Document:

Exhibit 4.1

 

Execution Version

 

 

 

INDENTURE

 

Dated as of December 16, 2020

 

Among

 

GLOBAL NET LEASE, INC.

 

GLOBAL NET LEASE OPERATING PARTNERSHIP,
L.P.

 

THE SUBSIDIARY GUARANTORS PARTY HERETO

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

3.750% SENIOR NOTES DUE 2027

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND INCORPORATION
    BY REFERENCE	1
	Section 1.1.	Definitions	1
	Section 1.2.	Other Definitions	36
	Section 1.3.	Rules of
    Construction	37
	Section 1.4.	Certain Financial
Tests and Calculations	37
	 	 	 
	ARTICLE II
    THE NOTES	38
	Section 2.1.	Form and
Dating	38
	Section 2.2.	Execution and
Authentication	39
	Section 2.3.	Registrar; Paying
Agent	40
	Section 2.4.	Paying Agent
to Hold Money in Trust	40
	Section 2.5.	Holder Lists	41
	Section 2.6.	Book-Entry Provisions
for Global Notes	41
	Section 2.7.	Replacement Notes	43
	Section 2.8.	Outstanding Notes	44
	Section 2.9.	Treasury Notes	44
	Section 2.10.	Temporary Notes	44
	Section 2.11.	Cancellation	44
	Section 2.12.	Defaulted Interest	45
	Section 2.13.	Computation of
Interest	45
	Section 2.14.	CUSIP and ISIN
Numbers	45
	Section 2.15.	Transfer and
Exchange	45
	Section 2.16.	Issuance of Additional
Notes	48
	 	 	 
	ARTICLE III
    REDEMPTION AND PREPAYMENT	48
	Section 3.1.	Notices to Trustee	48
	Section 3.2.	Selection of
Notes to Be Redeemed	48
	Section 3.3.	Notice of Redemption	49
	Section 3.4.	Effect of Notice
of Redemption	50
	Section 3.5.	Deposit of Redemption
Price	50
	Section 3.6.	Notes Redeemed
in Part	50
	Section 3.7.	Optional Redemption	51
	 	 	 
	ARTICLE IV
    COVENANTS	51
	Section 4.1.	Payment of Notes	51
	Section 4.2.	Maintenance of
Office or Agency	52
	Section 4.3.	Provision of
Financial Information	52
	Section 4.4.	Compliance Certificate	53
	Section 4.5.	Reserved	54
	Section 4.6.	Stay, Extension
and Usury Laws	54
	Section 4.7.	Limitation on
Restricted Payments	54
	Section 4.8.	Limitation on
Dividend and Other Restrictions Affecting Restricted Subsidiaries	59
	Section 4.9.	Limitation on
Debt	62

 

    	 	i	 

     

    

 

	Section 4.10.	Limitation
    on Asset Sales	67
	Section 4.11.	Limitation on
Transactions with Affiliates	70
	Section 4.12.	Maintenance of
Total Unencumbered Assets	72
	Section 4.13.	Repurchase of
Notes upon a Change of Control Triggering Event	72
	Section 4.14.	Corporate Existence	74
	Section 4.15.	Future Guarantees	75
	Section 4.16.	Designation of
Restricted and Unrestricted Subsidiaries	75
	Section 4.17.	Covenant Suspension	76
	 	 	 
	ARTICLE V
    SUCCESSORS	77
	Section 5.1.	Consolidation,
    Merger and Sale of Assets	77
	 	 	 
	ARTICLE VI
    DEFAULTS AND REMEDIES	79
	Section 6.1.	Events of Default	79
	Section 6.2.	Acceleration	81
	Section 6.3.	Other Remedies	83
	Section 6.4.	Waiver of Past
    Defaults	83
	Section 6.5.	Control by Majority	83
	Section 6.6.	Limitation on
    Suits	84
	Section 6.7.	Rights of Holders
    of Notes to Receive Payment	84
	Section 6.8.	Collection Suit
    by Trustee	84
	Section 6.9.	Trustee May File
    Proofs of Claim	84
	Section 6.10.	Priorities	85
	Section 6.11.	Undertaking for
    Costs	85
	Section 6.12.	Restoration of
    Rights and Remedies	85
	Section 6.13.	Rights and Remedies
    Cumulative	86
	Section 6.14.	Delay or Omission
    Not Waiver	86
	 	 	 
	ARTICLE VII
    TRUSTEE	86
	Section 7.1.	Duties of Trustee	86
	Section 7.2.	Rights of Trustee	87
	Section 7.3.	Individual Rights
    of the Trustee	88
	Section 7.4.	Trustee’s
    Disclaimer	89
	Section 7.5.	Notice of Defaults	89
	Section 7.6.	Compensation
    and Indemnity	89
	Section 7.7.	Replacement of
    Trustee	90
	Section 7.8.	Successor Trustee
    by Merger, Etc.	91
	Section 7.9.	Eligibility;
    Disqualification	91
	 	 	 
	ARTICLE VIII
    DISCHARGE OF INDENTURE, DEFEASANCE	91
	Section 8.1.	Termination of
    the Issuers’ Obligations	91
	Section 8.2.	Legal Defeasance
    and Covenant Defeasance	92
	Section 8.3.	Conditions to
    Legal or Covenant Defeasance	94
	Section 8.4.	Application of
    Trust Money	95
	Section 8.5.	Repayment to
    the Issuers	95
	Section 8.6.	Reinstatement	95
	 	 	 
	ARTICLE IX
    AMENDMENT, SUPPLEMENT AND WAIVER	96
	Section 9.1.	Without Consent
    of Holders of the Notes	96

 

    	 	ii	 

     

    

 

	Section 9.2.	With
    Consent of Holders of Notes	97
	Section 9.3.	Revocation and
    Effect of Consents	98
	Section 9.4.	Notation on or
    Exchange of Notes	99
	Section 9.5.	Trustee to Sign
    Amendments, Etc.	99
	 	 	 
	ARTICLE X
    NOTE GUARANTEES	99
	Section 10.1.	Note Guarantees	99
	Section 10.2.	Execution and
    Delivery of Guarantee	101
	Section 10.3.	Severability	101
	Section 10.4.	Limitation of
    Subsidiary Guarantors’ Liability	101
	Section 10.5.	Releases	105
	Section 10.6.	Benefits Acknowledged	106
	 	 	 
	ARTICLE XI
    MISCELLANEOUS	106
	Section 11.1.	Notices	106
	Section 11.2.	Certificate and
    Opinion as to Conditions Precedent	107
	Section 11.3.	Statements Required
    in Certificate or Opinion	107
	Section 11.4.	Rules by
    Trustee and Agents	108
	Section 11.5.	No Personal Liability
    of Directors, Officers, Employees and Stockholders	108
	Section 11.6.	Governing Law;
    Consent to Jurisdiction; Waiver of Jury Trial	108
	Section 11.7.	No Adverse Interpretation
    of Other Agreements	109
	Section 11.8.	Successors	109
	Section 11.9.	Severability	109
	Section 11.10.	Execution in
    Counterparts	109
	Section 11.11.	Table of Contents,
    Headings, Etc.	110
	Section 11.12.	Acts of Holders	110
	Section 11.13.	Force Majeure	112
	Section 11.14.	Legal Holidays	112
	Section 11.15.	USA PATRIOT Act	112

 

Exhibits

 

	Exhibit A	Form of
    Note
	 	 
	Exhibit B	Form of Supplemental
    Indenture to be Delivered by Subsequent Subsidiary Guarantors
	 	 
	Exhibit C	Form of Certificate to be Delivered in
    Connection with Transfers Pursuant to Regulation S
	 	 
	Exhibit D	Form of Certificate to be Delivered in
    Connection with Transfers to IAIs

 

    	 	iii	 

     

    

 

 

This Indenture, dated
as of December 16, 2020, is by and among Global Net Lease, Inc., a Maryland corporation (collectively with successors
and assigns, the “Parent”), Global Net Lease Operating Partnership, L.P., a Delaware limited partnership (collectively
with successors and assigns, the “OpCo,” and together with the Parent, the “Issuers”), the
Subsidiary Guarantors party hereto and U.S. Bank National Association, as trustee (the “Trustee”), paying agent
and registrar.

 

The Issuers, the Subsidiary
Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
(as defined herein) of (i) the Issuers’ 3.750% Senior Notes due 2027 to be issued in an initial aggregate principal
amount of $500.0 million on the date hereof (the “Initial Notes”) and (ii) any Additional Notes (as defined
herein):

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.     Definitions.

 

“2018 Operating
Partnership Plan” means the 2018 Advisor Multi-Year Outperformance Award Agreement, dated as of July 19, 2018,
between the Issuers and the Advisor.

 

“Acquired
Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or that
is assumed in connection with an Asset Acquisition from such Person by a Restricted Subsidiary; provided, however,
that Indebtedness of such Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation
of the transactions by which such Person becomes a Restricted Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness.

 

“Additional
Notes” means Notes (other than the Initial Notes) issued pursuant to Article II and otherwise in compliance with
the provisions of this Indenture.

 

“Adjusted
Total Assets” means, for any Person, the sum of:

 

(1)            Total
Assets for such Person as of the end of the fiscal quarter preceding the Transaction Date; and

 

(2)            any
increase in Total Assets following the end of such quarter determined on a pro forma basis, including any pro forma
increase in Total Assets resulting from the application of the proceeds of any additional Indebtedness.

 

“Advisor”
means Global Net Lease Advisors, LLC, a Delaware limited liability company.

 

“Advisory
Agreement” means that certain Fourth Amended and Restated Advisory Agreement dated as of June 2, 2015, as amended
by that certain First Amendment to the Fourth Amended and Restated Advisory Agreement dated as of August 14, 2018, and that
certain Second Amendment to the Fourth Amended and Restated Advisory Agreement dated as of November 6, 2018, by and among
REIT, the Borrower and the Advisor, as in effect on the Issue Date and as may be further amended, amended and restated, modified
or supplemented from time to time in accordance with Section 4.11 hereof.

 

     

     

    

 

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

 

“Agent”
means any Registrar, Paying Agent, co-registrar or other agent appointed pursuant to this Indenture.

 

“amend”
means to amend, supplement, restate, amend and restate or otherwise modify, including successively, and “amendment”
shall have a correlative meaning.

 

“AR Global”
means AR Global Investments, LLC, a Delaware limited liability company.

 

“Asset Acquisition”
means:

 

(1)            an
investment by an Issuer or any of its Restricted Subsidiaries in any other Person pursuant to which such Person shall become a
Restricted Subsidiary or shall be merged, amalgamated or consolidated with and into an Issuer or any of its Restricted Subsidiaries;
provided, however, that such Person’s primary business is related, ancillary, incidental or complementary
to the businesses of the Issuers or any of their Restricted Subsidiaries on the date of such investment; or

 

(2)            an
acquisition by an Issuer or any of its Restricted Subsidiaries from any other Person of assets or one or more properties of such
Person; provided, however, that the assets and properties acquired are related, ancillary, incidental or complementary
to the businesses of the Issuers or any of their Restricted Subsidiaries on the date of such acquisition.

 

“Asset Disposition”
means the sale or other disposition by an Issuer or any of the Restricted Subsidiaries, other than to an Issuer or another Restricted
Subsidiary, of:

 

(1)            all
or substantially all of the Capital Stock of any Restricted Subsidiary, whether in a single transaction or a series of transactions;
or

 

(2)            all
or substantially all of the assets that constitute a division or line of business, or one or more properties, of an Issuer or
any of the Restricted Subsidiaries, whether in a single transaction or a series of transactions.

 

“Asset Sale”
means any sale, transfer or other disposition, including by way of merger, consolidation or Sale and Leaseback Transaction, in
one transaction or a series of related transactions by an Issuer or any of the Restricted Subsidiaries to any Person other than
an Issuer or any of the Restricted Subsidiaries of:

 

(1)            all
or any of the Capital Stock of any Restricted Subsidiary (other than directors’ qualifying shares and shares issued to foreign
nationals as required by law);

 

    	 	2	 

     

    

 

(2)            all
or substantially all of the assets that constitute a division or line of business of an Issuer or any of its Restricted Subsidiaries;
or

 

(3)            any
property and assets of an Issuer or any of its Restricted Subsidiaries outside the ordinary course of business of such Issuer
or such Restricted Subsidiary; provided, however, that “Asset Sale” shall not include:

 

(a)            the
lease or sublease of any Real Estate Asset;

 

(b)            sales,
leases, assignments, licenses, sublicenses, subleases or other dispositions of inventory, receivables and other current assets;

 

(c)            the
sale, conveyance, transfer, lease, disposition or other transfer of all or substantially all of the assets of an Issuer and its
Restricted Subsidiaries taken as a whole in accordance with the covenant described under Section 5.1 hereof;

 

(d)            (i) the
license or sublicense of intellectual property or other general intangibles or (ii) the abandonment of intellectual property
rights in the ordinary course of business, which in the reasonable good faith determination of the Issuers are not material to
the conduct of the business of the Issuers and the Restricted Subsidiaries, taken as a whole;

 

(e)            the
issuance of Capital Stock by a Restricted Subsidiary in which the percentage interest (direct and indirect) in the Capital Stock
of such Restricted Subsidiary owned by one or both of the Issuers after giving effect to such issuance, is at least equal to the
percentage interest prior to such issuance;

 

(f)            the
surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the
ordinary course of business;

 

(g)            any
Restricted Payment not prohibited by Section 4.7 hereof or a Permitted Investment;

 

(h)            sales,
transfers or other dispositions of assets or the issuance of Capital Stock of a Restricted Subsidiary with a fair market value
not in excess of the greater of (x) $100.0 million and (y) 2.5% of consolidated Adjusted Total Assets of the Issuers
and the Restricted Subsidiaries, in any transaction or series of related transactions;

 

(i)            sales
or other dispositions of assets for consideration at least equal to the fair market value of the assets sold or disposed of, to
the extent that the consideration received would satisfy clause (2) of paragraph (a) of Section 4.10 hereof;

 

(j)            sales
or other dispositions of cash, Temporary Cash Investments (or were Temporary Cash Investments when the relevant original Investment
was made) or marketable securities;

 

    	 	3	 

     

    

 

(k)            the
creation, granting, perfection or realization of any Lien permitted under this Indenture;

 

(l)            the
lease, assignment or sublease of property in the ordinary course of business so long as the same does not materially interfere
with the business of the Issuers and their Restricted Subsidiaries, taken as a whole;

 

(m)            (i) sales,
exchanges, transfers or other dispositions of damaged, worn-out or obsolete or otherwise unsuitable or unnecessary equipment or
assets that, in the Parent’s reasonable judgment, are no longer used or useful in the business of the Issuers or their Restricted
Subsidiaries and any sale or disposition of property in connection with scheduled turnarounds, maintenance and equipment and facility
updates or (ii) a transfer or other disposition of accounts receivable in connection with the compromise, settlement or collection
thereof in the ordinary course of business or in bankruptcy or similar proceedings;

 

(n)            to
the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in
a Permitted Business between an Issuer or any Restricted Subsidiary and another Person;

 

(o)            the
voluntary unwinding of any hedging agreements or other derivative instruments (including any Interest Rate Agreements and Currency
Agreements) other than those entered into for speculative purposes;

 

(p)            the
sale of the Equity Interests of a Person that does not constitute a Subsidiary of the Issuers or any Restricted Subsidiary to
the extent that such sale is (i) for fair market value or (ii) otherwise fair to the Issuers and their Restricted Subsidiaries,
taken as a whole, from a financial point of view, in each case, as determined by the Issuers in good faith;

 

(q)            the
sale of Equity Interests of an Unrestricted Subsidiary;

 

(r)            sales
of assets hereafter acquired pursuant to an acquisition or Investment permitted under this Indenture which assets are not used
or useful to the principal business of the Issuers or their Restricted Subsidiaries or are otherwise non-core assets;

 

(s)            a
transfer or other disposition of Investments in joint ventures made pursuant to customary buy/sell arrangements between the joint
venture parties set forth in joint venture arrangements and similar binding arrangements; and

 

(t)            solely
for purposes of clauses (1) and (2) of paragraph (a) of Section 4.10 hereof, any foreclosures, expropriations,
condemnations or similar actions with respect to assets.

 

“Attributable
Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the total
obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction.
For purposes hereof such present value shall be calculated using a discount rate equal to the rate of interest implicit in such
Sale and Leaseback Transaction, determined by lessee in good faith on a basis consistent with comparable determinations of Capitalized
Lease Obligations under GAAP; provided, however, that if such sale and leaseback transaction results in a Capitalized
Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of “Capitalized
Lease Obligations”.

 

    	 	4	 

     

    

 

“Average
Life” means, at any date of determination with respect to any debt security, the quotient obtained by dividing:

 

(1)            the
sum of the products of:

 

(i)            the
number of years from such date of determination to the dates of each successive scheduled principal payment of such debt security;
and

 

(ii)            the
amount of such principal payment, by

 

(2)            the
sum of all such principal payments.

 

“Bankruptcy
Law” means Title 11, U.S. Code or any similar federal, state or foreign law for the relief of debtors, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, winding-up, restructuring, examinership or similar debtor relief laws.

 

“Board of
Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized
committee thereof.

 

“Board Resolution”
means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person
to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

“Business
Day” means a day other than a Saturday, Sunday or any other day on which banking institutions in New York City or the
location of the corporate trust office of the Trustee are authorized or required by law, regulation or executive order to close.

 

“Capital
Markets Indebtedness” means any Indebtedness having an aggregate outstanding principal amount in excess of $100.0 million,
consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered under
the Securities Act, (b) a private placement to institutional investors that is resold in accordance with Rule 144A or
Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities
to registration thereof with the Securities and Exchange Commission or (c) a private placement to institutional investors.
For the avoidance of doubt, the term “Capital Markets Indebtedness” does not include any Indebtedness under commercial
bank facilities or similar Indebtedness, Sale and Leaseback Transaction, Capitalized Lease Obligation or recourse transfer of
any financial asset or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.”

 

    	 	5	 

     

    

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting), including partnership or limited liability company interests, whether general or limited,
in the equity of such Person, whether outstanding on the Issue Date or issued thereafter, including all Common Stock and Preferred
Stock.

 

“Capitalized
Lease” means, as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted
present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized (or otherwise
required to be recognized as a finance lease) on the balance sheet of such Person.

 

“Capitalized
Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect of a Capitalized
Lease that would at that time be required to be capitalized (or otherwise required to be recognized as a finance lease) on a balance
sheet in accordance with GAAP.

 

“Cash Net
Operating Income” means, for any period, the Consolidated EBITDA (excluding from the calculation of Consolidated EBITDA
the net income related to any Real Estate Asset that has been owned for less than the full four fiscal quarters immediately prior
to the applicable date of determination) plus (i) management, advisory and operating fees paid to any related party
and (ii) general and administrative expenses.

 

“Change of
Control” means the occurrence of one or more of the following events:

 

(1)            any
sale, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets
of the Parent and its Subsidiaries taken as a whole to any “person” or “group” (as such terms are defined
in Sections 13(d) and 14(d)(2) of the Exchange Act), together with any Affiliates thereof (whether or not otherwise
in compliance with the provisions of this Indenture); provided, however, that for the avoidance of doubt, the lease
of all or substantially all of the assets of the Parent and its Subsidiaries taken as a whole shall not constitute a Change of
Control;

 

(2)            a
 “person” or “group” (as such terms are defined in Sections 13(d) and 14(d)(2) of the Exchange
Act), becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than
50% of the total voting power of the Voting Stock of the Parent on a fully diluted basis; or

 

(3)            the
approval by the holders of Capital Stock of an Issuer of any plan or proposal for the liquidation or dissolution of an Issuer,
in each case, other than in a transaction which complies with the provisions described under Section 5.1 hereof.

 

Notwithstanding the foregoing, a transaction
shall not be deemed to involve a Change of Control solely as a result of the Parent becoming a direct or indirect wholly owned
subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the holders of the Parent’s Voting Stock immediately prior to that
transaction or (B) immediately following that transaction no “person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Exchange Act, but other than a holding company satisfying the requirements of
this sentence) is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of Voting
Stock representing 50% or more of the voting power of the Voting Stock of such holding company. For purposes of this definition,
(1) no Change of Control shall be deemed to have occurred solely as a result of a transfer of assets among the Issuers and
their Restricted Subsidiaries, (2) “person” or “group” shall not be deemed to have beneficial ownership
of securities subject to a stock or asset purchase agreement, merger agreement or similar agreement (or voting or option or similar
agreement related thereto) until the consummation of the transactions contemplated by such agreements and (3) the term “Change
of Control” shall not include a merger or consolidation of the Parent with or the sale, assignment, conveyance, transfer
or other disposition of all or substantially all of the Parent’s assets to, an Affiliate incorporated or organized solely
for the purpose of reincorporating or reorganizing the Parent in another jurisdiction and/or for the sole purpose of forming or
collapsing a holding company structure.

 

    	 	6	 

     

    

 

“Change of
Control Triggering Event” means the occurrence of both (i) a Change of Control and (ii) a Rating Decline.

 

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

 

“Common Stock”
means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether
voting or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital
Stock, including partnership interests, whether general or limited, of such Person’s equity, whether outstanding on the
Issue Date or issued thereafter, including all series and classes of common stock.

 

“Common Units”
means the common units of Opco, as defined in Opco’s limited partnership agreement.

 

“Comparable Treasury Issue”
means, with respect to any redemption date for the Notes, the United States Treasury security selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for
this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date).

 

“Comparable Treasury Price”
means, with respect to any redemption date for the Notes, (1) the average of three Reference Treasury Dealer Quotations for
such redemption date (or date of deposit with the Trustee in the case of a satisfaction and discharge), after excluding the highest
and lowest of five Reference Treasury Dealer Quotations, or (2) if the Issuers obtain fewer than five such Reference Treasury
Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

    	 	7	 

     

    

 

“Consolidated
EBITDA” means, for any period, the aggregate net income (or loss) (before giving effect to cash dividends on preferred
stock of Parent or charges resulting from the redemption of preferred stock of Parent, but without giving effect to deductions
for non-controlling or minority interest in Opco attributable to Parent and its Restricted Subsidiaries for such period determined
on a consolidated basis in conformity with GAAP:

 

I.             excluding
(without duplication):

 

(1)            the
net income of any Person, other than an Issuer or a Restricted Subsidiary, except to the extent of the amount of dividends or
other distributions actually paid in cash (or to the extent converted into cash) or Temporary Cash Investments to an Issuer or
any of its Restricted Subsidiaries by such Person during such period and the net losses for any such Person shall only be included
to the extent funded with cash from an Issuer or a Restricted Subsidiary;

 

(2)            solely
for the purpose of determining the amount available for Restricted Payments under clause (a)(4)(C)(i) of Section 4.7
hereof the net income of any Restricted Subsidiary of Parent to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such
Restricted Subsidiary, except to the extent that such restrictions with respect to the declaration and payment of dividends or
distributions have been waived or approval for such declaration or payment has been obtained; provided, however,
that such exclusions shall not apply with respect to limitations imposed either pursuant to Indebtedness which has been irrevocably
called for redemption, repurchase or other acquisition or in respect of which the required steps have been taken to have such
Indebtedness defeased or discharged, or an irrevocable deposit has been made in an amount sufficient to effect the foregoing;
provided further, that Adjusted Consolidated Net Income shall be increased by the amount of dividends or other distributions
or other payments made or permitted to be made in cash (or to the extent converted into cash) or Temporary Cash Investments to
Parent or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein;

 

(3)            the
cumulative effect of a change in accounting principles;

 

(4)            all
extraordinary gains and extraordinary losses together with any related provision for taxes on such gains and losses;

 

(5)            (i) any
fees and expenses (including any transaction or retention bonus) incurred during such period, or any amortization thereof for
such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of
equity securities, refinancing transaction or amendment or other modification of any debt instrument or instrument governing equity
securities (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken
but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction
and (ii) without duplication of any of the foregoing, non-operating or non-recurring professional fees, costs and expenses;

 

    	 	8	 

     

    

 

(6)            any
income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative
instruments;

 

(7)            any
after-tax gains or losses attributable to asset dispositions (including any Asset Sales) or abandonments (including any disposal
of abandoned or discontinued operations) or the sale or other disposition of any Capital Stock of any Person other than in the
ordinary course of business as determined in good faith by the Issuers; and

 

(8)            all
non-cash items increasing net income;

 

II.            increased
by proceeds actually received from business interruption insurance and, to the extent deducted in calculating such net income
(without duplication):

 

(a)            Consolidated
Interest Expense;

 

(b)            provision
for taxes based on income or profits or capital gains, including federal, state, provincial, franchise, excise and similar taxes
and foreign withholding taxes;

 

(c)            depreciation
and amortization (including without limitation amortization of deferred financing fees or costs, amortization or impairment write-offs
of goodwill and other intangibles, long lived assets and investments in debt and equity securities, but excluding amortization
of prepaid cash expenses that were paid in a prior period);

 

(d)            non-recurring
charges (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings
initiatives), severance, relocation costs, integration and facilities’ opening costs, signing costs, retention or completion
bonuses, transition costs, rent expense on operating leases to the extent that a liability for such rent has been established
in purchase accounting or through a restructuring provision (and accretion of the discount on any such liability), costs related
to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans
(including any settlement of pension liabilities) excluding, in all cases under this clause (d), cash restructuring charges, accruals
and reserves;

 

(e)            all
Non-Cash Charges; and

 

(f)            increased
(by losses) or decreased (by gains) by (without duplication) any net noncash gain or loss resulting in such period from hedging
or other derivative instruments (including any Interest Rate Agreements or Currency Agreements) and the application of Accounting
Standards Codification 815.

 

Notwithstanding the preceding, the income
taxes of, and the depreciation and amortization and other non-cash items of, a Subsidiary shall be added (or subtracted) to net
income to compute Consolidated EBITDA only to the extent (and in the same proportion) that net income of such Subsidiary was included
after giving effect to the impact of clause (I)(1) above.

 

    	 	9	 

     

    

 

“Consolidated
Funded Indebtedness” means the sum (without duplication) of (i) all Indebtedness of the Issuers and their Restricted
Subsidiaries of the type described in clauses (1) and (2) of the definition of “Indebtedness”, (ii) to
the extent constituting Indebtedness, the face amount of letters of credit issued for the account of any Issuer or Restricted
Subsidiary and, without duplication, all drafts drawn thereunder, in each case, described in clause (3) of the definition
of “Indebtedness” (but only to the extent that any such letter of credit has been drawn and not been reimbursed within
two Business Days or cash collateralized) and (iii) all Indebtedness of the Issuers and the Restricted Subsidiaries of the
type described in clause (5) of the definition of “Indebtedness”, in each case, after giving effect to the paragraphs
immediately succeeding the numbered clauses of the definition of “Indebtedness”, all as determined on a consolidated
basis in accordance with GAAP.

 

“Consolidated
Interest Expense” means, for any period, the aggregate amount of interest expense, less the aggregate amount of interest
income for such period, in respect of Indebtedness of the Issuers and the Restricted Subsidiaries during such period, all as determined
on a consolidated basis in conformity with GAAP including (without duplication):

 

(1)            the
interest portion of any deferred payment obligations;

 

(2)            all
commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;

 

(3)            the
net cash costs associated with Interest Rate Agreements and Indebtedness that is Guaranteed or secured by assets of an Issuer
or any Restricted Subsidiary; and

 

(4)            all
but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to
be accrued by an Issuer and the Restricted Subsidiaries;

 

excluding, to the extent included
in interest expense above, (i) accretion of accrual of discounted liabilities not constituting Indebtedness, (ii) any
expense resulting from the discounting of any Indebtedness in connection with the application of purchase accounting in connection
with any acquisition, (iii) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses,
(iv) any expensing of bridge, commitment or other financing fees and (v) non-cash costs associated with Interest Rate
Agreements and Currency Agreements or attributable to mark-to-market valuation, settlement or termination of derivative instruments
pursuant to GAAP.

 

“Consolidated
Net Leverage Ratio” means, on any Transaction Date, the ratio of (a) Consolidated Funded Indebtedness as of such
date minus cash and Temporary Cash Investments of the Issuers and the Restricted Subsidiaries to (b) Consolidated
EBITDA for the then applicable Four Quarter Period. The Consolidated Net Leverage Ratio shall be calculated consistent with the
pro forma adjustments contemplated by the numbered paragraphs included in the definition of Interest Coverage Ratio.

 

    	 	10	 

     

    

 

“Corporate
Trust Office” means the offices of the Trustee at which at any time its corporate trust business shall be principally
administered, which office as of the date hereof is located at U.S. Bank National Association, EX-NY-WALL 100 Wall Street, Suite 600,
New York, NY 10005 Attention: Global Corporate Trust & Custody, or such other address as the Trustee may designate from
time to time by notice to the Holders and the Issuers, or the corporate trust office of any successor trustee (or such other address
as such successor trustee may designate from time to time by notice to the Holders and the Issuers).

 

“Credit Agreement”
means the First Amended and Restated Credit Agreement, dated as of August 1, 2019, by and among the Opco, as borrower, the
lenders party thereto and KeyBank National Association, as agent, together with the related documents thereto (including any guarantee
agreements and security documents), as amended, amended and restated, supplemented or otherwise modified, refinanced or replaced
from time to time.

 

“Credit Facility”
means one or more credit or debt facilities (including any credit or debt facilities provided under the Credit Agreement), financings,
commercial paper facilities, note purchase agreements or other debt instruments, indentures or agreements, providing for revolving
credit loans, term loans, swing line loans, notes, securities, letters of credit or other debt obligations, in each case, as amended,
restated, modified, renewed, refunded, restructured, supplemented, replaced or refinanced in whole or in part from time to time,
including any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity
of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto
(whether or not such added or substituted parties are banks or other lenders or investors).

 

“Currency
Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement.

 

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

 

“Depositary”
means with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.3
hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder
and having become such pursuant to the applicable provision of this Indenture.

 

“Derivative
Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or delivery of
cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection
with such Person’s investment in the Notes (other than a Screened Affiliate) is a party (whether or not requiring further
performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by
the value and/or performance of the Notes and/ or the creditworthiness of one or both of the Issuers and/or any one or more of
the Subsidiary Guarantors (the “Performance References”).

 

“Designated
Non-cash Consideration” means the fair market value of non-cash consideration received by an Issuer or any of its Restricted
Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’
Certificate, executed by the principal financial officer of the Issuers, less the amount of cash or Temporary Cash Investments
received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.

 

    	 	11	 

     

    

 

“Disqualified
Stock” means any class or series of Capital Stock of any Person that by its terms or otherwise is:

 

(1)            required
to be redeemed on or prior to the date that is 91 days after the Stated Maturity of the Notes (other than in exchange for shares
of Capital Stock that does not constitute Disqualified Stock and cash in lieu of any fractional shares thereof);

 

(2)            redeemable
at the option of the holder of such class or series of Capital Stock, at any time on or prior to the date that is 91 days after
the Stated Maturity of the Notes (other than in exchange for shares of Capital Stock that is not Disqualified Stock and cash in
lieu of any fractional shares thereof); or

 

(3)            convertible
into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity
on or prior to the date that is 91 days after the Stated Maturity of the Notes;

 

provided, however, that
any Capital Stock that would not constitute Disqualified Stock but for (A) provisions thereof giving holders thereof the
right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale”, “change
of control” or “fundamental change” occurring prior to the date that is 91 days after the Stated Maturity of
the Notes shall not constitute Disqualified Stock if the “asset sale”, “change of control” or “fundamental
change” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than as is
customary (as determined by the Issuers in good faith) for such instruments or the provisions of this Indenture described under
Sections 4.10 and 4.13 hereof and such Capital Stock specifically provides that such Person shall not repurchase or redeem any
such stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.7 hereof and (B) customary
put and call arrangements between joint venture partners with respect to their common equity investments in joint ventures shall
not, in any such case, be treated as Disqualified Stock solely as a result of the items referred to in this proviso. Disqualified
Stock shall not include (i) Capital Stock which is issued to any plan for the benefit of employees of the Parent or its Subsidiaries
or by any such plan to such employees solely because it may be required to be repurchased by the Parent or its Subsidiaries in
order to satisfy applicable statutory or regulatory obligations and (ii) Capital Stock issued to any future, present or former
employee, director, officer or consultant of the Parent or its Subsidiaries (or any of their respective direct or indirect parents
or Subsidiaries) which is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock
option agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time-to-time.
Disqualified Stock shall not include Common Units.

 

“Dollar”,
 “U.S. dollar” or “$” means the lawful currency of the United States of America.

 

“DTC ”
means The Depository Trust Company and any successor.

 

    	 	12	 

     

    

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 

“fair market
value” means the price that would be paid in an arm’s-length transaction between an informed and willing seller
under no compulsion to sell and an informed and willing buyer under no compulsion to buy. For purposes of determining compliance
with the provisions of this Indenture described under Articles IV and V hereof, any determination of the fair market value of
assets other than cash or Temporary Cash Investments shall be as determined by the principal financial officer of the Parent acting
in good faith, whose determination shall be conclusive.

 

“Fitch”
means Fitch Ratings Inc. and any successor to its rating agency business.

 

“Foreign
Restricted Subsidiary” means any Restricted Subsidiary of either Issuer that is not a U.S. Domestic Restricted Subsidiary.

 

“Four Quarter
Period” means, for purposes of calculating the Interest Coverage Ratio and the Consolidated Net Leverage Ratio with
respect to any Transaction Date, the then most recent four fiscal quarters prior to such Transaction Date for which reports have
been filed with the SEC or provided to the Trustee pursuant to Section 4.3 hereof.

 

“Funds From
Operations” for any period means the consolidated net income attributable to the Issuers and the Restricted Subsidiaries
for such period determined in conformity with GAAP after adjustments for unconsolidated partnerships and joint ventures, plus
depreciation and amortization of real property (including furniture and equipment) and other real estate assets and excluding
(to the extent such amount was deducted in calculating such consolidated net income):

 

(1)            gains
or losses from (a) the restructuring or refinancing of Indebtedness, (b) sales of properties or (c) changes in
reserves for earnouts associated with any Asset Acquisition or other acquisition in connection with any fair value adjustments
of such earnouts;

 

(2)            non-cash
asset impairment charges (including write-offs of former tenant receivables);

 

(3)            write-offs
or reserves of straight-line rent;

 

(4)            fees
and expenses incurred in connection with any acquisition or debt refinancing;

 

(5)            unrealized
gains and losses from foreign currency transactions;

 

(6)            amortization
of debt costs; and

 

    	 	13	 

     

    

 

(7)            any
non-cash expenses and costs of the Issuers and their Restricted Subsidiaries that result from the issuance of stock-based awards,
partnership interest-based awards and similar incentive based compensation awards or arrangements; and

 

(8)            all
other unusual, non-recurring and/or non-cash charges, expenses or losses.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the FASB or in such other statements by such other entity as approved by a significant
segment of the accounting profession. Except as otherwise specifically provided in this Indenture, all ratios and computations
contained or referred to in this Indenture shall be computed in conformity with GAAP (to the extent applicable) applied on a consistent
basis.

 

“Global Note
Legend” means the legend identified as such in Exhibit A.

 

“Global Notes”
means the Notes that are in the form of Exhibit A issued in global form and registered in the name of the Depositary
or its nominee.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness or other obligations. The term “Guarantee” used
as a verb has a corresponding meaning.

 

“Holder”
means a Person in whose name the Note is registered on the Registrar’s books.

 

“IAI”
means an investor constituting an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act.

 

“Incur”
means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect
to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence”
of Acquired Indebtedness; provided, however, that neither the accrual of interest, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, nor the accretion of original issue discount shall be
considered an Incurrence of Indebtedness.

 

In addition, the Issuers
may, at their option, elect to treat all or any portion of the commitment under any Indebtedness (including with respect to any
revolving loan commitment) as being Incurred at the time of such commitment, in which case any subsequent Incurrence of Indebtedness
under such commitment shall not be deemed to be an Incurrence at such subsequent time.

 

    	 	14	 

     

    

 

“Indebtedness”
means, with respect to any Person at any date of determination (without duplication):

 

(1)            all
indebtedness of such Person for borrowed money;

 

(2)            all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3)            the
face amount of letters of credit or other similar instruments (excluding obligations with respect to letters of credit (including
trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6) or
(7) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn
upon or, if drawn upon, to the extent such drawing is reimbursed no later than the fifth Business Day following receipt by such
Person of a demand for reimbursement);

 

(4)            all
unconditional obligations of such Person to pay the deferred and unpaid purchase price of property or services, which purchase
price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the
completion of such services, except Trade Payables;

 

(5)            all
Capitalized Lease Obligations and Attributable Debt;

 

(6)            the
principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; provided, however, that the amount of such Indebtedness shall be the lesser of (A) the
fair market value of such asset at that date of determination and (B) the amount of such Indebtedness;

 

(7)            Guarantees
by such Person of the principal component of Indebtedness of other Persons; and

 

(8)            to
the extent not otherwise included in this definition or the definition of Consolidated Interest Expense, net obligations under
Currency Agreements and Interest Rate Agreements,

 

in each case if and to the extent that
any of the foregoing (other than letters of credit) in clauses (1) through (7) would appear as a liability on a balance
sheet (excluding the footnotes) of such Person in accordance with GAAP.

 

The amount of Indebtedness
of any Person at any date shall be the outstanding balance at such date of all unconditional obligations of the type described
above and, with respect to obligations under any Guarantee, the maximum liability upon the occurrence of the contingency giving
rise to the obligation; provided, however, that:

 

(i)            the
amount outstanding at any time of any Indebtedness issued with original issue discount shall be deemed to be the face amount with
respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the
date of determination in conformity with GAAP;

 

    	 	15	 

     

    

 

(ii)            Indebtedness
shall not include any liability for foreign, federal, state, local or other taxes;

 

(iii)            Indebtedness
shall not include any obligations in respect of indemnification, adjustment of purchase price or similar obligations, or from
Guarantees or letters of credit, surety bonds or performance bonds, in each case securing any such obligations of the Issuers
or any of the Restricted Subsidiaries, in any case Incurred in connection with the disposition of any business, assets or Restricted
Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets
or Restricted Subsidiary for the purpose of financing such acquisition) in a principal amount not in excess of the gross proceeds
including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving
effect to any subsequent changes in value) actually received by the Issuers and the Restricted Subsidiaries on a consolidated
basis in connection with such disposition;

 

(iv)           Indebtedness
shall not include any indebtedness or obligations to the extent secured by cash, cash equivalents or marketable securities (it
being understood that cash collateral shall be deemed to include cash deposited with a trustee or other agent with respect to
third party indebtedness) or which has been repaid, discharged, defeased (whether by covenant or legal defeasance), retired, repurchased
or redeemed or otherwise satisfied on or prior to the date such calculation is being made or for which the Parent or any of its
Subsidiaries has irrevocably made a deposit to repay, defease (whether by covenant or legal defeasance), discharge, repurchase,
retire or redeem or otherwise satisfy or called for redemption, defeasance (whether by covenant or legal defeasance), discharge,
repurchase or retirement, or for which the Parent or any of its Subsidiaries has sent an irrevocable notice of redemption to a
trustee, Holders, lenders or other agent with respect to such indebtedness being redeemed, on or prior to the date such calculation
is being made (all such events described in this clause (iv) are collectively defined as “Discharged”),
and

 

(v)           Indebtedness
shall not include contingent obligations under performance bonds, performance guarantees, surety bonds, appeal bonds or similar
obligations incurred in the ordinary course of business and consistent with past practices.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Independent
Investment Banker” means one of KeyBanc Capital Markets Inc. and Barclays Capital Markets Inc. and their respective
successors, appointed by the Issuers or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Issuers.

 

“Initial
Notes” has the meaning set forth in the preamble hereto.

 

“Interest
Coverage Ratio” means, on any Transaction Date, the ratio of:

 

(1)            the
aggregate amount of Consolidated EBITDA for the then applicable Four Quarter Period to

 

    	 	16	 

     

    

 

(2)            the
aggregate Consolidated Interest Expense during such Four Quarter Period.

 

In making the foregoing
calculation (and without duplication),

 

(1)            pro
forma effect shall be given to any Indebtedness Incurred or repaid or Discharged during
the period (“Reference Period”) commencing on the first day of the Four Quarter Period and ending on the Transaction
Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement), in each case as if such Indebtedness
had been Incurred or repaid or Discharged on the first day of such Reference Period;

 

(2)            Consolidated
Interest Expense attributable to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma
basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into
account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess
of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire
period;

 

(3)            pro
forma effect shall be given to Asset Dispositions, Asset Acquisitions and Permitted Mortgage
Investments (including giving pro forma effect to the application of proceeds of any Asset Disposition and any Indebtedness
Incurred or repaid in connection with any such Asset Acquisitions or Asset Dispositions) that occur during such Reference Period
or subsequent to the end of the related Four Quarter Period as if they had occurred and such proceeds had been applied on the
first day of such Reference Period and after giving effect to Pro Forma Cost Savings;

 

(4)            pro
forma effect shall be given to asset dispositions and asset acquisitions (including giving
pro forma effect to (i) the application of proceeds of any asset disposition and any Indebtedness Incurred or repaid
or Discharged in connection with any such asset acquisitions or asset dispositions, (ii) expense and cost reductions calculated
on a basis consistent with Regulation S-X under the Exchange Act and (iii) Pro Forma Cost Savings) that have been made by
any Person that is or has become a Restricted Subsidiary or has been merged with or into an Issuer or any of its Restricted Subsidiaries
during such Reference Period or subsequent to the end of the related Four Quarter Period and that would have constituted Asset
Dispositions or Asset Acquisitions during such Reference Period or subsequent to the end of the related Four Quarter Period had
such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were
Asset Dispositions or Asset Acquisitions and had occurred on the first day of such Reference Period;

 

(5)            the
Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded,
but only to the extent that the obligations giving rise to such Consolidated Interest Expense shall not be obligations of the
specified Person or any of its Restricted Subsidiaries following the Transaction Date;

 

    	 	17	 

     

    

 

(6)            Interest
on Indebtedness that may optionally be determined at an interest rate based on a factor of a prime or similar rate, a Eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if not, then based
upon such operational rate chosen as the Issuers may designate. Interest on any Indebtedness under a revolving credit facility
computed on a pro forma basis shall be computed based on the average daily balance of such Indebtedness during the applicable
period except as set forth in clause (1) of this definition. Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuers to be the rate
of interest implicit in such Capitalized Lease Obligation in accordance with GAAP and

 

(7)            any
Person that is a Restricted Subsidiary of Parent on the Transaction Date shall be deemed to have been a Restricted Subsidiary
of Parent at all times during the applicable Reference Period, and any Person that is not a Restricted Subsidiary of Parent on
the Transaction Date shall be deemed to not have been a Restricted Subsidiary of Parent at any time during the applicable Reference
Period;

 

“Interest
Rate Agreement” means any interest rate protection agreement, interest rate future agreement, interest rate option agreement,
interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option
or future contract or other similar agreement or arrangement with respect to interest rates.

 

“Investment”
in any Person means any direct or indirect advance, loan or other extension of credit (including by way of Guarantee or similar
arrangement, but excluding advances to customers and distributors and trade credit made in the ordinary course of business that
are, in conformity with GAAP, recorded as accounts receivable on the consolidated balance sheet of an Issuer and its Restricted
Subsidiaries and commission, travel and similar advances to employees, directors, officers, members, managers and consultants
of the Issuers, any of the Restricted Subsidiaries, the Advisor or AR Global or any of their respective affiliates, in each case
made in the ordinary course of business and, for the avoidance of doubt, also excluding any agreements with tenants to defer or
abate rent under any leases in the ordinary course of business) or capital contribution to (by means of any transfer of cash or
other property (tangible or intangible) to others or any payment for property or services solely for the account or use of others,
or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by,
such Person and shall include:

 

(1)            the
designation of a Restricted Subsidiary as an Unrestricted Subsidiary; and

 

(2)            the
fair market value of the Capital Stock (or any other Investment), held by an Issuer or any of its Restricted Subsidiaries of (or
in) any Person that has ceased to be a Restricted Subsidiary;

 

    	 	18	 

     

    

 

provided, however, that
the fair market value of the Investment remaining in any Person that is not a Restricted Subsidiary shall be deemed not to exceed
the aggregate amount of Investments previously made in such Person valued at the time such Investments were made, less the net
reduction of such Investments. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.7 hereof:

 

(i)            “Investment”
shall include the fair market value of the assets (net of liabilities (other than liabilities to an Issuer or any of its Restricted
Subsidiaries)) of any Restricted Subsidiary at the time such Restricted Subsidiary is designated an Unrestricted Subsidiary;

 

(ii)            the
fair market value of the assets (net of liabilities (other than liabilities to an Issuer or any of its Restricted Subsidiaries))
of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be considered
a reduction in outstanding Investments; and

 

(iii)            any
property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer.

 

Except as otherwise provided in this Indenture,
the amount of an Investment shall be determined at the time the Investment is made and without giving effect to subsequent changes
in value but giving effect (without duplication) to all subsequent reductions in the amount of such Investment as a result of
any dividend, distribution, interest payment, return of capital, repayment or other payment or disposition thereof (valued at
its fair market value at the time of such payment or disposition).

 

“Investment
Grade Status” means, with respect to the Issuers, when the Notes have at least two of the following ratings: (1) a
rating of “Baa3” (or the equivalent) or higher from Moody’s (or equivalent rating from a Substitute Rating Agency),
(2) a rating of “BBB-” (or the equivalent) or higher from S&P (or equivalent rating from a Substitute Rating
Agency) and (3) “BBB-” (or the equivalent) or higher from Fitch (or equivalent rating from a Substitute Rating
Agency, in each case, published by the applicable Rating Agency.

 

“Issue Date”
means December 16, 2020.

 

“Lien”
means mortgage, trust deed, deeds to secure Indebtedness, pledge, security interest, encumbrance, lien, or charge of any kind,
assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including,
without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same
economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest.

 

“Limited
Condition Acquisition” means any Investment or acquisition, including by means of a merger or consolidation, by the
Parent or one or more of its Restricted Subsidiaries, the consummation of which is not conditioned upon the availability of, or
on obtaining, third party financing; provided that for purposes of determining compliance with Section 4.7 hereof,
the Funds From Operations shall not include any Funds From Operations of or attributable to the target company or assets associated
with any such Limited Condition Acquisition unless and until the closing of such Limited Condition Acquisition shall have actually
occurred.

 

    	 	19	 

     

    

 

“Long Derivative
Instrument” means a Derivative Instrument (i) the value of which generally increases, and/ or the payment or delivery
obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of
which generally decreases, and/or the payment or delivery obligations under which generally increase, with negative changes to
the Performance References.

 

“LTIP Units”
means the long term incentive plan units of limited partner interest in Opco, pursuant to the 2018 Operating Partnership Plan
or any successor multi-year outperformance agreement entered into with the Advisor or its affiliates, as amended, modified, supplemented
or replaced from time-to-time.

 

“Luxembourg
Guarantor” means (i) ARC Global II S.à r.l., a Luxembourg private limited liability company (société
 à responsabilité limitée) having its registered office at 46 Boulevard Grande Duchesse Charlotte, L-1330
Luxembourg, Grand-Duchy of Luxembourg, and registered with the Luxembourg Register of Commerce and Companies (Registre de Commerce
et des Sociétés) (the “RCS”) under number B 196.327; (ii)     ARC
Global II (Midco) S.à r.l., a Luxembourg private limited liability company (société à responsabilité
limitée) having its registered office at 46 Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, Grand-Duchy of
Luxembourg, and registered with the RCS under number B 201.048; (iii) ARC Global II (France) Holdings S.à r.l., a
Luxembourg private limited liability company (société à responsabilité limitée) having
its registered office at 46 Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, Grand-Duchy of Luxembourg, and registered
with the RCS under number B 190.960; (iv) Crown Portfolio S.à r.l., a Luxembourg private limited liability company
(société à responsabilité limitée) having its registered office at 46 Boulevard Grande
Duchesse Charlotte, L-1330 Luxembourg, Grand-Duchy of Luxembourg, and registered with the RCS under number B 199.533; and (v) ARC
Global II (Madrid) S.à r.l., a Luxembourg private limited liability company (société à responsabilité
limitée) having its registered office at 46 Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, Grand-Duchy of
Luxembourg, and registered with the RCS under number B 247.015.

 

“Management
Agreement” means that certain Property Management and Leasing Agreement, dated as of April 20, 2012, by and among
the Issuers and Global Net Lease Properties, LLC (“Property Manager”), as amended by that certain First Amendment
to the Property Management and Leasing Agreement dated as of October 27, 2017, that certain Second Amendment to the Property
Management and Leasing Agreement dated as of February 27, 2018, and that certain Third Amendment to the Property Management
and Leasing Agreement dated as of February 27, 2019, as in effect on the Issue Date and as may be further amended, amended
and restated, modified or supplemented from time to time in accordance with Section 4.11 hereof.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Net Cash
Proceeds” means:

 

(1)            with
respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or Temporary Cash Investments, including payments
in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof)
when received in the form of cash or Temporary Cash Investments (except to the extent such obligations are financed or sold with
recourse to an Issuer or any of its Restricted Subsidiaries) and proceeds from the conversion or sale of other property, including
Designated Non-cash Consideration, received when converted to or sold for cash or Temporary Cash Investments, net of:

 

    	 	20	 

     

    

 

 

(a)            brokerage
and sales commissions and other fees and expenses (including fees and expenses of counsel, accountants and investment bankers)
related to such Asset Sale;

 

(b)            payments
made to obtain a necessary consent or required by applicable law;

 

(c)            any
relocation expenses incurred as a result of such Asset Sale;

 

(d)            taxes
actually paid or payable as a result of such Asset Sale by an Issuer and its Restricted Subsidiaries;

 

(e)            payments
made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale that either (A) is secured
by a Lien on the property or assets sold or (B) is required to be paid as a result of such sale (other than pursuant to an
Asset Sale Offer);

 

(f)            so
long as after giving pro forma effect to any such distribution, no Default or Event of Default shall have occurred and
be continuing, the amount required to be distributed to the holders of Parent’s Capital Stock as a result of such Asset
Sale in order for Parent to maintain its status as a REIT and any related pro rata distributions to holders of Opco’s
Capital Stock;

 

(g)            payments
of retained liabilities (not constituting Indebtedness) directly associated with the assets being sold in such Asset Sale; and

 

(h)            amounts
reserved by the Issuers and the Restricted Subsidiaries against any liabilities associated with such Asset Sale, including pension
and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale, all as determined on a consolidated basis in conformity with GAAP; and

 

(2)            with
respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form of cash or Temporary Cash
Investments, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but
not interest, component thereof) when received in the form of cash or Temporary Cash Investments (except to the extent such obligations
are financed or sold with recourse to an Issuer or any of its Restricted Subsidiaries) and proceeds from the conversion of other
property received when converted to cash or Temporary Cash Investments, net of attorney’s fees, accountants’ fees,
underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees incurred
in connection with such issuance or sale and net of tax paid or payable as a result thereof.

 

    	 	21	 

     

    

 

“Net Short”
means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative
Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments
as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay
or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit 134 Derivatives Definitions) to have occurred with respect
to either Issuer or any Subsidiary Guarantor immediately prior to such date of determination.

 

“Non-Cash
Charges” means (a) all losses from Investments recorded using the equity method, (b) any non-cash expenses
and costs of the Issuers and their Restricted Subsidiaries that result from the issuance of stock-based awards, partnership interest-based
awards and similar incentive based compensation awards or arrangements, (c) the non-cash impact of acquisition method accounting,
and (d) other non-cash charges (provided, in each case, that if any non-cash charges represent an accrual or reserve
for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from
Funds From Operations to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period).

 

“Note Custodian”
means the Person appointed as custodian for the Depositary with respect to the Global Notes, or any successor entity thereto.

 

“Note Guarantee”
means the Guarantee by any Subsidiary Guarantor of the Issuers’ obligations under this Indenture.

 

“Notes”
means the Initial Notes and any Additional Notes. The Initial Notes and the Additional Notes, if any, shall be treated as a single
class for all purposes under this Indenture.

 

“Offer to
Purchase” means a written offer (the “Offer”) sent by the Issuers by first class mail, postage prepaid,
to each Holder at his address appearing in the security register or, with respect to Global Notes, given in accordance with DTC
procedures on the date of the Offer offering to purchase up to the principal amount of Notes specified in such Offer at the purchase
price specified in such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the Offer
shall specify an expiration date (the “Offer Expiration Date”) of the Offer to Purchase which shall be, subject
to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of such Offer and a
settlement date (the “Purchase Date”) for purchase of Notes within three Business Days after the Offer Expiration
Date. The Offer shall contain a description of the events requiring the Issuers to make the Offer to Purchase and all instructions
and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state:

 

(1)            the
section of this Indenture pursuant to which the Offer to Purchase is being made;

 

(2)            the
Offer Expiration Date and the Purchase Date and, if such Offer is made in advance of a Change of Control and conditioned upon
the occurrence of a Change of Control, that the Offer is conditioned upon the occurrence of a Change of Control;

 

(3)            the
aggregate principal amount of the outstanding Notes offered to be purchased by the Issuers pursuant to the Offer to Purchase (including,
if less than 100%, the manner by which such amount has been determined pursuant to the section of this Indenture requiring the
Offer to Purchase) (the “Purchase Amount”);

 

    	 	22	 

     

    

 

(4)            the
purchase price to be paid by the Issuers for each $1,000 aggregate principal amount of Notes accepted for payment (as specified
pursuant to this Indenture) (the “Purchase Price”);

 

(5)            that
the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a Note tendered
must be tendered in an integral multiple of $1,000 principal amount;

 

(6)            the
place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase;

 

(7)            that
interest on any Note not tendered or tendered but not purchased by the Issuers pursuant to the Offer to Purchase shall continue
to accrue;

 

(8)            that
on the Purchase Date the Purchase Price shall become due and payable upon each Note being accepted for payment pursuant to the
Offer to Purchase and that interest thereon shall cease to accrue on and after the Purchase Date;

 

(9)            that
each Holder electing to tender a Note pursuant to the Offer to Purchase shall be required to surrender such Note at the place
or places specified in the Offer prior to the close of business on the Offer Expiration Date (such Note being, if the Issuers
or the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers
and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing);

 

(10)            that
Holders shall be entitled to withdraw all or any portion of Notes tendered if the Issuers (or their Paying Agent) receives, not
later than the close of business on the Offer Expiration Date, a telegram, telex, facsimile or other electronic transmission or
letter setting forth the name of the Holder, the principal amount of the Note the Holder tendered, the certificate number of the
Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender;

 

(11)            that
(a) if Notes in an aggregate principal amount less than or equal to the Purchase Amount are duly tendered and not withdrawn
pursuant to the Offer to Purchase, the Issuers shall purchase all such Notes and (b) if Notes in an aggregate principal amount
in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the Issuers shall purchase
Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may
be deemed appropriate so that only Notes in denominations of $2,000 or integral multiples of $1,000 in excess thereof shall be
purchased); and

 

(12)            that
in the case of any Holder whose Note is purchased only in part, the Issuers shall execute, and the Trustee shall authenticate
and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested
by such Holder, in an aggregate principal amount equal to and in exchange for the unpurchased portion of the Note so tendered.

 

    	 	23	 

     

    

 

If any of the Notes subject to an Offer
to Purchase is in global form, then the Offer shall be modified by the Issuers to the extent necessary to comply with the procedures
of the Depositary applicable to repurchases. Any Offer to Purchase shall be governed by and effected in accordance with the Offer
for such Offer to Purchase.

 

“Offering
Memorandum” means the Issuers’ offering memorandum, dated December 9, 2020, relating to the offer and sale
of the Initial Notes.

 

“Officer”
means any of the following of the Issuers or any Subsidiary Guarantor: the Chief Executive Officer, the Chief Financial Officer,
the President, any Vice President, the Treasurer or the Secretary (or, with respect to a Subsidiary Guarantor, any manager, member
or general partner authorized to act on behalf of such Subsidiary Guarantor).

 

“Officers’
Certificate” means a certificate signed by two Officers that meets the requirements of Section 11.3 hereof.

 

“Opinion
of Counsel” means a written opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an employee
of, or counsel to, the Issuers or the Trustee.

 

“OP Units”
means ordinary units of limited partner interest in Opco.

 

“Pari Passu
Indebtedness” means any Indebtedness of an Issuer or any Subsidiary Guarantor that ranks pari passu in right of payment
with the Notes or the Note Guarantee thereof by such Subsidiary Guarantor, as applicable. For purposes of determining whether
Indebtedness ranks pari passu in right of payment with other Indebtedness, there shall not be taken into account collateral securing
any such Indebtedness, structural subordination, lien subordination or provisions that apply proceeds or amounts received by the
borrower, obligor or issuer following a default or exercise of remedies in a certain order of priority.

 

“Participant”
means, with respect to the Depositary, a Person who has an account with the Depositary.

 

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

 

“Performance
References” has the meaning set forth in the definition of “Derivative Instrument”.

 

“Permitted
Business” means any business activity (including Permitted Mortgage Investments) in which the Issuers and their Restricted
Subsidiaries are engaged or propose to be engaged in (as described in this the Offering Memorandum) on the Issue Date, any business
activity related to properties customarily constituting assets of a commercial REIT engaged in the acquisition, ownership, development,
financing, and leasing of office, industrial/distribution and retail properties, as well the investment in first mortgage loans,
mezzanine loans, preferred equity or securitized loans (secured by real estate), or any business reasonably related, ancillary,
incidental or complementary thereto, or reasonable expansions or extensions thereof.

 

    	 	24	 

     

    

 

“Permitted
Investment” means:

 

(1)            (a) an
Investment in an Issuer or any of the Restricted Subsidiaries or (b) a Person that will, upon the making of such Investment,
become a Restricted Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its assets
to, an Issuer or any of its Restricted Subsidiaries and, in each case, any Investment held by such Person; provided that
such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer;

 

(2)            investments
in cash and Temporary Cash Investments;

 

(3)            Investments
made by an Issuer or the Restricted Subsidiaries as a result of consideration received in connection with an Asset Sale made in
compliance with Section 4.10 hereof or from any other disposition or transfer of assets not constituting an Asset Sale;

 

(4)            Investments
represented by Guarantees that are otherwise permitted under this Indenture;

 

(5)            payroll,
travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses
in accordance with GAAP, including amounts paid or reimbursed to the Advisor, AR Global or any of their respective affiliates;

 

(6)            Investments
received in satisfaction of judgments or in settlements of debt or compromises of obligations incurred in the ordinary course
of business, and receivables created or acquired in the ordinary course of business;

 

(7)            any
Investment acquired solely in exchange for Capital Stock (other than Disqualified Stock) of the Parent or Opco, which the Parent
and Opco did not receive in exchange for a cash payment, Indebtedness or Disqualified Stock, but excluding any new cash Investments
made thereafter;

 

(8)            Investments
(a) in tenants in an aggregate amount, together with all other Investments made in reliance on this clause, not to exceed
the greater of (x) $100.0 million and (y) 2.5% of consolidated Adjusted Total Assets of the Issuers and the Restricted
Subsidiaries at any one time outstanding and (b) capital expenditures made by an Issuer or any Restricted Subsidiary;

 

(9)            obligations
under Currency Agreements and Interest Rate Agreements otherwise permitted under this Indenture;

 

(10)            Permitted
Mortgage Investments;

 

    	 	25	 

     

    

 

(11)            any
transaction which constitutes an Investment to the extent permitted and made in accordance with the provisions of paragraph (b) of
Section 4.11 hereof (except transactions described under clauses (1), (5), (8), (9) and (10) of paragraph (b));

 

(12)            any
Investment consisting of prepaid expenses, negotiable instruments held for collection and lease, endorsements for deposit or collection
in the ordinary course of business, utility or workers compensation, performance and similar deposits entered into as a result
of the operations of the business in the ordinary course of business;

 

(13)            pledges
or deposits by a Person under workers’ compensation laws, unemployment insurance laws or similar legislation, or deposits
in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party,
or deposits as security for contested taxes or import duties or for the payment of rent, including amounts reimbursed to the Advisor,
Property Manager or AR Global, in each case, incurred in the ordinary course of business;

 

(14)            any
Investment acquired by an Issuer or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable
or rents receivable held by an Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts receivable or rents receivable or (b) as
a result of a foreclosure by an Issuer or any Restricted Subsidiary with respect to any secured Investment or other transfer of
title with respect to any secured Investment in default;

 

(15)            any
Investment consisting of a loan or advance to officers, directors or employees of the Issuers, any of the Restricted Subsidiaries,
the Advisor or AR Global or any of their respective affiliates (a) in connection with the purchase by such Persons of Capital
Stock of the Parent or (b) for additional purposes made in the ordinary course of business, in the aggregate under this clause
(15) not to exceed $7.0 million at any one time outstanding;

 

(16)            any
Investment made in connection with the funding of contributions under any nonqualified employee retirement plan or similar employee
compensation plan in an amount not to exceed the amount of compensation expenses recognized by the Issuers and any of their Restricted
Subsidiaries in connection with such plans;

 

(17)            any
Investment existing on the Issue Date or made pursuant to a binding commitment in effect on the Issue Date or an Investment consisting
of any extension, modification, replacement or renewal of any such Investment or binding commitment existing on the Issue Date,
but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other
increases thereof (other than as otherwise permitted by this Indenture, or as a result of the accrual or accretion of interest
or original issue discount or the issuance of pay-in-kind securities), in each case, pursuant to the terms of such Investment,
or commitment, as in effect on the Issue Date;

 

(18)            additional
Investments in an aggregate amount, taken together with all other Investments made in reliance on this clause, not to exceed the
greater of (x) $175 million and (y) 4.0% of consolidated Adjusted Total Assets of the Issuers and the Restricted Subsidiaries
at any time outstanding;

 

    	 	26	 

     

    

 

(19)            Investments
in Unrestricted Subsidiaries in an aggregate amount, taken together with all other Investments made in reliance on this clause,
not to exceed the greater of (x) 175 million and (y) 4.0% of consolidated Adjusted Total Assets of the Issuers and the
Restricted Subsidiaries (net of, with respect to the Investment in any particular Person, the cash return thereon received after
the Issue Date as a result of any sale for cash, repayment, redemption, liquidating distribution, or other cash realization (not
included in Consolidated EBITDA), not to exceed the amount of Investments in such Person made after the Issue Date in reliance
on this clause);

 

(20)            Investments
in joint ventures in an aggregate amount, taken together with all other Investments made in reliance on this clause, not to exceed
the greater of (x) $350 million and (y) 8.0% of consolidated Adjusted Total Assets, so long as such Investment does
not cause an Event of Default (which, for the avoidance of doubt, shall be determined at the time of such Investment); and

 

(21)            Investments
arising as a result of a Sale and Leaseback Transaction.

 

“Permitted
Mortgage Investment” means any Investment in secured notes, mortgage, deeds of trust, collateralized mortgage obligations,
commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other secured debt instruments,
so long as such investment relates directly or indirectly to real property used in the office, industrial, distribution or retail
industry.

 

“Permitted
Refinancing Indebtedness” means:

 

(A)            any
Indebtedness of an Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used
to, or which serves to, extend, refinance, renew, replace, defease, discharge or refund other Indebtedness of an Issuer or any
of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

 

(1)            the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Indebtedness so extended, refinanced, renewed, replaced, defeased, discharged or refunded
(plus all accrued interest thereon and the amount of any fees and expenses, including premiums, incurred in connection
therewith, and any committed amounts associated therewith (if the Issuers elected to have such commitment deemed to be Incurred
at the time of the commitment in accordance with the last paragraph of the definition of “Incur”));

 

(2)            such
Permitted Refinancing Indebtedness has:

 

(a)            a
final maturity date no earlier than (x) the final maturity date of the Indebtedness being extended, refinanced, renewed,
replaced, defeased, discharged or refunded or (y) the date that is 91 days after the maturity of the Notes, and

 

    	 	27	 

     

    

 

(b)            an
Average Life equal to or greater than the Average Life of the Indebtedness being extended, refinanced, renewed, replaced, defeased,
discharged or refunded or 91 days more than the Average Life of the Notes;

 

(3) 
if the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded is contractually subordinated
in right of payment to the Notes or any Note Guarantee, such Permitted Refinancing Indebtedness is contractually subordinated
in right of payment to the Notes or such Note Guarantee on terms at least as favorable to the Holders as those contained in the
documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded; and

 

(4) 
such Indebtedness is incurred either (a) by an Issuer or any Subsidiary Guarantor or (b) by the Restricted Subsidiary
who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded.

 

For the avoidance of doubt, Permitted
Refinancing Indebtedness in respect of any Indebtedness may be incurred within 180 days after the exchange, extension, refinancing,
renewal, replacement, defeasance or refunding of any such Indebtedness.

 

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

 

“Preferred
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other
class of Capital Stock, including preferred partnership interests, whether general or limited, or such Person’s preferred
or preference stock, whether outstanding on the Issue Date or issued thereafter, including all series and classes of such preferred
or preference stock.

 

“Pro Forma
Cost Savings” means, with respect to any period, the synergies, cost savings, operating expense reductions (including
such reductions resulting from employee terminations, facilities consolidations and closings, standardization of employee benefits
and compensation policies, consolidation of property, casualty and other insurance coverage and policies, standardization of sales
and distribution methods, reductions in taxes other than income taxes), other operating improvements, initiatives and other pro
forma adjustments to actual historical Consolidated EBITDA in connection with (x) any asset acquisition, Investment,
Asset Sale or sales of assets or (y) any cost savings initiative or other restructuring initiative to the extent they are
(a) consistent with Regulation S-X under the Exchange Act, or (b) projected by a financial officer of an Issuer in good
faith to be reasonably anticipated to be realizable within eighteen (18) months after the date of such transaction or event, as
the case may be, and calculated on a pro forma basis as though such synergies, cost savings, operating expense reductions,
other operating improvements, initiatives and other pro forma adjustments had been realized on the first day of such period
for which Consolidated EBITDA is being determined and as if such synergies, cost savings, operating expense reductions, other
operating improvements, initiatives and other pro forma adjustments were realized during the entirety of such period; provided
that such synergies, cost savings, reductions, improvements, initiatives and other pro forma adjustments shall be directly
attributable, factually supportable and reasonably quantifiable in the good faith judgment of a financial officer of an Issuer.

 

    	 	28	 

     

    

 

“Property
Manager” means Global Net Lease Properties, LLC, a Delaware limited liability company.

 

“Rating Agency”
means (a) Moody’s, S&P or Fitch or (b) if Moody’s, S&P or Fitch or each of them shall not make a
rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies (each, a “Substitute
Rating Agency”), as the case may be, that may be selected by the Issuers (as certified by a resolution of the Issuers’
Board of Directors) which shall be substituted for Moody’s, S&P or Fitch, or each of them, as the case may be.

 

“Rating Category”
means (a) with respect to Fitch or S&P, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor
categories); (b) with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor
categories); and (c) the equivalent of any such category of S&P, Moody’s or Fitch used by any Substitute Rating
Agency that may be selected by the Issuers in accordance with clause (b) of the definition of Rating Agency. In determining
whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories ((i) + and -
for S&P and Fitch; (ii) 1, 2 and 3 for Moody’s; and (iii) the equivalent gradations for another Rating Agency
selected by the Issuers) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, or
from BB- to B+, shall constitute a decrease of one gradation).

 

“Rating Date”
means the date which is 60 days prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence
of a Change of Control or of the intention by the Issuers to effect a Change of Control.

 

“Rating Decline”
with respect to the Notes shall be deemed to occur if, within 60 days after public notice of the occurrence of a Change of Control
(which period shall be extended in respect of a Rating Agency so long as the rating of the Notes is under publicly announced consideration
for possible downgrade by any such Rating Agency with respect to a Rating Category), the rating of the Notes by at least two of
three Rating Agencies shall be decreased by one or more gradations to or within a Rating Category (including gradations within
Rating Categories as well as between Rating Categories) as compared to the rating of the Notes on the Rating Date.

 

“Real Estate
Assets” of a Person means, as of any date, the real estate assets of such Person and its Restricted Subsidiaries on
such date, on a consolidated basis determined in accordance with GAAP.

 

“Reference Treasury Dealer”
means each of: (i) KeyBanc Capital Markets Inc. or its successors; (ii) Barclays Capital Markets Inc. or its successors
(or an affiliate that is a Primary Treasury Dealer); and (iii) three other Primary Treasury Dealers selected by the Issuers;
provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary
Treasury Dealer”), the Issuers shall substitute therefor another Primary Treasury Dealer.

 

    	 	29	 

     

    

 

“Reference Treasury Dealer Quotations”
means, with respect to any Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third New York business day preceding such redemption date (or date of deposit with the Trustee in the case of a satisfaction
and discharge).

 

“Regulation
S Legend” means the legend identified as such in Exhibit A.

 

“Replacement
Assets” means (1) tangible non-current assets that will be used or useful in a Permitted Business or (2) substantially
all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will
become on the date of acquisition thereof a Restricted Subsidiary.

 

“Requirements
of Law” means, with respect to any Person, collectively, the common law and all federal, state, provincial, territorial,
municipal, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations,
guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities)
and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of any governmental
authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Notes Legend” means the legend identified as such in Exhibit A.

 

“Restricted
Subsidiary” means, with respect to a Person, any Subsidiary of such Person other than an Unrestricted Subsidiary. Unless
the context otherwise requires, Restricted Subsidiaries refer to Restricted Subsidiaries of the Issuers. For the avoidance of
doubt, Opco is a Restricted Subsidiary of the Parent.

 

“Sale and
Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a party,
providing for the leasing to an Issuer or any Restricted Subsidiary of any property, whether owned by an Issuer or any such Restricted
Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by an Issuer or any such Restricted
Subsidiary to such Person or any other Person from whom funds have been or are to be advanced by such Person on the security of
such property.

 

    	 	30	 

     

    

 

“Screened
Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and
any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens
between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the
sharing of information with respect to the Parent or its Subsidiaries, (iii) whose investment policies are not directed by
such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection with its investment
in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other
Affiliate of such Holder that is acting in concert with such Holders in connection with its investment in the Notes.

 

“Secured
Indebtedness” means any Indebtedness secured by a Lien upon the property of an Issuer or any Restricted Subsidiary.
Notwithstanding the foregoing, Liens on cash or cash equivalents to secure letters of credit and similar obligations (other than
obligations for borrowed money) under a Credit Facility shall not result in such Credit Facility constituting Secured Indebtedness.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

“Short Derivative
Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery
obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of
which generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to
the Performance References.

 

“Significant
Subsidiary”, with respect to any Person, means any Restricted Subsidiary of such Person that satisfies the criteria
for a “significant subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act, as such
regulation is in effect on the Issue Date. Unless the context otherwise requires, Significant Subsidiary refers to a Significant
Subsidiary of the Issuers.

 

“S&P”
means Standard & Poor’s Ratings Services and its successors.

 

“Stated Maturity”
means:

 

(1)            with
respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal
of such debt security is due and payable; and

 

(2)            with
respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security
as the fixed date on which such installment is due and payable,

 

provided, that Stated Maturity
shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally
scheduled for the payment thereof.

 

    	 	31	 

     

    

 

“Subordinated
Indebtedness” means Indebtedness which by the terms of such Indebtedness is subordinated in right of payment to the
principal of and interest and premium, if any, on the Notes or any Note Guarantee thereof.

 

“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting
power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such
Person and the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance
with GAAP, if such statements were prepared as of such date.

 

“Subsidiary
Guarantors” means (i) each Restricted Subsidiary of the Issuers on the Issue Date that also guarantees obligations
under the Credit Agreement and (ii) each Person that becomes a Subsidiary Guarantor by the terms of this Indenture after
the Issue Date, in each case, until such Person is released from its Note Guarantee of the Notes.

 

“Taxes”
means all present and future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Temporary
Cash Investment” means any of the following:

 

(1)            Dollars,
Euros, Canadian dollar, Australian dollar, sterling, any national currency of any participating member state of the European Union
or any foreign currency held by the Issuers or any of their Restricted Subsidiaries from time-to-time in the ordinary course of
business;

 

(2)            readily
marketable obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of
(i) the United States or (ii) any member nation of the European Union (provided that such member state has a
long-term government debt rating of “A3” or higher by Moody’s or “A” or higher by S&P or the
equivalent rating category of another internationally recognized rating agency) having maturities of not more than 24 months from
the date of acquisition thereof; provided further that the full faith and credit of the United States or a member nation
of the European Union is pledged in support thereof;

 

(3)            time
deposits accounts, term deposit accounts, time deposits, bankers’ acceptances, overnight bank deposits, certificates of
deposit, Eurodollar time deposits and money market deposits maturing within twelve months or less of the date of acquisition thereof,
in each case with (A) any commercial bank organized under the laws of the United States of America, any state thereof or
any member state of the European Union having capital and surplus of not less than $250,000,000 (or the Dollar equivalent as of
the date of determination in case of non-U.S. banks) or (B) any money-market fund sponsored by a registered broker dealer
or mutual fund distributor;

 

(4)            repurchase
and reverse purchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses
(2) and (3) above entered into with a bank meeting the qualifications described in clause (3) above;

 

    	 	32	 

     

    

 

(5)            commercial
paper, maturing not more than six months after the date of acquisition with a rating at the time as of which any investment therein
is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according to S&P (or,
if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another internationally
recognized rating agency) (or if such commercial paper is not itself rated, is issued by an issuer having a long-term unsecured
debt rating of at least “A” from S&P or “A2” from Moody’s (or carrying the equivalent rating
category of another internationally recognized rating agency));

 

(6)            securities
with maturities of twelve months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state,
commonwealth or territory of the United States of America, or by any political subdivision, public instrumentality or taxing authority
thereof or any member nation of the European Union, and rated at least “A” by S&P or Moody’s (or, if at
any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another internationally
recognized rating agency);

 

(7)            securities
with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial
bank satisfying the requirements of clause (3)(A) of this definition;

 

(8)            any
fund investing at least 90% of its assets in investments that constitute Temporary Cash Investments of the kinds described in
clauses (1) through (7) of this definition;

 

(9)            money
market funds that (A) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940,
as amended, (B) are rated AAA by S&P and Aaa by Moody’s (or carrying an equivalent rating or the equivalent rating
category of another internationally recognized rating agency) and (iii) have portfolio assets of at least $5,000,000,000;

 

(10)            marketable
short term money market and similar liquid funds having a rating of at least P-2 or A-2 from either Moody’s or S&P,
respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another nationally recognized statistical rating agency); and

 

(11)            in
the case of any foreign Subsidiary, instruments of comparable tenor and credit quality to those described in the foregoing clauses
(1) through (10) customarily utilized in countries in which such foreign Subsidiary operates for cash management purposes.

 

“Total Assets”
means, for any Person, as of any date of determination, the sum without duplication of:

 

(1)            in
respect of any Real Estate Assets that are owned as of, and have been owned for the full four fiscal quarters immediately prior
to, such determination date by such Person or any of its Restricted Subsidiaries, (x) the Cash Net Operating Income of such
Real Estate Assets during the most recently completed four fiscal quarters preceding such determination date, divided by
(y) 7.25;

 

    	 	33	 

     

    

 

(2)            in
respect of any Real Estate Assets that are owned as of, but have not been owned for the full four fiscal quarters immediately
prior to, such determination date by such Person or any of its Restricted Subsidiaries, the cost (original cost plus capital
improvements before depreciation and amortization) of such Real Estate Assets and related intangibles, determined on a consolidated
basis in accordance with GAAP; and

 

(3)            the
book value of all other assets, excluding accounts receivable and intangibles, of such Person and its Restricted Subsidiaries
on a consolidated basis determined in accordance with GAAP as of the end of the most recently completed fiscal quarter for which
internal financial statements are available.

 

“Total Unencumbered
Assets” means, for any Person as of any date, the Total Assets of such Person and its Restricted Subsidiaries as of
such date, that do not secure any portion of Secured Indebtedness, on a consolidated basis determined in accordance with GAAP.

 

“Trade Payables”
means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created,
assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with
the acquisition of goods or services.

 

“Transaction
Date” means, with respect to the Incurrence of any Indebtedness by an Issuer or any of its Restricted Subsidiaries,
the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is
to be made.

 

“Transfer
Restricted Notes” means Notes that bear or are required to bear the Restricted Notes Legend.

 

“Treasury Rate” means
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15” or any successor publication that is published weekly by the Board
of Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption “Treasury constant maturities,” for the maturity corresponding to the Comparable
Treasury Issue (provided, however, that if no maturity is within three months before or after the remaining life of the
Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined
and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date
or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date, in each case as calculated on the third New York business day preceding
the redemption date (or date of deposit with the Trustee in the case of a satisfaction and discharge).

 

    	 	34	 

     

    

 

“Trustee”
has the meaning set forth in the preamble of this Indenture and any successor thereto.

 

“Unrestricted
Subsidiary” means:

 

(1)            any
Subsidiary of the Issuers that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors
of the Parent in the manner provided below; and

 

(2)            any
Subsidiary of an Unrestricted Subsidiary.

 

“Unsecured
Indebtedness” means any Indebtedness of an Issuer or any Restricted Subsidiary that is not Secured Indebtedness.

 

“U.S. Government
Obligations” means direct obligations of, obligations guaranteed by, or participations in pools consisting solely of
obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee the
full faith and credit of the United States of America is pledged and that are not callable or redeemable at the option of the
issuer thereof.

 

“U.S. Domestic
Restricted Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state
of the United States or the District of Columbia.

 

“U.S. Legal Tender”
means such coin or currency of the United States of America that at the time of payment shall be legal tender for the payment
of public and private debts.

 

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

 

“Voting Stock”
means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.

 

“Wholly Owned”
means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary
(other than any director’s qualifying shares or Investments by individuals mandated by applicable law) by such Person or
one or more Wholly Owned Subsidiaries of such Person.

 

    	 	35	 

     

    

 

Section 1.2.     Other
Definitions.

 

	Term 	 	 Defined in Section
	“Acceptable Commitment”	 	4.10(b)
	“Act”	 	11.12(a)
	“Affiliate Transaction”	 	4.11(a)
	“Applicable Premium”	 	3.7(a)
	“Asset Sale Offer”	 	4.10(c)
	“Authentication Order”	 	2.2
	“Authorized Agent”	 	11.6
	“Change of Control Offer”	 	4.13(a)
	“Change of Control Purchase Date”	 	4.13(a)
	“Change of Control Purchase Price”	 	4.13(a)
	“Covenant Defeasance”	 	8.2(c)
	“Covenant Satisfaction Officers’ Certificate”	 	6.2(d)
	“declaration of acceleration”	 	6.2(a)
	“Directing Holder”	 	6.2(c)
	“EDGAR”	 	4.3(a)
	“Event of Default”	 	6.1(a)
	“Excess Proceeds”	 	4.10(c)
	“Excess Proceeds Cap”	 	4.10(c)
	“Expiration Date”	 	11.12(j)
	“Final Decision”	 	6.2(c)
	“Foreign Disposition”	 	4.10(d)(1)
	“Foreign Guarantor”	 	11.6
	“Guaranteed Indebtedness”	 	4.15
	“Incur”	 	4.9(h)
	“Incurrence”	 	4.16(a)(i)
	“Initial Default”	 	6.2(b)
	“Institutional Accredited Investor Note”	 	2.1(b)
	“Intra-Group Liabilities”	 	10.4(c)(2)
	“Italian Guarantor”	 	10.4(b)(1)
	“Legal Defeasance”	 	8.2(b)
	“Litigation”	 	6.2(c)
	“Make-Whole Premium Deficit”	 	8.3(a)
	“Notice”	 	11.10
	“Noteholder Direction”	 	6.2(c)
	“Par Call Date”	 	3.7(a)
	“Permitted Investment”	 	4.7(d)
	“Position Representation”	 	6.2(c)
	“purchase”	 	4.7(a)(3)
	“QIBs”	 	2.1(b)
	“Refunding Capital Stock”	 	4.7(b)(4)
	“Registrar”	 	2.3
	“Regulation”	 	10.4(c)(1)(i)
	“Regulation S”	 	2.1(b)

 

    	 	36	 

     

    

 

	Term
	 	 Defined
in Section
	“Regulation S Global Note”	 	2.1(b)
	“Resale Restriction Termination Date”	 	2.15(a)
	“Restricted Amount”	 	4.10(d)
	“Restricted Payment”	 	4.7(a)(4)
	“Restricted Period”	 	2.15(b)
	“Reversion Date”	 	4.17(b)(2)
	“Rule 144A”	 	2.1(b)
	“Rule 144A Global Note”	 	2.1(b)
	“Suspended Covenant”	 	4.17(a)
	“Suspension Period”	 	4.17(b)
	“Verification Covenant”	 	6.2(c)
	“Verification Officers’ Certificate”	 	6.2(c)

 

Section 1.3.     Rules of
Construction.  Unless the context otherwise requires:

 

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

 

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

 

(c)            “or”
is not exclusive;

 

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

 

(e)            unless
otherwise specified, any reference to Section, Article or Exhibit refers to such Section, Article or Exhibit, as
the case may be, of this Indenture;

 

(f)            provisions
apply to successive events and transactions;

 

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

 

(h)            references
to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time.

 

Section 1.4.     Certain
Financial Tests and Calculations.  Notwithstanding anything to the contrary herein, to the extent that the
terms in this Indenture require (i) compliance with any financial ratio or test (including, without limitation, the Interest
Coverage Ratio or Consolidated Net Leverage Ratio test or Total Unencumbered Assets test) and/or any cap expressed as a percentage
of Adjusted Total Assets or (ii) the absence of a Default or Event of Default (or any type of Default or Event of Default),
as a condition to the consummation of a Limited Condition Acquisition, the date of determination of such ratio, test, cap expressed
as a percentage of Adjusted Total Assets, Default and/or Event of Default (or any type of Default or Event of Default) shall,
at the election of the Issuers, be the date of the execution of the definitive agreement with respect to such Limited Condition
Acquisition, after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection
therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) and such ratios or tests or caps or Defaults
or Events of Default shall be calculated on a pro forma basis after giving effect to such Limited Condition Acquisition (including
the pro forma adjustments described in the definition of “Interest Coverage Ratio”) as if they had occurred
at the beginning of the applicable period, and for the avoidance of doubt, (x) if any such ratios are exceeded as a result
of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA or Consolidated EBITDA of the target company)
at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios shall not be deemed to have been exceeded
as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition is permitted hereunder
and (y) such ratios shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions;
provided, however, that (a) if any ratio or cap expressed as a percentage of Adjusted Total Assets improves
as a result of such fluctuations, any such improved ratio or cap may be utilized and (b) if the Issuers elect to have such
determination occur at the time of entry into the definitive agreement, any such transactions (including any Incurrence of Indebtedness
and the use of proceeds thereof) shall be deemed to have occurred on the date the definitive agreements for the applicable Limited
Condition Acquisition are entered into and outstanding thereafter for purposes of calculating any baskets or ratios under this
Indenture after the date of such definitive agreements and before the consummation of such Limited Condition Acquisition unless
and until such Limited Condition Acquisition has been abandoned, as determined by the Issuers, prior to the consummation thereof.

 

    	 	37	 

     

    

 

ARTICLE II

THE NOTES

 

Section 2.1.     Form and
Dating.

 

(a)            The
Notes shall be substantially in the form of Exhibit A attached hereto. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be
issued in fully registered form, without coupons, and in minimum denominations of $2,000 of principal amount and integral multiples
of $1,000 in excess thereof. The registered Holder shall be treated as the owner of such Note for all purposes.

 

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

 

The Notes shall be
issued initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers of the Notes represented
thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by
the Issuers and authenticated by the Trustee as hereinafter provided.

 

    	 	38	 

     

    

 

Each Global Note shall
represent such of the outstanding Notes as shall be specified therein, and each shall provide that it shall represent the aggregate
amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and transfers of interests.
Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given
by the Holder thereof as required by Section 2.6 hereof.

 

(b)            The
Initial Notes are being issued only (i) to “qualified institutional buyers” (as defined in Rule 144A under
the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation
S under the Securities Act (“Regulation S”). After such initial issuance, Initial Notes that are Transfer
Restricted Notes may be transferred to QIBs in reliance on Rule 144A, outside the United States pursuant to Regulation S,
to IAIs or to the Issuers, in accordance with certain transfer restrictions. Initial Notes that are offered in reliance on Rule 144A
shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A
and bear the Restricted Notes Legend (collectively, the “Rule 144A Global Note”), deposited with the Note
Custodian, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered
in offshore transactions in reliance on Regulation S shall be issued in the form of one or more permanent Global Notes substantially
in the form set forth in Exhibit A and bear the Regulation S Legend (collectively, the “Regulation S Global
Note”), deposited with the Note Custodian, duly executed by the Issuers and authenticated by the Trustee as hereinafter
provided. Initial Notes resold to IAIs in the United States shall be issued in the form of one or more permanent Global Notes
substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend (collectively, the “Institutional
Accredited Investor Note”), deposited with the Note Custodian, duly executed by the Issuers and authenticated by the
Trustee as hereinafter provided. The aggregate principal amount of each Global Note may from time to time be increased or decreased
by adjustments made on the records of the Note Custodian, at the direction of the Trustee. Transfers of Notes among QIBs, to or
by purchasers pursuant to Regulation S and to or by IAIs shall be represented by appropriate increases and decreases to the respective
amounts of the appropriate Global Notes, as more fully provided in Section 2.15 hereof.

 

(c) Section 2.1(b) hereof
shall apply only to Global Notes deposited with or on behalf of the Depositary.

 

The Issuers shall
execute and the Trustee shall, in accordance with this Section 2.1 and Section 2.2 hereof, authenticate and deliver
the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall
be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note Custodian
for the Depositary.

 

Section 2.2.     Execution
and Authentication.  An Officer shall sign the Notes for the Issuers by manual, facsimile or PDF transmission
signature.

 

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

 

    	 	39	 

     

    

 

A Note shall not be
valid until authenticated by the manual signature of a Responsible Officer of the Trustee. The signature of a Responsible Officer
of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee shall,
upon receipt of a written order of the Issuers signed by an Officer of the Parent (an “Authentication Order”)
directing the Trustee to authenticate the Notes and, except with respect to the Initial Notes, an Officers’ Certificate
and Opinion of Counsel stating that all conditions precedent to the issuance of the Notes contained herein have been complied
with, authenticate Notes for original issue in the aggregate principal amount stated in such written order.

 

The Trustee may appoint
an authenticating agent reasonably acceptable to the Issuers to authenticate Notes. Unless limited by the terms of such appointment,
an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by such agent or agents. An authenticating agent has the same rights as an Agent to deal
with Holders or the Issuers.

 

Section 2.3.     Registrar;
Paying Agent.  The Issuers shall maintain (i) an office or agency where Notes may be presented for registration
of transfer or for exchange (“Registrar”) and (ii) an office or agency where Notes may be presented for
payment to a Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuers may
appoint one or more co-registrars and one or more additional Paying Agents. The term “Registrar” includes any co-registrar,
and the term “Paying Agent” includes any additional Paying Agent. The Issuers may change any Paying Agent or Registrar
without notice to any Holder. The Issuers and/or any Restricted Subsidiary may act as Paying Agent or Registrar.

 

The Issuers shall
notify the Trustee in writing, and the Trustee shall notify the Holders, of the name and address of any Agent not a party to this
Indenture. The Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. If the Issuers
fail to appoint or maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such,
and shall be entitled to appropriate compensation in accordance with Section 7.6 hereof.

 

The Issuers initially
appoint the Trustee to act as the Registrar and Paying Agent at the Corporate Trust Office of the Trustee.

 

The Issuers initially
appoint DTC to act as the Depositary with respect to the Global Notes.

 

Section 2.4.     Paying
Agent to Hold Money in Trust.  The Issuers shall require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying
Agent for the payment of principal, premium or interest on the Notes, and shall notify the Trustee of any Default by the Issuers
in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay to the Trustee all
money held by it in trust for the benefit of the Holders or the Trustee. The Issuers at any time may require a Paying Agent to
pay all money held by it in trust for the benefit of the Holders or the Trustee to the Trustee. Upon payment over to the Trustee,
the Paying Agent (if other than the Issuers or any of their Subsidiaries) shall have no further liability for such money. If an
Issuer or any of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of
the Holders all money held by it as Paying Agent. Upon the occurrence of any of the events specified in Section 6.1 hereof,
the Trustee shall serve as Paying Agent for the Notes.

 

    	 	40	 

     

    

 

 

Section 2.5.     Holder
Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the
Trustee at least seven (7) Business Days before each interest payment date and at such other times as the Trustee may request
in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders,
including the aggregate principal amount of the Notes held by each Holder thereof.

 

Section 2.6.     Book-Entry
Provisions for Global Notes.

 

(a)            Each
Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary,
(ii) be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note
Custodian for the Depositary and (iii) bear the Global Note Legends as required by Section 2.6(e) hereof.

 

Members of, or Participants
in, the Depositary shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary,
or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Issuers, and the Trustee or any Agent
and any of their respective agents, as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Issuers, the Trustee or any Agent or their respective agents from giving effect to
any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its
Participants, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in
any Global Note.

 

Neither the Trustee
nor any Agent shall have any responsibility or obligation to any Holder that is a member of (or a Participant in) the Depositary
or any other Person with respect to the accuracy of the records of the Depositary (or its nominee) or of any member or Participant
thereof, with respect to any ownership interest in the Notes or with respect to the delivery of any notice (including any notice
of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to
the Notes. The Trustee and any Agent may rely (and shall be fully protected in relying) upon information furnished by the Depositary
with respect to its members, Participants and any beneficial owners in the Notes.

 

Neither the Trustee
nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

 

(b)            Transfers
of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors
or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with Section 2.15
hereof and the rules and procedures of the Depositary. In addition, certificated Notes shall be transferred to beneficial
owners in exchange for their beneficial interests only if (i) the Depositary notifies the Issuers that it is unwilling or
unable to continue as Depositary for the Global Notes and a successor depositary is not appointed by the Issuers within 90 days
of such notice, (ii) the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a
successor depositary is not appointed by the Issuers within 90 days of such notice, (iii) an Event of Default of which a
Responsible Officer of the Trustee has written notice has occurred and is continuing and the Registrar has received a request
from any Holder of a Global Note to issue such certificated Notes or (iv) the Issuers, in their sole discretion, notifies
the Trustee in writing that it elects to cause the issuance of certificated Notes.

 

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(c)            In
connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.6(b) hereof, such Global
Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and the Trustee shall authenticate
and deliver to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Note
an equal aggregate principal amount of certificated Notes of authorized denominations.

 

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

 

(e)            Each
Global Note shall bear the Global Note Legend on the face thereof.

 

(f)            At
such time as all beneficial interests in Global Notes have been exchanged for certificated Notes, redeemed, repurchased or cancelled,
all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed,
repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction.

 

(g)            General
Provisions Relating to Transfers and Exchanges.

 

(1)            To
permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and
certificated Notes upon receipt of an Authentication Order in accordance with Section 2.2 hereof or at the Registrar’s
request.

 

(2)            No
service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuers may require payment of
a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than
any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.7,
Section 2.10, Section 3.6, Section 4.10, Section 4.13 or Section 9.4).

 

(3)            All
Global Notes and certificated Notes issued upon any registration of transfer or exchange of Global Notes or certificated Notes
shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes (or interests therein) or certificated Notes surrendered upon such registration of transfer or exchange.

 

    	 	42	 

     

    

 

(4)            The
Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the
opening of business 15 days before the day of any selection of Notes under Section 3.2 hereof and ending at the close of
business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of
or to exchange a Note between a record date and the next succeeding interest payment date.

 

(5)            Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected
by notice to the contrary.

 

(6)            The
Trustee shall authenticate Global Notes and certificated Notes in accordance with the provisions of Section 2.2 hereof. Except
as provided in Section 2.6(b) hereof, neither the Trustee nor the Registrar shall authenticate or deliver any certificated
Note in exchange for a Global Note.

 

(7)            Each
Holder agrees to indemnify the Issuers and the Trustee against any liability that may result from the transfer, exchange or assignment
of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities
law.

 

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

 

(9)            The
transferor of any Note held in certificated form shall provide or cause to be provided to the Trustee all information necessary
to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting
obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on information provided
to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

Section 2.7.     Replacement
Notes.  If any mutilated Note is surrendered to the Trustee, or the Registrar or the Issuers and the Trustee
receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuers shall issue and
the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements
are met. If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the
judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss
that any of them may suffer if a Note is replaced. The Issuers, the Trustee and the Agents may charge for their expenses in replacing
a Note.

 

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Every replacement
Note is an additional obligation of the Issuers and shall be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

Section 2.8.     Outstanding
Notes.  The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those
cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee
in accordance with the provisions hereof, and those described in this Section 2.8 hereof as not outstanding. Except as set
forth in Section 2.9 hereof, a Note does not cease to be outstanding because the Issuers, the Subsidiary Guarantors or any
of their respective Affiliates holds the Note.

 

If a Note is replaced
pursuant to Section 2.7 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Issuers, a Subsidiary of the Issuers, or an Affiliate of any thereof) holds, on the maturity date or date of redemption,
money sufficient to pay all amounts under the Notes payable on that date, then on and after that date such Notes shall be deemed
to be no longer outstanding and shall cease to accrue interest.

 

Section 2.9.     Treasury
Notes.  In determining whether the Holders of the required aggregate principal amount of Notes have concurred
in any direction, waiver or consent, Notes owned by the Issuers, the Subsidiary Guarantors or by any of their respective Affiliates
shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent, only Notes of which a Responsible Officer of the Trustee has written notice
as being so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuers or an Affiliate
of the Issuers pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until
legal title to such Notes passes to such entity.

 

Section 2.10.     Temporary
Notes.  Until certificated Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt
of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated
Notes but may have variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers
shall prepare and the Trustee shall upon receipt of an Authentication Order , authenticate certificated Notes in certificate form
in exchange for temporary Notes.

 

Holders of temporary
Notes shall be entitled to all of the benefits of this Indenture.

 

Section 2.11.     Cancellation.  The
Issuers at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or
which the Issuers may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee.
All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any Person other than the Trustee,
shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation. Subject to Sections 2.7 and 2.16 hereof, the Issuers may not issue new Notes to
replace Notes that they have redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes
held by the Trustee shall be disposed of in accordance with its customary practice.

 

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Section 2.12.     Defaulted
Interest.  If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted interest
in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders
on a subsequent special record date, which date shall be the earliest practicable date but in all events at least five (5) Business
Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.1 hereof. The Issuers shall
fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee of any
such date. At least 15 days before the special record date, the Issuers (or the Trustee, in the name and at the expense of the
Issuers) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and
the amount of such interest to be paid. The Trustee shall have no duty whatsoever to determine whether any defaulted interest
is payable or the amount thereof.

 

Section 2.13.     Computation
of Interest.  Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

Section 2.14.     CUSIP
and ISIN Numbers.  The Issuers in issuing the Notes may use “CUSIP” and “ISIN” numbers,
and, if they do so, the Trustee shall use the CUSIP and/or ISIN number in notices of redemption or exchange as a convenience to
Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of such
numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed
on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of such numbers. The Issuers
shall promptly notify the Trustee in writing of any change in the CUSIP number and ISIN number.

 

Section 2.15.     Transfer
and Exchange.

 

(a)            The
following provisions shall apply with respect to any proposed transfer of a Rule 144A Global Note or an Institutional Accredited
Investor Note prior to the date which is six months after (assuming at the time of transfer the Issuers are in compliance with
the public information requirements of Rule 144(c) under the Securities Act and, if not, one year after) the later of
the date of its original issue, the original issue date of any Additional Notes and the last date on which the an Issuer or any
Affiliate of the Issuers was the owner of such securities (or any predecessor thereto) (the “Resale Restriction Termination
Date”):

 

(1)            a
transfer of a Rule 144A Global Note or an Institutional Accredited Investor Note or a beneficial interest therein to a QIB
shall be made upon the representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that
it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and
that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations
in order to claim the exemption from registration provided by Rule 144A;

 

    	 	45	 

     

    

 

(2)            a
transfer of a Rule 144A Global Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI
shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D
from the proposed transferee and, if requested by the Issuers or the Trustee, the delivery of an Opinion of Counsel, certification
and/or other information satisfactory to each of them; and

 

(3)            a
transfer of a Rule 144A Global Note or an Institutional Accredited Investor Note or a beneficial interest therein to a non-U.S.
person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C
from the proposed transferor and, if requested by the Issuers or the Trustee, the delivery of an Opinion of Counsel, certification
and/or other information satisfactory to each of them.

 

After the Resale Restriction
Termination Date, interests in a Rule 144A Global Note or an Institutional Accredited Investor Note may be transferred in
accordance with applicable law without requiring the certifications set forth under Exhibit C or Exhibit D
or any additional certification.

 

(b)            The
following provisions shall apply with respect to any proposed transfer of a Regulation S Note prior to the date which is forty
days after the later of the Issue Date, the closing date of the issuance of any Additional Notes and when the Notes or any predecessor
of the Notes are first offered to Persons other than distributors (as defined in Rule 902 of Regulation S) in reliance on
Regulation S (the “Restricted Period”):

 

(1)            a
transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee,
in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers
as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by
Rule 144A;

 

(2)            a
transfer of a Regulation S Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its
agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested
by the Issuers or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each
of them; and

 

(3)            a
transfer of a Regulation S Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee
or its agent of a certificate substantially in the form set forth under Exhibit C hereof from the proposed transferor
and, if requested by the Issuers or the Trustee, delivery of an Opinion of Counsel, certification and/or other information satisfactory
to each of them.

 

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After the expiration of the Restricted
Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certifications
set forth under Exhibit C or Exhibit D or any additional certification.

 

(c)            In
the event that a Global Note is exchanged for Notes in certificated, registered form pursuant to Section 2.6 hereof, such
Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses
(a) and (b) of this Section 2.15 above (including the certification requirements intended to ensure that such transfers
comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be adopted
by the Issuers and notified to the Trustee in writing.

 

(d)            Restricted
Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall
deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted
Notes Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar
an Opinion of Counsel reasonably satisfactory to the Issuers to the effect that neither such legend nor the related restrictions
on transfer are required in order to maintain compliance with the provisions of the Securities Act.

 

(e)            Regulation
S Legend. Upon the transfer, exchange or replacement of Notes not bearing the Regulation S Legend, the Registrar shall deliver
Notes that do not bear the Regulation S Legend. Upon the transfer, exchange or replacement of Notes bearing the Regulation S Legend,
the Registrar shall deliver only Notes that bear the Regulation S Legend unless there is delivered to the Registrar an Opinion
of Counsel reasonably satisfactory to the Issuers to the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the Securities Act.

 

(f)            General.
By its acceptance of any Note bearing the Restricted Notes Legend or the Regulation S Legend, as applicable, each Holder of such
a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend or
the Regulation S Legend, as applicable, and agrees that it shall transfer such Note only as provided in this Indenture. A transfer
of a beneficial interest in a Global Note that does not involve an exchange of such interest for a certificated Note or a beneficial
interest in another Global Note shall be subject to compliance with applicable law and the applicable procedures of the Depositary
but is not subject to any procedure required by this Indenture.

 

In connection with
any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration requirements
of the Securities Act (other than pursuant to Rule 144A), the Issuers may require the delivery of an Opinion of Counsel,
other certifications or other information satisfactory to the Issuers.

 

The Registrar shall
retain copies of all letters, notices and other written communications received pursuant to this Section 2.15.

 

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Section 2.16.     Issuance
of Additional Notes.  The Issuers shall be entitled to issue Additional Notes in an unlimited aggregate principal
amount under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance,
issue price, first interest payment date applicable thereto, first date from which interest shall accrue, transfer restrictions,
any registration rights agreement and additional interest with respect thereto; provided that such issuance is not prohibited
by the terms of this Indenture, including Section 4.9 hereof and provided, further, that if any Additional
Notes are not fungible with the existing Notes for U.S. federal income tax purposes, as determined by the Issuers, such Additional
Notes shall have a separate CUSIP number and ISIN. The Initial Notes and any Additional Notes shall be treated as a single class
for all purposes under this Indenture.

 

With respect to any
Additional Notes, the Issuers shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee,
the following information:

 

(1)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;

 

(2)            the
issue price, the issue date, the CUSIP and/or ISIN number of such Additional Notes, the first interest payment date and the amount
of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue;

 

(3)            whether
such Additional Notes shall be Transfer Restricted Notes; and

 

(4)            that
such issuance is not prohibited by this Indenture.

 

The Trustee shall, upon receipt of the
Officers’ Certificate and an Authentication Order, authenticate the Additional Notes in accordance with the provisions of
Section 2.2 of this Indenture.

 

ARTICLE III

REDEMPTION AND PREPAYMENT

 

Section 3.1.     Notices
to Trustee.  If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.7
hereof, they shall furnish to the Trustee, at least three Business Days (or such shorter period as is acceptable to the Trustee)
before sending a notice of such redemption, an Officers’ Certificate setting forth the (i) the paragraph of the Notes
and/or section of this Indenture pursuant to which the redemption shall occur, (ii) redemption date (which, in the case of
a redemption subject to conditions, may be subject to extension until such conditions are satisfied), (iii) principal amount
of Notes to be redeemed and (iv) the redemption price or the method for determining the redemption price.

 

Section 3.2.     Selection
of Notes to Be Redeemed.  In the event that less than all of the Notes are to be redeemed at any time, the
Trustee shall select the Notes (or portions of Notes) to be redeemed among the Holders in compliance with the requirements of
the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on any
national securities exchange, on a pro rata basis or by lot (except that any Notes represented by a Global Note shall be
selected in accordance with the applicable procedures and requirements of DTC); provided, however, that no Notes
of $2,000 in principal amount or less shall be redeemed in part.

 

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Section 3.3.     Notice
of Redemption.  The Issuers shall mail or cause to be mailed (in each case sent by first class mail) in accordance
with Section 11.1 hereof and, in the case of Global Notes given in accordance with DTC procedures, a notice of redemption
pursuant to Section 3.7 hereof to each Holder whose Notes are to be redeemed at its registered address (with a copy to the
Trustee), at least 10 days but not more than 60 days before the expected redemption date (except that notices may be delivered
more than 60 days before a redemption date if the notice is issued in accordance with Article VIII).

 

The notice shall identify
the Notes to be redeemed (including the name of the Notes, the series, “CUSIP” numbers and corresponding “ISINs”,
if applicable, interest rate, maturity date and, if known, certificate numbers) and shall state:

 

(1)            the
redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such conditions are
satisfied);

 

(2)            the
redemption price (or the method by which it is to be determined);

 

(3)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note shall be
made, as appropriate);

 

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

 

(5)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)            that,
unless the Issuers default in making such redemption payment, interest, if any, on Notes called for redemption ceases to accrue
on and after the redemption date;

 

(7)            the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;

 

(8)            that
no representation is made as to the correctness or accuracy of the CUSIP number and ISIN number, if any, listed in such notice
or printed on the Notes; and

 

(9)            any
conditions precedent to such redemption.

 

At the Issuers’
written request, the Trustee shall give the notice of redemption in the Issuers’ name and at the Issuers’ expense;
provided, however, that the Issuers shall have delivered to the Trustee, at least five Business Days prior to the
date of the giving of the notice of redemption (or such shorter period as is acceptable to the Trustee), an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in the notice as provided in the preceding
paragraph. The notice sent in the manner herein provided shall be deemed to have been duly given whether or not the Holder receives
such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note shall not affect the
validity of the proceeding for the redemption of any other Note.

 

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Section 3.4.     Effect
of Notice of Redemption.  Subject to the next paragraph, once notice of redemption is delivered in accordance
with Section 3.3 hereof, Notes called for redemption become due and payable on the redemption date at the applicable redemption
price.

 

Any redemption notice
may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion
of a financing or other transaction or event. In addition, if such redemption is subject to satisfaction of one or more conditions
precedent, such notice shall describe each such condition and, if applicable, shall state that, in the Issuers’ discretion,
the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was mailed
or delivered, including by electronic transmission) as any or all such conditions shall be satisfied (or waived by the Issuers
in their sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied or waived by the redemption date, or by the redemption date as so delayed. The Issuers
shall provide written notice of the satisfaction or waiver of such conditions, the delay of such redemption date or the rescission
of such notice of redemption to the Trustee no later than the redemption date, and upon receipt the Trustee shall provide such
notice to each Holder of the Notes in the same manner in which the notice of redemption was given.

 

Section 3.5.     Deposit
of Redemption Price.  On or before 11:00 a.m. (New York City time) on the redemption date, the Issuers
shall deposit with the Trustee or with the Paying Agent (if other than the Issuers or an Affiliate of the Issuers) money sufficient
to pay the redemption price, together with accrued and unpaid interest, if any, to the applicable redemption date on all Notes
to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the
Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price and accrued and unpaid
interest, if any, to but not including the applicable redemption date on all Notes to be redeemed.

 

If the Issuers have
deposited with the Trustee or Paying Agent money sufficient to pay the redemption price of, and unpaid and accrued interest, if
any, on, all Notes to be redeemed, on and after the redemption date, interest shall cease to accrue on the Notes or the portions
of Notes called for redemption (regardless of whether certificates for such securities are actually surrendered). If a Note is
redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any
Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuers to comply
with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is
paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided in the Notes
and in Section 4.1 hereof.

 

Section 3.6.     Notes
Redeemed in Part.  Upon surrender and cancellation of a Note that is redeemed in part, the Issuers shall
issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Issuers
a new Note equal in principal amount to the unredeemed portion of the Note surrendered and canceled; provided that each
such new Note shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

 

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Section 3.7.     Optional
Redemption.

 

(a)            The
Notes shall be redeemable, at the option of the Issuers, in whole at any time or in part from time to time, in each case prior
to September 15, 2027, which is three months prior to the stated maturity date of the Notes (the “Par Call Date”),
for cash, at a redemption price equal to the greater of (i) 101% of the principal amount of the Notes to be redeemed or (ii) an
amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be
redeemed that would be due if the Notes matured on the Par Call Date (exclusive of unpaid interest accrued to, but not including,
the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 50 basis points, plus, in each case, unpaid interest, if any, accrued to, but not including,
the date of redemption (“Applicable Premium”). Calculation of the redemption price shall be made by the Issuers
or on behalf of the Issuers by such Person as the Issuers shall designate; provided that such calculation or the correctness thereof
shall not be a duty or obligation of the Trustee.

 

(b)            In
addition, at any time on or after the Par Call Date, the Notes shall be redeemable, at the option of the Issuers, in whole at
any time or in part from time to time, for cash, at a redemption price equal to 100% of the aggregate principal amount of the
Notes to be redeemed, plus unpaid interest, if any, accrued to, but not including, the date of redemption.

 

(c)            At
any time, in connection with any tender offer for the Notes, including a Change of Control Offer, if Holders of not less than
90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer
and the Issuers, or any third party making such tender offer in lieu of the Issuers, purchases all of the Notes validly tendered
and not withdrawn by such Holders, the Issuers shall have the right upon not less than 10 nor more than 60 days’ prior notice,
given not more than 15 days following such purchase date, to redeem all Notes that remain outstanding following such purchase
at a redemption price equal to the price paid to each other Holder in such tender offer (provided such redemption price shall
not be less than par) plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon,
to, but excluding, the date of such redemption.

 

(d)            Nothing
herein shall limit the ability of the Issuers or their Affiliates to purchase or acquire Notes in open market purchases, tender
or exchange offers or other negotiated transactions.

 

ARTICLE IV

COVENANTS

 

Section 4.1.     Payment
of Notes.

 

(a)            The
Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date
the Trustee or the Paying Agent (if other than the Issuers or a Subsidiary thereof) holds, as of 11:00 a.m. (New York City
time) on the relevant payment date, U.S. dollars deposited by the Issuers in immediately available funds and designated for and
sufficient to pay all such principal, premium, if any, and interest then due.

 

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(b)            The
Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the rate equal to the then applicable interest rate on the Notes to the extent lawful; they shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
period), at the same rate to the extent lawful.

 

Section 4.2.     Maintenance
of Office or Agency.

 

(a)            The
Issuers shall maintain an office or agency in the United States where Notes may be surrendered for registration of transfer or
for exchange and where notices and demands to or upon the Issuers and the Subsidiary Guarantors in respect of the Notes and this
Indenture may be served. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

 

(b)            The
Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Issuers of their obligation to maintain an office or agency in the United States for
such purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

 

(c)            The
Issuers hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuers in accordance
with Section 2.3 hereof.

 

Section 4.3.     Provision
of Financial Information.

 

(a)            Whether
or not the Parent is then required to file reports with the SEC, the Parent shall file with the SEC all such reports and other
information as it would be required to file with the SEC by Sections 13(a) or 15(d) under the Exchange Act if it was
subject thereto; provided, however, that, if filing such documents by Parent with the SEC is not permitted under
the Exchange Act, the Parent shall, within 15 days after the time Parent would be required to file such information with the SEC
if it were subject to Section 13 or 15(d) under the Exchange Act, provide such documents and reports to the Trustee
and upon written request supply copies of such documents and reports to any Holder, prospective Holder or securities analyst and
shall post such documents and reports on the Parent’s public website. The Parent shall supply the Trustee and each Holder
or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of such reports and other
information. Delivery of such information, documents and reports to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Issuers’ and their Restricted Subsidiaries’ compliance with any of the covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee shall have no
duty to monitor whether any such filings on the Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”)
have been made. The Trustee shall have no duty to review or analyze reports, information and documents delivered to it. Additionally,
the Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Parent’s compliance with
the covenants or with respect to any reports or other documents posted on Parent’s public website, or participate on any
conference calls.

 

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(b)            So
long as permitted by the SEC, at any time that either (x) one or more Subsidiaries of the Parent is an Unrestricted Subsidiary
or (y) the Parent holds directly any material assets (including Capital Stock) other than the Capital Stock of its Restricted
Subsidiaries, then the quarterly and annual financial information required by this covenant shall include a reasonably detailed
presentation, either in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
or any other comparable section, of the financial condition and results of operations of the Issuers and their Restricted Subsidiaries
separate from the financial condition and results of operations of such Unrestricted Subsidiaries and other material assets of
the Issuers.

 

(c)            The
Parent shall also, within a reasonably prompt period of time following the disclosure of the annual and quarterly information
required above, conduct a conference call with respect to such information and results of operations for the relevant reporting
period. No fewer than three Business Days prior to the date of the conference call required to be held in accordance with the
preceding sentence, the Parent shall issue a press release to the appropriate internationally recognized wire services announcing
the date that such information shall be available and the time and date of such conference call.

 

(d)            For
the avoidance of doubt, to the extent any information is not provided within the time periods specified in this Section 4.3
and such information is subsequently provided, the Parent shall be deemed to have satisfied its obligations with respect thereto
at such time and any Default with respect thereto shall be deemed to have been cured.

 

Section 4.4.     Compliance
Certificate.

 

(a)            The
Issuers shall deliver to the Trustee, within 120 days after the end of each fiscal year beginning with the fiscal year ending
December 31, 2020, an Officers’ Certificate stating that a review of the activities of the Issuers and their Restricted
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether each has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each
such Officer signing such certificate, that, to his or her knowledge, each entity has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults
or Events of Default of which he or she may have knowledge and what action the Issuers are taking or proposes to take with respect
thereto).

 

(b)            The
Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days after any Officer becomes aware
of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action
the Issuers are taking or propose to take with respect thereto.

 

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Section 4.5.     Reserved.

 

Section 4.6.     Stay,
Extension and Usury Laws.  Each Issuer and each of the Subsidiary Guarantors covenants (to the extent that
it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture, and the Issuers and each of the Subsidiary Guarantors (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law has been enacted.

 

Section 4.7.     Limitation
on Restricted Payments.

 

(a)            Parent
shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)            declare
or pay any dividend or make any distribution on or with respect to Capital Stock of Parent or any Restricted Subsidiary of Parent
held by Persons other than Parent or any of its Restricted Subsidiaries, other than:

 

(i)            dividends
or distributions payable solely in shares of its Capital Stock (other than Disqualified Stock) of Parent or in options, warrants
or other rights to acquire shares of such Capital Stock

 

(ii)            pro
rata dividends or other distributions made by a Restricted Subsidiary of Parent that is not Wholly Owned to minority stockholders
(or owners of equivalent interests in the event such Subsidiary is not a corporation);

 

(2)            purchase,
redeem, retire or otherwise acquire for value any shares of Capital Stock of Parent (including options, warrants or other rights
to acquire such shares of Capital Stock) held by any Person (other than a Restricted Subsidiary of Parent);

 

(3)            make
any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or other acquisition
or retirement for value of Subordinated Indebtedness of an Issuer or any Subsidiary Guarantor, in each case, excluding (i) any
intercompany Indebtedness between or among the Issuers or any of their Restricted Subsidiaries and (ii) the payment, purchase,
redemption, defeasance, acquisition or retirement (collectively, a “purchase”) of Subordinated Indebtedness
purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within
one year of the date of such payment, purchase, redemption, defeasance, acquisition or retirement; or

 

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(4)            make
an Investment, other than a Permitted Investment, in any Person (such payments or any other actions described in clauses (1) through
(4) above being collectively “Restricted Payments”) if, at the time of, and after giving effect to, the
proposed Restricted Payment:

 

(A)           a
Default or Event of Default shall have occurred and be continuing;

 

(B)            the
Issuers could not Incur at least $1.00 of Indebtedness under both paragraphs (a) and (c) of Section 4.9 hereof,
or

 

(C)            the
aggregate amount of all Restricted Payments (the amount, if other than in cash, to be determined in good faith by the Board of
Directors of the Issuers, whose determination shall be conclusive and evidenced by a Board Resolution) made after the Issue Date
shall exceed the sum of, without duplication:

 

(i)            95%
of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss, minus 100% of the amount
of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning October 1, 2020
and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been filed with the
SEC or provided to the Trustee pursuant to Section 4.3 hereof, plus

 

(ii)            100%
of the aggregate Net Cash Proceeds received by the Issuers after the Issue Date from the issuance and sale of Parent’s Capital
Stock to a Person who is not a Subsidiary of the Parent, including from an issuance or sale permitted by this Indenture of Indebtedness
or Disqualified Stock of the Parent or any of its Restricted Subsidiaries for cash subsequent to the Issue Date upon the conversion
of such Indebtedness or Disqualified Stock into Capital Stock (other than Disqualified Stock) of Parent, or from the issuance
to a Person who is not a Subsidiary of the Parent of any options, warrants or other rights to acquire Capital Stock of Parent
(in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option
of the holder for cash or Indebtedness, or are required to be redeemed, prior to the Stated Maturity of the Notes), plus

 

(iii)            100%
of (x) the aggregate net cash proceeds and (y) the fair market value of other property, in any such case, received by
means of the sale or other disposition (other than to the Issuers or a Restricted Subsidiary) of Restricted Investments made by
the Issuers or a Restricted Subsidiary and repurchases and redemptions of such Restricted Investments from the Issuers or a Restricted
Subsidiary (other than by the Issuers or a Restricted Subsidiary) and repayments of loans or advances that constitute Restricted
Investments made by the Issuers or a Restricted Subsidiary, in each case after the Issue Date (except, in each case, to the extent
any such payment or proceeds are included in the calculation of Funds From Operations), plus

 

(iv)            in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation
of an Unrestricted Subsidiary into one of the Issuers or a Restricted Subsidiary or the transfer of all or substantially all of
the assets of an Unrestricted Subsidiary to one of the Issuers or a Restricted Subsidiary after the Issue Date, the fair market
value, as determined in good faith by the Parent of the Investment in such Unrestricted Subsidiary or the assets transferred at
the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation,
consolidation or transfer of assets (other than to the extent the Investment in such Unrestricted Subsidiary constituted a Permitted
Investment), not to exceed, in each case, the amount of Investments previously made by the Issuers and their Restricted Subsidiaries
in such Unrestricted Subsidiary and treated as a Restricted Payment, plus

 

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(v)            the
fair market value of non-cash tangible assets or Capital Stock representing interests in Persons (other than of the Parent) acquired
in exchange for an issuance of Capital Stock (other than Disqualified Stock or Capital Stock issued in exchange for Capital Stock
of the Parent utilized pursuant to clauses (3) or (4) of paragraph (b) of this Section 4.7) of the Parent,
in each case, subsequent to the Issue Date, plus

 

(vi)            without
duplication, in the event the Issuers or any Restricted Subsidiary makes any Investment in a Person that, as a result of or in
connection with such Investment, becomes a Restricted Subsidiary, an amount not to exceed the amount of Investments previously
made by the Issuers and the Restricted Subsidiaries in such Person that was treated as a Restricted Payment.

 

(b)            Notwithstanding
the foregoing, Section 4.7(a) shall not prohibit:

 

(1)            the
declaration or payment of any dividend, the making of any distribution or the taking of any other action by the Parent or any
Restricted Subsidiary of the Parent (that would have otherwise been a Restricted Payment) that the Parent believes in good faith
is necessary (i) to maintain the Parent’s status as a real estate investment trust under the Code or (ii) avoid
any excise tax or any income tax imposed on Parent, in each case including, but not limited to, pro rata dividends or other
distributions by Opco to minority unitholders as a result of a distribution from Opco to Parent for the purpose of funding any
such dividend, distribution or other action);

 

(2)            the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
thereof or the giving of a redemption notice related thereto, as the case may be, if, at said date of declaration or notice, such
payment would comply with the foregoing paragraph;

 

(3)            the
payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness, including
premium, if any, and accrued and unpaid interest, with the proceeds of, or in exchange for, Indebtedness Incurred under paragraphs
(a), (b) and (c) or clause (13) of paragraph (d) of Section 4.9 hereof;

 

(4)            (a) the
making of any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock
of Opco or the Parent (other than any Disqualified Stock or any Capital Stock sold to an Issuer or a Restricted Subsidiary or
to an employee stock ownership plan or any trust established by the Parent or any of its Subsidiaries) or from substantially concurrent
contributions to the equity capital of the Parent or Opco (other than from the Parent) (collectively, including any such contributions,
 “Refunding Capital Stock”) (with any sale or contribution within 90 days deemed as substantially concurrent);
and (b) the declaration and payment of accrued dividends on any Capital Stock redeemed, repurchased, retired, defeased or
acquired out of the proceeds of the sale of Refunding Capital Stock within 90 days of such sale; provided, that the amount
of any such proceeds or contributions that are utilized for any Restricted Payment pursuant to this clause (4) shall be excluded
from the amount described in clause (4)(C) of paragraph (a) of this Section 4.7;

 

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(5)            the
payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness, including
premium, if any, and accrued and unpaid interest with the proceeds of, or in exchange for, an issuance of, shares of Capital Stock
(other than Disqualified Stock) of the Parent or Opco (or options, warrants or other rights to acquire such Capital Stock) that
occurs within 90 days of such payment, redemption, repurchase, defeasance or other acquisition or retirement for value; provided,
that the amount of any such proceeds or contributions that are utilized for any Restricted Payments pursuant to this clause (5) shall
be excluded from the amount described in clause (4)(C) of paragraph (a) of this Section 4.7;

 

(6)            the
repurchase, purchase, redemption or other acquisition or retirement for value of any shares of Capital Stock of Parent held by
any current or former officer, director, member, consultant, employee or manager of the Issuers, any of the Restricted Subsidiaries,
the Advisor or AR Global or any of their respective affiliates (or any permitted transferees, assigns, estates or heirs of any
of the foregoing); provided, however, the aggregate amount paid by the Issuers and the Restricted Subsidiaries pursuant
to this clause (6) shall not exceed the greater of (x) $20.0 million and (y) 0.5% of consolidated Adjusted Total
Assets of the Issuers and the Restricted Subsidiaries, in any calendar year (excluding for purposes of calculating such amount
the amount paid for Capital Stock repurchased, redeemed, acquired or retired with the cash proceeds from the repayment of outstanding
loans previously made by an Issuer or a Restricted Subsidiary for the purpose of financing the acquisition of such Capital Stock),
with unused amounts in any calendar year being carried over to the next two succeeding calendar years; provided further,
that such amount in any calendar year may be increased by an amount not to exceed (A) the Net Cash Proceeds from the sale
of Capital Stock (other than Disqualified Stock) of the Parent by current or former officers, directors, members, consultants,
employees or managers of the Issuers or any of their Restricted Subsidiaries, the Advisor or AR Global or any of their respective
affiliates that occurs after the Issue Date, to the extent such proceeds (i) have not otherwise been and are not thereafter
applied to the payment of any other Restricted Payment or (ii) are not attributable to loans made by an Issuer or a Restricted
Subsidiary thereof for the purpose of financing the acquisition of such Capital Stock, plus (B) the cash proceeds
of key man life insurance policies received by the Issuers and their Restricted Subsidiaries after the Issue Date, less (C) the
amount of any Restricted Payments previously made pursuant to clauses (A) and (B) of this clause (6); provided further,
however, that cancellation of Indebtedness owing to an Issuer or any Restricted Subsidiary from current or former officers,
directors, members, consultants, employees or managers (or any permitted transferees, assigns, estates or heirs of any of the
foregoing) of the Issuers, any of their Restricted Subsidiaries, the Advisor or AR Global or any of their respective affiliates
in connection with a repurchase of Capital Stock of the Parent shall not be deemed to constitute a Restricted Payment for purposes
of this Indenture;

 

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(7)            payments
made or expected to be made by the Issuers or any Restricted Subsidiary, in each case, in respect of withholding or similar taxes
payable upon exercise of Capital Stock by any future, present or former employee, director, officer, member, manager or consultant
of the Issuers, any of the Restricted Subsidiaries, the Advisor or AR Global or any of their respective affiliates (or any permitted
transferees, assigns, estates or heirs of any of the foregoing) and any repurchases of Capital Stock deemed to occur upon exercise
of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants or required
withholding or similar taxes and cashless repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants
if such Capital Stock represent a portion of the exercise price of such options or warrants;

 

(8)            the
repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness or Preferred Stock of any
Issuer or Restricted Subsidiary pursuant to the provisions similar to those described under Sections 4.10 and 4.13 hereof; provided
that all Notes validly tendered by Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable,
have been repurchased, redeemed, acquired or retired for value;

 

(9)            payments
or distributions to dissenting holders of limited partnership units of Opco or stockholders of Parent pursuant to applicable law
pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture
described under Section 5.1 hereof;

 

(10)            the
payment of cash in lieu of the issuance of fractional shares of Capital Stock upon exercise or conversion of securities exercisable
or convertible into Capital Stock of the Parent;

 

(11)            additional
Restricted Payments so long as, after giving pro forma effect thereto (including any incurrence and/or repayment of Indebtedness
in connection therewith), the Consolidated Net Leverage Ratio is less than or equal to 5.5 to 1.00 as of the last day of the most
recent fiscal quarter or year; or

 

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(12)            additional
Restricted Payments in an aggregate amount not to exceed the greater of (x) $250.0 million and (y) 6.0% of consolidated
Adjusted Total Assets of the Issuers and the Restricted Subsidiaries at any time outstanding;

 

provided, however, that
in the case of clauses (6), (11) and (12), no Default and no Event of Default shall have occurred and be continuing or occur as
a direct consequence of the actions or payments set forth therein.

 

(c)            The
net amount of any Restricted Payment permitted pursuant to clauses (1) and (2) of paragraph (b) of this Section 4.7
(adjusted to avoid double counting) shall be included in calculating whether the conditions of clause (4)(C) of paragraph
(a) of this Section 4.7 have been met with respect to any subsequent Restricted Payments. The net amount of any Restricted
Payment permitted pursuant to clauses (3) through (12) of paragraph (b) of this Section 4.7 shall be excluded in
calculating whether the conditions of clause (4)(C) of paragraph (a) of this Section 4.7 have been met with respect
to any subsequent Restricted Payments. The amount of all Restricted Payments (other than cash) shall be the fair market value
on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued to or by the Issuers
or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

(d)            For
purposes of determining compliance with this Section 4.7, in the event that a payment or other action meets the criteria
of more than one of the exceptions described in clauses (1) through (12) of paragraph (b) of this Section 4.7,
or is permitted to be made pursuant to paragraph (a) of this Section 4.7 (including by virtue of qualifying as Permitted
Investment), the Issuers shall be permitted to classify such payment or other action on the date of its occurrence in any manner
that complies with this Section 4.7. Payments or other actions permitted by this Section 4.7 need not be permitted solely
by reference to one provision permitting such payment or other action but may be permitted in part by one such provision and in
part by one or more other provisions of this Section 4.7 permitting such payment or other action (including pursuant to any
section of the definition of “Permitted Investment”).

 

For purposes of determining
compliance with any Dollar-denominated restriction on Restricted Payments denominated in a foreign currency, the Dollar-equivalent
amount of such Restricted Payment shall be calculated based the relevant currency exchange rate in effect on the date such Restricted
Payment was made.

 

Section 4.8.     Limitation
on Dividend and Other Restrictions Affecting Restricted Subsidiaries.

 

(a)            The
Issuers shall not, and shall not permit any Restricted Subsidiaries to, create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or restriction of any kind on the ability of any such Restricted Subsidiary to:

 

(1)            pay
dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned
by an Issuer or any of its Restricted Subsidiaries;

 

(2)            pay
any Indebtedness owed to an Issuer or any other Restricted Subsidiary;

 

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(3)            make
loans or advances to an Issuer or any other Restricted Subsidiary; or

 

(4)            transfer
its property or assets to an Issuer or any other Restricted Subsidiary.

 

(b)            The
foregoing provisions shall not restrict any encumbrances or restrictions:

 

(1)            existing
under, by reason of or with respect to, this Indenture, the Credit Agreement and any other agreement in effect on the Issue Date
as in effect on the Issue Date, and any amendments, modifications, restatements, extensions, increases, supplements, refundings,
refinancing, renewals or replacements of such agreements; provided, however, that the encumbrances and restrictions
in any such amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or
replacements are not materially more restrictive, taken as a whole, than those in effect on the Issue Date;

 

(2)            existing
under, by reason of or with respect to any other Indebtedness of the Issuers or their Restricted Subsidiaries permitted under
this Indenture; provided, however, that the Issuers have determined in good faith that the encumbrances and restrictions
contained in the agreement or agreements governing the other Indebtedness are not materially more restrictive, taken as a whole,
than those contained in customary comparable financings and shall not impair in any material respect the Issuers’ and Subsidiary
Guarantors’ ability to make payments on the Notes and Note Guarantees thereof when due;

 

(3)            existing
with respect to any Person (including Indebtedness or Capital Stock of such Person) or the property or assets of such Person acquired
by an Issuer or any Restricted Subsidiary (including by merger or consolidation), existing at the time of such acquisition and
not incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or
assets of any Person other than such Person or the property or assets of such Person so acquired and any amendments, modifications,
restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements thereof; provided,
however, that the encumbrances and restrictions in any such amendments, modifications, restatements, extensions, increases,
supplements, refundings, refinancing, renewals or replacements are entered into in the ordinary course of business or are not
materially more restrictive, taken as a whole, than those contained in the instruments or agreements with respect to such Person
or its property or assets as in effect on the date of such acquisition;

 

(4)            existing
under, by reason of or with respect to provisions in joint venture, operating or similar agreements;

 

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(5)            in
the case of clause (a)(4) of this Section 4.8:

 

(A)            that
restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance
or contract or similar property or asset,

 

(B)            existing
by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of an
Issuer or any Restricted Subsidiary not otherwise prohibited by this Indenture,

 

(C)            existing
under, by reason of or with respect to (i) purchase money obligations for property acquired in the ordinary course of business
or (ii) capital leases or operating leases that impose encumbrances or restrictions on the property so acquired or covered
thereby, or

 

(D)            arising
or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of an Issuer or any Restricted Subsidiary in any manner material to an Issuer and
its Restricted Subsidiaries taken as a whole;

 

(6)            any
encumbrance or restriction with respect to a Restricted Subsidiary that was previously an Unrestricted Subsidiary pursuant to
or by reason of an agreement that such Subsidiary is a party to or entered into before the date on which such Subsidiary became
a Restricted Subsidiary; provided that such agreement was not entered into in anticipation of an Unrestricted Subsidiary
becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets or property of the Issuers
or any other Restricted Subsidiary other than the assets and property of such Subsidiary;

 

(7)            with
respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition
of the Capital Stock of, or property and assets of, such Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary pending the closing of such sale or other disposition; or

 

(8)            encumbrances
or restrictions existing under or by reason of applicable law, rule, regulation, order, decree, approval, license, permit or other
accreditation of, or agreement with, any governmental or regulatory authorities with respect to assets located in or under their
jurisdiction.

 

(c)            Nothing
contained in this Section 4.8 shall prevent an Issuer or any Restricted Subsidiary from restricting the sale or other disposition
of property or assets of an Issuer or any of its Restricted Subsidiaries that secure Indebtedness of the Issuers or any of their
Restricted Subsidiaries. For purposes of determining compliance with this Section 4.8, (1) the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to distributions being paid on common stock shall not be deemed
a restriction on the ability to make distributions on Capital Stock, and (2) the subordination of loans or advances made
to a Restricted Subsidiary to other Indebtedness incurred by such Restricted Subsidiary shall not be deemed a restriction on the
ability to make loans or advances.

 

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Section 4.9.     Limitation
on Debt.

 

(a)            The
Issuers shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness)
if, immediately after giving effect to the Incurrence of such additional Indebtedness and the receipt and application of the proceeds
therefrom, the aggregate principal amount of all outstanding Indebtedness of the Issuers and the Restricted Subsidiaries on a
consolidated basis would be greater than 60% of consolidated Adjusted Total Assets of the Issuers and the Restricted Subsidiaries.

 

(b)            The
Issuers shall not, and shall not permit any of the Restricted Subsidiaries to, Incur any Secured Indebtedness (including
Acquired Indebtedness that is Secured Indebtedness) if, immediately after giving effect to the Incurrence of such additional Secured
Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of all outstanding Secured
Indebtedness of the Issuers and the Restricted Subsidiaries on a consolidated basis would be greater than 45% of consolidated
Adjusted Total Assets of the Issuers and the Restricted Subsidiaries.

 

(c)            The
Issuers shall not, and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness);
provided, however, that the Issuers or any of the Restricted Subsidiaries may Incur Indebtedness (including Acquired
Indebtedness) if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom,
the Interest Coverage Ratio of the Issuers and the Restricted Subsidiaries on a consolidated basis would be at least 2.0 to 1.0.

 

(d)            Notwithstanding
paragraph (a), (b) or (c) above, the Issuers or any of the Restricted Subsidiaries (except as specified below) may Incur
each and all of the following:

 

(1)            Indebtedness
of the Issuers or any of the Restricted Subsidiaries outstanding under any Credit Facility at any time in an aggregate principal
amount not to exceed the greater of (x) $1.750 billion and (y) 40% of consolidated Adjusted Total Assets of the Issuers
and the Restricted Subsidiaries; provided, however, that any Permitted Refinancing Indebtedness incurred under clause
(13) below in respect of such Indebtedness shall be deemed to have been incurred under this clause (1) for purposes of determining
the amount of Indebtedness that may at any time be incurred under this clause (1);

 

(2)            Indebtedness
of the Issuers or any of the Restricted Subsidiaries owed to:

 

(i)            any
Issuer or Subsidiary Guarantor evidenced by an unsubordinated promissory note, or

 

(ii)            any
Restricted Subsidiary;

 

provided, however,
that if the any Issuer or Guarantor is an obligor and the payee is not an Issuer or a Guarantor, the Indebtedness is subordinated
in right of payment to the amounts due under the Notes, in the case of an Issuer, or the Note Guarantee, in the case of a Guarantor;
provided further that any event that results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary of
the Issuers or any subsequent transfer of such Indebtedness (other than to the Issuers or any other Restricted Subsidiary of the
Issuers) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (2);

 

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(3)            Indebtedness
of the Issuers or any of their Restricted Subsidiaries under Currency Agreements and Interest Rate Agreements; provided that
such agreements (i) are designed solely to protect the Issuers or any of their Restricted Subsidiaries against fluctuations
in foreign currency exchange rates or interest rates (whether fluctuations of fixed to floating rate interest or floating to fixed
rate interest) and (ii) do not increase the Indebtedness of the obligor outstanding at any time other than as a result of
fluctuations in foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder;

 

(4)            Indebtedness
of the Issuers or any of the Subsidiary Guarantors, to the extent the net proceeds thereof are promptly:

 

(i)            used
to purchase Notes tendered in a Change of Control Offer made as a result of a Change in Control,

 

(ii)            used
to redeem all the Notes as described under Article III hereof,

 

(iii)            deposited
to defease the Notes as described below under Section 8.2 hereof, or

 

(iv)            deposited
to discharge the obligations under the Notes and this Indenture as described under Section 8.1 hereof;

 

(5) (i) Guarantees
of Indebtedness of an Issuer or any Subsidiary Guarantor by any Restricted Subsidiary, provided the guarantee of such Indebtedness
is permitted by and made in accordance with Section 4.15 hereof, (ii) Guarantees by a Subsidiary Guarantor of any Indebtedness
of an Issuer or any other Subsidiary Guarantor, (iii) Guarantees by an Issuer of Indebtedness of any Subsidiary Guarantor
or the other Issuer, and (iv) Guarantees by any Restricted Subsidiary that is not Subsidiary Guarantor (other than Opco)
of Indebtedness of any other Restricted Subsidiary that is not a Subsidiary Guarantor (other than Opco);

 

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(6)            Indebtedness
outstanding on the Issue Date after giving effect to the intended use of proceeds of the Notes (other than Indebtedness outstanding
pursuant to clauses (1) and (7) of this paragraph 4.9(d));

 

(7)            Indebtedness
represented by the Notes issued on the Issue Date and the related Note Guarantees;

 

(8)            Indebtedness
consisting of obligations to pay insurance premiums incurred in the ordinary course of business;

 

(9)            Indebtedness
in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or similar facilities, and reinvestment
obligations related thereto, entered into in the ordinary course of business;

 

(10)            Indebtedness
in respect of (a) workers’ compensation claims, health, disability or other employee benefits, self-insurance obligations,
indemnities, bankers’ acceptances, performance, bid, completion and surety bonds or guarantees and similar types of obligations
in the ordinary course of business and including statutory obligations or otherwise under applicable law and including Guarantees
by the Issuer and their Restricted Subsidiaries of such Indebtedness incurred by the Advisor or the Property Manager for the benefit
of the Issuers and their Restricted Subsidiaries (and amounts reimbursed to the Advisor or the Property Manager for such Indebtedness)
and (b) deposits and advance payments received in the ordinary course of business;

 

(11)            Indebtedness
represented by cash management obligations and other obligations in respect of netting services, automatic clearinghouse arrangements,
overdraft protections and similar arrangements in each case in connection with deposit accounts and honoring or drawing of an
instrument against insufficient funds and endorsements for deposit;

 

(12)            Indebtedness
supported by a letter of credit procured by the Issuers or their Restricted Subsidiaries in a principal amount not in excess of
the stated amount of such letter of credit and where the underlying Indebtedness would otherwise be permitted;

 

(13)            Permitted
Refinancing Indebtedness incurred in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness
(other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under the provisions of paragraphs
(a), (b) and (c) of this Section 4.9 or clause (1), (4), (6), (7), (8), (14), (15) or (16) of this paragraph (d);

 

(14)            Indebtedness
(including Capitalized Lease Obligations) Incurred by the Issuers or any Restricted Subsidiary within 270 days of the related
purchase, lease or improvement, to finance the purchase, lease or improvement of property (real or personal) or equipment used
in the business of the Issuers or any Restricted Subsidiary, whether through the direct purchase of assets or the Capital Stock
of any Person owning such assets in an aggregate principal amount not to exceed at any one time outstanding the greater of (x) $200.0
million and (y) 4.5% of consolidated Adjusted Total Assets of the Issuers and the Restricted Subsidiaries at any time outstanding
provided, however, that any Permitted Refinancing Indebtedness incurred under clause (13) above in respect of such
Indebtedness shall be deemed to have been incurred under this clause (14) for purposes of determining the amount of Indebtedness
that may at any time be incurred under this clause (14);

 

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(15)            Additional
Indebtedness of the Issuers and their Restricted Subsidiaries in aggregate principal amount at any time outstanding not to exceed
the greater of (x) $150.0 million and (y) 3.5% of consolidated Adjusted Total Assets of the Issuers and the Restricted
Subsidiaries; provided, however, that any Permitted Refinancing Indebtedness incurred under clause (13) above in
respect of such Indebtedness shall be deemed to have been incurred under this clause (15) for purposes of determining the amount
of Indebtedness that may at any time be incurred under this clause (15); and

 

(16)            Acquired
Indebtedness and any other Indebtedness Incurred to finance a merger, consolidation or other acquisition; provided that
immediately after giving effect to the Incurrence of such Acquired Indebtedness and such other Indebtedness, as the case may be,
on a pro forma basis (including the receipt and pro forma application of the proceeds therefrom) as if such Incurrence
(and the related merger, consolidation or other acquisition) had occurred at the beginning of the applicable Four Quarter Period,
(A) either (x) the Issuers and their Restricted Subsidiaries would be permitted to Incur at least $1.00 of additional
Indebtedness pursuant to paragraph (a) of this Section 4.9 or (y) the ratio referred to in such paragraph (a) would
be equal to or less than such ratio immediately prior (and without giving pro forma effect) to such merger, consolidation
or other acquisition, (B) either (x) the Issuers and their Restricted Subsidiaries would be permitted to Incur at least
$1.00 of additional Indebtedness pursuant to paragraph (b) of this Section 4.9 or (y) the ratio referred to in
such paragraph (b) would be equal to or less than such ratio immediately prior (and without giving pro forma effect)
to such merger, consolidation or other acquisition and (C) either (x) the Issuers and the Subsidiary Guarantors would
be permitted to Incur at least $1.00 of additional Indebtedness pursuant to paragraph (c) of this Section 4.9 or (y) the
ratio referred to in such paragraph (c) would be equal to or greater than such ratio immediately prior (and without giving
pro forma effect) to such merger, consolidation or other acquisition.

 

(e)            Notwithstanding
any other provision of this Section 4.9, the maximum amount of Indebtedness that the Issuers or any of the Restricted Subsidiaries
may Incur pursuant to this Section 4.9 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness,
due solely to the result of fluctuations in the exchange rates of currencies.

 

(f)            For
purposes of determining any particular amount of Indebtedness under this Section 4.9, (i) Indebtedness Incurred and
outstanding under the Credit Agreement on or prior to the Issue Date shall be treated as Incurred pursuant to clause (1) of
paragraph (d) of this Section 4.9 and may not be reclassified, and (ii) Guarantees, Liens or obligations with respect
to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included.

 

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(g)            For
purposes of determining compliance with this Section 4.9, in the event that an item of Indebtedness meets the criteria of
more than one of the categories of permitted Indebtedness described in clauses (1) through (16) of paragraph (d) of
this Section 4.9 or is entitled to be incurred pursuant to paragraphs (a), (b) and (c) of this Section 4.9,
the Issuers shall, in their sole discretion, be entitled to classify all or a portion of such item of Indebtedness on the date
of its incurrence or issuance and determine the order of such incurrence or issuance (and may later reclassify such item of Indebtedness)
and may divide and classify such Indebtedness in more than one of the types of Indebtedness described, and, in such event, such
item of Indebtedness (or any portion thereof) shall be treated as being incurred or existing pursuant to only such clause or clauses
(or any portion thereof) without giving pro forma effect to such item (or portion thereof) when calculating the amount
of Indebtedness that may be incurred pursuant to any other clause or paragraph. At any time that the Issuers or the Restricted
Subsidiaries would be entitled to have incurred any then outstanding Indebtedness under paragraphs (a), (b) and (c) of
this Section 4.9, such Indebtedness shall be automatically reclassified into Indebtedness incurred pursuant to those paragraphs,
except as provided in clause (f) of this Section 4.9. Indebtedness permitted by this Section 4.9 need not be permitted
solely by reference to one provision permitting such Indebtedness, but may be permitted in part by one such provision and in part
by one or more other provisions of this Section 4.9 permitting such Indebtedness. For the avoidance of doubt, the outstanding
principal amount of any particular Indebtedness shall be counted only once and any obligations arising under any guarantee, Lien,
letter of credit or similar instrument supporting such Indebtedness shall not be double counted.

 

(h)            For
purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving
credit debt; provided, however, that if such Indebtedness is incurred to refinance other Indebtedness denominated
in a foreign currency, and such refinancing would cause the applicable Dollar denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced, plus any committed amounts associated therewith (if the Issuers elected to
have such commitment deemed to be Incurred at the time of the commitment in accordance with the last paragraph of the definition
of “Incur”), the amount of any reasonable premium (including reasonable tender premiums), defeasance costs
and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness. The principal amount of
any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced,
shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing.

 

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Section 4.10.     Limitation
on Asset Sales.

 

(a)            The
Issuers shall not, and shall not permit any of their Restricted Subsidiaries to, consummate any Asset Sale, unless:

 

(1)            the
consideration received by the Issuers or such Restricted Subsidiary (including by way of relief from, or by way of any other Person
assuming sole responsibility for, any liabilities, contingent or otherwise) is at least equal to the fair market value of the
assets sold or disposed of (such fair market value to be determined as of the date of contractually agreeing to such Asset Sale
or as may be adjusted on or prior to the date of sale or disposition); and

 

(2)            at
least 75% of the consideration received from such Asset Sale consists of cash, Temporary Cash Investments or Replacement Assets,
or a combination of cash, Temporary Cash Investments or Replacement Assets.

 

For purposes of this provision,
each of the following shall be deemed to be cash:

 

(i)            any
liabilities of the Issuers or any Restricted Subsidiary (as shown on the most recent consolidated balance sheet of the Issuers
and their Restricted Subsidiaries other than contingent liabilities and liabilities that are by their terms subordinated to the
Notes or any Note Guarantee thereof) that are assumed by the transferee of any such assets pursuant to an agreement that releases
the Issuers or any such Restricted Subsidiary from further liability with respect to such liabilities or that are assumed by contract
or operation of law;

 

(ii)            any
securities, notes or other obligations received by an Issuer or any such Restricted Subsidiary from such transferee that are converted
by the Parent or such Restricted Subsidiary into cash or Temporary Cash Investments within 180 days (to the extent of the cash
or Temporary Cash Investments received in that conversion); and

 

(iii)            any
Designated Non-Cash Consideration received by the Issuers or any such Restricted Subsidiary in such Asset Sale having an aggregate
fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (c) that
is at the time outstanding, not to exceed the greater of (x) $75.0 million and (y) 1.75% of consolidated Adjusted Total
Assets of the Issuers and the Restricted Subsidiaries at the time of the receipt of such Designated Non-Cash Consideration, with
the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving
effect to subsequent changes in value.

 

(b)            Within
450 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Issuers or any such Restricted Subsidiary may apply
such Net Cash Proceeds:

 

(1)            to
prepay, repay, redeem or purchase Pari Passu Indebtedness of an Issuer or a Subsidiary Guarantor that is Secured Indebtedness
(other than Indebtedness owed to the Issuers or an Affiliate of the Issuers) or Indebtedness under the Credit Agreement;

 

(2)            to
make an Investment in (provided such Investment is in the form of Capital Stock), or to acquire all or substantially all of the
assets of, a Person engaged in a Permitted Business if such Person is, or shall become as a result thereof, a Restricted Subsidiary;

 

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(3)            to
prepay, repay, redeem or purchase (x) Pari Passu Indebtedness of an Issuer or of any Subsidiary Guarantor; provided,
however, that if the Issuers or a Subsidiary Guarantor shall so prepay, repay, redeem or purchase any such Pari Passu Indebtedness,
the Issuers shall equally and ratably reduce obligations under the Notes pursuant to the redemption provisions of this Indenture,
through open market purchases (to the extent such purchases are at a purchase price at or above 100% of the principal amount thereof
plus accrued and unpaid interest, if any) or by making an offer to all Holders to purchase their Notes at 100% of the principal
amount thereof, plus accrued and unpaid interest (and such offer shall be deemed for purposes of this Section 4.10
to be a use of proceeds from an Asset Sale equal to the aggregate amount of Net Cash Proceeds offered to the Holders, whether
or not the offer is accepted by any or all Holders), or (y) any Indebtedness of a Restricted Subsidiary that is not a Subsidiary
Guarantor;

 

(4)            to
fund all or a portion of an optional redemption of the Notes as described under Section 3.7 hereof;

 

(5)            to
make a capital expenditure;

 

(6)            to
acquire Replacement Assets to be used or that are useful in a Permitted Business; or

 

(7)            any
combination of the foregoing;

 

provided, that the Issuers
shall be deemed to have complied with the provisions described in clauses (2), (5) and (6) of this paragraph (b) if
and to the extent that, within 450 days after the Asset Sale that generated the Net Cash Proceeds, the Issuers or any of the Restricted
Subsidiaries has entered into and not abandoned or rejected a binding agreement to acquire the assets or Capital Stock of a Permitted
Business, acquire Replacement Assets or make a capital expenditure in compliance with the provisions described in clauses (2),
(5) and (6) of this paragraph (each an “Acceptable Commitment”), and that Acceptable Commitment (or
a replacement commitment should the Acceptable Commitment be subsequently cancelled or terminated for any reason) is thereafter
completed within 180 days after the end of such 450-day period. Pending the final application of any such Net Cash Proceeds, the
Issuers may temporarily reduce the revolving Indebtedness under any Credit Facility or otherwise invest such Net Cash Proceeds
in any manner that is not prohibited by this Indenture.

 

(c)            The
amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 450 day period as
set forth in the immediately preceding paragraph above and not so applied by the end of such period shall constitute “Excess
Proceeds”. When the aggregate amount of Excess Proceeds exceeds the greater of (x) $75.0 million and (y) 1.75%
of consolidated Adjusted Total Assets of the Issuers and the Restricted Subsidiaries (the “Excess Proceeds Cap”),
the Issuers shall make an offer to all Holders of the Notes and, if required by the terms of any Indebtedness that is Pari Passu
Indebtedness, to the holders of such Pari Passu Indebtedness on a pro rata basis (an “Asset Sale Offer”),
to purchase the maximum aggregate principal amount of the Notes and such Pari Passu Indebtedness (in the case of the Notes, that
is in an amount equal to at least $2,000), that may be purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100.0% of the principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest,
if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuers
shall commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds
exceed the Excess Proceeds Cap by delivering the notice required pursuant to the terms of this Indenture, with a copy to the Trustee.
The Issuers may satisfy the foregoing obligations with respect to any Excess Proceeds from an Asset Sale by making an Asset Sale
Offer with respect to such Excess Proceeds prior to the expiration of the relevant 450 days or with respect to Excess Proceeds
equal to the Excess Proceeds Cap or less.

 

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To the extent that
the aggregate amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Issuers and the Restricted Subsidiaries may use any remaining Excess Proceeds for any purpose not prohibited by
this Indenture. If the aggregate principal amount of Notes or the Pari Passu Indebtedness surrendered by such holders thereof
exceeds the amount of Excess Proceeds, the registrar shall select the Notes and the Issuers shall select such Pari Passu Indebtedness
to be purchased on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness
tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset Sale Offer shall
be reset to zero.

 

Pending the final
application of any Net Cash Proceeds pursuant to this Section 4.10, the Issuers or any of their Restricted Subsidiaries may
apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest
such Net Cash Proceeds in any manner not prohibited by this Indenture.

 

For the avoidance
of doubt and notwithstanding anything to the contrary contained above, in the case of Net Cash Proceeds received by any non-Wholly
Owned Restricted Subsidiary, only that portion of such proceeds that are allocable (based on economic share and not necessarily
percentage ownership) to the Issuers shall be subject to the requirement to make an offer in accordance with this Section 4.10
and shall be applied towards the Excess Proceeds Cap.

 

(d)            Notwithstanding
the above, the Issuers shall not be required to make an Asset Sale Offer with respect to any amount:

 

(1)            to
the extent that the relevant Net Cash Proceeds of any Asset Sales by a Foreign Restricted Subsidiary (a “Foreign Disposition”)
is prohibited, restricted or delayed under any Requirements of Law, from being repatriated to the United States, an amount equal
to the portion of such Net Cash Proceeds so affected shall not be required to be applied in compliance with this Section 4.10,
and such amounts may be retained by the Foreign Restricted Subsidiary so long, but only so long, as the Requirements of Law shall
not permit repatriation to the United States (the Issuers hereby agreeing to cause the applicable Foreign Restricted Subsidiary
to promptly take all commercially reasonable actions (as determined by the Parent's reasonable business judgment) required to
permit such repatriation); it being understood and agreed that once the repatriation of the relevant affected Net Cash Proceeds
is permitted under Requirements of Law, the relevant Foreign Restricted Subsidiary shall promptly repatriate the relevant Net
Cash Proceeds and the repatriated Net Cash Proceeds shall be applied within ten business days (net of additional Taxes payable
or reserved against as a result thereof) to make an Asset Sale Offer to the extent required herein; or

 

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(2)            to
the extent that the relevant Net Cash Proceeds are received in respect of any joint venture for so long as the distribution to
the Issuers of such Net Cash Proceeds would be prohibited under the organizational documents governing such joint venture (so
long as such distribution restrictions were not implemented for the purpose of avoiding mandatory repurchase requirements); it
being understood and agreed that once such distribution is permitted under the organizational documents governing such joint venture,
the relevant joint venture shall promptly distribute the relevant Net Cash Proceeds and the distributed Net Cash Proceeds shall
be applied within 10 business days to make an Asset Sale Offer to the extent required herein.

 

Notwithstanding the above, if the Parent
determine in good faith that the repatriation to the Issuers as a distribution or dividend of any amounts required to make an
Asset Sale Offer that are attributable to any Foreign Restricted Subsidiary would result in a material and adverse Tax liability
(including any withholding Tax) (such amount, a “Restricted Amount”), the amount with respect to which the
Issuers shall be required to make an Asset Sale Offer shall be reduced by the Restricted Amount; provided that to the extent
that the repatriation of the relevant Net Cash Proceeds from the relevant Foreign Restricted Subsidiary would no longer have a
material and adverse tax consequence, an amount equal to the Restricted Amount (reduced by any relevant Taxes) shall be applied
within ten business days to make an Asset Sale Offer to the extent required herein.

 

(e)            The
Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an
Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Indenture, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations described in this Indenture by virtue thereof. The Issuers may rely on any no-action letters issued by the SEC
indicating that the staff of the SEC shall not recommend enforcement action in the event a tender offer satisfies certain conditions.

 

(f)            The
provisions under this Indenture relative to the Issuers’ obligation to make an offer to repurchase the Notes as a result
of an Asset Sale may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes
then outstanding.

 

Section 4.11.     Limitation
on Transactions with Affiliates.

 

(a)            The
Issuers shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into, renew or extend
any transaction (including the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with
any holder (or any Affiliate of such holder) of 10% or more of any class of Capital Stock of the Parent or with any Affiliate
of an Issuer or any Restricted Subsidiary (an “Affiliate Transaction”), in each case involving consideration
in excess of the greater of (x) $75.0 million and (y) 1.75% of consolidated Adjusted Total Assets of the Issuers and
the Restricted Subsidiaries, except upon terms that are not (as determined by a majority of the disinterested directors of the
Board of Directors of the Parent, or where no such disinterested directors exist, by unanimous approval of the directors of the
Board of Directors of the Parent) materially less favorable to the Issuers or such Restricted Subsidiary than could be obtained,
at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the
agreement providing therefor, in a comparable arm’s length transaction with a Person that is not such a holder or an Affiliate,
or if in the good faith judgment of the Parent’s Board of Directors, no comparable transaction is available with which to
compare such transaction, such transaction is otherwise fair to the Issuers or such Restricted Subsidiary from a financial point
of view.

 

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(b)           The
foregoing limitation does not limit, and shall not apply to:

 

(1)            transactions
for which the Parent or any Restricted Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment
banking, appraisal or accounting firm stating that the transaction is fair to the Parent or such Restricted Subsidiary from a financial
point of view;

 

(2)            any
transaction solely between an Issuer and any of its Restricted Subsidiaries or solely between Restricted Subsidiaries;

 

(3)            the
payment of reasonable fees and compensation (including through the issuance of Capital Stock of the Parent (including the issuance
of restricted shares and restricted share units pursuant to Parent's amended and restated restricted share plan), the issuance
of any units of limited partner interest in the Opco, including the LTIP Units and OP Units, pursuant to the 2018 Operating Partnership
Plan or any successor multi-year outperformance agreement entered into with the Advisor or its affiliates, in each case, as amended,
modified, supplemented or replaced from time-to-time) to, and indemnification and similar arrangements on behalf of, current, former
or future directors, officers, employees or consultants of the Issuers, any Restricted Subsidiary, the Advisor or AR Global or
any of their respective affiliates;

 

(4)            the
issuance or sale of Capital Stock (other than Disqualified Stock) of the Parent;

 

(5)            any
Restricted Payments not prohibited by Section 4.7 hereof and Investments constituting Permitted Investments;

 

(6)            any
contracts, instruments or other agreements or arrangements in each case as in effect on the Issue Date, including but not limited
to the Advisory Agreement and the Management Agreement, and any transactions pursuant thereto or contemplated thereby, and (i) any
amendment, modification or supplement thereto or any replacement thereof entered into from time-to-time, (ii) any management
and leasing agreement entered into after the Issue Date between any Restricted Subsidiary and the Property Manager, in each case,
as long as any such agreement or arrangement as so amended, modified, supplemented or replaced, or any such management or leasing
agreement entered into after the Issue Date, is determined in good faith by a majority of the independent directors of the Board
of Directors of the Parent to be fair to, and in the best interest of, the Issuers and their Restricted Subsidiaries taken as a
whole;

 

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(7)            any
employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into by an Issuer
or any Restricted Subsidiary with current, former or future officers, directors and employees of an Issuer or such Restricted Subsidiary
and the payment of compensation and reimbursement of expenses and the providing of other benefits (including retirement, health,
disability, option, deferred compensation, insurance and other employment benefits) to officers, directors and employees of an
Issuer or any Restricted Subsidiary (including amounts paid pursuant to employee benefit plans, employee stock option or similar
plans), in each case in the ordinary course of business;

 

(8)            loans
and advances to directors, officers, employees, members, managers and consultants of the Issuers, any Restricted Subsidiary, the
Advisor or AR Global or any of their respective affiliates or guarantees in respect thereof (or cancellation of such loans, advances
or guarantees), in each case, for bona fide business purposes, including for reasonable moving and relocation, entertainment and
travel expenses and similar expenses, made in the ordinary course of business;

 

(9)            transactions
with a Person that is an Affiliate of the Issuers solely because an Issuer, directly or indirectly, owns Capital Stock of, or controls
such Person;

 

(10)          any
transaction with a Person who is not an Affiliate immediately before the consummation of such transaction that becomes an Affiliate
as a result of such transaction;

 

(11)          the
entering into or amending of any tax sharing, allocation or similar agreement and any payments thereunder; and

 

(12)          transactions
between the Issuers or any of the Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction solely
because a director of such Person is also a director of an Issuer or any Restricted Subsidiary; provided, however,
that such director abstains from voting as a director of such Issuer or Restricted Subsidiary on any matter involving such other
Person.

 

Section 4.12.     Maintenance
of Total Unencumbered Assets. The Issuers and their Restricted Subsidiaries shall maintain Total Unencumbered
Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Indebtedness of the Issuers and
their Restricted Subsidiaries on a consolidated basis in accordance with GAAP.

 

Section 4.13.     Repurchase
of Notes upon a Change of Control Triggering Event.

 

(a)           No
later than ten (10) Business Days after the occurrence of a Change of Control Triggering Event, the Issuers shall be required
to make an Offer to Purchase (a “Change of Control Offer”) all outstanding Notes at a purchase price equal to
101% of their principal amount plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the
 “Change of Control Purchase Price”) (subject to the right of Holders of record on the relevant record date to
receive interest due on an interest payment date that is on or prior to the date of purchase).

 

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If a Change of Control
Offer is required, within ten Business Days following a Change of Control Triggering Event, the Issuers shall mail a notice to
each Holder (with a copy to the Trustee) describing the transaction or transactions that constitute, or are expected to constitute,
the Change of Control Triggering Event, and offering to repurchase Notes on a specified date (the “Change of Control
Purchase Date”). The Change of Control Purchase Date shall be no earlier than 30 days and no later than 60 days from
the date the notice is mailed (or in the case of global notes, given pursuant to applicable DTC procedures).

 

(b)           On
or before the Purchase Date, the Issuers shall, to the extent lawful, deposit with the Paying Agent an amount equal to the Change
of Control Purchase Price in respect of the Notes or portions of Notes properly tendered.

 

On the Change of Control
Purchase Date, the Issuers shall, to the extent lawful:

 

(1)            accept
for payment all Notes or portions of Notes (in minimum principal amounts of $2,000 or integral multiples of $1,000 in excess thereof)
properly tendered and not withdrawn pursuant to the Change of Control Offer;

 

(2)            deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Issuers; and

 

(3)            deposit
the Change of Control Purchase Price with the Paying Agent in respect of all Notes so accepted.

 

The Paying Agent shall
promptly deliver to each Holder who has so tendered Notes the Change of Control Purchase Price for such Notes, and the Trustee
shall, upon receipt of an Authentication Order, promptly authenticate and mail (or cause to be transferred by book-entry) to each
Holder a new Note issued by the Issuers equal in principal amount to any unpurchased portion of the Notes so tendered, if any;
provided that each such new Note shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

 

If the Purchase Date
is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if
any, shall be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business
on such record date and shall not be paid as part of the Change of Control Purchase Price.

 

(c)           The
Issuers shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (i) a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not validly
withdrawn under such Change of Control Offer, or (ii) the Issuers have irrevocably elected (which election may be subject
solely to the occurrence of the Change of Control Triggering Event) to redeem all outstanding Notes and notice of such redemption
has been given pursuant to Article III, unless and until there is a default in payment of the applicable redemption price.

 

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(d)           Notwithstanding
anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control Triggering
Event, subject to one or more conditions precedent, including, but not limited to, the consummation of such Change of Control
Triggering Event. The Change of Control Purchase Date may be delayed until such time (including more than 60 days after the notice
is mailed or delivered, including by electronic transmission) as such Change of Control Triggering Event is consummated. The Issuers
may rescind or amend the Change of Control Offer in the event that the Issuers shall determine that the Change of Control Triggering
Event will not occur by the Change of Control Purchase Date, or by the Change of Control Purchase Date as so delayed. A Change
of Control Offer made in advance of the Change of Control Triggering Event may be made at the same time as consents are solicited
with respect to an amendment, supplement or waiver of this Indenture.

 

(e)           The
Issuers shall comply with all applicable securities laws and regulations in the United States, including, without limitation, the
requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase
of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations
conflict with this Section 4.13, the Issuers shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations under this Section 4.13 by virtue of such compliance.

 

(f)           The
provisions under this Indenture relating to the Issuers’ obligation to make a Change of Control Offer may be waived, modified
or terminated with the written consent of the Holders of a majority in principal amount of the Notes then outstanding.

 

Section 4.14.     Corporate
Existence. Except as otherwise permitted by Article V, the Issuers shall do or cause to be done all things
necessary to preserve and keep in full force and effect their corporate, partnership or other existence, as applicable, and
the corporate, partnership or other existence, as applicable, of each of the Restricted Subsidiaries of the Issuers in
accordance with the respective organizational documents of each such Restricted Subsidiary and the related material rights
(charter and statutory) of the Issuers and each Restricted Subsidiary of the Issuers; provided, however, that the
Issuers shall not be required to preserve any such right or corporate existence with respect to themselves or any Restricted
Subsidiary if the Board of Directors of the Parent or any Officer of the Issuers shall determine that the preservation
thereof is no longer necessary or desirable in the conduct of the business of the Issuers and their Restricted Subsidiaries,
taken as a whole, and that the loss thereof could not reasonably be expected to have a material adverse effect on the ability
of the Issuers to perform their obligations hereunder and provided, further, however, that the foregoing shall not prohibit a
sale, transfer, conveyance, lease or disposal of a Restricted Subsidiary or any of the Issuers' or any Restricted
Subsidiary’s assets in compliance with the terms of this Indenture.

 

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Section 4.15.     Future
Guarantees. The Issuers shall cause each Restricted Subsidiary that is not a Subsidiary Guarantor (other than
Opco) that borrows under or Guarantees the Credit Agreement, any other syndicated loan facility or any Capital Markets
Indebtedness, in each case, of the Issuers or a Guarantor (“Guaranteed Indebtedness”) to, within 30 days
thereof, execute and deliver to the Trustee a supplemental indenture, in substantially the form set forth in Exhibit B
hereto, providing for a Note Guarantee by such Restricted Subsidiary pursuant to which such Restricted Subsidiary shall
unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any,
and interest in respect of the Notes on a senior basis and all other obligations under this Indenture. With respect to any
Note Guarantee by any Foreign Subsidiary pursuant to this Section 4.15, the supplemental indenture set forth in
Exhibit B hereto may have such changes thereto as required by the local law of such Foreign Subsidiary including but not
limited to limitations of such Note Guarantees under such local law, provided such changes (including such limitations) apply
mutatis mutandis to the Guarantee of the Guaranteed Indebtedness. In connection with any such supplemental indenture
delivered pursuant to this Section 4.15 in connection with any Note Guarantee by any Foreign Subsidiary, in addition to
the requirements set forth in Section 9.5, the Issuer shall deliver to the Trustee an Officers’ Certificate to the
effect that such Note Guarantee complies with the terms and requirements of this Section 4.15 (upon which the Trustee
may exclusively and conclusively rely without any obligation to review, verify or negotiate the terms, limitations or
requirements herein of such Note Guarantee).

 

Section 4.16.     Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)           Except
during a Suspension Period, the Board of Directors of the Parent may designate any Restricted Subsidiary (including any newly acquired
or newly formed Subsidiary of the Issuers) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or
owns or holds any Lien on any property of, the Issuers or any of their Restricted Subsidiaries; provided, however,
that:

 

(1)            any
Guarantee by an Issuer or any of the Restricted Subsidiaries of any Indebtedness of the Subsidiary being so designated shall be
deemed an “Incurrence” of such Indebtedness and an “Investment” by such Issuer or Restricted
Subsidiary (or all, if applicable) at the time of such designation;

 

(2)            either
(i) the Subsidiary to be so designated has total assets of $1,000 or less or (ii) if such Subsidiary has assets greater
than $1,000, such designation would be permitted under Section 4.7 hereof; and

 

(3)            if
applicable, the Incurrence of Indebtedness and the Investment referred to in clause (i) above would be permitted under Sections
4.7 and 4.9 hereof.

 

(b)           The
Board of Directors of the Parent may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however,
that:

 

(1)            no
Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation; and

 

(2)            all
Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time, have
been permitted to be Incurred (and shall be deemed to have been Incurred) for all purposes of this Indenture.

 

(c)           Any
such designation by the Board of Directors of the Parent shall be evidenced to the Trustee by promptly filing with the Trustee
a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation
complied with this Section 4.16.

 

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Section 4.17.     Covenant
Suspension.

 

(a)           During
a Suspension Period, the Issuers and the Restricted Subsidiaries shall not be subject to the following covenants contained in this
Indenture (each a “Suspended Covenant”):

 

(1)            Section 4.7;

 

(2)            Section 4.8;

 

(3)            Section 4.10;

 

(4)            Section 4.11;

 

(5)            Section 4.13;
and

 

(6)            Section 5.1(a)(3).

 

All other provisions
of this Indenture shall apply at all times during any Suspension Period so long as any Notes remain outstanding thereunder; provided
that the Interest Coverage Ratio that shall be applicable under clause (c) of Section 4.9 shall be 1.5 to 1.0 during
any Suspension Period.

 

(b)           “Suspension
Period” means any period:

 

(1)            beginning
on the date that:

 

(A)            the
Notes have Investment Grade Status from at least two of the three Rating Agencies;

 

(B)             no
Default or Event of Default has occurred and is continuing; and

 

(C)             the
Issuers have delivered an Officers’ Certificate to the Trustee certifying that the conditions set forth in clauses
(A) and (B) above are satisfied; and

 

(2)           ending
on the date (the “Reversion Date”) that the Notes cease to have Investment Grade Status from at least two of
the three Rating Agencies.

 

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(c)           On
each Reversion Date, all Indebtedness, liens thereon and dividend blockages incurred during the Suspension Period prior to such
Reversion Date shall be deemed to have been outstanding on the Issue Date. For purposes of calculating the amount available to
be made as Restricted Payments under clause (4)(C) of paragraph (a) of Section 4.7 hereof, calculations under that
clause shall be made with reference to the Transaction Date, as set forth in that clause. Accordingly, (x) Restricted Payments
made during the Suspension Period not otherwise permitted pursuant to any of clauses (1) through (12) under paragraph (b) of
Section 4.7 hereof shall reduce the amount available to be made as Restricted Payments under clause (4)(C) of paragraph
(a) of Section 4.7 hereof; provided, however, that the amount available to be made as a Restricted Payment
on the Transaction Date shall not be reduced to below zero solely as a result of such Restricted Payments, but may be reduced
to below zero as a result of negative cumulative Funds From Operations during the Suspension Period for the purpose of clause
(4)(C)(i) of paragraph (a) of Section 4.7, and (y) the items specified in clauses (4)(C)(i)-(vi) of paragraph
(a) of Section 4.7 that occur during the Suspension Period shall increase the amount available to be made as a Restricted
Payment under clause (4)(C) of paragraph (a) of Section 4.7. Any Restricted Payment made during the Suspension
Period that is of the type described in paragraph (b) of Section 4.7 hereof (other than the Restricted Payment referred
to in clauses (1) or (2) of paragraph (b) of Section 4.7 or any exchange of Capital Stock for Capital Stock
or Indebtedness referred to in clause (4) or (5) of paragraph (b) of Section 4.7), and the Net Cash Proceeds
from any issuance of Capital Stock referred to in clauses (4) and (5) of paragraph (b) of Section 4.7 hereof
(adjusted to avoid double counting) shall not be included in calculating the amounts permitted to be incurred under such clause
(4)(C) on each Reversion Date. For purposes of Section 4.10 hereof, on each Reversion Date, the unutilized Excess Proceeds
shall be reset to zero. No Default or Event of Default shall be deemed to have occurred on the Reversion Date (or thereafter)
under any Suspended Covenant solely as a result of any actions taken by the Issuers or any of their Restricted Subsidiaries, or
events occurring, during the Suspension Period. For purposes of Section 4.12 hereof, if the Issuers and their Restricted
Subsidiaries are not in compliance with Section 4.12 as of a Reversion Date, no Default or Event of Default shall be deemed
to have occurred for up to 120 days following the Reversion Date; provided that none of the Issuers nor any of their Restricted
Subsidiaries shall incur any Secured Indebtedness until such time that the requirements of Section 4.12 have been met.

 

ARTICLE V

SUCCESSORS

 

Section 5.1.       Consolidation,
Merger and Sale of Assets.

 

(a)           No
Issuer shall consolidate with or merge with or into, or sell, convey, transfer or otherwise dispose of all or substantially of
it and its Restricted Subsidiaries’ (taken as a whole) property and assets (as an entirety or substantially an entirety in
one transaction or a series of related transactions) to, any Person or permit any Person (other than a Restricted Subsidiary) to
merge with or into it unless:

 

(1)            such
Issuer shall be the continuing Person, or the Person (if other than such Issuer) formed by such consolidation or into which such
Issuer is merged or that acquired such property and assets of such Issuer shall be a corporation, limited liability company, partnership
(including a limited partnership) or trust organized and validly existing under the laws of the United States of America or any
state or jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all
of the obligations of such Issuer with respect to the Notes and under this Indenture (provided that in the case of a limited
liability company, partnership (including a limited partnership) or trust, there shall also be a corporation organized and validly
existing under the laws of the United States of America or any state or jurisdiction thereof which shall expressly jointly with
such limited liability company, partnership (including a limited partnership) or trust, assume, by a supplemental indenture, executed
and delivered to the Trustee, all of the obligations of such Issuer with respect to the Notes and under this Indenture);

 

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(2)            immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(3)            immediately
after giving effect to such transaction and any related financing transactions as if the same had occurred at the beginning of
the applicable Four-Quarter Period, on a pro forma basis the Issuers, or any Person becoming the successor obligor of the
Notes, as the case may be, (a) could Incur at least $1.00 of Indebtedness under paragraphs (a) and (c) of Section 4.9
hereof or (b) the Interest Coverage Ratio would not decrease; provided, however, that this clause (3) shall
not apply to a consolidation or merger with or into a Wholly Owned Restricted Subsidiary; and

 

(4)            if
such Issuer is not the continuing Person, the Issuers deliver to the Trustee an Officers’ Certificate (attaching the arithmetic
computations to demonstrate compliance with clause (3) above) and an Opinion of Counsel (which may be subject to customary
qualifications), in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with
this covenant and that all conditions precedent provided for herein relating to such transaction have been complied with and, with
respect to the Opinion of Counsel, that the supplemental indenture constitutes a valid and binding obligation enforceable against
the Issuers, or the Person (if other than an Issuer) formed by such consolidation or into which such Issuer is merged or that acquired
all or substantially all of such Issuer’s and its Restricted Subsidiaries’ property and assets;

 

provided, however, that clause
(3) above does not apply if, in the good faith determination of the Board of Directors of the Parent, whose determination
shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of domicile of an Issuer;
provided, further, however, that any such transaction shall not have as one of its purposes the evasion of
the foregoing limitations.

 

(b)          The
Issuers shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey or transfer, in one transaction
or a series of transactions, all or substantially all of its property and assets to any Person unless:

 

(1)            the
resulting, surviving or transferee Person (if not such Subsidiary Guarantor) shall be a Person organized and existing under the
laws of the jurisdiction under which such Subsidiary Guarantor was organized or under the laws of the United States of America,
or any State thereof or the District of Columbia, and such Person shall expressly assume, by a supplemental indenture, all the
obligations of such Subsidiary Guarantor, if any, under this Indenture and its Note Guarantee, as applicable; provided,
however, that the foregoing requirement shall not apply in the case of a Subsidiary Guarantor or all or substantially all
of its property and assets (x) that has been disposed of in its entirety to another Person (other than to an Issuer or an
Affiliate of an Issuer), whether through a merger, consolidation or sale of Capital Stock or assets or (y) that, as a result
of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary of the Issuers, so long as, in both cases,
in connection therewith the Issuers provide an Officers’ Certificate to the Trustee to the effect that the Issuers shall
comply with their obligations under Section 4.10 hereof;

 

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(2)            immediately
after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes
an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued by such Person
at the time of such transaction), no Default shall have occurred and be continuing; and

 

(3)            the
Issuers deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which may be subject to customary qualifications),
each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies with this Indenture
and, with respect to the Opinion of Counsel, that the supplemental indenture, if any, constitutes a valid and binding obligation
enforceable against the surviving Person.

 

Notwithstanding the foregoing,
any Subsidiary Guarantor may (i) merge with an Affiliate of an Issuer or an Affiliate or a Restricted Subsidiary or another
Subsidiary Guarantor solely for the purpose of changing the state of domicile of the Subsidiary Guarantor, (ii) merge with
or into or transfer all or part of its properties and assets to another Subsidiary Guarantor or the Issuers, or (iii) convert
into a corporation, partnership, limited partnership, limited liability company or trust organized under the laws of the jurisdiction
of organization of such Subsidiary Guarantor, provided that such surviving Person (if not a Subsidiary Guarantor) shall
expressly assume, by a supplemental indenture, all the obligations of such Subsidiary Guarantor, if any, under the its Note Guarantee.

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.1.       Events
of Default.

 

(a)           Each
of the following is an “Event of Default”:

 

(1)            default
in the payment of principal of, or premium, if any, on any Note when due and payable at maturity, upon acceleration, redemption
or otherwise;

 

(2)            default
in the payment of interest on any Note when due and payable, and such default continues for a period of 30 days;

 

(3)            default
in the performance or breach of the provisions of this Indenture described under Section 5.1;

 

(4)            the
Issuers fail to make or consummate a Change of Control Offer following a Change of Control Triggering Event when required as described
under Section 4.13;

 

(5)            the
Issuers or Restricted Subsidiaries default in the performance of or breach any other covenant or agreement of the Issuers or the
Restricted Subsidiaries in this Indenture or under the Notes (other than a default specified in clause (1), (2), (3) or (4) above)
and such default or breach continues for 60 consecutive days (or, in the case of a failure to comply with this Indenture provisions
described under Section 4.3, 120 consecutive days) after written notice by the Trustee or the Holders of 25% or more in aggregate
principal amount of the Notes;

 

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(6)            there
occurs with respect to any issue or issues of Indebtedness of an Issuer or any Significant Subsidiary having an outstanding principal
amount of the greater of (x) $100.0 million and (y) 2.5% of consolidated Adjusted Total Assets of the Issuers and the
Restricted Subsidiaries, or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists
or shall hereafter be created;

 

(i)              an
event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity
and such Indebtedness has not been Discharged in full or such acceleration has not been rescinded or annulled within 30 days of
such acceleration; and/or

 

(ii)             the
failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have
been made, waived or extended within 30 days of such payment default;

 

(7)            a
court of competent jurisdiction enters a decree or order for:

 

(i)              relief
in respect of an Issuer or any Significant Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect,

 

(ii)             appointment
of a receiver, liquidator, assignee custodian, trustee, sequestrator or similar official of an Issuer or any Significant Subsidiary
or for all or substantially all of the property and assets of an Issuer or any Significant Subsidiary, or

 

(iii)            the
winding up or liquidation of the affairs of an Issuer or any Significant Subsidiary and, in each case, such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or

 

(8)            an
Issuer or any Significant Subsidiary:

 

(i)              commences
a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the
entry of an order for relief in an involuntary case under such law,

 

(ii)             consents
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of an Issuer or such Significant Subsidiary or for all or substantially all of the property and assets of an Issuer or such Significant
Subsidiary, or

 

(iii)            effects
any general assignment for the benefit of its creditors.

 

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In the event of any
Event of Default specified in clause (6) of Section 6.1(a), such Event of Default and all consequences thereof (excluding
any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically
and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose an Issuer delivers an
Officers’ Certificate to the Trustee stating that (i) the Indebtedness or Guarantee that is the basis for such Event
of Default has been discharged; (ii) Holders thereof have rescinded or waived the acceleration, notice or action (as the
case may be) giving rise to such Event of Default; or (iii) the default that is the basis for such Event of Default has been
cured..

 

Section 6.2.       Acceleration.

 

(a)           If
an Event of Default (other than an Event of Default specified in clause (7) or (8) of Section 6.1(a)) shall have
occurred and be continuing under this Indenture, the Trustee with respect to an Issuer or the Holders of at least 25.0% in aggregate
principal amount of the Notes then outstanding by written notice to the Issuers and the Paying Agent (and to the Trustee and Paying
Agent if such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding shall, declare the principal of, premium, if any, and accrued interest on the Notes
to be immediately due and payable (a “declaration of acceleration”). Upon a declaration of acceleration, such
principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration
because an Event of Default set forth in clause (6) of Section 6.1(a) above has occurred and is continuing, such
declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default
pursuant to clause (6) of Section 6.1(a) shall be remedied or cured by the relevant Issuer or Significant Subsidiary
or waived by the Holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto.
No such rescission shall affect any subsequent Default or impair any right consequent thereto.

 

If an Event of Default
specified in clause (7) or (8) of Section 6.1(a) occurs with respect to an Issuer, the principal of, premium,
if any, and accrued interest on the Notes then outstanding shall automatically become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder.

 

(b)           For
the avoidance of doubt, if a Default for a failure to report or failure to deliver a required certificate in connection with another
default (the “Initial Default”) occurs, then at the time such Initial Default is cured, such Default for a failure
to report or failure to deliver a required certificate in connection with another Default that resulted solely because of that
Initial Default will also be cured without any further action, even though such delivery is not within the prescribed period specified
in this Indenture.

 

(c)           Any
notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration
or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing
Holder”) in accordance with this Indenture must be accompanied by a written representation from each such Holder delivered
to the Issuers and the Trustee that such Holder is not (or, in the case such Holder is the Depositary or its nominee, that such
Holder is being instructed solely by beneficial owners that are not) Net Short (a “Position Representation”),
which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default shall be deemed a continuing
representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition,
each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Issuers with such
other information as the Issuers may reasonably request from time-to-time in order to verify the accuracy of such Holder’s
Position Representation within five (5) Business Days of request therefor (a “Verification Covenant”).
In any case in which the Holder is the Depositary or its nominee, any Position Representation or Verification Covenant required
hereunder shall be provided by the beneficial owner of the Notes in lieu of the Depositary or its nominee and the Depositary or
its nominee shall be entitled to conclusively rely on such Position Representation and Verification Covenant in delivering its
direction to the Trustee.

 

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If, following the delivery
of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers determine in good faith that there is a reasonable
basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee
an Officers’ Certificate stating that the Issuers have initiated litigation (“Litigation”) in a court
of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation,
and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect
to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically
reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such
matter (a “Final Decision”). Once such Officers’ Certificate has been provided to the Trustee, the Trustee
shall take no future action pursuant to the related Noteholder Direction until it receives notices of a Final Decision. If, following
the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers provide to the Trustee an Officers’
Certificate stating that a Directing Holder failed to satisfy its Verification Covenant (a “Verification Officers’
Certificate”), the cure period with respect to such Default shall be automatically stayed and the cure period with respect
to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy
stayed pending satisfaction of such Verification Covenant, and the Trustee shall take no further action pursuant to the related
Noteholder Direction until the Issuers provide a subsequent Officers’ Certificate to the Trustee that such Verification Covenant
has been satisfied (a “Covenant Satisfaction Officers’ Certificate”). The Issuers shall promptly deliver
a Covenant Satisfaction Officers’ Certificate following satisfaction by the applicable Directing Holder of its Verification
Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction
being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that
provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction
shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided
and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default.

 

Notwithstanding anything
in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event
of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing paragraphs. For
the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance
with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance
with any Verification Covenant, verify any statements in any Officers’ Certificate delivered to it, or otherwise make calculations,
investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative
Instruments or otherwise and shall have no liability for ceasing to take any action, staying any remedy or otherwise failing to
act in accordance with a Noteholder Directing during the pendency of any Litigation or a Noteholder Direction after a Verification
Officers’ Certificate has been provided to it but prior to receipt of a Covenant Satisfaction Officers’ Certificate.
The Trustee shall have no liability to the Issuers, any Holder or any other Person in acting in good faith on a Noteholder Direction
(it being understood and agreed that the Trustee shall be entitled to rely on each such Position Representation). In no event
shall the Trustee be obligated to ascertain, calculate, monitor, inquire or otherwise make any determination as to whether any
Holder is a Net Short holder. In any case in which the Holder is DTC or its nominee, each beneficial owner of the Notes agrees
to notify DTC if it is a Net Short holder and DTC shall be entitled to conclusively rely thereon in delivering its consent to
any amendment, modification or waiver of any provision of this Indenture.

 

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Section 6.3.       Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest,
if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by
law.

 

Section 6.4.       Waiver
of Past Defaults. Subject to Section 9.2, the Holders of a majority in aggregate principal amount of the
Notes then outstanding by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive all past
defaults and rescind and annul a declaration of acceleration and its consequences if:

 

(a)            all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have
become due solely by such declaration of acceleration, have been cured or waived, and

 

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

 

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

 

Section 6.5.       Control
by Majority. The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the
time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly
prejudicial to the rights of Holders not joining in the giving of such direction and may take any other action it deems
proper that is not inconsistent with any such direction received from Holders.

 

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Section 6.6.       Limitation
on Suits. Subject to Section 6.7, no Holder of a Note shall have any right to institute any proceeding with
respect to this Indenture, or for the appointment of a receiver or a trustee, or for any other remedy hereunder unless
(a) such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the
Notes, (b) the Holders of at least 25% in aggregate principal amount of the outstanding Notes have made written request
to the Trustee to pursue the remedy, (c) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee
against any costs, liability or expense, (d) the Trustee does not comply with the request within 60 days after receipt
of the request and the offer of indemnity; and (e) during such 60-day period, the Holders of a majority in aggregate
principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request.

 

A Holder may not use
this Indenture to prejudice the rights of another Holder to receive payment of the principal of, premium, if any, or interest on,
such Note or to bring suit for the enforcement of any such payment on or after the due date expressed in the Notes, which right
shall not be impaired or affected without the consent of the Holder.

 

Section 6.7.       Rights
of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any
Holder to receive payment of principal of, premium or interest on, such Note or to bring suit for the enforcement of any such
payment, on or after the due date expressed in the Notes, shall not be modified or amended in a manner adverse to such Holder
without the consent of the Holder.

 

Section 6.8.       Collection
Suit by Trustee. If an Event of Default specified in clauses (1) or (2) of
Section 6.1(a) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, and interest remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

 

Section 6.9.       Trustee
May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any
judicial proceedings relative to the Issuers (or any other obligor upon the Notes including the Subsidiary Guarantors), its
creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
securities or property payable or deliverable upon the conversion or exchange of the Notes or on any such claims, and any
custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.6. To the extent that the payment of any such
compensation, expenses, disbursements and advances to the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.6 out of the estate in any such proceeding, shall be denied for any reason, payment of the same
shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding, whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing in this Section 6.9 shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding.

 

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Section 6.10.     Priorities. If
the Trustee collects any money or property pursuant to this Article VI, it shall pay out the money and property in the
following order:

 

First:
to the Trustee (in all its capacities hereunder), its agents and attorneys for amounts due under Section 7.6, including payment
of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection;

 

Second:
to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;

 

Third:
without duplication, to the Holders for any other obligations owing to the Holders under this Indenture and the Notes; and

 

Fourth:
to the Issuers or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix
a record date and payment date for any payment to Holders pursuant to this Section 6.10.

 

Section 6.11.     Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as the Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a
suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10.0% in principal
amount of the then outstanding Notes.

 

Section 6.12.     Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuers,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.

 

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Section 6.13.     Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes in Section 2.7 hereof, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.14.     Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of
Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the
case may be.

 

ARTICLE VII

TRUSTEE

 

Section 7.1.       Duties
of Trustee.

 

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

 

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

 

(1)            the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

 

(2)            the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates
or opinions furnished to the Trustee and conforming to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein); however, the Trustee shall examine the certificates and
opinions furnished to it to determine whether or not they conform to the requirements of this Indenture.

 

(c)           The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1)            this
paragraph does not limit the effect of paragraph (b) of this Section 7.1;

 

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

 

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(3)            the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.5; and

 

(4)            no
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability.

 

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

 

(e)           Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this
Section 7.1.

 

Section 7.2.       Rights
of Trustee.

 

(a)           The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution, certificate,
statement, instrument, opinion, notice, report, request, direction, consent, order, bond, debenture or other document (whether
in original or facsimile form or PDF transmission) believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated therein.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. Prior to taking, suffering or omitting any action, the Trustee may consult with counsel of the Trustee’s own
choosing, and the Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in conclusive reliance on the advice or opinion of such counsel.

 

(c)           The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney
or agent appointed with due care.

 

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the discretion or rights or powers conferred upon it by this Indenture.

 

(e)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers or a Subsidiary Guarantor
shall be sufficient if signed by an Officer of the Issuers or such Subsidiary Guarantor.

 

(f)           The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against
the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 

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(g)          The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or documents, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine during normal business hours the books, records and premises of the Issuers, personally or by agent or attorney at the
sole cost of the Issuers, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

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

 

(i)            The
Trustee may request that each Issuer and each of the Subsidiary Guarantors shall deliver to the Trustee an Officers’ Certificate
setting forth the names of individuals and/or titles of Officers of each Issuer and each Subsidiary Guarantor, as applicable, authorized
at such time to take specified actions pursuant to this Indenture, the Notes and the Note Guarantees, which Officers’ Certificate
may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized
in any such certificate previously delivered and not superseded.

 

(j)            The
Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or the Trustee shall have received from an Issuer or Subsidiary Guarantor or
from any Holder written notice thereof at its address set forth in Section 11.1 and such notice references the Notes and this
Indenture. In the absence of such notice, the Trustee may conclusively assume that no such Default or Event of Default exists.

 

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

 

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

 

(m)          No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties thereunder, or in the exercise of any of its rights or powers.

 

Section 7.3.       Individual
Rights of the Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were
not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.9.

 

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Section 7.4.       Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of
this Indenture, the Notes or any Note Guarantee; it shall not be accountable for the use of the proceeds from the Notes or
any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture; it shall not be
responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be
responsible for any statement or recital herein or any statement in the Notes, any Officers’ Certificate delivered to
the Trustee hereunder, or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than the Trustee’s certificate of authentication hereunder.

 

Section 7.5.       Notice
of Defaults. If a Default or Event of Default occurs and is continuing and the Trustee has notice or knowledge
thereof as provided in Section 7.2(j), the Trustee shall deliver to Holders a notice of the Default or Event of Default
within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if
any, or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive
committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders.

 

Section 7.6.       Compensation
and Indemnity. The Issuers shall pay to the Trustee from time to time compensation for its acceptance of this
Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee, as
applicable, promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition
to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of
the Trustee’s agents and counsel.

 

Each of the Issuers
and the Subsidiary Guarantors, jointly and severally, shall indemnify, defend, protect and hold the Trustee (which for purposes
of this Section 7.6 shall include its officers, directors, employees and agents) harmless against any and all claims, damages,
losses, liabilities, costs or expenses suffered or incurred by it (including, without limitation, the fees and expenses of its
agents and counsel) arising out of or in connection with the acceptance or administration of its duties under this Indenture, the
performance of its obligations and/or exercise of its rights hereunder, including the costs and expenses of enforcing this Indenture
against the Issuers or any Subsidiary Guarantor (including this Section 7.6) and defending itself against any claim (whether
asserted by the Issuers or any Holder or any other Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, except to the extent any such loss, claim, damage, liability or expense shall have been found by
a court of competent jurisdiction in a non-appealable final decision to have been caused by its own gross negligence or willful
misconduct. The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify an Issuer shall not relieve such Issuer of its obligations hereunder. The Trustee may have one separate counsel, and
the Issuers shall pay the reasonable fees and expenses of such counsel for the Trustee. The Issuers and the Subsidiary Guarantors
need not pay for any settlement made without the consent of the Issuers, which consent shall not be unreasonably withheld.

 

The obligations of
the Issuers and the Subsidiary Guarantors under this Section 7.6 shall survive the satisfaction and discharge of this Indenture,
the payment of the Notes or the resignation or removal of the Trustee.

 

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To secure the Issuers’
payment obligations in this Section 7.6, the Trustee shall have a Lien prior to the Notes on all money or property held or
collected by the Trustee, except that held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall
survive the satisfaction and discharge of this Indenture, the payment of the Notes and the resignation or removal of the Trustee.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in clause (a)(7) or (a)(8) of paragraph (a) of
Section 6.1, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel)
are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.7.       Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor trustee’s acceptance of appointment as provided in this Section 7.7.

 

The Trustee may resign
in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in
principal amount of the then outstanding Notes may remove the Trustee upon thirty days’ written notice to the Trustee and
the Issuers. The Issuers may remove the Trustee if no Event of Default exists and:

 

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

 

(b)            a
custodian or public officer takes charge of the Trustee or its property; or

 

(c)            the
Trustee becomes incapable of acting.

 

If the Trustee acquires
any conflicting interest, it must eliminate such conflict within 90 days or resign.

 

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

 

If a successor trustee
does not take office within 30 days after the retiring Trustee resigns or is removed, such retiring Trustee (at the expense of
the Issuers), the Issuers or the Holders of at least 10.0% in principal amount of the then outstanding Notes may petition any court
of competent jurisdiction for the appointment of a successor trustee.

 

If the Trustee, after
written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.9, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.

 

A successor trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and the duties
of the Trustee under this Indenture. The successor trustee shall mail a notice of its succession to the Holders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing
to such Trustee hereunder have been paid and subject to the Lien provided for in Section 7.6. Notwithstanding replacement
of the Trustee pursuant to this Section 7.7, the Issuers’ and the Subsidiary Guarantors’ obligations under Section 7.6
shall continue for the benefit of the retiring Trustee.

 

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Section 7.8.        Successor
Trustee by Merger, Etc.     If the Trustee or any Agent consolidates, merges or converts into, or transfers
all or substantially all of its corporate trust business (including the trust hereby created) to, another corporation, the successor
corporation without any further act shall be the successor Trustee or Agent, as applicable.

 

Section 7.9.        Eligibility;
Disqualification.     There shall at all times be a Trustee hereunder that is organized and doing business
under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power
and that is subject to supervision or examination by federal or state authorities. Such Trustee together with its affiliates shall
at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition.

 

ARTICLE VIII

DISCHARGE OF INDENTURE, DEFEASANCE

 

Section 8.1.        Termination
of the Issuers’ Obligations.

 

(a)            The
Issuers may terminate their obligations under the Notes and this Indenture and the obligations of the Subsidiary Guarantors under
the Note Guarantees and this Indenture, and this Indenture shall be discharged and cease to be of further effect, except those
obligations referred to in paragraph (b) of this Section 8.1, if:

 

(1)            either

 

(A)            all the Notes theretofore
authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers
or discharged from such trust) have been delivered to the Trustee for cancellation; or

 

(B)             all Notes not theretofore
delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable within
one year, or are to be called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers have irrevocably
deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness
on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the
Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuers directing
the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided, that upon any
redemption that requires the payment of an Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture
to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice
of redemption, with any Make-Whole Premium Deficit only required to be deposited with the Trustee on or prior to the Redemption
Date. Any Make-Whole Premium Deficit shall be set forth in an Officers’ Certificate delivered to the Trustee at least one
Business Day prior to the deposit of such Make-Whole Premium Deficit that confirms that such Make-Whole Premium Deficit shall
be applied toward such redemption;

 

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(2)            the
Issuers have paid all other sums payable under this Indenture by the Issuers; and

 

(3)            the
Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture as to all outstanding Notes have been complied
with.

 

(b)           In
the case of clause (a)(1)(B) of this Section 8.1, and subject to the next sentence and notwithstanding the foregoing
paragraph, the Issuers’ obligations in Sections 2.5, 2.7, 2.8, 2.10 2.15, and 4.2 shall survive until the Notes are no longer
outstanding pursuant to the last paragraph of Section 2.8. After the Notes are no longer outstanding, the Issuers’
obligations in Sections 7.6, 8.5 and 8.6 shall survive discharge pursuant to this Section 8.1.

 

After such delivery
or irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of the Issuers’ obligations
under the Notes and this Indenture except for those surviving obligations specified above.

 

Section 8.2.        Legal
Defeasance and Covenant Defeasance.

 

(a)            The Issuers
may, at their option and at any time, elect to have either paragraph (b) or (c) below be applied to all outstanding
Notes upon compliance with the conditions set forth in Section 8.3.

 

(b)            Upon
the Issuers’ exercise under Section 8.2(a) hereof of the option applicable to this Section 8.2(b), the Issuers
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.3, be deemed to
have been discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and
the Subsidiary Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes
and Note Guarantees, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.4
hereof and the other Sections of this Indenture referred to in (1) and (2) below, and to have satisfied all their other
obligations under such Notes and this Indenture and the Subsidiary Guarantors shall be deemed to have satisfied all of their obligations
under the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper
instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged
hereunder:

 

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(1)            the
rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.4, and as more fully
set forth in such Section 8.4, payments in respect of the principal of, premium, if any, and interest on such Notes when
such payments are due;

 

(2)            the
Issuers’ obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed,
lost or stolen Notes set forth in Sections 2.5, 2.7, 2.8, 2.10. 2.15 and 4.2 hereof;

 

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

 

(4)            the
provisions of this Article VIII applicable to Legal Defeasance.

 

Subject to compliance
with this Article VIII, the Issuers may exercise their option under this Section 8.2(b) notwithstanding the prior
exercise of its option under Section 8.2(c).

 

(c)            Upon
the Issuers’ exercise under Section 8.2(a) hereof of the option applicable to this Section 8.2(c), the Issuers
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.3, be released
from their respective obligations under the covenants contained in Sections 4.3, 4.7 through 4.13, 4.14 (other than with respect
to the legal existence of the Issuers), 4.15 through 4.17 and clause (3) of Section 5.1(a) with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.3 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes, the Issuers and the Subsidiary Guarantors may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute an Event of Default under Section 6.1, but, except as specified above, the remainder
of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under paragraph (a) hereof
of the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.3, clauses
(4), (5) and (6) of Section 6.1(a) shall not constitute Events of Default.

 

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Section 8.3.        Conditions
to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.2(b) or Section 8.2(c) hereof to the outstanding Notes:

 

(a)            the
Issuers shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders subject to Legal Defeasance or Covenant
Defeasance, U.S. Legal Tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without
reinvestment) (as determined by the Issuers and certified to the Trustee in an Officers’ Certificate) to pay the principal
of and interest (including premium, if any) on the Notes on the stated date for payment or on the redemption date of the Notes;
provided, that upon any redemption that requires the payment of an Applicable Premium, the amount deposited shall be sufficient
for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated
as of the date of the notice of redemption, with any deficit as of the Redemption Date (any such amount, the “Make-Whole
Premium Deficit”) only required to be deposited with the Trustee on or prior to the Redemption Date. Any Make-Whole
Premium Deficit shall be set forth in an Officers’ Certificate delivered to the Trustee at least one Business Day prior
to the deposit of such Make-Whole Premium Deficit that confirms that such Make-Whole Premium Deficit shall be applied toward such
redemption. For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Officers’ Certificate
delivered to it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Officers’
Certificate, verify any statements in any Officers’ Certificate delivered to it. The Trustee shall have no liability to
the Issuers, any Holder or any other Person in acting in good faith on an Officers’ Certificate;

 

 

(b)            in
the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States of America
confirming that:

 

(1)            the
Issuers have received from, or there has been published by the Internal Revenue Service, a ruling, or

 

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

 

in either case to the effect that, and
based thereon this Opinion of Counsel shall confirm that the Holders and beneficial owners will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(c)            in
the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States of
America reasonably acceptable to the Trustee confirming that the Holders and beneficial owners will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had
not occurred;

 

(d)            no
Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of
funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case,
the granting of Liens on the deposited funds in connection therewith);

 

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(e)            the
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any other
material agreement or instrument (other than this Indenture) to which the Parent or any of its Subsidiaries is a party or by which
the Parent or any of its Subsidiaries is bound (other than any such Default or default relating to any Indebtedness being defeased
from any borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to such Indebtedness,
and the granting of Liens on the deposited funds in connection therewith);

 

(f)            the
Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by them with
the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying
or defrauding any other of their creditors or others; and

 

(g)            the
Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the conditions
provided for in, in the case of the Officers’ Certificate, clauses (a) through (f), as applicable, and, in the case
of the Opinion of Counsel, clauses (b), if applicable, and/or (c) and (e) of this Section 8.3 have been complied
with.

 

Section 8.4.        Application
of Trust Money. Subject to Section 8.5, the Trustee or Paying Agent shall hold in trust all U.S. Legal Tender
and U.S. Government Obligations deposited with it pursuant to this Article VIII, and shall apply the deposited U.S.
Legal Tender and the money from U.S. Government Obligations in accordance with this Indenture to the payment of the principal
of and the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and U.S.
Government Obligations, except as it may agree with the Issuers.

 

The Issuers shall
pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender and U.S.
Government Obligations deposited pursuant to Section 8.3 or the principal and interest received in respect thereof, other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article VIII
to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the Issuers’ request
any U.S. Legal Tender and U.S. Government Obligations held by it as provided in Section 8.3 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

 

Section 8.5.        Repayment
to the Issuers. The Trustee and the Paying Agent shall pay to the Issuers upon request any money held by them for
the payment of principal or interest that remains unclaimed for two years. After payment to the Issuers, Holders entitled to
such money shall look to the Issuers for payment as general creditors unless an applicable law designates another Person.

 

Section 8.6.        Reinstatement. If
the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S. Government Obligations in accordance with this
Article IX by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ obligations under this
Indenture, and the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to
this Article IX until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and U.S.
Government Obligations in accordance with this Article VIII; provided that if the Issuers have made any payment
of interest on, or principal of, any Notes because of the reinstatement of its obligations, the Issuers shall be subrogated
to the rights of the Holders of such Notes to receive such payment from the U.S. Legal Tender and U.S. Government Obligations
held by the Trustee or Paying Agent.

 

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ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.1.        Without
Consent of Holders of the Notes. Notwithstanding Section 9.2, the Issuers and the Trustee may amend or
supplement this Indenture, the Notes or the Note Guarantees without notice to or consent of any Holder or any other party to
this Indenture:

 

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

 

(b)            to
provide for the assumption by a successor corporation of the obligations of the Issuers or any Subsidiary Guarantor under this
Indenture;

 

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

 

(d)            to
add Note Guarantees with respect to the Notes or to secure the Notes;

 

(e)            to
add to the covenants of the Issuers or a Restricted Subsidiary for the benefit of the Holders or to surrender any right or power
conferred upon the Issuers or a Restricted Subsidiary;

 

(f)            to
make any change that does not adversely affect the rights of any Holder, as evidenced by an Officers’ Certificate delivered
to the Trustee (upon which it may fully rely without liability);

 

(g)           to
comply with any requirement of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act, if necessary;

 

(h)           to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided, however,
that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any other applicable securities law and (b) such amendment does not materially and adversely affect the rights of
Holders to transfer Notes;

 

(i)            to
conform the text of this Indenture or the Note Guarantees or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum; to the extent that such provision in such “Description of Notes” was intended
to be a substantially verbatim recitation of a provision of this Indenture or the Note Guarantees or the Notes, as evidenced by
an Officers’ Certificate delivered to the Trustee (upon which it may fully rely without liability);

 

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(j)            to
evidence and provide for the acceptance of appointment by a successor trustee, provided that the successor trustee is otherwise
qualified and eligible to act as such under the terms of this Indenture;

 

(k)           to
provide for a reduction in the minimum denominations of the Notes;

 

(l)            to
comply with the rules of any applicable securities depositary; or

 

(m)          to
provide for the issuance of Additional Notes and related Note Guarantees in accordance with the limitations set forth in this
Indenture.

 

Section 9.2.        With
Consent of Holders of Notes.

 

(a)            Subject
to Section 6.7 and Section 9.2(b), the Issuers, the Subsidiary Guarantors and the Trustee, together, with the consent
of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes without notice to or consent
from any other party to this Indenture may amend or supplement this Indenture, the Notes or the Note Guarantees. Subject to Section 6.7,
the Holders of not less than a majority in aggregate principal amount of the outstanding Notes may waive compliance with any provision
of this Indenture, the Notes or the Note Guarantees without notice to any other Holders.

 

(b)            Notwithstanding
Section 9.2(a), without the consent of each Holder affected, no amendment or waiver may:

 

(1)            change
the Stated Maturity of the principal of, or any installment of interest on, any Note;

 

(2)            reduce
the principal amount of, or premium, if any, or interest on, any Note or make the Notes payable in money other than that stated
in the Note;

 

(3)            change
the place of payment of principal of, or premium, if any, or interest on, any Note;

 

(4)            impair
the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of a redemption,
on or after the redemption date) of any Note;

 

(5)            reduce
the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify or amend this Indenture;

 

(6)            waive
a default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of the declaration of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and
a waiver of the payment default that resulted from such acceleration, so long as all other existing Events of Default, other than
the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration
of acceleration, have been cured or waived);

 

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(7)            voluntarily
release a Subsidiary Guarantor of its Note Guarantee, except as permitted by this Indenture;

 

(8)            reduce
the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance
with Sections 6.2 and 6.4; or

 

(9)            modify
or change any provisions of this Indenture affecting the ranking of the Notes as to right of payment or the Note Guarantees thereof
in any manner adverse to the Holders.

 

(c)            It
shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof.

 

(d)            A
consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with an exchange (in the
case of an exchange offer) or a tender (in the case of a tender offer) of such Holder’s Notes shall not be rendered invalid
by such tender or exchange.

 

(e)            After
an amendment, supplement or waiver under Section 9.1 or this Section 9.2 becomes effective, the Issuers shall mail to
the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to give
such notice to all Holders, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver.

 

Section 9.3.        Revocation
and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of
a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the
same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder
or subsequent Holder may revoke the consent as to his Note or portion of his Note by notice to the Trustee or the Issuers received
before the date on which the Trustee receives an Officers’ Certificate certifying that the Holders of the requisite principal
amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver.

 

The Issuers may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record
date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously
given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 90 days after such record date. The Issuers shall inform the Trustee in writing of the fixed record date if applicable.

 

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After an amendment,
supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through
(9) of Section 9.2(b), in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who
has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting
Holder’s Note; provided, however, that any such waiver shall not impair or affect the right of any Holder to receive
payment of principal of, and interest on, a Note, on or after the respective due dates therefor, or to bring suit for the enforcement
of any such payment on or after such respective dates without the consent of such Holder.

 

Section 9.4.        Notation
on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver on
any Note thereafter authenticated. The Issuers shall provide the Trustee with an appropriate notation on the Note about the
changed terms and cause the Trustee to return it to the Holder at the Issuers’ expense. Alternatively, if the Issuers
or the Trustee so determines, the Issuers in exchange for the Note shall issue, and the Trustee shall authenticate, a new
Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the
validity and effect of such amendment, supplement or waiver.

 

Section 9.5.        Trustee
to Sign Amendments, Etc. The Trustee shall sign any amended or supplemental indenture authorized pursuant to this
Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. In signing or refusing to sign any amendment or supplemental indenture, the Trustee shall be provided with and
(subject to Section 7.1) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of
Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture,
that all conditions precedent thereto have been met or waived and that such amendment or supplemental indenture constitutes
the legal, valid and binding obligation of the Issuers, subject to customary exceptions.

 

ARTICLE X

NOTE GUARANTEES

 

Section 10.1.      Note
Guarantees.

 

(a)            Each
Subsidiary Guarantor hereby jointly and severally, fully and unconditionally guarantees the Notes and obligations of the Issuers
hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee,
that: (i) the principal of and premium, if any, and interest on the Notes shall be paid in full when due, whether at Stated
Maturity, by acceleration, call for redemption or otherwise, together with interest on the overdue principal, if any, and interest
on any overdue interest, to the extent lawful, and all other obligations of the Issuers to the Holders or the Trustee under this
Indenture or the Notes shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in
case of any extension of time of payment or renewal of any Notes or of any such other obligations, that same shall be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration
or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary
Guarantors shall be jointly and severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is
a guarantee of payment and not a guarantee of collection.

 

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(b)            Each
Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any
Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Subsidiary
Guarantor.

 

(c)            Each
Subsidiary Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in
the event of insolvency or bankruptcy of any Issuer, any right to require a proceeding first against the Issuers or any other
Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such Subsidiary Guarantor shall not
be discharged as to any Note or this Indenture except by complete performance of the obligations contained in such Note and this
Indenture and such Note Guarantee. Each of the Subsidiary Guarantors hereby agrees that, in the event of a Default in payment
of principal or premium, if any, or interest on any Note, whether at its Stated Maturity, by acceleration, call for redemption,
purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject
to the terms and conditions set forth in this Indenture, directly against each of the Subsidiary Guarantors to enforce each such
Subsidiary Guarantor’s Note Guarantee without first proceeding against the Issuers or any other Subsidiary Guarantor. Each
Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any
of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes,
to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Subsidiary
Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have
been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders and any
other amounts due and owing to the Trustee under this Indenture.

 

(d)            If
any Holder or the Trustee is required by any court or otherwise to return to any Issuer or any Subsidiary Guarantor, or any custodian,
trustee, liquidator or other similar official acting in relation to any Issuer or any Subsidiary Guarantor, any amount paid by
any of them to the Trustee or such Holder, the Note Guarantee of each of the Subsidiary Guarantors, to the extent theretofore
discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary
action which may be taken by the Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall
survive the termination of this Indenture.

 

(e)            Each
Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, on the one hand, and the Holders and the Trustee,
on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI
for the purposes of the Note Guarantee of such Subsidiary Guarantor, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of
such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become due
and payable by each Subsidiary Guarantor for the purpose of the Note Guarantee of such Subsidiary Guarantor.

 

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(f)            Each
Subsidiary Guarantor that makes a payment for distribution under its Note Guarantee is entitled upon payment in full of all guaranteed
obligations under this Indenture to seek contribution from each other Subsidiary Guarantor in a pro rata amount of such
payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment in accordance with GAAP.

 

Section 10.2.      Execution
and Delivery of Guarantee. To evidence its Note Guarantee set forth in Section 10.1, each Subsidiary
Guarantor agrees that this Indenture or a supplemental indenture in substantially the form attached hereto as Exhibit B
shall be executed on behalf of such Subsidiary Guarantor by an Officer of such Subsidiary Guarantor (or, if an Officer is not
available, by a board member or director or other duly authorized signatory, including an Officer of Parent or Opco on behalf
of such Subsidiary Guarantor) on behalf of such Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding the absence of the
endorsement of any notation of such Note Guarantee on the Notes. In case the Officer, board member or director of such
Subsidiary Guarantor (or other duly authorized signatory) whose signature is on this Indenture or supplemental indenture, as
applicable, no longer holds office at the time the Trustee authenticates any Note, the Note Guarantee shall be valid
nevertheless.

 

The delivery of any
Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth
in this Indenture on behalf of the Subsidiary Guarantors.

 

Section 10.3.      Severability. In
case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 10.4.      Limitation
of Subsidiary Guarantors’ Liability.

 

(a)            Each
Subsidiary Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Note
Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions
of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders
and Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its Note Guarantee
shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such
Subsidiary Guarantor (including, without limitation, any guarantees under the Credit Agreement) and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect
of the obligations of such other Subsidiary Guarantor under its Note Guarantee, result in the obligations of such Subsidiary Guarantor
under its Note Guarantee constituting a fraudulent conveyance, fraudulent preference or fraudulent transfer or otherwise reviewable
under applicable law.

 

(b)            Specific
Limitations of Note Guarantees of the Italian Subsidiary Guarantors.

 

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(1)            Notwithstanding
anything to the contrary contained herein, the liabilities of any Subsidiary Guarantor incorporated under the laws of the Republic
of Italy (each an “Italian Guarantor”) under its Note Guarantee shall not exceed, at any time, the lower of:

 

(ii)            the
debt exposure of that Italian Guarantor under all inter-company loans or other financial support in any form (including without
limitation equity or quasi-equity contributions or subscriptions) advanced (or granted) to such Italian Guarantor by the Issuers
or any other member of the group of the Issuers and that Italian Guarantor on the date on which its Note Guarantee is called,
provided that, where such debt exposure has arisen under cash pooling arrangements, such exposure shall be calculated net of the
amounts which have been lent by that Italian Guarantor to the cash pooler in the relevant period; or

 

(ii)            an
amount equal to ninety percent (90%) of the net worth (“Patrimonio Netto” as defined in section 2424 of the
Italian Civil Code) of that Italian Guarantor resulting from time to time from its latest annual financial statements duly approved
by its shareholder or quotaholders (as appropriate) or, if earlier, from any interim financial statement (“situazione
patrimoniale”) approved by its board of directors or sole director, as the case may be.

 

(2)            For
the purposes of article 1938 of the Italian Civil Code, in any event and without prejudice to paragraph (a) above, the maximum
amount that Italian Guarantor may be required to pay in respect of its obligations as Subsidiary Guarantor under its Note Guarantee
shall not exceed $750,000,000.

 

(3)            The
Italian Guarantors shall not pay any amount, which exceeds the maximum rate permitted by Italian law 7 March, 1996 No. 108
(“Disposizioni in materia di usura”) as amended and/or implemented from time to time, and related implementing
regulations, it being understood that in such a case the amount owed to any present or future Holder of the Notes or other creditors
of the Issuers under the Notes or this Indenture for interest (including default interest) payable by an Issuer or any of the
Subsidiary Guarantors under any such document along with any fee or cost or other payments shall be equal, for the shortest possible
period, to that amount calculated at the maximum rate permitted to be payable under the above mentioned law provisions and related
implementing regulations.

 

(4)            For
the avoidance of doubt, any payment made by an Italian Guarantor under any guaranty issued in connection with the Credit Agreement
or any other debt or financing agreement for the benefit of the Issuers or any other Subsidiary Guarantor shall automatically
reduce pro tanto the amount payable by that Italian Guarantor (or recoverable by each Guaranteed Party) under its Note
Guarantee.

 

(5)            Italian
Principles of Construction. Without prejudice to the generality of any provision of the Note Guarantees, the Notes or this
Indenture which relates to an Italian Guarantor:

 

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(i)            a
 “liquidation”, “winding-up”, “administration” or “dissolution” includes, without
limitation, any scioglimento, liquidazione and any other proceedings or legal concepts similar to the foregoing;

 

(ii)            an
 “insolvency” or “bankruptcy” and “insolvency proceeding” includes, without limitation, any
procedura concorsuale (including fallimento and concordato fallimentare, concordato preventivo, pursuant
to article 160 ff. of the Royal Decree no. 267 of 16 March 1942, as amended and supplemented from time to time (the “Italian
Insolvency Act”), liquidazione coatta amministrativa, Amministrazione straordinaria and accordi di ristrutturazione
under article 182-bis of the Italian Insolvency Act, petition for composition pursuant to article 161, paragraph 6 of the
Italian Insolvency Act (“concordato in bianco”), the appointment of an expert (“professionista”)
for the certification (“attestazione”) of a piano di risanamento pursuant to article 67, paragraph 3(d),
of the Italian Insolvency Act, any accordo di ristrutturazione con intermediari finanziari e convenzione di moratoria pursuant
to Article 182-septies of the Italian Insolvency Act and cessione dei beni ai creditori pursuant to article 1977 of
the Italian Civil Code) and any other proceedings or legal concepts similar to the foregoing, including any equivalent proceeding
provided by the Legislative Decree no. 14 of 12 January 2019, following its entry into force;

 

(iii)            a
 “liquidator”, “trustee in bankruptcy”, “judicial custodian”, “compulsory manager”,
 “examiner”, “receiver”, “administrative receiver”, “administrator” or “insolvency
administrator” or the like includes, without limitation, a curatore, commissario giudiziale, commissario straordinario,
commissario, liquidatore and any other person performing the same function of each of the foregoing;

 

(iv)            a
 “step” or “procedure” taken in connection with insolvency proceedings in respect of any person includes
such person formally making a proposal to assign its assets pursuant to article 1977 of the Italian Civil Code (cessione dei
beni ai creditori) or filing a petition or a pre-petition (domanda prenotativa) for a concordato preventivo
pursuant to article 160 ff. of the Italian Insolvency Act or entering into restructuring arrangements (accordi di ristrutturazione)
pursuant to article 182-bis or article 182-septies of Italian Insolvency Act or entering into any arrangement pursuant to article
67 of Italian Insolvency Act and any equivalent proceeding provided by the legislative decree no. 14 of 12 January 2019,
following its entry into force;

 

(v)            an
 “attachment” includes a pignoramento;

 

(iv)            “an
obligation being due” includes, without limitation, any credito liquido ed esigibile and credito scaduto;

 

(v)            a
 “security” or “lien” includes, without limitation, any pegno, ipoteca, privilegio (including the
privilegio speciale created pursuant to article 46 of the Italian Banking Law, as amended from time to time), cessione
in garanzia, a finanziamento alle imprese garantito da trasferimento di bene immobile sospensivamente condizionato,
and any other diritto reale di garanzia or other transactions having the same effect as each of the foregoing;

 

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(vi)            “gross
negligence” includes “colpa grave”;

 

(vii)            “wilful
misconduct” includes “dolo”; and

 

(viii)            any
reference to “set-off” includes, without limitation, for the purposes of
Italian law, legal set-off.

 

(c)            Specific
Limitations on Note Guarantee of the Luxembourg Subsidiary Guarantors.

 

(1)            Without
prejudice to the Guaranty under the Loan Documents (as defined in the Credit Agreement) and notwithstanding anything to the contrary
contained herein or any related document, the obligations of each Subsidiary Guarantor incorporated in the Grand Duchy of Luxembourg
(a “Luxembourg Guarantor”) under this Note Guarantee shall at no time, in the aggregate, exceed an amount equal to
the greater of:

 

(i)            (i) 95%
of such Luxembourg Guarantor’s capitaux propres (as referred to in Annex I to the Grand-Ducal regulation dated 18
December 2015 defining the form and content of the presentation of the balance sheet and profit and loss account, and enforcing
the Luxembourg Law dated 19 December 2002 concerning the trade and companies register and the accounting and annual accounts
of undertakings (the “Regulation”)) determined as of the date on which a demand is made under this Note Guarantee,
increased by the amount of any Intra-Group Liabilities (as defined below) and other subordinated debt (dettes subordonnées)
(without duplication); and

 

(ii) 
95% of such Luxembourg Guarantor’s capitaux propres (as referred to in the Regulation) determined as at the date
of this Note Guarantee, increased by the amount of any Intra-Group Liabilities and other subordinated debt (dettes subordonnées)
(without duplication).

 

(2)            For
the purposes of this paragraph (c) of Section 10.4, “Intra-Group Liabilities” shall mean any amounts owed
by such Luxembourg Guarantor to any other member of the group of companies to which it belongs and that have not been financed
(directly or indirectly) by the proceeds from the issuance and sale of the Notes. In addition, the above limitation shall not
apply to any amounts borrowed directly or indirectly by or made available by whatever means to such Luxembourg Guarantor or any
of its direct or indirect Subsidiaries from the proceeds of the issuance and sale of the Notes (including for the avoidance of
doubt any proceeds on-lent to such Luxembourg Guarantor or any of its direct or indirect Subsidiaries (in any form whatsoever).

 

(3)            The
obligations and liabilities of any Luxembourg Guarantor under this Note Guarantee will not extend to include any obligation which,
if incurred, would constitute a misuse of corporate assets (abus de biens sociaux) as defined at article 1500-11 of the
Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time.

 

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Section 10.5.      Releases.

 

(a)            A
Subsidiary Guarantor shall be automatically and unconditionally released and discharged from its obligations under its Note Guarantee
and its obligations under this Indenture in the event of:

 

(1)            any
sale, exchange or transfer, to any Person that is not a Subsidiary of an Issuer of Capital Stock held by an Issuer and its Restricted
Subsidiaries in, or all or substantially all the assets of, such Restricted Subsidiary (which sale, exchange or transfer is not
prohibited by this Indenture), such that, immediately after giving effect to such transaction, such Restricted Subsidiary would
no longer constitute a Subsidiary of an Issuer,

 

(2)            in
connection with the merger or consolidation of a Subsidiary Guarantor with (i) an Issuer or (ii) any other Guarantor
(provided that the surviving entity remains a Subsidiary Guarantor),

 

(3)            if
the Board of Directors of the Parent properly designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted
Subsidiary in accordance with Section 4.16 hereof,

 

(4)            upon
the Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture,

 

(5)            upon
a liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture, or

 

(6)            the
termination, release or discharge of the Guaranteed Indebtedness or the Guarantee that resulted in the creation of such Note Guarantee
pursuant to Section 4.15 hereof, except a termination, discharge or release by or as a result of payment under such Guarantee.

 

(b)            In
addition, any Note Guarantee by a Subsidiary Guarantor on the Issue Date shall be automatically and unconditionally released and
discharged if such Subsidiary Guarantor ceases to Guarantee obligations under the Credit Agreement or ceases to constitute a co-borrower
with respect to the Credit Agreement and does not otherwise Guarantee any other Guaranteed Indebtedness.

 

The Trustee shall
execute any documents reasonably requested by the Issuers in writing, at the cost and expense of the Issuers, in order to evidence
the release of any Subsidiary Guarantor from its obligations under its Note Guarantee upon delivery to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that all conditions precedent to the release of a Subsidiary Guarantor’s
Note Guarantee set forth in this Indenture have been satisfied; provided, however, that the legal counsel delivering such Opinion
of Counsel may rely as to matters of fact on one or more Officer’s Certificates of the Issuers.

 

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Any Subsidiary Guarantor
not released from its obligations under its Note Guarantee shall remain liable for the full amount of principal of and interest
on the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this Article X.

 

Section 10.6.      Benefits
Acknowledged. Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Note Guarantee are
knowingly made in contemplation of such benefits.

 

ARTICLE XI

MISCELLANEOUS

 

Section 11.1.      Notices. Any
notice, request, direction, instruction or communication by the Issuers, any Subsidiary Guarantor or the Trustee to the
others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return
receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the addresses set forth below:

 

If to the Issuers
or any Subsidiary Guarantor:

 

Global Net Lease Operating Partnership, L.P.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

Global Net Lease, Inc.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

with a copy to:

 

Proskauer Rose LLP

70 West Madison, Suite 3800

Chicago, IL 60602-4342

Attention: Michael J. Choate, Esq.

 

If to the Trustee:

 

U.S. Bank National Association

100 Wall Street, Suite 600

New York, NY 10005

Attn: Global Corporate Trust &
Custody

Facsimile: (212) 361-6153

 

The parties hereto, by written notice
to the others, may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery to its address
shown on the register kept by the Registrar. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to
be given to the Holders shall be given to the Depositary in accordance with its applicable policies as in effect from time to
time. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect
to other Holders.

 

    106

     

    

 

In respect of this
Indenture, the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions,
reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such
instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such
electronic transmission; and the Trustee shall not have any liability for any losses, liability, costs or expenses incurred or
sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or
other communications or information. Each other party, agrees to assume all risks arising out of the use of electronic methods
to submit instructions, directions, reports, notices or other communications or information to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, directions, notices, reports or other communications or
information, and the risks of interception and misuse by third parties.

 

If a notice or communication
is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt.

 

If the Issuers deliver
a notice or communication to Holders, they shall mail a copy to the Trustee and each Agent at the same time.

 

Section 11.2.      Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuers to the Trustee to take any
action under this Indenture, the Issuers shall furnish to the Trustee upon request:

 

(a)            an
Officers’ Certificate (which shall include the statements set forth in Section 11.3) stating that, in the opinion of
the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have
been satisfied; and

 

(b)            an
Opinion of Counsel (which shall include the statements set forth in Section 11.3) stating that, in the opinion of such counsel,
all such conditions precedent and covenants have been satisfied.

 

Section 11.3.      Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than the Officers’ Certificate provided pursuant to Section 4.4)
shall include substantially:

 

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

 

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

 

    107

     

    

 

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

 

(d)           a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied; provided, however,
that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public
officials.

 

Section 11.4.      Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. Each of
the Agents may make reasonable rules and set reasonable requirements for its functions.

 

Section 11.5.      No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director,
officer, employee, incorporator or stockholder, partner or member of the Issuers, any Subsidiary Guarantor, the Advisor or
any Affiliate of the Advisor, as such, shall have any liability for any indebtedness, obligations or liabilities of the
Issuers under the Notes or this Indenture or of any Subsidiary Guarantor under the Notes, the Note Guarantee or this
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes and the Note Guarantees.

 

Section 11.6.      Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. Each of the parties to this Indenture each hereby
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes, the Note Guarantees or
this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be
heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they
may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE ISSUERS,
THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

 

Each of the Subsidiary
Guarantors that is not organized under the laws the United States (the “Foreign Guarantors”) (including the
States thereof and the District of Columbia) hereby appoints each Issuer as the authorized agent thereof (the “Authorized
Agent”) upon whom process may be served in any action, suit or proceeding arising out of or based on this Indenture
or the Securities which may be instituted in the Supreme Court of the State of New York or the United States District Court for
the Southern District of New York, in either case in the Borough of Manhattan, The City of New York, by the Trustee or the Holder
of any Notes, and to the fullest extent permitted by applicable law, the Issuers and each of the Foreign Guarantors hereby waives
any objection which it may now or hereafter have to the laying of venue of any such proceeding and expressly and irrevocably accepts
and submits, for the benefit of the Trustee or the Holders from time to time of the Notes, to the nonexclusive jurisdiction of
any such court in respect of any such action, suit or proceeding, for itself and with respect to its properties, revenues and
assets. Such appointment shall be irrevocable unless and until the appointment of a successor authorized agent for such purpose,
and such successor’s acceptance of such appointment, shall have occurred. Each of the Foreign Guarantor agrees to take any
and all actions, including the filing of any and all documents and instruments, that may be necessary to continue such appointment
in full force and effect as aforesaid. Service of process upon the Authorized Agent with respect to any such action shall be deemed,
in every respect, effective service of process upon each Foreign Guarantor. Notwithstanding the foregoing, any action against
a Foreign Guarantor arising out of or based on any Notes or the Guarantees may also be instituted by the Trustee or the Holder
of such Notes in any court in the jurisdiction of organization of such Foreign Guarantor, and each Foreign Guarantor expressly
accept the jurisdiction of any such court in any such action. The Issuers hereby accepts the foregoing appointments as agent for
service of process.

 

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Section 11.7.      No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Issuers or their Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not
be used to interpret this Indenture.

 

Section 11.8.      Successors.
All agreements of the Issuers and the Subsidiary Guarantors in this Indenture and the Notes and the Note Guarantees, as
applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its
successors and assigns.

 

Section 11.9.      Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.10.    Execution
in Counterparts. This Indenture may be executed in two or more counterparts, which when so executed shall constitute one and
the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. Except with respect to authentication of the Notes by the Trustee or an authenticating agent, the
words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

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The Trustee shall
have the right to accept and act upon any notice, instruction, or other communication, including any funds transfer instruction,
(each, a “Notice”) received pursuant to this Indenture by electronic transmission (including by e-mail, facsimile
transmission, web portal or other electronic methods) and shall not have any duty to confirm that the person sending such Notice
is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000
or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit,
Adobe Sign or any other digital signature provider identified by any other party hereto and acceptable to the Trustee) shall be
deemed original signatures for all purposes. Each other party to this Indenture assumes all risks arising out of the use of electronic
signatures and electronic methods to send Notices to the Trustee, including without limitation the risk of the Trustee acting
on an unauthorized Notice and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee
may in any instance and in its sole discretion require that a Notice in the form of an original document bearing a manual signature
be delivered to the Trustee in lieu of, or in addition to, any such electronic Notice.

 

Section 11.11.    Table
of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and
shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 11.12.    Acts
of Holders.

 

(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing (or, with respect to Global Notes, otherwise in accordance with the rules and
procedures of the Depositary); and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuers. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuers, if made in
the manner provided in this Section 11.12.

 

(b)            The
fact and date of the execution by any Person of any such instrument or writing may be proved (1) by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof or (2) in
any other manner reasonably deemed sufficient by the Trustee. Where such execution is by a signer acting in a capacity other than
such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s
authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient.

 

(c)            The
ownership of Notes shall be proved by the register maintained by the Registrar hereunder.

 

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

 

    110

     

    

 

 

(e)            If
the Issuers shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act,
the Issuers may, at their option, by or pursuant to an Officers’ Certificate, fix in advance a record date for the determination
of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuers
shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such
record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding
Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Indenture not later than six months after the record date.

 

(f)            The
Trustee may, but shall not be obligated to, set any day as a record date for the purpose of determining the Holders entitled to
join in the giving or making of (1) any notice of default under Section 6.1, (2) any declaration of acceleration
referred to in Section 6.2, (3) any direction referred to in Section 6.5 or (4) any request to pursue a remedy
as permitted in Section 6.6. If any record date is set pursuant to this paragraph, the Holders on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on
or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes or each affected Holder, as applicable,
on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Issuers’ expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuers
and to each Holder in the manner set forth in Section 11.1.

 

(g)            Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given
or taken by separate Holders of each such different part.

 

(h)            Without
limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give
or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the Holder of a Global
Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s
standing instructions and customary practices.

 

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(i)            The
Issuers may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture
to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests
in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make, give or take such request,
demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial
owners of interests in such Global Note after such record date. No such request, demand, authorization, direction, notice, consent,
waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date.

 

(j)            With
respect to any record date set pursuant to this Section 11.12, the party hereto that sets such record date may designate any
day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other
party hereto in writing, and to each Holder of Notes in the manner set forth in Section 11.1, on or prior to both the existing
and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 11.12,
the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date as
the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this clause (j).

 

Section 11.13.     Force
Majeure. In no event shall the Trustee or any Agent be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, fire, riots, strikes, or work stoppages for any reason, embargoes, governmental actions, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, epidemics, pandemics and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
and each Agent shall use reasonable efforts which are consistent with accepted practices in the U.S. banking industry to resume
performance as soon as practicable under the circumstances.

 

Section 11.14.     Legal
Holidays. If any payment date with respect to the Notes falls on a day that is not a Business Day, the payment to be
made on such payment date will be made on the next succeeding Business Day with the same force and effect as if made on such payment
date, and no additional interest will accrue solely as a result of such delayed payment.

 

Section 11.15.     USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account.
The Issuers agree that they shall provide the Trustee with information about the Issuers as the Trustee may reasonably request
in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

    112

     

    

 

[Signature pages follow]

 

    113

     

    

 

	Dated as of December 16, 2020	 	
	 	 	
	 	GLOBAL NET LEASE, INC.
	 	 	 
	 	 	 
	 	By:	/s/ James L. Nelson
	 	 	Name: James L. Nelson
	 	 	Title: Chief Executive Officer and President
	 	 	
	 	 	 
	 	GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.
	 	 	
	 	 	 
	 	By:	Global Net Lease, Inc., its general partner
	 	 	
	 	 	 
	 	By:	 /s/ James L. Nelson
	 	 	Name: James L. Nelson
	 	 	Title: Chief Executive Officer and President
	 	 	 

 

[Signature
Page to Indenture - Issuers]

 

     

     

    

 

GUARANTORS:

 

ARC GLOBAL HOLDCO, LLC,

ARC GLOBAL II HOLDCO, LLC,

ARC DBGESRG001, LLC,

ARC TFDPTIA001, LLC,

ARC GSFRNTN001, LLC,

ARC NOWILND001, LLC,

ARC GSDVRDE001, LLC,

ARC GSGTNPA001, LLC,

ARC GSMSSTX001, LLC,

ARC GSDALTX001, LLC,

ARC DRINDIN001, LLC,

ARC NOPLNTX001, LLC,

ARC VALWDCO001, LLC,

ARC GBLMESA001, LLC,

ARC GSRTNNM001, LLC,

ARC FEAMOTX001, LLC,

ARC FECPEMA001, LLC,

ARC WNBRNMO001, LLC,

ARC VCLIVMI001, LLC,

ARC GSFFDME001, LLC,

ARC CTFTMSC001, LLC,

ARC TFKMZMI001, LLC,

ARC SWWSVOH001, LLC,

ARC GSRNGME001, LLC,

ARC WMWSLNC001, LLC,

ARC SANPLFL001, LLC,

ARC FEWNAMN001, LLC,

ARC DG40PCK001, LLC,

ARC FEWTRNY001, LLC,

ARC KUSTHMI001, LLC,

ARC FEHBRKY001, LLC,

ARC FELEXKY001, LLC,

ARC GECINOH001, LLC,

ARC TRLIVMI001, LLC,

ARC DNDUBOH001, LLC,

ARC OGHDGMD001, LLC,

ARC GSRPCSD001, LLC,

ARC FSMCHIL001, LLC,

ARC AMWCHKS001, LLC,

ARC FEBILMA001, LLC,

ARC FESALUT001, LLC,

ARC FEPIESD001, LLC,

ARC CGFRSMI001, LLC,

ARC CGJNSMI001, LLC,

ARC CGLGNIN001, LLC,

ARC CGMARSC001, LLC,

ARC JTCHATN001, LLC,

ARC JTCHATN002, LLC,

ARC BHSBDIN001, LLC,

 

[Signature
Page to Indenture - Guarantors]

 

     

     

    

 

ARC ODVLONET001, LLC,

ARC HLHSNTX001, LLC,

ARC FEMANMN001, LLC,

ARG CBSKSMO001, LLC,

ARG VAGNVFL001, LLC,

ARG LSWYGMI001, LLC,

ARG LSCHIIL001, LLC,

ARG LSCHIIL002, LLC,

ARG LSCHIIL003, LLC,

ARG FCSTHMI001, LLC,

ARG CSBLVMI001, LLC,

ARG CSLIVMI001, LLC,

ARG CSWYGMI001, LLC,

ARG CSHMDIN001, LLC,

ARG CSTWBOH001, LLC,

ARG DPSPNIA001, LLC,

ARG NIGTNMA001, LLC,

ARG LKCLLAL001, LLC,

ARG WGPTBPA001, LLC,

ARG GASTNMI001, LLC,

ARG VFKCYKS001, LLC,

ARG SNCSPCO001, LLC,

ARG MT2PKSLB002, LLC,

ARG CFSRSLB001, LLC,

ARG CFSRSLB002, LLC,

ARC WHAMSNE001, LLC,

ARG VSSRACA001, LLC,

ARG VSSRACA002, LLC,

ARG VSSRACA003, LLC,

ARG FRAHLMI001, LLC,

ARG PSHCKNC001, LLC,

ARG PSBRDFL001, LLC,

ARG PSLKCLA001, LLC,

ARG PSGRLTX001, LLC,

ARG PSELPTX001, LLC,

ARG PSIRVTX001, LLC,

ARG PSPRAIL001, LLC,

ARG PSMRDMS001, LLC,

ARG PSMSNTX001, LLC,

ARG FEBTHNB001, LLC,

ARG FELWDNB001, LLC,

ARG NIFLNNH001, LLC,

ARG CSSTLMO001, LLC,

ARG FEMTNNB001, LLC,

ARG KLSLBNC001, LLC,

ARG KLSLBNC002, LLC,

ARC FEGBRNC001, LLC,

ARG PSDANVA001, LLC,

ARG PSDAYOH001, LLC,

ARG PSDEMIA001, LLC,

ARG PSERIPA001, LLC,

ARG PSLASNV001, LLC,

 

[Signature
Page to Indenture - Guarantors]

 

     

     

    

 

ARG PSYNSOH001, LLC,

ARG NIFLNNH002, LLC,

ARG STELDCA001, LLC,

ARG STWINCT001, LLC,

ARG STKNCMO001, LLC,

ARG STFALNY001, LLC,

ARG WPFND0H001, LLC,

ARG WPMRNOH001, LLC,

ARG WPOTWOH001, LLC,

ARG WPCLDOH001, LLC, and

ARG WPCLDOH002, LLC, each a Delaware limited liability company

 

	 	By:	/s/ Michael Anderson
	 		Name: Michael Anderson
	 		Title:   Authorized Signatory
	 	 	 
	 	 	 
	 	ARC GLOBAL II S.à r.l, a
	 	Luxembourg private limited liability company
	 	(société à responsabilité limitée)
	 	 	 
	 	 	 
	 	By:	/s/ James Nelson 
	 		Name: James Nelson
	 		Title:   Manager
	 	 	 
	 	 	 
	 	ARC GLOBAL II (MIDCO) S.à r.l, a
	 	Luxembourg private limited liability company
	 	(société à responsabilité limitée)
	 	 	 
	 	 	 
	 	By:	/s/ James Nelson 
	 		Name: James Nelson
	 		Title:   Manager
	 	 	 
	 	 	 
	 	ARC GLOBAL II (FRANCE) HOLDINGS S.à r.l, a
	 	Luxembourg private limited liability company
	 	(société à responsabilité limitée)
	 	 	 
	 	 	 
	 	By:	/s/ James Nelson 
	 		Name: James Nelson
	 		Title:   Manager

 

[Signature
Page to Indenture - Guarantors]

 

     

     

    

 

	 	ARC GLOBAL II (MADRID) S.à r.l, a
	 	Luxembourg private limited liability company
	 	(société à responsabilité limitée)
	 	 	 
	 	 	 
	 	By:	/s/ James
    Nelson 
	 		Name: James Nelson
	 		Title:   Manager
	 	
	 
	 	 	 
	 	CROWN PORTFOLIO S.à r.l, a
	 	Luxembourg private limited liability company
	 	(société à responsabilité limitée)
	 	 	 
	 	 	 
	
	By:	/s/ James
    Nelson
	 	 	Name: James Nelson
	 		Title:   Manager
	 	 	 
	 	 	 
	 
	ARG WPFBRIT001, S.r.l., an Italian società a
	 	responsabilità limitata
		 	 
	 	 	 
		By:	/s/ Michael Anderson
	 		Name: Michael Anderson
	 		Title:   Manager

 

[Signature
Page to Indenture - Guarantors]

 

    

     

    

	Dated as of December 16, 2020	U.S. BANK NATIONAL ASSOCIATION
	 	as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ James W. Hall
	 		Name: James W. Hall
	 		Title:   Vice President

 

[Signature
Page to Indenture - Trustee]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

GLOBAL NET LEASE, INC.

GLOBAL NET LEASE OPERATING PARTNERSHIP,
L.P.

 

(Face of Note) 

3.750% Senior Notes due 2027

 

[Global Note Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUERS OR THEIR AGENT
FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Notes Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS SIX MONTHS AFTER (ASSUMING AT THE TIME OF TRANSFER THE ISSUERS ARE IN COMPLIANCE WITH THE PUBLIC
INFORMATION REQUIREMENTS OF RULE 144(C) UNDER THE SECURITIES ACT AND, IF NOT, ONE YEAR AFTER) THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY
THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES
OF $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT
TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

    A-1

     

    

 

BY ITS ACQUISITION and
holding OF THIS NOTE, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION
OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE or any interest therein
CONSTITUTES ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OF A PLAN, ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE
ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST THEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAWS.

 

    A-2

     

    

 

[Regulation S Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE
OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY
THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF
NOTES OF $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D),
(E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS
ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON
AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

BY ITS ACQUISITION and
holding OF THIS NOTE, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION
OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE or any interest therein
CONSTITUTES ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF
THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL
OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE
ACQUISITION AND HOLDING OF THIS NOTE or any interest therein WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF ANY APPLICABLE SIMILAR LAWS.

 

    A-3

     

    

 

No.

 

CUSIP NO. 1

ISIN

 

Global Net Lease, Inc.
and Global Net Lease Operating Partnership, L.P. (together with their successors and assigns, the “Issuers”), promise
to pay to [Cede & Co.]2 or registered assigns,
the principal sum of ________ [(as may be increased or decreased as set forth on the Schedule of Increases and Decreases attached
hereto)]3 on December 15, 2027.

 

Interest Payment Dates:
June 15 and December 15, beginning June 15, 2021

 

Record Dates: June 1
and December 1 (whether or not a Business Day)

 

Reference is made to
further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as set forth at this place.

 

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

 

 

1    Rule 144A Note
CUSIP: 37892A AA8

Rule 144A Note ISIN: [●]

Regulation S Note CUSIP: U3165E
AA9

Regulation S Note ISIN: [●]

2    For
Global Notes only.

3    For Global
Notes only.

 

    A-4

     

    

 

	 	GLOBAL NET LEASE, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.
	 	 
	 	 	 
	 	By:	 Global Net Lease, Inc., its general partner
	 	 	 
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

This is one of the Notes referred to in
the within-mentioned Indenture:

 

Dated:

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

	By:		 
	 	Authorized Signatory	 

 

		

    A-5

     

    

(Back of Note)

3.750% Senior Notes due 2027

 

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)            Interest.
Global Net Lease, Inc., a Maryland corporation (collectively with successors and assigns) and Global Net Lease Operating Partnership,
L.P., a Delaware limited partnership (together with Global Net Lease, Inc., the “Issuers”) promise to pay
interest on the unpaid principal amount of this 3.750% Senior Note due 2027 (a “Note”) at a fixed rate of 3.750%
per annum. The Issuers will pay interest in U.S. dollars semiannually in arrears on June 15 and December 15, commencing
on June 15, 2021 (each an “Interest Payment Date”) or if any such day is not a Business Day, on the next
succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest shall
accrue solely as a result of such delayed payment. Interest on the Notes shall accrue from the most recent date to which interest
has been paid, or, if no interest has been paid, from and including the date of issuance. The Issuers shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable
interest rate on the Notes to the extent lawful; they shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

(2)            Method
of Payment. The Issuers will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment Date
to the Persons who are registered Holders at the close of business on the June 1 and December 1 preceding the Interest
Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. If a Holder having an
aggregate principal amount of more than $5,000,000 has given written wire transfer instructions to that Holder’s U.S. dollar
account within the United States to the Trustee at least 10 Business Days prior to the applicable Interest Payment Date, the Issuers
will make all payments of principal, premium and interest, on such Holder’s Notes by wire transfer of immediately available
funds to the account specified in those instructions. Otherwise, payments on the Notes will be made at the office or agency of
the Trustee or Paying Agent unless the Issuers elect to make interest payments by check mailed to the Holders at their addresses
set forth in the register of Holders. Such payment shall be 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.

 

Any payments of principal
of this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and payable
at the maturity of this Note shall be payable only upon presentation and surrender of this Note at an office of the Trustee or
the Trustee’s agent appointed for such purposes. Payments in respect of Global Notes will be made by wire transfer of immediately
available funds to the Depositary.

 

    A-6

     

    

 

(3)            Paying
Agent and Registrar. Initially, U.S. Bank National Association shall act as Paying Agent and Registrar. The Issuers may change
any Paying Agent or Registrar without notice to any Holder, and the Issuers and/or any Restricted Subsidiaries may act as Paying
Agent or Registrar.

 

(4)            Indenture.
The Issuers issued the Notes under an Indenture, dated as of December 16, 2020 (the “Indenture”), among
the Issuers, the Subsidiary Guarantors thereto and the Trustee. The terms of the Notes include those stated in the Indenture. To
the extent the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture shall govern. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Initial Notes issued
on the Issue Date were initially issued in an aggregate principal amount of $500,000,000. The Indenture permits the issuance of
Additional Notes subject to compliance with certain conditions.

 

The payment of principal,
premium and interest on the Notes and all other amounts under the Indenture is unconditionally guaranteed, jointly and severally,
on a senior unsecured basis by the Subsidiary Guarantors.

 

(5)            Optional
Redemption. The Notes are subject to redemption at the option of the Issuers, in whole or in part, at any time in accordance
with Article III of the Indenture.

 

(6)            Offer
to Purchase upon Change of Control Triggering Event.

 

(a)            Upon
the occurrence of a Change of Control Triggering Event, the Issuers shall be required to offer to repurchase all or any part of
each Holder’s Notes pursuant to a Change of Control Offer on terms set forth in the Indenture and Holders of the Notes will
receive notice of an Offer to Purchase pursuant to Section 4.13 from the Issuers prior to the Change of Control Purchase Date
and may elect to have such Notes purchased by completing the form titled “Option of Holder to Elect Purchase” attached
hereto.

 

(b)            Upon
the occurrence of certain Asset Sales, the Issuers may be required to offer to purchase Notes as provided in the Indenture.

 

(8)            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture.
The Registrar, the Trustee and the Issuers may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Issuers may require a Holder to pay any stamp or transfer tax or similar government charge required by law or
permitted by the Indenture in accordance with Section 2.6(g)(2) of the Indenture. The Registrar is not required (A) to
issue, to register the transfer of or to exchange Notes during a period beginning at the opening of 15 days before the day of any
selection of Notes for redemption and ending at the close of business on the day of such selection, (B) to register the transfer
of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed
in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment
Date.

 

    A-7

     

    

 

(9)            Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

(10)            Amendment,
Supplement and Waiver. The Indenture, the Notes and the Note Guarantees may be amended or supplemented as provided in the Indenture.

 

(11)            Defaults
and Remedies. If an Event of Default (other than an Event of Default relating to certain bankruptcy events) shall have occurred
and be continuing under the Indenture, the Trustee, by written notice to the Issuers and the Paying Agent, or the Holders of at
least 25.0% in aggregate principal amount of the Notes then outstanding by written notice to the Issuers, the Paying Agent and
the Trustee, may declare all amounts owing under the Notes to be due and payable. Upon such acceleration declaration, the outstanding
Notes shall become due and payable immediately. If an Event of Default relating to specified bankruptcy events occurs, then all
of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or
notice on the part of the Trustee or any Holder of the Notes. Accelerations may be rescinded, and Events of Default may be waived
as provided in the Indenture.

 

(12)            No
Recourse Against Others. No director, officer, employee, incorporator or stockholder, partner or member of the Issuers, any
Subsidiary Guarantor, the Advisor or any Affiliate of the Advisor, as such, will have any liability for any indebtedness, obligations
or liabilities of the Issuers under the Notes or the Indenture or of any Subsidiary Guarantor under its Note Guarantee or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Note Guarantees.

 

(13)            Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(14)            Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian)
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(15)            CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuers have caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices
of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed
thereon.

 

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

Global Net Lease, Inc.

650 Fifth Ave., 30th Floor 

New York, New York 10019-6108

Attention: Legal Department

 

Global Net Lease Operating Partnership, L.P.

650 Fifth Ave., 30th Floor 

New York, New York 10019-6108

Attention: Legal Department

 

    A-8

     

    

 

ASSIGNMENT FORM

 

	To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note
                                                 to
	 
	 

		(Insert assignee’s soc. sec. or tax I.D. no.)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

		(Print or type assignee’s name, address and zip code)
	 	 
	 	and irrevocably appoint
	 	 
	 	 
	 	to transfer this Note on the books of the
Issuers. The agent may substitute another to act for him.
	 	 

 

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

 

Signature guarantee:

    A-9

     

    

 

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect
to have this Note purchased by the Issuers pursuant to Section 4.10 or Section 4.13 of the Indenture, check the box below:

 

 ̈ Section 4.10           ̈ Section 4.13

 

If you want to elect
to have only part of the Note purchased by the Issuers pursuant to Section 4.10 or Section 4.13 of the Indenture, state
the amount you elect to have purchased: $______________

 

Date:

 

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

 

Tax Identification No.:

 

Signature guarantee:

 

    	 	A-12	 

    	 	 	 

    

 

[INCLUDE IN TRANSFER RESTRICTED NOTES]

 

CERTIFICATE TO BE DELIVERED UPON

EXCHANGE OF TRANSFER RESTRICTED NOTES

 

Global Net Lease, Inc.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

Global Net Lease Operating Partnership, L.P.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

U.S. Bank National Association

Global Corporate Trust & Custody,

100 Wall Street, Suite 600

New York, NY 10005

Facsimile: (212)-361-6153

 

Re: 3.750% Senior Notes
due 2027 CUSIP NO. ________

 

Reference is hereby
made to that certain Indenture dated as of December 16, 2020 (the “Indenture”) among Global Net Lease, Inc.
and Global Net Lease Operating Partnership, L.P. (together with their successors and assigns, the “Issuers”),
the guarantors named therein, and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms
used but not defined herein shall have the meanings set forth in the Indenture.

 

This certificate relates
to $______ principal amount of Notes held in (check applicable space) ___________ book-entry or ____________ definitive form by
the undersigned.

 

In connection with
any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Resale Restriction Termination
Date, the undersigned confirms that such Notes are being transferred as follows:

 

CHECK ONE BOX BELOW:

 

	(1)  ̈	to an Issuer or any of its subsidiaries; or
	 	 
	(2)  ̈	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule 144A thereunder; or

 

    	 	A-13	 

    	 	 	 

    

 

	(3)  ̈	transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 
	(4)  ̈	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act, in compliance with Rule 904 thereunder; or
	 	 
	(5)  ̈	transferred to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Exhibit D of the Indenture); or
	 	 
	(6)  ̈	transferred pursuant to another available exemption from the registration requirements under the Securities Act.

 

Unless one of the boxes
is checked, the Registrar will refuse to register any of the Notes evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee
or the Issuers may require, prior to registering any such transfer of the Securities, the delivery of an opinion of counsel, certification
and/or other information satisfactory to each of them to confirm that such transfer is being made pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act, such as the exemption provided by Rule 144
under such Act.

 

		 
	 	Signature

 

	Signature Guarantee:	 
	 	(Signature must be guaranteed by
a participant in a recognized signature guarantee medallion program)

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE
IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment
discretion and that each of it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the sale to it is being made
in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by
Rule 144A.

 

	 	[Name
    of Transferee]
	 	 
	 	NOTICE:
    To be executed by an executive officer, if an entity
	 	 
	Dated:	 	 

 

    	 	A-14	 

    	 	 	 

    

 

SCHEDULE OF INCREASES AND DECREASES
OF 3.750% SENIOR NOTES DUE 20274

 

The following transfers, exchanges and redemption
of this Global Note have been made:

 

	Date of Transfer, 
 Exchange or
 Redemption	 	Amount of 
 Decrease in
 Principal Amount of 
 this Global Note	 	Amount of Increase 
 in Principal Amount 
 of this Global Note	 	Principal Amount of
 this Global Note 
 Following Such 
 Decrease (or 
 Increase)	 	Signature of Trustee
 or Note Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

4 For Global Notes only.

 

    	 	A-15	 

    	 	 	 

    

 

EXHIBIT B

 

[FORM OF SUPPLEMENTAL INDENTURE TO
BE DELIVERED

BY SUBSEQUENT SUBSIDIARY GUARANTORS]

 

This Supplemental Indenture
and Subsidiary Guarantee, dated as of _____________, 20__ (this “Supplemental Indenture” or “Subsidiary
Guarantee”), among ____________ (the “New Guarantor”), Global Net Lease, Inc. and Global Net
Lease Operating Partnership, L.P. (together with their successors and assigns, the “Issuers”), each other then-existing
Subsidiary Guarantor under the Indenture referred to below (the “Subsidiary Guarantors”), and U.S. Bank National
Association, as Trustee, paying agent and registrar under such Indenture.

 

W I T N E S S E T H:

 

WHEREAS, the Issuers,
the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of December 16, 2020
(as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an
unlimited aggregate principal amount of 3.750% Senior Notes due 2027 of the Issuers (the “Notes”);

 

WHEREAS, Section 4.15
of the Indenture provides that in certain circumstances the Issuers may be required to cause certain Restricted Subsidiaries of
the Issuers to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in
the Indenture.

 

WHEREAS, pursuant to
Section 9.1 of the Indenture, the Trustee and the Issuers and the additional Subsidiary Guarantor are authorized to execute
and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder, to add an additional Subsidiary
Guarantor.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
New Guarantor, the Issuers and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

ARTICLE I

Definitions

 

SECTION 1.1            Defined
Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto
are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words
of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof.

 

    	 	B-1	 

    	 	 	 

    

 

ARTICLE II

Agreement to be Bound; Guarantee

 

SECTION 2.1            Agreement
to be Bound. The New Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such shall have all
of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture and Note Guarantee.
The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to perform
all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other
limitations set forth in the Indenture [or as may be set forth herein].

 

[SECTION 2.2 Specific
Limitations on Note Guarantee. [Additional guarantee limitations for Foreign
Subsidiaries (if any).]]

 

ARTICLE III

Miscellaneous

 

SECTION 3.1            Governing
Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 3.2            Severability
Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability.

 

SECTION 3.3            Ratification
of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee. Except as expressly amended hereby,
the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore
or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity
or sufficiency of this Supplemental Indenture or the New Guarantor’s Subsidiary Guarantee. Additionally, the Trustee shall
not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which
recitals or statements are made solely by the Issuers, the New Guarantor and the Subsidiary Guarantors, and the Trustee makes no
representation with respect to any such matters.

 

SECTION 3.4            Counterparts.
This Supplemental Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same
agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of
the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes.

 

SECTION 3.5            Headings.
The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

[Signatures on following page]

 

    	 	B-2	 

    	 	 	 

    

 

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

 

	 	GLOBAL NET LEASE, INC.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.
	 	 	 	 
	 	By:	Global Net Lease, Inc., its general partner
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	[NEW GUARANTOR],
	 	as a Guarantor
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	B-3	 

    	 	 	 

    

 

EXHIBIT C

 

[FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S]

 

Global Net Lease, Inc.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

Global Net Lease Operating Partnership, L.P.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

U.S. Bank National Association

Global Corporate Trust & Custody,

100 Wall Street, Suite 600

New York, NY 10005

Facsimile: (212)-361-6153

 

Re: Global Net Lease, Inc.
and Global Net Lease Operating Partnership, L.P. (together, the “Issuers”) 3.750% Senior Notes due 2027 (the
 “Notes”)

 

Ladies and Gentlemen:

 

In connection with
our proposed sale of $______________ aggregate principal amount of the Notes (CUSIP No._______________), we confirm that such sale
has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the U.S. Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 

(1)            the
offer of the Notes was not made to a person in the United States;

 

(2)            either
(a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on
or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows
that the transaction has been pre-arranged with a buyer in the United States;

 

(3)            no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and

 

(4)            the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

In addition, if the
sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S are
applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or
Rule 904(b), as the case may be.

 

    	 	C-1	 

    	 	 	 

    

 

The Issuers and you
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

	 	Very truly yours,
	 	 	 
	 	 
	 	[Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Authorized Signature

 

    	 	C-2	 

    	 	 	 

    

 

EXHIBIT D

 

[FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS TO IAIs]

 

Global Net Lease, Inc.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

Global Net Lease Operating Partnership, L.P.

650 Fifth Ave., 30th Floor

New York, New York 10019-6108

Attention: Legal Department

 

U.S. Bank National Association

Global Corporate Trust & Custody,

100 Wall Street, Suite 600

New York, NY 10005

Facsimile: (212)-361-6153

 

Re: Global Net Lease, Inc.
and Global Net Lease Operating Partnership, L.P. (together, the “Issuers”) 3.750% Senior Notes due 2027 (the
 “Notes”)

 

Ladies and Gentlemen:

 

This certificate is delivered to request
a transfer of $_____________ principal amount of the Notes.

 

Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:

 

	Name:	 
	 	 
	Address:	 
	 	 
	Taxpayer ID Number: 	 

 

The undersigned represents and warrants
to you that:

 

1.            We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account
of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring
the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We
and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

    	 	D-1	 

    	 	 	 

    

 

2.            We
understand that the Notes have not been registered under the Securities Act (or the securities laws of any state or other jurisdiction)
and, unless so registered, may not be reoffered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Notes to offer, sell or otherwise transfer such Notes prior to the date that is six months after (assuming at the time of transfer
the Issuers are in compliance with the public information requirements of Rule 144(c) under the Securities Act and, if
not, one year after) the later of the date of original issue, the original issue date of any additional Notes and the last date
on which any Issuer or any affiliate of an Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale
Restriction Termination Date”) only (a) to any Issuer or any of its subsidiaries, (b) pursuant to a registration
statement that has been declared effective under the Securities Act, (c) for so long as the Securities are eligible for resale
pursuant to Rule 144A under the Securities Act, in a transaction complying with the requirements of Rule 144A under
the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A under
the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom
notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur
outside the United States to non-U.S. persons, in compliance with Regulation S under the Securities Act, (e) to an institutional
 “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
that is not a QIB and is purchasing for its own account or for the account of another institutional “accredited investor,”
in each case in a minimum principal amount of Notes of $250,000, for investment purposes and not with a view to or for offer or
sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption
from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that
the disposition of our property or the property of such investor account or accounts be at all times within our or their control
and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to
the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Issuers and U.S. Bank National Association, as trustee (the “Trustee”), which shall
provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment purposes and not for distribution
in violation of the Securities Act. Each purchaser acknowledges that the Issuers and the Trustee reserve the right prior to any
offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or
(f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuers
and the Trustee.

 

3. We [are] [are not] an affiliate of the
Issuers.

 

    	 	D-2	 

    	 	 	 

    

 

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

 

	 	Very truly yours,
	 	 	 
	 	 
	 	[Name of  Transferee]
	 	 	 
	 	By:	 
	 	 	Authorized Signature

 

    	 	D-3EX-10.30

 Exhibit 10.30 

December 7, 2020 
 Volkswagen Group of
America Investments, LLC 
 220 Ferdinand Porsche Dr. 
 Herndon,
VA 20171 
 Attn: Kevin Duke 

Re: QuantumScape Corporation – Board Designees and Committee Representation 

Ladies and Gentlemen: 
 Reference is made to
(a) that certain Business Combination Agreement dated as of September 2, 2020 (as the same may be amended from time to time, the “BCA”), by and among QuantumScape Corporation, a Delaware corporation then known as
“Kensington Capital Acquisition Corp.” (the “Company”), Kensington Merger Sub Corp., and QuantumScape Subsidiary, Inc., a Delaware corporation then known as “QuantumScape Corporation” (the
“Subsidiary”), (b) that certain Stockholder Support Agreement dated as of September 2, 2020 (the “Support Agreement”), by and between the Company and Volkswagen Group of America Investments, LLC
(“VWGoAI”) and (c) that certain Amended and Restated Voting Agreement, dated as of September 11, 2018 (as the same may be amended from time to time, the “Voting Agreement”), by and among the Subsidiary,
VWGoAI, and the other persons and entities listed on the signature pages thereto. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Voting Agreement unless the context otherwise clearly requires, other
than capitalized terms used in Section 4 or 5 which shall have the meanings assigned to them in the Support Agreement. 
 This letter
agreement amends and supersedes that certain letter agreement dated September 2, 2020, regarding board designees, by and among the Company, the Subsidiary and VWGoAI. In consideration of the mutual promises and covenants set forth herein and in
the Support Agreement, the Company, the Subsidiary and VWGoAI (collectively, the “Parties”) hereby agree as follows: 
 1.
VWGoAI Designee(s) Post-Closing. 
 (a) Promptly following the later of (x) the execution and delivery of this letter agreement,
and (y) VWGoAI’s written request, the Company and the Subsidiary shall cause up to two representatives designated by VWGoAI in writing to be included on the Company’s board of directors (the “Board” and each such
representative, a “VW Board Member”). 
 (b) Subject to the provisions of Section 1(c), in connection with any annual
or special meeting of the stockholders of the Company at which directors will be elected (unless VWGoAI declines in writing to designate a nominee), the Company shall cause to be nominated, for election to the Board as part of the Company’s
slate two (2) designees of VWGoAI (to be selected by VWGoAI). 

 (c) The Company’s obligations pursuant to Section 1(b) shall automatically
terminate: 
 (i) with respect to one designee of VWGoAI, upon the earliest to occur of (x) VWGoAI and its affiliates collectively
holding any less than all the shares of the Company’s common stock that VWGoAI (A) received in the exchange for its capital stock of the Subsidiary in connection with the Merger (as defined under the BCA) and (B) purchased under that
certain Series F Preferred Stock Purchase Agreement, dated May 14, 2020, by and between the Subsidiary and VWGoAI (as amended and as the same may be further amended from time to time, the “VGA Purchase Agreement”) and any
common stock into which such capital stock is convertible or exchangeable (as adjusted for any stock dividend, stock split, consolidation of shares, reorganization, recapitalization, reclassification or other similar event), (y) the termination
of the Joint Venture Agreement (as defined in the “VGA Purchase Agreement”), and (z) a Change in Control (as defined below) of the Company; 

(ii) with respect to the remaining designee of VWGoAI, upon the earliest to occur of (x) VWGoAI and its affiliates collectively ceasing
to hold at least 50% of the shares of the Company’s common stock that VWGoAI (A) received in the exchange for its capital stock of the Subsidiary in connection with the Merger (as defined under the BCA) and (B) purchased under the VGA
Purchase Agreement and any common stock into which such capital stock is convertible or exchangeable (as adjusted for any stock dividend, stock split, consolidation of shares, reorganization, recapitalization, reclassification or other similar
event), (y) the termination of the Joint Venture Agreement (as defined in the VGA Purchase Agreement), and (z) a Change in Control (as defined below) of the Company (each, a “VW Board Triggering Event”); 

provided, that a restatement of the Joint Venture Agreement or a termination of the Joint Venture Agreement in conjunction with the substantially
concurrent execution and delivery of a new joint venture agreement with respect to a German JV Entity (as defined in the Joint Venture Agreement) shall not be deemed a termination of the Joint Venture Agreement for purposes of this
Section 1(c); and 
 (iii) with respect to either or both designees of VWGoAI, as the case may be, at such other time as VWGoAI and
the Company may agree in writing. 
 2. Committee Representation and Materials. 

(a) The Parties hereby agree as follows with respect to service on committees of the Board and materials received by any VW Board Member: 

(i) promptly following the execution and delivery of this letter agreement, the Company and the Subsidiary shall cause one VW Board Member,
as designated by VWGoAI in writing, to be appointed to the Nominating and Governance Committee of the Board, provided that such VW Board Member is determined to be an “independent” director by the Board under applicable NYSE general
independence rules. 

  
 -2- 

 (ii) one VW Board Member may attend, as a
non-voting observer, meetings of the Audit Committee of the Board and, to the extent no VW Board Member is determined to be an “independent” director by the Board as set forth above, one VW Board
Member may attend, as a non-voting observer, meetings of the Nominating and Governance Committee of the Board, as described further below. The Company further agrees that it shall provide any such VW Board
Member, in his or her capacity as a non-voting observer of the applicable Committee, with copies of all notices, minutes, consents and other materials that it provides to members of such Committee, except as
may be otherwise provided herein. 
 (iii) no VW Board Members shall have the right to participate in the activities of the Compensation
Committee of the Board, other than the right to (A) speak with the chair of the Compensation Committee and request information from him or her and the Company that would be helpful in understanding decisions made or to be made by the
Compensation Committee or Board and (B) except as may be otherwise provided herein, receive copies of all notices, minutes, consents and other materials that the Company provides to members of the Compensation Committee. The Company agrees to
use reasonable best efforts to make the chair of the Compensation Committee and its other personnel available to the VW Board Member(s) and to respond to, and cause the chair of the Compensation Committee to respond to, reasonable requests for
information made by such VW Board Member(s). 
 (b) The Parties acknowledge and agree that the Company and the chairpersons of the Audit
Committee and the Compensation Committee and, if Section 2(a)(ii) applies, the chairperson of the Nominating and Governance Committee shall have the right, in their reasonable discretion, to limit the disclosure of committee materials and, if
applicable, to recuse or exclude the VW Board Member from all or portions of such Committee’s meetings (i) if the Board or such Committee reasonably determines that such access could adversely affect the attorney-client privilege, work
product doctrine or any other applicable privilege between the Company and its counsel, or (ii) if the Board or such Committee reasonably determines that such access by a VW Board Member constitutes, or could reasonably be expected to
constitute, a conflict of interest, or (iii) to the extent necessary to conduct routine executive sessions. 
 (c) The Parties agree
that the Company will send all Board and Committee materials to which a VW Board Member is entitled pursuant to the terms of this Agreement or otherwise directly to the applicable VW Board Member(s) or designated outside counsel, and each VW Board
Member agrees to safeguard such materials consistent with its duty of care and loyalty to the Company, subject to the other terms and conditions of this Section 2(c). VWGoAI acknowledges and agrees that VW Board Members may only share
information provided to the Board, any Committee or any member(s) of any of the foregoing by the Company or the Subsidiary (i) to the extent necessary to enable the VW Board Member to exercise their fiduciary duties as a member of the Board or
applicable Committee, as applicable, or (ii) to provide VWGoAI and its affiliates with information and updates to enable such persons to evaluate their investment in the Company and indirectly in the Subsidiary. The Company acknowledges and
agrees that the VW Board Members may share such information in accordance with this Section 2(c). 
 (d) To the extent that any
information shared in connection with this letter agreement may include material subject to the attorney-client privilege, work product doctrine or 

  
 -3- 

 
any other applicable privilege between the Company or the Subsidiary and its respective counsel concerning pending or threatened legal proceedings or governmental investigations, the Parties
understand and agree that they have common legal interests with respect to such matters and it is their desire, intention and mutual understanding that the sharing of such material is not intended to, and shall not, waive or diminish in any way the
confidentiality of such material or its continued protection under the attorney-client privilege, work product doctrine or other applicable privilege. All information provided by the Company or the Subsidiary that is entitled to protection under the
attorney-client privilege, work product doctrine or other applicable privilege shall remain entitled to such protection under these privileges and under the joint defense doctrine. Nothing in this letter agreement obligates any party to reveal
material subject to the attorney-client privilege, work product doctrine or any other applicable privilege to any person who is not a member of the Board. 

(e) The Parties acknowledge and agree that, in the event a VW Board Member acquires knowledge of a potential transaction or matter in such
person’s capacity as a director, officer or employee of Volkswagen AG or its affiliates (an “Industry Participant”) and that may be a corporate opportunity for both the Company and such Industry Participant, such director shall
to the fullest extent permitted by law have fully satisfied and fulfilled such director’s fiduciary duty to the Company and its stockholders with respect to such corporate opportunity, and the Company to the fullest extent permitted by law
waives any claim that such business opportunity constituted a corporate opportunity that should have been presented to the Company or any of its stockholders, if such director acts in good faith in a manner consistent with the following policy: a
corporate opportunity offered to any person who is a director of the Company, and who is also a director, officer or employee of an Industry Participant shall belong to such Industry Participant, unless such opportunity was expressly offered to such
person solely in his or her capacity as a director of the Company. 
 (f) VWGoAI acknowledges and agrees that information provided to the
Board may constitute material, non-public information regarding the Company or the Subsidiary (“MNPI”). VWGoAI hereby acknowledges and agrees that it is aware, and that it will advise the VW
Board Members, that the United States securities laws prohibit any person or entity who has received from an issuer (including the Company) MNPI from purchasing or selling securities of such issuer or from communicating such information to any other
person or entity under circumstances in which it is reasonably foreseeable that such person or entity is likely to purchase or sell such securities. VWGoAI agrees that it and its affiliates will not use or communicate the confidential information of
the Company or the Subsidiary, including any MNPI or other information that it receives in connection with the VW Board Member’s participation on the Board or pursuant to this letter agreement, in violation of these laws. 

(g) The rights set forth in Section 2(a) shall terminate upon the earliest to occur of: (i) a VW Board Triggering Event; or
(ii) a material breach of this letter agreement by VWGoAI or its affiliates. 
 3. Voting Agreement. The Parties hereby confirm
that, effective as of the Closing, the Voting Agreement has been terminated in its entirety. 

  
 -4- 

 4. Representations and Warranties of the Company. The Company hereby represents and
warrants to VWGoAI as follows: 
 (a) The execution and delivery by the Company of this letter agreement does not, and the performance of
this letter agreement by the Company will not, (i) conflict with or violate the governing documents of the Company, (ii) conflict with or violate any Law applicable to the Company, (iii) result in any breach of, or constitute a
default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien (other than a Permitted
Lien) on any property or asset of the Company pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Company is a party or by which the Company is bound
or (iv) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except, with respect to clauses (ii), (iii) and (iv), for any such conflicts, violations, breaches, defaults,
consents, approvals, authorizations, permits or filings or other occurrences that, individually or in the aggregate, are not reasonably expected to prevent, materially delay or materially impede the performance by the Company of its obligations
under this letter agreement. 
 (b) The Company has all necessary power and authority to execute and deliver this letter agreement, to
perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by the Company of this letter agreement, the performance by the Company of its obligations hereunder and the consummation by the
Company of the transactions contemplated hereby, have been duly and validly authorized by all necessary corporate action and no other corporate actions on the part of the Company are necessary to authorize this letter agreement or to consummate the
transactions contemplated hereby. This letter agreement has been duly and validly executed and delivered by the Company and, assuming due authorization, execution and delivery by the other Parties hereto, constitutes a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms subject to the Remedies Exceptions. 
 5.
Representations and Warranties of the Subsidiary. The Subsidiary hereby represents and warrants to VWGoAI as follows: 
 (a) The
execution and delivery by the Subsidiary of this letter agreement does not, and the performance of this letter agreement by the Subsidiary will not, (i) conflict with or violate the governing documents of the Subsidiary, (ii) conflict with
or violate any Law applicable to the Subsidiary, (iii) result in any breach of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, or result in the creation of a Lien (other than a Permitted Lien) on any property or asset of the Subsidiary pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit,
franchise or other instrument or obligation to which the Subsidiary is a party or by which the Subsidiary is bound or (iv) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority,
except, with respect to clauses (ii), (iii) and (iv), for any such conflicts, violations, breaches, defaults, consents, approvals, authorizations, permits or filings or other occurrences that, individually or in the aggregate, are not reasonably
expected to prevent, materially delay or materially impede the performance by the Subsidiary of its obligations under this letter agreement. 

  
 -5- 

 (b) The Subsidiary has all necessary power and authority to execute and deliver this letter
agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by the Subsidiary of this letter agreement, the performance by the Subsidiary of its obligations hereunder and the
consummation by the Subsidiary of the transactions contemplated hereby, have been duly and validly authorized by all necessary corporate action and no other corporate actions on the part of the Subsidiary are necessary to authorize this letter
agreement or to consummate the transactions contemplated hereby. This letter agreement has been duly and validly executed and delivered by the Subsidiary and, assuming due authorization, execution and delivery by the other Parties hereto,
constitutes a legal, valid and binding obligation of the Subsidiary, enforceable against the Subsidiary in accordance with its terms subject to the Remedies Exceptions. 

6. Definitions. As used herein, “Change in Control” means the occurrence, on a date after the Closing, of a change in
the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group, other than VWGoAI or its affiliates (any such person or group, a “Person”), acquires, directly or
indirectly, ownership of stock of the Company that, together with the stock already held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this
definition, (a) the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control, and (b) if the
stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately
prior to the change in ownership, the direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not be considered a
Change in Control. For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the
case may be, either directly or through one or more subsidiary corporations or other business entities. 
 For purposes of this definition,
persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has
been promulgated or may be promulgated thereunder from time to time. 
 Further and for the avoidance of doubt, a transaction will not
constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by
the persons who held the Company’s securities immediately before such transaction. 

  
 -6- 

 7. Miscellaneous. Notwithstanding termination of the Voting Agreement as contemplated
by Section 3 of this letter agreement, Section 7 of the Voting Agreement is incorporated herein by reference, mutatis mutandis. The Company, the Subsidiary and VWGoAI expressly acknowledge and agree that each VW Board Member shall
be a third party beneficiary of this Agreement entitled to the rights and benefits in favor of VW Board Members hereunder and to enforce this letter agreement as if he or she were a party hereto. 

[Signature page follows] 

  
 -7- 

			
	Very truly yours,
	
	QUANTUMSCAPE SUBSIDIARY, INC.
		
	By:	 	 /s/ Mike McCarthy

		
	Name:	 	Michael O. McCarthy
		
	Title:	 	Chief Legal Officer

  

			
	Agreed and Accepted:
	
	QUANTUMSCAPE CORPORATION
		
	By:	 	 /s/ Mike McCarthy

		
	Name:	 	Mike McCarthy
		
	Title:	 	Chief Legal Officer

  

			
	VOLKSWAGEN GROUP OF AMERICA INVESTMENTS, LLC
		
	By:	 	 /s/ Kevin Duke

		
	Name:	 	Kevin Duke
		
	Title:	 	VP & Secretary

  
 [Signature Page to Side
Letter Agreement]

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