any agent of the Company, any Guarantor, the Trustee, any Collateral Agent, any Security Registrar or any Paying Agent may treat the Person in whose name such Registered Security is registered as the owner of such Security for the purpose of receiving payment of principal of, and premium, if any, and (subject to Sections 305 and 307) interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and none of the Company, any Guarantor, the Trustee, any Collateral Agent, any Security Registrar or any Paying Agent or any agent of the Company, any Guarantor, the Trustee, any Collateral Agent, any Security Registrar or any Paying Agent or the Trustee shall be affected by notice to the contrary.
		

		
			Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery.  The Company, each Guarantor, if any, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer Security and the Holder of any coupon as the owner of such Security or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon be overdue, and neither the Company, any Guarantor, the Trustee nor any agent of the Company, any Guarantor or the Trustee shall be affected by notice to the contrary.
		

		
			None of the Company, any Guarantor, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
		

		
			Notwithstanding the foregoing, with respect to any global Security, nothing herein shall prevent the Company, any Guarantor, the Trustee, or any agent of the Company, any Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary, as a Holder, with respect to such global Security or impair, as between such Depositary and owners of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such global Security.
		

		
			Section 309       Cancellation.  All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly cancelled by it.  The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so 
		

		
			
		

		
			

		 

		

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			delivered shall be promptly cancelled by the Trustee.  If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption, repayment or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation.  No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.  Cancelled Securities and coupons held by the Trustee shall be disposed of by the Trustee and the Trustee shall deliver a certificate of such disposal to the Company upon its written request therefor, unless by a Company Order the Company directs their return to it.
		

		
			Section 310       Computation of Interest.  Except as otherwise specified as contemplated by Section 301 with respect to Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.
		

		
			Section 311       CUSIP Numbers.  The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other 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 will promptly notify the Trustee in writing of any change in the “CUSIP” numbers.
		

		
			ARTICLE Four
		

		
			SATISFACTION AND DISCHARGE
		

		
			Section 401       Satisfaction and Discharge of Indenture.  This Indenture shall upon Company Request be discharged and cease to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided for, any right to receive Additional Amounts, as provided in Section 1005 and the Trustee’s right to reimbursement of fees and expenses and indemnification herein expressly provided for), the Guarantees, if any, of such Securities and the Liens on the Collateral securing such Securities, if any, shall, in each case, be discharged, terminated and released, and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when
		

		
			(1)       either
		

		
			(a)       all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as 
		

		
			
		

		
			

		 

		

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			provided in Section 1107, and (iv) Securities and coupons of such series for whose payment money 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 Section 1003) have been delivered to the Security Registrar for cancellation; or
		

		
			(b)       all Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered to the Security Registrar for cancellation:
		

		
			(i)       have become due and payable by giving of notice of redemption, upon Stated Maturity or otherwise, or
		

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

		
			(iii)     if redeemable at the option of the Company, are to be called for redemption within one year under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,
		

		
			and the Company, in the case of (i), (ii) or (iii) above, shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency, currencies or currency unit in which such Securities and any coupons appertaining thereto are then specified as payable at Stated Maturity as will be sufficient, or (2) Government Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of, and premium, if any, and interest, if any, on such Securities and any coupons appertaining thereto, money in an amount sufficient, or (3) a combination thereof in such amounts as will be sufficient, in each case, without consideration of any reinvestment of such principal and interest, to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Security Registrar for cancellation, for principal of, and premium, if any, and interest on, such Securities and any Additional Amounts with respect thereto, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or any earlier Redemption Date, as the case may be, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment and discharge thereof on the date of such deposit, at Stated Maturity or upon redemption, as the case may be;
		

		
			(2)       the Company has paid or caused to be paid all other sums payable by the Company or any Guarantor under this Indenture and the Security Documents for the 
		

		
			
		

		
			

		 

		

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			Securities of such series, including any and all amounts then due and owing to the Trustee and the applicable Collateral Agent; and
		

		
			(3)       the Parent has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions, qualifications, exceptions and limitations), each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.
		

		
			Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company and the Parent to the Trustee and any predecessor Trustee under Section 606, the obligations of the Company to any Authenticating Agent under Section 611 and, if money shall have been deposited with and held by the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge.
		

		
			Section 402       Application of Trust Funds.  Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any), and any interest and Additional Amounts for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the extent required by law.
		

		
			ARTICLE Five
		

		
			REMEDIES
		

		
			Section 501       Events of Default.  “Event of Default”, wherever used herein with respect to any particular series of Securities, means any one of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):
		

		
			(1)       default in the payment of any interest upon or any Additional Amounts payable in respect of any Security of that series or of any coupon appertaining thereto, when such interest, Additional Amounts or coupon becomes due and payable, and continuance of such default for a period of 30 days; or
		

		
			(2)       default in the payment of the principal of, or premium, if any, on, any Security of that series when it becomes due and payable at its Maturity and continuance of such default for a period of five days; or
		

		
			(3)       default in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series; or
		

		
			
		

		
			

		 

		

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			(4)       default in the performance, or breach, of any covenant or agreement of the Company or the Parent or, if the provisions of Article Sixteen hereof shall be applicable to the Securities of such series, any Guarantor that is contained in this Indenture or, if applicable, the Security Documents with respect to any Security of that series (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company and the Parent by the Trustee or to the Company and the Parent (with a copy to the Trustee) by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and demanding it to be remedied and stating that such notice is a “Notice of Default” hereunder; or
		

		
			(5)       if the Securities of that series have the benefit of any Guarantee, any such Guarantee ceases to be in full force and effect for a period of 30 days or is declared null and void in a judicial proceeding if such declaration continues to be in effect for a period of 30 days, or any Guarantor of the Securities of that series denies or disaffirms, in writing, its obligations under its Guarantee of such Securities, in each case other than by reason of the release, termination, discharge or suspension of any such Guarantee or Guarantors in accordance with the terms of this Indenture or as a result of the discharge of this Indenture pursuant to Article Four or as a result of defeasance or covenant defeasance pursuant to Article Fourteen; or
		

		
			(6)       if the Securities of that series or any Guarantee of such Securities is secured by Collateral, with respect to any Collateral for the Securities of such series having a fair market value in excess of $500,000, individually or in the aggregate, (A) the failure of the Lien with respect to such Collateral under the Security Documents for the Securities of that series at any time to be in full force and effect for any reason (other than in accordance with the terms of such Security Documents or the terms of this Indenture, and other than as a result of the satisfaction in full of all obligations under this Indenture and discharge of this Indenture pursuant to Article Four or as a result of defeasance or covenant defeasance pursuant to Article Fourteen) and continuance of such failure for a period of 30 days or (B) the Company, any Guarantor of the Securities of that series or any other Subsidiary of the Parent that granted a Lien in respect of such Collateral denies or disaffirms, in writing, any obligation under the Security Documents for the Securities of that series or the assertion in writing by the Company, such Guarantor or any such Subsidiary of the Parent that any such Lien is invalid or unenforceable (except, in each case of clauses (A) and (B), for the failure or loss of perfection resulting from the failure of the Trustee, the Collateral Agent for such Collateral or any other secured party to maintain possession of certificates actually delivered to it representing securities pledged under the Security Documents for the Securities of that series); or
		

		
			(7)       any Bankruptcy Event involving the Parent, the Company or, if the provisions of Article Sixteen hereof shall be applicable to the Securities of such series, any Guarantor, in each case as debtor; or
		

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

		
			
		

		
			

		 

		

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			Section 502       Acceleration of Maturity; Rescission and Annulment.  If an Event of Default (other than the Events of Default specified in clause (7) of the first paragraph of Section 501) with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee (acting at the direction of the Holders of the Securities of that series) or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare all unpaid principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of, and any unpaid interest accrued on, all the Outstanding Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), specifying the Event of Default and stating that such notice is a “Notice of Acceleration” and upon any such declaration the same shall become immediately due and payable.  If any Event of Default specified in clause (7) of the first paragraph of Section 501 with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case all unpaid principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of, and any unpaid interest accrued on, all of the Securities of that series shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
		

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

		
			(1)       the Company has paid or deposited with the Trustee a sum sufficient to pay in the currency, currency unit or composite currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series):
		

		
			(A)       all overdue installments of interest on and any Additional Amounts payable in respect of all Outstanding Securities of that series and any related coupons which have become due otherwise than by such acceleration; and
		

		
			(B)       the principal of, and premium, if any, on, any Outstanding Securities of that series which have become due otherwise than by such acceleration; and
		

		
			(C)       to the extent that payment of such interest is lawful, interest on amounts owing under clauses (A) or (B) above at the rate or rates borne by or provided for in such Securities,
		

		
			(2)       all Events of Default with respect to Securities of that series, other than the nonpayment of the principal of, or premium, if any, or interest on, Securities of that series which have become due solely by such acceleration, have been cured or waived as provided in Section 513, and
		

		
			
		

		
			

		 

		

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			(3)       such rescission would not conflict with any judgment or decree of a court of competent jurisdiction.
		

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

		
			Section 503       Collection of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that if:
		

		
			(1)       default is made in the payment of any installment of interest or Additional Amounts, if any, on any Security of any series and any related coupon when such interest or Additional Amount becomes due and payable and such default continues for a period of 30 days, or
		

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

		
			then the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium, if any) and interest and Additional Amounts, with interest upon any overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest or Additional Amounts, if any, at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
		

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

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

		
			Section 504       Trustee May File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company, any applicable Guarantor or any other obligor upon the Securities or the property of the Company, any applicable Guarantor or such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or 
		

		
			
		

		
			

		 

		

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			otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:
		

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

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

		
			and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 606.
		

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

		
			Section 505       Trustee May Enforce Claims Without Possession of Securities or Coupons.  All rights of action and claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has been recovered.
		

		
			Section 506       Application of Money Collected.  Any money collected by the Trustee pursuant to this Article (and, in the case of the Securities of any series secured by Collateral, any proceeds realized by the applicable Collateral Agent from any Collateral for such Securities or in any proceeding) shall be applied in the following order, at the date or dates fixed by the Trustee (or if applicable, such Collateral Agent) and, in case of the distribution of such money on account of principal (or premium, if any) or interest and any Additional Amounts, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
		

		
			
		

		
			

		 

		

			38

		

 

		

		
			FIRST: To the payment of all amounts due the Trustee, any predecessor Trustee and, if applicable, such Collateral Agent under Section 606 or under the applicable Security Documents;
		

		
			SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons for principal (and premium, if any) and interest and any Additional Amounts payable, 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 aggregate amounts due and payable on such Securities and coupons for principal (and premium, if any), interest and Additional Amounts, respectively; and
		

		
			THIRD: To the payment of the remainder, if any, to the Company and, if applicable, any Guarantor Security Grantor and any Non-Guarantor Security Grantor (each as defined with respect to each Outstanding Security).
		

		
			Section 507       Limitation on Suits.  Subject to Section 508, no Holder of any Security of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:
		

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

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

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

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

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

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

		
			Section 508       Unconditional Right of Holders to Receive Principal, Premium, if any, Interest and Additional Amounts.  Notwithstanding any other provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive payment of the principal of, and premium, if any, and (subject to Sections 305 and 307)
		

		
			
		

		
			

		 

		

			39

		

 

		

		
			interest on, and any Additional Amounts in respect of, such Security or payment of such coupon on the respective due dates expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
		

		
			Section 509       Restoration of Rights and Remedies.  If the Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, the Company, the Guarantors, if applicable, the Trustee and the Holders of Securities and coupons shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
		

		
			Section 510       Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
		

		
			Section 511       Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be.
		

		
			Section 512       Control by Holders of Securities.  The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee (or, if such Securities or Guarantees, if any, applicable thereto are secured by Collateral, the applicable Collateral Agent) or exercising any trust or power conferred on the Trustee (or, if applicable, such Collateral Agent) with respect to such Securities, provided that:
		

		
			(1)       such direction shall not be in conflict with any rule of law or with this Indenture (or, if applicable, the applicable Security Documents),
		

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

		
			(3)       the Trustee (or, if applicable, such Collateral Agent) need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities of such series not joining therein (it being understood that the Trustee (or if 
		

		
			
		

		
			

		 

		

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			applicable, such Collateral Agent) has no duty to ascertain whether or not any action is unduly prejudicial to such holders).
		

		
			Notwithstanding anything to the contrary contained in this Indenture or any applicable Security Documents, Holders of the Securities of any series may not enforce any Lien of the Collateral Agent pursuant to any Security Documents.
		

		
			Section 513       Waiver of Past Defaults.  The Holders of a majority in principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all the Securities of such series and any related coupons, waive (including through consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Securities) any past Default or Event of Default hereunder with respect to such series and its consequences, except a Default or Event of Default
		

		
			(1)       in the payment of the principal of, or premium, if any, or interest on, or Additional Amounts payable in respect of any Security of such series or any related coupons (except a default in payment resulting from an acceleration that has been or is being waived or rescinded or that has been cured), or
		

		
			(2)       in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.
		

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

		
			Section 514       Waiver of Usury, Stay or Extension Laws.  Each of the Company and the Guarantors, if applicable, covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantors, if applicable (to the extent that it may lawfully do so), hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
		

		
			Section 515       Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities, or to 
		

		
			
		

		
			

		 

		

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			any suit instituted by any Holder for the enforcement of the payment of the principal of, or premium, if any, or interest on, any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).
		

		
			ARTICLE Six
		

		
			THE TRUSTEE
		

		
			Section 601       Notice of Defaults.  Within 90 days of  a Responsible Officer of the Trustee having actual knowledge of the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit, in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided,  however, that, except in the case of a Default in the payment of the principal of, or premium, if any, or interest on, or any Additional Amounts with respect to any Security of such series, or in the payment of any sinking fund installment with respect to the Securities of such series, the Trustee shall be fully protected in withholding such notice if and so long as Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of the Securities and coupons of such series; and provided further that in the case of any default or breach of the character specified in Section 501(4) with respect to the Securities and coupons of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof.
		

		
			Section 602       Certain Rights of Trustee.  (a)  Subject to the provisions of TIA Section 315(a) through 315(d):
		

		
			(1)       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, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.  In the exercise or administration of its duties and obligations under this Indenture or any Security Documents, prior to taking or refraining from taking any action, the Trustee, at the expense of the Company or the Person requesting such action or inaction, may request and shall be entitled to receive and conclusively rely upon, an Officer’s Certificate or Opinion of Counsel with respect to such matters and shall not be liable for its acts or omissions in reliance thereon;
		

		
			(2)       any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;
		

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

		
			
		

		
			

		 

		

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			(4)       the Trustee may consult with accountants, experts and counsel of its selection and the advice of such accountants, experts and counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
		

		
			(5)       the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture at the request or direction of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction, and provided that any such request or direction shall be subject to Section 512 hereof;
		

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

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

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

		
			(9)       in no event shall the Trustee be responsible or liable for special, indirect, or consequential or punitive 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;
		

		
			(10)     the Trustee shall not be deemed to have notice of and shall not be required to act upon any fact or matter, including any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.  The Trustee shall have no duty to inquire into, investigate or take any action to determine whether any event including any Event of Default has in fact occurred and shall have no duty to make any determination as to the materiality of any fact, matter or event.  The Trustee shall not be deemed to have actual or 
		

		
			
		

		
			

		 

		

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			constructive knowledge of information contained in periodic reports delivered under the Security Documents or of information available from public sources; 
		

		
			(11)      knowledge or information acquired by U.S. Bank National Association in its capacity as Trustee hereunder shall not be imputed to U.S. Bank National Association or any of its affiliates in any other capacity in which it may act hereunder or under any Security Document or any other document, and vice versa; 
		

		
			(12)      the Trustee shall not be responsible for or have any duty to ascertain or inquire into (1) any statement, warranty or representation made in or in connection with any securities law or with respect to any Collateral, (2) the performance or observance of any of the covenants, agreements or other terms, (3) the validity, enforceability, effectiveness or genuineness of this Indenture, the Notes (other than the authentication of the Trustee on the Notes) or any other agreement, instrument or document, (4) the value, existence, character, sufficiency or genuineness of any Collateral, or (5) the satisfaction of any condition set forth in this Indenture  or any related document, other than to confirm receipt of items expressly required to be delivered to the Trustee; and
		

		
			(13)      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 under the Security Documents (including its capacities as Collateral Agent, Paying Agent, and Security Registrar), and each agent, custodian and other Person employed to act hereunder or thereunder.
		

		
			The Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
		

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

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

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

		
			(c)       In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of 
		

		
			
		

		
			

		 

		

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			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.
		

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

		
			(1)       this Subsection shall not be construed to limit the effect of Subsection (b) of this Section;
		

		
			(2)       the Trustee shall not be liable for any error of judgment made in good faith by an officer or employee of the Trustee unless it shall be proven that such officer or employee was negligent in ascertaining the pertinent facts;
		

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

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

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

		
			Section 603       Not Responsible for Recitals or Issuance of Securities.  The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, and in any coupons shall be taken as the statements of the Company or any Guarantors, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder.  Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.
		

		
			Section 604       May Hold Securities.  The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company or any Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company and the Guarantors with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.
		

		
			
		

		
			

		 

		

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			Section 605       Money Held in Trust.  Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.  The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company and the Guarantors.
		

		
			Section 606       Compensation and Reimbursement.  The Company, the Parent and each of the other Guarantors, jointly and severally, agree:
		

		
			(1)       to pay to each of the Trustee and any Collateral Agent from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
		

		
			(2)       except as otherwise expressly provided herein, to reimburse each of the Trustee, any predecessor Trustee and any Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or such Collateral Agent in accordance with any provision of this Indenture or any Security Document (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall have been fully and finally determined by a court of competent jurisdiction to have been caused by its own negligence or willful misconduct; and
		

		
			(3)       to fully indemnify each of the Trustee and any predecessor Trustee in each of the capacities it may act hereunder or under any supplemental indenture or Security Document (including as Collateral Agent, Paying Agent or Security Registrar) and their respective officers, directors, employees, agents and attorneys for, and to hold it harmless against, any loss, liability, claim, action, suit, cost, disbursement or expense (including reasonable and documented fees and expenses of its counsel) incurred without negligence or willful misconduct on its own part as fully and finally determined by a court of competent jurisdiction, arising out of or in connection with this Indenture, the Notes, any Collateral, any Security Document or any other document executed or delivered in connection herewith or therewith, and the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties under this Indenture or any Security Document and the costs and expenses (including reasonable and documented fees and expenses of its counsel) of enforcing this Indenture (including any indemnification obligation) or any Security Document.
		

		
			When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(7), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Insolvency Law.
		

		
			As security for the performance of the obligations of the Company and the Guarantors under this Section, the Trustee shall have a Lien prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, 
		

		
			
		

		
			

		 

		

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			or premium, if any, or interest on, or Additional Amounts with respect to, particular Securities or any coupons.
		

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

		
			Section 607       Corporate Trustee Required; Eligibility; Conflicting Interests.  There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000.  If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, State, Territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
		

		
			Section 608       Resignation and Removal; Appointment of Successor.  (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 609.
		

		
			(b)       The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company and the Guarantors.  If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company and the Guarantors, any court of competent jurisdiction for the appointment of a successor Trustee.
		

		
			(c)       The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Company and the Guarantors.  If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company and the Guarantors, any court of competent jurisdiction for the appointment of a successor Trustee.
		

		
			(d)       If at any time:
		

		
			(1)       the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or
		

		
			(2)       the Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or
		

		
			(3)       the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or 
		

		
			
		

		
			

		 

		

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			any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
		

		
			then, in any such case, (i) the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
		

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

		
			(f)       The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in Section 106.  Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.
		

		
			Section 609       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 shall execute, acknowledge and deliver to the Company and the Guarantors 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 request of the Company, any Guarantor 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, subject nevertheless to its lien and claim, if any, provided for in Section 606.
		

		
			
		

		
			

		 

		

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			(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 Guarantors, 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, pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts 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 and 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 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 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, any Guarantor or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all 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 and the Guarantors 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.
		

		
			Section 610       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, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any Securities or coupons 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 or coupons so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities or coupons.  In case any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in either its own name 
		

		
			
		

		
			

		 

		

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			or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.
		

		
			Section 611       Appointment of Authenticating Agent.  At any time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption or repayment 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.  Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company.  Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent shall be acceptable to the Company and the Guarantors and shall at all times be a bank or trust company or corporation organized and doing business and in good standing under the laws of the United States of America or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authorities.  If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.
		

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

		
			An Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company and the Guarantors.  The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company and the Guarantors.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and the Guarantors and shall give notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section 106.  Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties 
		

		
			
		

		
			

		 

		

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			of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein.  No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.
		

		
			The Company and the Guarantors, jointly and severally, agree to pay to each Authenticating Agent from time to time reasonable compensation, including reimbursement of its reasonable expenses for its services under this Section.
		

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

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

			
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						as Authenticating Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Officer

				
	
					
						 

					
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			ARTICLE Seven
		

		
			HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTORS
		

		
			Section 701       Disclosure of Names and Addresses of Holders.  Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Guarantors, the Trustee, any Authenticating Agent, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b).
		

		
			Section 702       Reports by Trustee.  Within 60 days after February 1 of each year commencing with the first February 1 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail to all Holders of Securities as provided in TIA Section 313(c) a brief report dated as of such February 1 if required by TIA Section 313(a).
		

		
			
		

		
			

		 

		

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			Section 703       Reports by Company and the Guarantors.  Each of the Company and the Guarantors, pursuant to Section 314(a) of the Trust Indenture Act, shall file with the Trustee, within 15 days after it 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) which it is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. 
		

		
			Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the compliance by the Company or the Guarantors with any of their respective covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
		

		
			The Trustee agrees that any quarterly or annual report or other information, document or other report that the Company or any Guarantor files with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 on the Commission’s EDGAR system shall be deemed to constitute delivery of such filing to the Trustee; provided that the Trustee shall have no obligation to confirm or verify whether any such filing has been made.
		

		
			The covenant set forth in this Section 703 shall, with respect to each Guarantor, be applicable solely with respect to the Securities of a series to which, pursuant to Section 301, the provisions of Article Sixteen shall apply.
		

		
			Section 704       Company to Furnish Trustee Names and Addresses of Holders.  The Company will furnish or cause to be furnished to the Trustee:
		

		
			(a)       semi-annually, not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record Date, or if there is no Regular Record Date for interest for such series of Securities, semi-annually, upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, 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, so long as the Trustee is the Security Registrar, no such list shall be required to be furnished.
		

		
			ARTICLE Eight
		

		
			CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
		

		
			Section 801       Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions. (a)   The Company may not, in a single transaction or series of related transactions, consolidate with, or merge with or into, any Person, or 
		

		
			
		

		
			

		 

		

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			sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s properties and assets to any Person, unless:
		

		
			(1)       either
		

		
			(i)       the Company shall be the surviving or continuing Person; or
		

		
			(ii)       the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of the Company’s properties and assets (the “Successor Company”):
		

		
			(A)       shall be a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States or any State thereof or the District of Columbia; and
		

		
			(B)       shall expressly assume, by supplemental indenture (or other applicable document), executed and delivered to the Trustee or, if applicable, the applicable Collateral Agent, as the case may be, the due and punctual payment of the principal of, and premium, if any, and any interest on, and all Additional Amounts, if any, payable in respect of, all of the Outstanding Securities, according to their tenor, and the due and punctual performance and observance of all of the other obligations of the Company under this Indenture, the Securities and the Security Documents to which the Company is a party;
		

		
			(2)       immediately after giving pro forma effect to such transaction (and treating any indebtedness (as defined with respect to each Outstanding Security) that becomes an obligation of the Company or the Successor Company, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by the Company or the Successor Company, as the case may be, or such Subsidiary at the time of such transaction, and any indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by the Company or the Successor Company, as the case may be, or any of its Subsidiaries in connection with such transaction as having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;
		

		
			(3)       if the Company is not the surviving or continuing Person, each Guarantor of Outstanding Securities, if any, unless it is the Successor Company, in which case clause (1)(ii) above shall apply shall have by supplemental indenture (or other applicable document) confirmed that its Guarantees shall apply to such Successor Company’s obligations under the Outstanding Securities in respect of which such Guarantor provided its Guarantee and this Indenture and that any obligations of 
		

		
			
		

		
			

		 

		

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			such Guarantor under any Security Documents to which such Guarantor is a party shall continue to be in effect; and
		

		
			(4)       the Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions, limitations, qualifications and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture (or other applicable document) is required in connection with such transaction, such supplemental indenture (or other applicable document) comply with this Indenture.
		

		
			(b)       For purposes of Section 801(a), sales, assignments, transfers, leases, conveyances and other dispositions of Securitization Assets, Repurchase Agreement Assets or Investments (each as defined with respect to each Outstanding Security) by the Company, in each case in the ordinary course of business, shall not be deemed to constitute the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of the Company.
		

		
			(c)       Upon the Company’s consolidation with, or merger or with or into, any Person or the Company’s sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its properties or assets in accordance with clauses (1)(ii), (2), (3) and (4) above, as the case may be, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, the Securities and any Security Documents to which it is a party and, except in the case of a lease, the Company shall be released from all of its obligations under this Indenture, the Securities and such Security Documents.  In case of any such consolidation, merger, sale, assignment, transfer, lease, conveyance 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.
		

		
			Section 802       Consolidations and Mergers of a Parent Guarantor and Sales, Leases and Conveyances Permitted Subject to Certain Conditions.  (a)  No Parent Guarantor may, in a single transaction or series of related transactions, consolidate with, or merge with or into, any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets determined on a consolidated basis to any Person, unless:
		

		
			(1)       either
		

		
			(i)       such Parent Guarantor shall be the surviving or continuing Person; or
		

		
			(ii)       the Person (if other than such Parent Guarantor) formed by such consolidation or into which such Parent Guarantor is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of such Parent Guarantor’s properties and assets (the “Successor Parent Guarantor”):
		

		
			(A)       shall be a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States or any State thereof or the District of Columbia; and
		

		
			
		

		
			

		 

		

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			(B)       shall expressly assume, by supplemental indenture (or other applicable document), executed and delivered to the Trustee or, if applicable, the applicable Collateral Agent, as the case may be, the obligations of such Parent Guarantor under its Guarantees, this Indenture and any Security Documents to which such Parent Guarantor is a party;
		

		
			(2)       immediately after giving pro forma effect to such transaction (and treating any indebtedness (as defined with respect to each Outstanding Security) that becomes an obligation of such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or such Subsidiary at the time of such transaction, and any indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or any of its Subsidiaries in connection with such transaction as having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;
		

		
			(3)       the Parent or, in the case of a Successor Parent Guarantor to the Parent, the Successor Parent Guarantor, as the case may be, shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions, limitations, qualifications and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture (or other applicable document) is required in connection with such transaction, such supplemental indenture (or other applicable document) comply with this Indenture.
		

		
			(b)       For purposes of Section 802(a), (i) sales, assignments, transfers, leases, conveyances and other dispositions of Securitization Assets, Repurchase Agreement Assets or Investments (each as defined with respect to each Outstanding Security) by the Direct Parent or any of its Subsidiaries, in each case in the ordinary course of business, shall not be deemed to constitute the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of the Direct Parent on a consolidated basis and (ii) the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of one or more Subsidiaries of a Parent Guarantor the Capital Stock of which constitutes all or substantially all of the properties and assets of such Parent Guarantor on a consolidated basis shall be deemed to be the transfer of all or substantially all of the properties and assets of such Parent Guarantor.
		

		
			(c)       Upon a Parent Guarantor’s consolidation with, or merger with or into, any Person or a Parent Guarantor’s sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its properties or assets in accordance with clauses (1)(ii), (2) and (3) above, as the case may be, the Successor Parent Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, such Parent 
		

		
			
		

		
			

		 

		

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			Guarantor under this Indenture, its Guarantees and any Security Documents to which it is a party, and, except in the case of a lease, such Parent Guarantor shall be released from all of its obligations under this Indenture, its Guarantees and such Security Documents. In case of any such consolidation, merger, sale, assignment, transfer, lease, conveyance, 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.
		

		
			The covenant set forth in this Section 802 shall be applicable solely with respect to the Securities of a series to which, pursuant to Section 301, the provisions of Article Sixteen shall apply. 
		

		
			Section 803       Consolidations and Mergers of the Subsidiary Guarantor and Sales, Leases and Conveyances Permitted Subject to Certain Conditions.  (a) The Subsidiary Guarantor may not, in a single transaction or series of related transactions, consolidate with, or merge with or into, any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Subsidiary Guarantor’s properties and assets to any Person, unless:
		

		
			(1)       either
		

		
			(i)       the Subsidiary Guarantor shall be the surviving or continuing Person; or
		

		
			(ii)       the Person (if other than the Subsidiary Guarantor) formed by such consolidation or into which the Subsidiary Guarantor is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the Subsidiary Guarantor’s properties and assets (the “Successor Subsidiary Guarantor”):
		

		
			(A)       shall be a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States or any State thereof or the District of Columbia; and
		

		
			(B)       shall expressly assume, by supplemental indenture (or other applicable document), executed and delivered to the Trustee or, if applicable, the applicable Collateral Agent, as the case may be, the obligations of the Subsidiary Guarantor under its Guarantees, this Indenture and any Security Documents to which the Subsidiary Guarantor is a party;
		

		
			(2)       immediately after giving pro forma effect to such transaction (and treating any indebtedness (as defined with respect to each Outstanding Security) that becomes an obligation of the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or such Subsidiary at the time of such transaction, and any indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or any of its Subsidiaries in connection with such transaction as having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; and
		

		
			
		

		
			

		 

		

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			(3)       the Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions, limitations, qualifications and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture (or other applicable document) is required in connection with such transaction, such supplemental indenture (or other applicable document) comply with this Indenture.
		

		
			(b)       For purposes of Section 803(a), sales, assignments, transfers, leases, conveyances and other dispositions of Securitization Assets, Repurchase Agreement Assets or Investments (each as defined with respect to each Outstanding Security) by the Subsidiary Guarantor, in each case in the ordinary course of business, shall not be deemed to constitute the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of the Subsidiary Guarantor.
		

		
			 (c)       Upon the Subsidiary Guarantor’s consolidation with, or merger with or into, any Person or the Subsidiary Guarantor’s sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its properties or assets in accordance with clauses (1)(ii), (2) and (3) above, as the case may be, the Successor Subsidiary Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Subsidiary Guarantor under this Indenture, its Guarantees and any Security Documents to which it is a party, and, except in the case of a lease, the Subsidiary Guarantor shall be released from all of its obligations under this Indenture, its Guarantees and such Security Documents. In case of any such consolidation, merger, sale, assignment, transfer, lease, conveyance 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.
		

		
			(d)       The covenant set forth in this Section 803 shall be applicable solely with respect to the Securities of a series to which, pursuant to Section 301, the provisions of Article Sixteen shall apply. 
		

		
			Section 804       Additional Provision for Consolidations, Mergers, Sales, Leases and Conveyances.  Notwithstanding any of the foregoing provisions of this Article Eight, any Subsidiary of the Parent, including the Company and any other Guarantor, may merge with the Parent or another Subsidiary or other Affiliate of the Parent if the principal purpose of such transaction is to reincorporate such Subsidiary in another jurisdiction, to form or collapse a holding company structure or to convert such Subsidiary into a corporation, partnership, limited liability company or trust, as the case may be, organized under the laws of the jurisdiction of organization of such Subsidiary or under the laws of the United States or any State thereof or the District of Columbia.
		

		
			ARTICLE Nine
		

		
			SUPPLEMENTAL INDENTURES
		

		
			Section 901       Supplemental Indentures Without Consent of Holders.  Without the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to 
		

		
			
		

		
			

		 

		

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			a Board Resolution, the Guarantors, when authorized by or pursuant to their respective Board Resolutions, and the Trustee (and/or the applicable Collateral Agent, as applicable), at any time and from time to time, may amend or supplement any Securities, any Guarantees, this Indenture and any Security Documents, for any of the following purposes:
		

		
			(1)       to evidence the succession of another Person to the Company or any Guarantor, as the case may be, and provide for the assumption by any such successor of the obligations of the Company or such Guarantor in this Indenture, the Securities of any series, any Guarantees and any Security Documents, as the case may be, pursuant to the terms of this Indenture; or
		

		
			(2)       to add to the covenants of the Company or any Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of the applicable series), to provide that any such additional covenants shall be subject to covenant defeasance under Article Fourteen or to surrender any right or power herein conferred upon the Company or any Guarantor; or
		

		
			(3)       to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of the applicable series); provided,  however, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default; or
		

		
			(4)       to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of, or any premium or interest on, Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided that any such action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or
		

		
			(5)       to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or
		

		
			(6)       to add assets (including Capital Stock) as collateral to secure the Securities of any series or any Guarantee or any other guarantees for the benefit of such Securities; or
		

		
			
		

		
			

		 

		

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			(7)       to establish the form or terms of Securities of any series and any related coupons as permitted by Sections 201 and 301, including the provisions and procedures relating to Securities convertible into Common Stock or Preferred Stock, as the case may be; or
		

		
			(8)       to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series or a successor Collateral Agent with respect to the Securities of one or more series under the applicable Security Documents and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or
		

		
			(9)       to cure any ambiguity or omission, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein;
		

		
			(10)     to conform the provisions of this Indenture, the Securities of any series, the Guarantees of such Securities and any applicable Security Documents to the description thereof contained in any prospectus or other offering document or memorandum relating to the offer and sale of such Securities and Guarantees;
		

		
			(11)      to make any change that would provide additional rights or benefits to the Holders of Securities of any series or that does not adversely affect in any material respect the rights of any Holders of Securities of such series; 
		

		
			(12)      to confirm and evidence the release, termination or discharge of any Guarantor or other guarantor of Securities of any series or any Guarantee or other guarantee of Securities of any series or any Liens in favor of the Collateral Agent for the Securities of any series in any Collateral for such series of Securities, in each case when such release, termination or discharge is provided for under this Indenture, any Guarantee or other guarantee of the Securities of such series, the applicable Security Documents or any other instrument or agreement creating or evidencing any such Lien, as the case may be;
		

		
			(13)      to provide for any Subsidiary of the Parent or any other Person to provide or assume a Guarantee or other guarantee of the Securities of any series;
		

		
			(14)      to provide for the issuance and delivery of additional Securities of any series;
		

		
			(15)      to comply with the rules of any applicable Depositary; or
		

		
			(16)      to provide for uncertificated Securities of any series in addition to or in place of definitive Securities of such series.
		

		
			Section 902       Supplemental Indentures With Consent of Holders.  Except as provided in Section 901 and this Section 902, with the consent of the Holders of a majority in principal amount of all Outstanding Securities of each series affected thereby (including consents obtained in connection with a purchase of, or a tender offer or exchange offer for the Securities of the 
		

		
			
		

		
			

		 

		

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			applicable series),  the Company, when authorized by or pursuant to a Board Resolution, the Guarantors, when authorized by or pursuant to their respective Board Resolutions, and the Trustee (and/or the applicable Collateral Agent, as applicable) may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities and any related coupons under this Indenture and may amend or supplement the Securities of any series or any related coupons, any Guarantees or any Security Documents; provided,  however, that no such amendment or supplement shall, without the consent of the Holder of each Outstanding Security affected thereby:
		

		
			(1)       change the Stated Maturity of the principal of, or premium, if any, on, or any installment of principal of or interest on, any Security or change the date on which any Security may be subject to redemption or reduce the principal thereof or any premium thereon or the rate or amount of interest thereon or any Additional Amounts payable in respect thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 1005 (except as permitted by Section 901), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant to Section 504, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or change the provisions of Section 508; or
		

		
			(2)       reduce the percentage in principal amount of the Outstanding Securities of any series the consent of whose Holders is required for any such amendment or supplement, or 
		

		
			(3)       release (i) any Guarantor from its Guarantee of the Securities of any series or (ii) all or substantially all of any Collateral for the Securities of any series from the Liens of any Security Documents for the Securities of such series, in each case except as permitted by this Indenture or such Security Documents, as the case may be; or 
		

		
			(4)       modify any of the provisions of this Section or Section 513.
		

		
			In addition, in the case of the Securities of any series which are secured by Collateral, without the consent of the Holders of at least 662⁄3% in principal amount of the Outstanding Securities of such series, no amendment, supplement or waiver to or under this Indenture, such Securities, any Guarantees of such Securities or the Security Documents for such Securities may release less than substantially all of such Collateral from the Liens of such Security Documents (except as permitted by their terms).
		

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

		
			An amendment or supplement which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more 
		

		
			
		

		
			

		 

		

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			particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.
		

		
			Section 903       Execution of Supplemental Indentures.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee (and any applicable Collateral Agent) shall be provided with, and shall be fully protected in relying upon, an Opinion of Counsel and Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture or the Security Documents, as applicable, and the conditions precedent to the execution and delivery of such supplemental indenture have been satisfied.  The Trustee (and any applicable Collateral Agent) may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or the Security Documents, as applicable, or otherwise.
		

		
			Section 904       Effect of Supplemental Indentures.  Upon the execution of any supplemental indenture under this Article, this Indenture or the Security Documents, as applicable, shall be modified in accordance therewith, and such supplemental indenture shall form a part thereof for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.
		

		
			Section 905       Reference in Securities to Supplemental Indentures.  Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.
		

		
			ARTICLE Ten
		

		
			COVENANTS
		

		
			Section 1001     Payment of Principal, Premium, if any, Interest and Additional Amounts.  The Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of, and premium, if any, and interest on, and any Additional Amounts payable in respect of the Securities of that series in accordance with the terms of such series of Securities, any coupons appertaining thereto and this Indenture.  Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, any interest due on and any Additional Amounts payable in respect of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section 1005 in respect of principal of, or premium, if any, on, such a Security, shall be payable only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature.  Unless otherwise specified with respect to Securities of any series pursuant to Section 301, at the option of the Company, all payments of principal, premium and interest may be 
		

		
			
		

		
			

		 

		

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			paid by check to the Holder of the Registered Security or other person entitled thereto against surrender of such Security.
		

		
			Section 1002     Maintenance of Office or Agency.  If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment or conversion, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.  If Securities of a series are issuable as Bearer Securities, the Company will maintain: (A) in The City of New York, New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or conversion, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for exchange, where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or surrendered for payment or conversion in the circumstances described in the following paragraph (and not otherwise); (B) subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of that series pursuant to Section 1005) or conversion; provided,  however, that if the Securities of that series are listed on the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities of that series in Luxembourg or any other required city located outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and (C) subject to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.  The Company will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency.  If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of that series and the related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 1005) or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands.
		

		
			Unless otherwise specified with respect to any Securities pursuant to Section 301, no payment of principal, premium or interest on or Additional Amounts in respect of Bearer Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided,  however, that, if the Securities of a series are payable in Dollars, payment of principal of, and any premium and interest on, any Bearer Security (including 
		

		
			
		

		
			

		 

		

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			any Additional Amounts payable in respect of Securities of such series pursuant to Section 1005) shall be made at the office of the Company’s Paying Agent in The City of New York, New York, if (but only if) payment in Dollars of the full amount of such principal, premium, interest or Additional Amounts, as the case may be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this Indenture, is illegal or effectively precluded by exchange controls or other similar restrictions.
		

		
			The Company may from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided,  however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.  Unless otherwise specified with respect to any Securities pursuant to Section 301 with respect to a series of Securities, the Company hereby designates as a Place of Payment for definitive Securities of any series and global Securities of any series, Chicago, Illinois and The City of New York, New York, respectively, and initially appoints the Trustee, at its offices located at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603 and 100 Wall Street, Suite 1600, New York, New York 10005, respectively, as Paying Agent in such cities and as its agent to receive all such presentations, surrenders, notices and demands.
		

		
			Unless otherwise specified with respect to any Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent.
		

		
			Section 1003     Money for Securities Payments to be Held in Trust.  If the Company shall at any time act as its own Paying Agent with respect to any series of any Securities and any related coupons, it will, on or before each due date of the principal of, and premium, if any, or interest on, or Additional Amounts in respect of, any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (and premium, if any) or interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.
		

		
			Whenever the Company shall have one or more Paying Agents for any series of Securities and any related coupons, it will, at least one Business Day before each due date of the principal of, and premium, if any, or interest on, or Additional Amounts in respect of, any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal, and premium, if any, or interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest or 
		

		
			
		

		
			

		 

		

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			Additional Amounts and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
		

		
			The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will
		

		
			(1)       hold all sums held by it for the payment of principal of, and premium, if any, or interest on, Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;
		

		
			(2)       give the Trustee notice of any default by the Company (or any other obligor upon the Securities) in the making of any such payment of principal and premium, if any, or interest; and
		

		
			(3)       at any time during the continuance of any such default upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.
		

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

		
			Except as otherwise provided in the Securities of any series, 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, and premium, if any, or interest on, or any Additional Amounts in respect of, any Security of any series and remaining unclaimed for two years after such principal, premium, interest or Additional Amounts has become due and payable shall be paid to the Company upon Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment of such principal of, and premium, if any, and interest on, and any Additional Amounts in respect of, any Security, without interest thereon, 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, shall thereupon cease; provided,  however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company and any Guarantors cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.
		

		
			Section 1004     Statement as to Compliance.  The Parent will deliver to the Trustee, within 120 days after the end of each fiscal year of the Parent, an Officer’s Certificate signed by a Senior Officer of the Parent as to his or her knowledge of the Company’s and the Guarantors’, as the case may be, compliance with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the nature and status thereof.
		

		
			
		

		
			

		 

		

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			For purposes of this Section 1004, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.  In addition, the Parent will deliver to the Trustee an Officer’s Certificate signed by a Senior Officer of the Parent promptly upon any Senior Officer of the Parent obtaining actual knowledge of any Default or Event of  Default.  The obligation of the Parent to provide such Officer’s Certificate shall be required only for so long as any Securities issued hereunder remain Outstanding.  The obligation of the Parent to provide such Officer’s Certificate with respect the Guarantors shall be required only for so long as any Securities to which, pursuant to Section 301, the provisions of Article Sixteen shall apply, remain outstanding.
		

		
			Section 1005     Additional Amounts.  If any Securities of a series provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series or any coupon appertaining thereto Additional Amounts as may be specified as contemplated by Section 301.  Whenever in this Indenture there is mentioned, in any context, the payment of the principal of, or any premium or interest on, or in respect of, any Security of any series or payment of any related coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series established pursuant to Section 301  to  the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.
		

		
			Except as otherwise specified as contemplated by Section 301, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of, and any premium or interest on, the Securities of that series shall be made to Holders of Securities of that series or any related coupons who are not United States persons without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of the series.  If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that series or related coupons and the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities.  In the event that the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned certificate, then the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal or interest with respect to any Securities of a series or related coupons until it shall have received a certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities of a series or related coupons without withholding or deductions until otherwise advised.  The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or willful misconduct on their part arising out of 
		

		
			
		

		
			

		 

		

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			or in connection with actions taken or omitted by any of them or in reliance on any Officer’s Certificate furnished pursuant to this Section or in reliance on the Company’s not furnishing such an Officer’s Certificate.
		

		
			Section 1006     Waiver of Certain Covenants.  The Company and each Guarantor may omit in any particular instance to comply with any term, provision or condition set forth in this Indenture, the Securities of any series, the Guarantees and any Security Documents except as to those matters specified in clauses (1) to (5) of Section 902, if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition (including consents obtained in connection with a purchase of, or a tender offer or exchange offer for, the Securities of the applicable series), but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and such Guarantor and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.
		

		
			ARTICLE Eleven       
		

		
			REDEMPTION OF SECURITIES
		

		
			Section 1101     Applicability of Article.  Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article.
		

		
			Section 1102     Election to Redeem; Notice to Trustee.  The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution.  In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at least 10 days prior to the giving of the notice of redemption referred to in Section 1104 (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.  In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction.
		

		
			Section 1103     Selection by Trustee of Securities to be Redeemed.  If less than all the Securities of any series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption (excluding any such Outstanding Securities held by the Company or any of its Subsidiaries) by such method as the Trustee shall deem appropriate and in accordance with applicable procedures of the Depositary and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or the applicable integral multiples in excess thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series.
		

		
			
		

		
			

		 

		

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			The Trustee shall promptly notify the Company and any Guarantors and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.
		

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

		
			Section 1104     Notice of Redemption.  Notice of redemption shall be given in the manner provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each Holder of Securities to be redeemed at its address in the Security Register (or at such address as may be provided by the Depositary’s applicable procedures), but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.
		

		
			Any notice that is mailed to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice.
		

		
			All notices of redemption shall state:
		

		
			(1)       the Redemption Date,
		

		
			(2)       the Redemption Price, including accrued interest to the Redemption Date payable as provided in Section 1107, if any, and Additional Amounts, if any,
		

		
			(3)       if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed,
		

		
			(4)       in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder will receive, without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,
		

		
			(5)       that on the Redemption Date the Redemption Price will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date,
		

		
			(6)       the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price,
		

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

		
			
		

		
			

		 

		

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			(8)       that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all coupons maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any Paying Agent is furnished,
		

		
			(9)       if Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise, the last date, as determined by the Company, on which such exchanges may be made,
		

		
			(10)     the “CUSIP” number (or any other numbers used by a Depositary to identify such Securities) of such Security, if any, 
		

		
			(11)     any conditions to such redemption as determined by the Company in its sole discretion, and, if such redemption is subject to conditions, the Company may at its option also include a statement to the effect that the Redemption Date may be delayed, on one or more occasions and in the Company’s sole discretion, either, at the Company’s option, to a date specified by the Company in such notice or a subsequent notice to Holders (subject, if the Company shall so elect, to the satisfaction of any or all such conditions or the Company’s written waiver of any such conditions that are not satisfied) or until such time as any or all such conditions have been satisfied or waived by the Company in writing, and that, if any such condition shall not have been satisfied as and when required (as determined by the Company in its sole discretion and taking into account any election by the Company to delay such Redemption Date), then (unless the Company shall have waived in writing any such conditions that are not satisfied), the Company shall have no obligation to redeem the Securities called for redemption on such Redemption Date (as the same may have been delayed by the Company as aforesaid) and may cancel such proposed redemption and rescind such notice of redemption, or any other statement that the Company in its sole discretion may deem necessary or advisable concerning matters described in Section 1105 or to implement any provision of Section 1105, and
		

		
			(12)     if applicable, that a Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion contained in such Securities, the then existing conversion price or rate, and the date and time when the option to convert shall expire.
		

		
			Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, provided that in the latter case the Company gives the Trustee at least five (5) Business Days prior notice of the date requested for the giving of such notice.
		

		
			Section 1105     Conditions to Redemption.  If specified pursuant to Section 301, any redemption of Securities of any series may, in the Company’s sole discretion, be subject to one or more conditions precedent, which shall be described in the related notice of redemption to Holders of such Securities, which conditions may include, without limitation, completion of one or more 
		

		
			
		

		
			

		 

		

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			other securities offerings or other financings, transactions or events.  If such redemption is subject to satisfaction of one or more conditions precedent, such notice to Holders of such Securities may, at the option of the Company, include a statement to the effect that the Redemption Date may be delayed, on one or more occasions and in the Company’s sole discretion, either, at the Company’s option, to a date specified by the Company in a subsequent notice to such Holders (subject, if the Company shall so elect, to satisfaction of any or all such conditions or the Company’s written waiver of any such conditions that are not satisfied) or until such time as any or all of such conditions have been satisfied or waived by the Company in writing, and that, if any such conditions shall not have been satisfied as and when required (as determined by the Company in its sole discretion and taking into account any election by the Company to delay such Redemption Date), then (unless the Company shall have waived in writing any such conditions that are not satisfied), the Company shall have no obligation to redeem such Securities called for redemption on such Redemption Date (as the same may have been delayed by the Company as aforesaid) and may cancel such proposed redemption and rescind any notice of such redemption. In order to delay any Redemption Date (or to further delay any Delayed Redemption Date (as defined below)), the Company shall provide written notice to the Trustee, at least five Business Days before such Redemption Date (or such Delayed Redemption Date, as the case may be), to the effect that the Company has elected to delay such Redemption Date (or such Delayed Redemption Date, as the case may be) and specifying the new Redemption Date (a “Delayed Redemption Date”) (which may, at the Company’s option, be specified as the date on which any or all conditions to such redemption are satisfied (as determined by the Company in its sole discretion) or waived by the Company), and the Trustee shall provide such notice to each Holder of the Securities that were to be redeemed in the same manner in which the notice of redemption was given. The Company may delay any Redemption Date on one or more occasions.
		

		
			If all conditions precedent (if any) to any redemption of such Securities shall not have been satisfied as and when required (as determined by the Company in its sole discretion and taking into account any election by the Company to delay such Redemption Date) or waived by the Company in writing and the Company has not elected to delay (or further delay) the applicable Redemption Date (or the applicable Delayed Redemption Date, as the case may be), the Company shall provide written notice to the effect that the Company has elected to cancel such redemption to the Trustee prior to close of business five Business Days prior to such Redemption Date (or such Delayed Redemption Date, as the case may be). Upon the Trustee’s receipt of such notice, the notice of such redemption shall be automatically rescinded and such redemption shall be automatically cancelled and the Company shall have no obligation to redeem such Securities called for redemption.  Promptly after receipt of such notice, the Trustee shall provide such notice to each Holder of such Securities that were to have been redeemed in the same manner in which the notice of redemption was given.
		

		
			Section 1106     Deposit of Redemption Price.  At least one Business Day before any Redemption Date, subject to the satisfaction of any conditions specified in the applicable notice of redemption pursuant to Section 1105, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and hold in trust as provided in Section 1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay on 
		

		
			
		

		
			

		 

		

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			the Redemption Date (or Delayed Redemption Date, as applicable) the required principal of, and any premium and (subject to the right of Holders of record on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to the Redemption Date (or Delayed Redemption Date, as applicable)) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date.
		

		
			Section 1107     Securities Payable on Redemption Date.  Notice of redemption having been given as aforesaid and all conditions (if any) to such redemption having been satisfied as and when required (as determined by the Company in its sole discretion and taking into account any election by the Company to delay the applicable Redemption Date as provided in Section 1105) or the Company having waived in writing any such condition that have not been satisfied, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series), and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void.  Upon surrender of any such Security for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price; provided,  however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such interest; and provided further that, except as otherwise provided with respect to Securities of a series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.
		

		
			If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided,  however, that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons.
		

		
			If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by such Security.
		

		
			
		

		
			

		 

		

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			Section 1108     Securities Redeemed in Part.  Any Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities of the same series, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.
		

		
			ARTICLE Twelve
		

		
			SINKING FUNDS
		

		
			Section 1201     Applicability of Article.  The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 301 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 such Securities of any series is herein referred to as an “optional sinking fund payment”.  If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202.  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 1202     Satisfaction of Sinking Fund Payments with Securities.  The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto and (2) apply as a credit Securities of such series which 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, as provided for by the terms of such Securities, or which have otherwise been acquired by the Company; provided that such Securities so delivered or applied as a credit have not been previously so credited.  Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.
		

		
			Section 1203     Redemption of Securities for Sinking Fund.  Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) and the portion thereof, if any, 
		

		
			
		

		
			

		 

		

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			which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited.  If such Officer’s Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified.  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 1103 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 1104.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1107 and 1108.
		

		
			ARTICLE Thirteen
		

		
			REPAYMENT AT THE OPTION OF HOLDERS
		

		
			Section 1301     Applicability of Article.  Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities, if any, and (except as otherwise specified by the terms of such series established pursuant to Section 301) in accordance with this Article.
		

		
			Section 1302     Repayment of Securities.  Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with premium, if any, and interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities.  The Company covenants that at least one Business Day before the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the required principal of, and premium, if any, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.
		

		
			Section 1303     Exercise of Option.  Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities.  In order for any Security to be repaid at the option of the Holder, the Trustee must receive at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days prior to the Repayment Date (1) the Security so providing for such repayment together with the “Option to Elect Repayment” form on the reverse thereof duly completed by the Holder (or by the Holder’s attorney duly authorized in writing) or (2) a telegram, facsimile transmission or a letter from a member of a national securities exchange, or a commercial bank or trust company in the United States setting forth the name of the Holder of the Security, the principal amount of the Security, the principal amount of the Security to be repaid, the “CUSIP” number, if any, or a description of the tenor and terms of the Security, a 
		

		
			
		

		
			

		 

		

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			statement that the option to elect repayment is being exercised thereby and a guarantee that the Security to be repaid, together with the duly completed form entitled “Option to Elect Repayment” on the reverse of the Security, will be received by the Trustee not later than the fifth Business Day after the date of such telegram, facsimile transmission or letter; provided,  however, that such telegram, facsimile transmission or letter shall only be effective if such Security and form duly completed are received by the Trustee by such fifth Business Day.  If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in authorized denominations for Securities of such series, and the authorized denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must be specified.  The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part.  Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.
		

		
			Section 1304     When Securities Presented for Repayment Become Due and Payable.  If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be void.  Upon surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided,  however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified pursuant to Section 301, only upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments of interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.
		

		
			If any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made as provided in the preceding 
		

		
			
		

		
			

		 

		

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			sentence, such Holder shall be entitled to receive the amount so deducted; provided,  however, that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons.
		

		
			If the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest borne by such Security.
		

		
			Section 1305     Securities Repaid in Part.  Upon surrender of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid.
		

		
			ARTICLE Fourteen
		

		
			DEFEASANCE AND COVENANT DEFEASANCE
		

		
			Section 1401     Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.  If, pursuant to Section 301, provision is made for either or both of (a) defeasance of the Securities of or within a series under Section 1402 or (b) covenant defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section 1402 (if applicable) or Section 1403 (if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article.
		

		
			Section 1402     Defeasance and Discharge.  Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company and the Guarantors, if any, shall be deemed to have been discharged from all of their obligations under such Outstanding Securities and any coupons appertaining thereto and the Guarantees, if any, thereof and under this Indenture on the date the conditions set forth in Section 1404 are satisfied (hereinafter, “defeasance”).  For this purpose, such defeasance means that the Company and the Guarantors, if any, shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any coupons appertaining thereto and the Guarantees, if any, thereof and under this Indenture, and such Outstanding Securities and coupons shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have satisfied (and shall be released from) all of their other obligations under such Securities and any coupons appertaining thereto and the Guarantees, if any, thereof and under this Indenture (and the Trustee, at the expense of the Company and any Guarantors, shall execute proper instruments acknowledging the same), 
		

		
			
		

		
			

		 

		

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			except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of the principal of, and premium, if any, and interest, if any, on, such Securities and any coupons appertaining thereto when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 1005, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the obligations of the Company and any Guarantors in connection therewith and (D) this Article.  Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 1403 with respect to such Securities and any coupons appertaining thereto.
		

		
			In the event that the Company effects defeasance with respect to any series of Securities, each Guarantor, if any, shall be released from its Guarantee of such Securities and any coupons appertaining thereto, and such Guarantees will be automatically released, terminated and discharged, except that the following obligations of such Guarantor under its Guarantee of such Securities shall survive such defeasance and remain in full force and effect: (1) such Guarantor’s Guarantee of the Company’s obligations with respect to such Securities that survive such defeasance; and (2) such Guarantor’s obligation, if any, to pay Additional Amounts in respect of any amounts payable under its Guarantee of such Securities.
		

		
			Section 1403     Covenant Defeasance.  Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, each of the  Company and the Guarantors, if any, shall be released from all of their obligations under any covenant or provision specified pursuant to Section 301, with respect to such Outstanding Securities and any coupons appertaining thereto and the Guarantees, if any, thereof on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter, “covenant defeasance”), and such Securities and coupons shall thereafter be deemed to be 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 the aforementioned or referenced other covenants or provisions, but shall continue to be deemed “Outstanding” for all other purposes hereunder.  For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities and any coupons appertaining thereto and the Guarantees, if any, thereof each of  the Company and the Guarantors, if any, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant or provision, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or provision or by reason of reference in any such covenant or provision 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 501(4) or 501(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected thereby.  If a covenant defeasance occurs, the Guarantors shall be automatically released from all of their obligations under their Guarantees, if any, and this Indenture, with respect to such Securities and such coupons and such Guarantees will be automatically released, terminated and discharged.
		

		
			
		

		
			

		 

		

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			Section 1404     Conditions to Defeasance or Covenant Defeasance.  The following shall be the conditions to application of Section 1402 or Section 1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto:
		

		
			(a)       The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the benefit of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency, currencies or currency unit in which such Securities and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of, and premium, if any, and interest, if any, on such Securities and any coupons appertaining thereto, money in an amount, or (3) a combination thereof, in each case in such amount as will be sufficient without consideration of any reinvestment of such principal and interest, as confirmed, certified or attested by an Independent Financial Advisor in writing to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, (i) the principal of, and premium, if any, and interest, if any, on, such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity therefor or any earlier Redemption Date and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any coupons appertaining thereto.
		

		
			(b)       Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any agreement or instrument that, in the judgment of the Parent, is material with respect to the Parent and its Subsidiaries taken as a whole (excluding this Indenture) to which the Parent or any of its Subsidiaries is a party or by which the Parent or any of its Subsidiaries is bound as evidenced by an Officer’s Certificate of the Parent.
		

		
			(c)       No Default or Event of Default with respect to such Securities and any coupons appertaining thereto shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from borrowing of funds to be applied to make such deposit and the incurrence of any similar and substantially contemporaneous other indebtedness and, in each case, the granting of any Liens in connection therewith), as evidenced by an Officer’s Certificate of the Parent.
		

		
			(d)       In the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States (which Opinion of Counsel may be subject to customary assumptions, qualifications, exceptions and limitations) confirming that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable United States Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for United States Federal income tax purposes as a result of such defeasance and will be subject to United States Federal income tax on 
		

		
			
		

		
			

		 

		

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			the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred.
		

		
			(e)       In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States (which Opinion of Counsel may be subject to customary assumptions, qualifications, exceptions and limitations) confirming that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for United States Federal income tax purposes as a result of such covenant defeasance and will be subject to United States 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.
		

		
			(f)       The Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions, qualifications, exceptions and limitations), each stating that all conditions precedent to the defeasance under Section 1402 or the covenant defeasance under Section 1403 (as the case may be) have been complied with.
		

		
			(g)       The Company shall have delivered irrevocable instructions to the Trustee to apply the deposited money toward the principal of, and premium, if any, and interest on, such Outstanding Securities and any coupons appertaining thereto at Stated Maturity or the applicable Redemption Date, as the case may be (which instructions may be contained in the Officer’s Certificate referred to in clause (f) above). 
		

		
			Notwithstanding the foregoing, the Opinion of Counsel required by clauses (d) and (e) above need not be delivered if all such Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due and payable at Stated Maturity or any earlier Redemption Date within one year and, in the case of any such redemption, under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company and any Guarantors.
		

		
			Section 1405     Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions.  Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee pursuant to Section 1404 in respect of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect of principal, premium, if any, interest, if any, and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law.
		

		
			Unless otherwise specified with respect to any Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such Security to receive payment in a currency or currency unit other than that in which the deposit 
		

		
			
		

		
			

		 

		

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			pursuant to Section 1404(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency or currency unit in which the deposit pursuant to Section 1404(a) has been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of, and premium, if any, and interest, if any, on, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such currency or currency unit in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event.
		

		
			The Company and the Guarantors, if any, shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 1404 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 such Outstanding Securities and any coupons appertaining thereto.
		

		
			Anything in this Article to the contrary notwithstanding, subject to Section 606, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404 which, in the opinion of an Independent Financial Advisor expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this Article.
		

		
			ARTICLE Fifteen
		

		
			[INTENTIONALLY OMITTED]
		

		
			ARTICLE Sixteen
		

		
			GUARANTEE
		

		
			Section 1601     Applicability of Article.  The provisions of this Article Sixteen shall be applicable only to, and inure solely to the benefit of, the Securities of any series designated, pursuant to Section 301, as being entitled to the benefits of the Guarantee of one or more specified Guarantors.  For purposes of this Article Sixteen, the term “Securities” means, with respect to the Securities of a series to which the provisions of this Article Sixteen shall be applicable, the Securities of such series, and the term “Guarantor” means a Guarantor of the Securities of such series as specified pursuant to Section 301.
		

		
			SECTION 1602     Guarantee.
		

		
			
		

		
			

		 

		

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			(a)       For value received, each Guarantor hereby, jointly and severally with all other Guarantors (if any), guarantees (the “Guarantee”), to each Holder of a Security authenticated and delivered by the Trustee and to the Trustee, that:
		

		
			(1)       the principal of, premium, if any, and interest on, the Securities will be duly and promptly paid in full when due, whether at Stated Maturity, upon redemption or repurchase, by acceleration or otherwise, and interest on the overdue principal and (to the extent permitted by law) interest, if any, on the Securities and all other amounts payable by the Company to the Holders of the Securities or the Trustee (or if the Securities are secured by Collateral, the applicable Collateral Agent) hereunder (including, without limitation, fees, expenses, indemnities or others) (collectively, the “Obligations”) will be promptly paid in full, all in accordance with the terms hereof and thereof; and 
		

		
			(2)       in case of any extension of time of payment or renewal of any Obligations (with or without notice to such Guarantor), the same will be promptly paid in full when due in accordance with the terms of the extension or renewal, whether at Stated Maturity, upon redemption or repurchase, by acceleration or otherwise.
		

		
			If the Company shall fail to pay any Obligations, or cause the same to be paid, when due for whatever reason, each Guarantor shall be obligated to pay the unpaid Obligations or cause the same to be paid, in cash promptly.
		

		
			(b)       Each Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional and, subject to the provisions of Section 1611 to the extent applicable, irrevocable, irrespective of the validity, regularity or enforceability of the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with respect to any unrelated provisions of this Indenture or the Securities, the recovery of any judgment against the Company, any action to enforce the same, or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of such Guarantor.
		

		
			(c)       Each Guarantor further agrees that, as between it, on the one hand, and the Holders of the Securities and the Trustee, on the other hand, 
		

		
			(1)       the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article Five of this Indenture with respect to the Securities (or the applicable provision of the supplemental indenture in lieu thereof) for the purposes of the Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations, and 
		

		
			(2)       in the event of any acceleration of such Obligations as provided in Article Five of this Indenture with respect to the Securities (or the applicable provision of the supplemental indenture in lieu thereof), such Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of its Guarantee.
		

		
			SECTION 1603        Waiver.  To the fullest extent permitted by applicable law, each Guarantor waives diligence, presentment, demand of, payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against 
		

		
			
		

		
			

		 

		

			79

		

 

		

		
			the Company, protest, notice and all demands whatsoever and covenants, subject to Section 1611, that the Guarantee will not be discharged except by complete performance of the Obligations contained in the Securities and this Indenture.
		

		
			Section 1604     Guarantee of Payment.  Each Guarantor agrees that its Guarantee constitutes a guarantee of payment and not a guarantee of collection and waives any right to require that any resort be had by the Trustee or any Holder of the Securities to the Collateral, if any, held for payment of the Obligations.
		

		
			Section 1605     No Discharge or Diminishment of Guarantee.  Subject to Section 1611 and Section 1612 of this Indenture, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, termination or impairment for any reason (other than the payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise.  
		

		
			Section 1606     Defenses of Company Waived.  To the extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of the Company or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Company, other than final payment in full in cash of the Obligations.
		

		
			Section 1607     Continued Effectiveness.  Subject to Section 1611 and Section 1612 of this Indenture, each Guarantor further agrees that its Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be returned by the Trustee or any Holder of the Securities upon the bankruptcy or reorganization of the Company or otherwise.
		

		
			SECTION 1608          Subrogation.  Upon any Guarantor’s payment, directly or indirectly, of any Obligations, the Holders shall assign (except to the extent that such assignment would render such Guarantor a “creditor” of the Company within the meaning of Section 547 of Title 11 of the United States Code as now in effect or hereafter amended or any comparable provision of any successor statute) the amount of the Obligations owed to it and paid by such Guarantor pursuant to its Guarantee to such Guarantor, such assignment to be pro rata to the extent the Obligations in question were discharged by more than one Guarantor, or make such other disposition thereof as such Guarantor shall direct (all without recourse to the Holders, and without any representation or warranty by the Holders). If 
		

		
			(a)       such Guarantor shall make payment to the Holders of all or any part of the Obligations and
		

		
			(b)       all the Obligations shall be paid in full,
		

		
			the Trustee will, at such Guarantor’s written request, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Obligations resulting from such payment by such Guarantor.
		

		
			
		

		
			

		 

		

			80

		

 

		

		
			SECTION 1609         Information.  Each Guarantor assumes all responsibility for being and keeping itself informed of the Company’s financial condition and liquidity, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that the Trustee and the Holders of the Securities will have no duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks.
		

		
			Section 1610     Subordination.  Upon payment by a Guarantor of any Obligations to the Holders, as provided above, all rights of such Guarantor against the Company, arising as a result thereof by way of right of subrogation or otherwise, shall in all respects be subordinated and junior in right of payment to the prior payment in full in cash of all the Obligations to the Trustee; provided,  however, that any right of subrogation that a Guarantor may have pursuant to this Indenture is subject to Section 1608 hereof.
		

		
			Section 1611     Release of Guarantors.
		

		
			(a)       To the extent specified with respect to the Securities in the designation of the terms thereof pursuant to Section 301 hereof, each Guarantor shall, under the circumstances specified with respect to the Securities, be automatically and unconditionally released and discharged from all obligations under this Indenture and the Guarantee without any action required on the part of the Trustee or any Holder.
		

		
			(b)       The Trustee shall deliver an appropriate instrument evidencing such release upon receipt of a written request of the Company accompanied by an Officer’s Certificate certifying as to the compliance with this Section. 
		

		
			Section 1612     Limitation of Guarantors’ Liability.  Each Guarantor, the Trustee and each Holder hereby confirm that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of any Insolvency Law to the extent applicable to such Guarantor.  To effectuate the foregoing intention, the Trustee, the Holders and each Guarantor hereby irrevocably agree that the obligations of such Guarantor under this Indenture and the Guarantee shall be limited to the maximum aggregate amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor, will result in the obligations of each Guarantor under the Guarantee not constituting such fraudulent transfer or conveyance.
		

		
			Section 1613     No Obligation to Take Action Against the Company.  None of the Trustee, any Holder or any other Person shall have any obligation to enforce or exhaust any rights or remedies or take any other steps under any security for the Obligations or against the Company or any other Person or any Property of the Company or any other Person before the Trustee, such Holder or such other Person is entitled to demand payment and performance by each Guarantor of its liabilities and obligations under the Guarantee.
		

		
			Section 1614     Execution and Delivery of the Guarantee.  The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due and valid delivery of the Guarantee designated with respect to the Securities pursuant to Section 301 hereof on behalf of each Guarantor specified pursuant to Section 301.
		

		
			
		

		
			

		 

		

			81

		

 

		

		
			* * * * *
		

		
			This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture.
		

		
			
		

		
			

		 

		

			82

		

 

		

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

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						READYCAP HOLDINGS, LLC., as Issuer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name: Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Person

				

		
			 
		

		
			 
		

			
					
						 

					
					
						SUTHERLAND ASSET MANAGEMENT CORPORATION, as Guarantor and as Parent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name: Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title: Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						SUTHERLAND PARTNERS, L.P., as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name: Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Person

				

		
			 
		

		
			 
		

			
					
						 

					
					
						SUTHERLAND ASSET I, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name: Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Person

				

		
			
		

		

		 

		

			83

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						READYCAP COMMERCIAL, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name: Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Person

				

		
			 
		

		
			 
		

			
					
						 

					
					
						U.S. BANK NATIONAL ASSOCIATION, as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica J. Elliott

				
	
					
						 

					
					
						 

					
					
						Name: Jessica J. Elliott

				
	
					
						 

					
					
						 

					
					
						Title: Vice President

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			84sld_Ex_4_2

		
			Exhibit 4.2
		

		
			 
		

		
			EXECUTION VERSION
		

		
			READYCAP HOLDINGS, LLC
		

		
			Issuer
		

		
			SUTHERLAND ASSET MANAGEMENT CORPORATION
		

		
			SUTHERLAND PARTNERS, L.P.
		

		
			SUTHERLAND ASSET I, LLC
		

		
			READYCAP COMMERCIAL, LLC
		

		
			Guarantors
		

		
			and
		

		
			U.S. BANK NATIONAL ASSOCIATION
		

		
			Trustee and Collateral Agent
		

		

		
			First Supplemental Indenture
		

		
			Dated as of February 13, 2017
		

		
			to the Indenture
		

		
			Dated as of February 13, 2017
		

		

		
			7.50% Senior Secured Notes Due 2022
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			Table of Contents
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Page

				
	
					
						ARTICLE 1

				
	
					
						 

				
	
					
						DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1.01.

					
					
						Scope of Supplemental Indenture

					
					
						 

					
2 
				
	
					
						Section 1.02.

					
					
						Definitions

					
					
						 

					
2 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 2

				
	
					
						 

				
	
					
						THE SECURITIES

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 2.01.

					
					
						Title and Terms; Payments

					
					
						 

					
26 
				
	
					
						Section 2.02.

					
					
						Forms

					
					
						 

					
27 
				
	
					
						Section 2.03.

					
					
						Transfer Restrictions; Transfer and Exchange; Restrictive Legend

					
					
						 

					
29 
				
	
					
						Section 2.04.

					
					
						Payments on the Notes

					
					
						 

					
34 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 3

				
	
					
						 

				
	
					
						REDEMPTIONS AND REPURCHASES

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 3.01.

					
					
						Optional Redemption

					
					
						 

					
35 
				
	
					
						Section 3.02.

					
					
						Change of Control Repurchase

					
					
						 

					
37 
				
	
					
						Section 3.03.

					
					
						Covenant To Comply with Applicable Laws upon Repurchase of Notes

					
					
						 

					
39 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 4

				
	
					
						 

				
	
					
						ADDITIONAL COVENANTS

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 4.01.

					
					
						Limitation on Incurrence of Additional Indebtedness

					
					
						 

					
40 
				
	
					
						Section 4.02.

					
					
						Maintenance of Parent’s Consolidated Recourse Indebtedness to Equity Ratio

					
					
						 

					
40 
				
	
					
						Section 4.03.

					
					
						Maintenance of Parent’s Consolidated Indebtedness to Equity Ratio

					
					
						 

					
40 
				
	
					
						Section 4.04.

					
					
						Maintenance of Parent’s Stockholders’ Equity

					
					
						 

					
40 
				
	
					
						Section 4.05.

					
					
						Maintenance of Parent’s Consolidated Unencumbered Assets

					
					
						 

					
41 
				
	
					
						Section 4.06.

					
					
						Maintenance of Collateral Value

					
					
						 

					
41 
				
	
					
						Section 4.07.

					
					
						Reporting Obligations for Maintenance Covenants

					
					
						 

					
42 
				
	
					
						Section 4.08.

					
					
						Cure Right for Maintenance Covenants

					
					
						 

					
42 
				
	
					
						Section 4.09.

					
					
						Limitation on Restricted Payments

					
					
						 

					
43 
				

		
			 
		

		
			
		

		

		 

		

			-i-

		

 

	
					
						

					
						Section 4.10.

					
					
						Limitation on Liens

					
					
						 

					
44 
				
	
					
						Section 4.11.

					
					
						Reports to Holders

					
					
						 

					
44 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 5

				
	
					
						 

				
	
					
						AMENDMENTS TO BASE INDENTURE

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 5.01.

					
					
						Defined Terms

					
					
						 

					
46 
				
	
					
						Section 5.02.

					
					
						Events of Default

					
					
						 

					
47 
				
	
					
						Section 5.03.

					
					
						Supplemental Indentures With Consent of Holders

					
					
						 

					
48 
				
	
					
						Section 5.04.

					
					
						Merger, Consolidation and Sale of Assets

					
					
						 

					
48 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 6

				
	
					
						 

				
	
					
						COLLATERAL AND SECURITY

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 6.01.

					
					
						The Collateral; Appointment of Collateral Agent

					
					
						 

					
55 
				
	
					
						Section 6.02.

					
					
						Further Assurances

					
					
						 

					
56 
				
	
					
						Section 6.03.

					
					
						After-Acquired Property

					
					
						 

					
56 
				
	
					
						Section 6.04.

					
					
						Release of Liens on the Collateral

					
					
						 

					
57 
				
	
					
						Section 6.05.

					
					
						Authorization of Actions to Be Taken by the Trustee or the Collateral Agent Under the Security Documents

					
					
						 

					
58 
				
	
					
						Section 6.06.

					
					
						Delivery of Annual Opinions; Compliance with Trust Indenture Act Where Applicable

					
					
						 

					
59 
				
	
					
						Section 6.07.

					
					
						Replacement of Collateral Agent

					
					
						 

					
60 
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 7

				
	
					
						 

				
	
					
						GUARANTEE

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 7.01.

					
					
						Applicability of Article Sixteen of the Base Indenture

					
					
						 

					
62 
				
	
					
						 

				
	
					
						ARTICLE 8

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						MISCELLANEOUS

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 8.01.

					
					
						Effect on Successors and Assigns

					
					
						 

					
63 
				
	
					
						Section 8.02.

					
					
						Governing Law

					
					
						 

					
63 
				
	
					
						Section 8.03.

					
					
						No Security Interest Created by Indenture or Notes; Security Interest Granted under Security Documents

					
					
						 

					
63 
				
	
					
						Section 8.04.

					
					
						Benefits of this Supplemental Indenture

					
					
						 

					
63 
				
	
					
						Section 8.05.

					
					
						Calculations

					
					
						 

					
63 
				
	
					
						Section 8.06.

					
					
						Execution in Counterparts

					
					
						 

					
63 
				
	
					
						Section 8.07.

					
					
						Notices

					
					
						 

					
63 
				

		
			
		

		

		 

		

			-ii-

		

 

	
					
						

					
						Section 8.08.

					
					
						Ratification of Base Indenture

					
					
						 

					
64 
				
	
					
						Section 8.09.

					
					
						Recitals not made by the Trustee and the Collateral Agent

					
					
						 

					
64 
				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-iii-

		

 

		

		
			FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of February 13, 2017, among ReadyCap Holdings, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (the “Company”), Sutherland Asset Management Corporation, Sutherland Partners, L.P., Sutherland Asset I, LLC and ReadyCap Commercial, LLC (collectively, the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”) and as Collateral Agent (as defined herein) to the Indenture dated as of February 13, 2017, among the Company, the Guarantors and the Trustee (the “Base Indenture”).
		

		
			RECITALS
		

		
			WHEREAS, the Company and the Guarantors executed and delivered the Base Indenture to the Trustee to provide, among other things, for the issuance, from time to time, of the Company’s secured and unsecured Securities (as defined in the Base Indenture), in an unlimited aggregate principal amount, in one or more series to be established by the Company under, and authenticated and delivered as provided in, the Base Indenture;
		

		
			WHEREAS, Section 901(7) of the Base Indenture provides for the Company, the Guarantor and the Trustee to enter into supplemental indentures to the Base Indenture to establish the form and terms of Securities of any series as contemplated by Section 301 of the Base Indenture;
		

		
			WHEREAS, the respective Board of Directors of the Company and the Guarantors have duly adopted resolutions authorizing the Company and the Guarantors, respectively, to execute and deliver this Supplemental Indenture;
		

		
			WHEREAS, pursuant to the terms of the Base Indenture, the Company has authorized the creation and issuance under this Supplemental Indenture of its 7.50% Senior Secured Notes Due 2022 (the “Notes”), the form and substance of which are to be set forth as provided in the Base Indenture and this Supplemental Indenture;
		

		
			WHEREAS, pursuant to the terms of the Base Indenture, each of the Guarantors has authorized its Guarantee of the Notes, the terms of which is to be set forth as provided in the Base Indenture and this Supplemental Indenture; and
		

		
			WHEREAS, the Company and the Guarantors have requested that the Trustee execute and deliver this Supplemental Indenture, and that all requirements necessary to make (i) this Supplemental Indenture a valid agreement of each of the Company and the Guarantors in accordance with its terms, (ii) the Notes, when duly executed by the Company and duly authenticated and delivered by the Trustee in accordance with the Base Indenture and this Supplemental Indenture, the valid obligations of the Company, and (iii) each Guarantee of the Notes, when the Notes have been duly executed by the Company and duly authenticated and delivered by the Trustee in accordance with the Base Indenture and this Supplemental Indenture and when this Supplemental Indenture has been duly executed and delivered by each Guarantor, the valid obligation of such Guarantor, in each case, have been performed, and the execution and delivery of this Supplemental Indenture have been duly authorized by each of the Company and the Guarantors in all respects.
		

		
			
		

		
			

		 

		

			-1-

		

 

		

		
			NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of the Company and the Guarantors and the equal and proportionate benefit of all Holders, as follows:
		

		
			ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
		

		
			Section 1.01. Scope of Supplemental Indenture.  The modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall govern only the terms of (and only the rights of the Holders and the obligations of the Company and the Guarantors with respect to), the Notes, which may be issued from time to time, and shall not apply to any other Securities that may be issued under the Base Indenture (or govern the rights of the Holders or the obligations of the Company or the Guarantors with respect to any such other Securities) unless a supplemental indenture with respect to such other Securities specifically incorporates such modifications and supplements.  The provisions of this Supplemental Indenture shall, with respect to the Notes and each Guarantee, supersede any conflicting provisions in the Base Indenture.  Subject to the preceding sentence, and except as otherwise provided herein, the provisions of the Base Indenture shall apply to the Notes and each Guarantee and govern the rights of the Holders of the Notes and the obligations of the Company, the Guarantors, the Trustee and the Collateral Agent with respect thereto.
		

		
			Section 1.02. Definitions.  For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:
		

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

		
			(ii)     all words, terms and phrases (including capitalized terms and phrases) defined in the Base Indenture but not otherwise defined in this Supplemental Indenture shall have the same meanings as in the Base Indenture.
		

		
			“Additional Notes” has the meaning set forth in Section 2.01(c) hereof.
		

		
			“Applicable Assets” has the meaning set forth in the definition of “Repurchase Agreement” in this Section 1.02.
		

		
			“Applicable Procedures” means, with respect to any matter at any time, the policies and procedures of the Depositary, if any, that are applicable to such matter at such time.
		

		
			“Base Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture.
		

		
			“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of New York, New York, St. Paul, 
		

		
			
		

		
			

		 

		

			-2-

		

 

		

		
			Minnesota or Chicago, Illinois are authorized or obligated by law, regulation or executive order to close.
		

		
			“Capitalized Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with GAAP.
		

		
			“Capital Stock” means:
		

		
			(1)      with respect to any Person other than a business trust, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of or in its corporate stock or, if such Person is not a corporation, its equity; and
		

		
			(2)      with respect to any Person that is a business trust, any and all beneficial ownership interests (however designated and whether or not voting) in such Person;
		

		
			in each case including each class or series of Common Stock and Preferred Stock of such Person but in each case excluding any Indebtedness or debt securities convertible into or exchangeable for, or any options, warrants, contracts or other securities (including derivative instruments) exercisable or exchangeable for, convertible into or otherwise for or relating to the purchase or sale of, any of the items referred to in clauses (1) or (2) above.
		

		
			“Cash Equivalents” shall mean (a) securities with maturities of 90 days or less from the date of acquisition issued or fully guaranteed or insured by the United States or any agency thereof, (b) certificates of deposit and eurodollar time deposits with maturities of 90 days or less from the date of acquisition and overnight bank deposits of any commercial bank having capital and surplus in excess of $500,000,000, (c) repurchase obligations of any commercial bank satisfying the requirements of clause (b) of this definition, (d) commercial paper rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and, in either case, maturing within 90 days after the date of acquisition, (e) securities with maturities of 90 days or less from the date of acquisition issued or fully guaranteed or insured by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are  rated at least A by S&P or A by Moody’s, (f) securities with maturities of 90 days or less  from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition, or (g) shares of money market mutual or similar funds at least 95% of the assets of which satisfy  the  requirements of clauses (a), (b), (c), (d), (e) or (f) of this definition.
		

		
			“Cash Management Obligations” means obligations of the Parent or any Subsidiary of the Parent in relation to (1) treasury, depository or cash management services, 
		

		
			
		

		
			

		 

		

			-3-

		

 

		

		
			arrangements or agreements (including, without limitation, credit, debt or other purchase card programs and intercompany cash management services) or any automated clearinghouse (“ACH”) transfers of funds (including reimbursement and indemnification obligations with respect to letters of credit or similar instruments), and (2) netting services, overdraft protections, controlled disbursement, ACH transactions, return items, interstate deposit network services, supplier services, cash pooling and operational foreign exchange management, Society for Worldwide Interbank Financial Telecommunication transfers and similar programs.
		

		
			“Certificated Note” means a definitive Note that is registered in the name of a Holder other than the Depositary or its nominee.
		

		
			“Change of Control” means:
		

		
			(1)      any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than the Parent or any of its Subsidiaries, is or has become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date), directly or indirectly, of Voting Stock of the Parent representing more than 50% of the combined voting power of all of the outstanding Voting Stock of the Parent on a fully diluted basis;
		

		
			(2)      the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, consolidation or other business combination transaction), in one transaction or a series of related transactions, of all or substantially all of the properties and assets of the Parent and its Subsidiaries taken as a whole to any Person (other than the Parent and/or one or more Subsidiaries of the Parent); 
		

		
			(3)      the Parent Guarantors cease to own, directly or indirectly, all of the outstanding Voting Stock of the Company on a fully diluted basis; or
		

		
			(4)      the adoption of any plan relating to the liquidation or dissolution of the Company or the Parent.
		

		
			Notwithstanding the foregoing, a transaction will not be deemed to be a Change of Control if (1) the Parent becomes a direct or indirect Wholly-Owned Subsidiary of a parent entity and (2) either (A) the direct or indirect holders of the outstanding Voting Stock of such parent entity immediately following that transaction are substantially the same as the holders of the outstanding Voting Stock of the Parent immediately prior to that transaction or (B) immediately following that transaction, no Person (other than a parent entity satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of all of the outstanding Voting Stock of such parent entity.
		

		
			“Change of Control Repurchase Date” has the meaning specified in Section 3.02(b) hereof.
		

		
			“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.
		

		
			
		

		
			

		 

		

			-4-

		

 

		

		
			“Clearstream” means Clearstream Banking, S.A., or any successor.
		

		
			“Collateral” has the meaning specified in the Security Agreement, and all references to “Collateral” in the Base Indenture shall, with respect to the Notes, be deemed to have such meaning.
		

		
			“Collateral Agent”  has the meaning specified in Section 6.01(b) hereof.
		

		
			“Commodity Agreement” means any commodity futures contract, commodity swap, commodity option or other similar agreement or arrangement designed to protect against fluctuations in the price of commodities or to otherwise manage commodity prices or the risk of fluctuations in commodity prices.
		

		
			“Consolidated Indebtedness” means, with respect to any Person and as of any determination date, the aggregate of the Indebtedness of such Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP; provided, however, that, notwithstanding anything to the contrary contained herein, for purposes of determining compliance with Section 4.01 hereof, Consolidated Indebtedness shall not include any Permitted Indebtedness. 
		

		
			“Consolidated Indebtedness to Equity Ratio” means: 
		

		
			(a)      in the case of Section 4.03 hereof, with respect to the Parent and as of any Reporting Date, the ratio of the Parent’s Consolidated Indebtedness to the Parent’s Stockholders’ Equity, in each case as of such Reporting Date; and
		

		
			(b)      in any other case (including, but not limited to, for the purposes of Section 4.01 hereof), with respect to any Person and as of any determination date (the “Consolidated Indebtedness to Equity Ratio Calculation Date”), the ratio of the Consolidated Indebtedness of such Person to the Stockholders’ Equity of such Person, in each case as of the last day of such Person’s most recent fiscal quarter ending on or prior to the Consolidated Indebtedness to Equity Ratio Calculation Date for which internal consolidated financial statements are available; provided, however, that: (i) if such Person or any of its Subsidiaries incurs, redeems, defeases, retires or extinguishes any Indebtedness subsequent to such last day but on or prior to the Consolidated Indebtedness to Equity Ratio Calculation Date, then the Consolidated Indebtedness to Equity Ratio shall be calculated giving pro forma effect to such incurrence, redemption, defeasance, retirement or extinguishment of Indebtedness as if the same had occurred prior to such last day, except that the pro forma calculation shall not give effect to any Permitted Indebtedness; (ii) any Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations that have been made by such Person or any of its Subsidiaries subsequent to such last day but on or prior to the Consolidated Indebtedness to Equity Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations had occurred prior to such last day; and (iii) whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made by the Parent in good faith.
		

		
			
		

		
			

		 

		

			-5-

		

 

		

		
			“Consolidated Recourse Indebtedness” means, with respect to any Person and as of any determination date, the aggregate of the Recourse Indebtedness of such Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP; provided, however, that, notwithstanding anything to the contrary contained herein, for purposes of determining compliance with Section 4.01 hereof, Consolidated Recourse Indebtedness shall not include any Permitted Indebtedness.
		

		
			“Consolidated Recourse Indebtedness to Equity Ratio” means: 
		

		
			(a)      in the case of Section 4.02 hereof, with respect to the Parent and as of any Reporting Date, the ratio of the Parent’s Consolidated Recourse Indebtedness to the Parent’s Stockholders’ Equity, in each case as of such Reporting Date; and
		

		
			(b)      in any other case (including, but not limited to, for the purposes of Section 4.01 hereof), with respect to any Person and as of any determination date (the “Consolidated Recourse Indebtedness to Equity Ratio Calculation Date”), the ratio of the Consolidated Recourse Indebtedness of such Person to the Stockholders’ Equity of such Person, in each case as of the last day of such Person’s most recent fiscal quarter ending on or prior to the Consolidated Recourse Indebtedness to Equity Ratio Calculation Date for which internal consolidated financial statements are available; provided, however, that: (i) if such Person or any of its Subsidiaries incurs, redeems, defeases, retires or extinguishes any Indebtedness subsequent to such last day but on or prior to the  Consolidated Recourse Indebtedness to Equity Ratio Calculation Date, then the Consolidated Recourse Indebtedness to Equity Ratio shall be calculated giving pro forma effect to such incurrence, redemption, defeasance, retirement or extinguishment of Indebtedness as if the same had occurred prior to such last day, except that the pro forma calculation shall not give effect to any Permitted Indebtedness; (ii) any Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations that have been made by such Person or any of its Subsidiaries subsequent to such last day but on or prior to the Consolidated Recourse Indebtedness to Equity Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations had occurred prior to such last day; and (iii) whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made by the Parent in good faith.
		

		
			“Credit Enhancement Agreements” means, collectively, any documents, instruments, guarantees or agreements entered into by the Parent, any of its Subsidiaries or any Securitization Entity for the purpose of providing credit support (that is reasonably customary as determined by the Parent) with respect to any Indebtedness permitted (or not prohibited) by the Indenture.
		

		
			“Credit Facilities” means, with respect to the Parent or any Subsidiary of the Parent, any debt, credit, warehousing, securitization or repurchase facilities or agreements (including, without limitation, the Existing Term Loan Agreement, the Existing Credit Facilities, the Existing Repurchase Agreements and any other Repurchase Agreements), commercial paper or overdraft facilities or agreements, indentures, or other instruments and agreements (any or all 
		

		
			
		

		
			

		 

		

			-6-

		

 

		

		
			of which may be outstanding at the same time), in each case with banks or other lenders, financial institutions, brokers, dealers, trustees, agents, buyers, sellers or other Persons, and any notes, bonds, debentures or similar instruments, in each case providing for, evidencing, creating or pursuant to which there may be incurred, issued, evidenced, secured or created revolving credit loans, term loans, debt securities, receivables financing (including through the sale of receivables to banks, lenders, investors or other Persons or to special purpose entities formed to borrow from banks, lenders, investors or other Persons against such receivables), securitizations, letters of credit, sales and repurchases of Investments or other securities or assets, or other Indebtedness, together in each case with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements, intercreditor agreements, mortgages, other collateral documents, guarantees and letters of credit), in each case whether in effect on the Issue Date or entered into or assumed thereafter and in each case as the same may have been or may be amended, restated, amended and restated, supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise and including by means of sales of debt securities to investors or other Persons) in whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing, including into one or more debt, credit, warehousing, securitization or repurchase facilities or agreements, commercial paper or overdraft facilities or agreements, indentures or other instruments or agreements, and also including by means of sales of debt securities to investors or other Persons) and including any of the foregoing changing the maturity, amount, committed amount or other terms thereof, changing (in whole or in part) revolving credit facilities to term loan facilities and vice versa, and whether or not with the original or other buyers, sellers, borrowers, issuers, guarantors, agents, lenders, financial institutions, brokers, dealers, trustees, investors or other parties.
		

		
			“Cure Right”  has the meaning specified in Section 4.08 hereof.
		

		
			“Currency Agreement” means any foreign exchange contract, currency swap agreement or other agreement or arrangement designed to protect against fluctuations in currency values or otherwise manage currency exchange rates or currency exchange rate risk.
		

		
			“Custodian” means the Trustee, as custodian with respect to the Notes (so long as the Notes constitute Global Notes), or any successor entity.
		

		
			“Depositary” means The Depository Trust Company or any successor depositary for the Global Notes. 
		

		
			“Depositor” means any Wholly-Owned Subsidiary of the Parent (other than the Company and ReadyCap Commercial, LLC) that primarily owns loans, Securitization Instruments, mortgage servicing rights, Government Obligations, cash or Cash Equivalents or a combination of such assets.
		

		
			“Depositor Stock Collateral” means, as of any time, the Capital Stock of any Depositors in respect of which the Collateral Agent has a perfected first-priority Lien (subject to Permitted Liens) securing the Notes and the Guarantees.
		

		
			
		

		
			

		 

		

			-7-

		

 

		

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

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

		
			(2)      is redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of such Capital Stock in whole or in part,
		

		
			in each case on or prior to the earlier of (a) the Stated Maturity Date of the Notes or (b) the date on which there are no Notes outstanding; provided, however, that (i) only the portion of such Capital Stock which so matures or is mandatorily redeemable or is so exchangeable, redeemable or repurchasable at the option of the holder thereof prior to the earlier of such dates will be deemed to be Disqualified Capital Stock, (ii) any Capital Stock that would constitute Disqualified Capital Stock solely because the holders thereof have the right to require such Person to redeem, repay, exchange or repurchase such Capital Stock upon the occurrence of a change of control, fundamental change or similar event (howsoever defined or referred to) shall not constitute Disqualified Capital Stock if any such redemption, repayment, exchange or repurchase obligation is subject to compliance by the relevant Person with Section 3.02 hereof, (iii) any options, warrants and contracts (including derivative instruments) exercisable or exchangeable for, convertible into or otherwise for or relating to the purchase or sale of Capital Stock, and any securities (other than Capital Stock) convertible into or exchangeable for any shares of Capital Stock, shall not constitute Disqualified Capital Stock, (iv) Capital Stock will not be deemed to be Disqualified Capital Stock as a result of provisions in any stock option plan, restricted stock plan, or other equity incentive plan or any award or agreement issued or entered into thereunder that requires such Person or any of its Subsidiaries, or gives any current or former employee, director or consultant or their heirs, executors, administrators or assigns the right to require such Person or any of its Subsidiaries, to purchase, redeem or otherwise acquire or retire for value or otherwise Capital Stock or any other equity awards (including, without limitation, options, warrants or other rights to purchase or acquire Capital Stock, restricted stock and restricted stock units) issued or issuable under any such plan, award or agreement; and (v) Capital Stock will not constitute Disqualified Capital Stock to the extent that such Person or any of its Subsidiaries has the option of paying for such Capital Stock at maturity, upon mandatory redemption, or upon any redemption, exchange or repurchase at the option of the holder of such Capital Stock, as the case may be, with Capital Stock (other than Disqualified Capital Stock) of such Person or any of its Subsidiaries.
		

		
			“Distribution Compliance Period”  means, with respect to any Regulation S Note, the period of 40 consecutive days beginning on and including the later of (a) the day on which such Note is first offered to Persons other than distributors (as defined in Regulation S) in reliance on Regulation S, and (b) the date of original issuance of such Note or any predecessor Note.
		

		
			“Egan-Jones” means Egan-Jones Ratings Company and any successor to the credit rating business thereof.
		

		
			
		

		
			

		 

		

			-8-

		

 

		

		
			“Euroclear” means Euroclear Bank S.A./N.V., or any successor.
		

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

		
			“Existing Repurchase Agreements” means all Repurchase Agreements to which the Parent or any of its Subsidiaries is a party as of the Issue Date, in each case together with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements, intercreditor agreements, mortgages, other collateral documents, guarantees and letters of credit), in each case as the same may have been or may be amended, restated, amended and restated, supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise and including by means of sales of debt securities to investors or other Persons) in whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing, including into one or more debt, credit, warehousing, securitization or repurchase facilities or agreements, commercial paper or overdraft facilities or agreements, indentures or other instruments or agreements, and also including by means of sales of debt securities to investors or other Persons) and including any of the foregoing changing the maturity, amount, committed amount or other terms thereof, changing (in whole or in part) revolving credit facilities to term loan facilities and vice versa, and whether or not with the original or other buyers, sellers, borrowers, issuers, guarantors, agents, lenders, financial institutions, brokers, dealers, trustees, investors or other parties.
		

		
			“Existing Credit Facilities” means the JPMorgan Loan Agreement and the KeyBank Warehousing Facility Agreement.
		

		
			“Existing Term Loan Agreement” means the Loan Agreement, dated June 8, 2016, between Sutherland 2016 FCB Grantor Trust, as the borrower, and Florida Community Bank, N.A., as amended, amended and restated or supplemented, if applicable.
		

		
			“FASB” means the Financial Accounting Standards Board or any successor thereto.
		

		
			“fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s‐length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall be determined by the Parent in good faith.
		

		
			“Financial Assets Collateral” means, as of any time, (i) Securitization Instruments, (ii) loans, (iii) mortgage servicing rights, (iv) Government Obligations, (v) cash and (vi) Cash Equivalents, in each case in which the Collateral Agent has a perfected first-priority Lien (subject to Permitted Liens) securing the Notes and the Guarantees.
		

		
			“Financial Reports” has the meaning specified in Section 4.11(a) hereof.
		

		
			“Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.
		

		
			
		

		
			

		 

		

			-9-

		

 

		

		
			“Form of Option of Holder to Elect Purchase” means the “Form of Option of Holder to Elect Purchase” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A.
		

		
			“Global Note” means a Note in global form that is registered in the name of the Depositary or its nominee, all in accordance with the Indenture and which shall represent the amount of Notes in book-entry form as specified therein.
		

		
			  “Government-Sponsored Enterprise” means each of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association.
		

		
			“Guarantee” means, individually, any guarantee of the Notes by a Guarantor pursuant to the terms of the Indenture and, collectively, all such guarantees of the Notes by Guarantors pursuant to the terms of the Indenture, in each case as any such guarantees may be amended or supplemented from time to time.
		

		
			“Guarantor Security Grantor” means, as of any time, any Guarantor that grants a security interest in any part of the Collateral.
		

		
			“incur” has the meaning set forth in Section 4.01(a) hereof. The terms “incurred” and “incurring” shall have correlative meanings.
		

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

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

		
			(2)      the principal amount of indebtedness of such Person evidenced by bonds, debentures, notes or other similar instruments;
		

		
			(3)      all Capitalized Lease Obligations of such Person;
		

		
			(4)      all payment obligations of such Person issued or assumed as the deferred purchase price of property and all payment obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by such Person (but, in each case, excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business and any earn-out or similar obligations and also excluding all obligations other than those relating to payment of the purchase price of the applicable property or assets);
		

		
			(5)      the principal component of all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (except in each case to the extent such obligations relate to trade payables or other accrued liabilities arising in the ordinary course of business);
		

		
			
		

		
			

		 

		

			-10-

		

 

		

		
			(6)      Indebtedness of other Persons of the types referred to in clauses (1) through (5) above and clauses (8) and (9) below to the extent (and only to the extent) guaranteed by such referent Person;
		

		
			(7)      Indebtedness of any other Person of the type referred to in clauses (1) through (6) above which is secured by any Lien on any property or asset of such referent Person, the amount of such Indebtedness of such referent Person being deemed to be the lesser of the fair market value of such property or asset and the amount of the Indebtedness of such other Person so secured;
		

		
			(8)      all net payment obligations of such Person under Commodity Agreements, Currency Agreements and Interest Rate Agreements of such Person, other than obligations incurred or agreements entered into for hedging purposes; and
		

		
			(9)      all repurchase obligations (excluding accrued interest or any portion of such obligations representing accrued interest) of such Person under Repurchase Agreements to which it is party other than Repurchase Agreements with respect to which the related Repurchase Agreement Assets are limited to cash, cash equivalents, Government Obligations or Qualified GSE Securities;
		

		
			provided, however, that, notwithstanding anything to the contrary contained herein, Indebtedness shall not include:
		

		
			(i)       Intercompany Indebtedness;
		

		
			(ii)      financings consummated in connection with the acquisition of Government Obligations denominated in U.S. Dollars;
		

		
			(iii)     any commitment to make loans, advances or other Investments, or to purchase Investments, Persons or other securities or assets;
		

		
			(iv)     obligations of the Parent or any of its Subsidiaries under Commodity Agreements, Currency Agreements and Interest Rate Agreements incurred or entered into for hedging purposes and not for speculative purposes;
		

		
			(v)      obligations of the Parent or any of its Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;
		

		
			(vi)     (x) obligations of the Parent or any of its Subsidiaries in respect of banker’s acceptances, workers’ compensation claims, surety, performance, bid, customs, stay, appeal, tax or similar bonds, security deposits, performance or completion guarantees and payment obligations in connection with self-insurance or similar obligations provided or obtained by the Parent or any of its Subsidiaries in the ordinary course of business and (y) obligations of the Parent or any of its Subsidiaries owed to (including in respect of letters of credit for the benefit of) any Person in connection with workers’ compensation, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations, taxes or contributions for social security, wages or unemployment, health, disability or other employee benefits, or 
		

		
			
		

		
			

		 

		

			-11-

		

 

		

		
			property, casualty or liability insurance provided to the Parent or any of its Subsidiaries pursuant to reimbursement or indemnification obligations of such Person, in each case incurred in the ordinary course of business;
		

		
			(vii)     obligations of the Parent or any of its Subsidiaries arising from agreements of the Parent or a Subsidiary of the Parent providing for indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case incurred or assumed in connection with an investment in or the acquisition or disposition of any business, Investments or other securities or assets of the Parent or a Subsidiary of the Parent or any business, Investments, other securities or assets or Capital Stock of a Subsidiary of the Parent, other than guarantees of obligations incurred by any Person acquiring all or any portion of such business, Investments, assets or Capital Stock for the purpose of financing such acquisition;
		

		
			(viii)    obligations incurred by the Parent or any Subsidiary of the Parent in connection with (i) insurance premium financing arrangements, (ii) deferred compensation payable to directors, officers, members of management, employees or consultants of the Parent or any Subsidiary of the Parent or of the Manager or any Subsidiary of the Manager, (iii) contingent obligations arising under indemnity agreements to title insurance companies to cause such title insurers to issue title insurance policies in the ordinary course of business with respect to real property of the Parent or any Subsidiary of the Parent, (iv) unfunded pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted to remain unfunded under applicable law and (v) obligations, contingent or otherwise, for the payment of money under any non-compete, consulting or similar arrangements entered into with the seller of a business or any other similar arrangements providing for the deferred payment of the purchase price for an Investment or other securities or assets or any other acquisition;
		

		
			(ix)      obligations of the Parent or any of its Subsidiaries owed to banks and other financial institutions incurred in the ordinary course of business of the Parent and its Subsidiaries in connection with Cash Management Obligations and other ordinary banking arrangements to provide treasury services or to manage cash balances of the Parent and its Subsidiaries; and
		

		
			(x)       obligations consisting of promissory notes issued by the Parent or any Subsidiary of the Parent to future, present or former directors, officers, employees or consultants of the Parent or any Manager or any of their respective Subsidiaries or their respective assigns, estates, heirs, family members, spouses, former spouses, domestic partners or former domestic partners to finance the purchase, redemption or other acquisition, cancellation or retirement of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock or other equity-based awards, of the Parent or any Subsidiary of the Parent.
		

		
			For purposes of determining the amount of Indebtedness under any covenants, definitions or other provisions of the Indenture: (a) guarantees of, and obligations in respect of letters of credit, bankers’ acceptances and other similar instruments relating to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included and the incurrence or creation of any such guarantees, 
		

		
			
		

		
			

		 

		

			-12-

		

 

		

		
			obligations or Liens shall not be deemed to be the incurrence of Indebtedness; (b) unless otherwise expressly provided in the Indenture, the amount of Indebtedness issued at a price that is less than the principal amount thereof shall be equal to the amount of the liability in respect thereof determined in accordance with GAAP; and (c) if any Person shall own, directly or indirectly, less than 100% of the outstanding Common Stock of any Subsidiary of such Person, then only a pro rata portion of the Indebtedness of such Subsidiary shall be included for purposes of determining the amount of Indebtedness of such Person and its Subsidiaries on a consolidated basis, such pro rata portion to be determined as set forth in the definition of “GAAP”. For purposes of clarity, it is understood and agreed that, anything in the Indenture to the contrary notwithstanding, Indebtedness of variable interest entities (within the meaning of GAAP) shall not be deemed Indebtedness of any Person or any of its Subsidiaries. For purposes of determining compliance with any U.S. dollar-denominated restriction (including, without limitation, those set forth in any definition) on the amount or incurrence of any Indebtedness, the U.S. dollar equivalent amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount (or, if incurred with original issue discount, the issue price) of such Indebtedness incurred to Refinance other Indebtedness does not exceed the principal amount (or if incurred with original issue discount, the accreted value) of such Indebtedness being Refinanced plus any additional Indebtedness incurred to pay interest or dividends thereon plus the amount of any premium (including tender premiums), defeasance costs and any fees and expenses incurred in connection with the incurrence of such Indebtedness; and provided, further, notwithstanding anything to the contrary set forth in Sections 4.01, 4.02 and 4.03 hereof, in the definition of “Permitted Indebtedness” or elsewhere in the Indenture, the maximum amount of Indebtedness that the Parent and its Subsidiaries may incur pursuant to Section 4.01 shall not be deemed to be exceeded, nor shall the Parent be deemed to have breached its obligations under Section 4.02 or Section 4.03 hereof, solely as a result of fluctuations in currency exchange rates. Subject to the foregoing, the principal amount of any Indebtedness incurred to Refinance other Indebtedness, if incurred in a different currency from the Indebtedness being Refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Indebtedness incurred to Refinance other Indebtedness and Indebtedness being Refinanced are denominated that is in effect on the date of such Refinancing.
		

		
			“Indenture” means, notwithstanding anything to the contrary in Section 101 of the Base Indenture, the Base Indenture, as originally executed and as amended and supplemented by this Supplemental Indenture, each as may be amended or supplemented from time to time in accordance with the provisions of the Base Indenture.
		

		
			“Initial Depositors” means Waterfall Commercial Depositor II, LLC and Sutherland Commercial Mortgage Depositor, LLC.
		

		
			
		

		
			

		 

		

			-13-

		

 

		

		
			“Initial Financial Assets Collateral”  means the Securitization Instruments listed under the caption “Initial Financial Assets Collateral” in Appendix A to the Offering Memorandum.
		

		
			“Initial Guarantor Security Grantor” means Sutherland Asset I, LLC.
		

		
			“Initial Non-Guarantor Security Grantor” means Sutherland Asset III, LLC.
		

		
			“Initial Notes” has the meaning set forth in Section 2.01(c) hereof. 
		

		
			“Initial Purchasers” means Keefe, Bruyette & Woods, Inc., Incapital LLC and Sandler O’Neill & Partners, L.P.
		

		
			“Initial Replaceable Collateral” means Initial Financial Assets Collateral and the Capital Stock of the Initial Depositors.
		

		
			“Insolvency Event” means, with respect to any Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises with respect to such Person or any part of its assets or property in an involuntary case under any applicable Insolvency Law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any part of its assets or property, or ordering the winding‐up or liquidation of such Person’s affairs, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law, (c) the consent by such Person to the entry of an order for relief in an involuntary case under any applicable Insolvency Law, (d) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any part of its assets or property, (e) the making by such Person of any general assignment for the benefit of creditors, (f) the admission in a legal proceeding of the inability of such Person to pay its debts generally as they become due, (g) the failure by such Person generally to pay its debts as they become due, or (h) the taking of any action by such Person in furtherance of any of the foregoing.
		

		
			“Insolvency Laws” means Title 11 of the United States Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights of creditors generally.
		

		
			“Institutional Accredited Investor” means an institutional investor that qualifies as an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act, which investor is not a QIB.
		

		
			“Intercompany Indebtedness” means Indebtedness of the Parent or any of its Subsidiaries owing to the Parent or any of its Subsidiaries, so long as
		

		
			(a)      if the Company is the obligor on Indebtedness owing to and held by a Non-Guarantor Subsidiary, such Indebtedness is expressly subordinated in right of payment to the Notes; and
		

		
			
		

		
			

		 

		

			-14-

		

 

		

		
			(b)      if a Guarantor is the obligor on Indebtedness owing to and held by a Non-Guarantor Subsidiary, such Indebtedness is expressly subordinated in right of payment to such Guarantor’s Guarantees.
		

		
			“Interest Payment Date” means February 15 and August 15 of each year, beginning on August 15, 2017, while the related Notes are Outstanding.
		

		
			“Interest Rate Agreement” means any interest rate swap, cap, floor, collar, hedge or similar agreements and any other agreement or arrangement designed to manage interest rates or interest rate risk.
		

		
			“Investment” means any direct or indirect loan, loan origination or other extension of credit (including, without limitation, a guarantee), any capital contribution (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness, any servicing rights, any real property or interests in real property (including, without limitation, improvements, fixtures and accessions thereto and ground leases), and any other investment assets (whether tangible or intangible). “Investment” shall exclude extensions of trade credit in the ordinary course of business, but, unless otherwise expressly stated or the context otherwise requires, shall include acquisitions of any of the foregoing or of any Person, whether by merger, consolidation, acquisition of Capital Stock or assets or otherwise.
		

		
			“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Egan-Jones or an investment grade credit rating of any other Rating Agency.
		

		
			“Issue Date” means February 13, 2017.
		

		
			“JPMorgan Loan Agreement” means the Amended and Restated Master Loan and Security Agreement dated as of June 30, 2016 among ReadyCap Lending, as borrower, the Parent, as guarantor, and JPMorgan Chase Bank, N.A., as lender, together with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements, intercreditor agreements, mortgages, other collateral documents, guarantees and letters of credit), in each case as the same may have been or may be amended, restated, amended and restated, supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise and including by means of sales of debt securities to investors or other Persons) in whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing, including into one or more debt, credit, warehousing, securitization or repurchase facilities or agreements, commercial paper or overdraft facilities or agreements, indentures or other instruments or agreements, and also including by means of sales of debt securities to investors or other Persons) and including any of the foregoing changing the maturity, amount, committed amount or other terms thereof, changing (in whole or in part) revolving credit facilities to term loan facilities and vice versa, and whether or not with the original or other buyers, sellers, borrowers, issuers, guarantors, agents, lenders, financial institutions, brokers, dealers, trustees, investors or other parties.
		

		
			
		

		
			

		 

		

			-15-

		

 

		

		
			“KeyBank Warehousing Facility Agreement” means the Warehousing Credit and Security Agreement dated as of September 15, 2016 among ReadyCap Commercial, LLC, as borrower, and KeyBank National Association, as lender, together with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements, intercreditor agreements, mortgages, other collateral documents, guarantees and letters of credit), in each case as the same may have been or may be amended, restated, amended and restated, supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise and including by means of sales of debt securities to investors or other Persons) in whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing, including into one or more debt, credit, warehousing, securitization or repurchase facilities or agreements, commercial paper or overdraft facilities or agreements, indentures or other instruments or agreements, and also including by means of sales of debt securities to investors or other Persons) and including any of the foregoing changing the maturity, amount, committed amount or other terms thereof, changing (in whole or in part) revolving credit facilities to term loan facilities and vice versa, and whether or not with the original or other buyers, sellers, borrowers, issuers, guarantors, agents, lenders, financial institutions, brokers, dealers, trustees, investors or other parties.
		

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

		
			“Manager” means, so long as the Parent is externally managed, any Person serving as the Parent’s external manager which, on the Issue Date, is Waterfall Asset Management, LLC, a Delaware limited liability company.
		

		
			“Moody’s” means Moody’s Investors Service, Inc., and any successor to the credit rating business thereof.
		

		
			“Net Asset Value” means, with respect to any Depositor and as of any determination date, (i) the total fair market value of all of the assets owned by such Depositor, less (ii) the aggregate principal amount outstanding of Indebtedness of such Depositor.
		

		
			“Net Asset Value of the Depositors”  means, as of any determination date, the sum of the Net Asset Value (as determined by the Parent in good faith) of each of the Depositors the Capital Stock of which constitutes a part of the Depositor Stock Collateral.
		

		
			“Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock or incurrence of Indebtedness, means the cash proceeds of such issuance, sale or incurrence, as the case may be, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts and commissions and brokerage, consultant and other fees and expenses incurred in connection with such issuance, sale or incurrence, as the case may be, and net of taxes paid or payable as a result thereof.
		

		
			
		

		
			

		 

		

			-16-

		

 

		

		
			“Non-Guarantor Security Grantor” means any Non-Guarantor Subsidiary of the Parent that grants a security interest in any part of the Collateral.
		

		
			“Non‐Guarantor Subsidiary” means any Subsidiary of the Parent, other than the Company, that is not a Guarantor of the Notes.
		

		
			“Non-Recourse Indebtedness” means any Indebtedness of the Parent or any of its Subsidiaries:
		

		
			(1)      that is advanced to finance the acquisition of Securitization Assets or other assets and secured only by the assets to which such Indebtedness relates (or by a pledge of equity in the Securitization Entity owning such assets) without recourse to the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness) (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of Section 4.02 hereof) a claim for payment or performance has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligations with respect to any such Standard Recourse Undertakings shall (solely for purposes of such covenant) not be considered Non-Recourse Indebtedness to the extent, and only to the extent, that such claim is a liability (for GAAP purposes) of the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness));
		

		
			(2)      that is advanced to any Subsidiaries or group of Subsidiaries of the Parent formed for the sole purpose of acquiring or holding Securitization Assets or other assets (directly or indirectly) against which a loan is obtained that is made without recourse to, and with no cross-collateralization against, any other assets of the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness) (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of Section 4.02 hereof) a claim for payment or performance has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligations with respect to any such Standard Recourse Undertakings shall (solely for purposes of such covenant) not be considered Non-Recourse Indebtedness to the extent, and only to the extent, that such claim is a liability (for GAAP purposes) of the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness));
		

		
			
		

		
			

		 

		

			-17-

		

 

		

		
			(3)      that is advanced to finance the acquisition of real property and secured by only the real property (and any accessions, improvements and fixtures thereto) to which such Indebtedness relates (or by a pledge of equity in the Securitization Entity owning such assets) without recourse to the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness) (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of Section 4.02 hereof) a claim for payment or performance has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligations with respect to any such Standard Recourse Undertakings shall (solely for purposes of such covenant) not be considered Non-Recourse Indebtedness to the extent, and only to the extent, that such claim is a liability (for GAAP purposes) of the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness));
		

		
			(4)      in respect of which recourse for payment is contractually limited to specific assets of the Parent or any of its Subsidiaries encumbered by a Lien securing such Indebtedness (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of Section 4.02 hereof) a claim for payment or performance has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligation with respect to any such Standard Recourse Undertakings shall (solely for purposes of such covenant) not be considered Non-Recourse Indebtedness to the extent, and only to the extent, that such claim is a liability (for GAAP purposes) of the Parent or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined by the Parent in good faith) other than its interest in a Securitization Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness)); and
		

		
			(5)      customary completion or budget guarantees provided to lenders in connection with any of the foregoing clauses (1) through (4) in the ordinary course of business.
		

		
			For the purposes of clarity, it is understood and agreed that, solely for purposes of Section 4.02 hereof, if the payment of any Indebtedness that would otherwise constitute Non-Recourse Indebtedness is guaranteed in part but not in whole by the Parent or a Subsidiary of the Parent in such manner that the portion of such Indebtedness so guaranteed no longer constitutes Non-Recourse Indebtedness, then (solely for the purposes of such covenant) the portion of the Indebtedness so guaranteed shall be deemed to constitute Recourse Indebtedness and the remainder of such Indebtedness shall be deemed to constitute Non-Recourse Indebtedness.
		

		
			  “NRSRO” means a “nationally recognized statistical rating organization” as defined in section 3(a)(62) of the Exchange Act.
		

		
			
		

		
			

		 

		

			-18-

		

 

		

		
			  “Offering Memorandum” means the Company’s offering memorandum, dated February 8, 2017 relating to the Notes.
		

		
			“Parent” means Sutherland Asset Management Corporation, a Maryland corporation and the ultimate parent of the Company, and any successor thereto.
		

		
			“Parent’s Consolidated Unencumbered Assets” as of any date means the total fair market value (determined by the Parent in good faith) of all of the following assets of the Parent and its Subsidiaries that are not subject to a Lien (other than a Permitted Lien) securing Indebtedness, all on a consolidated basis for the Parent and its Subsidiaries in accordance with GAAP:
		

		
			(1)      cash;
		

		
			(2)      whole loans;
		

		
			(3)      Securitization Instruments;
		

		
			(4)      mortgage servicing rights;
		

		
			(5)      Financial Assets Collateral; and 
		

		
			(6)      receivables from servicers of assets owned by the Parent or any of its Subsidiaries;
		

		
			provided, however, that (a) any whole loan for which the obligor has failed to pay principal or interest (beyond any applicable grace period), for which the obligor is subject to any Insolvency Event, or which has been subject to a default for a period of 90 consecutive days, shall have a fair market value of zero and (b) Securitization Instruments shall be valued based on one or more bid side quotes from independent dealers in such securities to the extent available and otherwise will be valued based on the internal model marks of the Parent or its Subsidiaries (which models shall be consistent with the practice of the Parent or its Subsidiaries, as applicable, as of the Issue Date). 
		

		
			“Permitted Indebtedness” means, without duplication, each of the following:
		

		
			(1)      Indebtedness of the Parent or any of its Subsidiaries incurred after the Issue Date under any Credit Facilities (in each of the foregoing cases including the issuance and creation of letters of credit, bankers’ acceptances and similar instruments thereunder) if, immediately after giving effect to the incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of Indebtedness of the Parent and its Subsidiaries, determined on a consolidated basis under GAAP, outstanding under this clause (1) shall not exceed the lesser of (a) $100,000,000 and (b) an amount which, immediately after giving pro forma effect to the incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, (i) would not cause the Parent’s Consolidated Recourse Indebtedness to Equity Ratio to be greater than (x) 3.2 to 1.0 in the case of any Indebtedness incurred at any time when the Notes do 
		

		
			
		

		
			

		 

		

			-19-

		

 

		

		
			not have a Specified Investment Grade Rating or (y) 3.7 to 1.0 in the case of any Indebtedness incurred at any time when the Notes have a Specified Investment Grade Rating and (ii) would not cause the Parent’s Consolidated Indebtedness to Equity Ratio to be greater than (x) 5.2 to 1.0 in the case of any Indebtedness incurred at any time when the Notes do not have a Specified Investment Grade Rating or (y) 5.7 to 1.0 in the case of any Indebtedness incurred at any time when the Notes have a Specified Investment Grade Rating; and
		

		
			(2)      Indebtedness of the Parent or any of its Subsidiaries to the extent the Net Cash Proceeds from such Indebtedness are, within 60 days after such Indebtedness is incurred:
		

		
			(a)      used to purchase any or all of the Notes tendered in a Change of Control Offer made as a result of a Change of Control Triggering Event;
		

		
			(b)      used to redeem any or all of the Notes pursuant to the Indenture; or
		

		
			(c)      deposited to effect defeasance or covenant defeasance pursuant to Article Fourteen of the Base Indenture or satisfaction and discharge of the Notes pursuant to Article Four of the Base Indenture; 
		

		
			provided that prior to such application of such Net Cash Proceeds, such Net Cash Proceeds are pledged to the Collateral Agent for the benefit of the Holders and the Collateral Agent shall have a perfected first-priority Lien (subject to Permitted Liens) in such Net Cash Proceeds.
		

		
			For purposes of determining compliance with Section 4.01 hereof and Article Eight of the Indenture, and for purposes of the foregoing provision of the definition of “Permitted Indebtedness,” in the event that an item of Indebtedness or portion thereof meets the criteria of both of the categories of Permitted Indebtedness described above or is otherwise entitled to be incurred pursuant to Section 4.01 hereof, the Parent shall, in its sole discretion, classify (and may later reclassify) such item of Indebtedness (or any portion thereof) in any manner that complies with Section 4.01 hereof or with the foregoing provisions of the definition of “Permitted Indebtedness” (it being understood, for purposes of clarity, that the Parent will be entitled to divide and classify, and subsequently re-divide and reclassify, an item of Indebtedness into one or more of the categories of Indebtedness referred to in this sentence). In determining compliance with the amount of Indebtedness permitted or which may be incurred under, or classified or reclassified to, clause (1) above, the aggregate principal amount of Indebtedness outstanding under such clause shall be determined after giving effect to the incurrence of the applicable Indebtedness under, or the classification or reclassification of the applicable Indebtedness to, such clause, as the case may be, and, if applicable, the receipt and application of the proceeds therefrom (including, without limitation, to repay other Indebtedness. Accrual of interest, accretion or amortization of original issue discount and payment of interest on any Indebtedness in the form of additional Indebtedness with substantially the same terms will not be deemed to be an incurrence of Indebtedness for purposes of Section 4.01 hereof or Article Eight of the Indenture or the foregoing provisions of the definition of “Permitted Indebtedness.”
		

		
			
		

		
			

		 

		

			-20-

		

 

		

		
			“Permitted Liens” means
		

		
			(1)      Liens securing the Company’s and the Guarantors’ obligations under the Notes and the Guarantees;
		

		
			(2)      Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings, provided the same have no priority over any of the security interests in the Collateral in favor of the Collateral Agent for the benefit of the Holders of the Notes and any reserve or other appropriate provision as is required by GAAP has been made therefor; and
		

		
			(3)      Liens of a depository institution arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with such depository institution.
		

		
			“Purchase Agreement” means the Purchase Agreement, dated February 8, 2017, by and among the Company, the Guarantors and the Initial Purchasers relating to the Initial Notes.
		

		
			“QIB” means a “qualified institutional buyer” as defined in Rule 144A.
		

		
			“Qualified GSE Securities” means any certificates, notes or other securities that are (i) issued or guaranteed by a Government-Sponsored Enterprise and (ii) secured by one or more pools of mortgage loans acquired by such Government-Sponsored Enterprise. For the avoidance of doubt, Qualified GSE Securities shall not include any collateralized mortgage obligations, collateralized debt obligations, credit default swaps, forward contracts, futures contracts, options or any other derivative issued by a Government-Sponsored Enterprise.
		

		
			“Rating Agencies”  means (1) each of Egan-Jones and any other rating agency that (i) is an NRSRO and (ii) the Company (in its sole discretion) certifies to the Trustee in an Officer’s Certificate provides a rating of the Notes and (2) if Egan-Jones or such other rating agency referred to in clause (1) above ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, an NRSRO selected by the Company as a replacement agency for Egan-Jones or such other rating agency, as the case may be.
		

		
			“Rating Decline Period” means the 60‐day period (which 60‐day period shall be extended as long as the credit rating on the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earliest of (a) the occurrence of a Change of Control, (b) the first public notice of the occurrence of such Change of Control and (c) the first public notice of the Parent’s intention to effect such Change of Control.
		

		
			“Rating Event” means, with respect to any Change of Control, (a) the credit rating on the Notes is lowered by one or more gradations (including gradations within ratings categories as well as between categories but excluding, for the avoidance of doubt, changes in ratings outlook) by (i) one Rating Agency if the Notes are rated by only one Rating Agency, (ii) both Rating Agencies if the Notes are rated by two Rating Agencies or (iii) at least a majority of 
		

		
			
		

		
			

		 

		

			-21-

		

 

		

		
			Rating Agencies if the Notes are rated by three or more Rating Agencies, during the Rating Decline Period relating to such Change of Control and each such Rating Agency shall have put forth a public statement to the effect that such downgrade is primarily attributable to such Change of Control and (b) immediately after giving effect to the lowering of the credit rating on the Notes as described in clause (a) by the number of Rating Agencies described in clause (a), the Notes do not have an Investment Grade Rating from such Rating Agency or Agencies.
		

		
			“Recourse Indebtedness” means all Indebtedness other than Non-Recourse Indebtedness and Securitization Indebtedness.
		

		
			“Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, replace or refund (including pursuant to any defeasance, covenant defeasance or satisfaction, discharge or similar mechanism), or to issue a security or incur new Indebtedness in exchange or replacement for such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.
		

		
			“Regular Record Date” means, with respect to any Interest Payment Date, the February 1 (whether or not a Business Day) or August 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date.
		

		
			“Regulation S” means Regulation S as promulgated under the Securities Act, as amended from time to time.
		

		
			“Replaceable Collateral” means the Financial Assets Collateral and the Depositor Stock Collateral.
		

		
			“Replaceable Collateral Value” means the sum of (a) the Net Asset Value of the Depositors and (b) the total fair market value (as determined by the Parent in good faith) of the Financial Assets Collateral.
		

		
			“Reporting Date” means the last day of each fiscal quarter of the Parent, which, as of the Issue Date, is March 31, June 30, September 30 and December 31.
		

		
			“Repurchase Agreement” means an agreement between the Parent and/or any of its Subsidiaries, as seller (in any such case, the “Repo Seller”), and one or more banks, other financial institutions and/or other investors, lenders or other Persons, as buyer (in any such case, the “Repo Buyer”), and any other parties thereto, under which the Parent and/or such Subsidiary or Subsidiaries, as the case may be, are permitted to finance the origination or acquisition of loans, Investments, Capital Stock, other securities, servicing rights and/or any other tangible or intangible property or assets and interests in any of the foregoing (collectively,  “Applicable Assets”) by means of repurchase transactions pursuant to which the Repo Seller sells, on one or more occasions, Applicable Assets to the Repo Buyer with an obligation of the Repo Seller to repurchase such Applicable Assets on a date or dates and at a price or prices specified in or pursuant to such agreement, and which may also provide for payment by the Repo Seller of interest, fees, expenses, indemnification payments and other amounts, and any other similar agreement, instrument or arrangement, together with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements, intercreditor agreements, mortgages, other collateral documents and guarantees), in each case as 
		

		
			
		

		
			

		 

		

			-22-

		

 

		

		
			the same may have been or may be amended, restated, amended and restated, supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise) in whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing), and whether or not with the original or other sellers, buyers, guarantors, agents, lenders, banks, financial institutions, investors or other parties.
		

		
			“Repurchase Agreement Assets” means any Applicable Assets that are or may be sold by the Parent and/or any of its Subsidiaries pursuant to a Repurchase Agreement.
		

		
			“Restrictive Legend” means a legend substantially in the form of the legend designated as the “Restrictive Legend” in  Exhibit A hereto.
		

		
			“Restricted Note” means any Note that bears or is required to bear a Restrictive Legend.
		

		
			“Restricted Certificated Note” means any Certificated Note that bears or is required to bear a Restrictive Legend.
		

		
			“Restricted Global Note” means any Global Note that bears or is required to bear a Restrictive Legend.
		

		
			“Rule 144A” means Rule 144A as promulgated under the Securities Act, as amended from time to time.
		

		
			“S&P” means S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC or any successor to the credit ratings business thereof.
		

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

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

		
			“Securitization Assets” has the meaning set forth in the definition of “Securitization” in this Section 1.02 hereof.
		

		
			“Securitization Entity” means: (i) any Person (whether or not a Subsidiary of the Parent) established for the purpose of issuing asset‐backed or mortgage‐backed or mortgage pass‐through securities of any kind (including collateralized mortgage obligations and net interest margin securities) or other similar securities; (ii) any special purpose Subsidiary established for the purpose of selling, depositing or contributing Securitization Assets into a 
		

		
			
		

		
			

		 

		

			-23-

		

 

		

		
			Person described in clause (i) or for the purpose of holding Capital Stock of, or securities issued by, any related Securitization Entity, regardless of whether such Person is an issuer of securities; provided that such Person is not an obligor with respect to any Indebtedness of the Company or any Guarantor; (iii) any Person established for the purpose of holding Securitization Assets and issuing Non‐Recourse Indebtedness secured by such Securitization Assets; (iv) any special purpose Subsidiary of the Parent formed exclusively for the purpose of satisfying the requirements of Credit Enhancement Agreements (including, without limitation, any Subsidiary that is established for the purpose of owning another Securitization Entity and pledging the equity of that other Securitization Entity as security for the Indebtedness of such other Securitization Entity) and regardless of whether such Subsidiary is an issuer of securities, provided that such Person is not an obligor with respect to any Indebtedness of the Company or any Guarantor other than under Credit Enhancement Agreements; and (v) any other Subsidiary of the Parent which is established for the purpose of (x) acting as sponsor for and organizing and initiating Securitizations or (y) facilitating or entering into a Securitization, in each case that engages in activities reasonably related or incidental thereto and that is not an obligor or guarantor with respect to any Indebtedness of the Company or any Guarantor. Whether or not a Person is a Securitization Entity shall be determined by the Parent in good faith.
		

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

		
			“Securitization Instruments” means securities (including mortgage backed securities) representing beneficial ownership interests (including residual interests) in, or any instruments representing indebtedness of, a Securitization Entity, including a Securitization Entity sponsored by the Parent or any Subsidiary of the Parent, including the Initial Financial Assets Collateral.
		

		
			“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Securitization to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including, without limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.
		

		
			“Security Agreement” means the Pledge and Security Agreement, dated as of the Issue Date, among the Company, the Security Grantors party thereto and the Collateral Agent, as it may be amended, supplemented, restated, replaced or otherwise modified from time to time.
		

		
			“Security Documents” means the Security Agreement and any other instruments and documents executed and delivered pursuant to the Indenture or any of the foregoing, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, pursuant to which the Collateral is pledged, assigned or granted to or on behalf of the Collateral Agent for the benefit of the Holders of the Notes, and all references to 
		

		
			
		

		
			

		 

		

			-24-

		

 

		

		
			“Security Documents” in the Base Indenture shall, with respect to the Notes, be deemed to have this meaning.
		

		
			“Specified Investment Grade Rating”  means a rating equal to or higher than A- (or the equivalent) by Egan-Jones or the equivalent credit rating of any other NRSRO.
		

		
			“Standard Recourse Undertakings” means, with respect to any Securitization or Indebtedness, (a) such representations, warranties, covenants and indemnities which are customarily (as determined by the Parent) made by sellers of financial assets or other Securitization Assets, including without limitation, Securitization Repurchase Obligations, and (b) such customary (as determined by the Parent) carve‐out matters for which the Parent and/or its Subsidiaries acts as guarantor in connection with any such Securitization or Indebtedness, such as fraud, misappropriation and misapplication of funds, misrepresentation, criminal acts, repurchase obligations for breach of representations or warranties, environmental indemnities, Insolvency Events and non‐approved transfers.
		

		
			“Stated Maturity Date” means February 15, 2022.
		

		
			“Stockholders’ Equity”  means, with respect to any Person as of any determination date, the total stockholders’ equity (or, if such Person is not a corporation, the total equity interests of its partners, members or other equity owners) of such Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.
		

		
			“Weighted Average Life to Maturity” means, when applied to any Indebtedness as of any date of determination, the number of years obtained by dividing (1) the sum of the products obtained by multiplying (i) the amount of each then remaining scheduled principal payment of such Indebtedness, including payment at final maturity, by (ii) the number of years (calculated to the nearest one‐twelfth) from the date of determination to the date of such payment by (2) the sum of all such payments.
		

		
			“Wholly-Owned Subsidiary” of any Person means any Subsidiary of such Person of which all the outstanding Voting Stock of such Subsidiary (other than directors’ qualifying shares and other than an immaterial amount of Voting Stock required to be owned by other Persons pursuant to applicable law or regulation) is owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person.
		

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

		
			“U.S. person” means a “U.S. person” as defined in Regulation S.
		

		
			“U.S. Resale Restriction Termination Date” means, with respect to a Rule 144A Note or an IAI Note, (x) the date which is one year after the later of the original issue date of such Note and the last date on which the Company or any “affiliate” (as defined in Rule 144 under the Securities Act) of the Company was the owner of such Note (or any predecessor thereto) or (y) such later date, if any, as may be required by any subsequent change in applicable law.
		

		
			
		

		
			

		 

		

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			In the Indenture, references to a “revolving credit facility” and similar references shall be deemed to include, without limitation, any Repurchase Agreement which provides for successive sales and repurchases of securities or other assets or is otherwise intended to provide financing on a revolving basis, and references to “revolving credit Indebtedness” and similar references shall be deemed to include, without limitation, Indebtedness under any such Repurchase Agreement, in each case unless otherwise expressly stated or the context otherwise requires.  The Company shall determine in good faith whether or not a Repurchase Agreement constitutes a revolving credit facility.
		

		
			In the Indenture, (a) references to sections of, or rules or regulations under, the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections, rules or regulations, as the case may be, promulgated by the Commission from time to time and (b) references to accounting standards, codifications or pronouncements shall be deemed to include any substitute, replacement or successor accounting standards, codifications or pronouncements promulgated by the FASB or any other recognized accounting authority in the United States of America, except, in each case, as otherwise set forth in the definitions of GAAP and Significant Subsidiary or any other provision of the Indenture which expressly provides that a law, rule or regulation, or any accounting standard, codification or pronouncement, shall be the law, rule, regulation, standard, codification or pronouncement, as applicable, as in effect on the Issue Date and except as the context otherwise requires.
		

		
			ARTICLE 2
		

		
			THE SECURITIES
		

		
			Section 2.01.  Title and Terms; Payments.
		

		
			(a)      Establishment; Designation.  Pursuant to Section 301 of the Base Indenture, there is hereby established and authorized a new series of Securities under the Indenture, which series of Securities shall be designated the “7.50% Senior Secured Notes Due 2022.”
		

		
			(b)      Initial Issuance.  Subject to Section 2.01(c) hereof, the aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is limited to $75,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906 or 1108 of the Base Indenture and Sections 3.01 and 3.02 hereof).
		

		
			(c)      Further Issues.  The Company may, without notice to, or the consent of, Holders and subject to complying with the covenants of the Indenture applicable to the Notes, issue an unlimited principal amount of additional Securities under the Indenture having identical terms as the Notes issued under the Indenture on the Issue Date (such Notes, the “Initial Notes”) (other than date of original issuance, and if applicable, issue price, the first Interest Payment Date and the date from which interest will accrue) (such additional Securities, the “Additional Notes”), provided that if any Additional Notes are not fungible with the Initial Notes for United States federal income tax purposes, such Additional Notes will have separate CUSIP and ISIN numbers from 
		

		
			
		

		
			

		 

		

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			the Initial Notes. Any Additional Notes will, for all purposes of the Indenture, be treated as part of the same series of Securities as the Initial Notes.
		

		
			(d)      Purchases.  The Company, the Guarantors and their Subsidiaries and other Affiliates may from time to time purchase Notes by tender offer or in open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, without, notice to, or the consent of, Holders.
		

		
			(e)      Denominations.  The Notes will be issued only in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
		

		
			(f)      No Sinking Fund or Mandatory Redemption.  The Notes will not be entitled to the benefit of, or be subject to, any sinking fund and will not be subject to any mandatory redemption, but the Notes will be redeemable at the option of the Company in accordance with Section 3.01 hereof and Article Eleven of the Base Indenture and shall be subject to repurchase by the Company at the option of the Holder in accordance with Section 3.02 hereof.
		

		
			(g)      Defeasance and Covenant Defeasance.  Sections 1402 and 1403 and the other provisions of Article Fourteen of the Base Indenture shall be applicable to the Notes, and, in addition to the covenants expressly referred to in Section 1403 of the Base Indenture, the provisions of Sections 3.02 and 3.03 of this Supplemental Indenture, the covenants set forth in Article 4 of this Supplemental Indenture and the provisions of Sections 801(a)(2), 801(a)(4), 802(a)(2) and 803(a)(2) of the Indenture shall be subject to covenant defeasance pursuant to Section 1403 of the Base Indenture and thereafter any omission to comply with any of the foregoing shall not constitute a Default or Event of Default.  Notwithstanding anything to the contrary in the Base Indenture, if a covenant defeasance occurs, the Events of Default described in clauses (1) and (2) (solely insofar as such clauses relate to any failure to pay amounts due in connection with a Change of Control Offer), clause (4) (solely insofar as it relates to the covenants and agreements as to which covenant defeasance has occurred), clause (5), clause (6) and clause (7) (except with respect to the Parent and the Company) of the first paragraph of Section 501 of the Base Indenture will no longer constitute Events of Default with respect to the Notes and the Guarantors of the Notes shall be automatically released from all of their obligations under their respective Guarantees and, insofar as they relate to the Notes, the Indenture and such Guarantees will be automatically released, terminated and discharged.
		

		
			Section 2.02.  Forms.
		

		
			(a)      In General.  Pursuant to Section 201 of the Base Indenture, the Notes will be substantially in the form set forth in Exhibit A hereto, and may include such insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Person executing such Notes on behalf of the Company, as evidenced by his or her execution of the Notes.
		

		
			
		

		
			

		 

		

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			Each Note will include the Form of Change of Control Repurchase Notice and the Form of Assignment and Transfer.
		

		
			Any Note that is a Global Note will bear a legend substantially in the form of the legend designated as the “Global Legend” in Exhibit A hereto and shall also bear the “Schedule of Increases and Decreases of Global Note” set forth in Attachment 2 to Exhibit A hereto.
		

		
			The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company, the Guarantors and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.  However, to the extent that any provision of any Note conflicts with the express provisions of the Indenture, the provisions of such Note will govern and control.
		

		
			(b)      Initial and Subsequent Form of Notes.  The Initial Notes will be offered and sold by the Company to the Initial Purchasers pursuant to the Purchase Agreement. The Company may offer and sell Additional Notes from time to time, including, without limitation, offers and sales pursuant to one or more purchase agreements or underwriting agreements by and among the Company, the Guarantors and one or more initial purchasers or underwriters. The Initial Notes will be resold, and Additional Notes may be resold, initially only (i) to QIBs in reliance on Rule 144A (Notes so resold in reliance on Rule 144A, the “Rule 144A Notes”), (ii) to Persons other than U.S. persons in reliance on Regulation S (Notes so resold in reliance on Regulation S, the “Regulation S Notes”) and (iii) to Institutional Accredited Investors (Notes so resold to Institutional Accredited Investors, the “IAI Notes.”) 
		

		
			Unless otherwise provided in an Officer’s Certificate of the Company delivered to the Trustee, the Initial Notes and Additional Notes that are initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent Global Notes (each a “U.S. Global Note”), and Initial Notes and Additional Notes that are initially resold pursuant to Regulation S shall be issued initially in the form of one or more permanent Global Notes (each a “Regulation S Global Note”), in each case bearing the Restrictive Legend. Unless otherwise provided in an Officer’s Certificate of the Company delivered to the Trustee, the Initial Notes and Additional Notes that are initially resold to Institutional Accredited Investors shall be issued initially in the form of one or more Certificated Notes bearing the Restrictive Legend. 
		

		
			The Company hereby initially appoints The Depository Trust Company as the Depositary for the Global Notes. The Global Notes shall be registered in the name of Cede & Co. as nominee of the Depositary, and delivered to the Custodian.
		

		
			(c)      Global Notes.  Each Global Note will represent the aggregate principal amount of the then Outstanding Notes endorsed thereon and provide that it represents such aggregate principal amount of the then Outstanding Notes, which aggregate principal amount may, from time to time, be increased or decreased to reflect transfers, exchanges, redemptions, repurchases and cancellations of the Notes represented 
		

		
			
		

		
			

		 

		

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			thereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Custodian, at the direction of the Security Registrar, in accordance with Section 2.03 of this Supplemental Indenture and any applicable provisions of the Indenture.
		

		
			None of the Trustee, the Company, the Guarantors or any agent of the Trustee, the Company or the Guarantors will have any responsibility or bear any liability for any aspect of the records relating to or payments made on account of the ownership of any beneficial interest in a Global Note or with respect to maintaining, supervising or reviewing any records relating to such beneficial interest.
		

		
			Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture with respect to any Global Note held on their behalf by the Depositary, or the Custodian, and Cede & Co. or such other person designated by the Depositary as its nominee, may be treated by the Company, the Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee as the absolute owner of the Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of any Holder or beneficial owner of any Note.
		

		
			(d)      Certificated Notes. Except as provided in Section 305 of the Base Indenture, owners of beneficial interests in Global Notes will not be entitled to receive Certificated Notes in exchange for their interests in such Global Notes. In all cases, Certificated Notes delivered in exchange for beneficial interests in any Global Note will be registered in the names, and issued in any authorized denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures) and, if applicable, will bear the Restrictive Legend unless the Company determines otherwise or such legend shall have been removed as provided in this Supplemental Indenture, and in any event subject, if applicable, to the requirements set forth in this Supplemental Indenture.
		

		
			Section 2.03.  Transfer Restrictions; Transfer and Exchange; Restrictive Legend.
		

		
			(a)      Transfer Restrictions.  Unless otherwise provided in an Officer’s Certificate of the Company delivered to the Trustee, every Note shall be issued as a Restricted Note. Prior to the U.S. Resale Restriction Termination Date, every Note (whether a Global Note or a Certificated Note) representing any Rule 144A Note or IAI shall bear the Restrictive Legend, and prior to the Distribution Compliance Period with respect to a Regulation S Note, every Note (whether a Global Note or a Certificated Note) representing such Regulation S Note shall bear the Restrictive Legend. Every Restrictive Note shall be subject to the restrictions  on transfer set forth in the Restrictive Legend and in this Section 2.03. Each Holder of a Restricted Note, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer.  To the extent 
		

		
			
		

		
			

		 

		

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			that any transfer or exchange of Restricted Notes (including, without limitation, beneficial interests in Restricted Global Notes) is not covered by a specific provision in the remaining provisions of this Section 2.03, the Company may implement such procedures and impose such conditions to such transfer or exchange (including, without limitation, the delivery of certificates, legal opinions and other documents) as the Company in its sole discretion may deem necessary or appropriate to implement the restrictions on transfer set forth in the Restrictive Legend.
		

		
			(b)      Transfer and Exchange of Beneficial Interests in Global Notes.  Notwithstanding anything to the contrary in Section 305 of the Base Indenture, every transfer and exchange of a beneficial interest in a Global Note will be effected through the Depositary in accordance with the Applicable Procedures and the provisions of the Indenture. 
		

		
			(i)      Subject to compliance with the other requirements of this Section 2.03(b), if the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, (A) the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred; and (B) the Security Registrar shall instruct the Custodian to increase or reflect on its records an increase in the principal amount of the Global Note to which such interest is being transferred (and to record such increase by endorsement on the Schedule attached to such Global Note) in an amount equal to the principal amount of the interest to be so transferred, and the Security Registrar shall instruct the Custodian, concurrently with such increase, to decrease or reflect on its records a decrease in the principal amount of the Global Note from which such interest is being transferred by a corresponding amount (and to record such decrease by endorsement on the Schedule attached to such Global Note).  Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in another Global Note will, upon transfer, cease to be an interest in such original Global Note and will become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests in such other Global Note for so long as it remains such an interest.
		

		
			(ii)     If the proposed transfer is an exchange of a beneficial interest in a U.S. Global Note for a beneficial interest in a Regulation S Global Note or the transfer of a beneficial interest in a U.S. Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, the transferor of such beneficial interest shall deliver to the Security Registrar prior to any such exchange or transfer (A) a certificate substantially in the form of Exhibit B hereto if such exchange or transfer is to occur prior to the expiration of the Distribution Compliance Period with respect to such 
		

		
			
		

		
			

		 

		

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			Regulation S Global Note or (B) a certificate substantially in the form of Exhibit C hereto if such exchange or transfer is to occur after the expiration of such Distribution Compliance Period, in each case appropriately completed and signed by the transferor. 
		

		
			(iii)    If the proposed transfer is an exchange of a beneficial interest in a Regulation S Global Note for a beneficial interest in a U.S. Global Note or the transfer of a beneficial interest in a Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a U.S. Global Note and such exchange or transfer is to occur prior to the expiration of the Distribution Compliance Period with respect to such Regulation S Global Note, the transferor of such beneficial interest shall deliver to the Security Registrar prior to any such exchange or transfer a certificate substantially in the form of Exhibit D hereto, appropriately completed and signed by such transferor.
		

		
			(c)      Transfers of Beneficial Interests in Regulation S Global Notes to Certificated Notes. If, prior to the expiration of the Distribution Compliance Period, an owner of a beneficial interest in a Regulation S Global Note wishes  to transfer its beneficial interest in such Regulation S Global Note to a person who wishes to take delivery thereof in the form of a Certificated Note, such owner may, subject to the Applicable Procedures, and to the requirements set forth in the following sentence, transfer such interest for an equivalent beneficial interest in a Certificated Note.  Upon receipt by the Security Registrar of (A) the instructions for such transfer given in accordance with the Applicable Procedures, (B) a certificate substantially in the form of Exhibit E,  with the certifications in item (6) thereof,    hereto appropriately completed and signed by the transferor of such beneficial interest and (C) a certificate substantially in the form of Exhibit F hereto appropriately completed and signed by the transferee of such beneficial interest, the Security Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Regulation S Global Note in an amount equal to the principal amount of the interest to be so transferred, the Trustee shall, upon receipt of a Company Order, authenticate and deliver a Certificated Note that has been executed by the Company in an aggregate principal amount equal to the principal amount of the beneficial interest in the such Regulation S Global Note to be transferred, and the Security Registrar shall reflect the issuance of such Certificated Note on its books and records. 
		

		
			(d)      Transfer of Global Notes. Each Global Note may be transferred only as a whole and only (A) by the Depositary to a nominee of the Depositary, (B) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or (C) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.
		

		
			(e)      Holders Deemed Owners.  Prior to due presentment of a Note for registration of transfer, the Company, the Guarantors, the Trustee, the Collateral Agent and any agent of the Company, the Guarantors, the Trustee or the Collateral Agent may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any interest (subject to Section 307 of 
		

		
			
		

		
			

		 

		

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			the Base Indenture) on such Note, in connection with a Change of Control Repurchase, upon any exchange and for all other purposes whatsoever, for distribution of notices to such Holders or solicitations of their consent, whether or not such  Note be overdue, and the Company, the Guarantors, the Trustee, the Collateral Agent and any agent of the Company, the Guarantors, the Trustee or the Collateral Agent shall not be affected by notice to the contrary.
		

		
			(f)      Cancellation or Adjustments in Amount of Global Notes.  At such time as all beneficial interests in a Global Note have either been exchanged for Certificated Notes or redeemed, repurchased or cancelled, the Security Registrar shall, upon receipt thereof, cancel such Global Note in accordance with standing procedures and instructions existing between the Depositary and the Custodian for the Global Note.  At any time prior to such cancellation, if any beneficial interest in a Global Note is transferred to a Person that takes delivery thereof in the form of a Certificated Note, transferred in exchange for an interest in another Global Note or redeemed, repurchased or cancelled or if a beneficial interest in a Certificated Note or another Global Note is transferred in exchange for an interest in such Global Note, then in each case, the Security Registrar shall cause the aggregate principal amount of the applicable Global Note or Global Notes to be reduced or increased, as applicable, and shall instruct the Custodian to decrease or increase, or reflect on its records a decrease or increase, as the case may be, in the principal amount of such Global Note or Global Notes (and to record such decrease or increase, as the case may be, by endorsement on the Schedule attached to each such Global Note in the applicable principal amount).
		

		
			(g)      Transfers of Restricted Certificated Notes to Certificated Notes Prior to Exchange of Global Notes for Certificated Notes. At any time prior to the exchange of Global Notes for Certificated Notes in accordance with Section 305 of the Base Indenture, a Restricted Certificated Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Certificated Note in accordance with the following provisions. Upon request by a Holder of the Restricted Certificated Note, the Security Registrar shall register such transfer if, prior to such registration of transfer, (i) the requesting Holder shall present or surrender to the Security Registrar the Certificated Notes to be transferred duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by such Holder or by its attorney, duly authorized in writing (it being understood that a written form of transfer substantially in the form of the Form of Assignment and Transfer will be deemed to be a written instrument of transfer in form satisfactory to the Company and the Security Registrar) and (ii) the Security Registrar receives a certificate from the transferor substantially in the form of Exhibit E hereto, with the certifications in item (1), (2) (6), (7) or (8) thereof, and in the case of any transfer to an Institutional Accredited Investor, a certificate from the transferee substantially in the form of Exhibit F hereto; provided that, if the transferor makes either the certification in item (6) or (8) of Exhibit E hereto, the transferor shall also deliver to the Security Registrar such certifications, legal opinions or other information as the Company or the Security Registrar may require to confirm the basis for such transfer being exempt from, or not subject to, the registration requirements of the Securities Act.
		

		
			
		

		
			

		 

		

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			(h)      Transfers of Restricted Certificated Notes to Restricted Global Notes Prior to Exchange of Global Notes for Certificated Notes. At any time prior to the exchange of Global Notes for Certificated Notes in accordance with Section 305 of the Base Indenture, any Holder of a Restricted Certificated Note may transfer such Restricted Certificated Note to a Person who takes delivery thereof in the form of a Restricted Global Note, if, prior to such transfer, the Security Registrar receives the following:
		

		
			(1)      in the case of a transfer for a beneficial interest in a U.S. Global Note, a certificate from the transferor substantially in the form of Exhibit E hereto, with the certifications in item (3) thereof; or
		

		
			(2)      in the case of a transfer for a beneficial interest in a Regulation S Global Note, a certificate from the transferor substantially in the form of Exhibit E hereto, with the certifications in item (4) or (5) thereof, as applicable.
		

		
			(i)      Transfers of Restricted Certificated Notes to Certificated Notes After Exchange of Global Notes for Certificated Notes. At any time after the exchange of Global Notes for Certificated Notes in accordance with Section 305 of the Base Indenture, a Restricted Certificated Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Certificated Note in accordance with the following provisions. Upon request by a Holder of the Restricted Certificated Note, the Security Registrar shall register such transfer if, prior to such registration of transfer, (i) the requesting Holder shall present or surrender to the Security Registrar the Certificated Notes to be transferred duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Company and the Security Registrar duly executed by such Holder or by its attorney, duly authorized in writing (it being understood that a written form of transfer substantially in the form of the Form of Assignment and Transfer will be deemed to be a written instrument of transfer in form satisfactory to the Company and the Security Registrar) and (ii) the Security Registrar receives a certificate from the transferor substantially in the form of Exhibit E hereto, with the certifications in item (1), (2), (3), (4), (5), (6), (7) or (8) thereof, and in the case of any transfer to an Institutional Accredited Investor, a certificate from the transferee substantially in the form of Exhibit F hereto; provided that, if the transferor makes either the certification in item (6) or (8) of Exhibit E hereto, the transferor shall also deliver to the Security Registrar such certifications, legal opinions or other information as the Company or the Security Registrar may require to confirm the basis for such transfer being exempt from the registration requirements of the Securities Act.
		

		
			(j)      Removal of Restrictive Legend. Any Note as to which restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Security Registrar, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Restrictive Legend and shall not be assigned a restricted CUSIP number.  The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which such restrictions on transfer shall have expired in accordance with their terms for exchange, and, upon such instruction, the Custodian shall so surrender such Global Note 
		

		
			
		

		
			

		 

		

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			for exchange; and any new Global Note so exchanged therefor shall not bear the Restrictive Legend and shall not be assigned a restricted CUSIP number.  The Company shall promptly notify the Trustee and the Security Registrar upon the occurrence of the expiration of the restrictions on transfer.
		

		
			Section 2.04.  Payments on the Notes.
		

		
			(a)      In General.  Each Note will accrue interest at a rate equal to 7.50% per annum from and including the most recent date on which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and including the Issue Date.  Interest on a Note will cease to accrue upon the earliest of the Stated Maturity Date, any Redemption Date for such Note and, subject to the provisions of Article 3 hereof, any Change of Control Repurchase Date for such Note.  Interest on any Outstanding Note will be payable semi‐annually in arrears on each Interest Payment Date to the Holder of such Note as of the close of business on the Regular Record Date immediately preceding the applicable Interest Payment Date.  As provided in Section 310 of the Base Indenture, interest will be computed on the basis of a 360‐day year comprised of twelve 30‐day months.
		

		
			Unless previously redeemed or repurchased, in accordance with this Supplemental Indenture, the Notes will mature on the Stated Maturity Date, and on the Stated Maturity Date, each Holder of a then Outstanding Note will be entitled on such date to receive $1,000 in cash for each $1,000 in principal amount of then Outstanding Notes held, together with accrued and unpaid interest, if any, to, but not including, the Stated Maturity Date on such then Outstanding Notes.
		

		
			Notwithstanding anything to the contrary in the Indenture, including, but not limited to, in Section 112 of the Base Indenture, if the Stated Maturity Date, any Interest Payment Date, any Redemption Date or any Change of Control Repurchase Date falls, or if any payment, delivery, notice or other action by the Company is otherwise due, on a day that is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the immediately following Business Day with the same force and effect as if taken on such date, and no additional interest will accrue and no Default shall occur on account of such delay.
		

		
			(b)      Method of Payment.  The Company will pay (or cause to be paid) the principal of, or the Redemption Price or Change of Control Repurchase Price for, and interest, if any, on, any Certificated Note to the Holder of such Note in cash at the office or agency maintained by the Company for such purpose in Chicago, Illinois, prior to 2:00 p.m., Chicago time, on the relevant payment date.  The Company will pay (or cause to be paid) any interest on any Certificated Note to the Holder of such Note, at the Company’s Option, (i) by check mailed to such Holder’s registered address, or (ii) if such Holder delivers to the Security Registrar a written request that the Company make such payments by wire transfer to an account of such Holder within the United States, for each interest payment corresponding to each Regular Record Date occurring during the period beginning on the date on which such Holder delivered such request and ending on the date, if any, on which such Holder delivers to the Security Registrar a written instruction 
		

		
			
		

		
			

		 

		

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			to the contrary, by wire transfer of immediately available funds to the account specified by such Holder.
		

		
			The Company will pay the principal of, interest on, Redemption Price and the Change of Control Repurchase Price for, any Global Note to the Depositary by wire transfer of immediately available funds on the relevant payment date in accordance with Applicable Procedures.
		

		
			(c)      Defaulted Payments.  The Company shall pay any interest on the Notes that is payable, but is not punctually paid or duly provided for, on the applicable Interest Payment Date, in accordance with Section 307 of the Base Indenture.
		

		
			(d)      Initial Paying Agent; Establishment of Account.  U.S. Bank National Association is hereby appointed as the initial Paying Agent. The Paying Agent shall establish and maintain in the name of the Trustee for the benefit of the Holders of the Notes a segregated noninterest-bearing trust account (the “Payment Account”), bearing a designation clearly indicating that the funds deposited therein are held for the exclusive benefit of the Holders, and designated as the “ReadyCap Holdings, LLC – 7.50% Senior Secured Notes Due 2022 Payment Account, U.S. Bank National Association, as Paying Agent, on behalf of the Trustee for the benefit of the Holders of the Notes.”  All amounts required to be deposited with the Paying Agent shall be deposited into the Payment Account within the time stipulated by, and such amounts shall be distributed by the Paying Agent in accordance with, the provisions of the Indenture. All funds held in the Payment Account shall be held uninvested.
		

		
			ARTICLE 3
		

		
			REDEMPTIONS AND REPURCHASES
		

		
			Section 3.01.  Optional Redemption.
		

		
			(a)      The provisions of Article Eleven of the Base Indenture shall apply to the Notes, provided, however, that if any of the provisions of this Section 3.01 and any other provisions of this Supplemental Indenture are inconsistent with the provisions of Article Eleven of the Base Indenture, the provisions of this Supplemental Indenture shall supersede and prevail over the provisions of Article Eleven of the Base Indenture.  
		

		
			(b)      Prior to November 15, 2021 (the “Par Call Date”), the Notes may be redeemed, at the Company’s option, in whole or in part at any time and from time to time, at a price equal to 100% of the outstanding principal amount thereof plus the Applicable Premium as of, and unpaid interest, if any, accrued to, but excluding, the applicable Redemption Date (subject to the right of the Holders on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to such Redemption Date).
		

		
			On or after the Par Call Date, the Notes may be redeemed, at the Company’s option, in whole or in part at any time and from time to time, at a price equal to 100% of the outstanding principal amount thereof plus unpaid interest, if any, accrued 
		

		
			
		

		
			

		 

		

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			to, but excluding, the applicable Redemption Date (subject to the right of the Holders on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to such Redemption Date).
		

		
			“Applicable Premium” means, with respect to any Note on any Redemption Date for such Note whose redemption price may be determined by reference to the Applicable Premium, the excess, if any, of (1) the present value as of such Redemption Date of (i) the redemption price of such Note on the Par Call Date (such redemption price being 100% of the outstanding principal amount of such Note) plus (ii) all required remaining scheduled interest payments due on such Note to, but excluding, the Par Call Date, excluding unpaid interest, if any, accrued to, but excluding, such Redemption Date, computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (2) the principal amount of such Note. Calculation of the Applicable Premium and the Treasury Rate will be made by the Company or on behalf of the Company by such Person as the Company shall designate.
		

		
			“Treasury Rate” means, with respect to any Redemption Date for any Note whose redemption price may be determined by reference to the Applicable Premium, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to such Redemption Date or, in the case of redemption in connection with defeasance or covenant defeasance pursuant to Article Fourteen of the Base Indenture or satisfaction and discharge pursuant to Article Four of the Base Indenture, as applicable, at least two Business Days prior to the deposit of trust funds with the Trustee in accordance with the applicable provisions of the Indenture (or, if such Statistical Release is no longer published, any publicly available source of similar market data selected by the Company)) most nearly equal to the period from such Redemption Date to the Par Call Date; provided, however, that if such period is not equal to the constant maturity of the United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one‐twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if such period is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.
		

		
			(c)      Notwithstanding anything to the contrary in Section 1103 of the Base Indenture, if the Company chooses to redeem less than all of the Notes, the particular Notes to be redeemed shall be selected by the Trustee pro rata; provided that, in the case of Notes represented by one or more Global Notes, interests in the Global Notes shall be selected for redemption by the Depositary in accordance with the Applicable Procedures.
		

		
			(d)      Notes shall be redeemed in a minimum principal amount of $1,000 and integral multiples of $1,000 in excess thereof; provided that the remaining principal amount of any Note redeemed in part shall be $100,000 or an integral multiple of $1,000 in excess thereof.
		

		
			
		

		
			

		 

		

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			(e)      Notwithstanding anything to the contrary in Sections 106 and 1104 of the Base Indenture, notice of redemption will be mailed by first‐class mail, or, if the Notes are represented by one or more Global Notes and if the Applicable Procedures so provide, transmitted in accordance with the Applicable Procedures, not less than 30 days nor more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed at its address in the Security Register (or at such address as may be provided by the Applicable Procedures). 
		

		
			Section 3.02.  Change of Control Repurchase.  
		

		
			(a)      The provisions of Article Thirteen of the Base Indenture shall not apply to the Notes.
		

		
			(b)      Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes will have the right to require that the Company repurchase all or a portion of such Holder’s Notes (except with respect to any Notes held by such Holder in respect of which the Company has exercised its right of redemption  pursuant to Section 3.01 hereof and Article Eleven of the Base Indenture by sending a notice of redemption that is not subject to any conditions) pursuant to Section 3.02(c) hereof (a “Change of Control Offer”) at a price equal to 101% of the principal amount thereof plus unpaid interest, if any, accrued to, but excluding, the applicable Change of Control Repurchase Date (subject to the right of Holders on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to the Change of Control Repurchase Date (the “Change of Control Repurchase Price”).
		

		
			(c)      Within 30 days following the date upon which the Change of Control Triggering Event shall have occurred, the Company must (except with respect to any Notes in respect of which the Company has exercised its right of redemption pursuant Section 3.01 hereof and Article Eleven of the Base Indenture by sending a notice of redemption that is not subject to any conditions) send, by first class mail, a notice to each Holder of Notes (or, in the case of Global Notes, send such notice in accordance with the Applicable Procedures), with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state:
		

		
			(1)      that the Change of Control Offer is being made pursuant to the Indenture and that all Notes that are validly tendered and not withdrawn will be accepted for payment;
		

		
			(2)      the Change of Control Repurchase Price and the repurchase date, which must be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed (or otherwise transmitted), other than as may be required by law (the “Change of Control Repurchase Date”);
		

		
			(3)      that any Note not tendered will continue to accrue interest;
		

		
			(4)      that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on and after the Change of Control Repurchase Date (unless the Company shall default in the payment of the Change 
		

		
			
		

		
			

		 

		

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			of Control Repurchase Price of the Notes) and the only remaining right of the Holder with respect to the portion of any Note accepted for payment will be to receive payment of the Change of Control Repurchase Price upon surrender of the applicable Note to the Paying Agent;
		

		
			(5)      that Holders electing to have a portion of a Note repurchased pursuant to a Change of Control Offer may only elect to have such Note repurchased in denominations of $1,000 and integral multiples of $1,000 in excess thereof, provided that the remaining principal amount of any such Note surrendered for repurchase in part shall be $100,000 or an integral multiple of $1,000 in excess thereof;
		

		
			(6)      that if a Holder elects to have a Note repurchased pursuant to a Change of Control Offer it will be required to surrender the Note, with the form entitled “Option of Holder to Elect Repurchase” on the reverse of the Note duly completed, to the Person and at the address specified in the notice (or, in the case of Global Notes, to surrender the Notes and provide the information required by such form in accordance with the Applicable Procedures) prior to the close of business on the third Business Day prior to the Change of Control Repurchase Date;
		

		
			(7)      that a Holder will be entitled to withdraw its election if the Company receives, not later than the close of business on the third Business Day preceding the Change of Control Repurchase Date, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes such Holder delivered for repurchase, and a statement that such Holder is withdrawing its election to have such Notes repurchased; and
		

		
			(8)      that if any Note is repurchased only in part a new Note will be issued in principal amount equal to the unrepurchased portion of the Note surrendered.
		

		
			(d)      On or before the Change of Control Repurchase Date for the Notes, the Company will, to the extent lawful:
		

		
			(1)      accept for repurchase all Notes or portions of Notes (in denominations of $1,000 and integral multiples of $1,000 in excess thereof) validly tendered and not withdrawn pursuant to the Change of Control Offer, provided that if, following repurchase of a portion of a Note, the remaining principal amount thereof would be less than $100,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $100,000;
		

		
			(2)      deposit with a Paying Agent an amount equal to the Change of Control Repurchase Price due in respect of all Notes or portions thereof so tendered and not withdrawn;
		

		
			
		

		
			

		 

		

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			(3)      deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted for repurchase; and
		

		
			(4)      deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted for repurchase by the Company in accordance with the applicable provisions of the Indenture.
		

		
			(e)       No failure of the Company to give the foregoing notices and no defect therein shall limit the repurchase rights of the Holders of Notes or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 3.02.
		

		
			(f)       The Company or a Paying Agent, as the case may be, shall promptly remit, mail or deliver (or, in the case of Global Notes,  remit or deliver in accordance with the Applicable Procedures) to each tendering Holder an amount equal to the Change of Control Repurchase Price of the Notes validly tendered by such Holder and not withdrawn and accepted by the Company for repurchase. Further, the Company shall promptly issue a new Note, and the Trustee, upon receipt of a Company Order, shall authenticate and mail or deliver (including by book-entry transfer) such new Note to such Holder, in a principal amount equal to any unrepurchased portion of the Note accepted for repurchase (it being understood that, notwithstanding anything in the Indenture to the contrary, no Officer’s Certificate or Opinion of Counsel will be required for the Trustee to authenticate and mail or deliver any such new Note). Any new Note not so accepted shall be promptly mailed or delivered (including by book entry transfer) by the Company or the Trustee to the Holder thereof. 
		

		
			(g)      Interest on Notes (or portions thereof) validly tendered and not withdrawn pursuant to a Change of Control Offer will cease to accrue on and after the applicable Change of Control Repurchase Date (unless the Company shall default in the payment of the Change of Control Repurchase Price of the Notes).
		

		
			(h)       The Company will not be required to make a Change of Control Offer for the Notes upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 3.02 that are applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything in the Indenture to the contrary, a Change of Control Offer may be made in advance of a Change of Control or a Change of Control Triggering Event conditioned upon the occurrence of such a Change of Control or Change of Control Triggering Event, if a definitive agreement regarding such Change of Control is in effect at the time of making the Change of Control Offer.
		

		
			Section 3.03.   Covenant To Comply with Applicable Laws upon Repurchase of Notes.  The Company will comply with the requirements of Rule 14e‐1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that any securities laws or regulations conflict with the provisions of this Supplemental Indenture relating to a Change of Control Offer, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under such provisions  by virtue thereof.
		

		
			
		

		
			

		 

		

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			ARTICLE 4
		

		
			ADDITIONAL COVENANTS
		

		
			In addition to the covenants set forth in the Base Indenture, the Notes shall be entitled to the benefit of the following covenants:
		

		
			Section 4.01.  Limitation on Incurrence of Additional Indebtedness.  
		

		
			(a)      The Parent will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume, guarantee or otherwise become liable for payment of (collectively, “incur”) any Indebtedness (other than Permitted Indebtedness) if, immediately after giving pro forma effect to the incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Parent’s Consolidated Recourse Indebtedness to Equity Ratio is greater than (x) 3.0 to 1.0 in the case of any Indebtedness incurred at any time when the Notes do not have a Specified Investment Grade Rating or (y) 3.5 to 1.0 in the case of any Indebtedness incurred at any time when the Notes have a Specified Investment Grade Rating.
		

		
			(b)      The Parent will not, and will not permit any of its Subsidiaries to, directly or indirectly, incur any Indebtedness (other than Permitted Indebtedness) if, immediately after giving pro forma effect to the incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Parent’s Consolidated Indebtedness to Equity Ratio is greater than (x) 5.0 to 1.0 in the case of any Indebtedness incurred at any time when the Notes do not have a Specified Investment Grade Rating or (y) 5.5 to 1.0 in the case of any Indebtedness incurred at any time when the Notes have a Specified Investment Grade Rating.
		

		
			Section 4.02.  Maintenance of Parent’s Consolidated Recourse Indebtedness to Equity Ratio.
		

		
			The Parent will not, subject to the Cure Right, permit the Parent’s Consolidated Recourse Indebtedness to Equity Ratio as of each Reporting Date to be greater than (x) 3.0 to 1.0 if the Notes do not have a Specified Investment Grade Rating as of such Reporting Date or (y) 3.5 to 1.0 if the Notes have a Specified Investment Grade Rating as of such Reporting Date.
		

		
			Section 4.03.  Maintenance of Parent’s Consolidated Indebtedness to Equity Ratio.  
		

		
			The Parent will not, subject to the Cure Right, permit the Parent’s Consolidated Indebtedness to Equity Ratio as of each Reporting Date to be greater than (x) 5.0 to 1.0 if the Notes do not have a Specified Investment Grade Rating as of such Reporting Date or (y) 5.5 to 1.0 if the Notes have a Specified Investment Grade Rating as of such Reporting Date.
		

		
			Section 4.04.  Maintenance of Parent’s Stockholders’ Equity.  
		

		
			
		

		
			

		 

		

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			The Parent will not, subject to the Cure Right, permit the Parent’s Stockholders’ Equity as of each Reporting Date to be less than 300% of the aggregate principal amount of the Notes Outstanding as of such Reporting Date.
		

		
			Section 4.05.  Maintenance of Parent’s Consolidated Unencumbered Assets.  
		

		
			The Parent will not, subject to the Cure Right, permit Parent’s Consolidated Unencumbered Assets as of each Reporting Date to be less than 125% of the aggregate principal amount of the Notes Outstanding as of such Reporting Date.
		

		
			Section 4.06.  Maintenance of Collateral Value.  
		

		
			(a)      The Parent will not, subject to the Cure Right, permit the Replaceable Collateral Value as of each Reporting Date to be less than the aggregate principal amount of the Notes Outstanding as of such Reporting Date.
		

		
			(b)      (i) The Parent may grant or cause to be granted a first-priority Lien on any additional Capital Stock of any Depositor or any additional Securitization Instruments, loans, mortgage servicing rights, Government Obligations, cash or Cash Equivalents owned by the Parent or any Subsidiary of the Parent to secure the obligations under the Notes and the Guarantees and (ii) either Initial Depositor or any subsequent Depositor may acquire additional assets or repay Indebtedness.
		

		
			(c)      The Parent may, and may permit any of its Subsidiaries to, cause (i) the release (a “Third Party Release”) of the Liens on any Replaceable Collateral in connection with the disposition or other transfer of such Replaceable Collateral to a Person other than the Parent or a Subsidiary of the Parent, (ii) the release (a “Parent Group Release”) of the Liens on any Replaceable Collateral in connection with the disposition or other transfer (including the transfers of Financial Assets Collateral to an account that is not subject to a control agreement) of such Replaceable Collateral to the Parent or any Subsidiary of the Parent or a substitution of such Replaceable Collateral with assets of the type that may constitute Replaceable Collateral and (iii) any Depositor to dispose of or otherwise transfer  any of its assets or increase the amount of its Indebtedness; provided that, in the case of any Third Party Release, any Parent Group Release, or any disposition or other transfer of assets or increase in Indebtedness by any Depositor (each, a “Relevant Change”), (a) immediately after giving effect to such Relevant Change and any concurrent addition to Replaceable Collateral or acquisition of assets or repayment of Indebtedness by such Depositor, as applicable, the Replaceable Collateral Value will not be less than the aggregate principal amount of the Notes then Outstanding and (b) in any fiscal year of the Parent the total fair market value of the Initial Replaceable Collateral that may be released pursuant to a Parent Group Release shall not exceed $17,450,000, which conditions shall be deemed satisfied by the Parent’s delivery of an Officer’s Certificate to the Trustee and the Collateral Agent upon which they may conclusively rely without investigation or liability as of the time of such 
		

		
			
		

		
			

		 

		

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			Relevant Change (1) setting forth the Replaceable Collateral Value (including the component fair values and Net Asset Values thereof) after giving effect to any such Relevant Change (and such concurrent addition, acquisition or repayment), (2) in the event of a Parent Group Release, setting forth the total fair market value at the time of such Relevant Change of the Initial Replaceable Collateral being released and (3) confirming that the relevant conditions for such Relevant Change have been satisfied and, if applicable, that, accordingly, upon such Relevant Change, the release of the related assets constituting Replaceable Collateral from the Liens securing the obligations under the Notes and the Guarantees is permitted under the Indenture and the Security Documents. Solely for purposes of a Parent Group Release, the fair market value of the Capital Stock of any Initial Depositor shall be deemed to be the Net Asset Value of such Initial Depositor at the time of such release. 
		

		
			Section 4.07.  Reporting Obligations for Maintenance Covenants
		

		
			The Parent will be required to provide an Officer’s Certificate to the Trustee and the Collateral Agent, within 45 days after each Reporting Date occurring in the first three fiscal quarters of each fiscal year of the Parent or within 90 days after the Reporting Date occurring in the last fiscal quarter of each fiscal year of the Parent, (i) listing the specific Replaceable Collateral and assets owned by any Depositor as of such Reporting Date, (ii) setting forth (a) individually and in the aggregate, the fair market value (as determined by the Parent in good faith) of the Financial Assets Collateral as of such Reporting Date and (b) the Net Asset Value of the Depositors (including, for each Depositor, the fair market values of the assets and the aggregate principal amount of Indebtedness of such Depositor) as of such Reporting Date and (iii) setting forth, in reasonable detail, the calculation of each Maintenance Covenant (other than the Maintenance Covenant in Section 4.06(a)) as of such Reporting Date.
		

		
			Section 4.08.  Cure Right for Maintenance Covenants.  
		

		
			Notwithstanding anything to the contrary contained in the Indenture, if the Parent fails to comply with the requirements of the covenants in Section 4.02, 4.03, 4.04, 4.05 or 4.06(a) hereof (such covenants, collectively, the “Maintenance Covenants”), on any Reporting Date, the Parent shall have the right to cure such failure (the “Cure Right”), by delivering to the Trustee, within 45 days (or 90 days in the case of a Reporting Date occurring in the last fiscal quarter of the Parent’s fiscal year) after the Reporting Date in respect of which such failure occurred (such period, the “Maintenance Covenant Cure Period”), an Officer’s Certificate setting forth the applicable calculation (or, in the case of the covenant set forth in Section 4.06(a) hereof, the Parent’s good faith estimates of the fair market values of the applicable assets and the Net Asset Values of the Depositors) demonstrating the Parent’s compliance with the requirement of such covenant on the date of delivery of such Officer’s Certificate. Upon delivering such Officer’s Certificate to the Trustee during the Maintenance Covenant Cure Period, the Parent shall be deemed to have satisfied the requirement of the applicable Maintenance Covenant as of the relevant Reporting Date with the same effect as though there had never been any failure to comply with such Maintenance Covenant as of such Reporting Date, and the original failure to comply with such Maintenance Covenant as of such Reporting Date shall not be deemed a 
		

		
			
		

		
			

		 

		

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			Default or Event of Default for any purpose under the Indenture, including for purposes of clause (4) of the first paragraph of Section 501 of the Base Indenture. As a result, the Parent’s failure to comply with a Maintenance Covenant as of any Reporting Date shall not constitute a Default or Event of Default at any time prior to the expiration of the Maintenance Covenant Cure Period in respect of such Reporting Date.
		

		
			Section 4.09.  Limitation on Restricted Payments.  
		

		
			(a)      The Parent will not permit the Company or the Subsidiary Guarantor, directly or indirectly, to:
		

		
			(1)      declare or pay any dividend or make any distribution on or in respect of the Capital Stock of the Company or the Subsidiary Guarantor except:
		

		
			(i)      dividends or distributions payable in Capital Stock or in options, warrants or other rights to purchase such Capital Stock; or
		

		
			(ii)     dividends or distributions payable to the Parent or any of its Subsidiaries; or
		

		
			(2)      purchase, repurchase, redeem, retire or otherwise acquire or retire for value any Capital Stock of the Company or the Subsidiary Guarantor held by Persons other than the Parent or any Subsidiary of the Parent;
		

		
			(any of the foregoing payments a “Restricted Payment”), unless immediately before and immediately after giving pro forma effect to the making of such Restricted Payment by the Company or the Subsidiary Guarantor:
		

		
			(i)      the Parent’s Consolidated Unencumbered Assets is not less than 175% of the aggregate principal amount of the then Outstanding Notes; and
		

		
			(ii)     the Parent’s Consolidated Recourse Indebtedness to Equity Ratio is not greater than (x) 2.5 to 1.0 in the case of any Restricted Payment made at any time when the Notes do not have a Specified Investment Grade Rating or (y) 3.0 to 1.0 in the case of any Restricted Payment made at any time when the Notes have a Specified Investment Grade Rating; and
		

		
			(iii)     no Default or Event of Default has occurred and is continuing.
		

		
			(b)      The foregoing provisions regarding Restricted Payments will not prohibit any of the following (collectively, “Permitted Payments”) and, accordingly, any Permitted Payment will not be considered a Restricted Payment:
		

		
			
		

		
			

		 

		

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			(1)      any Restricted Payment to the extent necessary (as determined by the Parent in good faith) to maintain the Parent’s status as a real estate investment trust under the Internal Revenue Code of 1986, as amended; and
		

		
			(2)      the payment of any dividend or distribution or the consummation of a redemption within 60 days after the date of declaration of such dividend or distribution or notice of such redemption if, at the date of such declaration or notice, the payment would have complied with the provisions of the Indenture.
		

		
			(c)      The amount of each Restricted Payment (other than cash) shall be the fair market value on the date of such Restricted Payment of the assets or securities that are the subject of such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount, and the fair market value of any non-cash Restricted Payment shall be determined conclusively by a Senior Officer of the Parent or by the Parent’s Board of Directors, in each case, acting in good faith.
		

		
			Section 4.10.  Limitation on Liens.
		

		
			(a)      The Parent will not, and will not permit the Company or any of the other Guarantors to, create, incur, assume or permit to exist any Lien with respect to any of the Collateral other than Permitted Liens.
		

		
			(b)      The Company will not create, incur, assume or permit to exist any Lien (the “Initial Stock Lien”) on the Capital Stock of ReadyCap Lending, LLC, whether owned on the Issue Date or thereafter acquired, other than Permitted Liens, without effectively providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured for as long as such obligations are so secured. Any Lien created for the benefit of the Holders of the Notes pursuant to the foregoing sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Stock Lien.
		

		
			(c)      The Company will not permit ReadyCap Lending, LLC to create, incur, assume or permit to exist any Lien (the “Initial Assets Lien”) on any of its assets, whether owned on the Issue Date or thereafter acquired, other than Permitted Liens, to secure Indebtedness of any Affiliate of ReadyCap Lending, LLC other than (i) any Subsidiary of ReadyCap Lending, LLC or (ii) any Securitization Entity, without effectively providing that the Notes shall be secured equally and ratably with (or prior to) such Indebtedness for so long as such Indebtedness is so secured. Any Lien created for the benefit of the Holders of the Notes pursuant to the foregoing sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Assets Lien.
		

		
			Section 4.11.  Reports to Holders.  
		

		
			(a)      The Parent will mail or otherwise transmit, or cause to be mailed or otherwise transmitted, to Holders of the Notes:
		

		
			
		

		
			

		 

		

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			(1)  audited annual consolidated financial statements of the Parent for each fiscal year of the Parent, the related auditors’ report and a related management discussion and analysis of financial condition and results of operations within 120 days after the end of each such fiscal year; 
		

		
			(2)  unaudited quarterly reports for each fiscal quarter of the Parent other than the fourth fiscal quarter and a related management discussion and analysis of financial condition and results of operation within 60 days after the end of each such fiscal quarter (together with the information referred to in clause (1) above, the “Financial Reports”); and
		

		
			(3)  if the Parent is not required to file reports with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, substantially all of the information that would be required to be filed with the Commission in a current report on Form 8-K if the Parent were subject to Section 13 or 15(d) of the Exchange Act within 10 days of the applicable event (subject to extension as contemplated in Form 8-K), provided that no such information shall be required to be mailed or otherwise transmitted to Holders of the Notes if the Parent determines in good faith that such event is not material to Holders of the Notes.
		

		
			(b)      The Parent, the other Guarantors of the Notes and the Company shall make available to Holders of any Outstanding Notes and beneficial owners of such Notes and to prospective purchasers designated by such Holders or such beneficial owners, upon request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as such Notes (other than Notes held by the Company or an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company) are not freely transferable under the Securities Act.
		

		
			(c)      If the Parent is a Subsidiary of any direct or indirect parent entity, the Financial Reports required pursuant to Section 4.11(a) may be those of such parent entity instead of the Parent; provided that, if there are material differences (as determined by the Parent in good faith) between the consolidated results of operations, cash flows and financial condition of such parent entity and its Subsidiaries, on the one hand, and of the Parent and its Subsidiaries, on the other hand, the Financial Reports will include a presentation (which may be unaudited), either on the face of the financial statements or in the notes thereto, of the consolidated results of operations, cash flows and financial condition of the Parent and its Subsidiaries (it being understood and agreed that such presentation may take the form of a condensed consolidating statement of operations, statement of cash flows and balance sheet (in each case without notes thereto) or a presentation similar to that provided for by Rule 3‐10 of Regulation S‐X promulgated by the Commission for the applicable periods).
		

		
			(d)      Anything in the Indenture to the contrary notwithstanding, the Parent shall be deemed to have satisfied its obligation to mail, transmit or otherwise cause to be mailed or transmitted any Financial Report or other information required pursuant to Sections 4.11(a) and 4.11(c) by (a) filing or furnishing such Financial Report or other information with the Commission for public availability or (b) posting such Financial Report or other information on a website (which may be a password protected 
		

		
			
		

		
			

		 

		

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			website) hosted by the Parent or any Subsidiary of the Parent or by a third party, in each case within the applicable time period specified in Section 4.11(a).
		

		
			(e)      If any Financial Report or other information required by this Section 4.11 (or any other document referred to in Section 4.11(c)) is not filed, mailed, posted, transmitted or otherwise furnished within the applicable time period specified in Section  4.11(a) and such Financial Report or other information is subsequently mailed, filed, posted, transmitted or otherwise furnished, the Parent will be deemed to have satisfied its obligations under this Section 4.11 with respect to such Financial Report or other information, as the case may be, and any Default or Event of Default with respect thereto or resulting therefrom shall be deemed to have been cured and any acceleration of the Notes or exercise of any other remedies under the Indenture resulting therefrom shall be deemed to have been rescinded so long as such rescission would not conflict with any applicable judgment or decree.
		

		
			ARTICLE 5
		

		
			AMENDMENTS TO BASE INDENTURE
		

		
			With respect to the Notes, the Base Indenture is hereby amended as set forth below in this Article 5; provided, however, that each such amendment shall apply only to the Notes and not to any other series of Securities issued under the Indenture and defined terms used in such amendment shall have the meanings ascribed to such terms in the Base Indenture as modified and supplemented by this Supplemental Indenture.
		

		
			Section 5.01.      Defined Terms.
		

		
			(a) Subject to the limitations set forth in the preamble to this Article 5, Section 101 of the Base Indenture is hereby amended by amending and restating the following defined terms:
		

		
			“Business Day”  means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of New York, New York, St. Paul, Minnesota or Chicago, Illinois are authorized or obligated by law, regulation or executive order to close.
		

		
			“GAAP” means generally accepted accounting principles in the United States as in effect from time to time, consistently applied; provided that, (I) notwithstanding the foregoing but subject to clause (II) of this proviso, for purposes of determining compliance with any covenant (including the computation under any financial covenant and any related definitions) contained in the Indenture or the amount of Indebtedness or other liabilities, assets, stockholders (or other) equity, net worth, revenues, expenses or net income (loss) of any Person or any of its Subsidiaries or any other amounts appearing in, derived from or used in compiling or preparing, the financial statements (including notes thereto) of any Person and/or any of its Subsidiaries, or making any financial or accounting computation or determination relevant to any Person or any of its Subsidiaries, (a) leases shall be classified and accounted for in accordance with FASB Accounting Standards Codification (“ASC”) 840 as in effect on the Issue Date, (b) Indebtedness of any Person 
		

		
			 
		

		
			
		

		
			

		 

		

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			and its Subsidiaries shall exclude the effects of ASC 825 and ASC 470‐20 (or any successor or replacement provisions thereto), as the same may be amended, modified and/or supplemented from time to time, on financial liabilities, (c) the Parent shall make such adjustments as it determines in good faith are necessary to remove the impact of consolidating any variable interest entities under the requirements of ASC 810 or transfers of financial assets accounted for as secured borrowings under ASC 860, as both of such ASC sections are in effect on the Issue Date and (d) if any Person shall own, directly or indirectly, less than 100% of the outstanding Common Stock of any Subsidiary of such Person, then only a pro rata portion of the Indebtedness, other liabilities, assets, stockholders (or other) equity, net worth, revenues, expenses or net income (loss) of such Subsidiary or any other amounts relevant to such Subsidiary appearing in, derived from or used in compiling or preparing the financial statements (including notes thereto) of such Subsidiary or of such Person and/or any of its Subsidiaries, as applicable, shall be included for purposes of determining compliance with any such covenant or determining any such amount or making any such financial or accounting computation or determination referred to above, such pro rata portion to be proportionate to the percentage of the outstanding Common Stock of such Subsidiary owned, directly or indirectly, by such Person (or, at the option of such Person, proportionate to such Person’s total direct and indirect participation or economic interests (expressed as a percentage) in the stockholders (or other) equity or net income (loss) of such Subsidiary or in any other amount or item referred to above or relevant to such Subsidiary or any such determination or computation) and (II) clause (I) of this proviso shall not be applicable for purposes of the Financial Reports and other information required to be delivered by the Parent pursuant to Section 4.11 of the First Supplemental Indenture. For the avoidance of doubt, revenues, expenses, gains and losses that are included in results of discontinued operations because of the application of ASC 205 (or any successor or replacement provisions thereto), as the same may be amended, modified and/or supplemented from time to time, will be treated as revenues, expenses, gains and losses from continuing operations.
		

		
			(b)      Subject to the limitations set forth in the preamble to this Article 5, Section 101 of the Base Indenture is hereby amended by adding the following defined terms in their appropriate alphabetical position.
		

		
			““First Supplemental Indenture” means the First Supplemental Indenture to this Indenture, dated as of February 13, 2017, by and among the Company, the Guarantors and U.S. Bank National Association, as trustee and collateral agent, as the same may be amended or supplemented from time to time.”
		

		
			““Notes” means the Company’s 7.50% Senior Secured Notes due 2022  issued under this Indenture.”
		

		
			Section 5.02.      Events of Default.
		

		
			
		

		
			

		 

		

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			Subject to the limitations set forth in the preamble to this Article 5, clause (4) of the first paragraph of Section 501 of the Base Indenture is hereby amended and restated in its entirety as set forth below:
		

		
			“(4)      default in the performance, or breach, of any covenant, agreement or warranty of the Company, the Parent or the other Guarantors of the Notes in this Indenture or, if applicable, the Security Documents with respect to any Note (other than a covenant, agreement or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days (or 45 days in the case of a default in the performance of, or breach of, a Maintenance Covenant) after there has been given to the Company and the Parent by the Trustee or to the Company and the Parent (with a copy to the Trustee) by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and demanding it to be remedied and stating that such notice is a “Notice of Default” hereunder; or”
		

		
			Section 5.03.      Supplemental Indentures With Consent of Holders.
		

		
			Subject to the limitations set forth in the preamble to this Article 5, the first paragraph of Section 902 of the Base Indenture is hereby amended by (i) renumbering clause (4) of that paragraph as clause (5) and (ii) adding the following paragraph as a new clause (4):
		

		
			“(4) amend, supplement or waive the Company’s obligation to make an offer to repurchase the Notes pursuant to Section 3.02 of the First Supplemental Indenture, or reduce the premium payable upon any such repurchase or change the time at which any Notes may be repurchased pursuant to Section 3.02 of the First Supplemental Indenture, whether through an amendment, supplement, waiver or modification of provisions in such covenant or any definitions or other provisions in the Indenture or otherwise, unless such amendment, supplement or waiver shall have been consented to by the Holders of a majority in aggregate principal amount of the Outstanding Notes prior to the occurrence of the applicable Change of Control Triggering Event (as defined in the First Supplemental Indenture); or”
		

		
			Section 5.04.      Merger, Consolidation and Sale of Assets.
		

		
			Subject to the limitations set forth in the preamble to this Article 5, Article Eight of the Base Indenture is hereby amended and restated in its entirety as set forth below:
		

		
			“Section 801 Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions.
		

		
			(a)        The Company may not, in a single transaction or series of related transactions, consolidate with or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s properties and assets to any Person, unless:
		

		
			(1)      either
		

		
			
		

		
			

		 

		

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			(i)       the Company shall be the surviving or continuing Person; or
		

		
			(ii)      the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of the Company’s properties and assets (the “Successor Company”):
		

		
			(A)      shall be a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States or any State thereof or the District of Columbia; and
		

		
			(B)      shall expressly assume, by supplemental indenture (or other applicable document), executed and delivered to the Trustee or the Collateral Agent, as the case may be, the due and punctual payment of the principal of, and premium, if any, and interest on, the Notes, and the due and punctual performance and observance of all of the other obligations of the Company under this Indenture, the Notes and any Security Documents to which the Company is a party;
		

		
			(2)      immediately after giving pro forma effect to such transaction and, if applicable, the assumption contemplated by clause (a)(1)(ii)(B) above (including giving pro forma effect to any Indebtedness incurred and any repayment, repurchase, defeasance, redemption or other discharge of Indebtedness by the Company or the Successor Company, as the case may be, or any of its Subsidiaries in connection with such transaction), the Parent: (i) shall be able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.01 of the First Supplemental Indenture; or (ii) shall have (x) a Consolidated Recourse Indebtedness to Equity Ratio that is not greater than the Parent’s Consolidated Recourse Indebtedness to Equity Ratio immediately prior to such transaction and (y) a Consolidated Indebtedness to Equity Ratio that is not greater than the Parent’s Consolidated Indebtedness to Equity Ratio immediately prior to such transaction (the computations required by clauses (i) and (ii) shall be computed on a pro forma basis giving effect to such transaction as if it had occurred prior to the last day of the most recent fiscal quarter ending on or prior to the date of such transaction for which internal consolidated financial statements of the Parent are available and the other pro forma adjustments set forth in the definition of  Consolidated Recourse Indebtedness to Equity Ratio or Consolidated Indebtedness to Equity Ratio, as applicable) (it being understood that if the transaction involves a Successor Company and the Parent and the Successor Company have different fiscal quarters, then the relevant fiscal 
		

		
			
		

		
			

		 

		

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			quarter, may, at the election of the Parent, be based on either the Parent’s or the Successor Company’s fiscal quarters);
		

		
			(3)      immediately after giving pro forma effect to such transaction (and treating any Indebtedness that becomes an obligation of the Company or the Successor Company, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by the Company or the Successor Company, as the case may be, or such Subsidiary at the time of such transaction, and any Indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by the Company or the Successor Company, as the case may be, or any of its Subsidiaries in connection with such transaction as having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;
		

		
			(4)      if the Company is not the surviving or continuing Person, each Guarantor of the Notes (unless it is the Successor Company, in which case clause (a)(1)(ii) above shall apply) shall have by supplemental indenture (or other applicable document) confirmed that its Guarantee shall apply to such Successor Company’s obligations under the Notes and this Indenture and that any obligations of such Guarantor under any Security Documents to which such Guarantor is a party shall continue to be in effect; and
		

		
			(5)      the Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions, limitations, qualifications and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture (or other applicable document) is required in connection with such transaction, such supplemental indenture (or other applicable document) comply with this Indenture.
		

		
			(b)      For purposes of Section 801(a), sales, assignments, transfers, leases, conveyances and other dispositions of Securitization Assets, Repurchase Agreement Assets or Investments by the Company, in each case in the ordinary course of business, shall not be deemed to constitute the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of the Company.
		

		
			(c)      Upon the Company’s consolidation with, or merger with or into, any Person or the Company’s sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its properties or assets in accordance with clauses (a)(1)(ii), (2), (3), (4) and (5) above, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, the Notes and the Security Documents to which it is a party and, except in the 
		

		
			
		

		
			

		 

		

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			case of a lease, the Company shall be released from all of its obligations under this Indenture, the Notes and such Security Documents.  In case of any such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.
		

		
			Section 802 Consolidations and Mergers of a Parent Guarantor and Sales, Leases and Conveyances Permitted Subject to Certain Conditions.
		

		
			(a)      No Parent Guarantor may, in a single transaction or series of related transactions, consolidate with or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets determined on a consolidated basis to any Person, unless:
		

		
			(1)      either
		

		
			(i)       such Parent Guarantor shall be the surviving or continuing Person; or
		

		
			(ii)      the Person (if other than such Parent Guarantor) formed by such consolidation or into which such Parent Guarantor is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of such Parent Guarantor’s properties and assets (the “Successor Parent Guarantor”):
		

		
			(A)      shall be a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States or any State thereof or the District of Columbia; and
		

		
			(B)      shall expressly assume, by supplemental indenture (or other applicable document), executed and delivered to the Trustee or the Collateral Agent, as the case may be, the obligations of such Parent Guarantor under its Guarantee, this Indenture and any Security Documents to which such Parent Guarantor is a party;
		

		
			(2)       immediately after giving pro forma effect to such transaction and, if applicable, the assumption contemplated by clause (a)(1)(ii)(B) above (including giving pro forma effect to any Indebtedness incurred and any repayment, repurchase, defeasance, redemption or other discharge of Indebtedness by such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or any of its Subsidiaries in connection with such transaction), the Parent or, in the case of a Successor Parent Guarantor to the Parent, the Successor Parent Guarantor, as the case may be: (i) shall be able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.01 of the First Supplemental Indenture; or (ii) shall have (x) a Consolidated Recourse Indebtedness to 
		

		
			
		

		
			

		 

		

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			Equity Ratio that is not greater than the Parent’s  Consolidated Recourse Indebtedness to Equity Ratio immediately prior to such transaction and (y) a Consolidated Indebtedness to Equity Ratio that is not greater than the Parent’s Consolidated Indebtedness to Equity Ratio immediately prior to such transaction (the computations required by clauses (i) and (ii) shall be computed on a pro forma basis giving effect to such transaction as if it had occurred prior to the last day of the most recent fiscal quarter ending on or prior to the date of such transaction for which internal consolidated financial statements of the Parent or, in the case of a Successor Parent Guarantor to the Parent, the Successor Parent Guarantor, as the case may be, are available and the other pro forma adjustments set forth in the definition of Consolidated Recourse Indebtedness to Equity Ratio or Consolidated Indebtedness to Equity Ratio, as applicable) (it being understood that if the transaction involves a Successor Parent Guarantor and the Parent and the Successor Parent Guarantor have different fiscal quarters, then the relevant fiscal quarter, may, at the election of the Parent, be based on either the Parent’s or the Successor Parent Guarantor’s fiscal quarters);
		

		
			(3)      immediately after giving pro forma effect to such transaction (and treating any Indebtedness that becomes an obligation of such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or such Subsidiary at the time of such transaction, and any Indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by such Parent Guarantor or the Successor Parent Guarantor, as the case may be, or any of its Subsidiaries in connection with such transaction as having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;
		

		
			(4)      the Parent or, in the case of a Successor Parent Guarantor to the Parent, the Successor Parent Guarantor, as the case may be, shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions, limitations, qualifications and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture (or other applicable document) is required in connection with such transaction, such supplemental indenture (or other applicable document) comply with this Indenture.
		

		
			(b)      For purposes of Section 802(a), (i) sales, assignments, transfers, leases, conveyances and other dispositions of Securitization Assets, Repurchase Agreement Assets or Investments by the Direct Parent or any of its Subsidiaries, in each case in the ordinary course of business, shall not be deemed to constitute the sale, 
		

		
			
		

		
			

		 

		

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			assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of the Direct Parent on a consolidated basis and (ii) the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of one or more Subsidiaries of a Parent Guarantor the Capital Stock of which constitutes all or substantially all of the properties and assets of such Parent Guarantor on a consolidated basis shall be deemed to be the transfer of all or substantially all of the properties and assets of such Parent Guarantor.
		

		
			(c)      Upon a Parent Guarantor’s consolidation with, or merger with or into, any Person or a Parent Guarantor’s sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its properties or assets in accordance with clauses (a)(1)(ii), (2), (3) and (4) above, the Successor Parent Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, such Parent Guarantor under this Indenture, its Guarantee of the Notes and any Security Documents to which it is a party and, except in the case of a lease, such Parent Guarantor shall be released from all of its obligations under this Indenture, its Guarantee of the Notes and such Security Documents.  In case of any such consolidation, merger, sale, assignment, transfer, lease, conveyance, or other disposition,  such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.
		

		
			Section 803 Consolidations and Mergers of the Subsidiary Guarantor and Sales, Leases and Conveyances Permitted Subject to Certain Conditions.
		

		
			(a)       The Subsidiary Guarantor may not, in a single transaction or series of related transactions, consolidate with or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Subsidiary Guarantor’s properties and assets to any Person, unless:
		

		
			(1)       either
		

		
			(i)        the Subsidiary Guarantor shall be the surviving or continuing Person; or
		

		
			(ii)       the Person (if other than the Subsidiary Guarantor) formed by such consolidation or into which the Subsidiary Guarantor is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the Subsidiary Guarantor’s properties and assets (the “Successor Subsidiary Guarantor”):
		

		
			(A)      shall be a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States or any State thereof or the District of Columbia; and
		

		
			
		

		
			

		 

		

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			(B)      shall expressly assume, by supplemental indenture (or other applicable document), executed and delivered to the Trustee or the Collateral Agent, as the case may be, the obligations of the Subsidiary Guarantor under its Guarantee, this Indenture and any Security Documents to which the Subsidiary Guarantor is a party;
		

		
			(2)      immediately after giving pro forma effect to such transaction and, if applicable, the assumption contemplated by clause (a)(1)(ii)(B) above (including giving pro forma effect to any Indebtedness incurred and any repayment, repurchase, defeasance, redemption or other discharge of Indebtedness by the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or any of its Subsidiaries in connection with such transaction), the Parent: (a) shall be able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.01 of the First Supplemental Indenture; or (b) shall have (i) a Consolidated Recourse Indebtedness to Equity Ratio that is not greater than the Parent’s Consolidated Recourse Indebtedness to Equity Ratio immediately prior to such transaction and (ii) a Consolidated Indebtedness to Equity Ratio that is not greater than the Parent’s Consolidated Indebtedness to Equity Ratio immediately prior to such transaction (the computations required by clauses (a) and (b) shall be computed on a pro forma basis giving effect to such transaction as if it had occurred prior to the last day of the most recent fiscal quarter ending on or prior to the date of such transaction for which internal consolidated financial statements of the Parent are available and the other pro forma adjustments set forth in the definition of Consolidated Recourse Indebtedness to Equity Ratio or Consolidated Indebtedness to Equity Ratio, as applicable) (it being understood that if the transaction involves a Successor Subsidiary Guarantor and the Parent and the Successor Subsidiary Guarantor have different fiscal quarters, then the relevant fiscal quarter, may, at the election of the Parent, be based on either the Parent’s or the Successor Subsidiary Guarantor’s fiscal quarters);
		

		
			(3)      immediately after giving pro forma effect to such transaction (and treating any Indebtedness that becomes an obligation of the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or such Subsidiary at the time of such transaction, and any Indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by the Subsidiary Guarantor or the Successor Subsidiary Guarantor, as the case may be, or any of its Subsidiaries in connection with such transaction as having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; and
		

		
			(4)      the Parent shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions, limitations, qualifications and exceptions), each stating 
		

		
			
		

		
			

		 

		

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			that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture (or other applicable document) is required in connection with such transaction, such supplemental indenture (or other applicable document) comply with this Indenture.
		

		
			(b)      For purposes of Section 803(a), sales, assignments, transfers, leases, conveyances and other dispositions of Securitization Assets, Repurchase Agreement Assets or Investments by the Subsidiary Guarantor, in each case in the ordinary course of business, shall not be deemed to constitute the sale, assignment, transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of the Subsidiary Guarantor.
		

		
			(c)      Upon the Subsidiary Guarantor’s consolidation with, or merger with or into, any Person or the Subsidiary Guarantor’s sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its properties or assets in accordance with clauses (a)(1)(ii), (2), (3) and (4) above, the Successor Subsidiary Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Subsidiary Guarantor under this Indenture, its Guarantee of the Notes and any Security Documents to which it is a party and, except in the case of a lease, the Subsidiary Guarantor shall be released from all of its obligations under this Indenture, its Guarantee of the Notes and such Security Documents.  In case of any such consolidation, merger, sale, assignment, transfer, lease, conveyance, or other disposition,  such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.
		

		
			Section 804 Additional Provisions for Consolidations, Mergers, Sales, Leases and Conveyances.
		

		
			Notwithstanding any of the foregoing provisions of this Article Eight, any Subsidiary of the Parent, including the Company and any other Guarantor of the Notes, may merge with the Parent or another Subsidiary or other Affiliate of the Parent if the principal purpose of such transaction is to reincorporate such Subsidiary in another jurisdiction, to form or collapse a holding company structure or to convert such Subsidiary into a corporation, partnership, limited liability company or trust, as the case may be, organized under the laws of the jurisdiction of organization of such Subsidiary or under the laws of the United States or any State thereof or the District of Columbia.
		

		
			ARTICLE 6
		

		
			COLLATERAL AND SECURITY
		

		
			Section 6.01.      The Collateral; Appointment of Collateral Agent.
		

		
			(a)      The due and punctual payment of principal of, and premium, if any, and interest on, the Notes when and as the same shall be due and payable, whether on an Interest 
		

		
			
		

		
			

		 

		

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			Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, interest on the overdue principal of and interest (to the extent lawful), if any, on the Notes and the performance of all other obligations of the Company and the Guarantors under the Notes, the Guarantees, the Indenture and the Security Documents shall be secured by Liens as provided in the Security Documents which the Company, the Initial Guarantor Security Grantor and the Initial Non-Guarantor Security Grantor have entered into simultaneously with the execution of the Indenture and shall be secured by Liens as provided in the Security Documents hereafter delivered as required or permitted by the Indenture.
		

		
			(b)      The Trustee and each Holder, by its acceptance of any Notes and the Guarantees thereof, hereby appoints U.S. Bank National Association to act on its behalf as the collateral agent (U.S. Bank National Association in such capacity, and any of its successors and assigns in such capacity, the “Collateral Agent”) under the Indenture and the Security Documents, with such powers as are expressly granted to the Collateral Agent by the terms of the Indenture and the Security Documents, together with such other powers as are reasonably incidental there, and U.S. Bank National Association agrees to act in such capacity.
		

		
			(c)      The Company, the Guarantors, the Trustee and each Holder, by accepting the Notes and the Guarantees thereof, agrees that the grant of security interest in the Collateral (as now or hereafter constituted) to the Collateral Agent pursuant to the Security Documents shall be granted to the Collateral Agent for the benefit of all of the Holders, the Collateral Agent and the Trustee, in each case pursuant and subject to the terms of the Security Documents, and that the Liens provided for in the Security Documents are subject to, and qualified and limited in all respects by, the Security Documents and actions that may be taken thereunder.
		

		
			(d)      Each Holder, by its acceptance of any Notes and the Guarantees thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for possession, use, release and foreclosure of the Collateral), as the same may be in effect or as may be amended from time to time in accordance with their terms, and authorizes and directs the Collateral Agent to enter into the Security Documents and to perform its obligations and exercise its rights under the Security Documents.
		

		
			Section 6.02.      Further Assurances. Each of the Parent and the Company shall, and the Parent shall cause each Guarantor Security Grantor (other than the Parent) and any Non-Guarantor Security Grantor to, at its sole expense, to do or cause to be done all things which may be required under the Security Documents, or which the Collateral Agent may reasonably request, to confirm that the Collateral Agent holds, for the benefit of the Holders, the Trustee and the Collateral Agent, duly created, enforceable and perfected first-priority Liens in the Collateral (in each case, subject to Permitted Liens) to the extent such Liens are required to be so created, enforced and perfected by the Indenture or the Security Documents.
		

		
			Section 6.03.      After-Acquired Property. If property required or, in the case of Replaceable Collateral, designated by the Company to be subject to a Lien created by any Security Document in the Collateral is acquired after the Issue Date by the Company, a Guarantor Security Grantor or a Non-Guarantor Security Grantor or is so designated by the Company and is not automatically subject to a perfected security interest under such Security Document, the Company, such Guarantor Security Grantor or such Non-Guarantor Security 
		

		
			
		

		
			

		 

		

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			Grantor, as applicable, will promptly (but in any event within thirty days after the acquisition or designation thereof, subject to extension by the Collateral Agent) (i) execute and deliver to the Collateral Agent such amendments or supplements to the relevant Security Documents or such other documents as may be required to grant to the Collateral Agent, for its benefit and for the benefit of the Holders and the Trustee, a Lien on such property as set forth in the Security Documents, subject to no Liens other than Permitted Liens, (ii) take all actions reasonably necessary or advisable to cause such Lien to be duly perfected within the United States to the extent required by such Security Document in accordance with all applicable law, including the filing of any necessary financing statements in applicable jurisdictions within the United States and (iii) deliver such certificates and securities or deposit account control agreements or other control agreements, as applicable, and other instruments in respect of such property as and to the extent required by the Indenture and such Security Document.
		

		
			Section 6.04.      Release of Liens on the Collateral.
		

		
			(a)       The Liens on the Collateral securing the obligations of the Company and the Guarantors under the Notes, the Guarantees, the Indenture and the Security Documents shall automatically and without any need for any further action by any Person be released:
		

		
			(i)       upon release of a Guarantee (with respect to the Liens on the Collateral owned by and securing any Guarantor’s obligations under such Guarantee);
		

		
			(ii)       in whole upon:
		

		
			(1)      satisfaction and discharge of the Indenture in accordance with Article Four of the Base Indenture; or
		

		
			(2)      a defeasance or covenant defeasance of the Indenture in accordance with Article Fourteen of the Base Indenture; 
		

		
			(iii)      in whole upon payment in full of the principal of, and premium, if any,  and interest on, all of the Outstanding Notes;
		

		
			(iv)      in whole or in part, with the consent of the Holders of the requisite aggregate principal amount of the Outstanding Notes in accordance with Section 902 of the Indenture; or
		

		
			(v)      as permitted by Section 4.06(c) (with respect to the Liens on the related Replaceable Collateral).
		

		
			(b)       In connection with any termination or release of any Liens in all or any portion of the Collateral pursuant to the Indenture or any of the Security Documents, the Collateral Agent and, if necessary, the Trustee shall, promptly execute, deliver or acknowledge all documents, instruments and releases that have been requested by the Company, any Guarantor Security Grantor or any Non-Guarantor Security Grantor, as the case may be, to release, reconvey or otherwise return to the Company, such Guarantor Security Grantor or such Non-Guarantor Security Grantor, as the case may be, such Collateral or otherwise give effect to, evidence or confirm such termination or release in accordance with the directions of the 
		

		
			
		

		
			

		 

		

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			Company, such Guarantor Security Grantor or such Non-Guarantor Security Grantor, as the case may be.  Notwithstanding any provision to the contrary contained herein, as and when requested by the Company, any Guarantor Security Grantor or any Non-Guarantor Security Grantor, the Trustee shall instruct the Collateral Agent to (i) authorize the filing of Uniform Commercial Code termination statements, amendments or releases, (ii) execute letter agreements terminating all securities or deposit account control agreements or other control agreements entered into by the Company, any Guarantor Security Grantor or any Non-Guarantor Security Grantor and (iii) deliver any certificated securities and any other instruments or possessory collateral in the possession of the Collateral Agent, in each case, which shall be prepared by the Company, such Guarantor Security Grantor or such Non-Guarantor Security Grantor, solely to the extent necessary to delete or release (which shall include partial deletions and releases), as applicable, Liens on property or assets that are permitted to be so released or deleted pursuant to the terms of the Indenture or the Security Documents.
		

		
			(c)      The release of any Collateral from the terms of the Security Documents shall not be deemed to impair the security under the Indenture in contravention of the provisions hereof if and to the extent such Collateral is released pursuant to the Indenture or the Security Documents or upon termination of the Indenture, and each of the Holders, by accepting any Notes and the Guarantees thereof, acknowledges same.
		

		
			Section 6.05.      Authorization of Actions to Be Taken by the Trustee or the Collateral Agent Under the Security Documents.
		

		
			(a)      Subject to the provisions of the Security Documents and the Indenture, the Collateral Agent may (but shall not have the obligation to) take all actions it deems necessary or appropriate in order to (i) enforce any of its rights or any of the rights of the Holders under the Security Documents and (ii) upon the occurrence and during the continuance of an Event of Default, collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the Company and the Guarantors under the Notes, the Guarantees, the Indenture and the Security Documents.  Subject to the provisions of the Security Documents, the Collateral Agent shall have the power (but not the obligation) to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or the Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interest and the interests of the Holders in the Collateral (including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the Trustee or the Collateral Agent).
		

		
			(b)      Neither the Trustee nor the Collateral Agent shall be responsible for the existence, genuineness or value of any Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence, bad faith or willful misconduct on the part of the Trustee or the Collateral Agent, for the validity, perfection, priority or enforceability of the Liens in any Collateral, for the sufficiency of the Collateral, for the validity of the title of the Company, any 
		

		
			
		

		
			

		 

		

			-58-

		

 

		

		
			Guarantor Security Grantor or any Non-Guarantor Security Grantor to any part of the Collateral, for insuring the Collateral or for the payment of taxes, charges or assessments upon the Collateral or otherwise as to the maintenance of the Collateral.  Neither the Trustee nor the Collateral Agent shall have any responsibility for recording, filing, re-recording or refiling any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect or maintain the perfection of any security interest granted to it under the Security Documents or otherwise.
		

		
			(c)      The Trustee or the Collateral Agent, in taking any action under the Security Documents shall be entitled to receive, if requested, as a condition to take any action, an Officer’s Certificate and Opinion of Counsel (which may be subject to customary assumptions, limitations, qualifications and exceptions) to the effect that such action does not violate the Indenture or the Security Documents, and the Trustee or the Collateral Agent shall be fully protected in relying thereon.
		

		
			(d)      In acting under the Security Documents, the Trustee and Collateral Agent shall each have all the protections, rights, indemnities and immunities given to them under the Indenture.
		

		
			Section 6.06.      Delivery of Annual Opinions; Compliance with Trust Indenture Act Where Applicable.
		

		
			(a)      On or before March 31 in each calendar year, commencing in 2018, the Company shall furnish to the Collateral Agent and the Trustee an Opinion of Counsel stating that, in the opinion of such counsel, as of the date of such opinion, the Security Documents create in favor of the Collateral Agent a security interest in the Collateral and that such security interest is perfected.  Such Opinion of Counsel may be subject to customary qualifications, limitations, exceptions and assumptions, and need only address such portion of the Collateral that is addressed in any similar security interest opinion delivered on the Issue Date.
		

		
			(b)      In the event, and solely in the event, that the Company in its sole discretion shall cause the Indenture to be qualified under the Trust Indenture Act and then only during such time, if any, as the Indenture is so qualified, the Company will comply with Sections 314(b) and 314(d) of the Trust Indenture Act, in each case following qualification of the Indenture pursuant to the Trust Indenture Act, if the Company in its sole discretion elects to qualify the Indenture under the Trust Indenture Act, except to the extent not required as set forth in any Commission regulation or interpretation or guidance (including any no-action letter or exemptive order issued by the Staff of the Commission, whether issued to the Company or any other Person).  Following such qualification, to the extent the Company is required to furnish to the Trustee an Opinion of Counsel pursuant to Section 314(b)(2) of the Trust Indenture Act, the Company will furnish such opinion not more than 90 but not less than 30 days after January 1 of each year and the Company shall thereafter cease to have any obligation to furnish an opinion pursuant to Section 6.06(a).
		

		
			(c)      Any release of Collateral permitted by Section 6.04 will be deemed not to impair the Liens under the Indenture and the Security Documents in contravention thereof and, if the Indenture is qualified under the Trust Indenture Act at the time of such release, any Person 
		

		
			
		

		
			

		 

		

			-59-

		

 

		

		
			that is required to deliver any certificate or opinion pursuant to Section 314(d) of the Trust Indenture Act shall be entitled to rely upon the foregoing as a basis for delivery of such certificate or opinion.  The Trustee shall, to the extent permitted by Section 602 of the Base Indenture, accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such certificate or opinion.
		

		
			(d)      If any Collateral is released in accordance with the Indenture or any Security Document, and, if at the time of such release the Indenture is qualified under the Trust Indenture Act, the Company will determine whether it has delivered all documentation required by Section 314(d) of the Trust Indenture Act in connection with such release.
		

		
			Section 6.07.      Replacement of Collateral Agent.
		

		
			(a)      No resignation or removal of the Collateral Agent and no appointment of a successor Collateral Agent pursuant to this Section 6.07 shall become effective until the acceptance of appointment by the successor Collateral Agent in accordance with the requirements of this Section 6.07.
		

		
			(b)      The Collateral Agent may resign at any time by giving written notice thereof to the Company, the Guarantors and the Trustee (if the Trustee is not the Collateral Agent).  If an instrument of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within 30 days after the giving of such notice of resignation, the resigning Collateral Agent may petition, at the expense of the Company and the Guarantors, any court of competent jurisdiction for the appointment of a successor Collateral Agent.
		

		
			(c)      The Collateral Agent may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Collateral Agent and to the Company and the Guarantors.  If an instrument of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within 30 days after the delivery of such Act to the Collateral Agent, the Collateral Agent may petition, at the expense of the Company and the Guarantors, any court of competent jurisdiction for the appointment of a successor Collateral Agent.
		

		
			(d)      If at any time the Collateral Agent shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Collateral Agent or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,  (i) the Company by or pursuant to a Board Resolution may remove the Collateral Agent and appoint a successor Collateral Agent or (ii) any Holder of a Note who has been a bona fide Holder of a Note for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Collateral Agent and the appointment of a successor Collateral Agent.
		

		
			(e)      If the Collateral Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Collateral Agent for any cause, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Collateral Agent.  If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a 
		

		
			
		

		
			

		 

		

			-60-

		

 

		

		
			successor Collateral Agent shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the Guarantors and the retiring Collateral Agent, the successor Collateral Agent so appointed shall, forthwith upon its acceptance of such appointment, become the successor Collateral Agent and to that extent supersede the successor Collateral Agent appointed by the Company.  If no successor Collateral Agent shall have been so appointed by the Company or the Holders of Notes and accepted appointment in the manner hereinafter provided, any Holder of a Note who has been a bona fide Holder of a Note for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.
		

		
			(f)      The Company shall give notice of each resignation and each removal of the Collateral Agent and each appointment of a successor Collateral Agent in the manner provided for notices to the Holders of Notes in Section 106 of the Base Indenture.  Each notice shall include the name of the successor Collateral Agent and the address of its principal office.
		

		
			(g)      In case of the appointment hereunder of a successor Collateral Agent, such successor Collateral Agent shall execute, acknowledge and deliver to the Company and the Guarantors and to the retiring Collateral Agent an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Collateral Agent shall become effective and such successor Collateral Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Collateral Agent; but, on request of the Company, any Guarantor or the successor Collateral Agent, such retiring Collateral Agent shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Collateral Agent all the rights, powers and trusts of the retiring Collateral Agent, and shall duly assign, transfer and deliver to such successor Collateral Agent all property and money held by such retiring Collateral Agent under the Indenture, subject nevertheless to any lien and claim such Collateral Agent may have under the Indenture.
		

		
			(h)      Upon request of any such successor Collateral Agent, the Company, the Guarantors and the Trustee shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Collateral Agent all such rights, powers and trusts referred to in paragraph (g) of this Section.
		

		
			(i)      Any corporation into which the Collateral Agent 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 Collateral Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Collateral Agent, shall be the successor of the Collateral Agent hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
		

		
			ARTICLE 7
		

		
			GUARANTEE
		

		
			Section 7.01.      Applicability of Article Sixteen of the Base Indenture.  
		

		
			
		

		
			

		 

		

			-61-

		

 

		

		
			(a)      Article Sixteen of the Base Indenture shall apply to the Notes. Each Parent Guarantor and the Subsidiary Guarantor shall provide a Guarantee in respect of the Notes the terms of which are specified in Article Sixteen of the Base Indenture, and clauses (b) and (c) of this Section 7.01 shall govern the release of such Guarantees.
		

		
			(b)      The Subsidiary Guarantor’s Guarantee will automatically terminate and be released, all other obligations of the Subsidiary Guarantor under the Indenture and the Security Documents will automatically terminate and the Subsidiary Guarantor will automatically be released from all of its obligations under its Guarantee, the Indenture and the Security Documents:
		

		
			(i)      upon defeasance or covenant defeasance of the Notes pursuant to Article Fourteen of the Base Indenture or discharge of the Notes  pursuant to Article Four of the Base Indenture;
		

		
			(ii)     if the Subsidiary Guarantor is dissolved or liquidated or its affairs wound up and such dissolution, liquidation or winding up is permitted (or not prohibited) by the Indenture; 
		

		
			(iii)    upon the merger of the Subsidiary Guarantor into, or the consolidation of the Subsidiary Guarantor with, the Company or another Guarantor; and
		

		
			(iv)    under the circumstances set forth in Section 803(c) of the Indenture. 
		

		
			(c)       A Parent Guarantor’s Guarantee will automatically terminate and be released, all other obligations of such Parent Guarantor under the Indenture and the Security Documents will automatically terminate and such Parent Guarantor will automatically be released from all of its obligations under its Guarantee, the Indenture and the Security Documents:
		

		
			(i)      upon defeasance or covenant defeasance of the Notes pursuant to Article Fourteen of the Base Indenture or discharge of the Notes  pursuant to Article Four of the Base Indenture; and
		

		
			(ii)     under the circumstances set forth in Section 802(c) of the Indenture. 
		

		
			ARTICLE 8
		

		
			MISCELLANEOUS
		

		
			Section 8.01.      Effect on Successors and Assigns.  
		

		
			Notwithstanding Section 110 of the Base Indenture, all agreements of the Company, the Guarantor, the Trustee, the Security Registrar and the Paying Agent in the Indenture, the Notes and the Guarantees will bind their respective successors.
		

		
			
		

		
			

		 

		

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			Section 8.02.      Governing Law.  
		

		
			THIS SUPPLEMENTAL INDENTURE, THE NOTES AND THE GUARANTEES THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			Section 8.03.      No Security Interest Created by Indenture or Notes; Security Interest Granted under Security Documents.  
		

		
			Nothing in the Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. The security interests in the Collateral shall be granted pursuant to the Security Documents.
		

		
			Section 8.04.      Benefits of this Supplemental Indenture.  
		

		
			Nothing in this Supplemental Indenture or in the Notes, expressed or implied, will give to any Person, other than the parties hereto, any Paying Agent, any Security Registrar, any Authenticating Agent and their successors hereunder or the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.
		

		
			Section 8.05.      Calculations.  
		

		
			Except as otherwise provided in the Indenture, the Company shall be responsible for making all calculations called for under the Notes.  These calculations include, but are not limited to, determinations of the accrued interest payable on the Notes, the total fair market of the Financial Assets Collateral and the Net Asset Value of the Depositors.  The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes.  The Company shall provide a schedule of its calculations to the Trustee and the Trustee is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification.  The Trustee will forward the Company’s calculations to any Holder upon the request of that Holder at the sole cost and expense of the Company.  The Trustee and the Collateral Agent shall be entitled to conclusively rely on, and shall have no liability in connection with, any calculations or information provided by the Company.
		

		
			Section 8.06.      Execution in Counterparts.  
		

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

		
			Section 8.07.      Notices.  
		

		
			
		

		
			

		 

		

			-63-

		

 

		

		
			The Company, any Guarantor or the Trustee, by notice given to any other party hereto in the manner provided in Section 105 of the Base Indenture, may designate additional or different addresses for subsequent notices or communications.
		

		
			Notwithstanding anything to the contrary in Sections 105 and 106 of the Base Indenture, whenever the Company is required to deliver notice to the Holders, the Company will, by the date it is required to deliver such notice to the Holders, also deliver a copy of such notice to the Trustee, the Paying Agent and the Security Registrar.  Each notice to the Trustee, the Paying Agent and the Security Registrar shall be sufficiently given if in writing and mailed, first‐class postage prepaid to the address most recently sent by the Trustee, the Paying Agent or the Security Registrar, as the case may be, to the Company.
		

		
			Section 8.08.      Ratification of Base Indenture.  
		

		
			The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein provided.  For the avoidance of doubt, each of the Company, the Guarantors and each Holder of Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Base Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full.
		

		
			Section 8.09.      Recitals not made by the Trustee and the Collateral Agent.  
		

		
			The recitals in this Supplemental Indenture are made by the Company and the Guarantors only and not by the Trustee or the Collateral Agent, and all of the provisions contained in the Base Indenture.
		

		
			 
		

		
			 
		

		
			

		 

		

			-64-

		

 

		

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

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						READYCAP HOLDINGS, LLC, as Issuer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name:  Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title:  Authorized Person

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SUTHERLAND ASSET MANAGEMENT CORPORATION, as Guarantor and as Parent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name:  Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title:  Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SUTHERLAND PARTNERS, L.P., as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name:  Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title:  Authorized Person

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SUTHERLAND ASSET I, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name:  Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title:  Authorized Person

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						READYCAP COMMERCIAL, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Name:  Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title:  Authorized Person

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. BANK NATIONAL ASSOCIATION, as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica J. Elliott

				
	
					
						 

					
					
						 

					
					
						Name: Jessica J. Elliott

				
	
					
						 

					
					
						 

					
					
						Title: Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			EXHIBIT A
		

		
			[FORM OF FACE OF NOTE]
		

		
			[Global Legend (to be inserted for Global Notes only): UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) 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.
		

		
			UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM UNDER THE LIMITED CIRCUMSTANCES PERMITTED BY THE INDENTURE REFERRED TO BELOW, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]
		

		
			[Restrictive Legend (to be inserted for every Note unless otherwise provided in an Officer’s Certificate of the Company delivered to the Trustee): THIS NOTE HAS NOT BEEN, AND WILL NOT BE, REGISTERED FOR SALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS, AND MAY NOT BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED IN VIOLATION OF THE SECURITIES ACT OR SUCH OTHER SECURITIES LAWS.  THE HOLDER HEREOF, BY ACCEPTING THIS NOTE, AGREES FOR THE BENEFIT OF THE COMPANY [(AS DEFINED BELOW)] THAT THIS NOTE MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY, ANY AFFILIATE OF THE COMPANY (AS DEFINED UNDER THE SECURITIES ACT) OR KEEFE, BRUYETTE & WOODS, INC., INCAPITAL LLC AND SANDLER O’NEILL & PARTNERS, L.P. (COLLECTIVELY, THE “INITIAL PURCHASERS”), (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR TRANSFER PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A (A “QUALIFIED INSTITUTIONAL BUYER”), THAT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE QUALIFIED INSTITUTIONAL BUYERS) AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), (4) TO AN INSTITUTIONAL INVESTOR THAT QUALIFIES AS AN “ACCREDITED INVESTOR,” AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) UNDER 
		

		
			
		

		
			

		 

		

			A-1

		

 

		

		
			THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”), THAT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE SECURITIES ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION AS DESCRIBED IN SECTION 3(a)(5)(A) OF THE SECURITIES ACT, WHETHER ACTING IN ITS INDIVIDUAL CAPACITY OR IN A FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (6) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE HOLDER’S PROPERTY SHALL AT ALL TIMES BE AND REMAIN WITHIN ITS CONTROL.  WITH RESPECT TO ANY RESALE OR OTHER TRANSFER OF THIS NOTE (IF IN CERTIFICATED FORM) DESCRIBED IN CLAUSE (2), (3) OR (4) ABOVE, A SECURITY REGISTRAR FOR THE NOTES (“SECURITY REGISTRAR”) WILL REQUIRE THE SUBMISSION TO IT OF THIS NOTE DULY COMPLETED AND THE CERTIFICATE PRESCRIBED THEREFOR IN THE INDENTURE FROM THE HOLDER AND, IN THE CASE OF A RESALE OR OTHER TRANSFER DESCRIBED IN CLAUSE (4) ABOVE, THE TRANSFEREE.  IN ADDITION, WITH RESPECT TO ANY RESALE OR OTHER TRANSFER OF THIS NOTE (IF IN CERTIFICATED FORM) DESCRIBED IN CLAUSE (4) OR (6) ABOVE, THE COMPANY AND ANY SECURITY REGISTRAR MAY REQUIRE SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION TO CONFIRM THAT THE PROPOSED RESALE OR OTHER TRANSFER IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  THE FOREGOING REQUIREMENTS SHALL NOT APPLY IF THIS LEGEND HAS BEEN REMOVED IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN THE INDENTURE.
		

		
			BY ACCEPTING THIS NOTE, THE HOLDER HEREOF REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT (1) IT IS (A) A QUALIFIED INSTITUTIONAL BUYER ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE QUALIFIED INSTITUTIONAL BUYERS) AND IT IS AWARE THAT THE RESALE OR OTHER TRANSFER TO IT IS BEING MADE IN RELIANCE ON RULE 144A, (B) AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST BE SUCH AN INSTITUTIONAL ACCREDITED INVESTOR UNLESS THE ACQUIROR IS A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE SECURITIES ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION AS DESCRIBED IN SECTION 3(a)(5)(A) OF THE SECURITIES ACT, WHETHER ACTING IN ITS INDIVIDUAL CAPACITY OR IN A FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (C) A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S AND, IN EACH CASE, THAT IT IS ABLE TO 
		

		
			
		

		
			

		 

		

			A-2

		

 

		

		
			BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THIS NOTE AND HAS SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS AS TO BE CAPABLE OF EVALUATING THE MERITS AND RISKS OF ACQUIRING THIS NOTE AND (2) IT WILL NOTIFY ANY ACQUIROR OF THIS NOTE FROM IT OF THE RESALE AND OTHER TRANSFER RESTRICTIONS SPECIFIED ABOVE AND THAT THIS NOTE HAS NOT BEEN, AND WILL NOT BE, REGISTERED FOR SALE UNDER THE SECURITIES ACT OR ANY STATE OR OTHER SECURITIES LAWS, THAT SUCH ACQUIROR SHALL BE DEEMED TO HAVE REPRESENTED AS TO THE MATTERS IN CLAUSE (1) OF THIS SENTENCE AND THAT SUCH ACQUIROR SHALL BE DEEMED TO HAVE AGREED TO NOTIFY ITS SUBSEQUENT TRANSFEREES AS TO THE FOREGOING.] 
		

		
			
		

		
			

		 

		

			A-3

		

 

		

		
			No.:      
		

		
			ReadyCap Holdings, LLC
		

		
			7.50% Senior Secured Notes Due 2022
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						CUSIP No.:      [●]1

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ISIN No.:      [●]2

				

		
			 
		

		
			ReadyCap Holdings, LLC, a Delaware limited liability company (the “Company,” which term includes its successors under the Indenture referred to herein), promises to pay to [                        ], or registered assigns, the principal sum [of [    ] Dollars]3 [set forth on the Schedule of Increases or Decreases in Global Note attached hereto (as the same may be revised from time to time)]4 on February 15, 2022 unless previously redeemed or repurchased.
		

		
			Reference is made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this place.
		

		

		
			1Rule 144A Note CUSIP: 755763 AA7
		

		
			Regulation S Note CUSIP: U75352 AA9
		

		
			IAI Note CUSIP: 755763 AB5
		

		
			2Rule 144A Note ISIN: US755763AA79
		

		
			Regulation S Note ISIN: USU75352AA98
		

		
			IAI Note ISIN: US755763AB52
		

		
			3Insert for Certificated Notes.
		

		
			4Insert for Global Notes. If the Note is to be issued in global form, also include Attachment 2 hereto captioned
		

		
			“SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE”.
		

		
			 
		

		
			
		

		
			

		 

		

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			IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						READYCAP HOLDINGS, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:  Frederick C. Herbst

				
	
					
						 

					
					
						 

					
					
						Title:    Manager

				

		
			 
		

		
			
		

		
			

		 

		

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			TRUSTEE’S CERTIFICATE OF AUTHENTICATION
		

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

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			A-6

		

 

		

		
			(REVERSE OF NOTE)
		

		
			7.50% Senior Secured Notes Due 2022
		

		
			Section 1.  Interest
		

		
			The Company promises to pay interest on the principal amount of this Note at a rate of 7.50% per annum until February 15, 2022 or such earlier date on which the principal of this Note shall have been paid or duly provided for.  The Company will pay interest semi-annually in arrears on February 15 and August 15 of each year (each an “Interest Payment Date”), commencing August 15, 2017.  Interest on the Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including February 13, 2017; provided that if this Note is authenticated between a Regular Record Date (as defined below) and the next succeeding Interest Payment Date, interest on this Note shall accrue from such next succeeding Interest Payment Date.  Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
		

		
			Section 2.  Method of Payment
		

		
			Interest on the Company’s 7.50% Senior Secured Notes Due 2022 issued under the Indenture (the “Notes”) payable on any Interest Payment Date will be paid to the Persons who are the Holders of the Notes at the close of business on the February 1 or August 1 (in each case whether or not a Business day) (each a “Regular Record Date”) immediately preceding such Interest Payment Date, except as provided in Section 307 of the Indenture with respect to Defaulted Interest.  Holders must surrender Notes to a Paying Agent to receive payments of principal and premium, if any.  The Company will pay the principal of, and premium, if any, and interest on, the Notes in Dollars.  The Company will pay the principal of, and premium, if any, and interest, if any, on, any Certificated Notes at the office or agency maintained by the Company for such purpose in The City of New York, New York, upon surrender of such Certificated Notes by the Holders thereof at such office or agency.  Interest on any Certificated Notes may also be paid, at the Company’s option, by check mailed to the registered addresses of the Holders entitled thereto or by wire transfer to accounts in the United States of America specified by such Holders.  The Company will pay the principal of, and premium, if any, and interest on, Global Notes registered in the name of the Depositary or its nominee in immediately available funds to the Depositary or its nominee, as the case may be, as Holder of such Global Notes.
		

		
			Section 3.  Paying Agent and Security Registrar
		

		
			Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Security Registrar.  The Company may replace or change any Paying Agent or Security Registrar so long as there is a Paying Agent and Security Registrar in The City of New York, New York, and may appoint additional Paying Agents and Security Registrars, in each case without the approval of, or notice to, Holders.  The Company or any of its Subsidiaries may act as Security Registrar or Paying Agent.
		

		
			 
		

		
			
		

		
			

		 

		

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			Section 4.  Indenture
		

		
			The Company issued the Notes under an Indenture, dated as of February 13, 2017 (the “Base Indenture”), among the Company, Sutherland Asset Management Corporation, the ultimate parent of the Company (the “Parent”), Sutherland Partners, L.P., an indirect parent of the Company (the “Operating Partnership”), Sutherland Asset I, LLC, the direct parent of the Company (the “Direct Parent”), ReadyCap Commercial, LLC, the Company’s Wholly Owned Subsidiary (together with the Parent, the Operating Partnership and the Direct Parent, the “Guarantors”) and U.S. Bank National Association, as trustee (together with its successors in such capacity, the “Trustee”), as amended and supplemented by the First Supplemental Indenture thereto, dated as of February 13, 2017 (the “First Supplemental Indenture”), among the parties to the Base Indenture and U.S. Bank National Association as Trustee and as collateral agent (the Base Indenture, as so amended and supplemented and as may be further amended or supplemented from time to time, the “Indenture”).  The terms of the Notes include those stated in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms.  Terms defined in the Indenture and not defined in this Note have the meanings ascribed thereto in the Indenture.
		

		
			Section 5.  Optional Redemption; Selection of Notes for Redemption; Notice of Redemption
		

		
			The Notes may be redeemed in whole or in part at the Company’s option at any time and from time to time in accordance with Section 3.01 of the First Supplemental Indenture and Article Eleven of the Base Indenture.  
		

		
			If less than all of the Notes are to be redeemed at any time, selection of the Notes for redemption will be made by the Trustee pro rata; provided that, in the case of Notes represented by one or more Global Notes, interests in the Global Notes will be selected for redemption by the Depositary in accordance with the Applicable Procedures.
		

		
			Notes shall be redeemed in a minimum principal amount of $1,000 and integral multiples of $1,000 in excess thereof; provided that the remaining principal amount of any Note redeemed in part shall be $100,000 or an integral multiple of $1,000 in excess thereof.  Notice of any redemption will be given as provided in the Indenture at least 30 but not more than 60 days before the applicable Redemption Date to each Holder of Notes to be redeemed.  
		

		
			On and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption as long as the Company has deposited with a Paying Agent, on or before the applicable Redemption Date, funds in an amount sufficient to pay the Redemption Price of the Notes or portions thereof called for redemption on such Redemption Date (subject to the right of Holders on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to such Redemption Date), and the only remaining right of the Holders of the Notes or portions thereof called for redemption will be to receive payment of the Redemption Price upon surrender of the Notes to be redeemed to the Paying Agent.  
		

		
			Section 6.  Sinking Fund
		

		
			Except as described in Section 7 below, the Company is not required to make any mandatory redemption, mandatory repurchase or sinking fund payments with respect to the 
		

		
			
		

		
			

		 

		

			A-8

		

 

		

		
			Notes. The Company may at any time and from time to time acquire Notes by means other than a redemption or a repurchase pursuant to Section 7 below, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws.
		

		
			Section 7.  Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event
		

		
			Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes will have the right to require that the Company repurchase all or a portion of such Holder’s Notes (except with respect to any Notes held by such Holder in respect of which the Company has exercised its right of redemption pursuant to Section 3.01 of the First Supplemental Indenture and Article Eleven of the Base Indenture by sending (or causing the Trustee to send) a notice of redemption that is not subject to any conditions) pursuant to a Change of Control Offer at a price in cash equal to 101% of the principal amount thereof plus unpaid interest, if any, accrued to, but excluding, the applicable Change of Control Repurchase Date (subject to the right of Holders on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to the Change of Control Repurchase Date).
		

		
			Interest on Notes (or portions thereof) validly tendered and not withdrawn pursuant to a Change of Control Offer will cease to accrue on and after the applicable Change of Control Repurchase Date (unless the Company shall default in the payment of the Change of Control Repurchase Price of the Notes).
		

		
			Section 8.  Guarantees
		

		
			The payment of the principal of, and premium, if any, and interest on, the Notes will be unconditionally and irrevocably guaranteed, jointly and severally, by the Guarantors on the terms, to the extent and subject to the conditions and limitations set forth in the Indenture, including provisions for the release and termination of such Guarantees and the obligations of each Guarantor from its obligations under its Guarantee of the Notes, the Indenture and the Security Documents.
		

		
			Section 9.  Security
		

		
			The Company’s and the Guarantors’ respective obligations under the Notes and the Guarantees of the Notes will be secured by a perfected first-priority Lien (subject to Permitted Liens) on the Collateral pursuant to the Security Documents.
		

		
			Section 10.  Denominations; Transfer; Exchange
		

		
			The Notes are issued in registered form without coupons in denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged for an equal principal amount of Notes of other authorized denominations as requested by the Holder if the Security Registrar’s requirements and the requirements under the Indenture for such transaction are met. The Company and any Security Registrar may also require a Holder to furnish endorsements and transfer documents as any of them may reasonably request in connection with the registration of transfer or exchange of Notes in addition to any documents that are required or may be required as provided in the Indenture, 
		

		
			
		

		
			

		 

		

			A-9

		

 

		

		
			and the Company and any Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. A Security Registrar shall not be required to register the transfer of or exchange any Note (i) during a period beginning at the opening of business 15 days before the mailing (or, if not mailed, other transmittal) of a notice of redemption of Notes and ending at the close of business on the day of such mailing (or other transmittal), (ii) selected for redemption in whole or in part pursuant to Section 3.01 of the First Supplemental Indenture and Article Eleven of the Base Indenture, except the unredeemed portion of any Note being redeemed in part or (iii) tendered for repurchase pursuant to a Change of Control Offer and not validly withdrawn.  
		

		
			Section 11.  Persons Deemed Owners
		

		
			Subject to the provisions of the Indenture and to the fullest extent permitted by applicable law, the Holder of a Note may be treated as the owner thereof for all purposes.
		

		
			Section 12.  Unclaimed Money
		

		
			Subject to any applicable abandoned property law, if money for the payment of principal, premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request.  After any such payment, Holders entitled to the money must look only to the Company as a general creditor and not to the Trustee or Paying Agent for payment.
		

		
			Section 13.  Discharge, Legal Defeasance and Covenant Defeasance; Covenant Suspension
		

		
			Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Notes and the Indenture if the Company deposits with the Trustee money and/or Government Obligations for the payment of principal, premium, if any, and interest on the Notes.  Upon any such termination, any Guarantees of the Notes, the obligations of the Guarantors under the Indenture, their Guarantees and the Security Documents and the Liens on the Collateral securing the Company’s and the Guarantors’ respective obligations under the Notes and the Guarantees thereof, will also be automatically terminated.
		

		
			Section 14.  Amendment, Waiver, Deemed Consents, Releases
		

		
			The Indenture, the Notes, the Guarantees thereof and the Security Documents may be modified, amended or supplemented as provided in the Indenture, and compliance with any provision of the Indenture, the Notes, the Guarantees thereof  and the Security Documents may be waived, as provided in the Indenture.  Any modification, amendment, supplement or waiver shall be conclusive and binding on all present and future Holders of Notes, whether or not notation of such modification, amendment, supplement or waiver is made upon the Notes.
		

		
			Section 15.  Defaults and Remedies
		

		
			If an Event of Default (other than an Event of Default resulting from any Bankruptcy Event involving the Parent, the Company or any Guarantor) with respect to the Notes occurs and is continuing, the Trustee (acting at the direction of the Holders of the Notes) or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare all unpaid principal 
		

		
			
		

		
			

		 

		

			A-10

		

 

		

		
			of, any unpaid interest accrued on, all of the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders) as provided in the Indenture.  If an Event of Default resulting from any Bankruptcy Event involving the Parent, the Company or any Guarantor occurs and is continuing, then all unpaid principal of, and any unpaid interest accrued on, all of the Outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.  The Holders of a majority in principal amount of the Outstanding Notes may rescind and cancel any such acceleration and its consequences on the terms and subject to the conditions provided in the Indenture.
		

		
			Section 16.  Individual Rights of Trustee and Other Agents
		

		
			The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company and the Guarantors with the same rights it would have if it were not Trustee. Any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company or any Guarantor may do the same with like rights. However, the Trustee must comply with Section 607 of the Base Indenture.
		

		
			Section 17.  Immunity of Partners, Members, Stockholders, Directors, Officers and Agents of the Company and the Guarantors.  No recourse under or upon any obligation, covenant or agreement contained in the Indenture, the Notes, any Guarantees thereof or the Security Documents, or because of any indebtedness evidenced thereby, shall be had against any past, present or future partner, member, stockholder, employee, officer or director, as such, of the Company, any Guarantor or any Non-Guarantor Security Grantor or of any of the Company’s, any Guarantor’s or any Non-Guarantor Security Grantor’s predecessors or successors, either directly or indirectly, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Notes by the Holders and as part of the consideration for the issuance of the Notes.
		

		
			Section 18.  Successors
		

		
			Subject to certain exceptions set forth in the Indenture, when a successor assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations.
		

		
			Section 19.  Authentication
		

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

		
			Section 20.  Abbreviations
		

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

		
			
		

		
			

		 

		

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			Section 21.      Governing Law.  
		

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

		
			Section 22.      CUSIP and ISIN Numbers.  
		

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

		
			
		

		
			

		 

		

			A-12

		

 

		

		
			[ATTACHMENT 1]
		

		
			FORM OF ASSIGNMENT AND TRANSFER
		

		
			 To assign this Note, fill in the form below:
		

		
			I or we assign and transfer this Note to
		

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

		
			(Insert assignee’s soc. sec. or tax I.D. No.)
		

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

		
			___________________________________________________________
		

		
			Date: ________________ Your Signature(s):_______________________
		

		
			___________________________________________________________
		

		
			Sign exactly as your name(s) appear(s) on the face of this Note.
		

		
			Signature Guarantee:__________________________________________
		

		
			Signature must be guaranteed by a participant in a recognized signature guaranty 
		

		
			medallion program or other signature guarantor acceptable to the Trustee.
		

		
			
		

		
			

		 

		

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			[ATTACHMENT 2: 
		

		
			TO BE ATTACHED TO GLOBAL NOTES]
		

		
			SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE
		

		
			The initial principal amount of this Global Note is $[        ].  The following increases or decreases in this Global Note have been made:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date 

					
					
						    

					
					
						Amount of decrease in
principal amount of this
Global Note

					
					
						    

					
					
						Amount of increase in
principal amount of this
Global Note

					
					
						    

					
					
						Principal amount of this
Global Note following such
decrease or increase

					
					
						    

					
					
						Signature of authorized
signatory of Trustee or
Custodian

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			A-14

		

 

		

		
			[ATTACHMENT 3]
		

		
			FORM OF OPTION OF HOLDER TO ELECT PURCHASE
		

		
			If you want to elect to have this Note repurchased by the Company pursuant to Section 3.02 (Change of Control Repurchase) of the First Supplemental Indenture, check this box:  [ ]
		

		
			If you want to elect to have only part of this Note repurchased by the Company pursuant to Section 3.02 of the First Supplemental Indenture, state the principal amount of this Note you elect to have repurchased (if no amount is specified below it means you are electing to have this Note repurchased by the Company in its entirety):
		

		
			$ __________________*
		

		
			Date: __________________ Your Signature(s): __________________
		

		
			(Sign exactly as your name(s) appear(s) on the face of this Note)
		

		
			Signature Guarantee:________________________________________
		

		
			Signature must be guaranteed by a participant in a recognized signature guaranty 
		

		
			medallion program or other signature guarantor acceptable to the Trustee.
		

		

		
			*Must be $1,000 or an integral multiple of $1,000 in excess thereof; provided that the unpurchased portion of a Note must be a principal amount of $100,000 or an integral multiple of $1,000 in excess thereof.
		

		
			 
		

		
			 
		

		
			

		 

		

			A-15

		

 

		

		
			EXHIBIT B
		

		
			FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR EXCHANGE FROM U.S. GLOBAL NOTE TO REGULATION S GLOBAL NOTE PRIOR TO THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD
		

		
			U.S. Bank National Association 
		

		
			111 Fillmore Avenue
		

		
			St. Paul, Minnesota 55107
		

		
			Attention: Bondholder Services 
		

		
			Re: ReadyCap Holdings, LLC  
		

		
			$[   ] 7.50% Senior Secured Notes Due 2022 (the “Notes”)
		

		
			Reference is hereby made to the Indenture dated as of February 13, 2017 by and among ReadyCap Holdings, LLC (the “Company”), the guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture thereto relating to the Notes (as so supplemented and as may be further amended or supplemented from time to time, the “Indenture”).  Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 
		

		
			This Certificate relates to $[  ] aggregate principal amount of Notes represented by a beneficial interest in a U.S. Global Note (CUSIP No. 755763 AA7 / ISIN No. US755763AA79) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”).  The Transferor has requested an exchange or transfer of the foregoing principal amount of its beneficial interest for an interest in the Regulation S Global Note (CUSIP No. US75352 AA9/ ISIN No. USU75352AA98) to be held by [[Euroclear] [Clearstream Luxembourg]] through DTC.
		

		
			In connection with such request and in respect of such Notes, the Transferor hereby certifies that such exchange or transfer is being effected in accordance with the transfer restrictions set forth in the Notes and the Indenture and pursuant to and in accordance with Rule 903 or Rule 904 (as applicable) of Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor hereby represents, covenants or agrees as follows:
		

		
			(1) the offer of such Notes was not made to a Person in the United States (as defined in Regulation S);
		

		
			(2) either: (A) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (B) the transaction was executed in, on or through (i) a physical trading floor of an established foreign securities exchange that is located outside the United States in the case of a transfer pursuant to Rule 903 of Regulation S or (ii) the facilities of a designated offshore securities market (as defined in Regulation S) in the case of a transfer pursuant to Rule 904 of Regulation S and neither the Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, and in each of the foregoing cases such transfer or exchange is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S;
		

		
			
		

		
			

		 

		

			B-1

		

 

		

		
			(3) no directed selling efforts  (as defined in Regulation S) have been or will be made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable;
		

		
			(4) if the Transferor is a dealer in securities or has received a selling concession, fee or other remuneration in respect of the Notes covered by this Certificate, then the requirements of Rule 904(b)(1) of Regulation S have been satisfied;
		

		
			(5) the transfer or exchange, as applicable, is not being made to a U.S. Person or for the account or benefit of a U.S. Person;
		

		
			(6) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and
		

		
			(7) upon completion of the transfer or exchange, as applicable, the beneficial interest being transferred or exchanged as described above will be held with DTC through Euroclear or Clearstream Luxembourg or both.
		

		
			The Transferor does hereby further certify that the Transferor has notified the transferee that (i) such Notes have not been, and will not be, registered under the Securities Act or any state or other securities laws, (ii) such Notes are subject to the restrictions on the resale or other transfer thereof set forth in such Notes, the Indenture and the Offering Memorandum, (iii) the transferee shall be deemed to have represented and agreed as to those matters referred to herein and therein and (iv) the transferee shall be deemed to have agreed to notify its subsequent transferees as to the foregoing.
		

		
			This Certificate and the statements contained herein are made for your benefit and the benefit of the Company.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[TRANSFEROR]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			B-2

		

 

		

		
			EXHIBIT C
		

		
			FORM OF TRANSFER CERTIFICATE FOR THE TRANSFER OR EXCHANGE FROM U.S. GLOBAL NOTE TO REGULATION S GLOBAL NOTE AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD
		

		
			U.S. Bank National Association 
		

		
			111 Fillmore Avenue
		

		
			St. Paul, Minnesota 55107
		

		
			Attention: Bondholder Services 
		

		
			Re: ReadyCap Holdings, LLC  
		

		
			$[   ] 7.50% Senior Secured Notes Due 2022 (the “Notes”)
		

		
			Reference is hereby made to the Indenture dated as of February 13, 2017 by and among ReadyCap Holdings, LLC (the “Company”), the guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture thereto relating to the Notes (as so supplemented and as may be further amended or supplemented from time to time, the “Indenture”).  Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 
		

		
			This Certificate relates to $[  ] aggregate principal amount of Notes represented by a beneficial interest in a U.S. Global Note (CUSIP No. 755763 AA7 / ISIN No. US755763AA79) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”).  The Transferor has requested an exchange or transfer of the foregoing principal amount of its beneficial interest for an interest in the Regulation S Global Note (CUSIP No. US75352 AA9/ ISIN No. USU75352AA98) to be held by [[Euroclear] [Clearstream Luxembourg] through] DTC.
		

		
			In connection with such request and in respect of such Notes, the Transferor hereby certifies that such exchange or transfer is being effected in accordance with the transfer restrictions set forth in the Notes and the Indenture and pursuant to and in accordance with either (1) Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), or (2) Rule 144 under the Securities Act, and accordingly the Transferor hereby represents, covenants or agrees as follows:
		

		
			(1) with respect to transfers and exchanges made in reliance on Regulation S (including any such transfers and exchanges made after the U.S. Resale Restriction Termination Date):
		

		
			(A)        the offer of such Notes was not made to a Person in the United States (as defined in Regulation S);
		

		
			(B)        either: (a) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through (i) a physical trading floor of an established foreign securities exchange that is located outside the United States in the case of a transfer pursuant to Rule 903 of Regulation S or (ii) the facilities of a designated offshore securities market (as defined in Regulation S) in the case of a transfer pursuant to Rule 904 of Regulation S 
		

		
			
		

		
			

		 

		

			C-1

		

 

		

		
			and neither the Transferor nor any Person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States, and in each of the foregoing cases such transfer or exchange is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S;
		

		
			(C)        no directed selling efforts (as defined in Regulation S) have been or will be made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable; and
		

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

		
			(2) with respect to transfers made after the U.S. Resale Restriction Termination Date: such Notes are being transferred in a transaction permitted by, and in compliance with, Rule 144 under the Securities Act and the Transferor is contemporaneously delivering to the Security Registrar and the Company, a legal opinion in form and substance satisfactory to the Company, to the effect that such transfer or exchange is being made in reliance on Rule 144, that the Transferor may transfer such Note without registration under the Securities Act pursuant to Rule 144.
		

		
			[This paragraph shall not apply if the Transferor is making the certification in clause (2) above and the Company has notified the Transferor in writing that it has determined that no further transfer restrictions are required for compliance with the Securities Act] The Transferor does hereby further certify that the Transferor has notified the transferee that (i) such Notes have not been, and will not be, registered under the Securities Act or any state or other securities laws, (ii) such Notes are subject to the restrictions on the resale or other transfer thereof set forth in such Notes, the Indenture and the Offering Memorandum, (iii) the transferee shall be deemed to have represented and agreed as to those matters referred to herein and therein and (iv) the transferee shall be deemed to have agreed to notify its subsequent transferees as to the foregoing.
		

		
			This Certificate and the statements contained herein are made for your benefit and the benefit of the Company.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[TRANSFEROR]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			EXHIBIT D
		

		
			FORM OF TRANSFER CERTIFICATE 
		

		
			FOR TRANSFER OR EXCHANGE FROM REGULATION S GLOBAL NOTE
		

		
			TO U.S. GLOBAL NOTE PRIOR TO THE 
		

		
			EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD
		

		
			U.S. Bank National Association 
		

		
			111 Fillmore Avenue
		

		
			St. Paul, Minnesota 55107
		

		
			Attention: Bondholder Services 
		

		
			Re: ReadyCap Holdings, LLC  
		

		
			$[   ] 7.50% Senior Secured Notes Due 2022 (the “Notes”)
		

		
			Reference is hereby made to the Indenture dated as of February 13, 2017 by and among ReadyCap Holdings, LLC (the “Company”), the guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture thereto relating to the Notes (as so supplemented and as may be further amended or supplemented from time to time, the “Indenture”).  Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 
		

		
			This Certificate relates to $[  ] aggregate principal amount of Notes represented by a beneficial interest in a Regulation S Global Note (CUSIP No. US75352 AA9/ ISIN No. USU75352AA98) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”).  The Transferor has requested an exchange or transfer of the foregoing principal amount of its beneficial interest for an interest in the U.S. Global Note (CUSIP No. 755763 AA7 / ISIN No. US755763AA79) to be held through DTC.
		

		
			In connection with such request, and in respect of such Notes, the Transferor hereby certifies that such transfer or exchange, as applicable, is being effected in accordance with the transfer restrictions set forth in the Notes and the Indenture and pursuant to and in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is acquiring such Notes for its own account or an account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A to whom notice has been given that such transfer or exchange, as applicable, is being made pursuant to Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction.  
		

		
			The Transferor does further certify that (i) it has notified the transferee that it has relied on Rule 144A as a basis for the exemption from the registration requirements of the Securities Act used in connection with the transfer or exchange, as applicable, (ii) such Notes have not been, and will not be, registered under the Securities Act or any state or other securities laws, (iii) such Notes are subject to the restrictions on the resale or other transfer thereof set forth in such Notes, the Indenture and the Offering Memorandum, (iv) the transferee shall be deemed to 
		

		
			
		

		
			

		 

		

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			have represented and agreed as to those matters referred to herein and therein and (v) the transferee shall be deemed to have agreed to notify its subsequent transferees as to the foregoing.
		

		
			This Certificate and the statements contained herein are made for your benefit and the benefit of the Company.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[TRANSFEROR]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			D-2

		

 

		

		
			EXHIBIT E
		

		
			FORM OF TRANSFEROR CERTIFICATE FOR OTHER TRANSFERS
		

		
			U.S. Bank National Association 
		

		
			111 Fillmore Avenue
		

		
			St. Paul, Minnesota 55107
		

		
			Attention: Bondholder Services 
		

		
			Re: ReadyCap Holdings, LLC  
		

		
			$[   ] 7.50% Senior Secured Notes Due 2022 (the “Notes”)
		

		
			Reference is hereby made to the Indenture dated as of February 13, 2017 by and among ReadyCap Holdings, LLC (the “Company”), the guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture thereto relating to the Notes (as so supplemented and as may be further amended or supplemented from time to time, the “Indenture”).  Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 
		

		
			This Certificate relates to $[  ] aggregate principal amount of Notes represented by [a Certificated Note, with serial no. [                   ], held by [TRANSFEROR] (the  “Transferor”)][a beneficial interest in a Regulation S Global Note (CUSIP No. US75352 AA9/ ISIN No. USU75352AA98) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”)].  The Transferor has requested a transfer of the foregoing principal amount of [such Note to [TRANSFEREE] in the form of a [Certificated Note][a beneficial interest in a U.S. Global Note (CUSIP No. 755763 AA7 / ISIN No. US755763AA79)][a beneficial interest in a Regulation S Global Note(CUSIP No. US75352 AA9/ ISIN No. USU75352AA98)]] [its beneficial interest in the Regulation S Global Note to [TRANSFEREE]].
		

		
			In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer is being effected in accordance with the transfer restrictions set forth in the Notes and the Indenture, and accordingly the Transferor does hereby represent, covenant or agree as follows:
		

		
			CHECK ONE BOX BELOW
		

		
			(1)      ☐      such Notes are being transferred to the Company or an Affiliate of the Company; or
		

		
			(2)      ☐      such Notes are being transferred to Keefe, Bruyette & Woods, Inc., Incapital LLC or Sandler O’Neill & Partners, L.P.; or
		

		
			(3)      ☐      such Notes are being transferred pursuant to and in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is acquiring such Notes for its own account or an account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A to whom notice has been given that such 
		

		
			
		

		
			

		 

		

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			transfer is being made pursuant to Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction.  The Transferor does further certify that it has notified the transferee that it has relied on Rule 144A as a basis for the exemption from the registration requirements of the Securities Act used in connection with the transfer; or
		

		
			(4)      ☐      [Regulation S Transfers prior to the expiration of the Distribution Compliance Period] such Notes are being transferred pursuant to and in accordance with Rule 903 or Rule 904 (as applicable) of Regulation S (“Regulation S”) under the Securities Act, and (i) the offer of such Notes was not made to a Person in the United States (as defined in Regulation S); (ii) either: (A) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (B) the transaction was executed in, on or through (x) a physical trading floor of an established foreign securities exchange that is located outside the United States in the case of a transfer pursuant to Rule 903 of Regulation S or (y) the facilities of a designated offshore securities market (as defined in Regulation S) in the case of a transfer pursuant to Rule 904 of Regulation S and neither the Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, and in each of the foregoing cases such transfer is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S; (iii) no directed selling efforts (as defined in Regulation S) have been or will be made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable; (iv) if the Transferor is a dealer in securities or has received a selling concession, fee or other remuneration in respect of the Notes covered by this Certificate, then the requirements of Rule 904(b)(1) of Regulation S have been satisfied; (v) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person; (vi) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (vii) if such Notes are being transferred for interests in a Regulation S Global Note, upon completion of the transfer, the Notes being transferred will be held with DTC through Euroclear or Clearstream Luxembourg or both; or 
		

		
			(5)      ☐      [Regulation S Transfers after the expiration of the Distribution Compliance Period] such Notes are being transferred pursuant to and in accordance with Regulation S, and (i) the offer of such Notes was not made to a Person in the United States (as defined in Regulation S); (ii)        either: (A) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (B) the transaction was executed in, on or through (x) a physical 
		

		
			
		

		
			

		 

		

			E-2

		

 

		

		
			trading floor of an established foreign securities exchange that is located outside the United States in the case of a transfer pursuant to Rule 903 of Regulation S or (y) the facilities of a designated offshore securities market (as defined in Regulation S) in the case of a transfer pursuant to Rule 904 of Regulation S and neither the Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, and in each of the foregoing cases such transfer is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S; (iii)     no directed selling efforts (as defined in Regulation S) have been or will be made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable; and (iv) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; or
		

		
			(6)      ☐      such Notes are being transferred to an “accredited investor” within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act (an “institutional accredited investor”) purchasing or otherwise acquiring such Notes for its own account or as fiduciary or agent for others (each of whom is an institutional accredited investor) unless the acquiror is a bank (as defined in Section 3(a)(2) of the Securities Act) or a savings and loan association or other institution as described in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual capacity or in a fiduciary capacity) for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, and the Transferor has not utilized any “general solicitation” or “general advertising” (within the meaning of the Securities Act and the rules and regulations thereunder) in connection therewith.
		

		
			(7)      ☐      such Notes are being transferred pursuant to an effective registration statement under the Securities Act; or
		

		
			(8)     ☐      such Notes are being transferred pursuant to Rule 144 under the Securities Act of 1933 or another available exemption from registration under the Securities Act of 1933.
		

		
			Unless one of the boxes is checked, the Security Registrar will refuse to register any of the Notes to be transferred in the name of any Person other than the Holder thereof; provided,  however, that if box (6) or (8) is checked, the Transferor may be required to deliver such additional certifications, legal opinions and other information as may be required by the Company and the Security Registrar to confirm that the proposed transfer is exempt from, or not subject to, the registration requirements of the Securities Act.
		

		
			The Transferor does hereby further certify that the Transferor has notified the transferee that (i) such Notes have not been, and will not be, registered under the Securities Act or any state or other securities laws, (ii) such Notes are subject to the restrictions on the resale or other transfer thereof set forth in such Notes, the Indenture and the Offering Memorandum, (iii) the 
		

		
			
		

		
			

		 

		

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			transferee shall be deemed to have represented and agreed as to those matters referred to herein and therein and (iv) the transferee shall be deemed to have agreed to notify its subsequent transferees as to the foregoing.
		

		
			This Certificate and the statements contained herein are made for your benefit and the benefit of the Company.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[TRANSFEROR]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			E-4

		

 

		

		
			EXHIBIT F
		

		
			FORM OF TRANSFEREE CERTIFICATE
		

		
			TO BE EXECUTED BY INSTITUTIONAL ACCREDITED INVESTORS
		

		
			U.S. Bank National Association 
		

		
			111 Fillmore Avenue
		

		
			St. Paul, Minnesota 55107
		

		
			Attention: Bondholder Services 
		

		
			Re: ReadyCap Holdings, LLC  
		

		
			$[   ] 7.50% Senior Secured Notes Due 2022 (the “Notes”) 
		

		
			Reference is hereby made to the Indenture dated as of February 13, 2017 by and among ReadyCap Holdings, LLC (the “Company”), the guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture thereto relating to the Notes (as so supplemented and as may be further amended or supplemented from time to time, the “Indenture”).  Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 
		

		
			In connection with our acquisition of  $[  ] aggregate principal amount of Notes represented by [a Certificated Note, with serial no. [                         ], held by [TRANSFEROR] (the “Transferor”)][a beneficial interest in a Regulation S Global Note (CUSIP No. US75352 AA9/ ISIN No. USU75352AA98) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”)], we represent, warrant and agree that:
		

		
			1.      We understand that the Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other securities laws and may not be offered or sold except as permitted below.  We agree, by our purchase or other acquisition thereof, on our own behalf and on behalf of any investor account for which we are purchasing or otherwise acquiring the Notes, that, if we decide to offer, sell or otherwise transfer any such Notes prior to (i) the date which is one year after the later of (A) the date of original issuance of such Notes and (B) the last date on which the Company or any Affiliate (as defined in Rule 405 under the Securities Act) of the Company was the holder or beneficial owner of such Notes (or any predecessor thereto) and (ii) such later date, if any, as may be required by any subsequent change in applicable law (the “U.S. Resale Restriction Termination Date”), then we will make such offer, sale or other transfer only (a) to the Company, any Affiliate of the Company or Keefe, Bruyette & Woods, Inc., Incapital LLC or Sandler O’Neill & Partners, L.P. (b) for so long as such Notes are eligible for resale pursuant to Rule 144A under the Securities Act, to a person we reasonably believe is a qualified institutional buyer within the meaning of Rule 144A (a “QIB”) purchasing or otherwise acquiring such Notes for its own account or as fiduciary or agent for others (each of whom must be a QIB) and to whom notice is given that the transfer is being made in reliance on Rule 144A, (c) to an institutional investor that qualifies as an “accredited investor” within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act (an “institutional accredited investor”) purchasing or otherwise acquiring such Notes for its own account or as fiduciary or agent for others (each of whom must also be an institutional accredited investor unless the acquiror is a bank (as defined in Section 3(a)(2) of the Securities Act) or a savings and loan association or other institution as described in Section 3(a)(5)(A) of the Securities Act, 
		

		
			
		

		
			

		 

		

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			whether acting in its individual capacity or in a fiduciary capacity) for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, (d) to a non-”U.S. Person” in an “offshore transaction” within the meaning of, and in accordance with, Regulation S under the Securities Act, (e) pursuant to an effective registration statement under the Securities Act, or (f) pursuant to another available exemption from the registration requirements of the Securities Act and the securities laws of each other applicable jurisdiction, subject, in each of the foregoing cases, to any requirements of law that govern the disposition of our property.  If any sale or other transfer of the Notes is proposed to be made prior to the U.S. Resale Restriction Termination Date, we shall deliver a certificate to the Security Registrar in the form prescribed in the Indenture and, if the transferee is an institutional accredited investor, the transferee shall deliver a certificate to the Security Registrar in the form of this certificate.  We acknowledge that the Company and the Security Registrar reserves the right prior to any sale or other transfer pursuant to clause (c) or (f) to require the delivery of such certifications, legal opinions or other information as is reasonable to confirm that such sale or other transfer is exempt from, or not subject to, the registration requirements of the Securities Act.  We acknowledge that, prior to the U.S. Resale Restriction Termination Date, the Notes will bear a legend to the effect of the foregoing.
		

		
			2.      We are (i) not an Affiliate of the Company and (ii) an institutional accredited investor purchasing or otherwise acquiring the Notes for our own account or as fiduciary or agent for others (each of whom must also be an institutional accredited investor unless the acquiror is a bank (as defined in Section 3(a)(2) of the Securities Act) or a savings and loan association or other institution as described in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual capacity or in a fiduciary capacity) for investment purposes and not with view to, or for offer or sale in connection with, any distribution in violation of the Securities Act.
		

		
			3.      In the event that we acquire any Notes, we will acquire such Notes having an aggregate principal amount of not less than $100,000 and integral multiples of $1,000 in excess thereof for our own account and for each investor account for which we are acting.
		

		
			4.      Either (i) No portion of the assets that will be used by us to acquire or hold such Notes constitutes assets of any employee benefit plans that are subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), any plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”), and entities whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement or (ii) the acquisition and holding of such Notes by us will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or similar violation under any applicable Similar Laws.
		

		
			5.      In the normal course of our business, we invest in or purchase securities similar to the Notes and we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of acquiring the Notes and we are aware that we (and any such investor account) may be required to bear the economic risk of an 
		

		
			
		

		
			

		 

		

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			investment in the Notes for an indefinite period of time and we (and such investor account) are able to bear such risk for an indefinite period.
		

		
			6.      We acknowledge that the Company, the Guarantors, the Trustee, the Security Registrar and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations, warranties and agreements and agree that if any of our acknowledgments, representations, warranties and agreements are no longer accurate, we shall promptly notify the Company and the Trustee.  If we are acquiring any Notes as a fiduciary or agent for one or more investor accounts, we represent that we have sole discretion with respect to each such investor account and that we have full power to make the foregoing acknowledgments, representations and agreements on behalf of each such investor account.
		

		
			7.      We agree to notify each of our subsequent transferees of Notes as to the foregoing acknowledgements, representations and agreements required to be made, or deemed to be made by them.
		

		
			You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy thereof to any interested party in any administrative or legal proceeding or other inquiry with respect to matters covered hereby.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[TRANSFEREE]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Dated:

					
					
						 

				

		
			 
		

		
			Upon transfer, the Notes should be registered in the name of the new person as follows.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Address:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Taxpayer ID Number:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		 

		

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