Document:

Corporate Capital Trust, Inc. 8-K

 

Exhibit
4.1

 

Execution
Version

 

CORPORATE
CAPITAL TRUST, INC.

 

Company

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

Trustee

 

Indenture

 

Dated as of June 28, 2017

 

5.00%
Senior Notes due 2022

 

    	 

     

    

 

Corporate
Capital Trust, Inc.

Reconciliation and tie between Trust Indenture Act of 1939

and Indenture, dated as of June 28, 2017

 

	Trust
    Indenture

    Act Section	 	Indenture

    Section
	§ 310	(a)(1)	507
	 	(a)(2)	507
	 	(b)	509
	§ 312	(c)	601
	§ 314	(a)	604
	 	(a)(4)	905
	 	(c)(1)	102
	 	(c)(2)	102
	 	(e)	102
	§ 315	(b)	501
	§ 316	(a)
    (last sentence)	101 (“Outstanding”)
	 	(a)(1)(A)	402, 412
	 	(a)(1)(B)	413
	 	(b)	408
	§ 317	(a)(1)	403
	 	(a)(2)	404
	§ 318	(a)	111
	 	(c)	111
	 	 	 	 

 

NOTE:
This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.

 

    	 

     

    

 

TABLE
OF CONTENTS

 

Page

	Article
    One DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	SECTION
    101.   Definitions	1
	SECTION
    102.   Compliance Certificates and Opinions	10
	SECTION
    103.   Form of Documents Delivered to Trustee	11
	SECTION
    104.   Acts of Holders	11
	SECTION
    105.   Notices, Etc., to Trustee and Company	12
	SECTION
    106.   Notice to Holders; Waiver	13
	SECTION
    107.   Conflict with TIA	14
	SECTION
    108.   Effect of Headings and Table of Contents	14
	SECTION
    109.   Successors and Assigns	14
	SECTION
    110.   Separability Clause	14
	SECTION
    111.   Benefits of Indenture	14
	SECTION
    112.   Governing Law	15
	SECTION
    113.   Multiple Counterparts	15
	SECTION
    114.   Legal Holidays	15
	SECTION
    115.   Submission to Jurisdiction	15
	SECTION
    116.   Waiver of Jury Trial	15
	Article
    Two THE SECURITIES	16
	SECTION
    201.   Amount of Notes	16
	SECTION
    202.   Form and Dating; Legends	16
	SECTION
    203.   Execution and Authentication	16
	SECTION
    204.   Temporary Notes	18
	SECTION
    205.   Registration	18
	SECTION
    206.   Mutilated, Destroyed, Lost and Stolen Notes	19
	SECTION
    207.   Payment of Interest; Regular Record Date	20
	SECTION
    208.   Persons Deemed Owners	21
	SECTION
    209.   Cancellation	21
	SECTION
    210.   Computation of Interest	22
	SECTION
    211.   CUSIP Numbers	22
	SECTION
    212.   Book-Entry Provisions for Global Notes	22
	SECTION
    213.   Transfer and Exchange of Notes	23
	Article
    Three SATISFACTION AND DISCHARGE	30
	SECTION
    301.   Satisfaction and Discharge of Indenture	30
	SECTION
    302.   Application of Trust Funds	31
	Article
    Four REMEDIES	32
	SECTION
    401.   Events of Default	32

 

    	 

     

    

 

	SECTION
    402.   Acceleration of Maturity; Rescission and Annulment	33
	SECTION
    403.   Collection of Indebtedness and Suits for Enforcement by Trustee	34
	SECTION
    404.   Trustee May File Proofs of Claim	35
	SECTION
    405.   Trustee May Enforce Claims Without Possession of Notes	36
	SECTION
    406.   Application of Money Collected	36
	SECTION
    407.   Limitation on Suits	37
	SECTION
    408.   Unconditional Right of Holders to Receive Principal, Premium and Interest	37
	SECTION
    409.   Restoration of Rights and Remedies	37
	SECTION
    410.   Rights and Remedies Cumulative	38
	SECTION
    411.   Delay or Omission Not Waiver	38
	SECTION
    412.   Control by Holders	38
	SECTION
    413.   Waiver of Past Defaults	38
	SECTION
    414.   Waiver of Stay or Extension Laws	39
	SECTION
    415.   Undertaking for Costs	39
	Article
    Five THE TRUSTEE	39
	SECTION
    501.   Notice of Defaults	39
	SECTION
    502.   Certain Rights and Duties of Trustee	40
	SECTION
    503.   Not Responsible for Recitals or Issuance of Notes	43
	SECTION
    504.   May Hold Notes	43
	SECTION
    505.   Money Held in Trust	43
	SECTION
    506.   Compensation and Reimbursement and Indemnification of Trustee	43
	SECTION
    507.   Corporate Trustee Required; Eligibility	45
	SECTION
    508.   Disqualification; Conflicting Interests	45
	SECTION
    509.   Resignation and Removal; Appointment of Successor	45
	SECTION
    510.   Acceptance of Appointment by Successor	46
	SECTION
    511.   Merger, Conversion, Consolidation or Succession to Business	47
	SECTION
    512.   Appointment of Authenticating Agent	47
	Article
    Six HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	49
	SECTION
    601.   Company to Furnish Trustee Names and Addresses of Holders	49
	SECTION
    602.   Preservation of Information; Communications to Holders	49
	SECTION
    603.   Reports by Trustee	50
	SECTION
    604.   Reports by Company	50
	SECTION
    605.   Calculation of Original Issue Discount	51
	Article
    Seven CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	51
	SECTION
    701.   Company May Consolidate, Etc., Only on Certain Terms	51
	SECTION
    702.   Successor Person Substituted	52
	Article
    Eight SUPPLEMENTAL INDENTURES	52
	SECTION
    801.   Supplemental Indentures Without Consent of Holders	52
	SECTION
    802.   Supplemental Indentures with Consent of Holders	53

 

    	ii 

     

    

 

	SECTION
    803.   Execution of Supplemental Indentures	54
	SECTION
    804.   Effect of Supplemental Indentures	54
	SECTION
    805.   Conformity with Trust Indenture Act	54
	SECTION
    806.   Reference in Notes to Supplemental Indentures	54
	Article
    Nine COVENANTS	55
	SECTION
    901.   Payment of Principal, Premium, if any, and Interest	55
	SECTION
    902.   Limitation on Second Liens	55
	SECTION
    903.   Maintenance of Office or Agency	55
	SECTION
    904.   Money for Notes Payments to Be Held in Trust	56
	SECTION
    905.   Repurchase at the Option of Holders upon a Change of Control Repurchase Event	56
	SECTION
    906.   Statement as to Compliance	59
	Article
    Ten REDEMPTION OF SECURITIES	59
	SECTION
    1001.   Election to Redeem; Notice to Trustee	59
	SECTION
    1002.   Selection by Trustee of Notes to Be Redeemed	59
	SECTION
    1003.   Notice of Redemption	60
	SECTION
    1004.   Deposit of Redemption Price	61
	SECTION
    1005.   Notes Payable on Redemption Date	61
	SECTION
    1006.   Notes Redeemed in Part	61
	SECTION
    1007.   Mandatory Redemption	61
	Article
    Eleven DEFEASANCE AND COVENANT DEFEASANCE	62
	SECTION
    1101.   Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	62
	SECTION
    1102.   Defeasance and Discharge	62
	SECTION
    1103.   Covenant Defeasance	62
	SECTION
    1104.   Conditions to Defeasance or Covenant Defeasance	63
	SECTION
    1105.   Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	64

 

    	iii 

     

    
 

INDENTURE,
dated as of June 28, 2017, between CORPORATE CAPITAL TRUST, INC., a Maryland corporation that is a closed-end investment
company that has elected to be treated as a business development company (hereinafter called the “Company”),
having its principal office at 450 South Orange Avenue, Orlando, Florida 32801, and THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., as Trustee (hereinafter called the “Trustee”), having its office at 10161 Centurion Parkway N.,
Jacksonville, Florida 32256.

 

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders:

 

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
and, pursuant to Section 201, any such item may be amended or modified or specified as being inapplicable;

 

(2)       all
other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)       all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States; and

 

(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.

 

Certain
terms, used in other Articles herein, are defined in those Articles.

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Authenticating
Agent” means any authenticating agent appointed by the Trustee pursuant to Section 512 to act on behalf of the
Trustee to authenticate Notes.

 

    	 

     

    

 

“Authorized
Newspaper” means a newspaper, 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. Where successive publications
are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers
in the same city meeting the foregoing requirements and in each case on any Business Day.

 

“Below
Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by both Change of Control Rating
Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of
the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as
the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Change of Control Rating
Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Change of
Control Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result
of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at
the time of the Below Investment Grade Rating Event).

 

“Board
of Directors” means the board of directors of the Company, the executive committee or any committee of that board duly
authorized to act hereunder.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors (or by a committee of the Board of Directors, to the extent that any such other committee
has been authorized by the Board of Directors to establish or approve the matters contemplated) 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 Notes, means, unless otherwise specified with respect to any Notes pursuant to Section 201, each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment or particular location
are authorized or obligated by law or executive order to close.

 

“Change
of Control” means the occurrence of any of the following:

 

(i)       the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a
series of related transactions, of all or substantially all of the property or assets of the Company and its Controlled Subsidiaries,
taken as a whole, to any “person” or “group” (as those terms are used in Section 13(d)(3) of the
Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant
to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, transfer,
conveyance or disposition;

 

    	2 

     

    

 

(ii)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or

 

(iii)       the
approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.

 

“Change
of Control Rating Agency” means:

 

(i)       each
of Kroll and S&P; and

 

(ii)       if
either of Kroll or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside
of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section (3)(a)(62)
of the Exchange Act selected by the Company as a replacement agency for Kroll or S&P, or both, as the case may be.

 

“Change
of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after execution of this instrument such Commission is
not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties
on such date.

 

“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 the Chief Executive Officer, President, an Executive Vice President or a Vice President of the Company, and by
the Chief Financial Officer, Treasurer, Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Notes being redeemed.

 

“Comparable
Treasury Price” means (i) the average of the remaining Reference Treasury Dealer Quotations for the redemption
date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

    	3 

     

    

 

“Controlled
Subsidiary” means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned
by the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to
direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement
or otherwise.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered,
which office at the date hereof is located at 10161 Centurion Parkway N., Jacksonville, Florida 32256, Attention: Client
Service Manager, Corporate Trust Administration, Fax No.: (904) 645-1921, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

“Corporation”
includes corporations, associations, companies and business trusts.

 

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

 

“Depository”
means the clearing agency registered under the Exchange Act that is designated to act as the Depository for global Notes. DTC
shall be the initial Depository, until a successor shall have been appointed and become such pursuant to the applicable provisions
of this Indenture, and thereafter, “Depository” shall mean or include such successor.

 

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

 

“DTC”
means The Depository Trust Company.

 

“Electronic
Means” means the following communication methods: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or any other method or
system specified by the Trustee as available for use in connection with its services under this Indenture.

 

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

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, and the rules and regulations promulgated by the Commission
thereunder and any statute successor thereto, in each case as amended from time to time.

 

“Fitch”
means Fitch Ratings, Inc.

 

“Global
Note Legend” means the legend substantially in the form set forth in Exhibit B.

 

    	4 

     

    

 

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

 

“Holder”
means the Person in whose name a Note is registered in the Note Register.

 

“Increased
Interest Rate Period” has the meaning specified in Article Two.

 

“Indebtedness”
of any specified Person means, without duplication, any indebtedness, whether or not contingent, in respect of borrowed money
or that is evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements with
respect thereto) or representing the balance deferred and unpaid of the purchase price of any Property, except any such balance
that constitutes an accrued expense or trade payable, if and to the extent any of the foregoing indebtedness would appear as a
liability on an unconsolidated balance sheet of such person (but does not include contingent liabilities that appear only in a
footnote to a balance sheet). In addition, the term “Indebtedness” includes all of the following items, whether or
not any such items would appear as a liability on a balance sheet of the specified person in accordance with generally accepted
accounting principles in the United States (“U.S. GAAP”):

 

(i)       all
Indebtedness of others secured by a lien on any asset of the specified person (whether or not such Indebtedness is assumed by
the specified person); and

 

(ii)       to
the extent not otherwise included, any guarantee by the specified person of Indebtedness of any other person.

 

“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 the Notes established
as contemplated by Section 201.

 

“Interest
Payment Date” means the Stated Maturity of an installment of interest on the Notes.

 

“Interest
Rate Increase” has the meaning specified in Article Two.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act.

 

“Investment
Grade” means a rating of BBB- or better by Kroll (or its equivalent under any successor rating categories of Kroll)
and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such
Change of Control Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment
grade credit rating from any Change of Control Rating Agency selected by the Company as a replacement Change of Control Rating
Agency).

 

    	5 

     

    

 

“Issue
Date” means June 28, 2017, the date on which Notes are first issued under this Indenture.

 

“Kroll”
means Kroll Bond Rating Agency, Inc., or any successor thereto.

 

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

 

“Maturity”
means the date on which the principal of the Notes become due and payable as therein or herein provided, whether at the Stated
Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment, notice of exchange or otherwise.

 

“Note”
or “Notes” has the meaning stated in the first recital of this Indenture and, more particularly, means any
Note or Notes authenticated and delivered under this Indenture.

 

“Note
Register” and “Note Registrar” have the respective meanings specified in Section 205.

 

“Notice
of Default” has the meaning provided in Section 401.

 

“Officers’
Certificate” means a certificate signed by the Chief Executive Officer, President, an Executive Vice President or a
Vice President of the Company, and by the Chief Financial Officer, Treasurer, Secretary or an Assistant Secretary of the Company,
and delivered to the Trustee.

 

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

 

“Outstanding”
means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:

 

(i)       Notes
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)       Notes,
or portions thereof, for whose payment or redemption or repayment at the option of the Holder 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 Notes; provided that,
if such Notes 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;

 

    	6 

     

    

 

(iii)       Notes,
except to the extent provided in Sections 1102 and 1103, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Eleven; and

 

(iv)       Notes
that have been paid pursuant to Section 206 or in exchange for or in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Notes are held by a protected purchaser in whose hands such Notes are valid obligations of the Company;

 

provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given
any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for
quorum purposes, and for the purpose of making the calculations required by TIA Section 313, Notes owned by the Company or
any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not
to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying
upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence
of a quorum, only Notes that a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes
so owned that 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 Notes and that the pledgee is not the Company or any other
obligor upon the Notes or any Affiliate of the Company or of such other obligor.

 

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

 

“Permitted
Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) CNL
Fund Advisors Company or KKR Credit Advisors (US) LLC (the “Advisors”), any of the Advisors’ affiliates
or any entity that is managed by the Advisors or any of their respective Affiliates that is organized under the laws of a jurisdiction
located in the United States and in the business of managing or advising clients.

 

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

 

“Place
of Payment” means the place or places where the principal of (and premium, if any) and interest on the Notes are payable
as specified and as contemplated by Sections 201 and 902.

 

“Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 206
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Note.

 

    	7 

     

    

 

“Private
Placement Legend” means the legend substantially in the form set forth in Exhibit C.

 

“Property”
means any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.

 

“Qualified
Institutional Buyer” shall have the meaning specified in Rule 144A under the Securities Act.

 

“Quotation
Agent” means a Reference Treasury Dealer selected by the Company.

 

“Rating
Agencies” means Fitch, Kroll and S&P.

 

“Redemption
Date,” when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for such redemption
by or pursuant to this Indenture.

 

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

 

“Reference
Treasury Dealer” means any primary U.S. government securities dealer selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m.
New York City time on the third Business Day preceding such redemption date.

 

“Registered
Note” means any Note that is registered in the Note Register.

 

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

 

“Regulation
S Legend” means the legend substantially in the form set forth in Exhibit D.

 

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

 

“Repayment
Price,” when used with respect to any Note to be repaid at the option of the Holder, means 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 at its Corporate Trust Office assigned
by the Trustee to administer its corporate trust matters and who shall have direct responsibility for the administration of this
Indenture.

 

“Restricted
Note” has the same meaning as “restricted security” set forth in Rule 144(a)(3) under the Securities
Act; provided that the Trustee shall be entitled to request (at the expense of the Company) and conclusively rely upon
an Opinion of Counsel with respect to whether any Note is a Restricted Note.

 

    	8 

     

    

 

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

 

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

 

“S&P”
means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto.

 

“Second
Lien” means any Lien created or incurred on any Property that, at the time of such creation or incurrence, is encumbered
by a Lien previously created or incurred.

 

“Stated
Maturity” means the date specified in the Notes as the fixed date on which the principal of the Notes or interest is
due and payable.

 

“Subsidiary”
means (i) any corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries of the Company, (ii) any other Person (other than a corporation) in which such Person,
one or more Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at
the date of determination thereof has a majority ownership interest, or (iii) a partnership in which such Person or a Subsidiary
of such Person is, at the time, a general partner and in which such Person, directly or indirectly, at the date of determination
thereof has a majority ownership interest; provided that, in any case, Subsidiaries shall only include consolidated subsidiaries
and shall exclude any investments held by the Company that are not, under generally accepted accounting principles in the United
States, consolidated on the financial statements of the Company and its subsidiaries. For the purposes of this definition, “voting
stock” means stock having voting power for the election of directors, whether at all times or only so long as no senior
class of stock has such voting power by reason of any contingency.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield-to-maturity
of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date. The redemption price and the Treasury Rate will be determined by the Company.

 

“Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date
as of which this Indenture was executed, except as provided in Section 805.

 

“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.

 

“United
States” means the United States of America (including the states and the District of Columbia), its territories, its
possessions and other areas subject to its jurisdiction.

 

    	9 

     

    

 

“United
States person” means, unless otherwise specified with respect to any Notes pursuant to Section 201, any 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, any state thereof or the District of Columbia (other than a partnership that is not treated as
a United States person under any applicable Treasury regulations), any estate the income of which is subject to United States
federal income taxation regardless of its source, or any trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States persons have the authority to control all substantial
decisions of the trust. Notwithstanding the preceding sentence, to the extent provided in the Treasury regulations, certain trusts
in existence on August 20, 1996, and treated as United States persons prior to such date that elect to continue to be treated
as United States persons, will also be United States persons.

 

“Unrestricted
Note” means Notes that are not Restricted Notes.

 

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

 

SECTION
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 Officers’ Certificate stating that all conditions precedent, 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, except that in the case of any such application or request
as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant
to Section 905) 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 or she has made such examination or investigation as is necessary to
enable such individual to express an informed opinion as to whether or not such condition or covenant has been complied with;
and

 

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

 

    	10 

     

    

 

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 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 stating that the information as
to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care
should know, 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 may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by agents duly appointed in writing. Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders may, alternatively, be embodied in
and evidenced by the record of Holders voting in favor thereof, either in person or by proxies duly appointed in writing, at
any meeting of Holders duly called and held, or a combination of such instruments and any such record. Except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are
delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any
such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any Person of a Note, shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company,
if made in the manner provided in this Section. The record of any meeting of Holders shall be proved in the manner provided
in Section 1206.

 

    	11 

     

    

 

(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 or her 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 that the Trustee deems sufficient.

 

(c)       The
ownership of Registered Notes shall be proved by the Note Register.

 

(d)       If
the Company shall solicit from the Holders of Registered Notes 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. 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 Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the Outstanding Notes 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.

 

(e)       Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note 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 Note Registrar, any Paying
Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Note.

 

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 shall be sufficient for every purpose hereunder if made, given, furnished, filed or mailed,
first-class postage prepaid in writing to or with the Trustee at its Corporate Trust Office, Attention: Client Service Manager,
Corporate Trust Administration, Fax No.: (904) 645-1921, or at any other address previously furnished in writing to
the Company by the Trustee, or

 

    	12 

     

    

 

(2)       the
Company 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 addressed to it at the address of its principal office specified
in the first paragraph of this Indenture, to the attention of its Secretary or at any other address previously furnished in writing
to the Trustee by the Company, or via facsimile to (407) 540-2699.

 

Notwithstanding
the foregoing, the Trustee shall accept and act upon instructions, including fund transfer instructions (“Instructions”),
given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the parties hereto
shall provide to the Trustee an incumbency certificate listing their respective officers with the authority to provide such Instructions
(the “Authorized Officers”) by name and title and containing specimen signatures and the direct dial telephones
numbers of such Authorized Officers, which incumbency certificate shall be amended by the parties hereto whenever an Authorized
Officer is to be added or deleted from the listing. If the Company or any Holder elects to give the Trustee Instructions using
Electronic Means, the Trustee’s reasonable understanding of such Instructions shall be deemed controlling. The parties hereto
understand and agree that the Trustee cannot determine the identity of the actual sender of such Instructions by Electronic Means
and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer have been
sent by such Authorized Officer. The parties hereto shall be responsible for ensuring that only Authorized Officers transmit such
Instructions to the Trustee and the parties hereto and the applicable Authorized Officers are solely responsible for safeguarding
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the
parties hereto. 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 notwithstanding if such directions conflict or are inconsistent with a subsequent
written instruction. The parties hereto agree: (i) to assume all risks arising out of the use of Electronic Means to submit
Instructions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized Instructions and the
risk of interception and misuse by third parties; (ii) that such party is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting
Instructions than the method(s) selected by the parties hereto; (iii) that the security procedures (if any) to be followed
in connection with the transmission of Instructions provide to it a commercially reasonable degree of protection in light of its
particular needs and circumstances; and (iv) to notify the other parties upon learning of any compromise or unauthorized
use of the security procedures.

 

SECTION
106.        Notice to Holders; Waiver.

 

Where
this Indenture provides for notice of any event to Holders of Registered Notes by the Company or the Trustee, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, by overnight
courier guaranteeing next day delivery, or by facsimile transmission or email, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice. Neither the failure to mail such notice, nor any defect in any
notice so mailed, shall affect the sufficiency of such notice with respect to other Holders of Registered Notes. Any notice mailed
or sent 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.

 

    	13 

     

    

 

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, facsimile or email, then such notification to Holders of Registered Notes as shall be made with the
approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.

 

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.

 

SECTION
107.          Conflict with TIA.

 

If
any provision of this Indenture limits, qualifies or conflicts with a provision of the TIA that is required under the TIA to be
a part of and govern this Indenture, the provision of the TIA shall control. If any provision of this Indenture modifies or excludes
any provision of the TIA that may be so modified or excluded, the provision of the TIA shall be deemed to apply to this Indenture
as so modified or only to the extent not so excluded, as the case may be.

 

SECTION
108.          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
109.          Successors and Assigns.

 

All
covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION
110.          Separability Clause.

 

In
case any provision in this Indenture or in any Note 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
111.          Benefits of Indenture.

 

Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Note 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.

 

    	14 

     

    

 

SECTION
112.          Governing Law.

 

This
Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York without regard
to principles of conflicts of laws. This Indenture is subject to the provisions of the Trust Indenture Act that are required to
be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

 

SECTION
113.          Multiple Counterparts.

 

The
parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them
together represent one and the same agreement.

 

SECTION
114.          Legal Holidays.

 

In
any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity
of any Note shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or
any Note other than a provision in the Notes that specifically states that such provision shall apply in lieu of this Section),
payment of principal (or premium, if any) or interest 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
115.          Submission to Jurisdiction.

 

The
Company hereby irrevocably submits to the non-exclusive jurisdiction of any New York state or federal court sitting in The City
of New York in the Borough of Manhattan in any action or proceeding arising out of or relating to the Indenture and the Notes,
and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined
in such New York state or federal court. The Company hereby irrevocably waives, to the fullest extent it may effectively do so,
the defense of an inconvenient forum to the maintenance of such action or proceeding.

 

SECTION
116.          Waiver of Jury Trial.

 

EACH
OF THE COMPANY, THE HOLDERS 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 OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

    	15 

     

    

 

Article
Two

 

THE SECURITIES

 

SECTION
201.          Amount of Notes.

 

The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. The Trustee shall
initially authenticate $140 million aggregate principal amount of Global Notes executed by the Company for original issue on the
Issue Date upon a Company Order in the form of an Officers’ Certificate of the Company (other than as provided in Section 206).
The Trustee shall authenticate additional Notes (“Additional Notes”) thereafter in unlimited amount (so long
as permitted by the terms of this Indenture) for original issue upon a Company Order in the form of an Officers’ Certificate
in aggregate principal amount as specified in such order (other than as provided in Section 206). Each such Company Order
shall specify the principal amount of Notes to be authenticated and the date on which the Notes are to be authenticated.

 

SECTION
202.          Form and Dating; Legends.

 

The
Notes and the Trustee’s certificate of authentication with respect thereto shall be substantially in the form set forth
in Exhibit A-1 (in the case of the Restricted Notes) and Exhibit A-2 (in the case of Unrestricted Notes),
each of which is incorporated in and forms a part of this Indenture. Each Note shall be dated the date of its authentication.

 

The
Notes may have notations, legends or endorsements required by law, rule or usage to which the Company is subject. Without limiting
the generality of the foregoing, Notes offered and sold to Qualified Institutional Buyers in reliance on Section 4(a)(2)
of the Securities Act (“4(a)(2) Notes”), Notes offered and sold in offshore transactions in reliance on Regulation S
(“Regulation S Notes”) and all other Restricted Notes shall bear the Private Placement Legend. All Global Notes
shall bear the Global Note Legend. Regulation S Notes shall bear the Regulation S Legend.

 

The
terms and provisions contained in the Notes shall constitute, and are expressly made, a part of this Indenture and, to the extent
applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and agree to be bound thereby. If there is a conflict between the terms of the Notes and this Indenture, the terms
of this Indenture shall govern.

 

The
Notes may be presented for registration of transfer and exchange at the offices of the Note Registrar.

 

SECTION
203.          Execution and Authentication.

 

The
Notes shall be executed on behalf of the Company by its Chief Executive Officer, its President, its Chief Financial Officer or
any of its Executive Vice Presidents or Vice Presidents and attested by its Secretary or any of its Assistant Secretaries. The
signature of any of these officers on the Notes may be manual or by facsimile, .pdf attachment or other electronically transmitted
signature (with an original manual signature to be sent to the Trustee via overnight mail immediately thereafter) of the present
or any future such authorized officer and may be imprinted or otherwise reproduced on the Notes.

 

     16

     

    

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the
Company to the Trustee for authentication, together with a Company Order and an Officers’ Certificate and Opinion of Counsel
in accordance with Section 102 for the authentication and delivery of such Notes, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Notes. If all the Notes are not to be issued at one time and if the Board Resolution
establishing the Notes shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance
of such Notes and determining the terms of particular Notes, such as date of issuance and date from which interest shall accrue.
In authenticating such Notes and accepting the additional responsibilities under this Indenture in relation to such Notes, the
Trustee shall be entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon:

 

(i)       an
Opinion of Counsel stating:

 

(a)       that
the form or forms of such Notes have been established in conformity with the provisions of this Indenture;

 

(b)       that
the terms of such Notes have been established in conformity with the provisions of this Indenture;

 

(c)       that
such Notes, 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 legal, valid and
binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights,
to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights
of Holders of such Notes; and

 

(d)       such
other matters as the Trustee may reasonably request; and

 

(ii)      an
Officers’ Certificate stating, to the best of the knowledge of the signers of such certificate, that no Event of Default
shall have occurred and be continuing, and such other matters as the Trustee may reasonably request.

 

If
an officer of the Company whose signature is on a Note was an officer at the time of such execution but no longer holds that office
at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

 

     17

     

    

 

No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such Note to the Trustee for cancellation as provided in Section 212,
for all purposes of this Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

 

Notes
shall be issuable only in registered form without coupons in denominations of $250,000 and any integral multiple of $1 in excess
thereof.

 

SECTION
204.          Temporary Notes.

 

Pending
the preparation of definitive Notes, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Notes in lieu of which they are issued, in registered form and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as conclusively
evidenced by their execution of such Notes. Such temporary Notes may be in global form.

 

Except
in the case of temporary Notes in global form (which shall be exchanged as provided in or pursuant to a Board Resolution), if
temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation
of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the
office or agency of the Company in a Place of Payment, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Notes, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal amount and like tenor of definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture
as definitive Notes.

 

SECTION
205.          Registration.

 

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 the Notes (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 “Note Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Notes and of
transfers of Registered Notes. The Note 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 “Note Registrar”
for the purpose of registering Registered Notes and transfers of Registered Notes on such Note Register as herein provided, and
for facilitating exchanges of temporary global Note for permanent global Notes or definitive Notes, or both, or of permanent global
Notes for definitive Notes, or both, as herein provided. In the event that the Trustee shall cease to be Note Registrar, it shall
have the right to examine the Note Register at all reasonable times. In acting hereunder and in connection with the Notes, the
Note Registrar shall act solely as an agent of the Company, and will not thereby assume any obligations towards or relationship
of agency or trust for or with any Holder.

 

     18

     

    

 

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

 

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

 

SECTION
206.          Mutilated, Destroyed, Lost and Stolen Notes.

 

If
any mutilated Note is surrendered to the Trustee or the Company, together with, in proper cases, 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 Note of the same principal amount, containing
identical terms and provisions and bearing a number not contemporaneously outstanding.

 

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 Note, 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 Note has been acquired by a protected
purchaser, the Company shall, subject to the following paragraph, execute and upon its request the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of the same principal amount, containing identical
terms and provisions and bearing a number not contemporaneously outstanding.

 

     19

     

    

 

Notwithstanding
the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Note has become or is about
to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note.

 

Upon
the issuance of any new Note under this Section, the Company, the Paying Agent, or the Note 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 reasonable and documented fees and expenses of the Trustee, the Paying Agent or the Note Registrar) connected therewith.

 

Every
new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Note 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 Notes 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 Notes.

 

SECTION
207.          Payment of Interest; Regular Record Date

 

Interest
on any Note 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 Note (or one or more Predecessor Notes) is registered at 5:00 p.m. New York City time on the date that is five
Business Days prior to the Interest Payment Date (“Regular Record Date”) for such interest at the office or agency
of the Company maintained for such purpose pursuant to Section 903.

 

The
interest on the Notes shall be subject to adjustment from time to time as set forth below.

 

If
either:

 

(i)       (a) each
of the Rating Agencies assigns the Company a corporate rating and (b) the corporate rating assigned to the Company by any
two of the Rating Agencies is BB+ or lower, or any corporate rating assigned to the Company by any Rating Agency is downgraded
such that any two of the Rating Agencies assigns the Company a corporate rating of BB+ or lower; or

 

(ii)      (a) fewer
than three of the Rating Agencies assign the Company a corporate rating and (b) the corporate rating assigned to the Company
by any one of the Rating Agencies that assigns the Company a corporate rating is BB+ or lower,

 

then
the interest rate hereon will increase by 0.50% (an “Interest Rate Increase”).

 

The
interest period beginning after the Company has notified the Trustee and Paying Agent in writing of an Interest Rate Increase
is referred to herein as an “Increased Interest Rate Period.”

 

     20

     

    

 

Following
an Interest Rate Increase, (i) if each of the Rating Agencies assigns the Company a corporate rating, any two of the Rating
Agencies is higher than BB+, or (ii) if fewer than three of the Rating Agencies assign the Company a corporate rating, each
of the Rating Agencies is higher than BB+, the interest rate of the Notes will be decreased to 5.00% per annum.

 

Any
interest rate increase or decrease pursuant to this Section 207 will take effect from the first day of the interest period that
begins following receipt of written notice from the Company by the Trustee and Paying Agent that a rating change requires an adjustment
in the interest rate. The Company shall notify the Trustee and Paying Agent in writing of any interest rate increase or decrease
referencing the new rate and related interest period. The Trustee and Paying Agent may conclusively rely without liability on
such Company notice.

 

The
Trustee shall have no duty to monitor the Company’s ratings.

 

SECTION
208.          Persons Deemed Owners.

 

Prior
to due presentment of a Registered Note for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee shall treat the Person in whose name such Registered Note is registered as the owner of such Registered Note for the
purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 205 and 207) interest on such Registered
Note and for all other purposes whatsoever, whether or not such Registered Note be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

None
of the Company, the Trustee, any Paying Agent or the Note 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 Note 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 temporary or permanent Note, 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 any depository, as a Holder, with respect to such global Note or impair, as between such depository and owners of beneficial
interests in such global Note, the operation of customary practices governing the exercise of the rights of such depository (or
its nominee) as Holder of such global Note.

 

SECTION
209.          Cancellation.

 

All
Notes 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 Notes surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee. The Company
may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder that 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 Notes previously authenticated hereunder that the Company has not issued and sold, and all Notes so delivered
shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Notes, however, such acquisition shall
not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are surrendered
to the Trustee for cancellation. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided
in this Section, except as expressly permitted by this Indenture. Cancelled Notes held by the Trustee shall be destroyed by the
Trustee in accordance with its customary procedures, unless by a Company Order the Company directs the Trustee to deliver a certificate
of such destruction to the Company or to return them to the Company.

 

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SECTION
210.          Computation of Interest.

 

Interest
on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

SECTION
211.          CUSIP Numbers.

 

The
Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall indicate
the respective “CUSIP” numbers of the Notes 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 Notes
or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on
the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise
the Trustee as promptly as practicable in writing of any change in the CUSIP numbers.

 

SECTION
212.          Book-Entry Provisions for Global Notes.

 

(1)           4(a)(2)
Notes initially shall be represented by one or more Notes in registered, global form without interest coupons (collectively, the
“4(a)(2) Global Note”). Regulation S Notes initially shall be represented by one or more Notes in registered,
global form without interest coupons (collectively, the “Regulation S Global Note”). The term “Global
Notes” means the 4(a)(2) Global Note and the Regulation S Global Note. The Global Notes shall bear the Global Note Legend.
The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case
for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear
the Private Placement Legend.

 

Members
of, or direct or indirect participants in, the Depository (“Agent Members”) shall have no rights under this
Indenture with respect to any Global Note held on their behalf by the Depository or under the Global Notes. The Depository may
be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Notes 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 Depository
or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the
rights of a Holder of any Note. None of the Company, the Trustee, the Paying Agent nor the Note Registrar shall have any responsibility
or liability for any acts or omissions of the Depository with respect to such Global Note, for the records of the Depository,
including records in respect of the beneficial owners of any such Global Note, for any transactions between the Depository and
any Agent Member or between or among the Depository, any such Agent Member and/or any Holder or beneficial owner of such Global
Note, or for any transfers of beneficial interests in any such Global Note.

 

     22

     

    

 

(2)       Transfers
of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective
nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Registered Notes only in accordance
with the applicable rules and procedures of the Depository and the provisions of Section 213. In addition, a Global Note shall
be exchangeable for Registered Notes (i) if requested by a holder of such interests upon receipt by the Trustee of written instructions
from the Depository or its nominee on behalf of any beneficial owner and in accordance with the rules and procedures of the Depository
and provisions of this Section 212 or (ii) if the Depository notifies the Company that it is unwilling or unable to continue as
depository for such Global Note and the Company thereupon fail to appoint a successor depository within 90 days or (iii) has ceased
to be a clearing agency registered under the Exchange Act or there shall have occurred and be continuing an Event of Default with
respect to such Global Note and the Depository has requested such exchange. In all cases, Registered Notes delivered in exchange
for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depository in accordance with its customary procedures.

 

(3)       In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to Section 212(2), such Global Note
shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute and, upon receipt of a written
order of the Company in the form of an Officers’ Certificate in accordance with Section 201, the Trustee shall authenticate
and deliver, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such
Global Note, an equal aggregate principal amount of Registered Notes of authorized denominations.

 

(4)       Any
Restricted Registered Note delivered in exchange for an interest in a Global Note pursuant to Section 213 shall, except as otherwise
provided in Section 213, bear the Private Placement Legend.

 

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

 

SECTION
213.          Transfer and Exchange of Notes.

 

(1)       Transfer
and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section 212(2). Global
Notes will not be exchanged by the Company for Registered Notes except under the circumstances described in Section 212(2). Global
Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 204 and 206. Beneficial interests in
a Global Note may be transferred and exchanged as provided in Section 213(2) or 213(6).

 

     23

     

    

 

(2)            Transfer
and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures
of the Depository. Beneficial interests in Restricted Global Notes shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred
or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes
also shall require compliance with either subparagraph (A) or (B) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

(A)     Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the 40th day after
the later of the commencement of the offering of the Notes represented by a Regulation S Global Note and the issue date of such
Notes (such period through and including such 40th day, the “Restricted Period”), transfers of beneficial interests
in a Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person. A beneficial interest
in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Note Registrar to effect
the transfers described in this Section 213(2)(A).

 

(B)      All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests in any Global Note that is not subject to Section 213(2)(A), the transferor of such beneficial interest must deliver
to the Note Registrar (i) a written order from an Agent Member given to the Depository in accordance with the applicable rules
and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be transferred or exchanged and (ii) instructions given in accordance with
the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited
with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to Section 213(6).

 

(C)      Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in a Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 213(2)(B) and the Note Registrar receives the following:

 

(i)        if
the transferee will take delivery in the form of a beneficial interest in a 4(a)(2) Global Note, then the transferor must deliver
a certificate in the form of Exhibit E, including the certifications in item (1) thereof; and

 

     24

     

    

 

(ii)       if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit E, including the certifications in item (2) thereof.

 

(D)     Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.
A beneficial interest in a Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 213(2)(B) above and the Note Registrar receives the
following:

 

(i)       if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit F, including the certifications
in item (1)(a) thereof; or

 

(ii)       if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form of Exhibit E, including the certifications in item (4) thereof,

 

and,
in each such case, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (D) at
a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order
in the form of an Officers’ Certificate in accordance with Section 201, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged
pursuant to this subparagraph (D).

 

(E)      Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Restricted Global Note.
Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof
in the form of, a beneficial interest in a Restricted Global Note.

  

(3)            Transfer
and Exchange of Beneficial Interests in Global Notes for Registered Notes. A beneficial interest in a Global Note may not
be exchanged for a Registered Note except under the circumstances described in Section 212(2). A beneficial interest in a Global
Note may not be transferred to a Person who takes delivery thereof in the form of a Registered Note except under the circumstances
described in Section 212(2).

 

     25

     

    

 

(4)           Transfer
and Exchange of Registered Notes for Beneficial Interests in Global Notes. Registered Notes shall be transferred or exchanged
only for beneficial interests in Global Notes as described below:

 

(A)     Restricted
Registered Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Registered Note proposes
to exchange such Restricted Registered Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted
Registered Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then,
upon receipt by the Note Registrar of the following documentation:

 

(i)        if
the Holder of such Restricted Registered Note proposes to exchange such Restricted Registered Note for a beneficial interest in
a Restricted Global Note, a certificate from such Holder in the form of Exhibit F, including the certifications in item
(2)(a) thereof;

 

(ii)       if
such Restricted Registered Note is being transferred to a Qualified Institutional Buyer in accordance with Rule 144A, a certificate
to the effect set forth in Exhibit E, including the certifications in item (1) thereof;

 

(iii)      if
such Restricted Registered Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit E, including the certifications
in item (2) thereof;

 

(iv)      if
such Restricted Registered Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit E, including the certifications in item
(3)(a) thereof;

 

(v)       if
such Restricted Registered Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (ii) through (iv) above, a certificate
to the effect set forth in Exhibit E, including the certifications, certificates and Opinion of Counsel required by item
(3)(d) thereof, if applicable; or

 

(vi)      if
such Restricted Registered Note is being transferred to the Company or a Subsidiary thereof, a certificate to the effect set forth
in Exhibit E, including the certifications in item (3)(b) thereof,

 

the
Trustee shall cancel the Restricted Registered Note, and increase or cause to be increased the aggregate principal amount of the
appropriate Restricted Global Note.

 

(A)     Restricted
Registered Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Registered Note may exchange
such Restricted Registered Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Registered
Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Note
Registrar receives the following:

 

     26

     

    

 

(i)        if
the Holder of such Restricted Registered Note proposes to exchange such Restricted Registered Note for a beneficial interest in
an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit F, including the certifications in item
(1)(b) thereof; or

 

(ii)       if
the Holder of such Restricted Registered Notes proposes to transfer such Restricted Registered Note to a Person who shall take
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form
of Exhibit E, including the certifications in item (4) thereof,

 

and,
in each such case, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (B), the Trustee shall cancel
the Restricted Registered Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global
Note. If any such transfer or exchange is effected pursuant to this subparagraph (B) at a time when an Unrestricted Global Note
has not yet been issued, the Company shall issue and, upon receipt of a Company Order in the form of an Officers’ Certificate
in accordance with Section 201, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of Restricted Registered Notes transferred or exchanged pursuant to this subparagraph
(B).

 

(C)      Unrestricted
Registered Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Registered Note may exchange
such Unrestricted Registered Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Registered
Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Registered Note and
increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer
or exchange is effected pursuant to this subparagraph (C) at a time when an Unrestricted Global Note has not yet been issued,
the Company shall issue and, upon receipt of a written order of the Company in the form of an Officers’ Certificate in accordance
with Section 201, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal
to the aggregate principal amount of Unrestricted Registered Notes transferred or exchanged pursuant to this subparagraph (C).

 

(D)     Unrestricted
Registered Notes to Beneficial Interests in Restricted Global Notes. An Unrestricted Registered Note cannot be exchanged for,
or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

 

     27

     

    

 

(5)           Transfer
and Exchange of Registered Notes for Registered Notes. Upon request by a Holder of Registered Notes and such Holder’s
compliance with the provisions of this Section 213(5), the Note Registrar shall register the transfer or exchange of Registered
Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Note Registrar
the Registered Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide
any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 213(5).

 

(A)     Restricted
Registered Notes to Restricted Registered Notes. A Restricted Registered Note may be transferred to and registered in the
name of a Person who takes delivery thereof in the form of a Restricted Registered Note if the Note Registrar receives the following:

 

(i)        if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit E,
including the certifications in item (1) thereof;

 

(ii)       if
the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate
in the form of Exhibit E, including the certifications in item (2) thereof;

 

(iii)       if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144, a certificate to the effect set forth in Exhibit E, including the certifications in item (3)(a) thereof;

 

(iv)       if
the transfer will be made to an Institutional Accredited Investor in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (i) through (iii) above, a certificate to the effect set forth
in Exhibit E, including the certifications, certificates and Opinion of Counsel required by item (3)(d) thereof, if applicable;
and

 

(v)       if
such transfer will be made to the Company or a Subsidiary thereof, a certificate to the effect set forth in Exhibit E,
including the certifications in item (3)(b) thereof.

 

(B)     Restricted
Registered Notes to Unrestricted Registered Notes. Any Restricted Registered Note may be exchanged by the Holder thereof for
an Unrestricted Registered Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Registered
Note if the Note Registrar receives the following:

 

(i)        if
the Holder of such Restricted Registered Note proposes to exchange such Restricted Registered Note for an Unrestricted Registered
Note, a certificate from such Holder in the form of Exhibit F, including the certifications in item (1)(c) thereof; or

 

     28

     

    

 

(ii)       if
the Holder of such Restricted Registered Note proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Registered Note, a certificate from such Holder in the form of Exhibit E, including the certifications
in item (4) thereof,

 

and,
in each such case, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

(D)     Unrestricted
Registered Notes to Unrestricted Registered Notes. A Holder of an Unrestricted Registered Note may transfer such Unrestricted
Registered Notes to a Person who takes delivery thereof in the form of an Unrestricted Registered Note at any time. Upon receipt
of a request to register such a transfer, the Note Registrar shall register the Unrestricted Registered Notes pursuant to the
instructions from the Holder thereof.

 

(E)      Unrestricted
Registered Notes to Restricted Registered Notes. An Unrestricted Registered Note cannot be exchanged for, or transferred to
a Person who takes delivery thereof in the form of, a Restricted Registered Note.

 

(6)           Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Registered Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 209. At any time prior to
such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Registered Notes, the principal amount of Notes represented
by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other
Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository
at the direction of the Trustee to reflect such increase.

 

(7)           Private
Placement Legend. Upon the registration of transfer, exchange or replacement of Notes not bearing the Private Placement Legend,
the Note Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the registration of transfer, exchange
or replacement of Notes bearing the Private Placement Legend, the Note Registrar shall deliver only Notes that bear the Private
Placement Legend unless (i) there is delivered to the Note Registrar an Opinion of Counsel reasonably satisfactory to the Company
and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act or (ii) such Note has been sold pursuant to an effective registration statement
under the Securities Act and the Note Registrar has received an Officers’ Certificate from the Company to such effect.

 

     29

     

    

 

(8)           General.
All Global Notes and Registered Notes issued upon any registration of transfer or exchange of Global Notes or Registered Notes
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Registered Notes surrendered upon such registration of transfer or exchange.

 

The
Note Registrar shall retain for a period of two years following receipt copies of all letters, notices and other written communications
received pursuant to Section 212 or this Section 213. The Company shall have the right to inspect and make copies of all such
letters, notices or other written communications at any reasonable time upon the giving of reasonable notice to the Note Registrar.

 

None
of the Company, the Trustee, the Paying Agent nor any agent of the Company shall have any responsibility or liability in any respect
of the records relating to or payment made on account of beneficial interests in a Global Note, or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.

 

Neither
the Trustee nor the Note Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in
any Note (including any transfers between or among Agent Members or beneficial owners of interests in any Global Note) other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form
with the express requirements hereof.

 

Article
Three

 

SATISFACTION AND DISCHARGE

 

SECTION
301.          Satisfaction and Discharge of Indenture.

 

Except
as set forth below, this Indenture shall upon Company Request cease to be of further effect with respect to the Notes (except
as to any surviving rights of registration of transfer or exchange of Notes expressly provided for herein or pursuant hereto and
any surviving rights of tender for repayment at the option of the Holders), 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
when:

 

(1)           either:

 

(A)     all
Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 206 and (ii) Notes for whose payment money has theretofore been deposited in trust with
the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 904) have been delivered to the Trustee for cancellation; or

 

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(B)     all
Notes:

 

(i)        have
become due and payable; or

 

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

 

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

 

and
the Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for such purpose, solely for the benefit of the Holders, an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Notes that
have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under
Section 506, the obligations of the Company to any Authenticating Agent under Section 512 and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 302 and
the last paragraph of Section 904 shall survive any termination of this Indenture.

 

SECTION
302.          Application of Trust Funds.

 

Subject
to the provisions of the last paragraph of Section 904, all money deposited with the Trustee pursuant to Section 301 shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent (including the 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 interest 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. In acting
under this Indenture and in connection with the Notes, the Paying Agent shall act solely as an agent of the Company, and will
not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

 

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Article
Four

 

REMEDIES

 

SECTION
401.          Events of Default.

 

“Event
of Default” 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 any Note when such interest becomes due and payable, and continuance of such default for a
period of 30 consecutive days; or

 

(2)       default
in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity, including
upon any Redemption Date or required repurchase date; or

 

(3)       default in the performance, or breach, of any covenant of the Company in this Indenture with respect to any
Note, and continuance of such default or breach for a period of 60 consecutive days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder;

 

(4)       default
by the Company or any of its significant subsidiaries (as defined in Article 1, Rule 1-02 under Regulation S-X
promulgated under the Exchange Act (but excluding any Subsidiary that is (i) a non-recourse or limited recourse Subsidiary,
(ii) a bankruptcy-remote special purpose vehicle or (iii) not consolidated with the Company for purposes of U.S. GAAP),
with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured
or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of the Company and/or any such
Subsidiary, whether such indebtedness now exists or shall hereafter be created, after expiration of the applicable grace periods,
(a) resulting in such indebtedness becoming or being declared due and payable or (b) constituting a failure to pay the
principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration
of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed
or annulled, within a period of 30 days after written notice of such failure is given to the Company by the Trustee or to
the Company and the Trustee by Holders of at least 25% in aggregate principal amount of the Outstanding Notes;

 

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

 

(A)       commences
a voluntary case or proceeding under any Bankruptcy Law;

 

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(B)        consents
to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking
reorganization or relief against it;

 

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

 

(D)       consents
to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially
all of its property; or

 

(E)        makes
an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due
or takes any corporate action in furtherance of any such action; or

 

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

 

(A)       is
for relief against the Company in an involuntary case or proceeding; or

 

(B)        adjudges
the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company; or

 

(C)        appoints
a Custodian of the Company or for all or substantially all of its property; or

 

(D)       orders
the winding up or liquidation of the Company,

 

and
the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of
60 consecutive days.

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law. The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator, sequestrator
or other similar official under any Bankruptcy Law.

 

SECTION
402.          Acceleration of Maturity; Rescission and Annulment.

 

If
an Event of Default with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default
specified in Section 401(5) and (6)) the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes may
(and the Trustee shall at the request of such Holders) declare the entire principal amount of the Notes to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration
such principal or specified portion thereof shall become immediately due and payable. Notwithstanding the foregoing, in case of
the Events of Default specified in Section 401(5) and (6), 100% of the principal of and accrued and unpaid interest on the Notes
will automatically become due and payable.

 

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Any
application by the Trustee for written instructions from the requisite amount of Holders (as determined pursuant to this Indenture)
may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture
and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable
for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the
date specified in such application unless prior to taking any such action (or the effective date in the case of an omission),
the Trustee shall have received written instructions from the requisite amount of Holders (as determined pursuant to this Indenture)
in response to such application specifying the action to be taken or omitted.

 

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

 

(1)       the
Company has paid or deposited with the Trustee a sum sufficient to pay (except as otherwise specified pursuant to Section 201
for the Notes and except, if applicable, as provided in Sections 212(b), 212(d) and 212(e)):

 

(A)       all
overdue installments of interest on all Outstanding Notes;

 

(B)        the
principal of (and premium, if any, on) all Outstanding Notes that have become due otherwise than by such declaration of acceleration
and interest thereon at the rate or rates borne by or provided for in such Notes;

 

(C)        to
the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne
by or provided for in such Notes; and

 

(D)       all
sums paid or advanced by the Trustee hereunder and the reasonable and documented compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

 

(2)       all
Events of Default with respect to the Notes, other than the nonpayment of the principal of (or premium, if any) or interest on
the Notes that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 413.

 

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

 

SECTION
403.          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 on the Notes when such interest becomes due and payable and such default
continues for a period of 30 consecutive days; or

 

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

 

then
the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders, the whole amount then due and
payable on the Notes for principal (and premium, if any) and interest 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
at the rate borne by or provided for in the Notes, and, in addition thereto, such further amount as shall be sufficient to cover
the reasonable and documented costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee and its agents and counsel, the Paying Agent and the Note Registrar.

 

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 the Notes 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 the Notes,
wherever situated.

 

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

 

SECTION
404.          Trustee May File Proofs of Claim.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon the Notes or the property of the Company or of
such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of any overdue principal, premium 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 of principal (and premium, if any) and interest owing and unpaid in respect of the
Notes and to file such other papers or documents, and take such other actions, including serving on a committee of creditors,
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

 

     35

     

    

 

(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 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 506.

 

Subject
to Article Seven and Section 802 and unless otherwise provided as contemplated by Section 201, nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.

 

SECTION
405.          Trustee May Enforce Claims Without Possession of Notes.

 

All
rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession
of any Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name and 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 in respect of which such judgment has been recovered.

 

The
Trustee shall be entitled to participate, in its capacity as Trustee, on behalf of (and at the request of) the Holders, as a member
of any official committee of creditors in the matters it deems advisable.

 

SECTION
406.          Application of Money Collected.

 

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

 

FIRST:
To the payment of all amounts due the Trustee and any predecessor Trustee under Section 506 and any other agent hereunder;

 

SECOND:
To the payment of the amounts then due and unpaid upon the Notes for principal (and premium, if any) and interest in respect of
which or for the benefit of which such money has been collected ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on the Notes for principal (and premium, if any) and interest respectively; and

 

THIRD:
To the payment of the remainder, if any, to the Company or any other Person or Persons entitled thereto.

 

     36

     

    

 

SECTION
407.          Limitation on Suits.

 

No
Holder 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 Notes;

 

(2)       the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made a 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, security, or both, satisfactory to the Trustee, against the costs, expenses
and liabilities to be incurred in compliance with such request;

 

(4)       the
Trustee for 60 consecutive days after its receipt of such notice, request and offer of indemnity and/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 Notes;

 

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
408.          Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding
any other provision in this Indenture, each Holder shall have the right that is absolute and unconditional to receive payment
of the principal of (and premium, if any) and (subject to Sections 205 and 207) interest on the Notes on the Stated Maturity expressed
in the Notes (or, in the case of redemption, on the Redemption Date, or, in the case of repayment at the option of the Holders
on the Repayment 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
409.          Restoration of Rights and Remedies.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case the Company, the Trustee and the Holders 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.

 

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SECTION
410.          Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last
paragraph of Section 206, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

SECTION
411.          Delay or Omission Not Waiver.

 

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

 

SECTION
412.          Control by Holders.

 

Subject
to Section 502, the Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Notes; provided that:

 

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

 

(2)       the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;

 

(3)       the
Trustee need not take any action that it determines in good faith might involve it in personal liability or be unjustly prejudicial
to the Holders not consenting; and

 

(4)       prior
to taking any such action hereunder, the Trustee may demand security and/or indemnity satisfactory to it in its reasonable discretion
in accordance with Section 502.

 

SECTION
413.          Waiver of Past Defaults.

 

Subject
to Section 402, the Holders of not less than a majority in principal amount of the Outstanding Notes may on behalf of the Holders
of all Notes waive any past default hereunder and its consequences, except a default:

 

(1)       in
the payment of the principal of (or premium, if any) or interest, if any, on the Notes; or

 

     38

     

    

 

(2)       in
respect of a covenant or provision hereof, which under Article Eight cannot be modified or amended without the consent of the
Holder of each Outstanding Note.

 

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

 

SECTION
414.          Waiver of Stay or Extension Laws.

 

The
Company 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 stay or extension law wherever enacted, now or at any time hereafter
in force, that may affect the covenants or the performance of this Indenture; and the Company (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
415.          Undertaking for Costs.

 

In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken
or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking
to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorney’s
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 415 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 408
hereof or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes, or to any action, suit or proceeding
instituted by any Holder for the enforcement of the payment of the principal or premium, if any, or the interest on, the Notes,
on or after the respective due dates expressed in the Notes.

 

Article
Five

 

THE TRUSTEE

 

SECTION
501.          Notice of Defaults.

 

Within
90 days after the occurrence of any Default hereunder, the Trustee shall transmit in the manner and to the extent provided
in TIA Section 313(c), notice of such Default hereunder known to a Responsible Officer of the Trustee pursuant to Section 502(11)
hereof to the Holders, 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, if any, on the Notes, or in the payment
of any sinking or purchase fund installment with respect to the Notes, the Trustee shall be protected in withholding such notice
if and so long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders; and provided, further, that in the case of any Default or breach of the character specified
in Section 401(3) with respect to the Notes, no such notice to Holders shall be given until the expiration of the 60-day
cure period provided for therein.

 

     39

     

    

 

SECTION
502.          Certain Rights and Duties of Trustee.

 

(1)       Prior
to the time when the occurrence of an Event of Default becomes known as provided herein to a Responsible Officer of the Trustee
and after the curing or waiving of all such Events of Default that may have occurred:

 

(a)       the
duties and obligations of the Trustee hereunder and with respect to the Notes shall be determined solely by the express provisions
of this Indenture, including, without limitation, Section 107, and the Trustee shall not be liable with respect to the Notes except
for the performance of such duties and obligations as are specifically set forth in this Indenture, including, without limitation,
Section 107, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(b)       in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any 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 that 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 on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical
calculations or other facts stated therein).

 

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

 

(3)       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 the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts.

 

(4)       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.

 

(5)       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 Note to the Trustee for authentication and delivery pursuant to Section 203, which shall be sufficiently
evidenced as provided therein), and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

 

     40

     

    

 

(6)       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 require
and, in the absence of bad faith on its part, rely upon a Board Resolution, an Opinion of Counsel and/or an Officers’ Certificate.

 

(7)       The
Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(8)      
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee
security and/or indemnity satisfactory to the Trustee in its reasonable discretion against the costs, expenses and liabilities
(including the reasonable and documented fees and expenses of its agents and counsel) that might be incurred by it in compliance
with such request or direction.

 

(9)       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 upon reasonable notice
and at reasonable times during normal business hours to examine the books, records and premises of the Company, personally or
by agent or attorney.

 

(10)     The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for or have any liability with respect to any willful misconduct or gross
negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

(11)     The
Trustee shall not be deemed to have notice of any Default or Event of Default unless (i) with respect to a Default under
Section 401(1) or (2), a Responsible Officer of the Trustee has actual knowledge thereof or written notice of any event that is
in fact such a Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, or (ii) with
respect to any other Default, written notice of any event that is in fact such a Default is received by a Responsible Officer
of the Trustee at the Corporate Trust Office of the Trustee, and, in the case of a written notice pursuant to (i) or (ii) above,
such notice references the Notes and this Indenture.

 

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

 

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(13)       The
permissive rights of the Trustee enumerated herein shall not be construed as duties and the Trustee shall not be answerable for
other than its own negligent action, its own negligent failure to act or its own willful misconduct with respect to such permissive
rights.

 

(14)       The
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority in principal amount of the Outstanding Notes 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 Notes.

 

(15)       The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture.

 

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

 

(17)       Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss
or damage of any kind (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.

 

(18)       The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God, earthquakes, fire, flood, terrorism, wars and other military disturbances, sabotage, epidemics, riots, interruptions,
loss or malfunctions of utilities, computer (hardware or software) or communications services, accidents, labor disputes, acts
of civil or military authorities and governmental action.

 

(19)       The
Trustee shall have no liability for investing or for interest with respect to funds held by it in the absence of a written agreement
executed by the Trustee.

 

(20)       The
bank acting as Trustee shall have all the same rights, privileges and protections when acting in its other roles hereunder.

 

Every
provision of this Indenture relating to the conduct of, or affecting the liability of, or affording protection to, the Trustee
shall be subject to the relevant provisions of this Section 502 and the TIA.

 

The
Trustee shall not be required to expend or risk its own funds, give any bond or surety in respect of the performance of its powers
and duties hereunder, 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.

 

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The
parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering
activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act),
all financial institutions are required to obtain, verify, record and update information that identifies each person establishing
a relationship or opening an account. The parties to this Indenture agree that they will provide to the Trustee such information
as it may request, from time to time, in order for the Trustee to satisfy the requirements of the USA PATRIOT Act, including but
not limited to the name, address, tax identification number and other information that will allow it to identify the individual
or entity who is establishing the relationship or opening the account and may also ask for formation documents such as articles
of incorporation or other identifying documents to be provided.

 

SECTION
503.          Not Responsible for Recitals or Issuance of Notes.

 

The
recitals contained herein and in the Notes, except the Trustee’s certificate of authentication, shall be taken as the statements
of the Company, 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 Notes, except that the Trustee represents
that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder
and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate,
subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Notes or the proceeds thereof.

 

SECTION
504.          May Hold Notes.

 

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

 

SECTION
505.          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 with the Company.

 

SECTION
506.          Compensation and Reimbursement and Indemnification of Trustee.

 

The
Company agrees:

 

(1)       To
pay to the Trustee or any predecessor Trustee from time to time such reasonable compensation for all services rendered by it hereunder
as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust).

 

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(2)       Except
as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with
any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents, counsel,
accountants and experts), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful
misconduct as determined by a court of competent jurisdiction in a final, non-appealable order.

 

(3)       To
indemnify each of the Trustee or any predecessor Trustee and their respective officers, directors, employees, representatives
and agents, for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence or willful
misconduct on its own part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the reasonable and documented costs and expenses (including reasonable and documented fees and expenses of its agents
and counsel) of defending itself against any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder (whether asserted by any Holder, the Company or other Person). The Trustee shall notify the Company promptly
of any third-party claim for which it may seek indemnity of which it has received written notice. Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations hereunder unless, and solely to the extent that, such failure
prejudices the Company’s defense of such claim. The Company shall defend the claim, with counsel satisfactory to the Trustee,
and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense; provided that if the
defendants in any such claim include both the Company and the Trustee and the Trustee shall have concluded that there may be legal
defenses available to it that are different from or additional to those available to the Company, or the Trustee has concluded
that there may be any other actual or potential conflicting interests between the Company and the Trustee, the Trustee shall have
the right to select separate counsel and the Company shall be required to pay the reasonable and documented fees and expenses
of such separate counsel. Any settlement that affects the Trustee may not be entered into without the prior written consent of
the Trustee, and the Trustee may require that the Trustee be given a full and unconditional release from liability with respect
to the claims covered thereby and that such settlement does not include a statement or admission of fault, culpability or failure
to act by or on behalf of the Trustee. Any settlement by the Trustee that affects the Company may not be entered into without
the prior written consent of the Company.

 

As
security for the performance of the obligations of the Company under this Section, the Trustee shall have a claim prior to the
Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal
of (or premium, if any) or interest on the Notes.

 

When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 401 occurs, the expenses and compensation
for such services are intended to constitute expenses of administration under Title 11, U.S. Code, or any similar Federal,
State or analogous foreign law for the relief of debtors.

 

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The
provisions of this Section 506 shall survive the resignation or removal of the Trustee and the satisfaction, termination or discharge
of this Indenture and the payment in full of the Notes.

 

SECTION
507.          Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee hereunder that 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 to the requirements of Federal, State, Territorial or the 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
508.          Disqualification; Conflicting Interests.

 

If
the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture.

 

SECTION
509.          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 510. All
outstanding fees, expenses and indemnities of the Trustee shall be satisfied by the Company upon resignation or removal.

 

(b)       The
Trustee may resign at any time by giving 30 days’ prior written notice thereof to the Company.

 

(c)       Upon
30 days’ prior written notice, the Trustee may be removed at any time by (i) the Company, by an Officers’ Certificate
delivered to the Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor
Trustee meeting the requirements of Section 507 hereof and (y) the terms of Section 510 hereof are complied with in respect
of such appointment (the Trustee being removed hereby agreeing to execute the instrument contemplated by Section 510(b) hereof,
if applicable, under such circumstances); and provided, further, that no Default shall have occurred and then be
continuing at such time, or (ii) Act of the Holders of a majority in principal amount of the Outstanding Notes delivered
to the Trustee and to the Company.

 

(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 who has been a bona fide Holder for at least six months; or

 

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(2)       the
Trustee shall cease to be eligible under Section 507 and shall fail to resign after written request therefor by the Company or
by any Holder who has been a bona fide Holder 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 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,
or (ii) subject to TIA Section 315(e), any Holder who has been a bona fide Holder 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 and
the appointment of a successor Trustee or Trustees.

 

(a)       If
the Company fails to appoint a successor Trustee within 30 days, the Trustee, at the Company’s expense, may petition any
court of competent jurisdiction to appoint a successor Trustee.

 

(b)       If
an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving
of a notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

(c)       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, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees. If, within one
year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee,
the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed
by the Company or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide
Holder 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 Trustee.

 

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

 

SECTION
510.          Acceptance of Appointment by Successor.

 

(a)       In
case of the appointment hereunder of a successor Trustee, every such successor Trustee shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for
in Section 506.

 

     46

     

    

 

(b)       Upon
request of any such successor Trustee, the Company shall execute any and all instruments necessary to more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) of this Section.

 

(c)       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
511.          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 that 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 Notes 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 Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.
In case any Notes shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Notes, in either its own name or that of its predecessor Trustee, with the full force and effect that this Indenture
provides for the certificate of authentication of the Trustee; provided, however, that the right to adopt the certificate
of authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only
to its successor or successors by merger, conversion or consolidation.

 

SECTION
512.          Appointment of Authenticating Agent.

 

At
any time when any of the Notes remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents (which may be an
Affiliate or Affiliates of the Company) that shall be authorized to act on behalf of the Trustee to authenticate Notes issued
upon original issue or upon exchange, registration of transfer or partial redemption thereof, and Notes 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 Notes 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, except as
may otherwise be provided pursuant to Section 201, 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 or of any State or the District of Columbia, authorized
under such laws to act as Authenticating Agent, eligible to serve as trustee hereunder pursuant to Section 507. 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.

 

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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 may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee
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. 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 may appoint a successor
Authenticating Agent that shall be acceptable to the Company and shall promptly give written notice of such appointment to all
Holders 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 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 agrees to pay to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable
expenses for its services under this Section.

 

     48

     

    

 

If
an appointment is made pursuant to this Section, the Notes 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 Notes referred to in the within-mentioned Indenture.

 

	 	 	The Bank of New York Mellon Trust Company, N.A., as Trustee
	 	 
	 	 By:	 
	 	 	as
Authenticating Agent
	 	 
	 	 By:	 
	 	 	Authorized
Officer

 

If
all of the Notes may not be originally issued at one time, and the Trustee does not have an office capable of authenticating Notes
upon original issuance located in a Place of Payment where the Company wishes to have Notes authenticated upon original issuance,
the Trustee, if so requested by the Company in writing (which writing need not comply with Section 102 and need not be accompanied
by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so requested by the
Company, shall be an Affiliate of the Company) having an office in a Place of Payment designated by the Company with respect to
such Notes; provided that the terms and conditions of such appointment are acceptable to the Trustee.

 

Article
Six

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION
601.          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 June 28 and December 28 in each year, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders as of the preceding June 28 or December 28, as the case may be; and

 

(b)      at
such other times as the Trustee may request in writing, within 30 days after 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;

 

excluding
from any such list names and addresses received by the Trustee in its capacity as Note Registrar.

 

SECTION
602.          Preservation of Information; Communications to Holders.

 

(a)       The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 601 and the names and addresses of Holders received by the Trustee
in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in Section 601 upon receipt of
a new list so furnished.

 

    49 

     

    

 

(b)       The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Notes, and
the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

 

(c)       Every
Holder, by receiving and holding the Notes, agrees with the Company and the Trustee that neither the Company nor the Trustee nor
any Authenticating Agent nor any Paying Agent nor any Note Registrar nor any agent of any of them shall be held accountable by
reason of the disclosure of any information as to the names and addresses of the Holders 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
603.          Reports by Trustee.

 

Within
60 days after June 1 of each year commencing with the first June 1 after the first issuance of Notes pursuant to this Indenture,
the Trustee shall transmit by mail (at the expense of the Company) to all Holders in the manner and to the extent provided in
TIA Section 313(c) a brief report dated as of such June 1 that meets the requirements of TIA Section 313(a).

 

A
copy of each such report shall, at the time of such transmission to such Holders, be filed by the Trustee with each stock exchange,
if any, upon which the Notes are listed, with the Commission and with the Company. The Company will promptly notify the Trustee
of the listing of the Notes on any stock exchange. In the event that, on any such reporting date, no events have occurred under
the applicable sections of the TIA within the 12 months preceding such reporting date, the Trustee shall be under no duty or obligation
to provide such reports.

 

SECTION
604.          Reports by Company.

 

If,
at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file
any periodic reports with the Commission, the Company shall furnish to Holders and the Trustee, for the period of time during
which the Notes are Outstanding (unless satisfied and discharged or defeased), the Company’s audited annual consolidated
financial statements, within 90 days of the Company’s fiscal year-end, and unaudited interim consolidated financial
statements, within 45 days of the Company’s fiscal quarter-end (other than the Company’s fourth fiscal quarter).
All such financial statements shall be prepared, in all material respects, in accordance with U.S. GAAP, as applicable, and shall
be accompanied by a “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

 

Delivery
of such reports to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
actual or constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively
on Officers’ Certificates). Notwithstanding anything to the contrary set forth herein, for the purposes of this Section,
any information, documents or reports filed electronically with the Commission and made publicly available shall be deemed filed
with and delivered to the Trustee at the same time as filed with the Commission.

 

    50 

     

    

 

The
Trustee shall transmit to the Holders (at the expense of the Company), within 30 days after the filing thereof with the Trustee,
in the manner and to the extent provided in TIA Section 313(c), such summaries of any information, documents and reports required
to be filed by the Company pursuant to this Section as may be required by rules and regulations prescribed from time to time by
the Commission. In no event shall the Trustee be obligated to determine whether or not any report, information or document shall
have been filed with the Commission.

 

SECTION
605.          Calculation of Original Issue Discount.

 

The
Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original
issue discount (including daily rates and accrual periods), if any, accrued on Outstanding Notes as of the end of such year.

 

Article
Seven

 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

SECTION
701.          Company May Consolidate, Etc., Only on Certain Terms.

 

The
Company shall not consolidate with or merge with or into any other entity or any Person (other than a merger of a direct or indirect,
wholly-owned Subsidiary into the Company) or sell, transfer, convey or otherwise dispose of all or substantially all of its properties
and assets to any Person (other than any sale, transfer, conveyance or disposition of all or substantially all of the Company’s
property or assets between and among the Company and its direct or indirect, wholly-owned Subsidiary) (provided that, for
the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries
shall not be deemed to be any such sale, transfer, conveyance or disposition) in any one transaction or series of related transactions,
unless:

 

(1)       the
Company shall be the continuing entity, or the continuing entity (if other than the Company) formed by such merger or consolidation
or to which such sale, transfer, conveyance or disposition is made shall be a corporation or limited liability company organized
and existing under the laws of the United States or any state or territory thereof;

 

(2)       the
continuing entity (if other than the Company) shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of (and premium,
if any) and interest on all the Notes outstanding, and the due and punctual performance and observance of every covenant and every
condition of this Indenture on the part of the Company to be performed or observed at which time the Company will be relieved
of all obligations under this Indenture;

 

(3)       immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default shall have
happened and be continuing; and

 

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(4)       the
Company and the successor Person have delivered to the Trustee an Officers’ Certificate stating that such consolidation,
merger, conveyance or transfer and such supplemental indenture, if any, in respect thereto, comply with this Indenture.

 

For
the purposes of this Section, the sale, transfer, conveyance or other disposition of all the property of one or more of the Company’s
subsidiaries, which property, if held by the Company instead of such subsidiaries, would constitute all or substantially all of
the Company’s property on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the Company’s
property.

 

SECTION
702.          Successor Person Substituted.

 

Upon
any consolidation or merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety
in accordance with Section 701, the successor entity formed by such consolidation or into which the Company is merged or the successor
Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein; and
in the event of any such conveyance or transfer, the Company shall be discharged from all obligations and covenants under this
Indenture and the Notes and may be dissolved and liquidated.

 

Article
Eight

 

SUPPLEMENTAL INDENTURES

 

SECTION
801.          Supplemental Indentures Without Consent of Holders.

 

Without
the consent of any Holders, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and
from time to time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee,
for any of the following purposes:

 

(1)       to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Notes; or

 

(2)       to
add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon the
Company; or

 

(3)       to
add any additional Events of Default for the benefit of the Holders; 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 the Outstanding Notes to waive such default; or

 

(4)       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 Note Outstanding created prior to the execution of such supplemental indenture that is entitled
to the benefit of such provision; or

 

    52 

     

    

 

(5)       to
secure the Notes; or

 

(6)       to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee 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

 

(7)       to
cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under this Indenture; provided that such action
shall not adversely affect the interests of the Holders in any material respect; or

 

(8)       to
add guarantors or co-obligors or to release guarantors from their guarantees of Notes; or

 

(9)       to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of the Notes pursuant to Sections 301, 1102 and 1103; provided that any such action shall not adversely
affect the interests of the Holders in any material respect.

 

SECTION
802.          Supplemental Indentures with Consent of Holders.

 

With
the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Notes, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee
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 that or of modifying in any manner the rights of the Holders under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Note:

 

(1)       change
the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, the Notes; or
reduce the principal amount thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon,
or any premium payable upon the redemption thereof (except as contemplated by Section 701(1) and permitted by Section 801(1)),
or adversely affect any right of repayment at the option of the Holder, or change any Place of Payment where the Notes or any
premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption
Date or the Repayment Date, as the case may be); or

 

(2)       reduce
the percentage in principal amount of the Outstanding Notes, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture; or

 

    53 

     

    

 

(3)       modify
any of the provisions of this Section or Section 413, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note; provided,
however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references
to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the
requirements of Sections 510(b) and 801(8).

 

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

 

The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to
any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies,
and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders
after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage
having been obtained prior to the date that is 11 months after such record date, any such consent previously given shall
automatically and without further action by any Holder be cancelled and of no further effect.

 

SECTION
803.          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 shall be entitled to receive, and shall be fully protected in relying
upon, in addition to the documents required by Section 102 of this Indenture, an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture is legal, valid,
binding and enforceable in accordance with its terms. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

SECTION
804.          Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and
such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

 

SECTION
805.          Conformity with Trust Indenture Act.

 

Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then
in effect.

 

SECTION
806.          Reference in Notes to Supplemental Indentures.

 

Notes
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 Notes so modified as to conform, in the opinion of 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
Notes.

 

    54 

     

    

 

Article
Nine

 

COVENANTS

 

SECTION
901.          Payment of Principal, Premium, if any, and Interest.

 

The
Company covenants and agrees for the benefit of the Holders that it will duly and punctually pay the principal of (and premium,
if any, on) and interest on the Notes in accordance with the terms of the Notes and this Indenture by depositing on or prior to
11:00 a.m. New York City time on any payment date with the Trustee or with the Paying Agent an amount sufficient to pay the
amount due. The Company further covenants and agrees to notify the Trustee and any Paying Agent of any known withholding obligation,
and the Trustee and any Paying Agent may withhold without liability to comply with applicable law.

 

SECTION
902.          Limitation on Second Liens.

 

The
Company shall not, nor shall the Company permit any of its Subsidiaries to, create or incur any Second Lien on any of the Company’s
Property or Property of its Subsidiaries, whether now owned or hereafter acquired, or upon any income or profits therefrom, in
order to secure any of the Company’s Indebtedness or that of any Indebtedness of the Company’s Subsidiaries.

 

SECTION
903.          Maintenance of Office or Agency.

 

The
Company shall maintain in each Place of Payment an office or agency where Notes may be presented or surrendered for payment, where
Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect
of the Notes 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, and the Company hereby appoints the Trustee at its Corporate
Trust Office as its agent to receive such respective presentations, surrenders, notices and demands.

 

    55 

     

    

 

The
Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all 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 the Notes 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 the Notes pursuant to Section 201, the Company hereby designates as a Place of Payment the office or agency of
the Company in the Borough of Manhattan, The City of New York, and initially appoints the Trustee at its Corporate Trust Office
in the Borough of Manhattan, The City of New York as its agent to receive all such presentations, surrenders, notices and demands.

 

SECTION
904.          Money for Notes Payments to Be Held in Trust.

 

If
the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of (or premium,
if any) or interest on the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient
to pay the principal (and premium, if any) and interest 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.

 

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 the Paying Agent to pay, to the Trustee all sums of money held in trust by the Company or the
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 the Paying Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further
liability with respect to such sums.

 

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
(or premium, if any) or interest on the Notes and remaining unclaimed for two years after such principal, premium or interest
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 shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such money held in trust, 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 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
905.          Repurchase at the Option of Holders upon a Change of Control Repurchase Event.

 

(1)       The
Company shall notify the Trustee upon the occurrence of a Change of Control Repurchase Event, and each Holder shall have the right
to require the Company to repurchase all or any part (in minimum denominations of $250,000 and integral multiples of $1.00 in
excess thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”)
at an offer price in cash equal to 100% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon
to, but not including, the date of purchase (the “Change of Control Payment”).

 

    56 

     

    

 

(2)       Within
30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but
after the public announcement thereof, the Company shall send, or at the Company’s written request and expense the Trustee
shall send, electronically or by first-class mail, postage prepaid, a notice to each Holder at its last registered address, which
notice shall govern the terms of the Change of Control Offer. The notice shall describe the transaction or transactions that constitute
the Change of Control Repurchase Event and offer to repurchase Notes on the purchase date specified in such notice (which must
be no earlier than 30 days nor later than 60 days from the date such notice is sent, other than as may be required by law) (the
“Change of Control Payment Date”) pursuant to the procedures required by this Indenture and described in such
notice. Such obligation will not continue after a discharge of the Company or defeasance from their obligations with respect to
the Notes. The notice to the Holders shall contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Change of Control Offer. Such notice shall state:

 

(A)       that
the Change of Control Offer is being made pursuant to this Section 905 and that all Notes validly tendered and not validly
withdrawn will be accepted for payment;

 

(B)        the
Change of Control Payment and the Change of Control Payment Date (which shall be no earlier than 30 days nor later than 60 days
from the date such notice is sent, other than as may be required by law);

 

(C)        that
any Note not tendered will continue to accrue interest;

 

(D)       that,
unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the Change of Control Offer
shall cease to accrue interest after the Change of Control Payment Date;

 

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

 

(F)        that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the third Business Day prior
to the Change of Control Payment Date, a telegram, telex, .pdf attachment, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is withdrawing
its election to have such Note purchased;

 

(G)        that
Holders whose Notes are purchased only in part will be issued new Notes in a principal amount equal to the unpurchased portion
of the Notes surrendered; provided, however, that each Note purchased and each new Note issued shall be in a principal
amount of $250,000 or integral multiples of $1 in excess thereof; and

 

(H)       the
circumstances and relevant facts regarding such Change of Control Repurchase Event.

 

    57 

     

    

 

(3)       On
the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(A)       accept
for payment all Notes or portions thereof (in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof)
validly tendered and not validly withdrawn pursuant to the Change of Control Offer;

 

(B)        deposit
with the Paying Agent an amount in Dollars equal to the Change of Control Payment in respect of all Notes or portions thereof
properly tendered; and

 

(C)        deliver
or cause to be delivered to the Trustee all Notes so accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes (or portions thereof) being purchased by the Company.

 

Upon
receipt by the Paying Agent of the monies specified in clause (B) above and the Officers’ Certificate specified in clause
(C) above, such Paying Agent shall promptly send to each Holder of Notes so tendered the Change of Control Payment for such Notes,
and the Company shall execute and, upon receipt of a Company Order in the form of an Officers’ Certificate in accordance
with Section 201, the Trustee shall promptly authenticate and send (or cause to be transferred by book entry) to each Holder of
Notes a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each
such new Note shall be in a minimum principal amount of $250,000 and integral multiples of $1.00 in excess thereof. The Company
shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment
Date.

 

(4)       Upon
the payment of the Change of Control Payment, the Trustee shall, subject to the provisions of Section 212, return the Notes purchased
to the Company for cancellation. The Trustee may act as the Paying Agent for purposes of any Change of Control Offer.

 

(5)       The
Company will not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if (A) a third party
makes the Change of Control Offer in a manner, at the times and otherwise in compliance with the requirements set forth in this
Section 905 with respect to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer or (B) notice of redemption has been given pursuant to this Indenture as described
in Article Eleven, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything
to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control Repurchase Event, conditioned
upon the consummation of such Change of Control Repurchase Event, if a definitive agreement is in place for the Change of Control
Repurchase Event at the time the Change of Control Offer is made and such Change of Control Offer is otherwise made in compliance
with the provisions of this covenant.

 

(6)       The
Company shall 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 the Notes as a result of
a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with provisions
of this covenant, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached their obligations under this paragraph by virtue thereof.

 

    58 

     

    

 

SECTION
906.          Statement as to Compliance.

 

(1)       The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof (which
fiscal year ends on December 31), so long as any Note is Outstanding hereunder, a brief certificate from the principal executive
officer, principal financial officer or principal accounting officer of the Company as to his or her knowledge of the Company’s
compliance with all conditions and covenants under this Indenture. For purposes of this Section 906, such compliance shall be
determined without regard to any period of grace or requirement of notice under this Indenture.

 

(2)       The
Company shall, so long as any Notes are Outstanding, deliver to the Trustee, within five Business Days of any officer listed in (1)
above becoming aware of any Default, Event of Default or default in the performance of any covenant, agreement or condition contained
in this Indenture, an Officers’ Certificate specifying such Default, Event of Default, default or event of default and what
action the Company is taking or proposes to take with respect thereto and the status thereof.

 

Article
Ten

 

REDEMPTION OF SECURITIES

 

SECTION
1001.        Election to Redeem; Notice to Trustee.

 

The
election of the Company to redeem any Notes 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 Outstanding Notes, the Company shall, at least five Business Days prior
to the date on which notice will be sent to Holders regarding a redemption by the Company (unless a shorter notice shall be satisfactory
to the Trustee), deliver an Officers’ Certificate notifying the Trustee in writing of such Redemption Date and of the principal
amount of Notes to be redeemed. In the case of any redemption prior to the expiration of any restriction on such redemption provided
in the terms of the Notes or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction.

 

SECTION
1002.        Selection by Trustee of Notes to Be Redeemed.

 

If
less than all of the Notes are to be redeemed at any time, selection of such Notes for redemption will be made by the Trustee
in compliance with the requirements of the principal national securities exchange, if any, on which the Notes to be redeemed are
listed, so long as the Notes are registered to DTC or its nominee, or, if such Notes are not so listed, on a pro rata basis
(or if the Notes are held through DTC or its nominee and if the procedures of DTC or its nominee at such time do not permit pro
rata redemptions, then by lot or by such other method consistent with the procedures of DTC that the Trustee in its sole discretion
deems fair and reasonable); provided that no Notes with a principal amount of $250,000 or less shall be redeemed in part.
For all purposes of this Indenture unless the context otherwise requires, provisions of this Indenture that apply to Notes called
for redemption also apply to portions of Notes called for redemption. Redemption amounts shall only be paid upon presentation
and surrender of any such Notes to be redeemed to the Trustee at its Corporate Trust Office.

 

    59 

     

    

 

SECTION
1003.        Notice of Redemption.

 

The
Company shall deliver written notice of any redemption to the Trustee no less than five Business Day(s) prior to sending notice
to Holders (or fewer days subject to the consent of the Trustee). 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, to each Holder, but failure to
give such notice in the manner herein provided to the Holders, or any defect in the notice to any Holder, shall not affect the
validity of the proceedings for the redemption of any other such Note or portion thereof.

 

Any
notice that is sent to the Holders of Registered Notes 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 and accrued interest, if any, to the Redemption Date payable as provided in Section 1004;

 

(3)       the
principal amount of Notes being redeemed;

 

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

 

(5)       that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section
1004 will become due and payable upon each such Note, 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 Notes, are to be surrendered for payment of the Redemption Price and accrued interest, if
any; and

 

(7)       the
CUSIP number of such Note, if any.

 

A
notice of redemption published as contemplated by Section 106 need not identify particular Registered Notes to be redeemed. Notice
of redemption of Notes 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.

 

    60 

     

    

 

Notwithstanding
anything herein to the contrary, redemption notices in connection with defeasance of the Notes or a satisfaction and discharge
of this Indenture may be sent more than 60 days prior to the Redemption Date.

 

SECTION
1004.        Deposit of Redemption Price.

 

On
or prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall 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 904) an
amount of money sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified pursuant to
Section 201) accrued interest on, all the Notes or portions thereof that are to be redeemed on that date; provided, however,
that to the extent any such funds are received by the Trustee or a Paying Agent from the Company after 11:00 a.m., New York
City time, on the due date, such funds will be deemed deposited within one Business Day of receipt thereof.

 

SECTION
1005.        Notes Payable on Redemption Date.

 

Notice
of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified (together with accrued interest, if any, to the Redemption Date). Upon surrender of
any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the Redemption Price, together
with accrued interest, if any, to the Redemption Date; provided, however, that unless otherwise specified as contemplated
by Section 201, installments of interest on Registered Notes shall be payable to the Holders, or one or more Predecessor Notes,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 207.

 

SECTION
1006.        Notes Redeemed in Part.

 

Any
Registered Note that is to be redeemed only in part (pursuant to the provisions of this Article) 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 such Holder’s attorney duly
authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Note
at the expense of the Company and without service charge a new Note or Notes, 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 Note so surrendered.
If a temporary global Note or permanent global Note is so surrendered, such new Note so issued shall be a new temporary global
Note or permanent global Note, respectively.

 

SECTION
1007.        Mandatory Redemption.

 

Except
as provided in Section 905 or as contemplated by Article Five, the Company is not required to make any mandatory redemption of
the Notes or any sinking fund payments with respect to the Notes.

 

    61 

     

    

 

Article
Eleven

 

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION
1101.        Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

If
pursuant to Section 201 provision is made for either or both of (a) defeasance of the Notes under Section 1102 or (b) covenant
defeasance of the Notes under Section 1103, 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 201 with respect
to any Notes), shall be applicable, and the Company may at its option by Board Resolution, at any time, elect to have either Section
1102 (if applicable) or Section 1103 (if applicable) be applied to the Outstanding Notes upon compliance with the conditions set
forth below in this Article.

 

SECTION
1102.        Defeasance and Discharge.

 

Upon
the Company’s exercise of the above option applicable to this Section, the Company shall be deemed to have been discharged
from its obligations hereunder on and after the date the conditions set forth in Section 1104 are satisfied (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1105
and the other Sections of this Indenture referred to in clauses (A) and (B) of this Section, and to have satisfied all its other
obligations under the Notes and this Indenture (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (A)
the rights of Holders to receive, solely from the trust fund described in Section 1104 and as more fully set forth in such Section,
payments in respect of the principal of (and premium, if any, on) and interest on the Notes when such payments are due, (B) the
Company’s obligations with respect to the Notes under Sections 205, 206, 902 and 903, (C) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Eleven, the Company
may exercise its option under this Section notwithstanding the prior exercise of its option under Section 904. Following a defeasance,
payment of the Notes may not be accelerated because of an Event of Default.

 

SECTION
1103.        Covenant Defeasance.

 

Upon
the Company’s exercise of the above option applicable to this Section, the Company shall be released from its obligations
under any covenant, with respect to the Outstanding Notes on and after the date the conditions set forth in Section 1104 are satisfied
(hereinafter, “covenant defeasance”), and the Notes 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 such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose,
such covenant defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant
to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event
of Default under Section 401(5) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture
and the Notes shall be unaffected thereby. Following a covenant defeasance, payment of the Notes may not be accelerated because
of an Event of Default solely by reference to such Sections specified above in this Section 1103.

 

    62 

     

    

 

SECTION
1104.        Conditions to Defeasance or Covenant Defeasance.

 

The
following shall be the conditions to application of either Section 1102 or Section 1103:

 

(a)       The
Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying
the requirements of Section 507 who shall agree to comply with the provisions of this Article Eleven applicable to it) as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for the benefit of, and dedicated
solely to, the Holders, (1) an amount, or (2) Government Obligations applicable to the Notes, 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, on) and interest on the Notes, money in an amount, or (3) a combination
thereof in an amount, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or
other qualifying trustee) to pay and discharge, the principal of (and premium, if any, on) and interest on the Outstanding Notes
on the Stated Maturity of such principal or installment of principal or interest.

 

(b)       Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture
or any other material agreement or instrument to which the Company is a party or by which it is bound.

 

(c)       No
Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Sections 401(5) and
401(6) are concerned, at any time during the period ending on the 61st day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until the expiration of such period).

 

(d)       In
the case of an election under Section 1102, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect
that, and based thereon such opinion shall confirm that, the Holders will not recognize income, gain or loss for Federal income
tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such defeasance had not occurred.

 

    63 

     

    

 

(e)       In
the case of an election under Section 1103, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such covenant defeasance had not occurred.

 

(f)       The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to either the defeasance under Section 1102 or the covenant defeasance under Section 1103 (as the case may be) have
been complied with.

 

(g)       Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional
or substitute terms, conditions or limitations that may be imposed on the Company in connection therewith pursuant to Section
201.

 

SECTION
1105.        Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject
to the provisions of the last paragraph of Section 904, all money and Government Obligations (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1105, the “Trustee”)
pursuant to Section 1104 in respect of any Outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of the Notes 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 all sums due and to become due thereon
in respect of principal (and premium, if any) and interest but such money need not be segregated from other funds except to the
extent required by law.

 

The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the money or Government
Obligations deposited pursuant to Section 1104 or the principal and interest received in respect thereof other than any such tax,
fee or other charge that by law is for the account of the Holders.

 

Anything
in this Article to the contrary notwithstanding, 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 1104
that, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect a defeasance
or covenant defeasance, as applicable, in accordance with this Article, subject to payment in full of any amounts due and payable
hereunder to the Trustee.

 

    64 

     

    

 

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

 

	 	CORPORATE
CAPITAL TRUST, INC.
	 	 
	 	By:	/s/ Thomas K. Sittema
	 	 	Name: Thomas
K Sittema
Title:    Chief
Executive Officer and Chairman of the Board
	 	 	 
	 	THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

          as Trustee
	 	 
	 	By:	/s/
Karen Yu
	 	 	Name: Karen Yu
Title:   Vice President

 

[Signature
Page to Indenture] 

 

     

     

    

 

EXHIBIT
A-1

 

[FORM
OF RESTRICTED NOTE]

 

CORPORATE
CAPITAL TRUST, INC.

 

5.00%
SENIOR NOTE DUE 2022

 

[Insert
Global Note Legend, if applicable]

 

[Insert
Private Placement Legend]

 

	No.
    [  ]	CUSIP
    No. [          ]1
	 	ISIN
    No. [          ]2
	 	$[          ]

 

CORPORATE
CAPITAL TRUST, INC., a Maryland corporation that is a closed-end investment company that has elected to be treated as a business
development company, as issuer (the “Company”), for value received, promises to pay to [                  ]
or registered assigns the principal sum of [                                                      ]
(or such other principal amount as shall be set forth in the Schedule of Exchanges of Interests in Global Note attached hereto),
on [●], 2022.

 

Interest
Payment Dates: June 28 and December 28, commencing December 28, 2017.

 

Record
Dates3: June 13 and December 13 (whether or not a Business Day).

 

Reference
is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth
at this place.

 

 

 

1
4(a)(2) CUSIP: 219880 AA9; Regulation S CUSIP: U20251 AA9

 

2
4(a)(2) ISIN: US219880AA90; Regulation S ISIN: USU20251AA96.

 

3
Each Record Date should
be 15 days prior to the next Interest Payment Date

 

    A-1-1 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be signed by its duly authorized officer.

 

	 	CORPORATE
    CAPITAL TRUST, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-1-2 

     

    

 

Certificate
of Authentication

 

This
is one of the 5.00% Senior Notes due 2022 referred to in the within-mentioned Indenture.

 

	 	THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	 	as
    Trustee
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

Dated:
June [●], 2017

 

    A-1-3 

     

    

 

[FORM
OF REVERSE OF RESTRICTED NOTE]

 

CORPORATE
CAPITAL TRUST, INC.

 

5.00%
SENIOR NOTE DUE 2022

 

1.       Interest.
CORPORATE CAPITAL TRUST, INC., a Maryland corporation that is a closed-end investment company that has elected to be treated
as a business development company, as issuer (the “Company”), for value received, promises to pay interest
on the principal amount set forth on the face hereof at a rate of 5.00% per annum. Interest hereon will accrue from and including
the most recent date to which interest has been paid or, if no interest has been paid, from and including June 28, 20174
to but excluding the date on which interest is paid. Interest shall be payable in arrears on each June 28 and December
28, commencing December 28, 20175. Interest will be computed on the basis of
a 360-day year of twelve 30-day months and actual days elapsed.

 

The
interest rate payable hereon shall be subject to adjustment from time to time as set forth below.

 

If
either:

 

(1)       (i) each
of (a) Fitch Ratings, Inc. (“Fitch”), (b) Kroll Bond Rating Agency, Inc. (“Kroll”),
and (c) Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc. (“S&P” and,
together with Fitch and Kroll, the “Rating Agencies”) assigns the Company a corporate rating and (ii) the corporate
rating assigned to the Company by any two of the Rating Agencies is BB+ or lower, or any corporate rating assigned to the Company
by any Rating Agency is downgraded such that any two of the Rating Agencies assigns the Company a corporate rating of BB+ or lower;
or

 

(2)       (i) fewer
than three of the Rating Agencies assign the Company a corporate rating and (ii) the corporate rating assigned to the Company
by any one of the Rating Agencies that assigns the Company a corporate rating is BB+ or lower,

 

then
the interest rate hereon will increase by 0.50% (an “Interest Rate Increase”).

 

The
interest period beginning after the Company has notified the Trustee and Paying Agent in writing of an Interest Rate Increase
is referred to herein as an “Increased Interest Rate Period.”

 

 

 

4       In
the case of Notes issued on the Issue Date.

 

5       In
the case of Notes issued on the Issue Date.

 

    A-1-4 

     

    

 

Following
an Interest Rate Increase, (i) if each of the Rating Agencies assigns the Company a corporate rating, any two of the Rating
Agencies is higher than BB+, or (ii) if fewer than three of the Rating Agencies assign the Company a corporate rating, each
of the Rating Agencies is higher than BB+, the interest rate hereon will be decreased to the interest rate set forth in the first
paragraph of this section 1.

 

Any
interest rate increase or decrease, as described above, will take effect from the first day of the interest period that begins
following receipt of written notice from the Company by the Trustee and Paying Agent that a rating change requires an adjustment
in the interest rate. The Company shall notify the Trustee and Paying Agent in writing of any interest rate increase or decrease,
as described above, referencing the new rate and related interest period. The Trustee and Paying Agent may conclusively rely without
liability on such Company notice.

 

The
Trustee shall have no duty to monitor the Company’s ratings.

 

2.       Method
of Payment. The Company will pay interest hereon (except defaulted interest) to the Persons who are registered Holders at
the close of business on the June 13 or December 136 preceding the Interest
Payment Date (whether or not a Business Day). Holders must surrender Notes to a Paying Agent to collect principal payments. The
Company will pay principal and interest in Dollars. At the Company’s option, if Notes are certificated, interest may be
paid by check mailed to the Holder entitled thereto at the address indicated on the register maintained by the Note Registrar.

 

3.       Paying
Agent and Registrar. Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act
as a Paying Agent and Note Registrar. The Company may change any Paying Agent or Note Registrar without notice. The Company or
any Affiliate thereof may act as Paying Agent or Note Registrar.

 

4.       Indenture.
The Company issued the Notes under an Indenture dated as of June 28, 2017 (the “Indenture”) between the
Company and the Trustee. This is one of an issue of Notes of the Company issued, or to be issued, under the Indenture. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act
of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended from time to time. The Notes are subject to all such terms,
and Holders are referred to the Indenture and such Act for a statement of them. Capitalized and certain other terms used herein
and not otherwise defined have the meanings set forth in the Indenture.

 

5.       Optional
Redemption.

 

(a)       Prior
to or on June 28, 2019, the Company may redeem the Notes, at its option, in whole at any time or in part from time to time, at
a redemption price equal to the sum of the present values of the scheduled payment of principal and interest through the interest
payment date occurring on June 28, 2020 (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be
redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
using the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest, if any, to the applicable redemption
date.

 

 

 

6
Each Record Date should
be 15 days prior to the next Interest Payment Date

 

    A-1-5 

     

    

 

(b)       After
June 28, 2019 and on or before June 27, 2020, the Company may redeem the Notes, at its option, in whole at any time or in part
from time to time, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any,
to the applicable redemption date, plus a premium of 3.0% of the principal amount thereof.

 

(c)       On
or after June 28, 2020 and on or before June 27, 2021, the Company may redeem the Notes, at its option, in whole at any time or
in part from time to time, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest,
if any, to the applicable redemption date, plus a premium of 1.5% of the principal amount thereof.

 

(d)       Commencing
June 28, 2021, the Company may redeem the Notes, at its option, in whole at any time or in part from time to time, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest to the
redemption date.

 

(e)       During
any Increased Interest Rate Period, the Company may redeem the Notes, at its option, in whole at any time or in part from time
to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and
unpaid interest to the redemption date.

 

(f)       In
addition, the Company may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated
transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate
the terms of the Indenture.

 

6.       Notice
of Redemption. Notices of redemption shall be mailed by first class mail or sent electronically at least 30 but not more than
60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address. If any Note is to be redeemed
in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be
redeemed. Any redemption and notice thereof may, in the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent described in the notice relating to such redemption.

 

7.       Offers
To Purchase. The Indenture provides that upon the occurrence of a Change of Control Repurchase Event and subject to further
limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with the procedures
set forth in the Indenture.

 

9.       Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $250,000 and any integral multiple
of $1 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Note Registrar may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay to it any taxes and fees required
by law or permitted by the Indenture. The Note Registrar need not register the transfer of or exchange any Notes or portion of
a Note selected for redemption, or register the transfer of or exchange any Notes for a period of 15 days before a mailing of
notice of redemption.

 

    A-1-6 

     

    

 

10.       Persons
Deemed Owners. The registered Holder of this Note may be treated as the owner of this Note for all purposes.

 

11.       Unclaimed
Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee will pay the money back
to the Company at their written request. After that, Holders entitled to the money must look to the Company for payment as general
creditors unless an “abandoned property” law designates another Person.

 

12.       Amendment,
Supplement, Waiver, Etc. The Company and the Trustee may, without the consent of the Holders of any Outstanding Notes, amend,
waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities,
defects or inconsistencies, maintaining the qualification of the Indenture under the TIA, providing for the assumption by a successor
to the Company of its obligations to the Holders and making any change that does not adversely affect the rights of any Holder
in any material respect. Other amendments and modifications of the Indenture or the Notes may be made by the Company and the Trustee
with the consent of the Holders of at least a majority of the aggregate principal amount of the Outstanding Notes, subject to
certain exceptions requiring the consent of the Holders of the particular Notes to be affected.

 

13.       Restrictive
Covenants. The Indenture imposes certain limitations on the ability of Company and its Subsidiaries to, among other things,
consolidate, merge or sell all or substantially all of the assets of the Company and its Subsidiaries and requires the Company
to provide reports to Holders of the Notes. Such limitations are subject to a number of important qualifications and exceptions.
Pursuant to Section 906 of the Indenture, the Company must annually report to the Trustee on compliance with such limitations.

 

14.       Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture
and the transaction complies with the terms of Section 702 of the Indenture, the predecessor corporation will, except as provided
in Section 702, be released from those obligations.

 

15.       Defaults
and Remedies. Events of Default are set forth in the Indenture. If an Event of Default occurs and is continuing under the
Indenture, either the Trustee, by notice in writing to the Company, or the Holders of at least 25% in aggregate principal amount
of the Notes then Outstanding, by notice in writing to the Company and the Trustee specifying the respective Event of Default
and that it is a “notice of acceleration”, may declare the principal of and premium, if any, and accrued interest,
if any, on the Notes to be due and payable, and upon such declaration of acceleration, such principal of and premium, if any,
and accrued interest, if any, shall be immediately due and payable; provided, however, that, notwithstanding the
foregoing, if an Event of Default specified in Sections 401(5) or (6) occurs, the principal of and premium, if any, and accrued
interest, if any, on the Notes then Outstanding shall become and be immediately due and payable without any declaration or other
act on the part of the Trustee or any Holder.

 

    A-1-7 

     

    

 

Notwithstanding
the foregoing, if after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee,
the Holders of a majority in aggregate principal amount of outstanding Notes may rescind and annul such acceleration if:

 

(1)       all
Events of Default, other than nonpayment of principal, premium, if any, or interest that has become due solely because of the
acceleration, have been cured or waived;

 

(2)       to
the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has
become due otherwise than by such declaration of acceleration, has been paid;

 

(3)       the
Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances;
and

 

(4)       in
the event of the cure or waiver of an Event of Default of the type described in Sections 401(5) and (6), the Trustee shall
have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived.

 

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

 

Holders
may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory
to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount
of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal
of or interest on the Notes) if it determines that withholding notice is in their best interests.

 

16.       Trustee
Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from and
perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not
Trustee.

 

17.       No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or of any of its Subsidiaries,
as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability.

 

    A-1-8 

     

    

 

18.       Discharge.
The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections
thereof, subject to the terms of the Indenture, upon the payment of all the Notes or upon the irrevocable deposit with the Trustee
of cash in Dollars, Government Obligations or a combination thereof, in such amounts as will be sufficient to pay when due principal
of and interest on the Notes to maturity or redemption, as the case may be.

 

20.       Authentication.
This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note.

 

21.       Governing
Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

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

 

Corporate
Capital Trust, Inc.

CNL Center at City Commons

450 South Orange Avenue

Orlando, FL 32801

Attn: General Counsel

Telephone: (866) 650-0650

 

    A-1-9 

     

    

 

ASSIGNMENT

 

I
or we assign and transfer this Note to:

 

(Insert
assignee’s social security or tax I.D. number)

 

 

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

 

	and
irrevocably appoint 	 

 

Agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

 

	Date:	 	 	Your
Signature:	 
	 	 	 	 	(Sign
exactly as your name appears on the other side of this Note)

 

Signature
Guarantee:     ______________________________

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    	A-1-10 

     

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 905 of the Indenture, check
the appropriate box:

 

	 	 	Section
905	 

 

If
you want to have only part of the Note purchased by the Company pursuant to Section 905 of the Indenture, state the amount you
elect to have purchased:

 

$_________________________________ 

			
                                         ($1 or any integral multiple

                                         thereof; provided that the part not

                                         purchased must be at least $250,000)

 

Date: _____________________________

 

	 	 	Your Signature:	 
	 	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 	 
	Signature Guaranteed	 	 	 

  

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    	A-1-11 

     

    

 

Schedule
of Exchanges of Interests in Global Note*

 

The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Registered Note, or exchanges
of a part of another Global Note or Registered Note for an interest in this Global Note, have been made:

 

	Date
    of Exchange	Amount
    of decrease in Principal Amount 

    of 

    this Global Note	Amount
    of increase in Principal Amount 

    of 

    this Global Note	Principal
    Amount 

    of this Global Note following such decrease 

    (or increase)	Signature
    of authorized signatory of Trustee

 

 

 

 

*
Insert in Global Securities only.

 

    	A-1-12 

     

    

 

EXHIBIT
A-2

 

[FORM
OF UNRESTRICTED NOTE]

 

CORPORATE
CAPITAL TRUST, INC.

 

5.00%
SENIOR NOTE DUE 2022

 

[Insert
Global Note Legend, if applicable]

 

	No. [  ]	CUSIP No. [           ]7

ISIN No. [           ]8

$[           ]   

 

CORPORATE
CAPITAL TRUST, INC., a Maryland corporation that is a closed-end investment company that has elected to be treated as a business
development company, as issuer (the “Company”), for value received, promises to pay to [                  ]
or registered assigns the principal sum of [                                                      ]
(or such other principal amount as shall be set forth in the Schedule of Exchanges of Interests in Global Note attached hereto),
on [●], 2022.

 

Interest
Payment Dates:        June 28 and December 28, commencing December 28, 2017.

 

Record Dates9:
        June 13 and December 13 (whether or not a Business Day).

 

Reference
is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth
at this place.

 

 

 

7
4(a)(2) CUSIP: 219880 AA9; Regulation S CUSIP: U20251 AA9.

 

8
4(a)(2) ISIN: US219880AA90; Regulation S ISIN: USU20251AA96.

 

9
Each Record Date should
be 15 days prior to the next Interest Payment Date.

 

    	A-2-1 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be signed by its duly authorized officer.

 

	 	CORPORATE CAPITAL TRUST, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	A-2-2 

     

    

 

Certificate
of Authentication

 

This
is one of the 5.00% Senior Notes due 2022 referred to in the within-mentioned Indenture.

 

	 	THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized
Signatory

 

Dated:
June [●], 2017

 

    	A-2-3 

     

    

 

[FORM
OF REVERSE OF UNRESTRICTED NOTE]

 

CORPORATE
CAPITAL TRUST, INC.

 

5.00%
SENIOR NOTE DUE 2022

 

1.         Interest.
CORPORATE CAPITAL TRUST, INC., a Maryland corporation that is a closed-end investment company that has elected to be treated
as a business development company, as issuer (the “Company”), for value received, promises to pay interest
on the principal amount set forth on the face hereof at a rate of 5.00% per annum. Interest hereon will accrue from and including
the most recent date to which interest has been paid or, if no interest has been paid, from and including June 28, 201710
to but excluding the date on which interest is paid. Interest shall be payable in arrears on each June 28 and December
28, commencing December 28, 201711. Interest will be computed on the basis of
a 360-day year of twelve 30-day months and actual days elapsed.

 

The
interest rate payable hereon shall be subject to adjustment from time to time as set forth below.

 

If
either:

 

(1)       (i) each
of (a) Fitch Ratings, Inc. (“Fitch”), (b) Kroll Bond Rating Agency, Inc. (“Kroll”),
and (c) Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc. (“S&P” and,
together with Fitch and Kroll, the “Rating Agencies”) assigns the Company a corporate rating and (ii) the corporate
rating assigned to the Company by any two of the Rating Agencies is BB+ or lower, or any corporate rating assigned to the Company
by any Rating Agency is downgraded such that any two of the Rating Agencies assigns the Company a corporate rating of BB+ or lower;
or

 

(2)       (i) fewer
than three of the Rating Agencies assign the Company a corporate rating and (ii) the corporate rating assigned to the Company
by any one of the Rating Agencies that assigns the Company a corporate rating is BB+ or lower,

 

then
the interest rate hereon Notes will increase by 0.50% (an “Interest Rate Increase”).

 

The
interest period beginning after the Company has notified the Trustee and Paying Agent in writing of an Interest Rate Increase
is referred to herein as an “Increased Interest Rate Period.”

 

Following
an Interest Rate Increase, (i) if each of the Rating Agencies assigns the Company a corporate rating, any two of the Rating
Agencies is higher than BB+, or (ii) if fewer than three of the Rating Agencies assign the Company a corporate rating, each
of the Rating Agencies is higher than BB+, the interest rate hereon will be decreased to the interest rate set forth in the first
paragraph of this section 1.

 

 

 

10       In
the case of Notes issued on the Issue Date.

 

11       In
the case of Notes issued on the Issue Date.

 

     A-2-4

     

    

 

Any
interest rate increase or decrease, as described above, will take effect from the first day of the interest period that begins
following receipt of written notice from the Company by the Trustee and Paying Agent that a rating change requires an adjustment
in the interest rate. The Company shall notify the Trustee and Paying Agent in writing of any interest rate increase or decrease,
as described above, referencing the new rate and related interest period. The Trustee and Paying Agent may conclusively rely without
liability on such Company notice.

 

The
Trustee shall have no duty to monitor the Company’s ratings.

 

2.         Method
of Payment. The Company will pay interest hereon (except defaulted interest) to the Persons who are registered Holders at
the close of business on the June 13 or December 1312 preceding the Interest
Payment Date (whether or not a Business Day). Holders must surrender Notes to a Paying Agent to collect principal payments. The
Company will pay principal and interest in Dollars. At the Company’s option, if Notes are certificated, interest may be
paid by check mailed to the Holder entitled thereto at the address indicated on the register maintained by the Note Registrar.

 

3.         Paying
Agent and Registrar. Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act
as a Paying Agent and Note Registrar. The Company may change any Paying Agent or Note Registrar without notice. The Company or
any Affiliate thereof may act as Paying Agent or Note Registrar.

 

4.         Indenture.
The Company issued the Notes under an Indenture dated as of June 28, 2017 (the “Indenture”) between the
Company and the Trustee. This is one of an issue of Notes of the Company issued, or to be issued, under the Indenture. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act
of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended from time to time. The Notes are subject to all such terms,
and Holders are referred to the Indenture and such Act for a statement of them. Capitalized and certain other terms used herein
and not otherwise defined have the meanings set forth in the Indenture.

 

5.         Optional
Redemption.

 

(a)       Prior
to or on June 28, 2019, the Company may redeem the Notes, at its option, in whole at any time or in part from time to time, at
a redemption price equal to the sum of the present values of the scheduled payment of principal and interest through the interest
payment date occurring on June 28, 2020 (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be
redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
using the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest, if any, to the applicable redemption
date.

 

 

 

12
Each Record Date should
be 15 days prior to the next Interest Payment Date.

 

     A-2-5

     

    

 

(b)       After
June 28, 2019 and on or before June 27, 2020, the Company may redeem the Notes, at its option, in whole at any time or in part
from time to time, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any,
to the applicable redemption date, plus a premium of 3.0% of the principal amount thereof.

 

(c)       On
or after June 28, 2020 and on or before June 27, 2021, the Company may redeem the Notes, at its option, in whole at any time or
in part from time to time, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest,
if any, to the applicable redemption date, plus a premium of 1.5% of the principal amount thereof.

 

(d)       Commencing
June 28, 2021, the Company may redeem the Notes, at its option, in whole at any time or in part from time to time, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest to the
redemption date.

 

(e)       During
any Increased Interest Rate Period, the Company may redeem the Notes, at its option, in whole at any time or in part from time
to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and
unpaid interest to the redemption date.

 

(f)        In
addition, the Company may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated
transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate
the terms of the Indenture.

 

6.         Notice
of Redemption. Notices of redemption shall be mailed by first class mail or sent electronically at least 30 but not more than
60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address. If any Note is to be redeemed
in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be
redeemed. Any redemption and notice thereof may, in the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent described in the notice relating to such redemption.

 

7.         Offers
To Purchase. The Indenture provides that upon the occurrence of a Change of Control Repurchase Event and subject to further
limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with the procedures
set forth in the Indenture.

 

9.         Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $250,000 and any integral multiple
of $1 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Note Registrar may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay to it any taxes and fees required
by law or permitted by the Indenture. The Note Registrar need not register the transfer of or exchange any Notes or portion of
a Note selected for redemption, or register the transfer of or exchange any Notes for a period of 15 days before a mailing of
notice of redemption.

 

     A-2-6

     

    

 

10.       Persons
Deemed Owners. The registered Holder of this Note may be treated as the owner of this Note for all purposes.

 

11.       Unclaimed
Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee will pay the money back
to the Company at their written request. After that, Holders entitled to the money must look to the Company for payment as general
creditors unless an “abandoned property” law designates another Person.

 

12.       Amendment,
Supplement, Waiver, Etc. The Company and the Trustee may, without the consent of the Holders of any Outstanding Notes, amend,
waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities,
defects or inconsistencies, maintaining the qualification of the Indenture under the TIA, providing for the assumption by a successor
to the Company of its obligations to the Holders and making any change that does not adversely affect the rights of any Holder
in any material respect. Other amendments and modifications of the Indenture or the Notes may be made by the Company and the Trustee
with the consent of the Holders of at least a majority of the aggregate principal amount of the Outstanding Notes, subject to
certain exceptions requiring the consent of the Holders of the particular Notes to be affected.

 

13.       Restrictive
Covenants. The Indenture imposes certain limitations on the ability of Company and its Subsidiaries to, among other things,
consolidate, merge or sell all or substantially all of the assets of the Company and its Subsidiaries and requires the Company
to provide reports to Holders of the Notes. Such limitations are subject to a number of important qualifications and exceptions.
Pursuant to Section 906 of the Indenture, the Company must annually report to the Trustee on compliance with such limitations.

 

14.       Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture
and the transaction complies with the terms of Section 702 of the Indenture, the predecessor corporation will, except as provided
in Section 702, be released from those obligations.

 

15.       Defaults
and Remedies. Events of Default are set forth in the Indenture. If an Event of Default occurs and is continuing under the
Indenture, either the Trustee, by notice in writing to the Company, or the Holders of at least 25% in aggregate principal amount
of the Notes then Outstanding, by notice in writing to the Company and the Trustee specifying the respective Event of Default
and that it is a “notice of acceleration”, may declare the principal of and premium, if any, and accrued interest,
if any, on the Notes to be due and payable, and upon such declaration of acceleration, such principal of and premium, if any,
and accrued interest, if any, shall be immediately due and payable; provided, however, that, notwithstanding the
foregoing, if an Event of Default specified in Sections 401(5) or (6) occurs, the principal of and premium, if any, and accrued
interest, if any, on the Notes then Outstanding shall become and be immediately due and payable without any declaration or other
act on the part of the Trustee or any Holder.

 

     A-2-7

     

    

 

Notwithstanding
the foregoing, if after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee,
the Holders of a majority in aggregate principal amount of outstanding Notes may rescind and annul such acceleration if:

 

(1)       all
Events of Default, other than nonpayment of principal, premium, if any, or interest that has become due solely because of the
acceleration, have been cured or waived;

 

(2)       to
the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has
become due otherwise than by such declaration of acceleration, has been paid;

 

(3)       the
Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances;
and

 

(4)       in
the event of the cure or waiver of an Event of Default of the type described in Sections 401(5) and (6), the Trustee shall
have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived.

 

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

 

Holders
may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory
to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount
of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal
of or interest on the Notes) if it determines that withholding notice is in their best interests.

 

16.       Trustee
Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from and
perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not
Trustee.

 

17.       No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or of any of its Subsidiaries,
as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability.

 

     A-2-8

     

    

 

18.       Discharge.
The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections
thereof, subject to the terms of the Indenture, upon the payment of all the Notes or upon the irrevocable deposit with the Trustee
of cash in Dollars, Government Obligations or a combination thereof, in such amounts as will be sufficient to pay when due principal
of and interest on the Notes to maturity or redemption, as the case may be.

 

20.       Authentication.
This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note.

 

21.       Governing
Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

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

 

Corporate
Capital Trust, Inc.

CNL Center at City Commons

450 South Orange Avenue

Orlando, FL 32801

Attn: General Counsel

Telephone: (866) 650-0650

 

     A-2-9

     

    

 

ASSIGNMENT

 

I
or we assign and transfer this Note to:

 

 

(Insert
assignee’s social security or tax I.D. number)

 

 

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

 

	and
irrevocably appoint	 

 

Agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date: 

 

 

Your

 

Signature:

 

 

 

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

 

Signature
Guarantee: ______________________________

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

     A-2-10

     

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 905 of the Indenture, check
the appropriate box:

 

	 	 	Section 905

 

If
you want to have only part of the Note purchased by the Company pursuant to Section 905 of the Indenture, state the amount you
elect to have purchased:

 

	 	$	 	 	 
		 	
                                         ($1 or any integral multiple

                                         thereof; provided that the part not

                                         purchased must be at least $250,000)

 

	Date:	 	 

 

	 	Your
Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature
Guaranteed	 

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

     A-2-11

     

    

 

Schedule
of Exchanges of Interests in Global Note*

 

The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Registered Note, or exchanges
of a part of another Global Note or Registered Note for an interest in this Global Note, have been made:

 

	Date
    of Exchange	Amount
    of decrease in Principal Amount 

    of 

    this Global Note	Amount
    of increase in Principal Amount 

    of 

    this Global Note	Principal
    Amount 

    of this Global Note following such decrease 

    (or increase)	Signature
    of authorized 

signatory of Trustee

 

 

 

*
Insert in Global Securities only.

 

     A-2-12

     

    

 

EXHIBIT
B

 

[FORM
OF LEGEND FOR GLOBAL NOTE]

 

Any
Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required
in the case of a Restricted Note) in substantially the following form:

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY
OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER
OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR
ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR 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.

 

    B-1 

     

    

 

EXHIBIT
C

 

[FORM
OF LEGEND FOR RESTRICTED SECURITIES]

 

Any
Restricted Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required
in the case of a Global Note) in substantially the following form:

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH BELOW. BY
ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1),
(2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT, ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR FOR WHICH IT HAS PURCHASED SECURITIES, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS [IN THE CASE OF 4(a)(2) NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] (OR SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY [RULE 144] [REGULATION S] UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS SECURITY AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) OR, IF LATER, THE LAST DATE UPON WHICH ADDITIONAL
NOTES (AS DEFINED IN THE INDENTURE) HAVE BEEN ISSUED, OFFER, RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A
UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES
(OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE
FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED
UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT
OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY,
IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE
COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON”
HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 

    C-1 

     

    

 

EXHIBIT
D

 

[FORM
OF LEGEND FOR TEMPORARY REGULATION S NOTE]

 

Any
Regulation S Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required
in the case of a Restricted Note) for the 40 day distribution period (as defined in Regulation S) in substantially the following
form:

 

“By
its acquisition hereof, the holder hereof represents that it is not a U.S. Person, nor is it purchasing for the account of a U.S.
Person, and is acquiring this note in an offshore transaction in accordance with regulation s under the Securities Act.”

 

    D-1 

     

    

 

EXHIBIT
E

 

FORM
OF CERTIFICATE OF TRANSFER

 

Corporate
Capital Trust, Inc.

CNL Center at City Commons

450 South Orange Avenue

Orlando, FL 32801

Attn: General Counsel

 

The
Bank of New York Mellon Trust Company, N.A.

[Address]

Attn:    [●]

 

Re:       5.00%
Senior Notes due 2022

 

(CUSIP
_____________)

(ISIN _______________)

 

Reference
is hereby made to the Indenture, dated as of June 28, 2017 (the “Indenture”), by and among Corporate Capital
Trust, Inc. (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.

 

______________
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of ___________ in such Note[s] or interests (the “Transfer”), to __________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

1.       ☐
Check if Transferee will take delivery of a beneficial interest in a 4(a)(2) Global Note or a Registered Note pursuant to
Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Registered Note is being transferred to a Person that the Transferor reasonably believed and believes
is purchasing the beneficial interest or Registered Note for its own account, or for one or more accounts with respect to which
such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Registered Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Rule 144A Global Note and/or the Registered Note and in the
Indenture and the Securities Act.

 

    E-1 

     

    

 

2.      ☐
Check if Transferee will take delivery of a beneficial interest in a Regulation S Global Note or a Registered Note
pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under
the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person
in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y)
the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities
Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act,
and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made
to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Registered Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Registered Note and in the Indenture
and the Securities Act.

 

3.      ☐
Check and complete if Transferee will take delivery of a beneficial interest in the Global Note or a Registered Note pursuant
to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance
with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Registered Notes and
pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States,
and accordingly the Transferor hereby further certifies that (check one):

 

(a)    ☐
  such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)    ☐
  such Transfer is being effected to the Company or a Subsidiary thereof;

 

or

 

(c)    ☐
  such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act;

 

or

 

(d)    ☐
  such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not
engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with
the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Registered Notes and the
requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the
form of Exhibit G to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of
transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor
has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Registered Note
will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Global Note and/or the
Registered Notes and in the Indenture and the Securities Act.

 

    E-2 

     

    

 

4.     ☐
 Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or an Unrestricted Registered
Note.

 

(a)       ☐    Check if Transfer is pursuant to Rule 144. (i)  The Transfer is being effected pursuant to and in accordance
with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Registered Note will no
longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Registered Notes and in the Indenture.

 

(b)       ☐    Check if Transfer is pursuant to Regulation S. (i)  The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Registered
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Registered Notes and in the Indenture.

 

(c)       ☐    Check if Transfer is pursuant to Other Exemption. (i)  The Transfer is being effected pursuant to and in compliance
with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Registered Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or Restricted Registered Notes and in the Indenture.

 

    E-3 

     

    

  

(d)       ☐    Check
if Transfer is pursuant to an Effective Registration Statement. (i)  The Transfer is being effected pursuant to
and in compliance with an effective registration statement under the Securities Act and any applicable blue sky securities laws
of any State of the United States and in compliance with the prospectus delivery requirements of the Securities Act and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Registered Note will not be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Global Notes or Restricted Registered Notes and in the Indenture.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Company.

 

	 	[Insert Name of Transferor]	 
	 	 	 
	 	By: 	 	 
	 	 	Name:
Title:	
	 	 	 	 

 Dated:________________ 

    E-4 

     

    

 

ANNEX
A TO CERTIFICATE OF TRANSFER

 

	1.	The
Transferor owns and proposes to transfer the following:

 

[CHECK
ONE]

 

		(a)	☐
a beneficial interest in a:

 

		(i)	☐
4(a)(2) Global Note (CUSIP ______) (ISIN ______), or

 

		(ii)	☐
Regulation S Global Note (CUSIP ______) (ISIN ______), or

 

		(b)	☐
a Restricted Registered Note.

 

	2.	After
the Transfer the Transferee will hold:

 

[CHECK
ONE]

 

		(a)	☐
a beneficial interest in the:

 

		(i)	☐
4(a)(2) Global Note (CUSIP _______) (ISIN ______), or

 

		(ii)	☐
Regulation S Global Note (CUSIP ______) (ISIN ______), or

 

		(iii)	☐
Unrestricted Global Note (CUSIP ______) (ISIN ______), or

 

		(b)	☐
a Restricted Registered Note; or

 

		(c)	☐
an Unrestricted Registered Note,

 

in
accordance with the terms of the Indenture.

 

    	E-5 

     

    

 

EXHIBIT
F

 

FORM
OF CERTIFICATE OF EXCHANGE

 

Corporate
Capital Trust, Inc.

CNL Center at City Commons

450 South Orange Avenue

Orlando, FL 32801

Attn: General Counsel

 

The
Bank of New York Mellon Trust Company, N.A.

[Address]

Attn:     [●]

 

Re:      5.00%
Senior Notes due 2022

 

(CUSIP
_____________)

(ISIN _______________)

 

Reference
is hereby made to the Indenture, dated as of June 28, 2017 (the “Indenture”), by and among Corporate Capital
Trust, Inc. (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.

 

____________
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of ____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:

 

1.           Exchange
of Restricted Registered Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Registered Notes or Beneficial
Interests in an Unrestricted Global Note

 

(a)          ☐          Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    	F-1 

     

    

 

(b)          ☐          Check
if Exchange is from Restricted Registered Note to beneficial interest in an Unrestricted Global Note. In connection with
the Owner’s Exchange of a Restricted Registered Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Registered Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act, and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

(c)          ☐          Check
if Exchange is from Restricted Registered Note to Unrestricted Registered Note. In connection with the Owner’s Exchange
of a Restricted Registered Note for an Unrestricted Registered Note, the Owner hereby certifies (i) the Unrestricted Registered
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Registered Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act, and (iv) the Unrestricted Registered Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

2.            Exchange
of Restricted Registered Notes for Restricted Registered Notes or Beneficial Interests in Restricted Global Notes.

 

(a)          ☐          Check
if Exchange is from Restricted Registered Note to beneficial interest in a Restricted Global Note. In connection with
the Exchange of the Owner’s Restricted Registered Note for a beneficial interest in the [CHECK ONE] __ 4(a)(2) Global Note
or __Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

    	F-2 

     

    

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Company.

 

 

	 	[Insert Name of Owner]
	 	 	 	 
	 	●	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

 

Dated:
________________

 

    	F-3 

     

    

 

EXHIBIT
G

 

FORM
OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Corporate
Capital Trust, Inc.

CNL Center at City Commons

450 South Orange Avenue

Orlando, FL 32801

Attn: General Counsel

 

The
Bank of New York Mellon Trust Company, N.A.

[Address]

Attn:    [●]

 

Re:        5.00%
Senior Notes due 2022

 

(CUSIP
_____________)

(ISIN _______________)

 

Reference
is hereby made to the Indenture, dated as of June 28, 2017 (the “Indenture”), by and among Corporate Capital
Trust, Inc. (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.

 

In
connection with our proposed purchase of ____________ aggregate principal amount of:

 

(a)      ☐      a
beneficial interest in a Global Note, or

 

(b)      ☐      a
Registered Note,

 

we
confirm that:

 

1.       We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the United States Securities Act of 1933,
as amended (the “Securities Act”).

 

    G-1 

     

    

 

2.       We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any
interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on
behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Company or any Subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to
a “qualified institutional buyer” (as defined therein), (c) to an institutional “accredited investor”
(as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and
to the Company a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount
of Notes, at the time of transfer, of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to
the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule
904 of Regulation S under the Securities Act or (E) pursuant to an effective registration statement under the Securities Act,
and we further agree to provide to any person purchasing the Registered Note or beneficial interest in a Global Note from us in
a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

 

3.       We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm
that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear
a legend to the foregoing effect.

 

4.       We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.

 

5.       We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You
and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	 	 	 	 
	 	[Insert Name of Accredited Owner]
	 	 	 	 
	 	●	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Dated:
________________

 

    G-2Exhibit 10.4 

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT
(this “Agreement”) dated as of ___________, 20__, is made by and between UBI Blockchain Internet LTD,
a Delaware corporation (the “Company”), and _________________________ (“Indemnitee”). This
Agreement terminates any and all previous indemnification agreements entered into by and between the Company and the Indemnitee.

 

RECITALS

 

A. The Company
desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents.

 

B. The Company’s
Certificate of Incorporation, specifically Article VII (2) require that the Company “indemnify to the fullest extent permitted
by law any person made or threatened to be made a party to an action or proceeding, whether criminal, civil, administrative or
investigative, by reason of the fact that he, his testator or intestate is or was a director or officer of the corporation or any
predecessor of the corporation, or serves or served at any other enterprise as a director or officer at the request of the
corporation or any predecessor to the corporation,” as authorized by the Delaware General Corporation Law, as amended (the
“DGCL”), under which the Company is organized expressly provide that the indemnification provided therein is
not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers and other persons
to set forth specific indemnification provisions.

 

C. Indemnitee does
not regard the protection currently provided by applicable law, the Company’s other governing documents, and available insurance
as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees
and agents of the Company may not be willing to serve or continue to serve in such capacities without additional protection.

 

D. The Company
desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee or agent of the Company, as
the case may be, and has provided this Agreement to Indemnitee as an additional inducement to serve in such capacity.

 

E. Indemnitee is
willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the case may be, if Indemnitee
is furnished the indemnity provided for herein by the Company.

 

AGREEMENT

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

1. Definitions.

 

(a) Agent. For
purposes of this Agreement, the term “Agent” of the Company means any person who: (i) is or was a director, officer,
employee, agent, or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or was serving at the request or
for the convenience of, or representing the interests of, the Company or a subsidiary of the Company, as a director, officer, employee,
agent, or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise.

 

    	1

    	 

     

(b) Change in Control.
For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company
representing 20% or more of the total voting power represented by the Company’s then outstanding Voting Securities, (ii)
individuals who on the date of this Agreement are members of the Board of Directors of the Company (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Board of Directors of the Company (the “Board”)
(provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved
or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall be considered
as a member of the Incumbent Board), or (iii) the stockholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities
of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions)
all or substantially all of the Company’s assets.

 

(c) Expenses.
For purposes of this Agreement, the term “Expenses” shall be broadly construed and shall include, without limitation,
all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or
other professional fees and related disbursements, and other out-of-pocket costs of whatever nature, actually and reasonably incurred
by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification
under this Agreement, the DGCL or otherwise, the term “Expenses” shall also include reasonable compensation
for time spent by Indemnitee for which he or she is not compensated by the Company or any subsidiary or third party: (i) for any
period during which Indemnitee is not an Agent, in the employment of, or providing services for compensation to, the Company or
any subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors of the Company who
are not parties to any action with respect to which Expenses are incurred, for Indemnitee while an Agent of, employed by, or providing
services for compensation to, the Company or any subsidiary.

 

(d) Independent Counsel.
For purposes of this Agreement, the term “Independent Counsel” means a law firm, or a partner (or, if applicable, member)
of such a law firm, that is experienced in matters of corporation law.

 

    	2

    	 

    
 

Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement. The Company will pay the reasonable fees and expenses of the Independent Counsel referred to above and to
fully indemnify such counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto.

 

(e) Liabilities.
For purposes of this Agreement, the term “Liabilities” shall be broadly construed and shall include, without
limitation, judgments, damages, deficiencies, liabilities, losses, penalties, excise taxes, fines, assessments and amounts paid
in settlement, including any interest and any federal, state, local or foreign taxes imposed as a result of the actual or deemed
receipt of any payment under this Agreement.

 

(f) Proceedings.
For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall include, without limitation,
any threatened, pending, or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature,
and whether formal or informal in any case, in which Indemnitee was, is or will be involved as a party, potential party, non-party
witness, or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of the Company; (ii) the fact
that any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s
part while acting as an Agent; or (iii) the fact that Indemnitee is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise,
and in any such case described above, whether or not serving in any such capacity at the time any liability or Expense is incurred
for which indemnification, reimbursement, or advancement of Expenses may be provided under this Agreement. If the Indemnitee believes
in good faith that a given situation may lead to or culminate in the institution of a proceeding, this shall be considered a proceeding
under this paragraph.

 

(g) Subsidiary.
For purposes of this Agreement, the term “subsidiary” means any corporation, limited liability company, or other entity,
of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company
and one or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as an Agent.

 

(h) Voting Securities.
For purposes of this Agreement, “Voting Securities” shall mean any securities of the Company that vote
generally in the election of the members of the Board.

 

2. Agreement to Serve.
Indemnitee will serve, or continue to serve, as the case may be, as an Agent, faithfully and to the best of his or her ability,
at the will of such entity designated by the Company and at the request of the Company (or under separate agreement, if such agreement
exists), in the capacity Indemnitee currently serves such entity, so long as Indemnitee is duly appointed or elected and
qualified in accordance with the applicable provisions of the governance documents of such entity, or until such time as Indemnitee
tenders his or her resignation in writing; provided, however, that nothing contained in this Agreement is intended as an employment
agreement between Indemnitee and the Company or any of its subsidiaries or to create any right to continued employment of Indemnitee
with the Company or any of its subsidiaries in any capacity.

 

    	3

    	 

     

The Company acknowledges
that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its
obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as an Agent, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as an Agent.

 

3. Indemnification.

 

(a) Indemnification
in Third-Party Proceedings. Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted
by the DGCL, as the same may be amended from time to time (but, to the fullest extent of the law, only to the extent that such
amendment permits Indemnitee to broader indemnification rights than the DGCL permitted prior to adoption of such amendment), if
Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding, other than a proceeding by
or in the right of the Company to procure a judgment in its favor, for any and all Expenses and Liabilities (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses and Liabilities) incurred by Indemnitee
in connection with the investigation, defense, settlement or appeal of such proceeding, if Indemnitee acted in good faith and in
a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal
proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful. The parties hereto intend that this
Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute,
including, without limitation, any indemnification provided by the Amended and Restated Certificate of Incorporation of the Company
(as amended from time to time, the “Certificate of Incorporation”), the Bylaws, vote of its stockholders or
disinterested directors, or applicable law.

 

(b) Indemnification
in Derivative Actions and Direct Actions by the Company. Subject to Section 10 below, the Company shall indemnify Indemnitee
to the fullest extent permitted by the DGCL, as the same may be amended from time to time (but, fullest extent permitted by applicable
law, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the DGCL permitted prior
to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding
by or in the right of the Company to procure a judgment in its favor, against any and all Expenses actually and reasonably incurred
by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings, if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification
for Expenses shall be made under this Section 3(b) in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court competent jurisdiction to be liable to the Company, unless and only to the extent that the Chancery
Court of the State of Delaware or any court in which the proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnification.

 

    	4

    	 

     

(c) [Indemnification
of Related Parties. If (i) Indemnitee is or was affiliated with one or more venture capital funds that has invested in the
Company (an “Appointing Stockholder”), (ii) the Appointing Stockholder is, or is threatened to be made, a party
to or a participant in any proceeding, and (iii) the Appointing Stockholder’s involvement in the proceeding is related to
Indemnitee’s service to the Company as a director of the Company or any direct or indirect subsidiaries of the Company, then,
to the extent resulting from any claim based on Indemnitee’s service to the Company as an Agent, the Appointing Stockholder
will be entitled to indemnification hereunder for reasonable expenses to the same extent as Indemnitee.]

 

4. Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, in circumstances where indemnification
is not available under Section 3(a) or 3(b), as the case may be, to the fullest extent permitted by law and to the extent that
Indemnitee is a party to (or a participant in) any proceeding and has been successful on the merits or otherwise in defense of
any proceeding or in defense of any claim, issue or matter therein, in whole or part, including the dismissal of any action without
prejudice, the Company shall indemnify Indemnitee against all Expenses and Liabilities in connection with the investigation, defense
or appeal of such proceeding. If Indemnitee is not wholly successful in such proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such proceeding, the Company shall indemnify Indemnitee against
all Expenses and Liabilities incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully
resolved claim, issue or matter to the fullest extent permitted by law.

 

5. Partial
Indemnification; Witness Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of any Expenses and Liabilities incurred by Indemnitee in the
investigation, defense, settlement or appeal of a proceeding, but is precluded by applicable law or the specific terms of
this Agreement to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the
portion thereof to which Indemnitee is entitled. Notwithstanding any other provision of this Agreement, to the fullest extent
permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s acting as an Agent, a
witness or otherwise asked to participate in any proceeding to which Indemnitee is not a party, Indemnitee shall be
indemnified against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

6. Advancement of Expenses.
To the extent not prohibited by law, the Company shall advance the Expenses incurred by Indemnitee in connection with any proceeding,
and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or statements requesting
such advances (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices
in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to
waive any privilege accorded by applicable law shall not be included with the invoice) and upon request of the Company, an undertaking
to repay the advancement of Expenses if and to the extent that it is ultimately determined by a court of competent jurisdiction
in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. Advances shall be
unsecured, interest free and without regard to Indemnitee’s ability to repay the Expenses. Advances shall include any and
all Expenses incurred by Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification under this Agreement
or otherwise and this right of advancement, including expenses incurred preparing and forwarding statements to the Company to support
the advances claimed. Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking
providing that Indemnitee shall, to the fullest extent required by law, repay the advance (without interest) if and to the extent
that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee
is not entitled to be indemnified by the Company. The right to advances under this Section 6 shall continue until the final disposition
of any proceeding, including any appeal therein. This Section 6 shall not apply to any claim made by Indemnitee for which indemnity
is excluded pursuant to Section 10(b).

 

    	5

    	 

     

7. Notice and Other
Indemnification Procedures.

 

(a) Notification of
Proceeding. Indemnitee will notify the Company in writing promptly upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The written notification to the Company shall include a description of the nature
of the proceeding and the facts underlying the proceeding. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise and any delay in so notifying the
Company shall not constitute a waiver by Indemnitee of any rights under this Agreement.

 

(b) Request for Indemnification
Payments. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification under the terms of this Agreement, and shall request
payment thereof by the Company.

 

(c) Determination
of Right to Indemnification Payments. Upon written request by Indemnitee for indemnification pursuant to Section 7(b) hereof,
a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following
four methods, which shall be at the election of the Board: (1) by a majority vote of the disinterested directors, even though less
than a quorum, (2) by a committee of disinterested directors designated by a majority vote of the disinterested directors, even
though less than a quorum, (3) if there are no disinterested directors or if the disinterested directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board,
by the stockholders of the Company; provided, however, that if there has been a Change in Control, then such determination
shall be made by Independent Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably
withheld). For purposes hereof, disinterested directors are those members of the Board who are not parties to the action, suit
or proceeding in respect of which indemnification is sought by Indemnitee. Indemnification payments requested by Indemnitee under
Section 3 hereof shall be made by the Company no later than sixty (60) days after receipt of the written request of Indemnitee.
Claims for advancement of Expenses shall be made under the provisions of Section 6 herein.

 

(d) Application for
Enforcement. In the event the Company fails to make timely payments as set forth in Sections 6 or 7(b) above, Indemnitee shall
have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification
or advancement of Expenses pursuant to this Agreement. In such an enforcement hearing or proceeding, the burden of proof shall
be on the Company to prove that indemnification or advancement of Expenses to Indemnitee is not required under this Agreement or
permitted by applicable law. Any determination by the Company (including the Board, a committee thereof, Independent Counsel) or
stockholders of the Company, that Indemnitee is not entitled to indemnification hereunder, shall not be a defense by the
Company to the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement of Expenses
hereunder.

 

(e) Indemnification
of Certain Expenses. The Company shall indemnify Indemnitee against all Expenses incurred in connection with any hearing or
proceeding under this Section 7 unless the Company prevails in such hearing or proceeding on the merits in all material respects.

 

8. Assumption of Defense.
In the event the Company shall be requested by Indemnitee to pay the Expenses of any proceeding, the Company, if appropriate, shall
be entitled to assume the defense of such proceeding, or to participate to the extent permissible in such proceeding, with counsel
reasonably acceptable to Indemnitee. Upon assumption of the defense by the Company and the retention of such counsel by the Company,
the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee
with respect to the same proceeding, provided that Indemnitee shall have the right to employ separate counsel in such proceeding
at Indemnitee’s sole cost and expense. Notwithstanding the foregoing, if Indemnitee’s counsel delivers a written notice to the Company stating that
such counsel has reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct
of any such defense or the Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of such
proceeding within a reasonable time, then in any such event the fees and Expenses of Indemnitee’s counsel to defend such
proceeding shall be subject to the indemnification and advancement of Expenses provisions of this Agreement.

 

    	6

    	 

     

9. Insurance. To
the extent that the Company maintains an insurance policy or policies providing liability insurance for Agents (“D&O
Insurance”), Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such Agent under such policy or policies. If, at the time of the receipt of a notice of
a claim pursuant to the terms hereof, the Company has D&O Insurance in effect or otherwise potentially available, the Company
shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in
the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on
behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

10. Exceptions.

 

(a) Certain
Matters. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement to indemnify Indemnitee on account of any proceeding with respect to: (i) remuneration paid to Indemnitee
if it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and, in
this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that
indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in
Section 10(d) below); (ii) a final judgment rendered against Indemnitee for an accounting, disgorgement or repayment of
profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a
settlement by or on behalf of Indemnitee to the extent it is acknowledged by Indemnitee and the Company that such amount paid
in settlement resulted from Indemnitee’s conduct from which Indemnitee received monetary personal profit, pursuant to
the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, or other provisions of any federal, state
or local statute or rules and regulations thereunder; or (iii) a final judgment or other final adjudication that
Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct
(but only to the extent of such specific determination); or (iv) on account of conduct that is established by a final
judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or
advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment or
other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification is
sought or a separate proceeding or action to establish rights and liabilities under this Agreement.

 

(b) Claims Initiated
by Indemnitee. Any provision herein to the contrary notwithstanding, the Company shall not be obligated to indemnify or advance
Expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company or its Agents
and not by way of defense, except (i) with respect to proceedings brought to establish or enforce a right to indemnification or
advancement under this Agreement or under any other agreement, provision in the Bylaws or the Certificate of Incorporation or applicable
law, or (ii) with respect to any other proceeding initiated by Indemnitee that is either approved by the Board or Indemnitee’s
participation is required by applicable law. However, indemnification or advancement of Expenses may be provided by the Company
in specific cases if the Board determines it to be appropriate.

 

    	7

    	 

     

(c) Unauthorized Settlements.
Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement
to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company’s
written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement; provided,
however, that the Company may in any event decline to consent to (or to otherwise admit or agree to any liability for indemnification
hereunder in respect of) any proposed settlement if the Company is also a party in such proceeding and determines in good faith
that such settlement is not in the best interests of the Company and its stockholders.

 

(d) Securities Act
Liabilities. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules
and regulations promulgated under the Securities Act of 1933, as amended (the “Act”), or in any registration
statement filed with the Securities and Exchange Commission under the Act. Indemnitee acknowledges that paragraph (h) of Item 512
of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement filed under
the Act to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability
under the Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such
issue. Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound
by any such undertaking.

 

(e) Prior Payments
Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement
to indemnify or advance Expenses to Indemnitee under this Agreement for which payment has actually been made to or on behalf of
Indemnitee under any insurance policy or other indemnity provision, expect with respect to any excess beyond the amount paid under
any insurance policy or indemnity policy.

 

11. Nonexclusivity
and Survival of Rights. The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not
be deemed exclusive of any other rights which Indemnitee may at any time be entitled under any provision of applicable law, the
Certificate of Incorporation, Bylaws or other agreements, both as to action in Indemnitee’s official capacity and Indemnitee’s
action as an Agent, in any court in which a proceeding is brought, and Indemnitee’s rights hereunder shall continue after
Indemnitee has ceased acting as an Agent and shall inure to the benefit of the heirs, executors, administrators and assigns of
Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and its
successors and assigns until terminated in accordance with its terms. The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform if no such succession had taken place.

 

No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or
repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Certificate of Incorporation, Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall 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, by Indemnitee shall not prevent the concurrent assertion
or employment of any other right or remedy by Indemnitee.

 

12. Term. This
Agreement shall continue until and terminate upon the later of: (a) five (5) years after the date that Indemnitee shall have ceased
to serve as an Agent; or (b) one (1) year after the final termination of any proceeding, including any appeal then pending, in
respect to which Indemnitee was granted rights of indemnification or advancement of Expenses hereunder.

 

    	8

    	 

     

No legal action shall
be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an Indemnitee’s
estate, spouse, heirs, executors or personal or legal representatives after the expiration of five (5) years from the date of accrual
of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted
by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to such cause of action, such shorter period shall govern.

 

13. Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who, at the request and expense of the Company, shall execute all papers required and shall do everything
that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.

 

14. Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide
indemnification and advancement of Expenses to Indemnitee to the fullest extent now or hereafter permitted by law.

 

15. Severability.
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity,
legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any paragraphs
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so
as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section
14 hereof.

 

16. Amendment and Waiver.
No supplement, modification, amendment, or cancellation of this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision
hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

17. Notice. Except
as otherwise provided herein, any notice or demand which, by the provisions hereof, is required or which may be given to or served
upon the parties hereto shall be in writing and, if by electronic transmission, shall be deemed to have been validly served, given
or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to have been validly served, given
or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three (3) business
days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and addressed to the
party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other address(es) as
a party may designate for itself by like notice). If to the Company, notices and demands shall be delivered to the attention of
the Secretary of the Company.

 

18. Governing Law.
This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts
between Delaware residents entered into and to be performed entirely within Delaware.

 

19. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the
existence of this Agreement.

 

    	9

    	 

     

20. Headings. The
headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction hereof.

 

21. Entire Agreement.
Subject to Section 11 hereof, this Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect
to the subject matter of this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate
of Incorporation, Bylaws, the DGCL and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish
or abrogate any rights of Indemnitee thereunder.

 

22. Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such proceeding; and/or (ii) the relative
fault of the Company and Indemnitee in connection with such event(s) and/or transaction(s).

 

23. Consent to
Jurisdiction. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the
“Delaware Court”), and not in any other state or federal court in the United States of America or any
court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any
action or proceeding arising out of or in connection with this Agreement, (iii) agree to appoint, to the extent such party is
not otherwise subject to service of process in the State of Delaware, an agent in the State of Delaware as such party’s
agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal
force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the
laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum.

 

IN WITNESS WHEREOF,
the parties hereto have entered into this Agreement effective as of the date first above written.

 

	 	UBI Blockchain Internet LTD
	 	 	           
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 	 
	 	Signature of Indemnitee
	 	 	 
	 	 	 
	 	Print or Type Name of Indemnitee

 

    	10

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