Document:

Exhibit 4.1

 

BARCLAYS DRYROCK ISSUANCE TRUST

as Issuer and

 

 

 

U.S. BANK NATIONAL ASSOCIATION

as Indenture Trustee and as Securities Intermediary

 

 

SERIES 2021-1 INDENTURE SUPPLEMENT

 

 

dated as of September 22, 2021

 

 

to

 

 

INDENTURE

    	 

    	 

    

TABLE OF CONTENTS

	 	 	 	Page
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	Section 1.01	Definitions	1
	 	Section 1.02	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	15
	 	Section 1.03	Counterparts; Electronic Signature	15
	 	Section 1.04	Ratification of Indenture	16
	ARTICLE II THE NOTES	16
	 	Section 2.01	Designation.	16
	 	Section 2.02	Issuance of Series 2021-1 Notes	17
	 	Section 2.03	Documentation	17
	ARTICLE III SERVICING COMPENSATION	17
	 	Section 3.01	Servicing Compensation	17
	ARTICLE IV RIGHTS OF SERIES 2021-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	17
	 	Section 4.01	Collections and Allocations.	17
	 	Section 4.02	Determination of Series 2021-1 Monthly Interest.	18
	 	Section 4.03	Determination of Series 2021-1 Monthly Principal	19
	 	Section 4.04	Application of Series 2021-1 Available Finance Charge Collections on Deposit in the Collection Account	20
	 	Section 4.05	Application of Series 2021-1 Available Principal Collections.	21
	 	Section 4.06	Principal Funding Account; Controlled Accumulation Period.	22
	 	Section 4.07	Investor Charge-Offs	24
	 	Section 4.08	Reallocated Principal Collections	24
	 	Section 4.09 	Shared Excess Available Finance Charge Collections.	24
	 	Section 4.10 	Shared Excess Available Principal Collections.	25
	 	Section 4.11	Accumulation Reserve Account.	26
	 	Section 4.12	Investment Instructions	28
	 	Section 4.13	[RESERVED].	28
	 	Section 4.14	Sale of Collateral for Series 2021-1 Notes That are Accelerated or Reach Legal Maturity.	28
	 	Section 4.15	Distribution Account	30
	 	Section 4.16	Delinquency Trigger Percentage	30
	 	Section 4.17	Asset Review.	30

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TABLE OF CONTENTS

(continued)

	 	 	 	Page
	 	Section 4.18	Governing Law For Hague Securities Convention	32
	ARTICLE V EARLY AMORTIZATION OF THE NOTES	32
	 	Section 5.01	Early Amortization Events	32
	 	Section 5.02	Early Redemption Event	33
	ARTICLE VI LEGAL MATURITY; FINAL PAYMENTS	34
	 	Section 6.01	Legal Maturity	34
	ARTICLE VII DELIVERY OF SERIES 2021-1 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2021-1 NOTEHOLDERS	34
	 	Section 7.01	Form of Delivery for the Series 2021-1 Notes; Depository; Denominations.	34
	 	Section 7.02	Delivery and Payment for the Series 2021-1 Notes	35
	 	Section 7.03	Distributions.	35
	 	Section 7.04	Reports and Statements to Series 2021-1 Noteholders.	36
	 	Section 7.05	Restrictions on Transfer of the Class B Notes	37
	ARTICLE VIII MISCELLANEOUS PROVISIONS	38
	 	Section 8.01	Non-petition Covenant	38
	 	Section 8.02	Actions by the Issuer	38
	 	Section 8.03	Limitations on Liability	38
	 	Section 8.04	FATCA Matters	39
	 	Section 8.05	[RESERVED].	39
	 	Section 8.06	Amendments	39
	 	Section 8.07	Class B Notes.	39
	 	Section 8.08	Appointment of Asset Representations Reviewer	40
	 	Section 8.09	Dispute Resolution.	40
	 	Section 8.10	Investor Communication	41
	 	Section 8.11	Tax Retained Notes.	41
	 	Section 8.12	Credit Risk Retention	42
	ARTICLE IX INSOLVENCY PROCEEDING WITH RESPECT TO BBD	43
	 	Section 9.01	Actions Upon Repudiation.	43
	 	Section 9.02	Notice.	44
	 	Section 9.03	Reservation of Rights	45

 

 

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TABLE OF CONTENTS

(continued)

 

 

	 	Page
	EXHIBITS	 
	 	 
	EXHIBIT A-1	FORM OF CLASS A NOTE
	EXHIBIT A-2	FORM OF CLASS B NOTE
	EXHIBIT B-1	FORM OF MONTHLY NOTEHOLDERS’ STATEMENT
	EXHIBIT B-2 	FORM OF ANNUAL PAYMENT INFORMATION
	EXHIBIT B-3 	FORM OF DAILY SERVICER’S STATEMENT
	EXHIBIT C 	FORM OF MONTHLY SERVICER’S CERTIFICATE

    	 	iii	 

     

    

SERIES 2021-1 INDENTURE
SUPPLEMENT, dated as of September 22, 2021 (this “Indenture Supplement”), by and between BARCLAYS DRYROCK ISSUANCE
TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), having its principal office
at Rodney Square North, 1100 North Market St., Wilmington, DE 19890, and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
in its capacity as Indenture Trustee (the “Indenture Trustee”) and as Securities Intermediary.

Pursuant to this Indenture
Supplement, the Issuer shall create a new Series of Notes and shall specify the principal terms thereof. The Issuer has tendered the notice
of issuance required by Section 4.10(a)(i) of the Indenture and this Indenture Supplement is being entered into by and between the Issuer
and the Indenture Trustee as required by Section 4.10(a)(viii) of the Indenture to provide for the issuance, authentication and delivery
of each of the Class A Notes, Series 2021-1 and the Class B Notes, Series 2021-1.

The transactions set forth
in this Indenture Supplement, together with the Transaction Documents, shall be an arm’s length, bona fide securitization transaction.

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section
1.01        Definitions.
For all purposes of this Indenture Supplement, 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, along with any other term defined
in any Section of this Indenture Supplement, apply to the singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter gender of such terms;

(2)                 
all other terms used herein which are defined in the Indenture, the Transfer Agreement or the Servicing Agreement, 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 and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation;

(4)                 
all references in this Indenture Supplement to designated “Articles,” “Sections” and other subdivisions
are to the designated Articles, Sections and other subdivisions of this Indenture Supplement. The words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Indenture Supplement as a whole and not to any particular
Article, Section or other subdivision;

(5)                 
in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision
contained in the Indenture, the Transfer

    	 

    	 

    

Agreement or the Servicing Agreement, the terms
and provisions of this Indenture Supplement shall be controlling;

(6)                 
each capitalized term defined herein shall relate only to the Series 2021-1 Notes and no other Series of Notes issued by
the Issuer; and

(7)                 
“including” and words of similar import shall be deemed to be followed by “without limitation.”

“Accumulation Reserve
Account” has the meaning specified in Section 4.11(a).

“Accumulation Reserve
Account Funding Period” means a period commencing on the first Payment Date on which a condition in the right column of the
following table was in effect on the immediately preceding Payment Date, if the Payment Date is a Payment Date described in the corresponding
left column of the following table, and ending on the earliest to occur of: (i) the day on which the Allocation Amount is reduced to zero,
(ii) the first Payment Date with respect to the Early Amortization Period, (iii) the Expected Final Payment Date and (iv) the termination
of the Trust pursuant to the Trust Agreement; provided, that if the Controlled Accumulation Period Length is determined to be one (1)
month, there shall be no Accumulation Reserve Account Funding Period.

	Payment Date:	Condition:
	(a) The Payment Date occurring three (3) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is greater than or equal to 4%.
	(b) The Payment Date occurring four (4) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 4% but greater than or equal to 3%.
	(c) The Payment Date occurring six (6) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 3% but greater than or equal to 2%.
	(d) The Payment Date occurring twelve (12) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 2%.

 

“Accumulation Reserve
Account Surplus” means, as of any date of determination, the amount, if any, by which the amount on deposit in the Accumulation
Reserve Account exceeds the Required Accumulation Reserve Account Amount.

    	 	2	 

     

    

“Accumulation Reserve
Draw Amount” has the meaning specified in Section 4.11(c).

“Additional Interest”
means, with respect to any Payment Date, any Class A Additional Interest and any Class B Additional Interest for such Payment Date.

“Adjusted Outstanding
Dollar Principal Amount” means, as of any date of determination, the Outstanding Dollar Principal Amount of the Series 2021-1
Notes on such date of determination, less any funds then on deposit with respect to principal in the Supplemental Issuer Accounts for
the benefit of such Series 2021-1 Notes on such date of determination.

“Administrator”
means BBD, in its capacity as administrator of the Issuer, and any permitted successors or assigns thereto.

“Aggregate Series
Available Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note
Transfer Date, the sum of the Series Available Finance Charge Collections Shortfalls (as such term is defined in each of the applicable
Indenture Supplements) for each Shared Excess Available Finance Charge Collections Series in Shared Excess Available Finance Charge Collections
Group One for such Monthly Period.

“Aggregate Series
Available Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer
Date, the sum of the Series Available Principal Collections Shortfalls (as such term is defined in each of the applicable Indenture Supplements)
for each Shared Excess Available Principal Collections Series in Shared Excess Available Principal Collections Group One for such Monthly
Period.

“Allocation Amount”
means, as of the Closing Date, the Series 2021-1 Stated Principal Amount and on any date of determination thereafter, the sum of, without
duplication, (a) the Allocation Amount determined as of the later of the Closing Date or the date of determination immediately prior to
the then current date of determination, plus (b) the amount of all increases in the Series 2021-1 Stated Principal Amount resulting
from the issuance of additional Series 2021-1 Notes since the prior date of determination, plus (c) all reimbursements, as provided
in Section 4.04(e) or otherwise, of reductions in the Allocation Amount due to Investor Charge- Offs or Reallocated Principal Collections
since the prior date of determination, minus (d) the amount of the reduction in the Allocation Amount due to Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 4.07, minus (e) the amount of the reduction in
the Allocation Amount due to the application of Reallocated Principal Collections since the prior date of determination, determined as
set forth in Section 4.08, minus (f) the amount deposited into the Principal Funding Account or (without duplication) deposited
into the Distribution Account pursuant to Section 4.05(c) or paid to the Series 2021-1 Noteholders (in each case, after giving
effect to any deposits, allocations, reallocations or withdrawals to be made on that day) since the prior date of determination; provided,
however, that (1) the Allocation Amount may never be less than zero, (2) the Allocation Amount may never be greater than the Adjusted
Outstanding Dollar Principal Amount and (3) if there is a sale of Collateral in accordance with Section 4.14, the Allocation Amount
will be reduced to zero upon such sale.

    	 	3	 

     

    

“Amortization Period”
means, with respect to any Series of Notes, each Monthly Period with respect to which either (i) Principal Collections are required to
be deposited into an accumulation account for payment of principal (other than Optional Amortization Amounts) on such Series of Notes
or (ii) principal payments (other than Optional Amortization Amounts) are required to be made on such Series of Notes.

“Applicable Distribution
Date” has the meaning specified in Section 9.01(b).

“ARR Representations
and Warranties” means the representations and warranties set forth on Exhibit A to the Asset Representations Reviewer
Agreement.

“ARR Review”
has the meaning specified in Section 4.17(a).

“Asset Representations
Reviewer” means the Person appointed by the Issuer to perform an ARR Review pursuant to an asset representations reviewer agreement,
which shall initially be Clayton Fixed Income Services LLC.

“Asset Representations
Reviewer Agreement” means the agreement entered into by and among the Servicer, the Issuer and the Asset Representations Reviewer,
dated as of May 13, 2016.

“Available Accumulation
Reserve Account Amount” means, for any Payment Date, the lesser of (a) the amount on deposit in the Accumulation Reserve Account
on such date (before giving effect to any deposit to be made to the Accumulation Reserve Account on such date) and (b) the Required Accumulation
Reserve Account Amount.

“Available Principal
Collections” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Available Principal Collections and has, with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Base Rate”
means, with respect to any Payment Date, the sum of (a) the annualized percentage equivalent of a fraction, the numerator of which is
equal to the sum of the Class A Monthly Interest and the Class B Monthly Interest for such Payment Date and the denominator of which is
the Outstanding Dollar Principal Amount as of the Record Date for such Payment Date and (b) the Servicing Fee Percentage for such Payment
Date.

“Class”
means the Class A Notes and the Class B Notes, as applicable.

“Class A Additional
Interest” has the meaning specified in Section 4.02(a).

“Class A Interest
Shortfall” has the meaning specified in Section 4.02(a).

“Class A Monthly
Interest” has the meaning specified in Section 4.02(a).

“Class A Note”
means any one of the Notes substantially in the form of Exhibit A-1, which is duly executed and authenticated in accordance with
the Indenture.

    	 	4	 

     

    

“Class A Note Interest
Rate” means, for any Interest Period with respect to the Class A Notes, a per annum rate equal to 0.63%.

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

“Class A Stated
Principal Amount” means $1,000,000,000.

“Class B Additional
Interest” has the meaning specified in Section 4.02(b).

“Class B Interest
Shortfall” has the meaning specified in Section 4.02(b).

“Class B Monthly
Interest” has the meaning specified in Section 4.02(b).

“Class B Note”
means any one of the Notes substantially in the form of Exhibit A-2, which is duly executed and authenticated in accordance with
the Indenture.

“Class B Note Interest
Rate” means, for any Interest Period with respect to the Class B Notes, a per annum rate equal to 0.00%.

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

“Class B Stated
Principal Amount” means $219,513,000.

“Closing Date”
means September 22, 2021.

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

“Controlled Accumulation
Amount” means $101,626,083.34; provided, however, that if the Servicer elects to postpone the commencement of the
Controlled Accumulation Period in accordance with Section 4.06(c), it shall be an amount equal to the Outstanding Dollar Principal
Amount of such Series of Notes as of the first day of the Controlled Accumulation Period divided by the Controlled Accumulation Period
Length.

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period beginning on the first Business
Day of the September 2023 Monthly Period or such later date as is determined in accordance with Section 4.06(c) and ending on the
earlier to occur of (a) the commencement of the Early Amortization Period and (b) the payment in full of the Series 2021-1 Stated Principal
Amount of, and any Monthly Interest due on, the Series 2021-1 Notes.

“Controlled Accumulation
Period Length” has the meaning specified in Section 4.06(c).

“Controlled Deposit
Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, an amount equal to the sum of the Controlled
Accumulation Amount for such Payment Date and any Deficit Controlled Accumulation Amount from the immediately preceding Payment Date.

    	 	5	 

     

    

“Covered Amount”
means, for any Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation Period and (ii) the first
Payment Date of the Early Amortization Period, an amount equal to the sum of (a) the product of (i) the Class A Note Interest Rate in
effect with respect to such Interest Period, (ii) a fraction, the numerator of which is 30 and the denominator of which is 360 and (iii)
the Principal Funding Account Balance, if any, as of the immediately preceding Payment Date, up to the Outstanding Dollar Principal Amount
of the Class A Notes as of the last day of the immediately preceding Monthly Period, and (b) the product of (i) the Class B Note Interest
Rate in effect with respect to such Interest Period, (ii) a fraction, the numerator of which is 30 and the denominator of which is 360
and (iii) the lesser of (x) the Principal Funding Account Balance, if any, as of the preceding Payment Date in excess of the Outstanding
Dollar Principal Amount of the Class A Notes as of the last day of the immediately preceding Monthly Period and (y) the Outstanding Dollar
Principal Amount of the Class B Notes as of the last day of the immediately preceding Monthly Period.

“Credit Risk and
Performance Disclosure” means written information that the Issuer shall cause to be distributed about the Notes and the Receivables
at the financial asset or pool level, as appropriate for the Receivables, and security-level to enable evaluation and analysis of the
credit risk and performance of the Notes and the Receivables, which information and its disclosure, at a minimum, shall comply with the
requirements of Regulation AB (to the extent then in effect) or any successor disclosure requirements for public issuances, even if the
Notes are issued in a private placement or are not otherwise required to be registered; provided, that information that is unknown
or not available to the Issuer after reasonable investigation may be omitted if there is included in the offering document a statement
that the specific information is otherwise unavailable.

“Daily Servicer’s
Certificate” has the meaning specified in the Servicing Agreement and shall be substantially in the form of Exhibit B-3.

“Deficit Controlled
Accumulation Amount” means (a) on the first Payment Date with respect to the Controlled Accumulation Period, the excess, if
any, of the Controlled Accumulation Amount for such Payment Date over the amount deposited in the Principal Funding Account on
such Payment Date and (b) on each subsequent Payment Date with respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Deposit Amount for such subsequent Payment Date over the amount deposited in the Principal Funding Account on such subsequent
Payment Date.

“Delinquency Trigger
Event” means, as determined as of the last day of each Monthly Period, the occurrence of the Sixty Day Delinquency Rate Percentage
being equal to or greater than the Delinquency Trigger Percentage.

“Delinquency Trigger
Percentage” means, the lesser of (i) 9.00% or (ii) the “Delinquency Trigger Percentage” as specified in the indenture
supplement for any other Outstanding Series of Notes.

“Distribution Account”
means the Eligible Deposit Account designated as such and established pursuant to Section 4.15.

    	 	6	 

     

    

“Early Amortization
Event” means, with respect to the Series 2021-1 Notes, the events specified in Section 5.01 hereof and Article XII of
the Indenture.

“Early Amortization
Period” means the period commencing at the close of business on the Business Day immediately preceding the day on which an Early
Amortization Event with respect to Series 2021-1 is deemed to have occurred, and ending on the first to occur of (a) the payment in full
of the Series 2021-1 Stated Principal Amount of, and any Series 2021-1 Monthly Interest due on, the Series 2021-1 Notes, (b) the date
on which Collateral is sold pursuant to Section 4.14, and (c) the Legal Maturity Date.

“Early Redemption
Event” has the meaning specified in Section 5.02.

“EUWA”
means the European Union (Withdrawal) Act 2018 (as amended).

“EU Securitization
Regulation” means the provisions of Article 5(1)(d) and Articles 6(1) and 6(3) of Regulation (EU) 2017/2402 of the European
Parliament and the Council of December 12, 2017.

“EU Securitization
Rules” means the EU Securitization Regulation, together with all relevant implementing regulations in relation thereto, all
regulatory technical standards and implementing technical standards in relation thereto or applicable in relation thereto pursuant to
any transitional arrangements made pursuant to the EU Securitization Regulation and, in each case, any relevant guidance and direction
published in relation thereto by the European Banking Authority, the European Securities and Markets Authority and the European Insurance
and Occupational Pensions Authority (or in each case, any predecessor or any other applicable regulatory authority) or by the European
Commission, in each case, as amended and in effect from time to time.

“Excess Spread
Percentage” means, with respect to each Payment Date, as determined on the second preceding Business Day, an amount equal to
the Series 2021-1 Portfolio Yield with respect to the related Monthly Period minus the Base Rate with respect to such Payment Date.

“Expected Final
Payment Date” means the September 2024 Payment Date.

“FATCA”
has the meaning specified in Section 8.04.

“Fitch”
means Fitch Ratings, Inc., or any successor thereto.

“Floating Allocation
Percentage” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Floating Allocation Percentage and has, with respect
to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

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

“IAI”
has the meaning specified in Section 8.07(b).

    	 	7	 

     

    

“Indenture”
means the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6,
2015 and as further amended by the omnibus amendment, dated as of September 21, 2018, by and between the Issuer and the Indenture Trustee,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Indenture Supplement”
has (a) with respect to Series 2021-1, the meaning specified in the preamble hereto and (b) with respect to any other Series of Notes,
the meaning specified in the Indenture.

“Indenture Trustee”
means U.S. Bank National Association, in its capacity as indenture trustee under the Indenture, its successors in interest and any successor
indenture trustee under the Indenture.

“Initial Payment
Date” means November 15, 2021.

“Interest Period”
means, with respect to any Payment Date, the period from and including the Payment Date immediately preceding such Payment Date (or, in
the case of the Initial Payment Date, from and including the Closing Date) and to but excluding such Payment Date.

“Investor Charge-Off”
has the meaning specified in Section 4.07.

“Issuer”
has the meaning specified in the preamble hereto.

“Legal Maturity
Date” means the July 2027 Payment Date.

“Monthly Interest”
means the Series 2021-1 Monthly Interest.

“Monthly Subordination
Amount” means, with respect to any Payment Date, an amount (which shall never be less than zero) equal to the lesser of (i)
the excess of the amounts distributable pursuant to Section 4.04(a) and Section 4.04(b) over the Series 2021-1 Available
Finance Charge Collections and Shared Excess Available Finance Charge Collections available to make such distribution pursuant to Section
4.04(a) and Section 4.04(b), and (ii) (1) the Class B Stated Principal Amount minus (2) the amount of unreimbursed Investor
Charge-offs (after giving effect to Investor Charge-offs as of the current Payment Date) and unreimbursed Reallocated Principal Collections
(as of the previous Payment Date).

“Note Rating Agency”
means Standard & Poor’s or Fitch.

“Optional Amortization
Amount” means, with respect to any Series of Notes, an “Optional Amortization Amount” for such Series of Notes as
specified in the related Indenture Supplement.

“Owner Trustee”
has the meaning specified in the Trust Agreement.

“Payment Date”
means (i) with respect to Series 2021-1, the Initial Payment Date and the 15th day of each calendar month thereafter, or, if such 15th
day is not a Business Day, the next

    	 	8	 

     

    

succeeding Business Day and (ii) with respect
to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Principal Allocation
Percentage” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Principal Allocation Percentage and has, with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Principal Funding
Account” means the Eligible Deposit Account designated as such and established pursuant to Section 4.06(a).

“Principal Funding
Account Balance” shall mean, with respect to any date of determination during the Controlled Accumulation Period, the principal
amount, if any, on deposit in the Principal Funding Account on such date of determination.

“Principal Funding
Account Investment Proceeds” shall have the meaning specified in Section 4.06(a)(ii).

“QIB”
has the meaning specified in Section 8.07(b).

“Quarterly Excess
Spread Percentage” means (a) with respect to the November 2021 Payment Date, the Excess Spread Percentage with respect to the
immediately preceding Monthly Period, (b) with respect to the December 2021 Payment Date, the percentage equivalent of a fraction, the
numerator of which is the sum of the Excess Spread Percentages for the immediately preceding two (2) Monthly Periods and the denominator
of which is two (2) and (c) with respect to the January 2022 Payment Date and each Payment Date thereafter, the percentage equivalent
of a fraction, the numerator of which is the sum of the Excess Spread Percentages for the immediately preceding three (3) Monthly Periods
and the denominator of which is three (3).

“Reallocated Principal
Collections” means, with respect to any Payment Date, Series 2021-1 Principal Collections applied in accordance with Section
4.08.

“Record Date”
means the last day of the Monthly Period immediately preceding the related Payment Date.

“Regulation RR”
means the regulations under Section 15G of the Securities Exchange Act, added pursuant to Section 941(b) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.

“Repurchase Party”
shall have the meaning specified in Section 8.09.

“Requesting Party”
shall have the meaning specified in Section 8.09.

“Required Accumulation
Reserve Account Amount” means, with respect to any Payment Date during the Accumulation Reserve Account Funding Period, an amount
equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes as of the Record Date for such Payment Date or
(b) any other amount designated by the Transferor; provided, that if the amount is less than that determined under clause (a),
the Note Rating Agency Condition shall have been satisfied with respect to such designation and written evidence of the satisfaction of

    	 	9	 

     

    

the Note Rating Agency Condition has been delivered
to the Servicer, the Indenture Trustee and the Owner Trustee.

“Required Excess
Spread Percentage” means 0%; provided, however, that the Issuer may, from time to time, change such percentage (which shall
never be less than zero) (a) upon written notice to the Indenture Trustee, (b) upon satisfaction of the Note Rating Agency Condition,
and (c) provided the Issuer reasonably believes, as evidenced by an Officer’s Certificate of the Transferor delivered to the Indenture
Trustee, that such change will not have an Adverse Effect.

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

“Rule 144A”
has the meaning specified in Section 8.07(b).

“Senior Class”
means, with respect to the Class B Notes, the Class A Notes.

“Series”
has the meaning specified in the Indenture and, when used with respect to the Series of Notes issued pursuant to this Indenture Supplement,
means Series 2021-1.

“Series 2021-1
Available Finance Charge Collections” means, with respect to any Monthly Period, an amount equal to the sum of (a) the Series
2021-1 Finance Charge Collections with respect to such Monthly Period, (b) Principal Funding Account Investment Proceeds, if any, with
respect to the related Payment Date and (c) amounts, if any, to be withdrawn from the Accumulation Reserve Account, which shall be deposited
into the Collection Account on the related Note Transfer Date to be treated as Series 2021-1 Available Finance Charge Collections pursuant
to Section 4.11(b) and (d).

“Series 2021-1
Available Principal Collections” means, with respect to any Monthly Period, an amount equal to (a) the Series 2021-1 Principal
Collections with respect to such Monthly Period, minus (b) Reallocated Principal Collections determined as of the related Payment
Date for such Monthly Period, plus (c) any Series 2021-1 Available Finance Charge Collections available with respect to such Monthly
Period to cover the Series 2021-1 Default Amount or to reimburse any reductions in the Allocation Amount from an allocation of Investor
Charge-Offs or from the application of Reallocated Principal Collections, plus (d) following an Event of Default and acceleration
of the Series 2021-1 Notes, Series 2021-1 Available Finance Charge Collections, if any, with respect to such Monthly Period, available
pursuant to Section 4.04(g).

“Series 2021-1
Default Amount” means, with respect to any Monthly Period, an amount equal to the Default Amount allocated to the Series 2021-1
Notes pursuant to Section 4.01(d).

“Series 2021-1
Finance Charge Collections” means, with respect to any Monthly Period, the Finance Charge Collections allocated to the Series
2021-1 Notes pursuant to Section 4.01(b).

“Series 2021-1
Floating Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent
(which percentage shall never

    	 	10	 

     

    

exceed 100%) of a fraction, (a) the numerator
of which is the Allocation Amount as of the beginning of the first day of such Monthly Period (or, (x) in the case of the first Monthly
Period, the Series 2021-1 Stated Principal Amount and (y) with respect to any Monthly Period in which there is an issuance of additional
Series 2021-1 Notes occurring in such Monthly Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount
resulting from the issuance of the additional Series 2021-1 Notes) as of any date of determination on or after the date of such issuance
of additional Series 2021-1 Notes), and (b) the denominator of which is the greater of (i) the Pool Balance as of the beginning of the
first day of the calendar month in which such date of determination occurs as adjusted in accordance with the provisions below, or (ii)
the sum of the numerators used to calculate the Floating Allocation Percentages for all Series of Notes as of such date of determination.
With respect to any Monthly Period in which an Addition Date or a Removal Date occurs, the Series 2021-1 Floating Allocation Percentage
for the portion of the Monthly Period falling on and after such Addition Date or Removal Date, as applicable, and prior to any subsequent
Addition Date or Removal Date, as applicable, will be recalculated for such period using the Pool Balance as of the close of business
on the subject Addition Date or Removal Date.

“Series 2021-1
Monthly Interest” means, with respect to any Payment Date, (a) the Class A Monthly Interest, (b) any Class A Monthly Interest
previously due but not paid to the Class A Noteholders, (c) the Class B Monthly Interest, (d) any Class B Monthly Interest previously
due but not paid to the Class B Noteholders, (e) the amount of Additional Interest, if any, and (f) any Additional Interest previously
due but not paid to the Series 2021-1 Noteholders, in each case for such Payment Date.

“Series 2021-1
Monthly Principal” has the meaning specified in Section 4.03.

“Series 2021-1
Noteholders” means a Class A Noteholder or a Class B Noteholder.

“Series 2021-1
Note” means a Class A Note or a Class B Note.

“Series 2021-1
Portfolio Yield” means, for any Monthly Period (which, in the case of the first Monthly Period, shall be determined pursuant
to Section 2.01(e)), the annualized percentage equivalent of a fraction:

(a)       the numerator
of which is equal to the sum of:

(A)       the Series 2021-1
Available Finance Charge Collections with respect to such Monthly Period; minus

(B)       the Series 2021-1
Default Amount for such Monthly Period; and

(b)       the
denominator of which is the Allocation Amount as of the last day of the preceding Monthly Period.

“Series 2021-1
Principal Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent
(which percentage shall never exceed 100%) of a fraction, (a) the numerator of which is (i) during the Revolving Period, the Allocation
Amount as of the beginning of the first day of such Monthly Period (or, (x) in the

    	 	11	 

     

    

case of the first Monthly Period, the Series
2021-1 Stated Principal Amount and (y) with respect to any Monthly Period in which there is an issuance of additional Series 2021-1 Notes
occurring in such Monthly Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount resulting from the
issuance of the additional Series 2021-1 Notes) as of any date of determination on or after the date of such issuance of additional Series
2021-1 Notes) and (ii) during the Controlled Accumulation Period or the Early Amortization Period, the Allocation Amount as of the close
of business on the date on which the Revolving Period shall have terminated, and (b) the denominator of which is the greater of (i) the
Pool Balance as of the beginning of the first day of the calendar month in which such date of determination occurs as adjusted in accordance
with the provisions below, or (ii) the sum of the numerators used to calculate the Principal Allocation Percentages for all Series of
Notes as of such date of determination. With respect to any Monthly Period in which an Addition Date or a Removal Date occurs, the Series
2021-1 Principal Allocation Percentage for the portion of the Monthly Period falling on and after such Addition Date or Removal Date,
as applicable, and prior to any subsequent Addition Date or Removal Date, as applicable, will be recalculated for such period using the
Pool Balance as of the close of business on the subject Addition Date or Removal Date.

“Series 2021-1
Principal Collections” means, with respect to any Monthly Period, the Principal Collections allocated to the Series 2021-1 Notes
pursuant to Section 4.01(c).

“Series 2021-1
Servicing Fee” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicing Fee with respect
to such Monthly Period and (b) the Series 2021-1 Floating Allocation Percentage.

“Series 2021-1
Stated Principal Amount” means $1,219,513,000.

“Series Available
Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
(a) with respect to Series 2021-1, the excess, if any, of (i) the aggregate amount targeted to be paid or applied pursuant to Sections
4.04(a) through (f) for such Monthly Period over (ii) the Series 2021-1 Available Finance Charge Collections with respect
to such Monthly Period and (b) with respect to any other Series, the amount set forth in the applicable Indenture Supplement for such
Monthly Period; provided, however, that the Issuer, when authorized by an Officer’s Certificate of the Transferor,
may amend or otherwise modify this definition of Series Available Finance Charge Collections Shortfall provided that the Note Rating Agency
Condition is satisfied.

“Series Available
Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
(a) with respect to Series 2021-1, the excess, if any, of (i) the lesser of the amounts determined pursuant to Sections 4.03(b)(ii)
and (iii), for such Monthly Period over (ii) the Series 2021-1 Available Principal Collections, less any amount released and used
to purchase Receivables under Section 4.01(f), with respect to such Monthly Period and (b) with respect to any other Series of
Notes, the amount set forth in the applicable Indenture Supplement for such Monthly Period; provided, however, that the
Issuer, when authorized by an Officer’s Certificate of the Transferor, may amend or otherwise modify this definition of Series Available
Principal Collections Shortfall provided that the Note Rating Agency Condition is satisfied.

    	 	12	 

     

    

“Servicing Agreement”
means the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013, among
Barclays Dryrock Funding LLC, as Transferor, the Servicer and the Indenture Trustee, as amended, restated, supplemented or otherwise modified
from time to time.

“Shared Excess
Available Finance Charge Collections” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
with respect to any Series of Notes in Shared Excess Available Finance Charge Collections Group One, the sum of (a) the amount of Series
2021-1 Available Finance Charge Collections with respect to such Monthly Period, available after application in accordance with Section
4.04(a) through (g) and (b) the Finance Charge Collections remaining after all required payments and deposits from all
other Series identified as belonging to Shared Excess Available Finance Charge Collections Group One which the applicable Indenture Supplements
for such Series specify are to be treated as “Shared Excess Available Finance Charge Collections” with respect to such Monthly
Period.

“Shared Excess
Available Finance Charge Collections Group One” means the Shared Excess Available Finance Charge Collections Group to which
Series 2021-1 has been designated for inclusion under Section 4.09(a).

“Shared Excess
Available Principal Collections” means, with respect to any Monthly Period as determined on the related Note Transfer Date,
the sum of (a) with respect to Series 2021-1, the amount of Series 2021-1 Available Principal Collections specified to be treated as “Shared
Excess Available Principal Collections” pursuant to Sections 4.05(a) and 4.05(b)(iv) and (b) with respect to any other
Series included in Shared Excess Available Principal Collections Group One, the Principal Collections allocated to such other Series remaining
after all required payments and deposits, which the applicable Indenture Supplements for such Series specify are to be treated as “Shared
Excess Available Principal Collections” with respect to such Monthly Period.

“Shared Excess
Available Principal Collections Group One” means the Shared Excess Available Principal Collections Group to which Series 2021-1
has been designated for inclusion under Section 4.10(a).

“Sixty Day Delinquency
Rate” means, as determined as of the last day of the Monthly Period, the percentage equivalent of a fraction, the numerator
of which is an amount equal to the aggregate Dollar amount of Sixty Day Delinquent Assets and the denominator of which is equal to the
aggregate Dollar amount of all Receivables.

“Sixty Day Delinquency
Rate Percentage” means, (a) as determined as of the last day of the initial Monthly Period for the Series 2021-1 Notes, the
Sixty Day Delinquency Rate, (b) as determined as of the last day of the second Monthly Period for the Series 2021-1 Notes, the percentage
equivalent of a fraction, the numerator of which is the sum of the Sixty Day Delinquency Rates for the initial Monthly Period and the
second Monthly Period and the denominator of which is two (2), and (c) as determined as of the last day of any Monthly Period (other than
the initial Monthly Period or second Monthly Period) for the Series 2021-1 Notes, the percentage equivalent of a fraction, the numerator
of which is the sum of the Sixty Day Delinquency Rates for the Monthly Period in which such determination occurs and the two (2)

    	 	13	 

     

    

Monthly Periods immediately preceding such
Monthly Period and the denominator of which is three (3).

“Sixty Day Delinquent
Asset” means a Receivable (i) with respect to which three consecutive scheduled payments under the applicable Account Agreement
remain unpaid for three consecutive billing date cycles and (ii) that is not a Defaulted Receivable.

“Stated Principal
Amount” means, with respect to the Series 2021-1 Notes, the Series 2021-1 Stated Principal Amount and has, with respect to any
other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Subordinated Class”
means, with respect to the Class A Notes, the Class B Notes.

“Tax Retained Notes”
if any, means any Class A Notes while beneficially owned after the Closing Date by the issuer of such Notes for U.S. federal income tax
purposes, until such time as such Notes are the subject of an opinion pursuant to Section 8.11(a)(ii) of this Indenture Supplement.

“Transfer Agreement”
means the Amended and Restated Transfer Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013, and as
amended by the first amendment thereto, dated as of March 1, 2017, by and among Barclays Dryrock Funding LLC, as Transferor, the Issuer,
and the Indenture Trustee, as amended, restated, supplemented or otherwise modified from time to time.

“Transferor Amount
Measurement Date” means the Record Date. For the avoidance of doubt, the Transferor Amount Measurement Date is the seller’s
interest measurement date for purposes of Section 246.5(c)(4) of Regulation RR.

“UK Securitization
Regulation” means the provisions of Regulation (EU) 2017/2402 as it forms part of UK domestic law as "retained EU law"
by operation of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019.

“UK Securitization
Rules” means the UK Securitization Regulation, together with (a) all applicable binding technical standards made under the UK
Securitization Regulation, (b) any EU regulatory technical standards or implementing technical standards relating to the EU Securitization
Regulation (including such regulatory technical standards or implementing technical standards which are applicable pursuant to any transitional
provisions of the EU Securitization Regulation) forming part of UK domestic law by operation of the EUWA, (c) relevant guidance, policy
statements or directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published
by the Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors), (d) any guidelines relating to the
application of the EU Securitization Regulation which are applicable in the UK, (e) any other transitional, saving or other provision
relevant to the UK Securitization Regulation by virtue of the operation of the EUWA and (f) any other applicable laws, acts, statutory
instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Regulation, in each case, as
may be further amended, supplemented or replaced, from time to time.

    	 	14	 

     

    

 

Section
1.02        Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)              
THIS INDENTURE SUPPLEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

(b)              
Each party hereto hereby consents and agrees that the state or federal courts located in the Borough of Manhattan in New York City
shall have exclusive jurisdiction to hear and determine any claims or disputes between them pertaining to this Indenture Supplement or
to any matter arising out of or relating to this Indenture Supplement; provided, that each party hereto acknowledges that any appeals
from those courts may have to be heard by a court located outside of the Borough of Manhattan in New York City; provided, further,
that nothing in this Indenture Supplement shall be deemed or operate to preclude the Indenture Trustee from bringing suit or taking other
legal action in any other jurisdiction to realize on the Receivables or any security for the obligations of the Issuer arising hereunder
or to enforce a judgment or other court order in favor of the Indenture Trustee. Each party hereto submits and consents in advance to
such jurisdiction in any action or suite commenced in any such court, and each party hereto hereby waives any objection that such party
may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consents to the granting of such
legal or equitable relief as is deemed appropriate by such court. Each party hereto hereby waives personal service of the summons, complaint
and other process issued in any such action or suit and agrees that service of such summons, complaint, and other process may be made
by registered or certified mail addressed to such party at its address, and that service so made shall be deemed completed upon the earlier
of such party’s actual receipt thereof or three (3) days after deposit in the United States mail, proper postage prepaid. Nothing
in this Section 1.02 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

(c)              
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF
THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, OR CONNECTION WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section
1.03        Counterparts;
Electronic Signature. This Indenture Supplement may be executed in two (2) or more counterparts (and by different parties on
separate counterparts), each of which shall be deemed an original, and all of which when taken together shall constitute one and the
same instrument. Each of the parties agree that this Indenture Supplement and any other documents to be delivered in connection herewith may be
electronically signed, that any digital

    	 	15	 

     

    

or electronic signatures (including pdf, facsimile
or electronically imaged signatures provided by DocuSign or any other digital signature provider as specified in writing to the Indenture
Trustee) appearing on this Indenture Supplement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Indenture Supplement and such other documents
may be made by facsimile, email or other electronic transmission.

Section
1.04        Ratification
of Indenture. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture
as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.

[END OF ARTICLE I]

ARTICLE
II

THE NOTES

Section
2.01        Designation.

(a)              
There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “Barclays
Dryrock Issuance Trust, Series 2021-1” or the “Series 2021-1 Notes.” The Series 2021-1 Notes shall be issued in two
(2) Classes, the first of which shall be known as the “Class A Series 2021-1 Fixed Rate Asset Backed Notes” and the second
of which shall be known as the “Class B Series 2021-1 Fixed Rate Asset Backed Notes.” The Series 2021-1 Notes shall be due
and payable on the Legal Maturity Date.

(b)              
The Series 2021-1 Notes shall be secured by the Collateral. For the avoidance of doubt, the parties agree that the payment of principal
and interest on the Series 2021-1 Notes shall be primarily based on the performance of the Receivables and, except for interest rate or
currency mismatches between the Receivables and the Series 2021-1 Notes, shall not be contingent on market or credit events that are independent
of such financial assets.

(c)              
Series 2021-1 shall be a Shared Excess Available Finance Charge Collections Series and shall be included in Shared Excess Available
Finance Charge Collections Group One. Series 2021-1 shall be a Shared Excess Available Principal Collections Series and shall be included
in Shared Excess Available Principal Collections Group One. Other than as specified in this Section 2.01(c), Series 2021-1 shall
not be in any other Group.

(d)              
Series 2021-1 shall not be subordinated to any other Series of Notes.

(e)              
Notwithstanding any provision in the Indenture or in this Indenture Supplement to the contrary, the first Payment Date with respect
to Series 2021-1 shall be the November 2021 Payment Date, and the first Monthly Period shall begin on and include the Closing Date and
end on and include October 31, 2021.

    	 	16	 

     

    

 

Section
2.02        Issuance
of Series 2021-1 Notes. The Issuer may issue Notes of any Class of the Series 2021-1 Notes, so long as the conditions precedent set
forth in Section 4.10 of the Indenture are satisfied.

Section
2.03        Documentation.
This Indenture Supplement, together with the Transaction Documents, shall (a) define the contractual rights and responsibilities of the
parties, including, but not limited to, representations and warranties and ongoing disclosure requirements, and any measures to avoid
conflicts of interest; and (b) provide authority for the parties, including, but not limited to, BBD, the Servicer and the Series 2021-1
Noteholders to fulfill their respective duties and exercise their rights under the contracts and clearly distinguish between any multiple
roles performed by any party.

[END OF ARTICLE II]

ARTICLE
III

SERVICING COMPENSATION

Section
3.01        Servicing
Compensation. The share of the Servicing Fee allocable to the Series 2021-1 Noteholders with respect to any Payment Date shall equal
the Series 2021-1 Servicing Fee. The portion of the Servicing Fee that is not allocable to the Series 2021-1 Noteholders shall be paid
by the holders of the Transferor Interest or the Noteholders of other Series of Notes (as provided in the related Indenture Supplements),
and in no event shall the Issuer, the Owner Trustee, the Indenture Trustee or the Series 2021-1 Noteholders be liable for the share of
the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders of any other Series of Notes.

[END OF ARTICLE III]

ARTICLE
IV

RIGHTS OF SERIES 2021-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

Section
4.01        Collections
and Allocations.

(a)              
Allocations. Finance Charge Collections, Principal Collections, the Default Amount and the Servicing Fee shall be allocated
pursuant to Article V of the Indenture and shall be allocated to Series 2021-1 and distributed as set forth in this Article IV.

(b)              
Allocations of Finance Charge Collections to the Series 2021-1 Notes. With respect to each date on which the Servicer deposits
Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as set forth in the Daily Servicer’s
Certificate, shall allocate to the Series 2021-1 Noteholders and retain in the Collection Account for application as provided herein an
amount equal to the product of (i) the Series 2021-1 Floating Allocation Percentage and (ii) the amount of Finance Charge Collections
deposited into the Collection Account on such date.

    	 	17	 

     

    

(c)              
 Allocations of Principal Collections to the Series 2021-1 Notes. With respect to each date on which the Servicer deposits
Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer as set forth in the Daily Servicer’s
Certificate, shall allocate to the Series 2021-1 Noteholders an amount equal to the product of (i) the Series 2021-1 Principal Allocation
Percentage and (ii) the amount of Principal Collections deposited into the Collection Account on such date.

(d)              
Allocations of the Default Amount to the Series 2021-1 Notes. With respect to each day during a Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to the Series 2021-1 Notes an amount equal to the product of (i) the Series
2021-1 Floating Allocation Percentage for such day and (ii) the portion of the Default Amount attributable to Receivables that became
Defaulted Receivables on such day.

(e)              
Allocations of the Servicing Fee to the Series 2021-1 Notes. With respect to each Monthly Period, the Indenture Trustee,
at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the Series 2021-1 Notes an amount
equal to the product of (i) the average of the Series 2021-1 Floating Allocation Percentages for all days during such Monthly Period and
(ii) the Servicing Fee with respect to such Monthly Period.

(f)               
Release of Principal Collections to Purchase Receivables and Pay Optional Amortization Amounts. Principal Collections allocated
to the Series 2021-1 Notes as provided in Section 4.01(c) and on deposit in the Collection Account with respect to each Monthly
Period may, upon request made by the Servicer on behalf of the Transferor to the Indenture Trustee, on any date, subject to the restrictions
set forth below in this Section 4.01(f), be released from the Collection Account and (i) released to the Transferor free and clear
of the lien of the Indenture to be used solely for the purpose of purchasing Receivables or (ii) applied to pay Optional Amortization
Amounts for other Series. The release of Principal Collections under this Section 4.01(f) to make the payments described in clauses
(i) and (ii) of the preceding sentence, shall be subject to the following limitations: (1) no Principal Collections may be released if
an Early Amortization Event has occurred and is continuing for one or more Series of Notes in Shared Excess Available Principal Collections
Group One; (2) on each date of transfer only the excess of (a) the amount determined pursuant to Section 4.01(c), over (b) an amount
equal to the product of (i) the amount determined pursuant to Section 4.01(c), and (ii) a fraction, the numerator of which is the
Class B Stated Principal Amount and the denominator of which is the Series 2021-1 Stated Principal Amount, may be released; and (3) if
one or more Series of Notes in Shared Excess Available Principal Collections Group One is in an Amortization Period, no Principal Collections
for such Monthly Period may be released if the amount of Principal Collections remaining in the Collection Account for such Monthly Period
allocable to Shared Excess Available Principal Collections Group One would be less than the sum of the required principal deposits and
payments with respect to the Payment Date for the related Monthly Period for such Series of Notes in Shared Excess Available Principal
Collections Group One in an Amortization Period (excluding any Optional Amortization Amounts for such Series).

Section
4.02        Determination
of Series 2021-1 Monthly Interest.

(a)              
The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect
to the Class A Notes for any Payment Date shall be an

    	 	18	 

     

    

amount equal to the product of (i) (x) a fraction,
the numerator of which is thirty (30) and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for
the related Interest Period and (ii) the Outstanding Dollar Principal Amount of the Class A Notes as of the close of business on the Record
Date; provided, however, that for the first Payment Date, the Class A Monthly Interest shall equal $927,500.

On the Note Transfer Date
preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of
(i) the Class A Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained in the Collection Account
and allocated and available to pay such Class A Monthly Interest on such Payment Date. If the Class A Interest Shortfall with respect
to any Payment Date is greater than zero, on each subsequent Payment Date until such Class A Interest Shortfall is fully paid, an additional
amount (“Class A Additional Interest”) equal to the product of (i) (x) a fraction, the numerator of which is thirty
(30) and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for the related Interest Period plus
2% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Noteholders)
shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional
Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

(b)              
The amount of monthly interest (“Class B Monthly Interest”) distributable from the Collection Account with respect
to the Class B Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator of which is thirty
(30) and the denominator of which is 360, times (y) the Class B Note Interest Rate in effect for the related Interest Period and
(iii) the Outstanding Dollar Principal Amount of the Class B Notes as of the close of business on the Record Date.

On the Note Transfer Date
preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class B Interest Shortfall”), of
(i) the Class B Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained in the Collection Account
and allocated and available to pay such Class B Monthly Interest on such Payment Date. If the Class B Interest Shortfall with respect
to any Payment Date is greater than zero, on each subsequent Payment Date until such Class B Interest Shortfall is fully paid, an additional
amount (“Class B Additional Interest”) equal to the product of (i) (x) a fraction, the numerator of which is thirty
(30) and the denominator of which is 360, times (y) the Class B Note Interest Rate in effect for the related Interest Period plus
2% per annum and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Noteholders)
shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional
Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Section
4.03        Determination
of Series 2021-1 Monthly Principal. The amount of monthly principal made available with respect to the Series 2021-1 Notes for any
Payment Date (the “Series 2021-1 Monthly Principal”), shall be equal to (a) during the Revolving Period, zero and (b)
beginning with the Payment Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early
Amortization Period, begins, shall be equal to the least of (i) the Series 2021-1 Available Principal Collections, less any amount

    	 	19	 

     

    

released and used to purchase Receivables under
Section 4.01(f), currently on deposit in the Collection Account with respect to such Payment Date, (ii) for each Payment Date with
respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii) the Allocation Amount for
such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04, Section
4.07, and Section 4.08).

Section
4.04        Application
of Series 2021-1 Available Finance Charge Collections on Deposit in the Collection Account. On each Note Transfer Date the Servicer
shall, or shall instruct the Indenture Trustee in writing, to withdraw from the Collection Account and deposit into the Distribution Account
from the Series 2021-1 Available Finance Charge Collections with respect to the related Payment Date an amount equal to the amount determined
under Section 4.04(a). The Servicer shall apply, or shall instruct the Indenture Trustee in writing (which writing shall be substantially
in the form of Exhibit B-3), to apply on each Payment Date, (i) the Series 2021-1 Available Finance Charge Collections with respect
to the related Payment Date on deposit in the Collection Account and (ii) with respect to Section 4.04(a) the funds on deposit
in the Distribution Account, as applicable, in the following priority:

(a)              
an amount equal to Class A Monthly Interest for such Payment Date, plus the amount of any Class A Monthly Interest, or portion
thereof, previously due but not paid to Class A Noteholders on a prior Payment Date, plus the amount of any Class A Additional
Interest for such Payment Date, plus the amount of any Class A Additional Interest, or portion thereof, previously due but not
paid to Class A Noteholders on a prior Payment Date, shall be distributed to the Paying Agent for payment to Class A Noteholders on such
Payment Date;

(b)              
an amount equal to the Series 2021-1 Servicing Fee for such Payment Date, plus the amount of any Series 2021-1 Servicing
Fee, or portion thereof, previously due but not paid to the Servicer on a prior Payment Date, shall be distributed to the Servicer;

(c)              
an amount equal to Class B Monthly Interest for such Payment Date, plus the amount of any Class B Monthly Interest, or portion
thereof, previously due but not paid to Class B Noteholders on a prior Payment Date, plus the amount of any Class B Additional
Interest for such Payment Date, plus the amount of any Class B Additional Interest, or portion thereof, previously due but not
paid to Class B Noteholders on a prior Payment Date, shall be distributed to the Paying Agent for the payment to Class B Noteholders on
such Payment Date;

(d)              
an amount equal to the Series 2021-1 Default Amount for such Payment Date shall be treated as a portion of Series 2021-1 Available
Principal Collections for such Payment Date;

(e)              
an amount equal to the sum of the aggregate amount of Investor Charge- Offs and the amount of Reallocated Principal Collections
which have not previously been reimbursed shall be used to reimburse such amount pursuant to this Section 4.04(e) and treated as
Series 2021-1 Available Principal Collections for such Payment Date;

(f)               
on each Payment Date during the Accumulation Reserve Account Funding Period an amount equal to the excess, if any, of the Required
Accumulation Reserve Account

    	 	20	 

     

    

Amount over the Available Accumulation Reserve
Account Amount shall be deposited into the Accumulation Reserve Account;

(g)              
upon the occurrence of an Event of Default with respect to Series 2021-1 and acceleration of the maturity of the Series 2021-1
Notes pursuant to Section 7.02 of the Indenture, the balance, if any, up to the Outstanding Dollar Principal Amount, less the amount
of Series 2021-1 Available Principal Collections (less any amount released and used to purchase Receivables under Section 4.01(f))
currently on deposit in the Collection Account allocated to Series 2021-1 on such Payment Date (other than pursuant to this clause (g)),
shall be treated as Series 2021-1 Available Principal Collections for such Payment Date;

(h)              
the balance, if any, shall constitute a portion of Shared Excess Available Finance Charge Collections for such Payment Date and
shall be available for allocation to other Series in Shared Excess Available Finance Charge Collections Group One, to the extent needed;
and

(i)                
first, an amount equal to that needed to pay any other obligations of the Issuer under the Transaction Documents shall be applied
to pay such obligations, and the balance shall be paid to the holders of the Transferor Interest.

Section
4.05        Application
of Series 2021-1 Available Principal Collections.

(a)              
On or before each Payment Date with respect to the Revolving Period, an amount equal to Series 2021-1 Available Principal Collections
deposited in the Collection Account with respect to the related Monthly Period, less any amount released and used to purchase Receivables
under Section 4.01(f), shall be treated as Shared Excess Available Principal Collections with respect to such Monthly Period.

(b)              
With respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Series 2021-1 Available
Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), currently on deposit in
the Collection Account for the related Monthly Period, shall be distributed or deposited on the following dates and in the following order
of priority:

(i)                
during the Controlled Accumulation Period, and prior to the payment in full of the Class A Notes and the Class B Notes, an amount
equal to the Series 2021-1 Monthly Principal, for each Payment Date shall be deposited into the Principal Funding Account on such Payment
Date; provided, however, that with respect to the calendar month in which the Expected Final Payment Date occurs, such deposit
shall be made on the applicable Note Transfer Date;

(ii)             
during the Early Amortization Period, on each Note Transfer Date an amount equal to the lesser of (i) the Series 2021-1 Monthly
Principal, for the related Payment Date or (ii) the Class A Stated Principal Amount, shall be deposited into the Distribution Account
and on the related Payment Date distributed to the Paying Agent for payment to the Class A Noteholders on such Payment Date until the
Class A Stated Principal Amount has been paid in full;

    	 	21	 

     

    

(iii)           
 during the Early Amortization Period on each Payment Date, after giving effect to the deposit on the related Note Transfer Date
referred to in clause (ii) above, an amount equal to the Series 2021-1 Monthly Principal for such Payment Date remaining, if any, shall
be distributed to the Paying Agent for payment to the Class B Noteholders on such Payment Date until the Class B Stated Principal Amount
has been paid in full; and

(iv)            
on each Payment Date the balance of such Series 2021-1 Available Principal Collections after giving effect to the distributions
referred to in clauses (i)-(iii) above shall be treated as Shared Excess Available Principal Collections for the benefit of other Series
in the Shared Excess Available Principal Collections Group One.

(c)              
On the earlier to occur of the Note Transfer Date relating to (i) the first Payment Date with respect to the Early Amortization
Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall
withdraw from the amounts deposited into the Principal Funding Account pursuant to Section 4.05(b)(i) and deposit into the Distribution
Account an amount equal to the lesser of the amount in the Principal Funding Account and the Class A Stated Principal Amount, and the
Indenture Trustee, acting in accordance with instructions from the Servicer, shall distribute such funds to the Paying Agent for payment
to the Class A Noteholders on the related Payment Date. On the earlier to occur of (i) the first Payment Date with respect to the Early
Amortization Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer,
shall withdraw from the remaining amounts, if any, in the Principal Funding Account an amount equal to the lesser of such remaining amount
and the Class B Stated Principal Amount, and the Indenture Trustee, acting in accordance with instructions from the Servicer, shall distribute
such funds to the Paying Agent for payment to the Class B Noteholders on such Payment Date.

Section
4.06        Principal
Funding Account; Controlled Accumulation Period.

(a)              
(i) The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Principal Funding Account”),
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Series 2021-1 Noteholders in accordance with Section 5.02(c) of the Indenture.

(ii)             
If a securities intermediary has been appointed, funds on deposit in the Principal Funding Account shall be invested by the Indenture
Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Series 2021-1 Noteholders; provided, that with respect
to each Payment Date, all interest and other investment income (net of losses and investment expenses) (“Principal Funding Account
Investment Proceeds”) on funds on deposit therein shall be applied as set forth in Section 4.06(a)(iii) below; and provided,
further, that funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that shall mature so
that such funds shall be available at the opening of business on the Note Transfer Date preceding the following Payment Date. Unless the
Servicer directs otherwise, funds deposited in the Principal Funding Account on a Note Transfer Date upon the maturity of any Eligible
Investments are not required to be invested. No such Eligible Investment shall be disposed of prior to its maturity; provided,
however, that the Indenture

    	 	22	 

     

    

Trustee shall sell, liquidate or dispose of
any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest
or any other amount with respect to such Eligible Investment; provided further, however, that the Servicer shall deliver
prompt written notice to the Indenture Trustee of any such default; and provided further, that, subject to Section 8.01 of the
Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in such Principal Funding Account
resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure
to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms.

(iii)           
On each Note Transfer Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Indenture Trustee
in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account Investment
Proceeds, if any, then on deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds, if any, shall
be treated as a portion of Series 2021-1 Available Finance Charge Collections.

(iv)            
Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall not be considered to
be principal amounts on deposit therein for purposes of this Indenture Supplement.

(b)              
(i) The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the
Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the exclusive control of the Indenture
Trustee for the benefit of the Series 2021-1 Noteholders. If, at any time (i) the Principal Funding Account ceases to be an Eligible Deposit
Account, the Indenture Trustee (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer
period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business Days) establish
a new Principal Funding Account meeting the conditions specified in Section 4.06(a)(i) above as an Eligible Deposit Account and
shall transfer any funds or other property to such new Principal Funding Account or (ii) the Issuer determines for any reason that the
Principal Funding Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee,
the Issuer shall establish or cause to be established a new Principal Funding Account that is an Eligible Deposit Account and shall transfer
any funds or other property from such Principal Funding Account to such new Principal Funding account. From the date each such new Principal
Funding Account is established, it shall be the “Principal Funding Account.”

(ii)             
Pursuant to the authority granted to the Servicer in Section 3.1 of the Servicing Agreement, the Servicer shall have the power
to instruct the Indenture Trustee to make withdrawals and payments from the Principal Funding Account for the purposes of carrying out
the Servicer’s or Indenture Trustee’s duties hereunder.

(c)              
The Controlled Accumulation Period is scheduled to commence the first Business Day of the month that is twelve (12) calendar months
prior to the Expected Final Payment Date; provided, however, that if the Controlled Accumulation Period Length (determined
as described below) is less than twelve (12) months, then the date on which the

    	 	23	 

     

    

Controlled Accumulation Period actually commences
will be the first Business Day of the month that is the number of whole months prior to the Expected Final Payment Date at least equal
to the Controlled Accumulation Period Length. On or before the second Business Day immediately preceding the first Business Day of the
month that is twelve (12) months prior to the Expected Final Payment Date, the Servicer shall determine the “Controlled Accumulation
Period Length,” which shall equal the number of months not less than the number of whole calendar months reasonably expected
by the Servicer to be necessary to accumulate from Series 2021-1 Available Principal Collections and Shared Excess Available Principal
Collections expected to be available to Series 2021-1 from other Shared Excess Available Principal Collections Series during the Controlled
Accumulation Period an amount equal to the Series 2021-1 Stated Principal Amount; provided, however, that the Controlled
Accumulation Period Length shall not be determined to be less than one month.

Section
4.07        Investor
Charge-Offs. On or prior to each Note Transfer Date, the Servicer shall calculate the Series 2021-1 Default Amount, if any, for the
related Payment Date. If, for any Payment Date, the Series 2021-1 Default Amount for the related Monthly Period exceeds the amount available
therefor pursuant to Section 4.04(d) with respect to such Monthly Period, the Allocation Amount will be reduced by the amount of
such excess, but not by more than the Series 2021-1 Default Amount for such Payment Date (such reduction, an “Investor Charge-Off”).

Section
4.08        Reallocated
Principal Collections. On each Payment Date, the Servicer shall apply, to the extent permitted herein, or shall instruct the Indenture
Trustee in writing to apply Reallocated Principal Collections with respect to such Payment Date, in an amount equal to the lesser of (a)
the Series 2021-1 Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), for the related
Monthly Period or (b) the Monthly Subordination Amount for such Payment Date in accordance with the priority set forth in Sections
4.04(a) and (b). On each Payment Date, the Allocation Amount shall be reduced by the amount of Reallocated Principal Collections
for such Payment Date.

Section
4.09        Shared
Excess Available Finance Charge Collections.

(a)              
Series 2021-1 shall be included in Shared Excess Available Finance Charge Collections Group One for the purpose of sharing Shared
Excess Available Finance Charge Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Finance Charge Collections
with respect to any Monthly Period shall be shared within Shared Excess Available Finance Charge Collections Group One to cover the applicable
Series Available Finance Charge Collections Shortfalls for such Monthly Period, if any, and applied on the Note Transfer Date in the immediately
succeeding Monthly Period for each Shared Excess Available Finance Charge Collections Group Series with a Series Available Finance Charge
Collections Shortfall for such Monthly Period. Shared Excess Available Finance Charge Collections allocable to Series 2021-1 with respect
to each Monthly Period shall mean an amount equal to the Series Available Finance Charge Collections Shortfall, if any, with respect to
Series 2021-1 for such Monthly Period; provided, however, that if the aggregate amount of Shared Excess Available Finance
Charge Collections for all Series in

    	 	24	 

     

    

Shared Excess Available Finance Charge Collections
Group One for each Monthly Period is less than the Aggregate Series Available Finance Charge Collections Shortfall for such Monthly Period,
then Shared Excess Available Finance Charge Collections allocable to Series 2021-1 with respect to such Monthly Period shall equal the
product of (i) Shared Excess Available Finance Charge Collections for all Series in Shared Excess Available Finance Charge Collections
Group One for such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Finance Charge Collections Shortfall
with respect to Series 2021-1 for such Monthly Period and the denominator of which is the Aggregate Series Available Finance Charge Collections
Shortfall for such Monthly Period.

(c)              
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Finance Charge Collections
Group One, any Shared Excess Available Finance Charge Collections for each Series in Shared Excess Available Finance Charge Collections
Group One for any Monthly Period which shall remain after application pursuant to clause (b) above shall be paid to the holders of the
Transferor Interest. Shared Excess Available Finance Charge Collections will not be available for application by other Series of Notes
that are not included in Shared Excess Available Finance Charge Collections Group One.

Section
4.10        Shared
Excess Available Principal Collections.

(a)              
Series 2021-1 shall be included in Shared Excess Available Principal Collections Group One for the purpose of sharing Shared Excess
Available Principal Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Principal Collections
with respect to any Monthly Period shall be shared within Shared Excess Available Principal Collections Group One to cover the applicable
Series Available Principal Collections Shortfalls for such Monthly Period, if any, for each Shared Excess Available Principal Collections
Series with a Series Available Principal Collections Shortfall for such Monthly Period, and such Shared Excess Available Principal Collections
allocable to Series 2021-1 shall be distributed or deposited on the dates and in the order of priority provided for under Sections
4.05(b)(i)-(iii). Shared Excess Available Principal Collections allocable to Series 2021-1 with respect to each Monthly Period shall
mean an amount equal to the Series Available Principal Collections Shortfall, if any, with respect to Series 2021-1 for such Monthly Period;
provided, however, that if the aggregate amount of Shared Excess Available Principal Collections for all Series in Shared
Excess Available Principal Collections Group One for each Monthly Period is less than the Aggregate Series Available Principal Collections
Shortfall for such Monthly Period, then Shared Excess Available Principal Collections allocable to Series 2021-1 with respect to such
Monthly Period shall equal the product of (i) Shared Excess Available Principal Collections for all Series in Shared Excess Available
Principal Collections Group One for such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Principal
Collections Shortfall with respect to Series 2021-1 for such Monthly Period and the denominator of which is the Aggregate Series Available
Principal Collections Shortfall for such Monthly Period.

(c)              
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Principal Collections Group
One, any Shared Excess

    	 	25	 

     

    

Available Principal Collections for each Series
in Shared Excess Available Principal Collections Group One for any Monthly Period which shall remain after application pursuant to clause
(b) above shall be paid to the holders of the Transferor Interest. Shared Excess Available Principal Collections will not be available
for application by other Series of Notes that are not included in Shared Excess Available Principal Collections Group One.

Section
4.11        Accumulation
Reserve Account.

(a)              
The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”)
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Series 2021-1 Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all
right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds
thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series
2021-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall
notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner
Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon
satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above
as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer
determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written
notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible
Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve
Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.”
The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to
time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement,
and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account
in the amount specified in, and otherwise in accordance with, Section 4.04(f).

(b)              
If a securities intermediary has been appointed, funds on deposit in the Accumulation Reserve Account, on any Note Transfer Date,
after giving effect to any withdrawals from the Accumulation Reserve Account on such Note Transfer Date, shall be invested by the Indenture
Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer; provided, that
the funds are invested in investments that shall mature so that such funds shall be available for withdrawal on or prior to the following
Note Transfer Date. Absent such direction, funds in the Accumulation Reserve Account shall remain uninvested. No such Eligible Investment
shall be disposed of prior to its maturity; provided, however, that the Indenture Trustee shall sell, liquidate or dispose
of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest
or any other amount with respect to such Eligible Investment; provided further, however, that the Servicer shall deliver
prompt written notice to the Indenture Trustee of

    	 	26	 

     

    

any such default; and provided further,
that, subject to Section 8.01 of the Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency
in such Accumulation Reserve Account resulting from any loss on any Eligible Investment included therein; provided further, however,
that the foregoing proviso will not limit any amounts payable by U.S. Bank National Association on any such Eligible Investments issued
by U.S. Bank National Association, in its commercial capacity, in accordance with their terms. On each Note Transfer Date, all interest
and earnings (net of losses and investment expenses) accrued since the preceding Note Transfer Date on funds on deposit in the Accumulation
Reserve Account shall be retained in the Accumulation Reserve Account (to the extent that the Available Accumulation Reserve Account Amount
is less than the Required Accumulation Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account for
application in accordance with Section 4.04. For purposes of determining the availability of funds or the balance in the Accumulation
Reserve Account for any reason under this Indenture Supplement, except as otherwise provided in the preceding sentence, investment earnings,
if any, on such funds shall be deemed not to be available or on deposit.

(c)              
On the Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation Period and (ii) the first
Payment Date of the Early Amortization Period, the Servicer shall calculate the “Accumulation Reserve Draw Amount”
which shall be equal to the excess, if any, of the Covered Amount with respect to such Payment Date over the Principal Funding Account
Investment Proceeds with respect to such Payment Date.

(d)              
In the event that for any Payment Date the Accumulation Reserve Draw Amount is greater than zero, the Accumulation Reserve Draw
Amount, up to the Available Accumulation Reserve Account Amount, shall be (i) withdrawn from the Accumulation Reserve Account on the Note
Transfer Date on which such Accumulation Reserve Draw Amount is calculated by the Indenture Trustee (acting in accordance with the instructions
of the Servicer) and (ii) deposited into the Collection Account for application as Series 2021-1 Available Finance Charge Collections
for such Payment Date.

(e)              
In the event that the Accumulation Reserve Account Surplus on any Payment Date, after giving effect to all deposits to and withdrawals
from the Accumulation Reserve Account with respect to such Payment Date, is greater than zero, the Indenture Trustee (acting in accordance
with the instructions of the Servicer) shall withdraw from the Accumulation Reserve Account, and pay to the Owner Trustee for distribution
in accordance with the Trust Agreement an amount equal to such Accumulation Reserve Account Surplus.

(f)               
Upon the earliest to occur of (i) the day on which the Allocation Amount is reduced to zero, (ii) the occurrence of an Event of
Default with respect to the Series 2021-1 Notes and acceleration of such Series 2021-1 Notes pursuant to Section 7.02 of the Indenture,
the first Payment Date with respect to the Early Amortization Period, (iv) the Expected Final Payment Date, and (v) the termination of
the Trust pursuant to the Trust Agreement, the Indenture Trustee (acting in accordance with the instructions of the Servicer) after the
prior payment of all amounts owing to the Series 2021-1 Noteholders which are payable from the Accumulation Reserve Account as provided
herein, shall withdraw from the Accumulation Reserve Account and pay to the holders of the Transferor Interest all amounts, if any, on
deposit

    	 	27	 

     

    

in the Accumulation Reserve Account and the
Accumulation Reserve Account shall be deemed to have terminated for purposes of this Indenture Supplement.

(g)              
Notwithstanding the foregoing, following an Event of Default with respect to the Series 2021-1 Notes and acceleration of such Series
2021-1 Notes, any Accumulation Reserve Account Surplus or other amounts on deposit in the Accumulation Reserve Account shall be applied
toward payment of any amounts owing with respect to the Series 2021-1 Notes before such amounts are paid to the holders of the Transferor
Interest.

Section
4.12        Investment
Instructions. Any investment instructions given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture
Trustee no later than 1:00 P.M. (New York City time) on the date such investment is to be made. In the event the Indenture Trustee receives
such investment instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment. In
the event the Indenture Trustee is unable to make an investment required in an investment instruction received by the Indenture Trustee
after 1:00 P.M. (New York City time) on such day, such investment shall be made by the Indenture Trustee on the next succeeding Business
Day. In no event shall the Indenture Trustee be liable for any investment not made pursuant to investment instructions received after
1:00 P.M. (New York City time) on the day such investment is requested to be made.

Section
4.13        [RESERVED].

Section
4.14        Sale
of Collateral for Series 2021-1 Notes That are Accelerated or Reach Legal Maturity.

(a)              
If the Series 2021-1 Notes have been accelerated pursuant to Section 7.02 of the Indenture following an Event of Default, the Indenture
Trustee may, subject to the conditions specified in Section 4.14(b), and at the direction of the Holders of more than 662⁄3%
of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes will, subject to the conditions specified in Section 4.14(b),
sell Principal Receivables (or interests therein) in an amount (as determined by the Issuer and provided to the Indenture Trustee) not
to exceed the Allocation Amount as of the close of business on the day preceding such sale, plus any related Finance Charge Receivables.

(b)              
Such a sale will be permitted only if at least one of the following conditions is met:

(i)                
the Holders of more than 90% of the aggregate Outstanding Dollar Principal Amount of the Series 2021-1 Notes consent; or

(ii)             
the net proceeds of such sale (plus amounts on deposit in the Issuer Accounts) would be sufficient to pay all amounts due
on the Series 2021-1 Notes; or

(iii)           
the Indenture Trustee in consultation with the Servicer determines that the funds to be allocated to the Series 2021-1 Notes, including
(1) Series 2021-1 Available Finance Charge Collections and Series 2021-1 Available Principal Collections and (2) amounts on deposit in
the Issuer Accounts, may not be sufficient on an ongoing basis to make all

    	 	28	 

     

    

payments on the Series 2021-1 Notes as such
payments would have become due if such obligations had not been declared due and payable, and Series 2021-1 Noteholders evidencing more
than 662⁄3% of the aggregate Outstanding Dollar Principal Amount of the Series 2021-1 Notes consent to the sale; provided,
that the Issuer will provide the Indenture Trustee with the information reasonably requested by the Indenture Trustee to make such determination.

(c)              
If the Allocation Amount is greater than zero on the Legal Maturity Date (after giving effect to any allocations, deposits and
payments otherwise to be made on that Legal Maturity Date), the Indenture Trustee shall, no later than the Legal Maturity Date, sell or
cause to be sold Principal Receivables (or interests therein) in an amount not to exceed the Allocation Amount as of the close of business
on the day preceding such sale, plus any related Finance Charge Receivables.

(d)              
Upon the occurrence of such sale, the Allocation Amount shall be automatically reduced to zero and Principal Collections and Finance
Charge Collections shall no longer be allocated to the Series 2021-1 Notes.

(e)              
Sale proceeds received with respect to the Series 2021-1 Notes pursuant to clause (a) or (c) above will be applied as specified
in Section 7.06 of the Indenture, and amounts available for application pursuant to clause (b) of Section 7.06 should be allocated and
paid in the following priority:

first, to the
Class A Noteholders, until the Class A Stated Principal Amount and all current and past due Class A Monthly Interest and Class A Additional
Interest has been paid in full; and

second, to the
Class B Noteholders, until the Class B Stated Principal Amount and all current and past due Class B Monthly Interest and Class B Additional
Interest has been paid in full.

    	 	29	 

     

    

 

Section
4.15        Distribution
Account. The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Distribution Account”),
bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Class A Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right,
title and interest in all funds and property from time to time credited to the Distribution Account and in all proceeds thereof. The
Distribution Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Class A Noteholders. If, at
any time the Distribution Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within thirty (30) Business Days
(or such longer period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business
Days) establish a new Distribution Account meeting the conditions specified above as an Eligible Deposit Account and shall transfer any
funds or other property to such new Distribution Account. Pursuant to the authority granted to the Servicer in Section 3.1 of the Servicing
Agreement, the Servicer shall have the power to instruct the Indenture Trustee to make withdrawals and payments from the Distribution
Account for the purposes of carrying out the Servicer’s or Indenture Trustee’s duties hereunder. For the avoidance of doubt,
funds on deposit in the Distribution Account shall not be invested.

Section
4.16        Delinquency
Trigger Percentage. As of the Closing Date, the Delinquency Trigger Percentage is 9.00%. If due to the introduction or any change
in or in the interpretation of any law or regulations or the imposition of any guideline or request from any central bank or other Governmental
Authority, in each case after the date hereof, the Delinquency Trigger Percentage (in the reasonable good faith judgment of the Servicer)
should be re-determined, the Servicer shall submit to the Indenture Trustee an Officer’s Certificate setting forth in reasonable
detail the basis for the re-determination and the revised Delinquency Trigger Percentage. In the absence of manifest error, and following
the delivery of such Officer’s Certificate to the Indenture Trustee, the revised Delinquency Trigger Percentage shall be effective
as of the date such revised Delinquency Trigger Percentage is reported in the Monthly Noteholders’ Statement.

Section
4.17        Asset
Review.

(a)              
Upon the occurrence of a Delinquency Trigger Event any Noteholder, including any Note Owner, of an Outstanding Note shall have
the right with respect to such Delinquency Trigger Event to initiate a vote to determine whether or not to direct the Asset Representations
Reviewer to undertake a review of Sixty Day Delinquent Assets to determine whether or not such Sixty Day Delinquent Assets complied with
the ARR Representations and Warranties (the “ARR Review”). Upon disclosure of the occurrence of a Delinquency Trigger
Event in the Monthly Noteholders’ Statement relating to the Monthly Period when the Delinquency Trigger Event occurred, Noteholders
shall have 90 days from the date of such disclosure to determine whether or not to initiate a vote. In order to initiate a vote, during
such 90 day period Noteholders must send written notification to the Indenture Trustee indicating that in light of the occurrence of a
Delinquency Trigger Event (such Delinquency Trigger Event to be specified in such written notification) they are in favor of initiating
a vote with respect to such specified Delinquency Trigger Event to determine whether or not to direct the Asset Representations Reviewer
to undertake an ARR Review. The Indenture Trustee shall record the written notifications received from Noteholders during such 90 day
period as they relate to each identified Delinquency Trigger Event. Prior, however, to recording any written notification

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received during such 90 day period, the Indenture
Trustee must receive verification from any Note Owner that it is in fact a Holder of a beneficial interest in an Outstanding Note. Such
verification shall be in the form of (x) a written certification from such Note Owner and (y) one other form of documentation such as
a trade confirmation, account statement, a letter from a broker or dealer, or other similar document. The Indenture Trustee may also set
a record date for purposes of determining the identity of Noteholders in accordance with the Trust Indenture Act Section 316(c). If at
any time during such 90 day period Noteholders holding no less than 5% of the aggregate Adjusted Outstanding Dollar Principal Amount of
all Outstanding Notes (determined as of the date the Delinquency Trigger Event occurred) are recorded by the Indenture Trustee with respect
to a specified Delinquency Trigger Event as being in favor of initiating a vote to determine whether or not to direct the Asset Representations
Reviewer to undertake an ARR Review, then promptly after the date of recordation of such 5% with respect to such Delinquency Trigger Event
a vote shall be initiated and undertaken pursuant to standard vote solicitation procedures of the Indenture Trustee which may include
the use of a vote solicitation/tabulation agent and the voting guidelines promulgated by the DTC relating to notes registered in the name
of Cede & Co. If initiated, the Issuer shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period
in which such vote was initiated (a) the date such vote was initiated, (b) the timeline for submitting a vote, and (c) a statement to
the effect that Noteholders can exercise their right to vote, by proxy or otherwise, in accordance with, as applicable, the applicable
DTC voting guidelines and procedures. BBD, in its individual capacity, shall pay all costs, expenses and liabilities incurred by the Indenture
Trustee, the Transferor and the Issuer in connection with the voting process. The vote as to whether or not to undertake an ARR Review
shall be completed within 150 days of disclosure in the Monthly Noteholders’ Statement of the occurrence of a Delinquency Trigger
Event. If at the end of such 150 day period Noteholders holding more than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount
of Noteholders casting a vote, cast such vote in favor of an ARR Review, then the Asset Representations Reviewer (upon receipt of notification
from the Servicer) shall undertake an ARR Review. The Sixty Day Delinquent Assets reviewed shall be those reported in and relating to
the Monthly Noteholders’ Statement for the Monthly Period in which the conditions for an ARR Review were satisfied. The Servicer
shall provide the Asset Representations Reviewer with notice of a vote in favor of an ARR Review and access to copies of any underlying
documents related to performing the ARR Review, as set forth in the Asset Representations Reviewer Agreement. If Noteholders holding more
than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount of Noteholders casting a vote, cast such vote in favor of an ARR
Review, then the Issuer shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such voting
concluded a statement to the effect that a vote was conducted and that as a result of such vote an ARR Review shall be undertaken by the
Asset Representations Reviewer relating to the specified Delinquency Trigger Event. If Noteholders holding less than 50% of the aggregate
Adjusted Outstanding Dollar Principal Amount of the Noteholders casting a vote, cast such vote in favor of an ARR Review, then the Issuer
shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such voting concluded a statement
to the effect that a vote was conducted and that as a result of such vote no ARR Review shall be undertaken by the Asset Representations
Reviewer relating to the specified Delinquency Trigger Event.

(b)              
Upon completion of the ARR Review, the Asset Representations Reviewer shall deliver a report to the Indenture Trustee, with a copy
to BBD, setting forth its

    	 	31	 

     

    

findings and conclusions. Such report shall
not determine whether noncompliance with the ARR Representations and Warranties constitutes a breach of any contractual provision under
the Transaction Documents, and the Asset Representations Reviewer will not determine the reason for the delinquency of any Receivable,
the creditworthiness of any Obligor, the overall quality of any Receivable or the compliance by the Servicer with its covenants with respect
to servicing of the Receivables. The Form 10-D filed with respect to the Monthly Period in which the report is delivered shall include
a summary of the findings and conclusions. Not later than sixty days after receipt of the full report from the Asset Representations Reviewer,
BBD, in its individual capacity, shall determine whether any instance of noncompliance with the ARR Representations and Warranties constitutes
a breach of any contractual provision under the Transaction Documents and whether or not to direct a reassignment of any of the Receivables
subject to the ARR Review.

Section
4.18        Governing
Law For Hague Securities Convention. Pursuant to Section 8- 110(e)(1) of the relevant UCC for purposes of the relevant UCC and the
Hague Securities Convention, the local law of the jurisdiction of the Securities Intermediary is the law of the State of New York. Further,
the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention and the “securities
intermediary’s jurisdiction” as defined in the relevant UCC shall be the State of New York.

[END OF ARTICLE IV]

ARTICLE
V

EARLY AMORTIZATION OF THE NOTES

Section
5.01        Early
Amortization Events. In addition to the events identified as Early Amortization Events in Article XII of the Indenture, the occurrence
of any of the following events (each, an “Early Amortization Event”) shall result in an early amortization event for
the Series 2021-1 Notes:

(a)              
if the Quarterly Excess Spread Percentage is less than the Required Excess Spread Percentage; or

(b)              
a failure by Transferor under the Transfer Agreement to convey Receivables in Additional Accounts within five Business Days after
the day on which it is required to convey such Receivables pursuant to Section 2.11(a) of the Transfer Agreement or, if applicable, Section
2.15(c) of the Transfer Agreement; or

(c)              
if any Servicer Default occurs which would have a material adverse effect on the Series 2021-1 Noteholders; or

(d)              
the failure to pay the Notes in full on the Expected Final Payment Date; or

(e)              
the occurrence of an Event of Default and acceleration of the Series 2021-1 Notes pursuant to Article VII of the Indenture; or

    	 	32	 

     

    

(f)               
 (i) failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Transfer Agreement
on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or (ii) failure
of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the Transfer Agreement,
which failure has a material adverse effect on the Series 2021-1 Noteholders and which continues unremedied for a period of sixty days
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by
the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2021-1 Notes; or

(g)              
any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account schedule
required to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material respect when made
or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the
Transferor and the Indenture Trustee by any Noteholder of the Series 2021-1 Notes and as a result of which the interests of the Series
2021-1 Noteholders are materially and adversely affected for such period; provided, however, that an Early Amortization
Event pursuant to this Section 5.01(g) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment
of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Transfer
Agreement.

In the case of any event
described in Sections 5.01(a), (b), (d), or (e), an Early Amortization Event shall occur without any notice
or other action on the part of the Indenture Trustee or the Noteholders immediately upon the occurrence of such event. In the case of
any event described in Sections 5.01(c), (f) or (g), after the applicable grace period, if any, set forth in such
subparagraphs, either the Indenture Trustee or the holders of Series 2021-1 Notes evidencing more than 50% of the aggregate unpaid principal
amount of Series 2021-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2021-1
Noteholders) may declare that an Early Amortization Event has occurred with respect to the Series 2021-1 Notes as of the date of such
notice.

Section
5.02        Early
Redemption Event. If Principal Receivables having an aggregate principal balance in an amount equal to or greater than 30% of the
Pool Balance are designated for reassignment to the Transferor pursuant to Section 2.12(d) of the Transfer Agreement, and the Servicer
determines that the Transferor Amount would be less than the Required Transferor Amount after giving effect to such reassignment, and
giving effect to any scheduled payments on the Notes and any Account Additions that are scheduled to occur on or prior to the Removal
Date, then an “Early Redemption Event” will be deemed to have occurred with respect to the Series 2021-1 Notes on the related
Removal Date. If an Early Redemption Event occurs under this Section 5.02, the Issuer will apply all funds received from the Transferor
in connection with such reassignment on the first Payment Date following the Monthly Period in which such Early Redemption Event occurred
to redeem Series 2021-1 Notes and Notes of each other Series subject to early redemption pursuant to a provision similar to this Section
5.02, on a pro rata basis among each such Series and within each such Series on a pro rata basis between each

    	 	33	 

     

    

Class of Notes of such Series, based on the
respective Stated Principal Amounts of each such Series and each such Class of Notes subject to early redemption.

[END OF ARTICLE V]

ARTICLE
VI

LEGAL MATURITY; FINAL PAYMENTS

Section
6.01        Legal
Maturity. The Series 2021-1 Notes shall be considered to be paid in full, the Holders of such Series 2021-1 Notes shall have no further
right or claim, and the Issuer shall have no further obligation or liability with respect to such Series 2021-1 Notes on the earliest
to occur of (i) the date on which the Outstanding Dollar Principal Amount with respect to Series 2021-1, and all Monthly Interest on such
Series 2021-1 Notes, is paid in full, (ii) the date on which Collateral is sold and the proceeds in respect thereof applied in accordance
with Section 7.08 of the Indenture and Section 4.14, and (iii) the Legal Maturity Date, in each case after giving effect
to all deposits, allocations, reimbursements, reallocations, sales of Collateral and payments to be made in connection therewith.

[END OF ARTICLE VI]

ARTICLE
VII

DELIVERY OF SERIES 2021-1 NOTES; DISTRIBUTIONS AND REPORTS TO SERIES 2021-1 NOTEHOLDERS

Section
7.01        Form
of Delivery for the Series 2021-1 Notes; Depository; Denominations.

(a)              
The Class A Notes shall be delivered in the form of global Registered Notes as provided in Section 3.02 of the Indenture.

(b)              
The Class B Notes shall be delivered in the form of definitive Notes as provided in Section 3.02 of the Indenture.

(c)              
The Depository for the Class A Notes shall be The Depository Trust Company, and the Class A Notes shall initially be registered
in the name of Cede & Co., its nominee.

(d)              
The Series 2021-1 Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000.

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Section
7.02        Delivery
and Payment for the Series 2021-1 Notes. The Issuer shall execute and deliver the Series 2021-1 Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Series 2021-1 Notes when authenticated, each in accordance with Section 4.03
of the Indenture.

Section
7.03        Distributions.

(a)              
On each Payment Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section
7.04(b) hereof, to each Class A Noteholder of record on the related Record Date such Class A Noteholder’s pro rata share
of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class A Notes pursuant
to this Indenture Supplement.

(b)              
On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall
distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class A Noteholder of
record on the related Record Date such Class A Noteholder’s pro rata share of the amounts on deposit in the Principal Funding
Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of the Class A Notes
pursuant to this Indenture Supplement.

(c)              
On each Payment Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section
7.04(b) hereof, to each Class B Noteholder of record on the related Record Date such Class B Noteholder’s pro rata share
of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class B Notes pursuant
to this Indenture Supplement.

(d)              
On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall
distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class B Noteholder of
record on the related Record Date such Class B Noteholder’s pro rata share of the amounts on deposit in the Principal Funding
Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of the Class B Notes
pursuant to this Indenture Supplement.

(e)              
The distributions to be made pursuant to this Section 7.03 are subject to the provisions of Sections 2.7 and Section 4.1
of the Transfer Agreement and Section 6.1 of the Servicing Agreement.

(f)               
Except as provided in Section 13.08 of the Indenture with respect to a final distribution, distributions to Series 2021-1 Noteholders
hereunder shall be made by check mailed to each Series 2021-1 Noteholder at such Series 2021-1 Noteholder’s address appearing in
the Note Register without presentation or surrender of any Series 2021-1 Note or the making of any notation thereon; provided,
however, that with respect to the Class A Notes registered in the name of a clearing agency, such distributions shall be made to
such clearing agency in immediately available funds and with respect to the Holder of any Class B Note if such Holder shall have provided
written wire transfer instructions to the Indenture Trustee not less than five

    	 	35	 

     

    

Business Days prior to the Payment Date, then
the Indenture Trustee shall make distributions to such Holder by wire transfer of immediately available funds.

Section
7.04        Reports
and Statements to Series 2021-1 Noteholders.

(a)              
On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, shall forward to each Series 2021-1 Noteholder a statement
substantially in the form of Exhibit B-1 (or otherwise containing substantially comparable information) prepared by the Servicer
and delivered to the Paying Agent, which shall (amongst other things) set forth the Transferor Percentage as of the Transferor Amount
Measurement Date and the amount of seller’s interest maintained by the Transferor as of the Transferor Amount Measurement Date calculated
in accordance with Regulation RR.

(b)              
On or prior to the second Business Day preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee, the Paying
Agent, the Transferor, each Note Rating Agency and the Owner Trustee (i) a statement substantially in the form of Exhibit B-3 (or
otherwise containing substantially comparable information) prepared by the Servicer and (ii) a certificate of a Servicing Officer substantially
in the form of Exhibit C (or otherwise containing substantially comparable information).

(c)              
On or before the date that is forty-five (45) days after each calendar quarter, beginning with the third quarter of 2021, the
Servicer shall provide to the Paying Agent, and the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2021-1
Noteholder:

(i)                
information with respect to the credit performance of the Series 2021-1 Notes and the Receivables, including periodic and cumulative
Receivables performance data, delinquency and modification data for the Receivables, substitutions and removals of the Receivables, servicer
advances, if applicable, as well as losses that were allocated to the Series 2021-1 Notes, if applicable, the remaining balance of the
Receivables, and the percentage of each Class of Series 2021-1 Notes in relation to the Series 2021-1 Notes as a whole; and

(ii)             
a statement regarding any changes to the information that was disclosed in connection with the issuance of the Series 2021-1 Notes
regarding the nature and amount of compensation paid to BBD, each Note Rating Agency (if applicable), any third-party advisor, any mortgage
or other broker, and the Servicer, the extent to which any risk of loss on the Receivables is retained by any of them, and the amount
and nature of any deferred compensation or similar arrangements.

(d)              
At the time of delivery of any periodic distribution report and in any event at least once per calendar quarter, while the Series
2021-1 Notes are outstanding, the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series 2021-1 Noteholder copies
of the Credit Risk and Performance Disclosure.

(e)              
A copy of each statement or certificate provided pursuant to Section 7.04(a), (b) or (c) above may be obtained
by any Series 2021-1 Noteholder or any Note Owner thereof by a request in writing to the Servicer.

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(f)               
 On or before January 31 of each calendar year, beginning with calendar year 2021, the Paying Agent, on behalf of the Indenture
Trustee, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2021-1
Noteholder, a statement substantially in the form of Exhibit B-2 to this Indenture Supplement prepared by the Servicer for such
calendar year or the applicable portion thereof during which such Person was a Series 2021-1 Noteholder, together with other information
as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of
the Code as from time to time in effect.

Section
7.05        Restrictions
on Transfer of the Class B Notes. The Class B Notes (i) shall be subject to the transfer restrictions set forth in Section 8.07
of this Indenture Supplement, (ii) shall bear the legend set forth in Section 4.05(j) of the Indenture and be subject to the terms and
transfer restrictions provided in such Section 4.05(j) and (iii) shall bear the following legend and be subject to the transfer restrictions
provided therein:

THIS CLASS B NOTE (OR ANY INTEREST HEREIN)
MAY NOT BE PURCHASED WITH THE ASSETS OF, AND BY ITS ACQUISITION OF THIS CLASS B NOTE (OR ANY INTEREST THEREIN), EACH HOLDER (AND ITS FIDUCIARY,
IF APPLICABLE) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE OF ACQUISITION OF THIS CLASS B NOTE (OR ANY INTEREST HEREIN)
AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS B NOTE (OR ANY INTEREST HEREIN) THAT IT IS NOT (I) AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT
TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON
OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR (IV) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT
TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. NO CLASS B NOTE HOLDER WILL BE PERMITTED
TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS
AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF ANY INTEREST IN CLASS B NOTES MAY OCCUR EXCEPT IN COMPLIANCE WITH THE
TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

[END OF ARTICLE VII]

    	 	37	 

     

    

 

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

Section
8.01        Non-petition
Covenant. To the fullest extent permitted by applicable law, the Indenture Trustee, by entering into this Indenture Supplement, agrees
that it will not at any time, acquiesce, petition or otherwise invoke or cause the Issuer or the Transferor to invoke the process of any
Governmental Authority for the purpose of commencing or sustaining a case against the Issuer or the Transferor under any Debtor Relief
Law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official for the Issuer
or the Transferor or any substantial part of its property or ordering the winding-up or liquidation of the affairs of the Issuer or the
Transferor.

Section
8.02        Actions
by the Issuer. Subject to the Servicing Agreement, all action to be taken by the Issuer under this Indenture Supplement shall be taken
by the Administrator or the Owner Trustee on behalf of the Issuer and all notices to be given or received by the Issuer under this Indenture
Supplement shall be given or received by the Administrator or the Owner Trustee, on behalf of the Issuer.

Section
8.03        Limitations
on Liability.

(a)              
It is expressly understood and agreed by the parties hereto that (i) this Indenture Supplement is executed and delivered by the
Owner Trustee, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and
authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer
is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the
purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee,
individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties to the Indenture and by any Person claiming by, through or under them and (iv) under no circumstances
shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture Supplement or
any related documents.

(b)              
None of the Indenture Trustee, the Owner Trustee, the Servicer, the Administrator, the Beneficiary or any other beneficiary of
the Issuer or any of their respective officers, directors, employees, members, incorporators or agents shall have any liability with respect
to this Indenture Supplement, and any recourse may be had solely to the Collateral.

(c)              
In no event shall the Indenture Trustee have any responsibility to monitor compliance with Regulation RR or any other rules or
regulations regarding risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable
to any Series 2021-1 Noteholder or any other party for a violation of such rules and regulations now or hereinafter in effect.

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Section
8.04        FATCA
Matters. Each Series 2021-1 Noteholder or Note Owner, by the purchase of such Series 2021-1 Note or its acceptance of a beneficial
interest therein, acknowledges that interest on the Series 2021-1 Notes will be treated as United States source interest, and, as such,
United States withholding tax may apply. Each Series 2021-1 Noteholder or Note Owner further agrees, upon request, to provide any certifications
that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy
the foregoing requirements or provide requested documentation, payments to it under the Series 2021-1 Notes may be subject to United
States withholding tax (without any corresponding gross- up). Without limiting the foregoing, if a payment made under this Indenture
Supplement or the Indenture would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment
were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient shall
deliver to the Issuer, with a copy to the Indenture Trustee, at the time or times prescribed by the Code and at such time or times reasonably
requested by the Issuer or the Indenture Trustee, such documentation prescribed by the Code (including as prescribed by Code Section
1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Issuer or the Indenture Trustee to comply with their
respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA,
or to determine the amount to deduct and withhold from such payment. For these purposes, “FATCA” means (a) Sections 1471
to 1474 of the Code or any associated regulations or other official guidance; (b) any treaty, law, regulation or other official guidance
enacted in any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in
either case) facilitates the implementation of paragraph (a) above; or (c) any agreement pursuant to the implementation of paragraphs
(a) or (b) above with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction,
and including any amendments made to FATCA after the date of this Indenture Supplement.

Section
8.05        [RESERVED].

Section
8.06        Amendments.
Except as expressly set forth in Article X of the Indenture, this Indenture Supplement may not be amended, restated, supplemented or modified.

Section
8.07        Class
B Notes.

(a)              
Notwithstanding anything to the contrary in this Indenture Supplement, no interest in the Class B Notes may be directly or indirectly
sold, transferred, assigned, exchanged, participated or otherwise conveyed, pledged, hypothecated or rehypothecated or made the subject
of a security interest (each such transaction for purposes of this Section 8.07, a “Transfer”) except to a Person
who is a “United States person” for United Stated federal income tax purposes and only upon the prior delivery of an Issuer
Tax Opinion to the Indenture Trustee with respect to such Transfer, and any Transfer in violation of these requirements shall be null
and void ab initio.

(b)              
If not transferred in compliance with the registration provisions of the Securities Act, then no interest in the Class B Notes
may be offered, sold or transferred, except (i) pursuant to Rule 144A under the Securities Act (“Rule 144A”) to a person
the Noteholder reasonably believes is a “qualified institutional buyer” (a “QIB”) in a transaction meeting
the

    	 	39	 

     

    

requirements of Rule 144A, purchasing for its
own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule
144A, or (ii) in an offshore transaction meeting the requirements of Rule 903 or 904 of Regulation S under the Securities Act to a person
it reasonably believes is an accredited investor as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) of Regulation D
under the Securities Act and any entity in which all of the equity owners come within such paragraphs (an “IAI”) or
a QIB, purchasing for its own account or for the account of another IAI or a QIB.

Section
8.08        Appointment
of Asset Representations Reviewer. Pursuant to the Asset Representations Reviewer Agreement, BBD, in its individual capacity, has
engaged and the Issuer has appointed Clayton Fixed Income Services LLC, a Delaware limited liability company, as the Asset Representations
Reviewer to perform the obligations of the Asset Representations Reviewer as set forth therein and herein, respectively. The Issuer hereby
represents and warrants that the Asset Representations Reviewer (i) is not, and, for so long as the Series 2021-1 Notes are outstanding,
will not be, an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association or Wilmington Trust,
National Association, nor an Affiliate of an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association
or Wilmington Trust, National Association, and (ii) has not been hired by Barclays Bank Delaware to perform pre-closing due diligence
work relating to the Receivables.

Section
8.09        Dispute
Resolution.

(a)              
If a Person (including any Holder of a beneficial interest in an Outstanding Note) requests a repurchase (the “Requesting
Party”) of any Receivable pursuant to their rights under a Transaction Document due to an alleged breach of a representation
and warranty, and the repurchase request has not been fulfilled or otherwise resolved within 180 days of the receipt of such repurchase
request by the party obligated for the repurchase (the “Repurchase Party”), then the Requesting Party shall have the
right, through the DTC communication procedures or otherwise, to refer the matter, at its discretion, to either mediation or third-party
arbitration, and the Repurchase Party hereby agrees to the selected resolution method.

(b)              
If the Requesting Party selects mediation as the resolution method, the mediation will be administered by a nationally recognized
mediation association mutually agreed upon by the Repurchase Party and the Requesting Party, and the fees and expenses of the mediation
will be allocated as mutually agreed upon by the Repurchase Party and the Requesting Party as part of the mediation. If the Requesting
Party selects arbitration as the resolution method, the arbitration will be administered by a nationally recognized arbitration association
mutually agreed upon by the Repurchase Party and the Requesting Party. In its final determination, the arbitrator will allocate the costs
and expenses of the arbitration.

(c)              
Any mediation or arbitration will be held in New York, New York, and no Person may bring a putative or certified class action to
arbitration. Unless otherwise publicly available, the details and/or existence of any unfulfilled repurchase request, any informal meetings,
mediations or arbitration proceedings conducted under this Section 8.09, including all offers, promises, conduct and statements,
whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase request, and
any discovery taken in connection with any arbitration, will be confidential, privileged and inadmissible for any

    	 	40	 

     

    

purpose, including impeachment, in any mediation,
arbitration or litigation, or other proceeding (including any proceeding under this Section 8.09). Such information will be kept
strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants
and other agents and representatives, as reasonably required in connection with any resolution procedure under this Section 8.09),
except as otherwise publicly available as required by law, regulatory requirement or court order. If any party to a resolution procedure
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential
information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the
opportunity to object to the production of its confidential information.

(d)              
A Requesting Party may not initiate a mediation or arbitration as described above with respect to a Receivable that is, or has
been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting Party) but
will have the right to join an existing mediation or arbitration with respect to that receivable if the mediation or arbitration has not
yet concluded.

(e)              
For the avoidance of doubt, to the fullest extent permitted by applicable law, no Series 2021-1 Noteholder will have any right
to cause the Indenture Trustee to be a Requesting Party under this Section 8.09, unless such Series 2021-1 Noteholder has offered
to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request.

Section
8.10        Investor
Communication. Following receipt of a written request during any Monthly Period from a Series 2021-1 Noteholder seeking to communicate
with other Noteholders regarding exercising their contractual rights under the terms of the Transaction Documents, the Issuer shall include
or shall cause the Transferor to include, in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such
written request was received: (i) the name of the Series 2021-1 Noteholder delivering such request, (ii) the date the request was received,
(iii) a statement to the effect that the Issuer has in fact received such request from a Series 2021-1 Noteholder and that such Series
2021-1 Noteholder is interested in communicating with other Noteholders with regard to the possible exercise of rights under the Transaction
Documents, and (iv) a description of the method that other Noteholders may use to contact the requesting Series 2021-1 Noteholder. Prior,
however, to including the items set forth in clauses (i)-(iv) above in a Securities Exchange Act Form 10-D filing, the Issuer shall have
the right to request from the Series 2021-1 Noteholder delivering the written request verification that such Series 2021-1 Noteholder
is in fact a Holder of a beneficial interest in a Series 2021-1 Note. Such verification may be in the form of (x) a written certification
from such Series 2021-1 Noteholder that it is a Holder of beneficial interest in a Series 2021-1 Note, and (y) one other form of documentation
such as a trade confirmation, an account statement, a letter from the broker or dealer, or other similar document. The Transferor will
be responsible for any expenses in connection with the filing of its Securities and Exchange Act Form 10-D.

Section
8.11        Tax
Retained Notes.

(a)              
Notwithstanding anything to the contrary in this Indenture Supplement, no interest in any Tax Retained Notes may be directly or
indirectly sold, transferred, assigned,

    	 	41	 

     

    

exchanged, participated or otherwise conveyed,
pledged, hypothecated or rehypothecated or made the subject of a security interest (each such transaction for purposes of this Section
8.11, a “Transfer”) unless prior to and in connection with such Transfer either (i) an Issuer Tax Opinion is delivered
to the Indenture Trustee with respect to such Transfer (excluding any Tax Retained Notes from such Issuer Tax Opinion to the extent they
are otherwise included in the definition of Issuer Tax Opinion in the Indenture) or (ii) an Opinion of Counsel is delivered to the Indenture
Trustee to the effect that such Notes will be debt for United States federal income tax purposes.

(b)              
With respect to any Transfer for which no Opinion of Counsel is provided pursuant to sub-clause (ii) of the preceding clause (a),
the transfer of such Notes must be to a Person who is a “United States person” for United Stated federal income tax purposes
unless otherwise provided in a written opinion of nationally recognized tax counsel. If there are other Notes of the same Class as such
transferred Notes which are not Tax Retained Notes prior to such transfer, such transfer will not be effective unless (i) the Tax Retained
Notes are part of the same issue (as described in United States Treasury Regulation section 1.1275-2(k)) as the other Notes from the same
Class, (ii) neither the Tax Retained Notes nor such other Notes from the same Class will be treated as issued with original issue discount
for United States federal income tax purposes or (iii) the Tax Retained Notes and such other Notes from the same Class can be tracked
in a manner that will allow each holder of any such Note to identify the information described in United States Treasury Regulation section
1.1275-3(b)(1)(i) with respect to each such Note.

(c)              
Any Transfer in violation of these requirements shall be null and void ab initio.

Section
8.12        Credit
Risk Retention.

(a)              
The Transferor shall maintain, as of each Transferor Amount Measurement Date, a seller’s interest in the Issuer (in the form
of the Transferor Interest) calculated in accordance with Regulation RR that will equal not less than five percent of the aggregate unpaid
principal balance of all Series of Notes, other than any Notes that are and, at all times, will be held by BBD or one or more wholly-owned
affiliates of BBD. The Transferor may not sell or otherwise transfer any interest or assets that it is required to hold pursuant to Regulation
RR unless such sale or transfer is to a wholly-owned affiliate of BBD. For purposes of this section, a wholly-owned affiliate of BBD will
include any person, other than the Issuer, that directly or indirectly, wholly controls (i.e., owns 100% of the equity in such person),
is wholly controlled by, or is wholly under common control with, BBD.

(b)              
BBD covenants and agrees, with reference to the EU Securitization Regulation and the UK Securitization Regulation, in each case
as in effect and applicable on the Closing Date, that it will: (i) as “originator” for the purposes of the EU Securitization
Regulation and the UK Securitization Regulation, retain, on an ongoing basis for as long as any Series 2021-1 Notes remain outstanding,
a material net economic interest which is not less than 5% of the nominal value of the securitized exposures, in the form of an originator’s
interest as provided in option (b) of Article 6(3) of each of the EU Securitization Regulation and the UK Securitization Regulation, by
holding all of the membership interests in the Transferor, which in turn will retain on an ongoing basis for as long as any Series 2021-1
Notes remain outstanding all or part of the

    	 	42	 

     

    

Transferor Interest (the “Retained
Interest”); (ii) not change the retention option or method of calculating the Retained Interest, except in accordance with the
EU Securitization Rules and the UK Securitization Rules; and (iii) not (and will not permit any of its affiliates to) subject the Retained
Interest to any credit risk mitigation or any other hedge, or sell, transfer or otherwise surrender all or part of the rights, benefits
or obligations arising from the Retained Interest, except in accordance with the EU Securitization Rules and the UK Securitization Rules.

(c)              
Each of the parties hereto agrees and, as evidenced by its acceptance of any benefits hereunder, each Series 2021-1 Noteholder
agrees, in no event shall the Indenture Trustee have any responsibility to monitor compliance with, calculate, provide or otherwise make
available information or documents required by Regulation RR, the EU Securitization Rules, the UK Securitization Rules or any other rules
regarding risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series
2021-1 Noteholder or any other party for a violation of such rules or regulations now or hereinafter in effect.

[END OF ARTICLE VIII]

ARTICLE
IX

INSOLVENCY PROCEEDING WITH RESPECT TO BBD

Section
9.01        Actions
Upon Repudiation.

(a)              
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for BBD exercises
its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such
capacity will pay damages in cash as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly,
and in any event no more than one Business Day thereafter, so notify the Indenture Trustee.

(b)              
Upon receipt of the notice specified in Section 9.01(a), the Indenture Trustee shall determine the date (the “Applicable
Distribution Date”) for making a distribution to the Series 2021-1 Noteholders of such damages, which date shall be the earlier
of (i) the next Payment Date on which such damages could be distributed and (ii) the earliest practicable date by which the Indenture
Trustee could declare a special distribution date, in each case subject to all applicable provisions of the Indenture, applicable law
and the procedures of any applicable clearing agency. The Indenture Trustee is authorized and instructed to retain possession and control
of the Accumulation Reserve Account and the Collection Account and all amounts on deposit therein.

(c)              
When the Applicable Distribution Date is determined, the Servicer, shall promptly compute the amount of interest to be paid on
each Class of Notes on the Applicable Distribution Date, which interest (unless such Applicable Distribution Date is a Payment Date) shall
be the amount accruing up to the Applicable Distribution Date and which shall be computed by pro rating the amount that would otherwise
be payable on the next succeeding Payment Date on the basis of (i) the number of days elapsed from such preceding Payment Date

    	 	43	 

     

    

divided by (ii) thirty (30). The Servicer shall
notify the Indenture Trustee of the applicable amounts of principal and interest to be paid on each Class of Notes not later than the
Business Day following the day on which the Applicable Distribution Date is determined.

(d)              
If the Applicable Distribution Date is a special distribution date, the Indenture Trustee shall (i) declare such special distribution
date (the record date for which shall be the close of business on the day immediately preceding such special distribution date), (ii)
declare a special distribution to the Series 2021-1 Noteholders consisting of unpaid interest on each Series 2021-1 Note and the outstanding
principal balance of each Series 2021-1 Note and (iii) deliver notice to the Series 2021-1 Noteholders of such special distribution date
and special distribution.

(e)              
Following payment by the FDIC of such damages:

(i)                
Such damages shall be deposited into the Principal Funding Account;

(ii)             
The Servicer shall promptly, and no later than one Business Day after such damages have been paid by the FDIC, (A) compute the
amount, if any, required to be withdrawn from available funds in the Accumulation Reserve Account (and, if necessary, the Collection Account)
and transferred to the Principal Funding Account so that the amount on deposit in the Principal Funding Account shall equal the aggregate
amount to be distributed as specified in Section 9.01(c), and (B) promptly inform the Indenture Trustee of such computation; and

(iii)           
On the Applicable Distribution Date, the Indenture Trustee shall, based on the computations in Section 9.01(c), first,
withdraw from monies on deposit in the Accumulation Reserve Account and, if necessary, the Collection Account the amount so computed and
cause such amount to be deposited into the Principal Funding Account and, second, cause all amounts deposited into the Principal
Funding Account pursuant to this Section 9.01 to be applied in accordance with Section 7.06 of the Indenture and amounts available
for application pursuant to clause (b) of Section 7.06 of the Indenture shall be allocated and paid as provided in Section 4.14(e).

(f)               
Any funds remaining in the Collection Account and the Accumulation Reserve Account shall be distributed on the following Payment
Date (or on such Applicable Distribution Date, if it is not a Payment Date), such distributions to be made in accordance with the applicable
provisions of the Transaction Documents, with the Servicer to adjust the amounts of such distributions in its records to take into account
the amounts distributed on the Applicable Distribution Date.

Section
9.02        Notice.

(a)              
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides a written
notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver
such notice to each of the Servicer, the Transferor, the Trust and the Indenture Trustee.

    	 	44	 

     

    

(b)              
 If the FDIC (i) is appointed as a conservator or receiver of BBD and (ii) is in monetary default hereunder or under the other
Transaction Documents, the Indenture Trustee shall, at the direction of the Majority Holders of all Outstanding Notes, the Servicer or
a Series 2021-1 Noteholder, be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder
and under the other Transaction Documents.

Section
9.03        Reservation
of Rights. Neither the inclusion of this Article IX in this Indenture Supplement nor the compliance by any Person with, or
the acknowledgement by any Person of, this Article’s provisions constitutes an agreement or acknowledgment by any Person that, in
the case of an insolvency proceeding with respect to BBD, a receiver or conservator will have any rights with respect to the Trust Assets.

[END OF ARTICLE IX]

    	 	45	 

     

    

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

	 	BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
	 	 	 
	 	By: 	                                                     

	 	 	
        Name: Rachel Simpson

        Title: Vice President

         

         

	 	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and not in its individual capacity
	 	 	 
	 	By: 	                                                     
	 	 	Name:  Mirtza J. Escobar

Title: Vice President
	 	
         

         

        U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary
        and not in its individual capacity

	 	 	 
	 	By: 	                                                     
	 	 	Name:  Mirtza J. Escobar

Title: Vice President

 

 

 

[Signature Page to Indenture Supplement]

    	 

    	 

    

 

	ACKNOWLEDGED AND AGREED TO BY:
	 	 
	
        BARCLAYS BANK DELAWARE,

        for itself, as Servicer and as a Repurchase Party

	 	 
	By: 	                                                       
	 	
        Name: 

        Title: 

         

         

	
        BARCLAYS DRYROCK FUNDING LLC,

        as Transferor and as a Repurchase Party,

	 	 
	By: 	                                                           
	 	
        Name: 

        Title: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Indenture Supplement]

 

    	 

    	 

    

EXHIBIT A-1

FORM OF

CLASS A SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

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

THE HOLDER OF THIS CLASS A NOTE BY ITS ACCEPTANCE
HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST
THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS
UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

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

BY ITS ACQUISITION OF THIS CLASS A NOTE (OR
ANY INTEREST THEREIN), EACH HOLDER (AND ITS FIDUCIARY, IF APPLICABLE) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE
OF ACQUISITION OF THIS CLASS A NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS A NOTE (OR ANY INTEREST HEREIN)
THAT either (A) such Holder is not acquiring this Class A Note (or interest herein) with the assets
of AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON
OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (each of the foregoing, a “Benefit Plan”) OR
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO section 406 OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) or (B)(1) the Class A Notes are rated at least “BBB-” or its equivalent by a
nationally recognized statistical rating organization at the time of PURCHASE OR TRANSFER

    	 	A-1-1	 

     

    

and
(2) the acquisition, holding and disposition of this Class A Note (or interest herein) will not give rise to a nonexempt prohibited transaction
under section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. NO CLASS A NOTE HOLDER WILL BE PERMITTED
TO TRANSFER THIS CLASS A NOTE TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS
AND COVENANTS AS PRESENTED IN THIS PARAGRAPH.

    	 	A-1-2	 

     

    

 

 

	 	INITIAL DOLLAR PRINCIPAL AMOUNT
	REGISTERED	$[__________]1
	No. R-1	CUSIP NO. [●]

 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
the Second Amended and Restated Trust Agreement, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of
July 6, 2015, for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions,
a principal sum of $[__________] payable on the September 2024 Payment Date (the “Expected Final Payment Date”) in
accordance with the Indenture, except as otherwise provided below; provided, however, that the principal amount of this Note shall
be due and payable on the July 2027 Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The
Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the
Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30 day
months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal balance of this Note.

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

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

 

1
Denominations of $100,000 and increments of $1,000 in excess thereof.

    	 	A-1-3	 

     

    

 

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

 

		BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under
    the Trust Agreement
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

        Title:

         

         

 

 

 

Dated: September 22, 2021

    	 	A-1-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

		U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	
        Authorized Signatory 

         

 

 

Dated: September 22, 2021

    	 	A-1-5	 

     

    

 

BARCLAYS DRYROCK ISSUANCE TRUST

CLASS A SERIES 2021-1 FIXED RATE ASSET BACKED
NOTE

[Reverse of Class A Note]

This Class A Note is one
of a duly authorized issue of the Notes of the Issuer, designated as its Barclays Dryrock Issuance Trust, Series 2021-1 (the “Series
2021-1 Notes”), issued under an Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment
thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes
any successor Indenture Trustee under the Indenture), as supplemented by the Series 2021-1 Indenture Supplement, dated as of September
22, 2021 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.
The term “Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event of any
conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

The Series 2021-1 Notes
also include the Class B Notes issued under the Indenture simultaneously with the Class A Notes.

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance with the
Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable under this Note
or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

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

The Expected Final Payment
Date is the September 2024 Payment Date, but principal with respect to the Class A Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit
the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available on subsequent
Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

Subject to the terms and
conditions of the Indenture, the Transferor may, from time to time, direct the Owner Trustee, on behalf of the Trust, to issue one or
more new Series of notes or additional notes of any Series.

    	 	A-1-6	 

     

    

On each Payment Date, the
Paying Agent shall distribute to each Class A Noteholder of record on the related Record Date (except for the final distribution in respect
of this Class A Note) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated
and available on such Payment Date to pay interest and principal on the Class A Notes pursuant to the Indenture Supplement. Except as
provided in the Indenture with respect to a final distribution, distributions to Series 2021-1 Noteholders shall be made (i) by check
mailed to each Series 2021-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect
to any Series 2021-1 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the Indenture
Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds and (ii) without presentation
or surrender of any Series 2021-1 Note or the making of any notation thereon. Final payment of this Class A Note will be made only upon
presentation and surrender of this Class A Note at the office or agency specified in the notice of final distribution delivered by the
Indenture Trustee to the Series 2021-1 Noteholders in accordance with the Indenture.

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2021-1 Notes is reduced to less than 10% of its highest
Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the Series 2021-1 Notes
at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes, plus accrued, unpaid and additional
interest or principal accreted and unpaid on such Notes to but excluding the date of redemption; provided, however, that
in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal Amount of the Series 2021-1 Notes is still
outstanding.

This Class A Note does
not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware, or any Affiliate of any of them and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law.

Except as otherwise provided
in the Indenture Supplement, the Class A Notes are issuable only in minimum denominations of $100,000 and $1,000 increments in excess
thereof. The transfer of this Class A Note shall be registered in the Note Register upon surrender of this Class A Note for registration
of transfer at the office or agency of the Issuer in a Place of Payment, accompanied by a written instrument of transfer, in a form satisfactory
to the Issuer and the Note Registrar, duly executed by the Class A Noteholder or such Class A Noteholder’s attorney, and duly authorized
in writing with such signature guaranteed, and thereupon one or more new Class A Notes in any authorized denominations of like aggregate
Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms will be issued to the designated transferee
or transferees.

    	 	A-1-7	 

     

    

As provided in the Indenture
and subject to certain limitations therein set forth, Class A Notes are exchangeable for new Class A Notes in any authorized denominations
and of like aggregate Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of
such Notes to be exchanged at the office or agency of the Issuer in a Place of Payment. No service charge may be imposed for any such
exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith.

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

THIS CLASS A NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION
LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

    	 	A-1-8	 

     

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ______________________________

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto

 __________________________

(name and address of assignee)

 

the within certificate and all rights thereunder,
and hereby irrevocably constitutes and appoints ________________, attorney, to transfer said certificate on the books kept for registration
thereof, with full power of substitution in the premises.

 

	Dated: __________________________	____________________________
	 	Signature Guaranteed:
	 	 
	 	____________________________

 

 

 

    	 	A-1-9	 

     

    

EXHIBIT A-2

FORM OF

CLASS B SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

THIS CLASS B NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS CLASS B NOTE NOR ANY PORTION
HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES
ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION
PROVISIONS. THE TRANSFER OF THIS CLASS B NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR JOIN IN
INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS,
OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

THE HOLDER OF THIS CLASS
B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS
OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED
BY, INCOME AT ANY TIME DURING WHICH THE CLASS B NOTES ARE DEEMED TO BE ISSUED AND OUTSTANDING FOR SUCH PURPOSES.

THIS CLASS B NOTE (OR ANY
INTEREST HEREIN) MAY NOT BE PURCHASED WITH THE ASSETS OF, AND BY ITS ACQUISITION OF THIS CLASS B NOTE (OR ANY INTEREST THEREIN), EACH
HOLDER (AND ITS FIDUCIARY, IF APPLICABLE) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE OF ACQUISITION OF THIS CLASS
B NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS B NOTE (OR ANY INTEREST HEREIN) THAT IT IS NOT (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR (IV) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT
IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. NO CLASS B NOTE HOLDER
WILL BE PERMITTED TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH

    	 	A-2-1	 

     

    

PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE
THE FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF ANY INTEREST IN CLASS B NOTES MAY OCCUR
EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

 

    	 	A-2-2	 

     

    

 

 

	 	INITIAL DOLLAR PRINCIPAL AMOUNT
	REGISTERED	$[●]
	No. R-1	 

 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES 2021-1 FIXED RATE ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed by
the Second Amended and Restated Trust Agreement, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of
July 6, 2015, for value received, hereby promises to pay to Barclays Dryrock Funding LLC, subject to the following provisions, the principal
sum of $[ ] payable on the September 2024 Payment Date (the “Expected Final Payment Date”) in accordance with
the Indenture, except as otherwise provided below; provided, however, that the amount of this Note shall be due and payable on
the July 2027 Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The Issuer will pay interest
on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Payment Date until the principal amount of this
Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which
interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30 day months. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal balance of this Note.

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

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

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

    	 	A-2-3	 

     

    

 

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

 

		BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under
    the Trust Agreement
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

        Title:

         

         

 

 

Dated: September 22, 2021

    	 	A-2-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

		U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	
        Authorized Signatory 

         

 

 

Dated: September 22, 2021

    	 	A-2-5	 

     

    

 

BARCLAYS DRYROCK ISSUANCE TRUST

CLASS B SERIES 2021-1 FIXED RATE ASSET BACKED
NOTE

[Reverse of Class B Note]

This Class B Note is one
of a duly authorized issue of the Notes of the Issuer, designated as its Barclays Dryrock Issuance Trust, Series 2021-1 (the “Series
2021-1 Notes”), issued under an Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment
thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes
any successor Indenture Trustee under the Indenture), as supplemented by the Series 2021-1 Indenture Supplement dated as of September
22, 2021 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.
The term “Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event of any
conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

The Series 2021-1 Notes
also include the Class A Notes issued under the Indenture simultaneously with the Class B Notes. The Class B Notes are subordinate to
the Class A Notes.

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance with the
Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable under the Note
or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

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

The Expected Final Payment
Date is the September 2024 Payment Date, but principal with respect to the Class B Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit
the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available on subsequent
Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

Subject to the terms and
conditions of the Indenture, the Transferor may, from time to time, direct the Owner Trustee, on behalf of the Trust, to issue one or
more new Series of notes or additional notes of any Series.

    	 	A-2-6	 

     

    

On each Payment Date, the
Paying Agent shall distribute to each Class B Noteholder of record on the related Record Date (except for the final distribution in respect
of this Class B Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated
and available on such Payment Date to pay interest and principal on the Class B Notes pursuant to the Indenture Supplement. Except as
provided in the Indenture with respect to a final distribution, distributions to Series 2021-1 Noteholders shall be made by (i) check
mailed to each Series 2021-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect
to any Series 2021-1 Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the Indenture
Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds to the Class B Noteholder and
(ii) without presentation or surrender of any Series 2021-1 Note or the making of any notation thereon. Final payment of this Class B
Note will be made only upon presentation and surrender of this Class B Note at the office or agency specified in the notice of final distribution
delivered by the Indenture Trustee to the Series 2021-1 Noteholders in accordance with the Indenture.

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series 2021-1 Notes is reduced to less than 10% of its highest
Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem the Series 2021-1 Notes
at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series 2021-1 Notes, plus accrued, unpaid and additional
interest or principal accreted and unpaid on such Notes to but excluding the date of redemption; provided, however, that
in no event shall an optional redemption occur if 25% or more of the Initial Dollar Principal Amount of the Series 2021-1 Notes is still
outstanding.

This Class B Note does
not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware or any Affiliate of any of them and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law.

Except as otherwise provided
in the Indenture Supplement, the Class B Notes are issuable only in minimum denominations of $100,000 and $1,000 increments in excess
thereof. The transfer of this Class B Note shall be registered in the Note Register upon surrender of this Class B Note for registration
of transfer at the office or agency of the Issuer in a Place of Payment, accompanied by a written instrument of transfer, in a form satisfactory
to the Issuer and the Note Registrar, duly executed by the Class B Noteholder or such Class B Noteholder’s attorney, and duly authorized
in writing with such signature guaranteed, and thereupon one or more new Class B Notes in any authorized denominations of like aggregate
Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms will be issued to the designated transferee
or transferees.

    	 	A-2-7	 

     

    

As provided in the Indenture
and subject to certain limitations therein set forth, Class B Notes are exchangeable for new Class B Notes in any authorized denominations
and of like aggregate Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of
such Notes to be exchanged at the office or agency of the Issuer in a Place of Payment. No service charge may be imposed for any such
exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith.

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

THIS CLASS B NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION
LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

    	 	A-2-8	 

     

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ______________________________

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto

____________________________________

(name and address of assignee)

 

the within certificate and
all rights thereunder, and hereby irrevocably constitutes and appoints ___________________________, attorney, to transfer said certificate
on the books kept for registration thereof, with full power of substitution in the premises.

	Dated: 	_________________________	_________________________
	 	 	Signature Guaranteed:
	 	 	 
	 	 	_________________________

    	 	A-2-9	 

     

    

EXHIBIT B-1

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2021-1

MONTHLY PERIOD ENDING [___] 20[___]

Pursuant to (i) the Amended
and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015 and as further
amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”), between Barclays Dryrock Issuance
Trust, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of September 22, 2021 (the “Indenture Supplement”),
between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended
and restated as of December 17, 2013 (the “Servicing Agreement”), among Barclays Dryrock Funding LLC, as transferor
(the “Transferor”), Barclays Bank Delaware, as servicer (in such capacity, the “Servicer”) and administrator,
the Issuer and the Indenture Trustee, the Servicer is required to prepare certain information each month regarding current payments to
the Series 2021-1 Noteholders and the performance of the Issuer during the previous monthly period. The information prepared with respect
to the Payment Date of [___], 20[__] is set forth below. Certain terms used in this Monthly Noteholders’ Statement have their respective
meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

	A)	Information regarding payments in respect of the Class A Notes	 
	 	 	 
	(1)	The total amount of the payment in respect of the Class A Notes	$__________
	 	 	 
	(2)	The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest	$__________
	 	 	 
	(3)	The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest previously due but not distributed on a prior Payment Date	$__________
	 	 	 
	(4)	The amount of the payment set forth in line item (1) above in respect of Class A Additional Interest and the amount of Class A Additional Interest previously due but not distributed on a prior Payment Date	$__________
	 	 	 
	(5)	The amount of the payment set forth in line item (1) above in respect of principal of the Class A Notes	$__________

 

 

 

 

    	 	B-1-1	 

     

    

	B)	Information regarding payments in respect of the Class B Notes	 
	 	 	 
	(1)	The total amount of the payment in respect of the Class B Notes	$__________
	 	 	 
	(2)	The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest	$__________
	 	 	 
	(3)	The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest previously due but not distributed on a prior Payment Date	$__________
	 	 	 
	(4)	The amount of the payment set forth in line item (1) above in respect of Class B Additional Interest and the amount of Class B Additional Interest previously due but not distributed on a prior Payment Date	$__________
	 	 	 
	(5)	The amount of the payment set forth in line item (1) above in respect of principal of the Class B Notes	$__________

 

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

 

    	 	B-1-2	 

     

    

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST SERIES 2021-1

MONTHLY PERIOD ENDING [•] [•] 20[•]

 

	Record date	[•][•], 20[•]
	Payment date	[•][•], 20[•]
	Monthly period beginning	[•][•], 20[•]
	Monthly period ending	[•][•], 20[•]
	Previous payment date	[•][•], 20[•]
	Interest period beginning	[•][•], 20[•]
	Interest period ending	[•][•], 20[•]
	Days in monthly period	[•]
	Days in interest period	[•]

 

	TRUST RECEIVABLES INFORMATION	 
	Beginning of monthly period principal receivables balance	$[•]
	Beginning of monthly period non-principal receivables balance	$[•]
	Beginning of monthly period total receivables balance	$[•]
	Addition of principal receivables balance	$[•]
	Addition of non-principal receivables balance	$[•]
	Removal of principal receivables balance	$[•]
	Removal of non-principal receivables balance	$[•]
	End of monthly period principal receivables balance	$[•]
	End of monthly period non-principal receivables balance	$[•]
	End of monthly period total receivables balance	$[•]

 

	TRUST COLLECTIONS INFORMATION	 
	Finance charge collections	$[•]
	Fees	$[•]
	Recoveries	$[•]
	Investment earnings on Issuer Accounts	$[•]
	Total finance charge collections	$[•]
	Principal collections	$[•]
	*Total payment rate	[•]%
	 	 
	(*Total payment rate does not include investment earnings)	 

 

    	 	B-1-3	 

     

    

 

 

	TRUST DEFAULT INFORMATION
	Default amount	 	$[•]
	Gross loss rate	 	[•]%
	Delinquency Data	Percentage	Total receivables
	1-30 days delinquent	[•]%	$[•]
	31-60 days delinquent	[•]%	$[•]
	61-90 days delinquent	[•]%	$[•]
	91-120 days delinquent	[•]%	$[•]
	121-150 days delinquent	[•]%	$[•]
	151-180 days delinquent	[•]%	$[•]
	181 and greater days delinquent	[•]%	$[•]
	Sixty Day Delinquent Assets	[•]%	$[•]

 

	TRANSFEROR INFORMATION	 
	Transferor Percentage as of the Transferor Amount Measurement Date	[•]%
	Minimum Transferor Amount Percentage in Calendar Month	[•]%
	Required Transferor Amount Percentage	[•]%

 

	SELLERS INTEREST	 
	Seller’s Interest as of the Transferor Amount Measurement Date	[•]%
	Required Seller’s Interest	[•]%

 

	ISSUER ACCOUNT INFORMATION	 
	Barclays Dryrock Issuance Trust Collection Account balance as of the end of monthly period	$[•]
	Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period	$[•]

 

	BARCLAYS DRYROCK ISSUANCE TRUST
	Series Name	2021-1
	Expected Final Payment Date	September 16, 2024
	Scheduled start of accumulation period	September 1, 2023
	Series 2021-1 Stated Principal Amount	$[•]
	Series 2021-1 Allocation Amount	$[•]
	Series 2021-1 Floating Allocation Percentage	[•]%
	Series 2021-1 Principal Allocation Percentage	[•]%

 

	ALLOCATION AMOUNT
	Beginning of monthly period	$[•]
	Increase/Decrease in Unreimbursed Investor Charge-Offs	
     $[•]

	Increase/Decrease in Reallocated Principal Collections	
     $[•]

	Principal Payments	$[•]

    	 	B-1-4	 

     

    

 

	End of monthly period	$[•]

 

	ALLOCATION PERCENTAGES
	Series 2021-1 Floating Allocation Percentage Numerator	 
	Numerator as of beginning of monthly period	$[•]
	Number of days at balance	[•]
	Numerator (after issuance of additional Series 2021-1 Notes, if applicable)	$[•]
	Number of days at balance	[•]
	Series 2021-1 Principal Allocation Percentage Numerator	
      

	Numerator as of beginning of monthly period	$[•]
	Number of days at balance	[•]
	Numerator (after issuance of additional Series 2021-1 Notes, if applicable)	$[•]
	Number of days at balance	[•]
	Allocation Percentage Denominators	 
	Pool Balance as of beginning of monthly period	
     $[•]

	Number of days at balance	[•]
	Pool Balance after issuance of additional Series 2021-1 Notes (if applicable)	
     

    $[•]

	Number of days at balance	[•]
	Sum of Floating Allocation Percentage Numerators for all outstanding Series	
     

    $[•]

	Sum of Principal Allocation Percentage Numerators for all outstanding Series	
     

    $[•]

 

	Class Details	Margin	Total Interest Rate	Stated Principal Amount
	Class A	[•]%	[•]%	$[•]
	Class B	[•]%	[•]%	$[•]

 

    	 	B-1-5	 

     

    

 

 

	ALLOCATION OF SERIES 2021-1 AVAILABLE FINANCE CHARGE COLLECTIONS
	1) Series 2021-1 Available Finance Charge Collections	$[•]
	2) Class A Notes	 
	a) Class A Monthly Interest	$[•]
	b) Class A Monthly Interest previously due but not paid	$[•]
	c) Class A Additional Interest and Class A Additional Interest previously due but not paid	$[•]
	3) Series 2021-1 Servicing Fee paid to Servicer	$[•]
	4) Series 2021-1 Servicing Fee, previously due but not paid	$[•]
	5) Class B Notes	 
	a) Class B Monthly Interest	$[•]
	b) Class B Monthly Interest previously due but not paid	$[•]
	c) Class B Additional Interest and Class B Additional Interest previously due but not paid	$[•]
	6) Series 2021-1 Default Amount treated as Series 2021-1 Available Principal Collections	$[•]
	7) Unreimbursed Investor Charge-Offs and Reallocated Principal Collections treated as Series 2021-1 Available principal Collections	$[•]
	8) Accumulation Reserve Account funding	$[•]
	9) In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2021-1 Available Principal Collections	$[•]
	10) Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group One)	$[•]
	11) Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents	$[•]
	12) Holder of the Transferor Interest	$[•]

 

	APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2021-1
	1) Shared Excess Available Finance Charge Collections allocated to Series 2021-1	$[•]
	2)Series 2021-1 Available Finance Charge Collections Shortfall	$[•]
	3) Class A Monthly Interest and Class A Additional Interest and any past due amounts	$[•]
	4) Unpaid Servicing Fee	$[•]
	5) Class B Monthly Interest and Class B Additional Interest and any past due amounts	$[•]
	6) Default Amount treated as Available Principal Collections	$[•]
	7) Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series 2021-1 Available Principal Collections	$[•]
	8) Accumulation Reserve Account	$[•]
	9) Holder of the Transferor Interest	$[•]

 

    	 	B-1-6	 

     

    

 

	APPLICATION OF SERIES 2021-1 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	1) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group One)	$[•]

 

	APPLICATION OF SERIES 2021-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD
	1) Principal Funding Account	$[•]
	2) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available principal Collections (Group One)	$[•]

 

	APPLICATION OF SERIES 2021-1 PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD
	1) Paid to the Class A Noteholders	$[•]
	2) Paid to the Class B Noteholders	$[•]
	3) Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group One)	$[•]

 

	APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2021-1
	1) Shared Excess Available Principal Collections allocated to Series 2021-1	$[•]
	2)Series 2021-1 Available Principal Collections Shortfall	$[•]
	3) During the Controlled Accumulation Period:	 
	3a) Amount deposited in the Principal Funding Account	$[•]
	4) During the Early Amortization Period:	 
	4a) Paid to the Class A Noteholders	$[•]
	4b) Paid to the Class B Noteholders	$[•]
	5) Holder of the Transferor Interest	$[•]

 

	SERIES 2021-1 ACCOUNT INFORMATION
	Accumulation Reserve Account balance	$[•]
	Principal Funding Account balance	$[•]

 

	SERIES 2021-1 PERFORMANCE DATA
	Portfolio Yield	 
	Current Monthly Period	[•]%
	Prior Monthly Period	[•]%
	Second Prior Monthly Period	[•]%
	Base Rate	 
	Current Payment Date	[•]%
	Prior Payment Date	[•]%
	Second Prior Payment Date	[•]%
	Excess Spread Percentage	 
	Current Monthly Period	[•]%
	Prior Monthly Period	[•]%

    	 	B-1-7	 

     

    

 

	Second Prior Monthly Period	[•]%
	Quarterly Excess Spread Percentage	[•]%
	Required Excess Spread Percentage	[•]%
	Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage?	[Yes/No]
	Delinquency Trigger Percentage	[•]%
	Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage?	[Yes/No]

 

To the knowledge of the undersigned, no Early Amortization Event
or Early Redemption Event has occurred.

Capitalized terms used in this Monthly Servicer Statement have their
respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-1-8	 

     

    

EXHIBIT B-2

 

FORM OF ANNUAL PAYMENT INFORMATION

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2021-1

 

FOR THE YEAR ENDED DECEMBER 31, 20[•]

 

The undersigned, a duly
authorized representative of Barclays Bank Delaware (“BBD”), as servicer (in such capacity, the “Servicer”)
pursuant to (i) the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the “Servicing Agreement”),
among Barclays Dryrock Funding LLC, as transferor (the “Transferor”), the Servicer, BBD, as administrator, Barclays
Dryrock Issuance Trust, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), and (ii) the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto,
dated as of July 6, 2015, and as further amended by the omnibus amendment, dated as of September 21, 2018 (the “Indenture”),
between the Issuer and the Indenture Trustee, as supplemented by the Series 2021-1 Indenture Supplement, dated as of September 22,
2021 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee, does hereby certify as follows:

Capitalized terms used in
this Certificate have their respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

Pursuant to Section 7.03
of the Indenture Supplement, the Servicer instructed the Indenture Trustee to pay in accordance with Section 7.03 from amounts in the
Collection Account and allocated to Series 2021-1 or the Principal Funding Account, as applicable, the following aggregate amounts during
the year ended December 31, 20[•]:

 

	A)	Pursuant to subsection 7.03(a):	 
	 	Interest distributed to Class A Noteholders	$________
	B)	Pursuant to subsection 7.03(b):	 
	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class A Noteholders	$________
	C)	Pursuant to subsection 7.03(c):	 
	 	Interest distributed to Class B Noteholders	$________
	D)	Pursuant to subsection 7.03(d):	 
	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class B Noteholders	$________

    	 	B-2-1	 

     

    

IN WITNESS WHEREOF, the
undersigned has duly executed this Certificate this [•] day of [•], 20[•].

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-2-2	 

     

    

EXHIBIT B-3

 

FORM OF DAILY SERVICER’S STATEMENT

 

[•][•], 20[•]

 

	TO:	
    Barclays Dryrock Funding LLC, as Transferor

    U.S. Bank National Association, as Indenture Trustee and Paying Agent

    Wilmington Trust, National Association, as Owner Trustee

    [_], as a Note Rating Agency

 

 

Dear Sirs,

 

In accordance with the terms
of the Servicing Agreement, the Indenture and the Series 2021-1 Indenture Supplement

		1.	We hereby notify you that, as of the beginning of the day on [•][•], 20[•], the following accounts had cash balances
set out below:

 

	Collection Account	164142000	$[•]
	Excess Funding Account (EFA)	164142001	$[•]

 

2.       The movements of each Account
on [•][•], 20[•] are as follows:

 

	 	i.	Collection Account	 
	 	 	 	 
	 	 	Daily Transfers	 
	 	 	Collections	$[•]
	 	 	Investment proceeds on Collection Account	$[•]
	 	 	Transferor portion of finance charge collections to Barclays 	 
	 	 	Dryrock Funding LLC	$[•]
	 	 	Transferor portion of principal collection to Barclays 	 
	 	 	Dryrock Funding LLC	$[•]
	 	 	Transferor portion of principal collections to EFA	$[•]
	 	 	 	 
	 	 	Monthly Transfers	 
	 	 	Class A Monthly Interest	$[•]
	 	 	Servicing Fee	$[•]
	 	 	Transferor portion of Servicing Fee prefunding excess	$[•]
	 	 	Class B Monthly Interest	$[•]
	 	 	Series Default Amount	$[•]
	 	 	Series Additional Amount	$[•]
	 	 	Event of Default	$[•]
	 	 	Excess Spread to Transferor	$[•]
	 	 	All other Trust Obligations	$[•]
	 	 	Deposit from the EFA (Excess EFA balance in accumulation 	 
	 	 	period, treated as principal Investment earning on the EFA)	$[•]

 

 

 

    	 	B-3-1	 

     

    

 

	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	ii.	Excess Funding Account (EFA)	$[•]
	 	 	 	 
	 	 	Opening cash balance	$[•]
	 	 	Transferor portion of principal collections received from	$[•]
	 	 	Collection Account	 
	 	 	Excess EFA balance to Barclays Dryrock Funding LLC	$[•]
	 	 	Excess EFA balance to Collection Account	$[•]
	 	 	Withdrawal of investment earnings to Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	iii.	Principal Funding Account (PFA)	 
	 	 	 	 
	 	 	Principal Funding Account (PFA) Series 2021-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Accumulation deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Principal Payments to Indenture Trustee	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	 	Principal Funding Account (PFA) Series 2021-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Accumulation deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Principal Payments to Indenture Trustee	$[•]
	 	 	 	 
	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	iv.	Accumulation Reserve Account	 
	 	 	 	 
	 	 	
    Accumulation Reserve Account Series 2021-1

    Opening Cash Balance
	$[•]
	 	 	Deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Accumulation Reserve Draw Amount to Collection Account	$[•]
	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock	$[•]
	 	 	Funding LLC	 

 

 

 

    	 	B-3-2	 

     

    

	 	 	Closing cash balance	$[•]
	 	 	 	 
	 	 	Accumulation Reserve Account Series 2021-1	 
	 	 	Opening Cash Balance	$[•]
	 	 	Deposit from the Collection Account	$[•]
	 	 	Investment earnings credited to the account	$[•]
	 	 	Investment earnings to the Collection Account	$[•]
	 	 	Accumulation Reserve Draw Amount to Collection Account	$[•]
	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock Funding LLC	 
	 	 	 	 
	 	 	Closing cash balance	$[•]

 

3.       We hereby advise you to make
the following transfers:

 

	From	Amount	To
	
    Collection Account

    164142000
	$[•]	Barclays Dryrock Funding LLC [Account #]
	
    Collection Account

    164142000
	$[•]	
    Excess Funding Account

    164412001

	
    Collection Account

    164142000
	$[•]	Barclays Dryrock Funding LLC [Account #]
	
    Collection Account

    164142000
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Barclays Bank Delaware

    [Account #]

	
    Collection Account

    164142000
	$[•]	
    Principal Funding Series 2021-1

    241391001

	
    Principal Funding Series 2021-1

    241391001
	$[•]	
    Collection Account

    164142000

	
    Principal Funding Series 2021-1

    241391001
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Principal Funding Series 2021-1

    241391001

	
    Principal Funding Series 2021-1

    241391001
	$[•]	
    Collection Account

    164142000

	
    Principal Funding Series 2021-1

    241391001
	$[•]	US Bank National Association [Account #]
	
    Collection Account

    164142000
	$[•]	
    Accumulation Reserve Series 2021-1

    241391000

	
    Accumulation Reserve Series 2021-1

     241391000
	$[•]	
    Collection Account

    164142000

	
    Accumulation Reserve Series 2021-1

    241391000
	$[•]	
    Owner Trustee

    (to be distributed to Barclays

    Dryrock Funding LLC)

     

    	 	B-3-3	 

     

    

 

	
    Collection Account

    164142000
	$[•]	
    Accumulation Reserve Series 2021-1

    241391000

	
    Accumulation Reserve Series 2021-1

    241391000
	$[•]	
    Collection Account

    164142000

	
    Accumulation Reserve Series 2021-1

    241391000
	$[•]	
    Owner Trustee

    (to be distributed to Barclays Dryrock Funding LLC)

 

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate this [•] day of [•], [•].

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

    	 	B-3-4	 

     

    

EXHIBIT C

FORM OF MONTHLY SERVICER’S CERTIFICATE

BARCLAYS BANK DELAWARE

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES 2021-1

The undersigned, a duly
authorized representative of Barclays Bank Delaware (“BBD”), as servicer (in such capacity, the “Servicer”),
pursuant to the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the “Agreement”), among Barclays
Dryrock Funding LLC, as transferor, the Servicer, BBD, as administrator, Barclays Dryrock Issuance Trust (the “Trust”),
as issuer, and U.S. Bank National Association, as indenture trustee (in such capacity, the “Indenture Trustee”), does
hereby certify that:

1.       Capitalized
terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015 and as further amended by the omnibus amendment,
dated as of September 21, 2018 (the “Master Indenture”), between the Trust and the Indenture Trustee, as supplemented
by the Series 2021-1 Indenture Supplement, dated as of September 22, 2021, between the Trust and the Indenture Trustee (the “Indenture
Supplement” and together with the Master Indenture, the “Indenture”), as applicable.

2.       BBD
is, as of the date hereof, the Servicer under the Agreement.

3.       The
undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate
to the Indenture Trustee.

4.       This
Certificate relates to the Payment Date occurring on [___________, 20___].

5.       As
of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects its obligations under
the Agreement and the Indenture through the Monthly Period preceding such Payment Date and no material default in the performance of such
obligations has occurred or is continuing except as set forth in paragraph 6 below.

6.       The
following is a description of each material default in the performance of the Servicer’s obligations under the provisions of the
Agreement known to me to have been made by the Servicer through the Monthly Period preceding such Payment Date, which sets forth in detail
(i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current
status of each such default: [If applicable, insert “None.”]

    	 	C-1	 

     

    

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate this [•] day of [•], [•].

 

		BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	
        Name:

Title:

         

 

 

    	 	C-2Exhibit 4.1

Execution Version

 

AGREE REALTY CORPORATION

 

COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY,
N. A., AS DEPOSITARY

 

AND

 

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

RELATING TO SHARES OF PREFERRED STOCK OF AGREE REALTY CORPORATION

 

 

 

MASTER DEPOSIT AGREEMENT

 

 

 

Dated as of September 17, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I Definitions	 	1
	 	 	 	 	
	ARTICLE II Form of Receipts, Deposit of Shares, Execution and Delivery, Transfer, Surrender and Redemption of Receipts	 	2
	SECTION 2.1	 	Form And Transfer Of Receipts	 	2
	SECTION 2.2	 	Deposit of Shares; Execution and Delivery of Receipts in Respect Thereof	 	4
	SECTION 2.3	 	Registration of Transfer of Receipts	 	5
	SECTION 2.4	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Shares	 	5
	SECTION 2.5	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	 	6
	SECTION 2.6	 	Lost Receipts, etc	 	6
	SECTION 2.7	 	Cancellation and Destruction of Surrendered Receipts	 	6
	SECTION 2.8	 	Redemption of Shares	 	7
	 	 	 	 	 
	ARTICLE III Certain Obligations of Holders of Receipts and the Company	8
	SECTION 3.1	 	Filing Proofs, Certificates and Other Information	 	8
	SECTION 3.2	 	Payment of Taxes or Other Governmental Charges	 	8
	SECTION 3.3	 	Warranty as to Shares	 	8
	 	 	 	 	 
	ARTICLE IV The Deposited Securities; Notices	 	9
	SECTION 4.1	 	Cash Distributions	 	9
	SECTION 4.2	 	Distributions Other than Cash, Rights, Preferences or Privileges	 	9
	SECTION 4.3	 	Subscription Rights, Preferences or Privileges	 	10
	SECTION 4.4	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	 	10
	SECTION 4.5	 	Voting Rights	 	11
	SECTION 4.6	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	 	11
	SECTION 4.7	 	Delivery of Reports	 	11
	SECTION 4.8	 	List of Receipt Holders	 	11
	 	 	 	 	 
	ARTICLE V The Depositary, the Depositary’s Agents, the Registrar and the Company	 	12
	SECTION 5.1	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	 	12
	SECTION 5.2	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	 	13
	SECTION 5.3	 	Obligation of the Depositary, the Depositary’s Agents, the Registrar and the Company	 	13
	SECTION 5.4	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	 	16
	SECTION 5.5	 	Corporate Notices and Reports	 	17
	SECTION 5.6	 	Indemnification by the Company	 	17
	SECTION 5.7	 	Charges and Expenses	 	17
	SECTION 5.8	 	Tax Compliance	 	17

 

    i 

     

    

 

	ARTICLE VI	 	18
	SECTION 6.1	 	Amendment	 	18
	SECTION 6.2	 	Termination	 	18
	 	 	 	 	 
	ARTICLE VII Miscellaneous	 	19
	SECTION 7.1	 	Counterparts	 	19
	SECTION 7.2	 	Exclusive Benefit of Parties	 	19
	SECTION 7.3	 	Invalidity of Provisions	 	19
	SECTION 7.4	 	Notices	 	19
	SECTION 7.5	 	Appointment of Registrar	 	20
	SECTION 7.6	 	Holders of Receipts Are Parties	 	20
	SECTION 7.7	 	Governing Law	 	20
	SECTION 7.8	 	Inspection of Deposit Agreement	 	20
	SECTION 7.9	 	Headings	 	20
	SECTION 7.10	 	Section References	 	20

  

Annex A – Form of Depositary Shares;
Form of Face of Receipt; Form of Reverse of Receipt

 

Schedule A – Classes or Series of
Shares of Preferred Stock of the Company in respect of Depositary Shares

 

    ii 

     

    

 

MASTER DEPOSIT AGREEMENT (this
 “Agreement”), dated as of September 17, 2021, among (i) Agree Realty Corporation, a Maryland corporation (the “Company”),
(ii) Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary, Computershare Trust
Company, N. A., a federally chartered national association (the “Trust Company”), jointly as “Depositary”, and
(iii) the holders from time to time of the Receipts described herein.

 

WHEREAS, the Company desires
to appoint Computershare and the Trust Company jointly as Depositary;

 

WHEREAS, Computershare and
the Trust Company each desires to accept such appointment and perform the services related to such appointment;

 

WHEREAS, the parties desire
to provide, as hereinafter set forth in this Agreement, for the deposit of shares of certain classes or series of shares of cumulative
redeemable preferred stock of the Company, as set forth from time to time in the future on Schedule A attached hereto with the
Depositary for the purposes set forth in this Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect
of the Shares so deposited; and

 

WHEREAS, the Receipts are
to be substantially in the form of Annex A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter
provided in this Deposit Agreement.

 

NOW, THEREFORE, in consideration
of the promises contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

 

Definitions

 

The following definitions
shall, for all purposes, unless otherwise indicated, apply to the respective terms used in this Agreement:

 

“Certificate”
shall mean the Articles Supplementary filed with the State Department of Assessments and Taxation of the State of Maryland establishing
the Shares as a class or series of shares of preferred stock of the Company.

 

“Company” shall
mean Agree Realty Corporation, a Maryland corporation, and its successors.

 

“Depositary” shall
mean the Depositary as defined above in the Preamble and any successor as Depositary hereunder.

 

“Depositary Shares”
shall mean the depositary shares, each representing 1/1,000th of a Share, and evidenced by a Receipt.

 

“Depositary’s
Agent” shall mean an agent appointed by the Depositary pursuant to Section 5.1 and shall include the Registrar if such Registrar
is not the Depositary.

 

“Depositary’s
Office” shall mean the principal office of the Depositary, or such other office, at which at any particular time its depositary
receipt business shall be administered.

 

“Receipt” shall
mean one of the Depositary Receipts issued hereunder, which, unless issued in book-entry or other electronic form shall be substantially
in the form set forth as Annex A hereto, whether in definitive or temporary form and evidencing the number of Depositary Shares held of
record by the record holder of such Depositary Shares.

 

     

     

    

 

“Record Holder”
or “Holder” as applied to a Receipt shall mean the person in whose name a Receipt is registered on the books of the Depositary
maintained for such purpose.

 

“Registrar” shall
mean the Depositary or such other successor bank or trust company which shall be appointed by the Company to register ownership and transfers
of Receipts as herein provided.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Share” or “Shares”
shall mean a share or shares of a class or series of shares of preferred stock of the Company deposited with the Depositary hereunder,
as listed on the attached Schedule A, as the same may be amended, modified or supplemented from time to time in accordance with
the terms hereof.

 

ARTICLE II

 

Form of Receipts, Deposit of Shares,

Execution and Delivery, Transfer,

Surrender and Redemption of Receipts

 

SECTION 2.1     Form And
Transfer Of Receipts. Unless issued in book-entry or other electronic form, definitive Receipts shall be engraved or printed or lithographed
on steel-engraved borders, with appropriate insertions, modifications and omissions, as hereinafter provided in Annex A hereto, if and
to the extent required by any securities exchange on which the Receipts are listed. Pending the preparation of definitive Receipts or
if definitive Receipts are not required by any securities exchange on which the Receipts are listed, the Depositary, upon the written
order of the Company or any holder of Shares, as the case may be, delivered in compliance with Section 2.2, shall execute and deliver
temporary Receipts which are printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive
Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their
execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared
without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the Depositary
shall determine, without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary
shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by
the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge to the
holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement,
and with respect to the Shares, as definitive Receipts.

 

Receipts shall be executed
by the Depositary by the manual, electronic or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed in
accordance with the foregoing sentence. If a Registrar for the Receipts (other than the Depositary) shall have been appointed, Receipts
shall be countersigned by the manual, electronic or facsimile signature of a duly authorized officer of the Registrar. The Depositary
shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual, facsimile, or electronic
signature of a duly authorized officer of the Depositary who at the time of signing was a proper signatory of the Depositary shall bind
the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by
the Registrar or did not hold such office on the date of issuance of such Receipts.

 

    2

     

    

 

Receipts shall be in denominations
of any number of whole Depositary Shares. The Company shall deliver to the Depositary from time to time such quantities of Receipts as
the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement.

 

Receipts may be endorsed with
or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement
as may be required by the Depositary or required to comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange upon which the Shares, the Depositary Shares or the Receipts may be listed or to conform with any
usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.

 

Title to Depositary Shares
evidenced by a Receipt, which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable,
pursuant to applicable law, and in particular but not by way of limitation, the terms of Article 8 of the Uniform Commercial Code;
provided, however, that until transfer of a Receipt, it shall be registered on the books of the Depositary as provided in Section 2.3,
the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof
for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes.

 

Notwithstanding the foregoing,
the Depositary and the Company will make application to The Depositary Trust Company (“DTC”) for acceptance of all of the
Receipts for its book-entry settlement system. In connection with such request, the Company hereby appoints the Depositary acting through
any authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications
or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long
as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded
on the New York Stock Exchange with book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”),
which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of
DTC (initially expected to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt
as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall
be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts
with DTC. If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time
that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC
is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the Company at
any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company
within ninety (90) days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice
to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are entitled
to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding
sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so
exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation
the DTC Receipt, and the Company shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary
Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt
shall be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary
Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time
eligible for book-entry settlement through DTC, delivery of Shares and other property in connection with the withdrawal or redemption
of Depositary Shares will be made through DTC and in accordance with its procedures, unless the Holder of the relevant Receipt otherwise
requests and such request is reasonably acceptable to the Depositary and the Company.

 

    3

     

    

 

SECTION 2.2     Deposit
of Shares; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit Agreement,
the Company or, subject to Section 2.4, any holder of Shares may from time to time deposit Shares under this Deposit Agreement by
delivery to the Depositary of a certificate or certificates for the Shares to be deposited, including via electronic book entry, properly
endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory
to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions
of this Deposit Agreement, (ii) an executed officer’s certificate attaching the Certificate and all other information required
to be set forth therein, and (iii) a written order of the Company or such holder, as the case may be, directing the Depositary to
execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number
of Depositary Shares representing such deposited Shares. Each officer’s certificate delivered to the Depositary in accordance with
the terms of this Agreement shall be deemed to be incorporated into this Agreement and shall be binding on the Company, the Depositary,
and the Holders to which such officer’s certificate relates.

 

Deposited Shares shall be
held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine.

 

Upon receipt by the Depositary
of a certificate or certificates for Shares deposited in accordance with the provisions of this Section 2.2, together with the other
documents required as above specified, and upon recordation of the Shares on the books of the Company in the name of the Depositary or
its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver, to or upon the
order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.2.,
a Receipt or Receipts for the whole number of Depositary Shares representing, in the aggregate, the Shares so deposited and registered
in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts
at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at
the risk and expense of the person requesting such delivery.

 

To the extent that the Company
issues Shares in excess of the amount set forth in the Company’s Certificate as of the date hereof (which shares have been validly
authorized by the Company), the Company shall notify the Depositary of such issuance in writing.

 

The Depositary shall be permitted
to rely on applicable opinion of counsel delivered by the Company on the date hereof stating that (i) the Depositary Shares and Shares
have been registered or are exempt from registration under the Securities Act; (ii) the Shares have been validly issued and are fully
paid and non-assessable; and (iii) upon due issuance by the Depositary of the Receipts evidencing the Depositary Shares against the
deposit of Shares in accordance with the provisions of this Deposit Agreement and payment therefor, the Receipts will entitle the persons
in whose names the Receipts are registered to the rights specified therein and in this Deposit Agreement, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

    4

     

    

 

SECTION 2.3     Registration
of Transfer of Receipts. Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books
from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by a duly authorized attorney, properly
endorsed or accompanied by a properly executed instrument of transfer as well as a signature guarantee of such Holder or authorized attorney
by eligible guarantor institution which is a participant in a medallion guarantee program approved by the Securities Transfer Association,
and any other evidence of authority that may be reasonably required by the Depositary, together with (if applicable) evidence of the
payment by the applicable party of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt
or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver
such new Receipt or Receipts to or upon the order of the person entitled thereto.

 

SECTION 2.4     Split-ups
and Combinations of Receipts; Surrender of Receipts and Withdrawal of Shares. Upon surrender of a Receipt or Receipts at the Depositary’s
Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts,
and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts
in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt
or Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share.

 

Any Holder of a Receipt or
Receipts representing any number of whole Shares may (unless the related Depositary Shares have previously been called for redemption)
withdraw the Shares and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s
Office or at such other offices as the Depositary may designate for such withdrawals; provided that upon surrender any such Holder makes
payment of any unpaid amount due the Depositary. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder or
to the person or persons designated by such Holder as hereinafter provided, the number of whole Shares and all money and other property,
if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole Shares will not thereafter be
entitled to deposit such Shares hereunder or to receive Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary
in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing
the number of whole Shares to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole Shares and such
money and other property, if any, to be so withdrawn, deliver to such holder, or upon his order, a new Receipt evidencing such excess
number of Depositary Shares, provided, however, that the Depositary shall not issue any Receipt evidencing a fractional
Depositary Share. Delivery of the Shares and money and other property being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem appropriate which, if required by the Depositary, shall be properly
endorsed or accompanied by proper instruments of transfer.

 

If the Shares and the money
and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts
being surrendered for withdrawal of Shares, such Holders shall execute and deliver to the Depositary a written order so directing the
Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such Shares be properly
endorsed in blank or accompanied by a properly executed instrument of transfer in blank.

 

Delivery of the Shares and
the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s
Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder
thereof, such delivery may be made at such other place as may be designated by such Holder.

 

    5

     

    

 

SECTION 2.5     Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s
Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company
shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Sections
3.2 and 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence
will include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by
the Securities Transfer Association) and any other reasonable evidence of authority that may be required by the Depositary, and may also
require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this
Agreement.

 

The deposit of Shares may
be refused, the delivery of Receipts against Shares may be suspended, the registration of transfer of Receipts may be refused and the
registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register
of shareholders of the Company is closed, or (ii) if any such action is deemed necessary or advisable by the Depositary, any of
the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government
or governmental body or commission or under any provision of this Agreement.

 

SECTION 2.6     Lost
Receipts, etc. In case any Receipt shall be mutilated and surrendered to the Depositary, destroyed, lost or stolen, the Depositary
in its reasonable discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated
Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof
with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof, (ii) the furnishing of the Depositary with an open penalty surety bond
satisfactory to it and holding it and the Company harmless, (iii) the payment of any reasonable expense (including reasonable fees,
charges and expenses of the Depositary) in connection with such execution and delivery.

 

SECTION 2.7     Cancellation
and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled
by the Depositary. Except as prohibited by applicable law or regulation, the Company is authorized to destroy all Receipts so cancelled.

 

    6

     

    

 

SECTION 2.8     Redemption
of Shares. Whenever the Company shall be permitted and shall elect to redeem Shares in accordance with the provisions of the applicable
Certificate, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less
than thirty (30) days’ written notice of the date of such proposed redemption of Shares and of the number of such Shares held by
the Depositary to be so redeemed and the applicable redemption price, as set forth in the applicable Certificate, which notice shall
be accompanied by a certificate from the Company stating that such redemption of Shares is in accordance with the provisions of the applicable
Certificate. Notice of redemption of Shares will also be given by the Company by publication in a newspaper of general circulation in
the County of Los Angeles and the City of New York, such publication to be made once a week for two successive weeks commencing not less
than thirty (30) nor more than sixty (60) days’ prior to the redemption date, and the Depositary will publish a notice of redemption
of the Depositary Shares containing the same type of information and in the same manner as the Company’s notice of redemption.
On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the Depositary the redemption
price of the Shares to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption,
in accordance with the provisions of the applicable Certificate, the Depositary shall redeem the number of Depositary Shares representing
such Shares. The Depositary shall mail notice of the Company’s redemption of Shares and the proposed simultaneous redemption of
the number of Depositary Shares representing the Shares to be redeemed by first-class mail, postage prepaid, not less than twenty-five
(25) and not more than 60 days prior to the date fixed for redemption of such Shares and Depositary Shares (the “Redemption Date”)
to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the address of such Holders as they appear
on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such
holders nor any defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the
proceedings for redemption as to the other Holders. The Company will provide the Depositary with the information necessary for the Depositary
to prepare such notice and each such notice shall state: (i) the Redemption Date; (ii) the class, series and number of Depositary
Shares to be redeemed and, if less than all the Depositary Shares of a particular class or series held by any such holder are to be redeemed,
the number of such Depositary Shares of such class or series held by such holder to be so redeemed; (iii) the applicable redemption
price per Depositary Share; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment
of the redemption price; and (v) that dividends in respect of the Shares represented by such Depositary Shares to be redeemed will
cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares of a particular class or series are
to be redeemed, the Depositary Shares to be so redeemed shall be determined pro rata or by lot in a manner determined by the Board of
Trustees of the Company.

 

Notice having been mailed
by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary
to redeem the Shares evidenced by the Depositary Shares called for redemption) (i) dividends on the Shares so called for redemption
shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer
to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the
redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with
such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for
transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption
price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the Shares as the fraction
each Depositary Share represents of a Share plus the same fraction of all money and other property, if any, represented by such Depositary
Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the Shares
to be so redeemed and have not theretofore been paid. Any funds deposited by the Company with Computershare for any Depositary Shares
that the holders thereof fail to redeem will be returned to the Company after a period of five years from the date such funds are so deposited.

 

If fewer than all of the Depositary
Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender
to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt
and not called for redemption, provided, however, that the Depositary shall not issue any Receipt evidencing a fractional
Depositary Share.

 

    7

     

    

 

SECTION 2.9 Bank
Accounts. All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by Computershare
in the performance of services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one
or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until paid pursuant to this Deposit Agreement,
Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America,
(ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Global Ratings (“S&P”)
or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with
Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase
agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above
investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer
Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution
of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses
resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest,
dividends or other earnings in connection with such deposits or investments. Computershare shall be obligated to pay such interest, dividends
or earnings to the Company, any Holder or any other party.

 

ARTICLE III

 

Certain Obligations of

Holders of Receipts and the Company

 

SECTION 3.1     Filing
Proofs, Certificates and Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence,
guarantee of signature or other matters or other information, to execute such certificates and to make such representations and warranties
as the Depositary or the Company may reasonably deem necessary or proper or otherwise reasonably request. The Depositary or the Company
may withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the withdrawal or conversion
of the Shares represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution
or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed
or such representations and warranties are made.

 

SECTION 3.2     Payment
of Taxes or Other Governmental Charges. Holders of Receipts shall be obligated to make payments to Computershare, as service provider
on behalf of the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt
or any withdrawal of Shares and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may
be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part
of or all the Shares or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be
sold for the account of the holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such
dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or
expenses, the Holder of such Receipt remaining liable for any deficiency.

 

SECTION 3.3     Warranty
as to Shares. The Company hereby represents and warrants that the Shares, when issued, will be duly authorized, validly issued, fully
paid and nonassessable and that such issuance will comply with applicable state and federal securities laws. Such representation and
warranty shall survive the deposit of the Shares and the issuance of Receipts.

 

SECTION 3.4        Warranty
as to Receipts. The Company hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests
in shares of certain classes or series of shares of preferred stock of the Company. Such representation and warranty shall survive the
deposit of the Shares and the issuance of the Receipts.

 

    8

     

    

 

ARTICLE IV

 

The Deposited Securities; Notices

 

SECTION 4.1     Cash
Distributions. Whenever Computershare shall receive any cash dividend or other cash distribution on any Shares, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to record holders of the corresponding Receipts on the record date fixed pursuant to Section 4.4
such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Company or Computershare shall be required
to withhold and shall withhold from any cash dividend or other cash distribution in respect of such Shares an amount on account of taxes
or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of
Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution
to be paid to any Record Holder on the aggregate number of Depositary Receipts held by such Holder results in an amount which is a fraction
of a cent, the amount Computershare shall distribute to such record holder shall be rounded to the next highest whole cent if such fraction
of a cent is equal to or greater than $.005, otherwise such fractional interest shall be disregarded; and upon request of Computershare,
the Company shall pay the additional amount to Computershare for distribution. Each Record Holder of a Receipt shall provide the Depositary
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Record Holder of
a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended,
may require withholding by Computershare of a portion of any of the distributions to be made to such Record Holder hereunder.

 

SECTION 4.2     Distributions
Other than Cash, Rights, Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights,
preferences or privileges upon any Shares, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of the
corresponding Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it
as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion
of the Depositary such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any
requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems such distribution not to
be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose
of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part
thereof, at such place or places and upon such terms as it may deem equitable and appropriate. The net proceeds of any such sale shall,
subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders
of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Company shall not make any distribution
of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to
the Record Holders of Receipts unless the Company shall have provided an opinion of counsel as set forth in Section 2.2 above stating
that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such
distributions.

 

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SECTION 4.3     Subscription
Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names any
Shares are recorded on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities
or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made
available by the Depositary to the Record Holders of the corresponding Receipts in such manner as the Company shall reasonably direct
and the Depositary may agree in writing, either by the issue to such Record Holders of warrants representing such rights, preferences
or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Company; provided,
however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines
that it is not lawful or (after consultation with the Company) not feasible to make such rights, preferences or privileges available
to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts
who do not desire to execute such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Company,
in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges
at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1
in the case of a distribution received in cash.

 

The Company shall notify the
Depositary whether registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required
in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company
will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and
securities and use reasonable best efforts and take all steps available to it to cause such registration statement to become effective
sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences
or privileges. In no event shall the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe
for or to purchase any securities unless and until it has received written notice from the Company that such registration statement shall
have become effective, or that the offering and sale of such securities to such holders are exempt from registration under the provisions
of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel reasonably satisfactory to the Depositary
to such effect.

 

The Company shall notify the
Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or
permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, the Company will use
reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration
of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges.

 

The Depositary will not be
deemed to have any knowledge of any item for which it is supposed to receive notification under any section of this Agreement unless and
until it has received such notification in writing.

 

SECTION 4.4     Notice
of Dividends, etc.; Fixing Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution shall
become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered,
with respect to any Shares, or whenever the Depositary shall receive notice of any meeting at which holders of any Shares are entitled
to vote or of which holders of any Shares are entitled to notice, or whenever the Depositary and the Company shall decide it is appropriate,
the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with
respect to or otherwise in accordance with the terms of the Shares) for the determination of the Holders of the corresponding Receipts
who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof,
or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or
for any other appropriate reasons.

 

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SECTION 4.5     Voting
Rights. Upon receipt of notice of any meeting at which the holders of any Shares are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the record holders of the corresponding Receipts a notice which shall contain (i) such information
as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any applicable restrictions, instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of such Shares represented by their respective Depositary
Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated
by the Company) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the holders
of Receipts on the relevant record date, the Depositary shall use its best efforts to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole Shares represented by the Depositary Shares evidenced by all Receipts
as to which any particular voting instructions are received. The Company hereby agrees to take all action which may be deemed necessary
by the Depositary in order to enable the Depositary to vote such Shares or cause such Shares to be voted. In the absence of specific
instructions from the holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with respect
to such Shares unless directed to the contrary by the holders of all the Receipts) to the extent of the Shares represented by the Depositary
Shares evidenced by such Receipt.

 

SECTION 4.6     Changes
Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par value or liquidation preference,
split-up, combination or any other reclassification of any Shares, or upon any recapitalization, reorganization, merger or consolidation
affecting the Company or to which it is a party, the Depositary may in its discretion with the approval (not to be unreasonably withheld)
of, and shall upon the written instructions of, the Company, and (in either case) in such manner as the Depositary may deem equitable,
(i) make such adjustments as are certified by the Company in the fraction of an interest in one such Share represented by one Depositary
Share as may be necessary to fully reflect the effects of such change in par value or liquidation preference, split-up, combination or
other reclassification of such Shares, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities
which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Shares as new deposited securities
so received in exchange for or upon conversion or in respect of such Shares. In any such case, the Depositary, with the written instruction
of the Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for
new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of the corresponding
Receipts shall have the right from and after the effective date of any such change in par value or liquidation preference, split-up,
combination or other reclassification of the Shares or any such recapitalization, reorganization, merger or consolidation to surrender
such Receipts to the Depositary with instructions to convert, exchange or surrender the Shares represented thereby only into or for,
as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Shares represented
by such Receipts would have been converted or for which such Shares would have been exchanged or surrendered had such Receipt been surrendered
immediately prior to the effective date of such transaction.

 

SECTION 4.7     Delivery
of Reports. The Depositary shall furnish to holders of Receipts any reports, notices and communications received from the Company
which are delivered to the Depositary as the holder of Shares.

 

SECTION 4.8     List
of Receipt Holders. Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of the
most recent practicable date, of the names, addresses and holdings of Depositary Shares of all Record Holders of Receipts representing
each class or series of Shares evidenced thereby. The Company shall be entitled to receive such a list in respect of each class or series
of Shares so evidenced four times annually without charge.

 

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ARTICLE V

 

The Depositary, the Depositary’s

Agents, the Registrar and the Company

 

SECTION 5.1        Maintenance
of Offices, Agencies and Transfer Books by the Depositary; Registrar. The Company hereby appoints Computershare and the Trust Company
jointly as Depositary for the Shares, and Computershare and the Trust Company jointly hereby accept such appointment as Depositary for
the Shares, on the terms and conditions set forth in this Agreement. The Company acknowledges and agrees that Computershare shall act
as service provider to the Trust Company and as processor of all payments received from or made by or on behalf of the Company under
this Agreement. Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office facilities for
the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the
Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep
books at the Depositary’s Office for the registration and registration of transfer of Receipts, in compliance with applicable law
provided that any such Holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper
purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts.

 

The Depositary may close such
books, at any time or from time to time, when deemed necessary by it in connection with the performance of its duties hereunder, or because
of any requirement of law or any government, governmental body or commission, stock exchange or any applicable self-regulatory body.

 

If the Receipts or the Depositary
Shares evidenced thereby or the Shares represented by such Depositary Shares shall be listed on one or more national securities exchanges,
the Company shall appoint a Registrar for registration of such Receipts or Depositary Shares in accordance with any requirements of such
exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute
registrar appointed by the Company. If the Receipts, such Depositary Shares or such Shares are listed on one or more other stock exchanges,
the Depositary will, at the request and at the expense of the Company, arrange such facilities for the delivery, registration, registration
of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Shares as may be required by law or applicable securities
exchange regulation.

 

The Depositary may from time
to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may
at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The
Depositary will notify the Company of any such action.

 

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SECTION 5.2        Prevention
of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company. Neither the Depositary
nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any Holder of any Receipt if by reason
of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental
authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future,
of the Company’s declaration of trust or by reason of any act of God, pandemics, epidemics, terrorist acts, shortage of supply,
breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical
difficulties with information storage or retrieval systems, labor difficulties, civil unrest, war or other circumstance beyond the control
of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden
from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur liability to any
Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which
the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in this Deposit Agreement except, in the case of any such exercise or failure to exercise discretion
not caused as aforesaid, if caused by the gross negligence, willful misconduct or bad faith of the party charged with such exercise or
failure to exercise (which gross negligence, willful misconduct, or bad faith must be determined by a final, non-appealable order, judgement,
decree or ruling of a court of competent jurisdiction).

 

SECTION 5.3        Obligation
of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s
Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement or any
Receipt to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith (which gross negligence, willful
misconduct, bad faith or fraud must be determined by a final, non-appealable order, judgement, decree or ruling of a court of competent
jurisdiction). Notwithstanding anything contained herein to the contrary, the aggregate liability of the Depositary; any Depositary’s
Agent; or any Registrar during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement,
or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited
to, and shall not exceed, the amounts paid hereunder by the Company to the Depositary as fees and charges, but not including reimbursable
expenses, during the twelve (12) months immediately preceding the event for which recovery is being sought.

 

Neither the Depositary nor
any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action,
suit or other proceeding, or take any legal action in respect of the Shares, the Depositary Shares or the Receipts which in its opinion
may involve it in expense or liability unless indemnity satisfactory to it against expense and liability be furnished as often as may
be reasonably required.

 

Neither the Depositary nor
any Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or any failure to act by it in reliance
upon the written advice of legal counsel or accountants, or information from any person presenting Shares for deposit, any Holder of a
Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s
Agent, the Registrar and the Company may each rely and shall each be protected in acting upon or omitting to act any written notice, request,
direction or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the Shares or for the manner or effect of any such vote made,
as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of the Depositary (which
gross negligence, willful misconduct, bad faith or fraud must be determined by a final, non-appealable order, judgement, decree or ruling
of a court of competent jurisdiction). The Depositary undertakes to perform such duties and only such duties as are specifically set forth
in this Agreement.

 

The Depositary, its parent,
affiliates or subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in any class of securities of
the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company
or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary,
parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent
or registrar of any of the securities of the Company and its affiliates.

 

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The Depositary shall not be
under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the
Receipts, the Depositary Shares or the Shares nor shall it be obligated to segregate such monies from other monies held by it, except
as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Company and shall have no duty or obligation
to make any payments if it has not timely received sufficient funds to make timely payments.

 

It is intended that neither
the Depositary nor any Depositary’s Agent nor the Registrar, acting as the Depositary’s Agent or Registrar, as the case may
be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws,
it being expressly understood and agreed that the Depositary, any Depositary’s Agent and the Registrar are acting only in a ministerial
capacity as the Depositary or Registrar for the Shares; provided, however, that the Depositary agrees to comply with all
information reporting and withholding requirements applicable to it under law or this Agreement in its capacity as Depositary.

 

The Depositary, any Depositary’s
Agent, or any Registrar will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities
laws in connection with the issuance, transfer or exchange of the Shares, Depositary Shares or Receipts.

 

Neither the Depositary (or
its officers, directors, employees or agents) nor any Depositary’s Agent nor the Registrar makes any representation or has any responsibility
as to the validity of any registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the
Shares, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments referred to therein or herein,
or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible
for its representations in this Agreement.

 

The Depositary assumes no
responsibility for the correctness of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing
certain provisions of this Deposit Agreement. Notwithstanding any other provision herein or in the Receipts, the Depositary makes no warranties
or representations as to the validity or genuineness of any Shares at any time deposited with the Depositary hereunder or of the Depositary
Shares, as to the validity or sufficiency of this Deposit Agreement, as to the value of the Depositary Shares or as to any right, title
or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall not be accountable for the use or
application by the Company of the Depositary Shares or the Receipts or the proceeds thereof.

 

In the event the Depositary,
any Depositary’s Agent, or any Registrar believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction,
request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this
Agreement, the Depositary, such Depositary’s Agent, or such Registrar shall deem it necessary or desirable that a matter be proved
or established prior to taking, omitting or suffering to take any action hereunder, the Depositary, such Depositary’s Agent, or
such Registrar, as applicable. may, in its sole discretion upon written notice to the Company, refrain from taking any action and shall
be fully protected and shall not be liable in any way to the Company, any Holders of Receipts or any other person or entity for refraining
from taking such action, unless the Depositary, such Depositary’s Agent, or such Registrar, as applicable, receives written instructions
or a certificate signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, such Depositary’s
Agent, or such Registrar, as applicable, or which proves or establishes the applicable matter to its satisfaction.

 

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In the event the Depositary,
any Depositary’s Agent, or any Registrar shall receive conflicting claims, requests or instructions from any Holders of Receipts,
on the one hand, and the Company, on the other hand, the Depositary, such Depositary’s Agent, or such Registrar, as applicable,
shall be entitled to act on such claims, requests or instructions received from the Company, and shall be entitled to the indemnification
set forth in Section 5.6 hereof in connection with any action so taken.

 

From time to time, the Company
may provide the Depositary, any Depositary’s Agent, or any Registrar with instructions concerning the services performed by the
Depositary under this Deposit Agreement. In addition, at any time, the Depositary, any Depositary’s Agent, or any Registrar may
apply to any officer of the Company for instruction, and may consult with legal counsel for the Depositary or the Company with respect
to any matter arising in connection with the services to be performed by the Depositary, such Depositary’s Agent, or such Registrar,
as applicable, under this Deposit Agreement. The Depositary, such Depositary’s Agent, or such Registrar and their respective agents
and subcontractors, as applicable, shall not be liable and shall be indemnified by the Company for any action taken, suffered or omitted
to be taken by them in reliance upon any instructions from the Company or upon the advice or opinion of such counsel. None of the Depositary,
any Depositary’s Agent, or any Registrar shall be held to have notice of any change of authority of any person, until receipt of
written notice thereof from the Company.

 

Whenever in the performance
of its duties under this Deposit Agreement, the Depositary or Registrar shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate
signed by the Company and delivered to the Depositary or Registrar; and such certificate shall be full and complete authorization and
protection to the Depositary or Registrar and the Depositary or Registrar shall incur no liability for or in respect of any action taken,
suffered or omitted by it under the provisions of this Agreement in reliance upon such certificate.

 

The Depositary, any Depositary’s
Agent, and any Registrar hereunder:

 

(i)            shall
have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may subsequently
be agreed to in writing by the parties;

 

(ii)           shall
have no obligation to make any payment hereunder unless the Company shall have provided the necessary federal or other immediately available
funds or securities or property, as the case may be, to pay in full the amounts due and payable with respect thereto;

 

(iii)          may
rely on and shall be authorized and protected in acting or omitting to act upon any certificate, instrument, opinion, notice, letter,
facsimile transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by the proper
party or parties, and shall have no responsibility for determining the accuracy thereof;

 

(iv)          may
rely on and shall be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions
given in accordance with this Agreement, with respect to any matter relating to its actions as the Depositary or Registrar covered by
this Agreement (or supplementing or qualifying any such actions), of officers of the Company;

 

(v)           shall
not be called upon at any time to advise any person with respect to the Shares, Depositary Shares or Receipts;

 

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(vi)          except
as provided for herein, shall not be liable or responsible for any recital or statement contained in any documents relating hereto or
to the Shares, the Depositary Shares or Receipts; and

 

(vii)         shall
not be liable in any respect on account of the identity, authority or rights of the parties (other than the Depositary, any Depositary’s
Agent, or any Registrar, as applicable) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents
or papers deposited or called for under this Agreement.

 

The obligations of the Company
and the rights of the Depositary, any Depositary’s Agent, or any Registrar set forth in this Section 5.3 shall survive the
replacement, removal or resignation of any Depositary, Registrar, or Depositary’s Agent or termination of this Agreement.

 

SECTION 5.4        Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder
by delivering notice of its election to do so to the Company, such resignation to take effect upon the appointment of a successor Depositary
and its acceptance of such appointment as hereinafter provided.

 

The Depositary may at any
time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment
of a successor Depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company
shall send notice thereof to the Holders.

 

In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall, within sixty (60) days after the delivery of the notice of resignation
or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in
the United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depositary shall have
been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may
petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on
the written request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Shares and any moneys or property
held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts and such
records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its appointment
to the Record Holders of Receipts.

 

Any entity into or with which
the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution or filing of any
document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts
in the name of the predecessor Depositary or in the name of the successor Depositary.

 

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SECTION 5.5        Corporate
Notices and Reports. The Company agrees that it will deliver to the Depositary, and the Depositary if requested by the Company will,
promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s
books, copies of all notices and reports (including without limitation financial statements) required by law or by the rules of
any national securities exchange upon which the Shares, the Depositary Shares or the Receipts are listed, to be furnished to the Record
Holders of Receipts. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number
of copies of such documents as the Depositary may reasonably request. Unless otherwise required by law, the requirements set forth in
this Section 5.5 with respect to notice to the Record Holders of Receipts (but not to the Depositary) may be satisfied by publicly
filing or furnishing such information with or to the U.S. Securities and Exchange Commission.

 

From time to time and after
the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered
all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying
out or performing by the Depositary of its obligations under the provisions of this Agreement.

 

SECTION 5.6        Indemnification
by the Company. The Company shall indemnify the Depositary, any Depositary’s Agent and the Registrar against, and hold each
of them harmless from, any loss, liability or expense (including the reasonable costs and expenses of defending itself) which may arise
out of acts performed or omitted in connection with this Agreement and the Receipts by the Depositary, any Registrar or any of their
respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, including the Depositary’s
reliance on any instructions of the Company delivered to the Depositary hereunder, except for any liability arising out of gross negligence,
willful misconduct or bad faith on the respective parts of any such person or persons (which gross negligence, willful misconduct, bad
faith or fraud must be determined by a final, non-appealable order, judgement, decree or ruling of a court of competent jurisdiction).
The obligations of the Company set forth in this Section 5.6 shall survive any succession of any Depositary or Depositary’s
Agent. Subject to the foregoing, the Depositary may, at any time, apply to any officer of the Company for instruction, and may consult
with legal counsel for the Company with respect to any matter arising in connection with the services to be performed by the Depositary
under this Agreement, and Depositary and its agents and subcontractors shall not be liable and shall be indemnified by the Company for
any action taken or omitted by it in reliance upon such instructions or upon the advice or opinion of such counsel.

 

SECTION 5.7        Charges
and Expenses. No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person,
except as provided in this Section 5.7. The Company shall pay all transfer and other taxes and governmental charges arising solely
from the existence of the depositary arrangements. The Company shall pay charges of the Depositary in connection with the initial deposit
of the Shares and the initial issuance of the Depositary Shares evidenced by Receipts, all withdrawals of Shares by owners of Depositary
Shares, and any redemption of the Shares at the option of the Company. All other transfer and other taxes and governmental charges shall
be at the expense of holders of Depositary Shares. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses
for which the Company is not otherwise liable hereunder, such Holder will be liable for such charges and expenses. The Company agrees
to promptly pay the Depositary the compensation to be agreed upon with the Company for all services rendered by the Depositary hereunder
and to reimburse the Depositary for its reasonable out-of-pocket expenses (including, in each case, reasonable fees and expenses of counsel)
incident to the performance of their respective obligations hereunder. The Depositary shall present its statement for charges and expenses
to the Company at such intervals as the Company and the Depositary may agree.

 

SECTION 5.8        Tax
Compliance. The Depositary, on its own behalf and on behalf of the Company, will comply with all applicable certification, information
reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative
practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding,
transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall include, without
limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the
appropriate taxing authority or its designated agent.

 

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The Depositary shall comply
with any direction received from the Company with respect to the application of such requirements to particular payments or holders or
in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions
of Section 5.3 hereof.

 

The Depositary shall maintain
all appropriate records documenting compliance with such requirements, and shall make such records available on request to the Company
or to its authorized representatives.

 

The Company acknowledges that
the bank accounts maintained by Computershare in connection with the services provided hereunder will be in Computershare’s name
and that, to the extent permitted by law, Computershare may receive investment earnings in connection with the investment at Computershare’s
risk and for its benefit of funds held in those accounts from time to time.

 

ARTICLE VI

 

SECTION 6.1        Amendment.
The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such
amendment (other than any change in the fees of any Depositary or Registrar, which shall go into effect not sooner than three months
after notice thereof to the Holders of the Receipts) which (i) shall materially and adversely alter the rights of the Holders of
Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the Holders of the Shares pursuant to
the Certificate shall be effective unless such amendment shall have been approved by the Holders of at least a majority of the Depositary
Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by
continuing to hold such Receipt, to be bound by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, in no event
may any amendment impair the right of any holder of any Depositary Shares, upon surrender of the Receipts evidencing such Depositary
Shares and subject to any conditions specified in this Deposit Agreement, to receive Shares and any money or other property represented
thereby, except in order to comply with mandatory provisions of applicable law. As a condition precedent to the Depositary’s execution
of any amendment, the Company shall deliver to the Depositary a certificate from a duly authorized officer of the Company that states
that the proposed amendment is in compliance with the terms of this Section 6.1.

 

SECTION 6.2        Termination.
This Deposit Agreement may be terminated by the Company at any time upon not less than thirty (30) days’ prior written notice to
the Depositary, whereupon, on a date that is not later than 30 days after the date of such notice, the Depositary shall deliver or make
available for delivery to Holders of Depositary Shares, upon surrender of the Receipts evidencing such Depositary Shares, such number
of whole or fractional Shares as are represented by such Depositary Shares. This Agreement will automatically terminate after (i) all
outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution
in respect of the Shares in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have
been distributed to the holders of Depositary Receipts pursuant to Section 4.1 or 4.2, as applicable.

 

Upon the termination of this
Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the
Depositary, the Registrar and any Depositary’s Agent under Sections 5.3, 5.6 and 5.7.

 

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ARTICLE VII

 

Miscellaneous

 

SECTION 7.1       Counterparts.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute
one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile, PDF
or other secure electronic means shall be effective as delivery of a manually executed counterpart of this Deposit Agreement.

 

SECTION 7.2      Exclusive
Benefit of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder,
and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

SECTION 7.3        Invalidity
of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if any such provision adversely affects
the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately.

 

SECTION 7.4        Notices.
Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, overnight delivery service, email, or facsimile transmission confirmed by letter, addressed
to the Company at:

 

Agree Realty Corporation 

70 E. Long Lake Road 

Bloomfield Hills, Michigan 48304 

Facsimile No.: 248-737-9110 

Attention: Peter Coughenour 

Email: peter@agreerealty.com

 

or at any other address of which the Company shall
have notified the Depositary in writing.

 

Any and all notices to be
given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail, overnight delivery service, email, or facsimile transmission confirmed by letter, addressed to the Depositary
at the Depositary’s Office, at:

 

Computershare Trust Company, N. A. 

c/o Computershare Inc. 

150 Royall Street 

Canton, MA 02021 

Attention: General Counsel 

Facsimile No.: (781) 575-4219

 

or at any other address of which the Depositary
shall have notified the Company in writing.

 

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Any and all notices to be
given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized
next-day courier service or telecopier confirmed by letter, addressed to such record holder at the address of such Record Holder as it
appears on the books of the Depositary; provided, that any record holder may direct the Depositary to deliver notices to such record
holder at an alternate address or in a specific manner that is reasonably requested by such record holder in written request timely filed
with the Depositary and that is reasonably acceptable to the Depositary.

 

Delivery of a notice sent
by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the
case of a facsimile message) is deposited for mailing by first class mail, postage prepaid. The Depositary or the Company may, however,
act upon any facsimile message received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile message
shall not subsequently be confirmed by letter or as aforesaid.

 

SECTION 7.5       Appointment
of Registrar. The Company hereby also appoints the Depositary as Registrar in respect of the Receipts and the Depositary hereby accepts
such appointments on the express terms and conditions set forth in this Agreement. With respect to the appointment of the Depositary
as Registrar in respect of the Shares, the Depositary, in performance of its duties acting as Registrar hereunder, shall be entitled
to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision.

 

SECTION 7.6        Holders
of Receipts Are Parties. The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound
by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof.

 

SECTION 7.7     Governing
Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING
WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

SECTION 7.8        Inspection
of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agent and shall
be open to inspection during business hours at the Depositary’s Office or respective offices of the Depositary’s Agent, if
any, by any holder of a Receipt made available to any holder of a Receipt at the Company’s expense.

 

SECTION 7.9        Headings.
The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Annex A hereto have been
inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon
the meaning or interpretation of any provision contained herein or in the Receipts.

 

SECTION 7.10      Section References.
Except as otherwise set forth in this Agreement, Section references set forth in this Agreement shall refer to Sections of this
Agreement.

 

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SECTION 7.11. Confidentiality.
The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including,
inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of
this Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law
or legal process. However, each party may disclose relevant aspects of the other party’s confidential information to its officers,
affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement
and such disclosure is not prohibited by applicable law. To avoid doubt, the parties hereto shall not be required to keep the terms of
this Agreement confidential.

 

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IN WITNESS WHEREOF, the Company
and the Depositary have duly executed this Agreement as of the day and year first above set forth, and all holders of Receipts shall become
parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof.

 

	 	AGREE REALTY CORPORATION
	 	 
	 	 
	 	By:	/s/ Joel N. Agree
	 	 	Name:	Joel N. Agree
	 	 	Title: 	President and Chief Executive Officer
	 	 
	 	 
	 	COMPUTERSHARE INC, and COMPUTERSHARE TRUST COMPANY, N.A., as Depositary and Registrar
	 	 
	 	 
	 	By:	/s/ Patrick Hayes
	 	 	Name: 	Patrick Hayes
	 	 	Title: 	Manager, Client Management

 

     

     

    

 

ANNEX A

 

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

 

TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

Certificate Number: A-1 Number of Depositary Shares: _____________

 

CUSIP NO.: 008492 209

 

AGREE REALTY CORPORATION

 

RECEIPT FOR DEPOSITARY SHARES 

Each Representing a 1/1,000th
Interest in a Share of 

4.250% Series A Cumulative Redeemable

Preferred Stock (Par Value $0.0001 per share) 

(Liquidation Preference Equivalent to $25.00 Per
Depositary Share)

 

 

 

Computershare Inc., a Delaware corporation (“Computershare”),
and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered national association (the “Trust Company”
and jointly with Computershare, the “Depositary”), hereby certify that Cede & Co. is the registered owner of _____________
depositary shares ($_____________ aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing
a 1/1,000th interest in a share of 4.250% Series A Preferred Stock, $0.0001 par value per share
(“Preferred Stock”) and liquidation preference of $25.00 per Depositary Share of Agree Realty Corporation, a Maryland corporation
(the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Master Deposit Agreement,
dated September 17, 2021 (the “Deposit Agreement”), among the Company and the Depositary and the holders from time to
time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all
the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory for any purpose or entitled to any benefits
under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized
officer or, if a Registrar in respect of the Receipts (other than the Depositary) shall have been appointed, by the manual signature of
a duly authorized officer of such Registrar.

 

    A - 1 

     

    

 

To ensure that the Company remains qualified as
a real estate investment trust for federal income tax purposes, the Preferred Stock represented by this Receipt is subject to the provisions
of Article Ninth of the charter of the Company (the “Charter”), pursuant to which shares of the Preferred Stock owned
by a stockholder in excess of the Aggregate Stock Ownership Limit (as defined in Article Ninth of the Charter) shall automatically
be transferred to a Charitable Beneficiary (as defined in Article Ninth of the Charter) and the Company shall have the right to purchase
such shares, as provided in Article Ninth of the Charter. The Preferred Stock constitutes Capital Stock, as such term is defined
in Article Ninth of the Charter, and, as such, is subject to the provisions of Article Ninth of the Charter applicable to Capital
Stock.

 

Dated:

 

	 	Computershare Inc. and Computershare Trust Company, N.A., as Depositary
	 	 	 
	 	By:	 

 

    A - 2 

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

The following abbreviations when used in the instructions on the face
of this receipt shall be construed as though they were written out in full according to applicable laws or regulations.

 

	TEN COM - as tenant in common	 	
    UNIF GIFT MIN ACT - ________

    Custodian ________

	 	 	(Cust) (Minor)
	TEN ENT - as tenants by the entireties	 	Under Uniform Gifts to Minors Act
	JT TEN - as joint tenants with right of survivorship and not as tenants in 	 	 
	common	 	(State)

 

Additional abbreviations may also be used though not in the above list.

 

ASSIGNMENT

 

For value received, ________________________ hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE

 

 

 

 

 

 

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 

INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

	 
	___________________________ Depositary Shares represented by the within Receipt, and do hereby irrevocably constitute and appoint
	 
	 
	___________________________ Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.

 

 

 

	 	 	 
	Dated _____________________	 	                                                                                               
	 	 	NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever.

 

SIGNATURE GUARANTEED

 

NOTICE: The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

 

    A - 3 

     

    

 

SCHEDULE A

 

Classes or Series of Shares of Preferred
Stock of the Company in respect of Depositary Shares

As of September 17, 2021

 

		1.	4.250% Series A Cumulative Redeemable Preferred Stock (Par Value $0.0001 Per Share) (Liquidation
Preference Equivalent to $25.00 Per Depositary Share)

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