Document:

Exhibit

ADVISOR AGREEMENT

This ADVISOR AGREEMENT (this “Agreement”) is entered as of February 28, 2020 (the “Effective Date”) by Accel Entertainment, Inc., a Delaware corporation (the “Company”), and Gordon Rubenstein (the “Advisor”).
WHEREAS, the Advisor is a non-employee member of the Company’s Board of Directors (the “Board”) in the position of Vice Chairman of the Board, and a manager of Accel Entertainment Gaming, LLC (“Accel Entertainment”), a subsidiary of the Company and a regulated gaming entity in the state of Illinois;
WHEREAS, the Company desires to engage the Advisor to continue to serve as a manager of Accel Entertainment and to serve as a strategic advisor to the Company, and the Advisor desires to serve in such capacity, pursuant to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:
1.Services.  Advisor agrees to continue to serve as a manager of Accel Entertainment and to serve as a strategic advisor to the Company, and to consult with and advise the Company’s management from time to time, at the reasonable request of the Chairman of the Board or the Company’s Chief Executive Officer, including with respect to industry trends and opportunities and other strategic aspects of the Company’s business (the “Services”).  The Services shall be in addition to any services that the Advisor provides to the Company as a member of the Company’s Board.
2.Consideration.  Subject to the approval of the Board, the Company anticipates granting the Advisor an option to purchase 90,000 shares of the Company’s common stock, with a per share exercise price equal to the closing price of a share of the Company’s common stock on the date of grant (the “Stock Option Grant”). The anticipated Stock Option Grant will be governed by the terms and conditions of the Company’s Long Term Incentive Plan (the “Plan”) and the Advisor’s grant notice and stock option agreement governing such grant, and will include a five-year vesting schedule commencing on January 1, 2020, pursuant to which 1/3rd of the shares underlying the Stock Option Grant will vest on January 1, 2023, 1/3rd of the shares underlying the Stock Option Grant will vest on January 1, 2024, and the remaining 1/3rd of the shares underlying the Stock Option Grant will vest on January 1, 2025, in each case subject to the Advisor continuing to provide the Services pursuant hereto on each applicable vesting date; provided that 100% of the shares underlying the Stock Option Grant will vest immediately prior to a Change in Control (as defined in the Plan).
In addition, subject to the approval of the Board, the Company anticipates granting the Advisor a restricted stock unit representing the opportunity to receive 60,000 shares of the Company’s common stock (the “RSU Grant”).  The anticipated RSU Grant will be governed by the terms and conditions of the Plan and the Advisor’s grant notice and restricted stock unit agreement governing such grant, and will include in a five-year vesting schedule commencing on January 1, 2020, pursuant to which the 1/3rd of the shares underlying the RSU Grant will vest on January 1, 2023, 1/3rd of the shares underlying the RSU Grant will vest on January 1, 2024, and the remaining 1/3rd of the shares underlying the RSU Grant will vest on January 1, 2025, in each case subject to the Advisor continuing to provide the Services pursuant hereto on each applicable vesting date; provided that 100% of the shares underlying the RSU Grant will vest immediately prior to a Change in Control (as defined in the Plan).

1.

The Advisor shall not be entitled to receive a consulting fee in respect of the Advisor’s performance of the Services.  For the avoidance of doubt, nothing in this Agreement shall limit the Advisor’s right to receive consideration in respect of his service as a member of the Board as may be determined by the Board from time to time.
3.Term and Termination.  This Agreement will commence on the Effective Date and, unless terminated earlier in accordance with the terms of this Agreement, will remain in force and effect until January 1, 2025 (the “Term”).  The Advisor may terminate this Agreement at any time, for any reason, by giving notice to the Chairman of the Board or the Company’s Chief Executive Officer.  The Company may terminate this Agreement at any time, for any reason, at the discretion of the Chairman of the Board or the Chief Executive Officer of the Company, by giving notice to the Advisor. Sections 5 and 6 of this Agreement and any remedies for breach of this Agreement will survive any termination or expiration. 
4.Relationship of the Parties.  Notwithstanding any provision hereof, for all purposes of this Agreement, each party will be and act as an independent contractor and not as a partner, joint venturer, agent or employee of the other and will not bind nor attempt to bind the other to any contract.  Advisor will not be eligible to participate in any of Company’s employee benefit plans, fringe benefit programs, group insurance arrangements or similar programs.
5.Confidentiality.  In connection with providing the Services, Advisor will have access to certain confidential information of the Company, including information that the Company has received and in the future will receive from third parties that is subject to a duty from the Company to maintain the confidentiality of such information and to use it only for certain limited purposes (“Confidential Information”).  To the extent such Confidential Information is not generally publicly known or otherwise previously known by Advisor without an obligation of confidentiality, Advisor agrees not to use Confidential Information (except in connection with providing the Services or in connection with Advisor’s service as a member of the Board) or disclose such Confidential Information to any third party and to take reasonable steps to maintain the confidential nature of such Confidential Information.  Advisor also agrees to return all Confidential Information to the Company upon the termination of this Agreement for any reason, other than to the extent retained in connection with Advisor’s service as a member of the Board.  Advisor will comply with and be bound by the Company’s operating policies, procedures and practices that are from time to time in effect during the Term.  Nothing herein shall be construed to limit or alter Advisor’s obligations or responsibilities to the Company in connection with Advisor’s service on the Board, whether pursuant to applicable law, the charters or policies of the Board or otherwise.
6.Work Product. Advisor acknowledges and agrees that any copyrightable works prepared by Advisor in connection with his performance of the Services will be “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works.  Executive further agrees that all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, confidential information and trade secrets (“Inventions”) made, created, conceived or first reduced to practice during the Term, whether or not in the course of the Advisor providing the Services, and whether or not patentable, copyrightable or protectable as trade secrets, and that (a) are developed using equipment, supplies, facilities or trade secrets of the Company; (b) result from work performed by Advisor for the Company pursuant to this Agreement; or (c) relate to the Company’s business or actual or demonstrably anticipated research or development (the “Assigned Inventions”), will be the sole and exclusive property of the Company. The Advisor shall execute any and all documents and shall provide such assistance necessary either to evidence or register the assignment of these rights.

2.

7.No Conflicts.  Advisor represents and warrants that neither this Agreement nor the performance thereof will conflict with or violate any obligation of Advisor or right of any third party.
8.Miscellaneous.  This Agreement and the Services performed hereunder are personal to Advisor and Advisor will not have the right or ability to assign, transfer or subcontract any obligations under this Agreement without the written consent of the Company.  Any attempt to do so will be void.  Company will be free to transfer any of its rights under this Agreement to a third party.  This is the entire agreement between the parties with respect to the subject matter hereof and no changes or modifications or waivers to this Agreement will be effective unless in writing and signed by both parties.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.  In the event that any provision of this Agreement is determined to be illegal or unenforceable, that provision will be limited or eliminated to the minimum extent necessary so that this Agreement will otherwise remain in full force and effect and enforceable.  This Agreement is governed by and construed in accordance with the laws of the State of Illinois without regard to the conflicts of law provisions thereof.  Any notice will be given in writing by first class mail, fax or electronic mail and addressed to the party to be notified at the address below, or at such other address, fax number or e-mail address as the party may designate by 10 days’ advance written notice to the other party.
[Remainder of page intentionally left blank]

3.

The undersigned have executed this Advisor Agreement as of the Effective Date.

	
				
	 
	COMPANY:

	 
	 

	 
	Accel Entertainment, Inc.

	 
	 

	 
	By:
	/s/ Derek Harmer

	 
	 
	 

	 
	 
	Name:
	Derek Harmer

	 
	 
	Title:
	General Counsel and Secretary

	
			
	 
	ADVISOR:

	 
	 

	 
	By:
	/s/ Gordon Rubenstein

	 
	 
	Gordon RubensteinExhibit 4.1

 

INDENTURE

 

dated as of February 28, 2020

 

by and among

 

TRIPLE ROYALTY SUB II LLC,

a Delaware limited liability company,

as issuer of the Notes described herein,

 

U.S. BANK NATIONAL ASSOCIATION,

a national banking association,

as initial trustee, transfer agent, paying agent, registrar and calculation agent of the Notes

 described herein

 

and

 

solely with respect to Section 2.11(o)
and Section 2.11(p)

THERAVANCE BIOPHARMA, INC.

 

    

     

    

 

Table of Contents

 

Page

 

Article I 

GENERAL

 

	Section 1.1     Defined Terms and Rules of Construction	 	 	4	 
	Section 1.2     Officer’s Certificates and Opinions	 	 	4	 
	Section 1.3     Acts of Noteholders	 	 	5	 
	 

                                                                Article II 
 THE NOTES

                                                                 

	Section 2.1     Amount of Notes; Terms; Form; Execution and Delivery	 	 	6	 
	Section 2.2     Restrictive Legends	 	 	10	 
	Section 2.3     Registrar, Transfer Agent, Paying Agent and Calculation Agent	 	 	15	 
	Section 2.4     Paying Agent to Hold Money in Trust	 	 	16	 
	Section 2.5     Method of Payment	 	 	17	 
	Section 2.6     Minimum Denominations	 	 	17	 
	Section 2.7     Transfer and Exchange; Cancellation	 	 	18	 
	Section 2.8     Mutilated, Destroyed, Lost or Stolen Notes	 	 	19	 
	Section 2.9     Payments of Transfer Taxes	 	 	19	 
	Section 2.10   Book-Entry Provisions	 	 	19	 
	Section 2.11   Special Transfer Provisions	 	 	21	 
	Section 2.12   Temporary Definitive Notes	 	 	25	 
	Section 2.13   Statements to Noteholders	 	 	26	 
	Section 2.14   Identification Numbers	 	 	30	 
	Section 2.15   Refinancing Notes	 	 	30	 
	Section 2.16   Subordinated Notes	 	 	31	 
	Section 2.17   Section 3(c)(7) Procedures	 	 	33	 
	Section 2.18   Beneficial Holder Representations and Warranties	 	 	35	 
	Section 2.19   Non-Permitted Holders	 	 	39	 
	 

                                                                Article III 
 ACCOUNTS; PRIORITY OF PAYMENTS

                                                                 

	Section 3.1     Establishment of Accounts	 	 	40	 
	Section 3.2     Investments of Cash	 	 	40	 
	Section 3.3     Payments and Transfers In Connection with Issuance of Notes	 	 	41	 
	Section 3.4     Calculation Date Calculations	 	 	42	 
	Section 3.5     Payment Date First Step Transfers	 	 	44	 
	Section 3.6     Payment Date Second Step Withdrawals	 	 	44	 
	Section 3.7     Interest Shortfalls:  Interest Deferral Period, Voluntary Capital Contributions	 	 	46	 
	Section 3.8     Redemptions	 	 	46	 
	Section 3.9     Procedure for Redemptions	 	 	48	 
	Section 3.10   Additional Capital Contributions from the Issuer to TRC LLC	 	 	49	 

 

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Article IV
 DEFAULT AND REMEDIES

 

	Section 4.1     Events of Default	 	 	50	 
	Section 4.2     Acceleration, Rescission and Annulment	 	 	52	 
	Section 4.3     Other Remedies	 	 	53	 
	Section 4.4     Limitation on Suits	 	 	54	 
	Section 4.5     Waiver of Existing Defaults	 	 	55	 
	Section 4.6     Restoration of Rights and Remedies	 	 	55	 
	Section 4.7     Remedies Cumulative	 	 	55	 
	Section 4.8     Authority of Courts Not Required	 	 	56	 
	Section 4.9     Rights of Noteholders to Receive Payment	 	 	56	 
	Section 4.10   Trustee May File Proofs of Claim	 	 	56	 
	Section 4.11   Undertaking for Costs	 	 	56	 
	Section 4.12   Control by Noteholders	 	 	56	 
	Section 4.13   Senior Trustee	 	 	57	 
	Section 4.14   Application of Proceeds	 	 	57	 
	Section 4.15   Waivers of Rights Inhibiting Enforcement	 	 	57	 
	Section 4.16   Security Interest Absolute	 	 	58	 
	Section 4.17   Observer	 	 	58	 
	 	 	 	 	 
	Article V 
 REPRESENTATIONS AND WARRANTIES AND COVENANTS
	 
	Section 5.1     Representations and Warranties	 	 	60	 
	Section 5.2     Covenants	 	 	60	 
	Section 5.3     Reports and Other Deliverables by the Issuer	 	 	66	 
	Section 5.4     Development and Commercialization of Products	 	 	67	 
	 

                                                            Article VI 
 THE TRUSTEE

                                                             

	Section 6.1     Acceptance of Trusts and Duties	 	 	67	 
	Section 6.2     Copies of Documents and Other Notices	 	 	68	 
	Section 6.3     Representations and Warranties	 	 	68	 
	Section 6.4     Reliance; Agents; Advice of Counsel	 	 	69	 
	Section 6.5     Not Acting in Individual Capacity	 	 	72	 
	Section 6.6     Compensation of Trustee	 	 	72	 
	Section 6.7     Notice of Defaults	 	 	72	 
	Section 6.8     May Hold Notes	 	 	72	 
	Section 6.9     Corporate Trustee Required; Eligibility	 	 	72	 
	Section 6.10   Reports by the Trustee	 	 	73	 
	Section 6.11   Account Control Agreement, Pledge and Security Agreement and Other Transaction Documents	 	 	73	 
	Section 6.12   Collateral	 	 	73	 
	Section 6.13   Preservation and Disclosure of Noteholder Lists	 	 	74	 
	Section 6.14   Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	 	 	74	 
	Section 6.15   Jurisdiction of Trustee	 	 	74	 
	Section 6.16   Notice of Event of Default to the Servicer and the Equityholder	 	 	74	 

 

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	Article VII 
 SUCCESSOR TRUSTEES, REGISTRARS, TRANSFER AGENTS, PAYING AGENTS AND
 CALCULATION AGENTS
	 	 	 	 	 
	Section 7.1     Resignation and Removal of Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent	 	 	75	 
	Section 7.2     Appointment of Successor	 	 	75	 
	 

                                                                Article VIII 
 INDEMNITY

                                                                 

	Section 8.1     Indemnity	 	 	77	 
	Section 8.2     Survival	 	 	77	 
	 

                                                                Article IX 
 MODIFICATION

                                                                 

	Section 9.1     Modification with Consent of Noteholders	 	 	77	 
	Section 9.2     Modification Without Consent of Noteholders	 	 	78	 
	Section 9.3     Subordination; Priority of Payments	 	 	79	 
	Section 9.4     Execution of Amendments by Trustee	 	 	80	 
	 

                                                                Article X 
 SUBORDINATION

                                                                 

	Section 10.1   Subordination of the Notes	 	 	80	 
	 

                                                                Article XI 
 DISCHARGE OF INDENTURE; SURVIVAL

                                                                 

	Section 11.1   Discharge of Indenture; Survival	 	 	81	 
	Section 11.2   Release of Security Interest in Certain Collateral	 	 	82	 

 

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Article XII
 MISCELLANEOUS

 

	
	Section 12.1     Right of Trustee to Perform	 	 	82	 
	Section 12.2     Waiver	 	 	82	 
	Section 12.3     Severability	 	 	83	 
	Section 12.4     Restrictions on Exercise of Certain Rights	 	 	83	 
	Section 12.5     Notices	 	 	83	 
	Section 12.6     Assignments	 	 	84	 
	Section 12.7     Application to Court	 	 	85	 
	Section 12.8    GOVERNING LAW	 	 	85	 
	Section 12.9     Jurisdiction	 	 	85	 
	Section 12.10   Counterparts	 	 	86	 
	Section 12.11   Table of Contents and Headings	 	 	86	 
	Section 12.12   Trust Indenture Act	 	 	87	 
	Section 12.13   Confidential Information	 	 	87	 
	Section 12.14   Limited Recourse	 	 	87	 
	Section 12.15   Tax Matters	 	 	87	 
	Section 12.16   Waiver	 	 	89	 
	Section 12.17   Distribution Reports	 	 	89	 
	Section 12.18   No Voting Rights for Non-Permitted Holders	 	 	89	 
	Section 12.19   U.S.A. Patriot Act	 	 	89	 
	Section 12.20   Restructuring	 	 	89	 
	Section 12.21   Payments to Noteholders	 	 	90	 

 

		Annex A	Rules of Construction and Defined Terms

 

		Exhibit A-1	Form of Rule 144A Global Note

		Exhibit A-2	Form of IAI Global Note

		Exhibit A-3	Form of Temporary Regulation S Global Note

		Exhibit A-4	Form of Permanent Regulation S Global Note

		Exhibit A-5	Form of Retained Notes

		Exhibit B	Form of Confidentiality Agreement

		Exhibit C	Coverage of Distribution Report

		Exhibit D	UCC Financing Statements

		Exhibit E-1	Form of Transferee Certificate for transfers to Temporary
Regulation S Global Note

		Exhibit E-2	Form of Transferee Certificate for transfers to Permanent
Regulation S Global Note

		Exhibit E-3	Form of Transferee Certificate for transfers to Rule
144A Global Note

		Exhibit F	Form of Portfolio Interest Certificate

		Exhibit G	Important Section 3(c)(7) Notice

		Exhibit H	Form of Noteholder Certification

 

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INDENTURE

 

This INDENTURE (the
 “Indenture”), dated as of February 28, 2020, is by and among TRIPLE ROYALTY SUB II LLC, a Delaware limited liability
company, as issuer of the Notes described herein (the “Issuer”), U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as initial trustee, transfer agent, paying agent, registrar and calculation agent of the Notes described herein
(the “Trustee”) and solely with respect to Section 2.11(o) and Section 2.11(p), THERAVANCE BIOPHARMA,
INC., a Cayman Islands exempted company (“Theravance Biopharma”).

 

GRANTING
CLAUSES

 

The Issuer hereby Grants
to the Trustee, for the benefit and security of the Secured Parties, all of the Issuer’s right, title and interest in, to
and under, in each case, whether now owned or existing, or hereafter acquired or arising thereafter, the following described property,
rights and privileges (such property, rights and privileges, including all other property, rights and privileges hereafter specifically
subjected to the lien of this Indenture or any indenture supplemental hereto, in each case whether now owned or hereafter acquired,
being collectively referred to herein as the “Collateral”):

 

		(1)	(A) the right, title and interest as a holder of the Issuer Class
C Units, including the Issuer Class C Units and any and all of the economic rights and governance, voting and other consensual
rights that may arise as holder of the Issuer Class C Units under the TRC LLC Agreement, (B) the Collection Account established
under this Indenture, (C) all amounts from time to time on deposit in or otherwise credited to the Collection Account, (D) all
cash, financial assets and other investment property, instruments, documents, chattel paper, general intangibles, accounts and
other property from time to time credited to the Collection Account or representing investments and reinvestments of amounts credited
to the Collection Account and (E) all interest, principal payments, dividends and other distributions payable on or with respect
to, and all proceeds of, (i) all property so credited or representing such investments and reinvestments and (ii) the Collection
Account;

 

		(2)	the right to enforce the representations, warranties and covenants made by the Transferor and Theravance
Biopharma under the Sale and Contribution Agreement;

 

		(3)	the right to enforce the representations, warranties and covenants made by the Servicer under the
Servicing Agreement;

 

		(4)	all other property and assets of the Issuer with respect to which a security interest can be created
under Article 9 of the UCC, including all goods, deposit accounts, investment property, financial assets, letter-of-credit rights,
supporting obligations, commercial tort claims, accounts, contract rights and general intangibles and all other cash;

 

		(5)	all rights of the Issuer (contractual and otherwise) constituting, arising under, connected with
or in any way related to any or all of the foregoing property;

 

    

     

    

 

		(6)	all books, records, ledger cards, files, correspondence, computer programs, tapes, disks and related
data processing software owned by the Issuer that at any time evidence or contain information relating to any of the foregoing
property or are otherwise necessary or helpful in the collection thereof or realization thereupon;

 

		(7)	all documents of title, policies and certificates of insurance, securities, chattel paper and other
documents or instruments evidencing or pertaining to any of the foregoing property of the Issuer; and

 

		(8)	all proceeds and products of any and all of the foregoing property.

 

These Grants are made
in order to secure (i) the prompt payment of the principal of, Premium (if any) and interest on, and all other amounts due with
respect to, the Notes from time to time Outstanding hereunder, equally and ratably without prejudice, priority or distinction between
any Note and any other Notes except as expressly provided herein, (ii) the payment of any fees, expenses or other amounts that
the Issuer is obligated to pay under or in respect of the Notes or this Indenture, (iii) the payment and performance of all the
obligations of the Issuer in respect of any amendment, modification, extension, renewal or refinancing of the Notes and (iv) the
performance and observance by the Issuer of all the agreements, covenants and provisions expressed or implied herein and in the
Notes for the benefit of the Secured Parties (collectively, the “Secured Obligations”), in each case in accordance
with and subject to the allocation priorities and the Priority of Payments set forth in Article III, and for the uses and
purposes and subject to the terms and provisions hereof.

 

The Issuer shall file,
and hereby authorizes the filing of, all financing or continuation statements, and amendments thereto, in all jurisdictions and
with all filing offices as are necessary or advisable to perfect the security interests in the Collateral granted to the Trustee
pursuant to this Indenture. Such financing statements may describe the Collateral in the same manner as described in any security
agreement entered into by the parties in connection herewith or may contain an indication or description of Collateral that describes
such property in any other manner as is necessary, advisable or prudent to ensure the perfection of the security interests in the
Collateral granted to the Trustee in connection herewith, including describing such property as “all assets” or “all
personal property.” Nothing herein shall be construed as imposing a duty upon the Trustee to determine the jurisdictions
or filing offices in which such filings should be made or to make such filings.

 

Except to the extent
otherwise provided in this Indenture, the Issuer does hereby constitute and irrevocably appoint (until this Indenture is terminated)
the Trustee its true and lawful attorney with full power (in the name of the Issuer or otherwise) to exercise the rights of the
Issuer with respect to the Collateral held for the benefit and security of the Secured Parties and to ask, require, demand, receive,
settle, compromise, compound and give acquittance for any and all moneys and claims for moneys due and to become due under or arising
out of any of the Collateral held for the benefit and security of the Secured Parties, to endorse any checks or other instruments
or orders in connection therewith and to file any claims or take any action or institute any proceedings which the Trustee may
deem to be necessary or advisable in the premises. The power of attorney granted to the Trustee pursuant to this Indenture and
all authority hereby conferred are granted and conferred solely to protect the Trustee’s interest in the Collateral held
for the benefit and security of the Secured Parties and shall not impose any duty upon the Trustee to exercise any power except
as expressly provided herein or in any other Transaction Documents. This power of attorney shall be irrevocable as one coupled
with an interest prior to the payment in full of all the obligations secured hereby.

 

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This Indenture shall
constitute a security agreement under the laws of the State of New York applicable to agreements made and to be performed therein.
Upon the occurrence of any Event of Default with respect to the Notes, and in addition to any other rights available under this
Indenture or any other instruments included in the Collateral held for the benefit and security of the Secured Party or otherwise
available at law or in equity, the Trustee shall have all rights and remedies of a secured party on default under the laws of the
State of New York and other Applicable Law to enforce the assignments and security interests contained herein and, in addition,
shall have the right, subject to compliance with any mandatory requirements of Applicable Law, to sell or apply any rights and
other interests assigned or pledged hereby in accordance with the terms hereof at public or private sale (subject, for the avoidance
of doubt, to the rights of the Noteholders, as applicable, under the relevant Transaction Documents to instruct the Trustee in
the exercise of such rights and remedies); provided, in no event that shall the Trustee sell or cause the sale of all or
any part of the Collateral to a Restricted Party.

 

It is expressly agreed
that the Issuer shall remain liable under each of the Transaction Documents and other agreements to which the Issuer is a party
to perform (or to engage the Servicer (or, to the extent permitted under the Transaction Documents, other third parties) to perform
on its behalf) all of its obligations thereunder, all in accordance with and pursuant to the terms and provisions thereof, and
except as otherwise expressly provided herein, the Trustee shall not have any obligations or liabilities under such agreements
by reason of or arising out of the Grants set forth in this Indenture, nor shall the Trustee be required or obligated in any manner
to perform or fulfill any obligations of the Issuer under or pursuant to such agreements or to make any payment, to make any inquiry
as to the nature or sufficiency of any payment received by it, to present or file any claim, or to take any action to collect or
enforce the payment of any amounts which may have been assigned to it or to which it may be entitled from time to time; provided,
however, that, in exercising any right of the Issuer under any Transaction Document or any other contract or agreement included
in the Collateral, the Trustee and the Noteholders shall be bound by, and shall comply with, the provisions thereof applicable
to the Issuer in respect of the exercise of such right and the confidentiality provisions set forth therein to the extent permitted
by Applicable Law.

 

The Trustee acknowledges
such Grants, accepts the trusts hereunder in accordance with the provisions hereof and agrees to perform the duties herein required
in accordance with, and subject to, the terms hereof.

 

Each Noteholder shall
be deemed to acknowledge and agree by its acceptance of its interest in the Notes, to the terms of this Indenture and the other
Transaction Documents, including the application of the proceeds of the Collateral in accordance with the Priority of Payments
on each Payment Date both before and after an acceleration of the Notes and the liquidation of the Collateral following the occurrence
and during continuation of an Event of Default, and will not take any actions contrary to such terms and will take such actions
as may be reasonably requested by the Trustee at the direction of the Noteholders, pursuant to the terms of this Indenture in furtherance
of such terms.

 

    3

     

    

 

Each Noteholder shall
be deemed to further acknowledge and agree by its acceptance of its interest in the Notes, and each party hereto acknowledges and
agrees that under no circumstance, including the occurrence of an Event of Default (i) shall there be a pledge of the GSK Agreements
(or any rights thereunder) to secure the Issuer’s obligations under this Indenture; (ii) shall either the Noteholders or
the Trustee on their behalf be a party to or third party beneficiaries of the GSK Agreements; and (iii) shall any Noteholder be
able to assert, or the Trustee on behalf of the Noteholders be able to assert, any claim against any Person under the GSK Agreements.

 

Each Noteholder shall
be deemed to further acknowledge and agree by its acceptance of its interest in the Notes, and each party hereto further acknowledges
and agrees that Theravance Biopharma and its permitted transferees, successors and permitted assigns (as applicable), including
Theravance Biopharma R&D and the Issuer, are permitted to take any action or fail to take any action with respect to the Strategic
Alliance Agreement or any other agreement or drug program, including but not limited to the MABA program (other than the Collaboration
Agreement and drug programs under the Collaboration Agreement), including a transfer, sale, mortgage, pledge, assignment or disposal
of, either directly or indirectly, in whole or in part, by operation of law or otherwise, its interest in any such agreement or
drug program.

 

Article
I

GENERAL

 

Section 1.1           
Defined Terms and Rules of Construction. Capitalized terms used but not otherwise defined in this Indenture shall
have the respective meanings given to such terms in Annex A, which is hereby incorporated by reference herein. The rules
of construction set forth in Annex A shall apply to this Indenture and are hereby incorporated by reference herein. Not
all terms defined in Annex A are used in this Indenture.

 

Section 1.2           
Officer’s Certificates and Opinions. Upon any application or request by the Issuer to the Trustee following
the Closing Date to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee an Officer’s
Certificate stating that, in the opinion of the signer thereof in his or her capacity as such, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional Officer’s Certificate or Opinion of Counsel need be furnished.

 

Every Officer’s
Certificate with respect to compliance with a condition precedent or covenant provided for in this Indenture or any indenture supplemental
hereto shall include:

 

(a)           
a statement that each individual signing such certificate has read such covenant or condition precedent and the definitions
in this Indenture relating thereto;

 

    4

     

    

 

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

 

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

 

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

 

Section 1.3            
Acts of Noteholders.

 

(a)          
Any direction, consent, waiver or other action provided by this Indenture in respect of the Notes of any class to be given
or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by an agent or proxy duly appointed in writing, and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee or to the Issuer. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Noteholders 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 under this Indenture and conclusive in favor of the Trustee or the Issuer, if
made in the manner provided in this Section 1.3(a).

 

(b)          
The fact and date of the execution by any Person of any such instrument or writing may be proved by the certificate of any
notary public or other officer of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that the Person
executing such instrument acknowledged to him or her the execution thereof, or by an affidavit of a witness to such execution sworn
to before any such notary or such other officer and, where such execution is by an officer of a corporation or association, trustee
of a trust or member of a partnership, on behalf of such corporation, association, trust or partnership, such certificate or affidavit
shall also constitute sufficient proof of his or her authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any other reasonable manner that the Trustee deems sufficient.

 

(c)          
In determining whether the Noteholders or Beneficial Holders have given any Direction under this Indenture or any other
Transaction Document, Notes owned by (i) any Noteholder or Beneficial Holder that has not delivered to the Trustee a Confidentiality
Agreement or a written certification in the form attached as Exhibit H in which such Noteholder or Beneficial Holder certifies
it is not a Restricted Party, (ii) any Noteholder or Beneficial Holder that has delivered the Confidentiality Agreement or the
written certification referred to in clause (i) above, but is nonetheless determined in good faith after reasonable investigation
by the Issuer, or the Servicer on its behalf, to be a Restricted Party or (iii) any other Non-Permitted Holder, the Issuer, the
Equityholder, Theravance Biopharma or any Affiliate of any such Person, shall be disregarded and deemed not to be Outstanding for
purposes of any such determination. In determining whether the Trustee shall be protected in relying upon any such Direction, only
Notes and Beneficial Interests in respect of which the Trustee has received a Confidentiality Agreement or a written certification
in the form attached as Exhibit H that the Noteholder or Beneficial Holder is not a Restricted Party shall be included;
provided that Notes or Beneficial Interests owned by any Noteholder or Beneficial Holder that has delivered the Confidentiality
Agreement or the written certification referred to in clause (i) above, but is nonetheless determined in good faith after
reasonable investigation by the Issuer, or the Servicer on its behalf, to be a Restricted Party as expressly so stated in a written
notice delivered to the Trustee, shall not be included. Notwithstanding the foregoing, if Theravance Biopharma or any of its Affiliates
owns 100% of the Notes of any class Outstanding, such Notes shall not be so disregarded as aforesaid.

 

    5

     

    

 

(d)           
Notwithstanding the definition of “Record Date,” the Issuer may, at its option, by delivery of Officer’s
Certificate(s) to the Trustee, set a record date other than the Record Date to determine the Noteholders in respect of the Notes
of any class entitled to give any Direction in respect of such Notes. Such record date shall be the record date specified in such
Officer’s Certificate, which shall be a date not more than thirty (30) days prior to the first solicitation of Noteholders
in connection therewith. If such a record date is fixed, such Direction may be given before or after such record date, but only
the Noteholders of the applicable class at the close of business on such record date shall be deemed to be Noteholders for the
purposes of determining whether Noteholders holding the requisite proportion of Outstanding Notes of such class have authorized,
agreed or consented to such Direction, and for that purpose the Outstanding Notes of such class shall be computed as of such record
date; provided, that no such Direction by the Noteholders on such record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than one year after the record date.

 

(e)          
Any Direction or other action by the Noteholder of any Note shall bind the Noteholder of every Note issued upon the transfer
thereof, in exchange therefor or in lieu thereof, whether or not notation of such action is made upon such Note, and any Direction
or other action by the Beneficial Holder of any Beneficial Interest in any Note shall bind any transferee of such Beneficial Interest.

 

Article
II

THE NOTES

 

Section 2.1            
Amount of Notes; Terms; Form; Execution and Delivery.

 

(a)           
Except in respect of deferred interest added to the principal balance of the Original Notes (or any Refinancing Notes in
respect of the Original Notes) pursuant to Section 3.7(a), the Outstanding Principal Balance of any class of Notes that
may be authenticated and delivered from time to time under this Indenture shall not exceed, with respect to the Original Notes,
the initial Outstanding Principal Balance for the Original Notes in the amount of $400,000,000, or, with respect to any class (or
sub-class) of Subordinated Notes or any class of Refinancing Notes, the Outstanding Principal Balance authorized in the Resolution
and set forth in an indenture supplemental hereto establishing such Subordinated Notes or Refinancing Notes; provided, that
(i) any Refinancing Notes shall be issued in accordance with Section 2.15 and (ii) any Subordinated Notes shall be issued
in accordance with Section 2.16.

 

    6

     

    

 

(b)          
There shall be issued, authenticated and delivered on the Closing Date and on the date of issuance of any Subordinated Notes
or any Refinancing Notes to each of the Noteholders the Notes in the principal amounts and maturities and bearing the interest
rates, in each case in registered form and, in the case of the Original Notes, substantially in the form set forth in Exhibit
A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit A-5, as applicable, or, in the case of any
Subordinated Notes or any Refinancing Notes, substantially in the form set forth in any indenture supplemental hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements typewritten, printed, lithographed or engraved
thereon, as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of
such Notes. The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with
or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of
such Notes. Each Note shall be dated the date of its authentication. The terms of the Original Notes set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3, Exhibit A-4, and Exhibit A-5, as applicable, are part of the terms of this
Indenture. The Trustee shall authenticate Notes and make Notes available for delivery for issue only upon the written order of
the Issuer signed by a Responsible Officer of the Issuer. Such order shall specify the aggregate principal amount and type of Notes
to be authenticated, the date of issue, whether they are to be issued as Global Notes or Definitive Notes and delivery instructions.

 

The Notes will be sold
initially only (A) to Persons that are both Qualified Institutional Buyers and Qualified Purchasers (“QIB/QPs”),
purchasing the Beneficial Interest in the Notes for their own account or one or more other accounts with respect to which each
such Person exercises sole investment discretion, each of which is a QIB/QP, in reliance on Rule 144A, (B) solely in the case of
initial investors in the Notes, to Persons that are both Qualified Purchasers and Institutional Accredited Investors (“IAI/QPs”)
purchasing for their own account or one or more other accounts with respect to which each such Person exercises sole investment
discretion, each of which is an IAI/QP, and (C) outside the United States, to Qualified Purchasers that are Non-U.S. Persons in
reliance on Regulation S (“Non-U.S. Persons/QPs”), that in the case of clauses (A) through (C) are purchasing
the Definitive Notes or a Beneficial Interest in the Notes in a manner that does not involve any general solicitation or advertising
(as those terms are used in Regulation D under the Securities Act) or any public offering within the meaning of the Securities
Act, are not acquiring the Notes with a view to any resale or distribution thereof other than in accordance with the restrictions
set forth herein, have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits
and risks of the purchase of the Notes and are able and prepared to bear the economic risk of investing in and holding the Notes
and, in each case, are not Restricted Parties.

 

The Notes may thereafter
be transferred in reliance on Rule 144A and/or Regulation S and in accordance with the procedures described herein.

 

It is intended that
the Notes be registered so as to participate in a book-entry system with DTC. Upon initial issuance, the ownership of the Notes
shall be registered in the Register in the name of Cede & Co. (“Cede”), or any successor thereto, as nominee
for DTC. The Applicable Procedures shall be applicable to transfers of Beneficial Interests in the Notes.

 

    7

     

    

 

Any Notes offered and
sold to QIB/QPs in reliance on Rule 144A shall be issued initially in the form of one or more permanent global certificates in
fully registered form without payment coupons, substantially in the form set forth in Exhibit A-1 hereto (each, a “Rule
144A Global Note”), registered in the name of Cede, as nominee of DTC, deposited with the Trustee as custodian for DTC,
duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of each Rule
144A Global Note may from time to time be increased or decreased to reflect transfers to and from the Rule 144A Global Note by
adjustments made on the books and records of the Trustee, as custodian for DTC, as hereinafter provided.

 

Any Notes offered and
sold to IAI/QPs shall be issued initially in the form of one or more permanent global certificates in fully registered form without
payment coupons, substantially in the form set forth in Exhibit A-2 hereto (each, an “IAI Global Note”),
registered in the name of Cede, as nominee of DTC, deposited with the Trustee as custodian for DTC, duly executed by the Issuer
and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of each IAI Global Note may from time
to time be decreased to reflect transfers from the IAI Global Note by adjustments made on the books and records of the Trustee,
as custodian for DTC, as hereinafter provided.

 

Any Notes offered and
sold to Non-U.S. Persons/QPs in offshore transactions in reliance upon Regulation S shall be in each case issued initially in the
form of (i) one or more temporary global Notes in registered form substantially in the form set forth in Exhibit A-3 hereto
(each, a “Temporary Regulation S Global Note”), registered in the name of Cede, as nominee of DTC, deposited
with the Trustee, as custodian for DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided, for
credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear or Clearstream or (ii) one or
more Definitive Notes in registered form substantially in the form set forth in Exhibit A-5 hereto, duly executed by the
Issuer and authenticated by the Trustee as hereinafter provided.

 

At any time following
the termination of the Restricted Period, upon delivery of a certificate in substantially the form of Exhibit E-2 hereto
given by a Beneficial Holder holding a Beneficial Interest in a Temporary Regulation S Global Note, Beneficial Interests in the
Temporary Regulation S Global Notes shall be exchangeable, in whole or in part, for Beneficial Interests in one or more permanent
global notes in fully registered form without payment coupons, substantially in the form set forth in Exhibit A-4 hereto
(each, a “Permanent Regulation S Global Note” and, together with each Temporary Regulation S Global Note, the
 “Regulation S Global Notes”), registered in the name of Cede, as nominee of DTC, deposited with the Trustee,
as custodian for DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided, and the Registrar shall
reflect on its books and records the date and a decrease in the principal amount of the Temporary Regulation S Global Note of such
class in an amount equal to the principal amount of such Temporary Regulation S Global Note exchanged. Until the termination of
the Restricted Period with respect to any Temporary Regulation S Global Note, Beneficial Interests in such Temporary Regulation
S Global Note may be held only through Agent Members acting for and on behalf of Euroclear and Clearstream. The aggregate principal
amount of the Temporary Regulation S Global Notes or the Permanent Regulation S Global Notes may from time to time be increased
or decreased to reflect transfers to and from such Global Notes by adjustments made on the records of the Trustee, as custodian
for DTC, as hereinafter provided.

 

    8

     

    

 

(c)           
Interest shall accrue on any class of Fixed Rate Notes from the date of issuance of such Fixed Rate Notes and shall be computed
for each Interest Accrual Period on the basis of a 360-day year consisting of twelve 30-day months on the Outstanding Principal
Balance of such Fixed Rate Notes. Interest shall accrue on any class of Floating Rate Notes from the date of issuance of such Floating
Rate Notes and shall be computed for each Interest Accrual Period on the basis of a 360-day year and the actual number of days
elapsed in such Interest Accrual Period on the Outstanding Principal Balance of such Floating Rate Notes. For the avoidance of
doubt, interest shall accrue on the Original Notes over the period from the Closing Date to the June 5, 2020 Payment Date as simple
interest without compounding over such period.

 

(d)           
On the date of any Refinancing, the Issuer shall issue and deliver, as provided in Section 2.15, an aggregate principal
amount of Refinancing Notes having the maturities and bearing the interest rates and such other terms authorized by one or more
Resolutions and set forth in any indenture supplemental hereto providing for the issuance of such Refinancing Notes or specified
in the form of such Refinancing Notes, in each case in accordance with Section 2.15.

 

(e)           
On the date of any Subordinated Note Issuance, the Issuer shall issue and deliver, as provided in Section 2.16, an
aggregate principal amount of Subordinated Notes having the maturities and bearing the interest rates and such other terms authorized
by one or more Resolutions and set forth in any indenture supplemental hereto providing for the issuance of such Subordinated Notes
or specified in the form of such Subordinated Notes, in each case in accordance with Section 2.16.

 

(f)           
The Notes shall be executed on behalf of the Issuer by the manual or facsimile signature of a Responsible Officer of the
Issuer or any individual authorized to do so by a Responsible Officer of the Issuer.

 

(g)           
Each Note bearing the manual or facsimile signature of any individual who at the time such Note was executed was authorized
to execute such Note by a Responsible Officer of the Issuer shall bind the Issuer, notwithstanding that any such individual has
ceased to hold such authority prior to the authentication and delivery of such Notes or did not hold such offices at the date of
such Note.

 

(h)          
At any time and from time to time after the execution of any Notes, the Issuer may deliver such Notes to the Trustee for
authentication and, subject to the provisions of Section 2.1(i), the Trustee shall authenticate such Notes by manual or
facsimile signature upon receipt by it of a written order of the Issuer. The Notes shall be authenticated on behalf of the Trustee
by any Responsible Officer of the Trustee.

 

(i)           
No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless it shall
have been executed on behalf of the Issuer as provided in Section 2.1(f) and authenticated by or on behalf of the Trustee
as provided in Section 2.1(h). Such signatures shall be conclusive evidence, and the only evidence that such Note has been
duly executed and authenticated under this Indenture.

 

    9

     

    

 

(j)            
Application shall be made by the Issuer for the Notes to be admitted to the official list of the Cayman Islands Stock Exchange.
The Notes shall not be publicly or privately rated by any securities rating agency. There are no other securities of the Issuer
that are publicly or privately rated by any securities rating agency.

 

Section 2.2            
Restrictive Legends.

 

(a)           
Each Note (and all Notes issued in exchange therefor or upon registration of transfer or substitution thereof) shall bear
the following legend on the face thereof:

 

THE ISSUANCE AND SALE OF THIS
NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION OTHER THAN ON THE OFFICIAL
LIST OF THE CAYMAN ISLANDS STOCK EXCHANGE, AND TRIPLE ROYALTY SUB II LLC (THE “ISSUER”) HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF, (B) TO AN INITIAL
PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY
ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES
SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH ARE (1)
A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS
THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF
INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER),
(3) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO
BE MADE, (4) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT
COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS
A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS
THEREUNDER, RECEIVED THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996 OR (5) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED
MORE THAN 40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL
HOLDERS OF SUCH ENTITY’S SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A, (C) SOLELY WITH RESPECT TO THE
INITIAL PURCHASERS, IN THE UNITED STATES, TO AN INITIAL PURCHASER THAT IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
AN EXEMPTION UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR” AND A QUALIFIED
PURCHASER, OR (D) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS A QUALIFIED PURCHASER AND
NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), ACTING FOR ITS
OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON
REGULATION S, AND, IN EACH CASE, THAT ARE NOT RESTRICTED PARTIES (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) IN COMPLIANCE
WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

 

    10

     

    

 

BY ITS PURCHASE AND ACCEPTANCE
OF THIS NOTE (INCLUDING ANY INTEREST HEREIN), EACH PURCHASER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT
IS NOT (A) AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”)) SUBJECT TO TITLE I OF ERISA, (B) A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1)
OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) SUBJECT TO SECTION 4975 OF THE CODE OR
(C) AN EMPLOYEE BENEFIT PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR
TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”) (EACH OF THE FOREGOING, A “PLAN”) AND
IS NOT ACTING ON BEHALF OF OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE OR (II) IT IS A PLAN OR IS ACTING
ON BEHALF OF A PLAN OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE BUT THE PURCHASE AND HOLDING OF THIS NOTE
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE BY REASON OF THE APPLICATION
OF ONE OR MORE STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR OTHERWISE AND WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SIMILAR
LAWS. “PLAN ASSETS” HAS THE MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF
LABOR, BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO SIMILAR LAWS.

 

EACH INITIAL PURCHASER AND EACH
SUBSEQUENT TRANSFEREE (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE
WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE REFERRED TO HEREIN. THIS
NOTE MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND, IN ADDITION, EACH PERSON OR
ENTITY THAT ACQUIRES OR ACCEPTS THIS NOTE OR AN INTEREST HEREIN BY SUCH ACQUISITION OR ACCEPTANCE AGREES TO COMPLY WITH THE TRANSFER
RESTRICTIONS SET FORTH IN SUCH INDENTURE, AND FURTHER ACKNOWLEDGES AND AGREES TO THE PROVISIONS SET FORTH IN SUCH INDENTURE.

 

THIS NOTE IS ISSUED WITH ORIGINAL
ISSUE DISCOUNT UNDER THE CODE. FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE,
AND THE YIELD TO MATURITY FOR THIS NOTE, YOU SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER AT THE FOLLOWING ADDRESS: 901 GATEWAY
BOULEVARD, SOUTH SAN FRANCISCO, CALIFORNIA 94080, ATTENTION: CHIEF FINANCIAL OFFICER.

 

A RESTRICTED PARTY MAY NOT BE
A HOLDER OF THIS NOTE, AND IF, NOTWITHSTANDING SUCH PROHIBITION, THIS NOTE IS HELD BY A RESTRICTED PARTY, SUCH RESTRICTED PARTY
SHALL NOT BE ENTITLED TO ENFORCE OR VOTE TO ENFORCE THE COVENANTS OF THE ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR
UNDER THE SALE AND CONTRIBUTION AGREEMENT. ANY HOLDER OF THIS NOTE SEEKING TO ENFORCE OR TO VOTE TO ENFORCE THE COVENANTS OF THE
ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER THE SALE AND CONTRIBUTION AGREEMENT MUST PROVIDE A CERTIFICATE
FOR THE BENEFIT OF THE ISSUER THAT SUCH HOLDER IS NOT A RESTRICTED PARTY. THE RESTRICTIONS SET FORTH
IN THE PRECEDING TWO SENTENCES AND THIS SENTENCE MAY NOT BE WAIVED OR AMENDED.

 

The Rule 144A Global Notes shall
include the following additional legend:

 

    11

     

    

 

BY ITS ACQUISITION OR ACCEPTANCE
HEREOF, THE HOLDER (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY
ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH THE HOLDER EXERCISES SOLE INVESTMENT DISCRETION,
EACH OF WHICH IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, (B) IT UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST
OF PARTICIPANTS HOLDING POSITIONS IN THEIR NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES, (C) IT WILL PROVIDE NOTICE OF THE TRANSFER
RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES, (D) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHERE EACH
BENEFICIAL HOLDER IS BOTH A QUALIFIED PURCHASER AND A QUALIFIED INSTITUTIONAL BUYER) AND (E) IF IT IS A COMPANY EXCEPTED FROM THE
DEFINITION OF “INVESTMENT COMPANY” BY SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT, OR A SECTION
7(d) FOREIGN INVESTMENT COMPANY RELYING ON SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT WITH RESPECT TO ITS
U.S. HOLDERS, AND WAS FORMED ON OR BEFORE APRIL 30, 1996, IT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL HOLDERS AS
REQUIRED BY THE INVESTMENT COMPANY ACT.

 

Each IAI Global Note shall include
the following additional legend:

 

BY ITS ACQUISITION OR ACCEPTANCE
HEREOF, THE HOLDER REPRESENTS THAT IT IS AN INITIAL PURCHASER OF THE NOTE THAT (A) IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL
 “ACCREDITED INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT PURSUANT TO AN EXEMPTION UNDER THE SECURITIES ACT ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH
SUCH INITIAL PURCHASER EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR”
AND A QUALIFIED PURCHASER, (B) IT UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THEIR NOTES
FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES, (C) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES,
(D) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED PURCHASER
AND A QUALIFIED INSTITUTIONAL BUYER) AND (E) IF IT IS A COMPANY EXCEPTED FROM THE DEFINITION OF “INVESTMENT COMPANY”
BY SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT, OR A SECTION 7(d) FOREIGN INVESTMENT COMPANY RELYING ON SECTION
3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT WITH RESPECT TO ITS U.S. HOLDERS, AND WAS FORMED ON OR BEFORE APRIL 30,
1996, IT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL HOLDERS AS REQUIRED BY THE INVESTMENT COMPANY ACT.

 

    12

     

    

 

Each Regulation S Global Note
and the Retained Notes will include the following additional legend:

 

BY ITS ACQUISITION OR ACCEPTANCE
HEREOF, THE HOLDER REPRESENTS THAT IT IS A QUALIFIED PURCHASER AND NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH
INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE
OF WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S.

 

Each Note will include the following
additional legend as the last legend:

 

ANY TRANSFER OF THIS NOTE IN
VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE
OR ANY INTERMEDIARY.

 

IF THE HOLDER OF THIS NOTE (OTHER
THAN FOR THIS PURPOSE ANY HOLDER THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S THAT ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S THAT IS ALSO A QUALIFIED PURCHASER) IS DETERMINED NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL
BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, OR, SOLELY IN THE CASE OF THE INITIAL PURCHASERS OF THE NOTES, BOTH
AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, ACTING FOR ITS OWN ACCOUNT
OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER,
OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE
TO A PURCHASER THAT IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE
TO HONOR A TRANSFER TO A PERSON THAT IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN
ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER.

 

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IF THIS NOTE WAS ACQUIRED OUTSIDE
THE UNITED STATES, AND THE HOLDER IS DETERMINED NOT TO HAVE BEEN A QUALIFIED PURCHASER THAT IS (A) NOT A “U.S. PERSON”
OR (B) A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED
PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED PURCHASER THAT IS (I)
NOT A “U.S. PERSON” OR (II) A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER
TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND (X) NOT A “U.S. PERSON” OR (Y) A QUALIFIED INSTITUTIONAL BUYER.

 

(b)              
Each Global Note shall also bear the following legend on the face thereof:

 

THIS NOTE IS A GLOBAL NOTE WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”),
A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE
OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

(c)              
Each Temporary Regulation S Global Note and the Retained Notes shall also bear the following legend on the face thereof:

 

UNTIL 40 DAYS AFTER THE ISSUE
DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM
OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE
HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS A QUALIFIED PURCHASER AND THAT
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE MAY BE TRANSFERRED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED PURCHASER AND IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE
LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE
EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT
OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT.

 

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(d)          
The required legends (collectively, the “Legend”) set forth in this Section 2.2 shall not be removed
from the applicable Notes except as provided herein. Neither the Trustee nor the Registrar shall be responsible for the contents
of the Legend nor any lack thereof.

 

Section 2.3            
Registrar, Transfer Agent, Paying Agent and Calculation Agent.

 

(a)           
With respect to each class of Notes, there shall at all times be maintained an office or agency in the location set forth
in Section 12.5 where the Notes of such class may be presented or surrendered for exchange or registration of transfer (including
any additional transfer agent, each, a “Transfer Agent”), where the Notes of such class may be registered, recorded
and transferred (including any additional registrar, each, a “Registrar”), where the Notes of such class may
be presented or surrendered for payment thereof (including any additional paying agent, each, a “Paying Agent”),
and where notices and demands to or upon the Issuer in respect of such Notes may be served. The Trustee shall be the initial Transfer
Agent, the initial Paying Agent and the initial Registrar. The Issuer shall cause each Registrar to keep a register of such class
of Notes for which it is acting as Registrar and of their transfer and exchange (the “Register”). Written notice
of the location of each such other office or agency and of any change of location thereof shall be given by the Trustee to the
Issuer and the Noteholders of such class of Notes. In the event that no such office or agency shall be maintained or no such notice
of location or of change of location shall be given, presentations and demands may be made and notices may be served at the Corporate
Trust Office.

 

(b)          
The Trustee shall act as the initial Calculation Agent hereunder. If the Trustee shall no longer act as the Calculation
Agent and to the extent not otherwise specifically provided herein, the Trustee shall furnish to the Calculation Agent, and the
Calculation Agent shall furnish to the Trustee, upon written request such information and copies of such documents as the Trustee
or the Calculation Agent may have and as are necessary for the Calculation Agent and the Trustee to perform their respective duties
under Article III or otherwise. There shall at all times be a Calculation Agent. Upon the request of a Noteholder of Floating
Rate Notes, the Calculation Agent shall provide to such Noteholder the interest rate borne by such Floating Rate Notes on the date
of such request and, if determined, the interest rate borne by such Floating Rate Notes for the next Interest Accrual Period.

 

(c)          
Each Authorized Agent shall not be a Restricted Party and shall be a bank, trust company or corporation organized and doing
business under the laws of the U.S., any state or territory thereof or of the District of Columbia, with a combined capital and
surplus of at least $75,000,000 (or having a combined capital and surplus in excess of $5,000,000 and the obligations of which,
whether now in existence or hereafter incurred, are fully and unconditionally Guaranteed by a bank, trust company or corporation
organized and doing business under the laws of the U.S., any state or territory thereof or of the District of Columbia and having
a combined capital and surplus of at least $75,000,000) and shall be authorized under the laws of the U.S., any state or territory
thereof or the District of Columbia to exercise corporate trust powers, subject to supervision by federal or state authorities
(such requirements, the “Eligibility Requirements”). Each Registrar other than the Trustee shall furnish to
the Trustee, at least five Business Days prior to each Payment Date, and at such other times as the Trustee may request in writing,
a copy of the Register maintained by such Registrar.

 

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(d)          
Any Person into which any Authorized Agent may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, consolidation or conversion to which any Authorized Agent shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of any Authorized Agent (including the administration of the fiduciary
relationship contemplated by this Indenture), shall be the successor of such Authorized Agent hereunder, if such successor is otherwise
eligible under this Section 2.3, without the execution or filing of any paper or any further act on the part of the parties
hereto or such Authorized Agent or such successor Person.

 

(e)           
Any Authorized Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Issuer
may, and at the request of the Trustee shall, at any time terminate the agency of any Authorized Agent by giving written notice
of termination to such Authorized Agent and to the Trustee. Upon the resignation or termination of an Authorized Agent or if at
any time any such Authorized Agent shall cease to be eligible under this Section 2.3 (when, in either case, no other Authorized
Agent performing the functions of such Authorized Agent shall have been appointed by the Trustee), the Issuer shall promptly appoint
one or more qualified successor Authorized Agents, reasonably satisfactory to the Trustee, to perform the functions of the Authorized
Agent that has resigned or whose agency has been terminated or who shall have ceased to be eligible under this Section 2.3.
The Issuer shall give written notice of any such appointment made by it to the Trustee, and in each case the Trustee shall send
notice of such appointment to all Noteholders of the related class of Notes as their names and addresses appear on the Register
for such class of Notes.

 

(f)           
The Issuer agrees to pay, or cause to be paid, from time to time to each Authorized Agent reasonable compensation for its
services and to reimburse it for its reasonable expenses to be agreed to pursuant to separate agreements with each such Authorized
Agent.

 

(g)           
Each Authorized Agent shall be entitled to all of the protections, immunities, indemnities, rights and privileges of the
Trustee as set forth in this Indenture.

 

Section 2.4            
Paying Agent to Hold Money in Trust. The Trustee shall require each Paying Agent other than the Trustee to agree
in writing that all moneys deposited with any Paying Agent for the purpose of any payment on the Notes shall be deposited and held
in trust for the benefit of the Noteholders entitled to such payment, subject to the provisions of this Section 2.4. Moneys
so deposited and held in trust shall constitute a separate trust fund for the benefit of the Noteholders with respect to which
such money was deposited.

 

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

 

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Section 2.5            
Method of Payment.

 

(a)          
On each Payment Date, the Trustee shall, or shall instruct a Paying Agent to, pay, subject to Section 3.6, to the
extent of the Available Collections Amount for such Payment Date, to the Noteholders all interest, principal and Premium, if any,
on each class of Notes in the amounts determined by the Calculation Agent pursuant to Section 3.4. Each payment on any Payment
Date other than the final payment with respect to any class of Notes shall be made by the Trustee or the Paying Agent to the Noteholders
as of the Record Date for such Payment Date. The final payment with respect to any class of Notes, however, shall be made only
upon presentation and surrender of such Note by the Noteholder or its agent at an office or agency of the Trustee or the Paying
Agent in New York City.

 

(b)          
At such time, if any, as the Notes of any class are issued in the form of Definitive Notes, payments on a Payment Date shall
be made by the Trustee or the Paying Agent by check mailed to each Noteholder of a Definitive Note on the applicable Record Date
at its address appearing on the Register maintained with respect to such class of Notes. Alternatively, upon application in writing
to the Trustee, not later than the applicable Record Date, by a Noteholder holding Definitive Notes, any such payments shall be
made by wire transfer to an account designated by such Noteholder at a financial institution in New York City; provided,
that, in each case, the final payment for any class of Notes shall be made only upon presentation and surrender of the Definitive
Notes of such class by the Noteholder or its agent at an office or agency of the Trustee or the Paying Agent in New York City.
Payments in respect of the Notes represented by a Global Note (including principal, Premium, if any, and interest) shall be made
by wire transfer of immediately available funds to the account specified by DTC at a financial institution in New York City.

 

(c)          
The payment of any Interest Amount in respect of a class of Notes on a particular Payment Date shall be deemed allocated
first to any unpaid Interest Amount due prior to such Payment Date (together with Additional Interest thereon) and second to any
Interest Amount due on such Payment Date.

 

(d)          
If the Final Legal Maturity Date with respect to the Original Notes is not a Business Day, the payment scheduled to be made
on the Final Legal Maturity Date shall be made on the succeeding Business Day without the payment of Additional Interest.

 

Section 2.6           
Minimum Denominations. Each class of Notes shall be issued in minimum denominations of $250,000 and integral multiples
of $1.00 in excess thereof. After issuance, any Note may fail to be in such required minimum denomination due to the repayment
of principal thereof in accordance with the Priority of Payments on any Payment Date or as a result of one or more Optional Redemptions
or Mandatory Tax Redemptions. If scheduled interest is added to the principal balance of the Notes on any Payment Date that occurs
during the Interest Deferral Period pursuant to Section 3.7(a), the scheduled interest added to the principal balance of
the Notes will be rounded upward or downward if necessary to the nearest $1.00 in order to maintain the integral multiple of $1.00
in excess of the minimum denomination of the Notes.

 

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Section 2.7           
Transfer and Exchange; Cancellation. The Notes are issuable only in fully registered form without coupons. A Noteholder
or a Beneficial Holder may transfer a Note or a Beneficial Interest therein only by written application to the Registrar stating
the name of the proposed transferee and otherwise complying with the terms of this Indenture. No such transfer shall be effected
until, and such proposed transferee shall succeed to the rights of a Noteholder or a Beneficial Holder only upon, final acceptance
and registration of the transfer by the Registrar.

 

Prior to the due presentment
for registration of transfer of a Note and satisfaction of the requirements specified in the last sentence of the preceding paragraph,
the Issuer and the Trustee may deem and treat the applicable registered Noteholder as the absolute owner and holder of such Note
for the purpose of receiving payment of all amounts payable with respect to such Note and for all other purposes and shall not
be affected by any notice to the contrary. The Registrar (if different from the Trustee) shall promptly notify the Trustee in writing
and the Trustee shall promptly notify the Issuer of each request for a registration of transfer of a Note by furnishing the Issuer
a copy of such request.

 

Furthermore, any Noteholder
of a Global Note shall, by acceptance of such Global Note, agree that, subject to Section 2.10(b) and Section 2.11,
transfers of Beneficial Interests in such Global Note may be effected only through a book-entry system maintained by the Noteholder
of such Global Note (or its agent) and that ownership of a Beneficial Interest in such Global Note shall be required to be reflected
in a book-entry system. When Notes are presented to the Registrar with a request to register the transfer or to exchange them for
an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange
as requested if its requirements for such transactions are met (including, in the case of a transfer, that such Notes are duly
endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and Registrar duly executed by
the Noteholder thereof or by an attorney who is authorized in writing to act on behalf of the Noteholder). To permit registrations
of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request.
Except as set forth in Section 2.8 and Section 2.9, no service charge shall be made for any registration of transfer
or exchange or redemption of the Notes.

 

The Registrar shall
not be required to exchange or register the transfer of any Notes as above provided during the 15-day period preceding the Final
Legal Maturity Date of any such Notes or following any notice of Redemption or Mandatory Tax Redemption or Refinancing of Notes
in respect of the portion of the Notes being so redeemed or refinanced. The Registrar shall not be required to exchange or register
the transfer of any Notes that have been selected, called or are being called for Redemption or Mandatory Tax Redemption or Refinancing
except, in the case of any Notes where written notice has been given that such Notes are to be redeemed in part, the portion thereof
not so to be redeemed.

 

Any Person (including
the Issuer) at any time may deliver Notes to the Trustee for cancellation. The Trustee and no one else shall cancel and destroy
in accordance with its customary practices in effect from time to time (subject to the record retention requirements of the Exchange
Act) any such Notes, together with any other Notes surrendered to it for registration of transfer, exchange or payment. The Issuer
may not issue new Notes (other than Refinancing Notes issued in connection with any Refinancing) to replace Notes it (or any other
Person) has redeemed, paid or delivered to the Trustee for cancellation.

 

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Section 2.8            
Mutilated, Destroyed, Lost or Stolen Notes. If any Note shall become mutilated, destroyed, lost or stolen, the Issuer
shall, upon the written request of the Noteholder thereof and presentation of the Note or satisfactory evidence of destruction,
loss or theft thereof to the Trustee or Registrar, issue, and the Trustee shall authenticate and the Trustee or Registrar shall
deliver in exchange therefor or in replacement thereof, a new Note, payable to such Noteholder in the same principal amount, of
the same maturity, with the same payment schedule, bearing the same interest rate and dated the date of its authentication. If
the Note being replaced has become mutilated, such Note shall be surrendered to the Trustee or the Registrar and forwarded to the
Issuer by the Trustee or such Registrar. If the Note being replaced has been destroyed, lost or stolen, the Noteholder thereof
shall furnish to the Issuer, the Trustee and the Registrar (a) such security or indemnity as may be required by the Issuer, the
Trustee and the Registrar to save each of them harmless and (b) evidence satisfactory to the Issuer, the Trustee and the Registrar
of the destruction, loss or theft of such Note and of the ownership thereof (an affidavit from any QIB being satisfactory evidence).
The Noteholders shall be required to pay any Tax or other governmental charge imposed in connection with such exchange or replacement
and any other expenses (including the reasonable fees and expenses of the Trustee and the Registrar) connected therewith.

 

Section 2.9            
Payments of Transfer Taxes. Upon the transfer of any Note or Notes pursuant to Section 2.7, the Issuer or
the Trustee may require from the party requesting such new Note or Notes payment of a sum to reimburse the Issuer or the Trustee
for, or to provide funds for the payment of, any transfer Tax or similar governmental charge payable in connection therewith.

 

Section 2.10          
Book-Entry Provisions.

 

(a)           
Global Notes shall (i) be registered in the name of the Clearing Agency or a nominee of the Clearing Agency, (ii) be delivered
to the Trustee as custodian for the Clearing Agency and (iii) bear the Legend (as applicable). In accordance with the requirements
of the Clearing Agency, the Issuer shall cause the Trustee to authenticate an additional Global Note or additional Global Notes
in the appropriate principal amount such that no Global Note may exceed an aggregate principal amount of $500,000,000 at any time.

 

Members of, or participants
in, the Clearing Agency (“Agent Members”) shall have no rights under this Indenture with respect to any Global
Note held on their behalf by the Clearing Agency, or the Trustee as its custodian, or under such Global Note, and the Clearing
Agency may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global
Note for all purposes whatsoever.

 

Whenever notice or other
communication to the Noteholders or Beneficial Holders of any class of Global Notes is required under this Indenture, unless and
until Definitive Notes shall have been issued pursuant to Section 2.10(b), the Trustee shall give all such notices and communications
specified herein to be given to Noteholders and Beneficial Holders of such class of Global Notes to the Clearing Agency, and shall
make available additional copies as requested by Agent Members, in each case to the extent that the Trustee shall have been provided
with a copy of a Confidentiality Agreement executed and delivered to the Registrar by such Noteholders or Beneficial Holders.

 

Notwithstanding the foregoing,
nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Clearing Agency or impair, as between the Clearing Agency and its
Agent Members, the operation of customary practices governing the exercise of the rights of a Noteholder under any Global Note.
Neither the Issuer nor the Trustee shall be liable for any delay by the Clearing Agency in identifying the Agent Members in respect
of the Global Notes, and the Issuer and the Trustee may conclusively rely on, and shall be fully protected in relying on, instructions
from the Clearing Agency for all purposes (including with respect to the registration and delivery, and the respective principal
amounts, of any Global Notes to be issued).

 

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(b)          
Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Clearing
Agency, its successors or their respective nominees. Interests of Agent Members in a Global Note may be transferred in accordance
with the Applicable Procedures and the provisions of Section 2.11. Except as set forth in Section 2.11(a), Definitive
Notes shall be issued to the individual Agent Members or Beneficial Holders or their nominees in exchange for their Beneficial
Interests in a Global Note with respect to any class of Notes only if (i) the Issuer advises the Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities as depositary with respect to such class of Notes
and the Trustee or the Issuer is unable to appoint a qualified successor within ninety (90) days of such notice or (ii) during
the occurrence of an Event of Default with respect to such class of Notes, any Noteholder requests that all or a portion of a Global
Note be exchanged for a Definitive Note. Upon the occurrence of any event described in the preceding sentence, the Trustee shall
notify all affected Noteholders of such class, through the Clearing Agency, of the occurrence of such event and of the availability
of Definitive Notes of such class; provided, however, that in no event shall the Temporary Regulation S Global Note
be exchanged for Definitive Notes prior to the later of (x) the termination of the Restricted Period and (y) the date of receipt
by the Issuer of any certificates determined by it to be required pursuant to Rule 903 or 904 under the Securities Act. Upon surrender
to the Trustee of the Global Notes of such class held by the Clearing Agency, accompanied by registration instructions from the
Clearing Agency for registration of Definitive Notes, the Issuer shall issue and the Trustee shall authenticate and deliver the
Definitive Notes of such class to the Agent Members and Beneficial Holders of such class or their nominees in accordance with the
instructions of the Clearing Agency.

 

None of the Issuer, the
Registrar, the Transfer Agent, the Paying Agent or the Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be fully protected in relying on, such registration instructions. Upon the issuance of Definitive
Notes of such class, the Trustee shall recognize the Persons in whose name the Definitive Notes are registered in the Register
as Noteholders hereunder. Neither the Issuer nor the Trustee shall be liable if the Trustee or the Issuer is unable to locate a
qualified successor to the Clearing Agency.

 

(c)          
Any Beneficial Interest in one of the Global Notes as to any class that is transferred to a Person who takes delivery in
the form of an interest in another Global Note shall, upon transfer, cease to be an interest in such Global Note and become an
interest in such other Global Note and, accordingly, shall thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to Beneficial Interests in such other Global Note for as long as it remains such an interest.

 

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(d)          
Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.10(b) shall bear
the Legend applicable to a Global Note.

 

Section 2.11          
Special Transfer Provisions.

 

(a)           
A Global Note may not be transferred, in whole or in part, to any Person other than DTC, and no such transfer to any such
other Person may be registered; provided, however, that this Section 2.11(a) shall not prohibit any transfer
of a Note that is issued in exchange for a Global Note in accordance with Section 2.7 and shall not prohibit any transfer
of a Beneficial Interest in a Global Note effected in accordance with the other provisions of this Section 2.11.

 

(b)           
The transfer by a Beneficial Holder holding a Beneficial Interest in a Rule 144A Global Note to a Person who wishes to take
delivery thereof in the form of a Beneficial Interest in the Rule 144A Global Note shall be made upon the deemed representation
of the transferee that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is both a Qualified Institutional Buyer and a Qualified Purchaser, 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 Issuer as such
transferee 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.

 

(c)           
If a Beneficial Holder holding a Beneficial Interest in a Rule 144A Global Note or in an IAI Global Note wishes at any time
to exchange its interest in such Rule 144A Global Note or in such IAI Global Note, as applicable, for an interest in the Temporary
Regulation S Global Note, or to transfer its interest in a Rule 144A Global Note to a Person who wishes to take delivery thereof
in the form of a Beneficial Interest in the Temporary Regulation S Global Note, such exchange or transfer may be effected, subject
to the Applicable Procedures, only in accordance with the provisions of this Section 2.11(c). Upon receipt by the Registrar
of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the
Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a Beneficial Interest in
the Temporary Regulation S Global Note, in a principal amount equal to that of the Beneficial Interest in such Rule 144A Global
Note or such IAI Global Note, as applicable, to be so exchanged or transferred, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream
account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such Beneficial
Interest and (iii) a certificate in substantially the form set forth in Exhibit E-1 hereto given by the Beneficial Holder
holding such Beneficial Interest in such Rule 144A Global Note or such IAI Global Note, as applicable, the Registrar shall instruct
the Trustee, as custodian of DTC, to reduce the principal amount of the Rule 144A Global Note or the IAI Global Note, as applicable,
and to increase the principal amount of the Temporary Regulation S Global Note, by the principal amount of the Beneficial Interest
in such Rule 144A Global Note or such IAI Global Note to be so exchanged or transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream
or both, as the case may be) a Beneficial Interest in the Temporary Regulation S Global Note having a principal amount equal to
the amount by which the principal amount of such Rule 144A Global Note or such IAI Global Note was reduced upon such exchange or
transfer.

 

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(d)           
If a Beneficial Holder holding a Beneficial Interest in a Rule 144A Global Note or an IAI Global Note wishes at any time
to exchange its interest in such Rule 144A Global Note or such IAI Global Note for an interest in the Permanent Regulation S Global
Note, or to transfer its interest in a Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a Beneficial
Interest in the Permanent Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures,
only in accordance with the provisions of this Section 2.11(d). Upon receipt by the Registrar of (i) written instructions
given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause
to be credited to a specified Clearing Agency Participant’s account a Beneficial Interest in the Permanent Regulation S Global
Note in a principal amount equal to that of the Beneficial Interest in such Rule 144A Global Note or such IAI Global Note to be
so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with,
and the account of the Clearing Agency Participant to be debited for, such Beneficial Interest and (iii) a certificate in substantially
the form of Exhibit E-2 hereto given by the Beneficial Holder holding such Beneficial Interest in such Rule 144A Global
Note or such IAI Global Note, as applicable, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal
amount of such Rule 144A Global Note or such IAI Global Note, as applicable, and to increase the principal amount of the Permanent
Regulation S Global Note, by the principal amount of the Beneficial Interest in such Rule 144A Global Note or such IAI Global Note
to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a Beneficial Interest
in the Permanent Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule
144A Global Note or such IAI Global Note was reduced upon such exchange or transfer.

 

(e)           
If a Beneficial Holder holding a Beneficial Interest in an IAI Global Note, a Temporary Regulation S Global Note or a Permanent
Regulation S Global Note wishes at any time to exchange its interest in such IAI Global Note, such Temporary Regulation S Global
Note or such Permanent Regulation S Global Note for an interest in the Rule 144A Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a Beneficial Interest in the Rule 144A Global Note, such exchange or
transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 2.11(e).
Upon receipt by the Registrar of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency
Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account
a Beneficial Interest in the Rule 144A Global Note in a principal amount equal to that of the Beneficial Interest in such IAI Global
Note, such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, to be so exchanged
or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account
of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the
account of the Clearing Agency Participant to be debited for, such Beneficial Interest and (iii) with respect to an exchange of
a Beneficial Interest in such IAI Global Note, or an exchange or a transfer of a Beneficial Interest in such Temporary Regulation
S Global Note or such Permanent Regulation S Global Note, a certificate in substantially the form set forth in Exhibit E-3
hereto given by such Beneficial Holder holding such Beneficial Interest in such IAI Global Note, such Temporary Regulation S Global
Note or such Permanent Regulation S Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal
amount of such IAI Global Note, such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case
may be, and to increase the principal amount of the Rule 144A Global Note, by the principal amount of the Beneficial Interest in
such IAI Global Note, such Temporary Regulation S Global Note or such Permanent Regulation S Global Note to be so exchanged or
transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be
the Clearing Agency Participant for DTC) a Beneficial Interest in the Rule 144A Global Note having a principal amount equal to
the amount by which the principal amount of such IAI Global Note, such Temporary Regulation S Global Note or such Permanent Regulation
S Global Note, as the case may be, was reduced upon such exchange or transfer.

 

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(f)            
In the event that a Global Note or any portion thereof is exchanged for Notes other than Global Notes, such other Notes
may in turn be exchanged (upon transfer or otherwise) for Notes that are not Global Notes or for a Beneficial Interest in a Global
Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Issuer and
the Registrar, which shall be substantially consistent with the provisions of this Section 2.11 (including the certification
requirement intended to ensure that transfers and exchanges of Beneficial Interests in a Global Note comply with Rule 144A or Regulation
S under the Securities Act, as the case may be) and any Applicable Procedures.

 

(g)          
Until the termination of the Restricted Period with respect to any Note, interests in the Temporary Regulation S Global
Notes representing such Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream;
provided that this Section 2.11(g) shall not prohibit any transfer in accordance with Section 2.11(c). After the
expiration of the Restricted Period, interests in the Permanent Regulation S Global Notes may be transferred without requiring
any certifications other than those set forth in this Section 2.11.

 

(h)           
By its acceptance of any Note bearing the Legend, each Noteholder of such Note acknowledges the restrictions on transfer
of such Note set forth in this Indenture and in the Legend and agrees that it shall transfer such Note (or the Beneficial Interest
therein) only as provided in this Indenture and in accordance with the Legend, including the requirement that each purchaser of
a Beneficial Interest in the Notes and each subsequent transferee shall not be a Restricted Party. The Registrar shall not register
or reflect on its books and records a transfer of any Note (or any Beneficial Interest therein) unless such transfer complies with
the restrictions on transfer of such Note set forth in this Indenture and in accordance with the Legend. In connection with any
transfer of Notes (or Beneficial Interests therein), each Noteholder (or Beneficial Holder) agrees by its acceptance of the Notes
(or Beneficial Interests therein) to furnish the Trustee the certifications and legal opinions (if requested and required pursuant
hereto) described herein 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; provided, that the Trustee shall not be required to determine (but
may rely on a determination made by the Issuer with respect to) the sufficiency of any such legal opinions.

 

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(i)           
The Notes shall be issued pursuant to an exemption from registration under the Securities Act. Except as otherwise set forth
in Section 2.1(j), the Issuer agrees that it shall not at any time (i) apply to list, list or list upon notice of issuance,
(ii) consent to or authorize an application for the listing or the listing of, or (iii) enable or authorize the trading of, the
Notes on an established securities market, including (w) a national securities exchange registered under the Exchange Act or exempted
from registration because of the limited volume of transactions, (x) a foreign securities exchange that, under the law of the jurisdiction
where it is organized, satisfies regulatory requirements that are analogous to the regulatory requirements under the Exchange Act
applicable to exchanges described in Section 2.11(i)(iii)(w), (y) a regional or local exchange or (z) an over-the-counter
market or interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers
by electronic means or otherwise, as the term “established securities market” and the other terms in this Section
2.11(i) are defined for purposes of Section 7704 of the Code.

 

(j)           
The Trustee shall retain copies of all letters, notices and other written communications received pursuant to Section
2.10 or this Section 2.11. The Issuer shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of reasonable written notice to the Trustee.

 

(k)          
After the Closing Date with respect to the Original Notes (or the date of issuance with respect to any Subordinated Notes
or any Refinancing Notes), forms of Confidentiality Agreements shall be available to Noteholders, Agent Members and Beneficial
Holders and proposed transferees of the Notes (or the Beneficial Interests therein) from the Registrar, initially at the Corporate
Trust Office. The Registrar shall promptly, but in any event no later than two Business Days after receipt thereof, furnish the
Trustee, the Issuer and the Servicer with a copy of each executed Confidentiality Agreement received by the Registrar.

 

(l)            
Notwithstanding any other provision contained in this Indenture to the contrary, any Noteholder or Beneficial Holder may
assign a security interest in, or pledge, all or any portion of the Notes or Beneficial Interest held by it to a lender or a trustee
or collateral agent (or other similar representative) that delivers to the Trustee a Confidentiality Agreement or a written certification
in form and substance satisfactory to the Trustee that it is not a Restricted Party under any indenture, loan agreement or other
similar agreement to which such Noteholder or Beneficial Holder or any of its Affiliates is party in support of any obligations
of such Noteholder or Beneficial Holder or Affiliate or holders of securities or other obligations issued by such Noteholder or
Beneficial Holder or Affiliate; provided, that no such assignment or pledge shall release the assigning or pledging Noteholder
or Beneficial Holder from its obligations hereunder; provided, further, that the transfer of all or any portion of
the Notes or the Beneficial Interest to the lender or trustee or collateral agent (or other similar representative) or any other
Person shall be subject to the restrictions on transfer of the Notes or a Beneficial Interest set forth in this Indenture.

 

(m)         
Each purchaser of the Notes will be deemed to have represented and warranted by its purchase of the Notes (including any
interest in a Note) that either (i) it is not a Plan and is not acting on behalf of a Plan or using Plan Assets to purchase such
Notes or (ii) it is a Plan or is acting on behalf of a Plan or using Plan Assets to purchase such Notes but the purchase and holding
of such Notes will not constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code by reason
of the application of one or more statutory or administrative exemptions or otherwise and will not constitute or result in a violation
of any Similar Laws.

 

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(n)           
The Global Notes shall be exchangeable in their entirety for one or more definitive notes in registered form, without interest
coupons (collectively, the “Definitive Notes”) pursuant to Section 2.10(b) and this Section 2.11(n)
in accordance with their terms and, upon complete exchange thereof, such Global Notes shall be surrendered to the Trustee for cancellation.
For avoidance of doubt, the Retained Notes are Definitive Notes. Definitive Notes of any class shall be freely transferable and
exchangeable for Definitive Notes of the same class at the office of the Trustee or the office of the Registrar upon compliance
with the requirements set forth in this Indenture. In the case of a transfer of only part of a holding of Definitive Notes, a new
Definitive Note shall be issued to the transferee in respect of the part transferred and a new Definitive Note in respect of the
balance of the holding not transferred shall be issued to the transferor and may be obtained at the office of the Registrar.

 

(o)            Other
than as permitted by the U.S. Credit Risk Retention Rules, neither Theravance Biopharma nor one or more of its Wholly-Owned Affiliates
(as defined under the U.S. Credit Risk Retention Rules) may sell, transfer or hedge the Retained Notes during the Risk Retention
Period; provided that the Risk Retention Period will end with respect to the Notes immediately upon the earlier of the time at
which no Notes are outstanding and such time as the “sponsor” (as defined under the U.S. Credit Risk Retention Rules)
of the offer and sale of the Notes, in its capacity as sponsor of such offer and sale, is no longer required by the U.S. Credit
Risk Retention Rules to retain an economic interest in the Notes.

 

(p)           
Any transfer in violation of the provisions of this Section 2.11 shall be void ab initio.

 

Section 2.12          
Temporary Definitive Notes. Pending the preparation of Definitive Notes of any class, the Issuer may execute and
the Trustee may authenticate and deliver temporary Definitive Notes of such class that are printed, lithographed, typewritten or
otherwise produced, in any denomination, containing substantially the same terms and provisions as are set forth in the applicable
Exhibit or in any indenture supplemental hereto, except for such appropriate insertions, omissions, substitutions and other variations
relating to their temporary nature as a Responsible Officer of the Issuer executing such temporary Definitive Notes may determine,
as evidenced by his or her execution of such temporary Definitive Notes.

 

If temporary Definitive
Notes of any class are issued, the Issuer shall cause such Definitive Notes of such class to be prepared without unreasonable delay.
After the preparation of Definitive Notes of such class, the temporary Definitive Notes shall be exchangeable for Definitive Notes
upon surrender of such temporary Definitive Notes at the Corporate Trust Office, without charge to the Noteholder thereof. Upon
surrender for cancellation of any one or more temporary Definitive Notes of any class, the Issuer shall execute and the Trustee
shall authenticate and deliver in exchange therefor Definitive Notes of like class, in authorized denominations and in the same
aggregate principal amounts. Until so exchanged, such temporary Definitive Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

 

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Section 2.13           
Statements to Noteholders.

 

(a)           
On each Payment Date and any other date for distribution of any payments with respect to any class of Notes then Outstanding,
the Trustee shall deliver a report (which delivery may be made through electronic mail (blind carbon copy) or through a secure
password-protected website), covering the information set forth in Exhibit C and prepared by the Servicer, giving effect
to such payments (each, a “Distribution Report”), to (i) only each Noteholder and Beneficial Holder that has
executed and delivered to the Registrar a Confidentiality Agreement, (ii) the Issuer, (iii) the Calculation Agent, (iv) the Equityholder
and (v) Theravance Biopharma and to no other Person.

 

(b)           
Each Distribution Report provided to the Noteholders and Beneficial Holders by the Trustee for each Payment Date pursuant
to Section 2.13(a), commencing with the June 5, 2020 Payment Date, or other date for distribution of payments on the Notes,
shall include the amounts deposited into and withdrawn from the Collection Account and information with respect to the application
of funds in accordance with the Priority of Payments on the related Payment Date and shall be accompanied by a statement prepared
by the Servicer setting forth an analysis of the Collection Account activity for the quarterly period ending on the Calculation
Date relating to such Payment Date (provided, that such statement will not include an analysis of the source of the deposits
made to the Collection Account to the extent that the confidentiality provisions of the GSK Agreements, the TRC LLC Agreement and
the Master Agreement prohibit such disclosure or analysis and may show deposits on an aggregated basis, and such statement shall
be required to be treated confidentially pursuant to the terms of the Confidentiality Agreement. The Trustee shall not be responsible
for the contents of the Distribution Reports.

 

(c)            
Each Distribution Report shall include a statement to the following effect:

 

THE INDENTURE REQUIRES THAT EACH
HOLDER OF A BENEFICIAL INTEREST IN THE NOTES BE A QUALIFIED PURCHASER (AS DEFINED BELOW) THAT IS NOT A RESTRICTED PARTY (AS DEFINED
IN THE INDENTURE). EACH RESALE OF A NOTE (A) MUST BE MADE TO A PERSON OR ENTITY THAT IS A QUALIFIED PURCHASER THAT THE TRANSFEROR
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QUALIFIED INSTITUTIONAL BUYER”) WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT TAKES DELIVERY OF THE INTEREST IN THE NOTE IN THE FORM OF AN INTEREST IN A RULE
144A GLOBAL NOTE OR (B) OUTSIDE THE UNITED STATES MUST BE MADE TO A PERSON OR ENTITY THAT IS A QUALIFIED PURCHASER THAT IS ALSO
EITHER A QUALIFIED INSTITUTIONAL BUYER OR NOT A U.S. PERSON IN AN OFFSHORE TRANSACTION IN RELIANCE ON REGULATION S, AND IN EACH
CASE, SUCH PERSON OR ENTITY IS NOT A RESTRICTED PARTY (AS DEFINED IN THE INDENTURE). A “QUALIFIED PURCHASER” IS (A)
A “QUALIFIED PURCHASER” AS DEFINED IN SECTION 2(a)(51)(A) OF THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
 “INVESTMENT COMPANY ACT”), AND THE RELATED RULES THEREUNDER OR (B) A COMPANY EACH OF WHOSE BENEFICIAL HOLDERS IS A
 “QUALIFIED PURCHASER” AS DEFINED IN SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT AND RELATED RULES THEREUNDER.

 

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EACH TRANSFEREE OF AN INTEREST
IN A RULE 144A GLOBAL NOTE WILL BE DEEMED TO REPRESENT AT THE TIME OF PURCHASE THAT: (1) IT IS BOTH A QUALIFIED INSTITUTIONAL BUYER
PURSUANT TO RULE 144A AND A QUALIFIED PURCHASER PURSUANT TO SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT, AND IS AWARE THAT
ANY SALE OF NOTES TO IT WILL BE MADE IN RELIANCE ON RULE 144A, (2) ITS ACQUISITION OF NOTES IN ANY SUCH SALE WILL BE FOR ITS OWN
ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH A QUALIFIED
INSTITUTIONAL BUYER PURSUANT TO RULE 144A AND A QUALIFIED PURCHASER PURSUANT TO SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT,
AND (3) NEITHER IT NOR ANY ACCOUNT FOR WHICH IT IS ACQUIRING THE BENEFICIAL INTEREST IS (I) A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH
(a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES OF ISSUERS
THAT ARE NOT AFFILIATED TO IT, (II) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHERE EACH
BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER), (III) A CORPORATION, PARTNERSHIP, COMMON
TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL
HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO BE MADE, (IV) IF FORMED ON OR BEFORE APRIL
30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT COMPANY” PROVIDED BY
SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF RELYING ON SECTION 3(c)(7)
WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS A QUALIFIED PURCHASER, IT
HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS THEREUNDER, RECEIVED
THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996, OR (V) AN ENTITY THAT, IMMEDIATELY
SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL INTEREST IN THE NOTE, WILL HAVE INVESTED MORE THAN 40% OF ITS ASSETS
IN BENEFICIAL INTERESTS IN THE NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL HOLDERS OF SUCH ENTITY’S
SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A.

 

EACH TRANSFEREE OF AN INTEREST
IN A TEMPORARY REGULATION S GLOBAL NOTE OR A PERMANENT REGULATION S GLOBAL NOTE WILL BE DEEMED TO REPRESENT AT THE TIME OF PURCHASE
THAT: (1) IT WAS OUTSIDE THE UNITED STATES AND IS A QUALIFIED PURCHASER PURSUANT TO SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY
ACT AND NOT A U.S. PERSON, AND (2) ITS ACQUISITION OF NOTES IN ANY SUCH SALE WILL BE FOR ITS OWN ACCOUNT OR ONE OR MORE OTHER ACCOUNTS
WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER AND NONE OF WHICH IS A U.S.
PERSON.

 

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THE ISSUER DIRECTS THAT THE RECIPIENT
OF THIS NOTICE, AND ANY RECIPIENT OF A COPY OF THIS NOTICE, PROVIDE A COPY TO ANY PERSON HAVING AN INTEREST IN THE NOTES WITH RESPECT
TO WHICH THIS DISTRIBUTION REPORT IS DELIVERED, AS INDICATED ON THE BOOKS OF THE DEPOSITORY TRUST COMPANY OR ON THE BOOKS OF A
PARTICIPANT IN THE DEPOSITORY TRUST COMPANY OR ON THE BOOKS OF AN INDIRECT PARTICIPANT FOR WHICH SUCH PARTICIPANT IN THE DEPOSITORY
TRUST COMPANY ACTS AS AGENT.

 

IF THE ISSUER DETERMINES THAT
ANY BENEFICIAL HOLDER OF AN INTEREST IN THE NOTES ACQUIRED THE INTEREST WITHOUT BEING BOTH A QUALIFIED PURCHASER AND A QUALIFIED
INSTITUTIONAL BUYER AT THE TIME OF THE PURCHASE OF THE INTEREST IN THE NOTE (OTHER THAN (X) AN INITIAL PURCHASER OF THE NOTES ON
THE CLOSING DATE THAT IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER HOLDING A BENEFICIAL INTEREST IN THE
IAI GLOBAL NOTE OR (Y) A NON-U.S. PERSON THAT ACQUIRED THE NOTES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S THAT
IS ALSO A QUALIFIED PURCHASER) OR IF ANY PERSON THAT IS A RESTRICTED PARTY SHALL BECOME THE BENEFICIAL HOLDER OF THE INTERESTS
IN THE NOTES (ANY SUCH PERSON A “NON-PERMITTED HOLDER”), THE ACQUISITION OF THE BENEFICIAL INTEREST IN THE NOTES BY
SUCH NON-PERMITTED HOLDER SHALL BE NULL AND VOID AB INITIO FOR ALL PURPOSES UNDER THE INDENTURE. THE ISSUER SHALL, PROMPTLY AFTER
DISCOVERY BY THE ISSUER THAT SUCH PERSON IS A NON-PERMITTED HOLDER OR UPON NOTICE TO THE ISSUER FROM THE TRUSTEE (IF A RESPONSIBLE
OFFICER OF THE TRUSTEE OBTAINS ACTUAL KNOWLEDGE WHO, IN EACH CASE, AGREE TO NOTIFY THE ISSUER UPON OBTAINING ACTUAL KNOWLEDGE,
IF ANY), SEND NOTICE TO SUCH NON-PERMITTED HOLDER DEMANDING THAT SUCH NON-PERMITTED HOLDER TRANSFER THE BENEFICIAL INTEREST IN
THE NOTES HELD BY SUCH NON-PERMITTED HOLDER TO A PERSON THAT IS NOT A NON-PERMITTED HOLDER WITHIN THIRTY (30) DAYS AFTER THE DATE
OF SUCH NOTICE. IF SUCH NON-PERMITTED HOLDER FAILS TO SO TRANSFER THE BENEFICIAL INTEREST IN THE NOTES WITHIN SUCH THIRTY (30)
DAY PERIOD, THE ISSUER SHALL HAVE THE RIGHT, WITHOUT FURTHER NOTICE TO THE NON-PERMITTED HOLDER, TO SELL THE BENEFICIAL INTEREST
IN THE NOTES TO A PURCHASER OR PURCHASERS SELECTED BY THE ISSUER THAT IS NOT A NON-PERMITTED HOLDER ON SUCH TERMS AS THE ISSUER
MAY CHOOSE. THE ISSUER MAY SELECT THE PURCHASER OR PURCHASERS BY SOLICITING ONE OR MORE BIDS FROM ONE OR MORE BROKERS OR OTHER
MARKET PROFESSIONALS THAT REGULARLY DEAL IN SECURITIES SIMILAR TO THE NOTES AND SELL SUCH NOTES TO THE HIGHEST SUCH BIDDER. HOWEVER,
THE ISSUER MAY SELECT THE PURCHASER OR PURCHASERS BY ANY OTHER MEANS DETERMINED BY IT IN ITS SOLE DISCRETION. THE BENEFICIAL HOLDER
OF EACH NOTE, THE NON-PERMITTED HOLDER AND EACH OTHER PERSON IN THE CHAIN OF TITLE FROM THE BENEFICIAL HOLDER TO THE NON-PERMITTED
HOLDER, BY ITS ACCEPTANCE OF A BENEFICIAL INTEREST IN THE NOTES, AGREE TO COOPERATE WITH THE ISSUER AND THE TRUSTEE TO EFFECT SUCH
TRANSFERS. THE PROCEEDS OF SUCH SALE, NET OF ANY COMMISSIONS, EXPENSES AND TAXES DUE IN CONNECTION WITH SUCH SALE SHALL BE REMITTED
TO THE NON-PERMITTED HOLDER. THE TERMS AND CONDITIONS OF ANY SALE UNDER THIS PARAGRAPH SHALL BE DETERMINED IN THE SOLE DISCRETION
OF THE ISSUER, AND NEITHER THE ISSUER NOR THE TRUSTEE SHALL BE LIABLE TO ANY PERSON HAVING A BENEFICIAL INTEREST IN THE NOTES SOLD
AS A RESULT OF ANY SUCH SALE OR THE EXERCISE OF SUCH DISCRETION.

 

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(d)           
After the end of each calendar year but not later than the latest date permitted by Applicable Law, the Trustee shall (or
shall instruct any Paying Agent to) furnish to each Person who at any time during such calendar year was a Noteholder of any class
of Notes a statement (for example, a Form 1099 or any other means required by Applicable Law) prepared by the Trustee containing
the sum of the amounts determined pursuant to the information covered by Exhibit C with respect to the class of Notes for
such calendar year or, in the event such Person was a Noteholder of any class of Notes during only a portion of such calendar year,
for the applicable portion of such calendar year, and such other items as are readily available to the Trustee and that a Noteholder
shall reasonably request as necessary for the purpose of such Noteholder’s preparation of its U.S. federal income or other
tax returns. So long as any of the Notes are registered in the name of DTC or its nominee, such report and such other items shall
be prepared on the basis of such information supplied to the Trustee by DTC and the Agent Members and shall be delivered by the
Trustee to DTC and by DTC to the applicable Beneficial Holders in the manner described above. In the event that any such information
has been provided by any Paying Agent directly to such Person through other tax-related reports or otherwise, the Trustee in its
capacity as Paying Agent shall not be obligated to comply with such request for information.

 

(e)           
At such time, if any, as the Notes of any class are issued in the form of Definitive Notes, the Trustee shall prepare and
deliver the information described in Section 2.13(d) to each Noteholder of a Definitive Note of such class for the relevant
period of registered ownership of such Definitive Note as appears on the books and records of the Trustee.

 

(f)            
The Trustee shall be at liberty to sanction any method of giving notice to the Noteholders of any class if, in its opinion,
such method is reasonable, having regard to the number and identity of the Noteholders of such class and/or to market practice
then prevailing, is in the best interests of the Noteholders of such class, and any such notice shall be deemed to have been given
on such date as the Trustee may approve; provided, that notice of such method is given to the Noteholders of such class
in such manner as the Trustee shall require.

 

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Section 2.14         
Identification Numbers. The Issuer in issuing the Notes may use CUSIP, CINS, ISIN, private placement or other identification
numbers (if then generally in use), and, if so, the Trustee shall use such CUSIP, CINS, ISIN, private placement or other identification
numbers, as the case may be, in notices of redemption or exchange as a convenience to Noteholders; provided, that any such
notice shall state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained
in any notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed on the
Notes; provided, further, that failure to use CUSIP, CINS, ISIN, private placement or other identification numbers
in any notice of redemption or exchange shall not affect the validity or sufficiency of such notice.

 

Section 2.15          
Refinancing Notes.

 

(a)           
Subject to Section 2.15(b), Section 2.15(c) and Section 2.15(d), the Issuer may issue Refinancing Notes
pursuant to this Indenture solely for the purpose of refinancing in whole, but not part, the Outstanding Principal Balance (plus
accrued and unpaid interest) of any class of Notes (including a refinancing of Refinancing Notes). Each refinancing of any class
of Notes with the proceeds of an offering of Refinancing Notes (a “Refinancing”) shall be authorized pursuant
to one or more Resolutions. Each Refinancing Note shall be designated generally as a Note for all purposes under this Indenture,
with such further designations added or incorporated in such title as specified in the related Resolution and set forth in any
indenture supplemental hereto providing for the issuance of such Notes or specified in the form of such Notes, as the case may
be. The Refinancing Notes may, at the option of the Issuer, rank equal in priority relative to the class of Notes being refinanced.
Refinancing Notes may be issued on any Business Day.

 

(b)           
On the date of any Refinancing, the Issuer shall issue and sell an aggregate principal amount of Refinancing Notes (when
added to the Available Collections Amount to be used in connection with such Refinancing) resulting in proceeds in an amount sufficient
to pay in full the applicable Redemption Price of the Notes being refinanced in whole thereby plus the Refinancing Expenses relating
thereto. The proceeds of each sale of Refinancing Notes shall be used to the extent necessary to make the deposit required by Section
3.9 and to pay such Refinancing Expenses. Subject to Section 3.9(b), once a notice of a Redemption in respect of any
Refinancing is published in accordance with Section 3.9(a), each class of Notes to which such notice applies shall become
due and payable on the Redemption Date stated in such notice at their Redemption Price.

 

(c)           
Each Refinancing Note shall contain such terms as may be established in or pursuant to the related Resolution (subject to
Section 2.1(d)) and set forth in any indenture supplemental hereto providing for the issuance of such Notes or specified
in the form of such Notes to the extent permitted below. Prior to the issuance of any Refinancing Notes, any or all of the following,
as applicable, with respect to the related issue of Refinancing Notes shall have been determined by the Issuer and set forth in
such Resolution and in any indenture supplemental hereto providing for the issuance of such Notes or specified in the form of such
Notes, as the case may be:

 

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(i)            
the class of Notes to be refinanced by such Refinancing Notes;

 

(ii)           
the aggregate principal amount of each class of Refinancing Notes that may be issued in respect of such Refinancing;

 

(iii)          
the proposed date of such Refinancing;

 

(iv)          
the Final Legal Maturity Date of each class of such Refinancing Notes;

 

(v)           
the rate at which such Refinancing Notes shall bear interest or the method by which such rate shall be determined;

 

(vi)          
the denomination or denominations in which any class of such Refinancing Notes shall be issuable;

 

(vii)         
whether such Refinancing Notes shall be subject to redemption pursuant to Section 3.8(c);

 

(viii)       
whether any such Refinancing Notes are to be issuable initially in temporary or permanent global form and, if so, whether
Beneficial Holders of interests in any such permanent global Refinancing Note may exchange such interests for Refinancing Notes
of such class and of like tenor and of any authorized form and denomination and the circumstances under which any such exchanges
may occur, if other than in the manner provided in Section 2.7, and the circumstances under which and the place or places
where any such exchanges may be made and the identity of any initial depositary therefor;

 

(ix)          
the ranking in priority of such Refinancing Notes relative to any other classes (or sub-classes) of Notes; and

 

(x)           
any other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to the class
of Refinancing Notes (which terms shall comply with Applicable Law and not violate any restrictions of this Indenture).

 

(d)          
If any of the terms of any issue of Refinancing Notes are established by action taken pursuant to one or more Resolutions,
such Resolutions shall be delivered to the Trustee setting forth the terms of such Refinancing Notes.

 

Section 2.16         
Subordinated Notes.

 

(a)          
Subject to Section 2.16(b), Section 2.16(c), Section 2.16(d) and Section 2.16(e), the Issuer
may issue Subordinated Notes pursuant to this Indenture (each, a “Subordinated Note Issuance”) for any purpose,
including, at the option of the Issuer, for the purpose of funding a redemption of the Original Notes (or any Refinancing Notes
in respect of the Original Notes), in whole or in part. Each Subordinated Note Issuance shall be authorized pursuant to one or
more Resolutions. Each Subordinated Note shall be designated generally as a Note for all purposes under this Indenture. Each Subordinated
Note shall have such further designations added or incorporated in such title as specified in the related Resolution and set forth
in any indenture supplemental hereto providing for the issuance of such Notes or specified in the form of such Notes, as the case
may be. There are no limitations on the use of proceeds from the issuance of any such Subordinated Notes, including making distributions
to the Equityholder and redeeming the Original Notes (or any Refinancing Notes in respect of the Original Notes) in whole or in
part.

 

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(b)          
If the proceeds of the Subordinated Notes are being used to redeem any of the Notes, on the date of any Subordinated Note
Issuance, the Issuer shall issue and sell an aggregate principal amount of Subordinated Notes in an amount not less than the amount
sufficient to pay in full the applicable Redemption Price of the Notes being redeemed thereby plus the Transaction Expenses relating
thereto. The proceeds of each sale of such Subordinated Notes shall be used to make the deposit required by Section 3.9,
to the extent applicable, to pay such Transaction Expenses and/or for such other purposes, if any, as shall be specified in the
Resolution authorizing the issuance of such Subordinated Notes. Subject to Section 3.9(b), once a notice of Redemption in
respect of any Subordinated Note Issuance is published in accordance with Section 3.9(a), each class of Notes to which such
notice applies shall become due and payable on the Redemption Date stated in such notice at their Redemption Price.

 

(c)           
Each Subordinated Note shall contain such terms as may be established in or pursuant to the related Resolution (subject
to Section 2.1(e)) and set forth in any indenture supplemental hereto providing for the issuance of such Notes or specified
in the form of such Notes to the extent permitted herein, shall rank in priority relative to any other classes (or sub-classes)
of Subordinated Notes as specified in such Resolution and set forth in an indenture supplemental hereto and, in any event, shall
be subordinate to the Original Notes (and any Refinancing Notes in respect of the Original Notes) to the extent provided in this
Indenture. Prior to the issuance of any such Subordinated Notes, any or all of the following, as applicable, with respect to the
related Subordinated Note Issuance shall have been determined by the Issuer and set forth in such Resolution and in any indenture
supplemental hereto or specified in the form of such Subordinated Notes, as the case may be, with respect to such Subordinated
Notes to be issued:

 

(i)            
the aggregate principal amount of any such Subordinated Notes that may be issued;

 

(ii)           
the proposed date of such Subordinated Note Issuance;

 

(iii)          
the Final Legal Maturity Date of any such Subordinated Notes;

 

(iv)          
whether any such Subordinated Notes are to have the benefit of any reserve account and, if so, the amount and terms thereof;

 

(v)           
the rate at which such Subordinated Notes shall bear interest or the method by which such rate shall be determined;

 

(vi)          
the denomination or denominations in which such Subordinated Notes shall be issuable;

 

(vii)         
whether such Subordinated Notes shall be subject to redemption pursuant to Section 3.8(c);

 

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(viii)        
whether any such Subordinated Notes are to be issuable initially in temporary or permanent global form and, if so, whether
Beneficial Holders of interests in any such permanent global Subordinated Note may exchange such interests for Subordinated Notes
of like tenor and of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other
than in the manner provided in Section 2.7, and the circumstances under which and the place or places where any such exchanges
may be made and the identity of any initial depositary therefor;

 

(ix)          
the ranking in priority of such Subordinated Notes relative to any other classes (or sub-classes) of Notes;

 

(x)           
the use of proceeds of such Subordinated Note Issuance; and

 

(xi)         
any other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to such Subordinated
Notes (which terms shall comply with Applicable Law and not violate any restrictions of this Indenture).

 

(d)          
If any of the terms of any issue of Subordinated Notes are established by action taken pursuant to one or more Resolutions,
such Resolutions shall be delivered to the Trustee setting forth the terms of such Subordinated Notes.

 

(e)          
Any Subordinated Notes shall be subordinated to the Original Notes (and any Refinancing Notes in respect of the Original
Notes) pursuant to the Priority of Payments, and no payments of principal, interest or Premium, if any, may be made on such Subordinated
Notes from the Available Collections Amount until the Original Notes (and any Refinancing Notes in respect of the Original Notes)
have been paid in full. In addition, while any Original Notes (or any Refinancing Notes in respect of the Original Notes) are Outstanding,
the Issuer may redeem the Subordinated Notes solely with monies that are received by the Issuer pursuant to Section 3.7(b)(ii).

 

Section 2.17          
Section 3(c)(7) Procedures.

 

(a)          
The Issuer shall, upon two (2) Business Days’ prior written notice, cause the Registrar to send, and the Registrar
hereby agrees to send on at least an annual basis, a notice from the Issuer to DTC in substantially the form of Exhibit G
hereto (the “Important Section 3(c)(7) Notice”), with a request that DTC forward each such notice to the relevant
DTC participants for further delivery to the Beneficial Holders. If DTC notifies the Issuer or the Registrar that it will not forward
such notices, the Issuer will request DTC to deliver to the Issuer a list of all DTC participants holding an interest in the Notes
and the Registrar and Paying Agent will send the Important Section 3(c)(7) Notice directly to such participants.

 

(b)          
The Issuer shall direct DTC to take the following steps in connection with the Global Notes:

 

(i)            
The Issuer shall direct DTC to include the marker “3c7” in the DTC 20-character security descriptor and the
48-character additional descriptor for the Global Notes in order to indicate that sales are limited to Qualified Purchasers.

 

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(ii)           
The Issuer shall direct DTC to cause each physical deliver order ticket that is delivered by DTC to purchasers to contain
the 20-character security descriptor. The Issuer shall direct DTC to cause each deliver order ticket that is delivered by DTC to
purchasers in electronic form to contain a “3c7” indicator and a related user manual for participants. Such user manual
shall contain a description of the relevant restrictions imposed by Section 3(c)(7) of the Investment Company Act.

 

(iii)          
On or prior to the Closing Date, the Issuer shall instruct DTC to send the Important Section 3(c)(7) Notice to all DTC participants
in connection with the offering of the Global Notes.

 

(iv)          
In addition to the obligations of the Registrar set forth in Section 2.7, the Issuer shall from time to time (upon
the request of the Trustee) make a request to DTC to deliver to the Issuer a list of all DTC participants holding an interest in
the Global Notes.

 

(v)          
The Issuer shall cause each CUSIP number obtained for a Global Note to have a fixed field containing “3c7” and
 “144A” indicators, as applicable, attached to such CUSIP number.

 

(c)          
The Issuer shall from time to time request all third-party vendors to include on screens maintained by such vendors appropriate
legends regarding Rule 144A and Section 3(c)(7) restrictions on the Global Notes under the Investment Company Act. Without limiting
the foregoing, the Issuer shall request that all third-party vendors include the following legends on each screen containing information
about the Notes:

 

(i)            
Bloomberg

 

(1)           
“Iss’d Under 144A/3c7”, to be stated in the “Note Box” on the bottom of the “Security
Display” page describing the Global Notes;

 

(2)           
a flashing red indicator stating “See Other Available Information” located on the “Security Display”
page;

 

(3)           
a link to an “Additional Security Information” page on such indicator stating that the Global Notes are being
offered in reliance on the exemption from registration under Rule 144A to Persons that are both (i) Qualified Institutional Buyers
and (ii) Qualified Purchasers; and

 

(4)           
a statement on the “Disclaimer” page for the Global Notes that the Notes shall not be and have not been registered
under the Securities Act, that the Issuer has not been registered under the Investment Company Act and that the Global Notes may
only be offered or sold in accordance with Section 3(c)(7) of the Investment Company Act.

 

(ii)          
Reuters

 

(1)           
a “144A – 3c7” notation included in the security name field at the top of the Reuters Instrument Code
screen;

 

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(2)              
a “144A3c7Disclaimer” indicator appearing on the right side of the Reuters Instrument Code screen; and

 

(3)              
a link from such “144A3c7Disclaimer” indicator to a disclaimer screen containing the following language: “These
Notes may be sold or transferred only to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule 144A under
the Securities Act, and (ii) Qualified Purchasers, as defined under Section 3(c)(7) of the Investment Company Act.”

 

Section 2.18         Beneficial Holder Representations and Warranties. Each Person who is an initial purchaser or a subsequent transferee
of a Beneficial Interest in the Notes will be deemed to represent, warrant and agree on the date such Person acquires the Beneficial
Interest in the Notes as follows:

 

(a)          With
respect to any sale of Notes pursuant to Rule 144A, it is both a QIB pursuant to Rule 144A and a Qualified Purchaser pursuant
to Section 2(a)(51) of the Investment Company Act, and is aware that any sale of Notes to it will be made in reliance on Rule
144A. Its acquisition of Notes in any such sale will be for its own account or one or more accounts with respect to which it exercises
sole investment discretion, each of which is both a QIB pursuant to Rule 144A and a Qualified Purchaser pursuant to Section 2(a)(51)
of the Investment Company Act, and neither it nor any account for which it is acquiring the Beneficial Interest is (1) a dealer
of the type described in paragraph (a)(1)(ii) of Rule 144A unless it owns and invests on a discretionary basis not less than $25,000,000
in securities of issuers that are not affiliated to it, (2) formed or capitalized for the specific purpose of investing in the
Issuer (except where each Beneficial Holder is both a QIB and a Qualified Purchaser), (3) a corporation, partnership, common trust
fund, special trust, pension fund or retirement plan in which the shareholders, equity owners, partners, beneficiaries, Beneficial
Holders or participants, as applicable, may designate the particular investments to be made, (4) if formed on or before April
30, 1996, an investment company that relies on the exclusion from the definition of “investment company” provided
by Section 3(c)(7) of the Investment Company Act (or a foreign investment company under Section 7(d) thereof relying on Section
3(c)(7) with respect to those of its holders that are U.S. Persons), unless, with respect to its treatment as a Qualified Purchaser,
it has, in the manner required by Section 2(a)(51)(C) of the Investment Company Act and the rules and regulations thereunder,
received the consent of its Beneficial Holders that acquired their interests on or before April 30, 1996 or (5) an entity that,
immediately subsequent to its purchase or other acquisition of a Beneficial Interest in the Note, will have invested more than
40% of its assets in Beneficial Interests in the Note and/or in other securities of the Issuer (unless all of the Beneficial Holders
of such entity’s securities are Qualified Purchasers) to whom notice is given that the resale, pledge or other transfer
is being made in reliance on the exemption from Securities Act registration provided by Rule 144A.

 

(b)          With
respect to any initial sale of Notes to an Institutional Accredited Investor, it is both an Institutional Accredited Investor
and a Qualified Purchaser pursuant to Section 2(a)(51) of the Investment Company Act, and is acquiring the Notes for its own account
(and not for the accounts of others), pursuant to an exemption from the registration requirements of the Securities Act. Its acquisition
of Notes in any such sale will be for its own account or one or more accounts with respect to which it exercises sole investment
discretion, each of which is both an Institutional Accredited Investor and a Qualified Purchaser pursuant to Section 2(a)(51)
of the Investment Company Act.

 

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(c)           With respect to any sale of Notes pursuant to Regulation S, at the time the buy order for such Notes was originated, it
was outside the United States and is a Qualified Purchaser and not a U.S. Person. Its acquisition of Notes in any such sale will
be for its own account or one or more other accounts with respect to which it exercises sole investment discretion, each of which
is a Qualified Purchaser and none of which is a U.S. Person.

 

(d)           It
has not and will not, at any time, offer to buy or offer to sell the Notes by any form of general solicitation or advertising
(as those terms are used in Regulation D under the Securities Act), including any advertisement, article, notice or other communication
published in any newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees
have been invited by general solicitations or advertising, or any public offering within the meaning of the Securities Act.

 

(e)           It
has not been formed for the purpose of investing in the Notes, except where each Beneficial Holder is (i) both a QIB and a Qualified
Purchaser, (ii) both an Institutional Accredited Investor that is also a Qualified Purchaser or (iii) both a Qualified Purchaser
and not a U.S. Person (for the Notes acquired outside the United States).

 

(f)            It
is not a Restricted Party and will not transfer an interest in the Notes to a transferee that is a Restricted Party.

 

(g)           It
will, and each account for which it is purchasing will, hold and transfer the Notes in the minimum denomination of $250,000 and
integral multiples of $1.00 in excess thereof as adjusted to reflect the repayment of principal thereof in accordance with the
Priority of Payments on any Payment Date or as a result of one or more Optional Redemptions or Mandatory Tax Redemptions. If scheduled
interest is added to the principal balance of the Notes on any Payment Date that occurs during the Interest Deferral Period, the
scheduled interest added to the principal balance of the Notes will be rounded upward or downward if necessary to the nearest
$1.00 in order to maintain the integral multiple of $1.00 in excess of the minimum denomination of the Notes.

 

(h)           It
understands that the Issuer and the Servicer may receive a list of participants holding positions in the Notes from one or more
book-entry depositories.

 

(i)            It will provide to each Person to whom it transfers Notes notices of any restrictions on transfer of such Notes.

 

(j)            If
it is a Section 3(c)(1) or Section 3(c)(7) investment company, or a Section 7(d) foreign investment company relying on Section
3(c)(1) or Section 3(c)(7) of the Investment Company Act with respect to its U.S. holders, and was formed on or before April 30,
1996, it has received the necessary consent from its Beneficial Holders as required by the Investment Company Act.

 

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(k)           It
understands that (i) the Notes have not been and will not be registered under the Securities Act or with any securities regulatory
authority in any jurisdiction other than on the official list of the Cayman Islands Stock Exchange and may not be offered, sold,
pledged or otherwise transferred except as set forth in this Indenture, and that it will not resell or otherwise pledge or transfer
the Notes except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act or other applicable securities laws, including the Investment Company Act, in the manner set forth in this Indenture, (ii)
no representation is made by the Issuer or the Placement Agent as to the availability of any exemption under the Securities Act
or any state or foreign securities laws for resale of the Notes, (iii) the Notes may be offered, sold, pledged or otherwise transferred
only (A) to the Issuer, the Equityholder, Theravance Biopharma or any of their respective subsidiaries, (B) to a Person that the
seller reasonably believes is a QIB/QP purchasing for its own account or one or more accounts with respect to which it exercises
sole investment discretion, each of which is a QIB/QP, in a transaction meeting the requirements of Rule 144A, (C) solely in the
case of initial investors in the Notes, to a Person that is an IAI/QP, acquiring the Notes for its own account or one or more
accounts with respect to which it exercises sole investment discretion, each of which is an IAI/QP, pursuant to an exemption from
the registration requirements of the Securities Act or (D) outside the United States to a Person that is a Qualified Purchaser
and not a U.S. Person purchasing the Notes for its own account or one or more other accounts with respect to which it exercises
sole investment discretion, each of which is a Qualified Purchaser and none of which is a U.S. Person in an offshore transaction
meeting the requirements of Regulation S, in each such case in accordance with this Indenture and any applicable securities laws
of any state of the United States and (iv) it will, and each subsequent holder of a Note is required to, notify any subsequent
purchaser of a Note of the resale restrictions set forth in clause (iii) above.

 

(l)            It
acknowledges and agrees that the transactions contemplated by the Transaction Documents are exempt from the registration requirements
of the Securities Act and may not comply in important respects with SEC rules that would apply to a public offering of securities.

 

(m)          It
understands that the certificates evidencing the Global Notes will bear legends substantially similar to those set forth in Section
2.2(a), Section 2.2(b) and, where applicable, Section 2.2(c) of this Indenture.

 

(n)           It has sufficient knowledge and experience in financial, business and tax matters to render it capable of assessing the
merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of purchasing the Notes.

 

(o)           It
acknowledges that no representation or warranty is made by the Issuer, any other Person from whom the Note is transferred or any
Person representing the Issuer or such other Person as to the accuracy or completeness of such materials; and it acknowledges
that an investment in the Notes involves certain risks, including the risk of loss of a substantial part of its investment under
certain circumstances, and that it has had access to such financial and other information concerning the Issuer and the Notes
(which if it is an initial purchaser of the Notes includes such information contained in a dataroom) as it has deemed necessary
in connection with its decision to purchase any of the Notes, including an opportunity to ask questions of, and request information
from, the Issuer and such other Persons (except to the extent the Issuer is restricted from disclosing such information pursuant
to the confidentiality provisions of the GSK Agreements, the TRC LLC Agreement and the Master Agreement).

 

    37

     

    

 

(p)          It
acknowledges that it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers
to the extent it has deemed necessary and that it has made its own investment decisions (including decisions regarding the suitability
of any transaction pursuant to the documentation for the Notes) based upon its own judgment and upon any advice from such advisers
as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agent or any of their respective affiliates;
it acknowledges that it has determined that the rates, prices or amounts and other terms of the purchase and sale of the Notes
reflect those in the relevant market for similar transactions and it is purchasing the Notes with a full understanding of all
of the terms, conditions and risks thereof (economic and otherwise), and it is capable of assuming and willing to assume (financially
and otherwise) those risks; and it is a sophisticated investor familiar with transactions similar to its investment in the Notes.

 

(q)           Either
(i) it is not a Plan and is not acting on behalf of a Plan or using the Plan Assets to purchase the Notes or (ii) it is a Plan
or is acting on behalf of a Plan or using the Plan Assets to purchase the Notes but the purchase and holding of such Notes will
not constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code by reason of the application
of one or more statutory or administrative exemptions or otherwise and will not constitute or result in a violation of any Similar
Laws.

 

(r)           It
represents and warrants that it agrees to treat the Notes as indebtedness for all purposes (including tax purposes) and will not
take any action contrary to such characterization, including filing any tax returns or financial statements.

 

(s)           It
represents, warrants and agrees that it is purchasing the Notes for investment purposes and not with a view to resale or distribution
thereof in contravention of the requirements of the Securities Act.

 

(t)            It
acknowledges and agrees that the Issuer, the Trustee, any other Person from whom a Note is being transferred and others will rely
upon the truth and accuracy of the foregoing acknowledgments, representations, warranties and agreements, and agree that, if any
of the acknowledgments, representations or warranties deemed to have been made by it by its purchase of a Note are no longer accurate,
it shall promptly notify the Issuer and any such other Person from whom a Note is being transferred and, if it is acquiring any
Notes as a fiduciary or agent for one or more investor accounts, it represents and warrants that it has sole investment discretion
with respect to each such account and that it has full power to make the foregoing acknowledgments, representations, warranties
and agreements on behalf of each such account and that each such investor account is eligible to purchase the Notes.

 

(u)           It
understands that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth herein and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein
except in compliance with such restrictions and conditions and the Securities Act.

 

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Section 2.19         
Non-Permitted Holders.

 

(a)           Notwithstanding
anything to the contrary elsewhere herein, any sale or transfer of a Note or a Beneficial Interest to (i) a Person that is not
a QIB/QP (other than an initial purchaser of the Notes that is both an Institutional Accredited Investor and a Qualified Purchaser
holding a Beneficial Interest in the IAI Global Note), (ii) any other Person that did not acquire the Note or the Beneficial Interest
in an offshore transaction in accordance with Regulation S or (iii) a Person that is a Restricted Party (any such Person described
in clauses (i) through (iii) being referred to herein as a “Non-Permitted Holder”) shall be null and void ab
initio for all purposes of this Indenture and the Notes. Any such purported transfer of which the Issuer or the Trustee shall
have notice may be disregarded by the Issuer and the Trustee for all purposes under this Indenture.

 

(b)           If
any Person is a Non-Permitted Holder, the Issuer shall, promptly after the actual knowledge of a Responsible Officer of the Issuer
or the Trustee that such Person is a Non-Permitted Holder (for which purpose the Trustee shall deliver written notice to the Issuer
if a Responsible Officer of the Trustee has actual knowledge that any Person is a Non-Permitted Holder), send written notice to
such Non-Permitted Holder directing such Non-Permitted Holder to transfer its beneficial interest in the Note to a Person that
is not a Non-Permitted Holder within thirty (30) days of the date of such written notice. If such Non-Permitted Holder fails to
so transfer the Beneficial Interest in the Notes within such thirty (30) day period, the Issuer shall have the right, without
further notice to the Non-Permitted Holder, to sell the Beneficial Interest in the Notes to a purchaser or purchasers selected
by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer may select the purchaser or
purchasers by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities
similar to the Notes and sell such Notes to the highest such bidder. However, the Issuer may select the purchaser or purchasers
by any other means determined by it in its sole discretion. The Beneficial Holder of each Note, the Non-Permitted Holder and each
other Person in the chain of title from the Beneficial Holder to the Non-Permitted Holder, by its acceptance of a Beneficial Interest
in the Notes, agree to cooperate with the Issuer and the Trustee to effect such transfers. The proceeds of such sale, net of any
commissions, expenses and taxes due in connection with such sale, shall be remitted to the Non-Permitted Holder. The terms and
conditions of any sale under this sub-section shall be determined in the sole discretion of the Issuer, and neither the Issuer
nor the Trustee shall be liable to any Person having a Beneficial Interest in the Notes sold as a result of any such sale or the
exercise of such discretion.

 

(c)           Each
initial purchaser of the Notes on the Closing Date shall provide a certification that it is not a Restricted Party. If any Restricted
Party owns any interest in the Notes on or after the occurrence of an Event of Default, such Restricted Party shall not be entitled
to participate in the exercise of remedies or receive any payments or distributions resulting from the exercise of remedies associated
with the Event of Default. The Trustee shall request that each Noteholder or Beneficial Holder provide a certification in the
form attached as Exhibit H to this Indenture that it is not a Restricted Party or otherwise a Non-Permitted Holder prior
to the exercise of remedies following an Event of Default. The restriction set forth in this subsection may not be waived or amended.

 

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Article
III

ACCOUNTS; PRIORITY OF PAYMENTS

 

Section 3.1           
Establishment of Accounts.

 

(a)           Pursuant
to the terms of the Servicing Agreement, the Issuer shall cause the Servicer, acting on behalf of the Issuer, to establish and
maintain with the Trustee on its books and records in the name of the Issuer for the benefit of the Secured Parties, subject to
the Lien of this Indenture, (i) a collection account (the “Collection Account”) and (ii) any additional accounts
the establishment of which is set forth in a Resolution delivered by the Issuer to the Servicer and the Trustee, in each case
at such time as is set forth in this Section 3.1 or in such Resolution. Each Account shall be established and maintained
as an Eligible Account so as to create, perfect and establish the priority of the Liens established under this Indenture in such
Account and all cash, Eligible Investments and other property from time to time deposited therein and otherwise to effectuate
the Liens under this Indenture.

 

(b)           If, at any time, any Account ceases to be an Eligible Account, the Issuer shall cause the Servicer or an agent thereof to,
within ten Business Days, establish a new Account meeting the conditions set forth in this Section 3.1 in respect of such
Account and transfer any cash or investments in the existing Account to such new Account, and, from the date such new Account is
established, it shall have the same designation as the existing Account. If the Trustee should change at any time, then the Issuer
shall cause the Servicer, acting on behalf of the Issuer, to thereupon promptly establish replacement Accounts as necessary at
the successor Trustee and transfer the balance of funds in each Account then maintained at the former Trustee pursuant to the terms
of the Servicing Agreement to such successor Trustee.

 

(c)           The
Issuer shall cause the Servicer to maintain the Collection Account at the Trustee not later than the Closing Date. The Collection
Account shall bear a designation clearly indicating that the funds or other assets deposited therein are held for the benefit
of the Trustee. Except as otherwise expressly provided herein, all Class C Distributions shall be deposited to the Collection
Account and transferred therefrom in accordance with the terms of the Servicing Agreement and this Indenture.

 

Section 3.2           
Investments of Cash.

 

(a)           So
long as no Event of Default has occurred and is continuing, the Servicer (on behalf of the Issuer) may direct the Trustee in writing
to invest and reinvest the funds on deposit in the Collection Account in Eligible Investments, to the extent such Eligible Investments
are available to the Trustee, and advise the Trustee in writing of any depositary institution or trust company described in the
proviso to the definition of Eligible Investments; provided, however, that, so long as an Event of Default has occurred
and is continuing, the Trustee shall invest such amount in Eligible Investments described in clause (a) of the definition thereof
from the time of receipt thereof until such time as such amounts are required to be distributed pursuant to the terms of this Indenture.
In the absence of written direction delivered to the Trustee from the Servicer, the Trustee shall invest any funds in Eligible
Investments described in clause (a) of the definition thereof. The Trustee shall make such investments and reinvestments in accordance
with the terms of the following provisions:

 

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(i)       the
Eligible Investments shall have maturities and other terms such that sufficient funds shall be available to make required payments
pursuant to this Indenture on the Business Day preceding the first succeeding scheduled Payment Date after such investment is made;

 

(ii)      if
any funds to be invested are received in the Accounts after 1:00 p.m., New York City time, on any Business Day, such funds shall,
if possible, be invested in overnight Eligible Investments;

 

(iii)     all
interest and earnings on Eligible Investments held in the Accounts shall be invested in Eligible Investments on an overnight basis
and credited to the appropriate Account until the next Payment Date; and

 

(iv)     the
Issuer acknowledges that regulations of the U.S. Comptroller of the Currency grant the Issuer the right to receive confirmations
of security transactions as they occur, and the Issuer specifically waives receipt of such confirmations to the extent permitted
by Applicable Law and acknowledges that the Trustee shall instead furnish monthly cash transaction statements that shall detail
all investment transactions as set forth in this Indenture.

 

(b)         Except
as otherwise expressly provided herein, the net investment income earned from the investment of amounts on deposit in the Collection
Account in Eligible Investments in the manner provided in this Section 3.2 shall be deposited by the Trustee to the Collection
Account and transferred therefrom in accordance with the terms of the Servicing Agreement and this Indenture.

 

Section 3.3            Payments
and Transfers In Connection with Issuance of Notes.

 

(a)          On
the Closing Date, the Trustee shall, subject to the receipt of written direction from the Issuer, upon receipt of the Note Purchase
Price in the Trustee Closing Account established pursuant to Section 3.1 of the Note Purchase Agreements, make the following
payments from such proceeds in the amounts so directed in writing by the Issuer:

 

(i)        to
such Persons and in such amounts as shall be specified by the Issuer, such Transaction Expenses as shall be due and payable in
connection with the issuance and sale of the Notes; and

 

(ii)       to the Transferor, in accordance with the Sale and Contribution Agreement, the amount by which the Note Purchase Price exceeds
the sum of such Transaction Expenses.

 

(b)          On
the date of issuance of any Subordinated Notes or any Refinancing Notes, the Trustee shall, subject to the receipt of written
direction from the Issuer and upon receipt of the proceeds of the sale of such Subordinated Notes or Refinancing Notes, make such
payments and transfers as shall be specified in this Indenture, the related Resolution and any indenture supplemental hereto in
respect of such Subordinated Notes or Refinancing Notes, copies of which Resolution and indenture supplemental hereto shall be
attached to such written direction.

 

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(c)          The
Trustee shall hold all funds received on or prior to the Closing Date from the Note Purchasers in trust for the Note Purchasers
pending the Closing Date. Upon receipt by the Trustee of the aggregate Note Purchase Price (as identified in the Issuer’s
written direction pursuant to Section 3.3(a)) from all Note Purchasers, the Trustee shall disburse the Note Purchase Price
in accordance with this Section 3.3. If the aggregate Note Purchase Price shall not have been received by the Trustee by
3:30 p.m. (New York City time) on the Closing Date, or if the closing of the transactions contemplated by the Note Purchase Agreements
shall not otherwise be capable of being consummated by 3:30 p.m. (New York City time) on the Closing Date, then each Note Purchaser
who has paid its respective portion of the Note Purchase Price shall have the right to instruct the Trustee in writing at or after
3:30 p.m. (New York City time) on the Closing Date to return such portion of the Note Purchase Price to such Note Purchaser prior
to the close of business on the Closing Date or as soon thereafter as reasonably practicable.

 

Section 3.4           
Calculation Date Calculations.

 

(a)          As
soon as reasonably practicable after each Calculation Date (a “Relevant Calculation Date”), but in no event
later than 12:00 noon (New York City time) on the Business Day immediately preceding the related Payment Date, the Calculation
Agent shall, based on the Calculation Date Information received by the Calculation Agent, and based on information known to it
or Relevant Information provided to it, make the following determinations and calculations (and each of the Trustee and the Issuer
(for itself and on behalf of the Servicer) agrees to provide any Relevant Information reasonably requested by the Calculation
Agent for the purpose of making such determinations and calculations):

 

(i)        the
Available Collections Amount for the related Payment Date;

 

(ii)       (x)
the amount of interest and earnings (net of losses and investment expenses), if any, on investments of funds on deposit in the
Collection Account from the day following the preceding Calculation Date to and including such Relevant Calculation Date, (y)
the amount, if any, withdrawn from the Collection Account from the day following the preceding Calculation Date to and including
such Relevant Calculation Date in accordance with Section 3.10 and (z) the amount, if any, to be withdrawn from the Collection
Account on such Payment Date in accordance with Section 3.7 and as calculated pursuant to Section 3.4(a)(ix);

 

(iii)      the
balance of funds on deposit in each Account other than the Collection Account on such Relevant Calculation Date and the amount
of interest and earnings (net of losses and investment expenses), if any, on investments of funds on deposit therein from the
day immediately following the Calculation Date that preceded such Relevant Calculation Date and ending on such Relevant Calculation
Date;

 

(iv)      the
balance of funds on deposit in the Collection Account on such Relevant Calculation Date;

 

(v)       Taxes
owed by the Issuer;

 

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(vi)      (x)
all other Administrative Expenses due and payable on such Payment Date and not previously paid or reimbursed, and to be paid or
reimbursed, pursuant to Section 3.6(a)(iii) and Section 3.6(a)(v), in the amounts shown on all supporting documentation
therefor and attached to the Calculation Date Information received by the Calculation Agent, and (y) all Administrative Expenses
previously reimbursed and paid to the Issuer in respect of Administrative Expenses pursuant to Section 3.6(c) from the
day immediately following the Calculation Date that preceded such Relevant Calculation Date and ending on such Relevant Calculation
Date;

 

(vii)     the applicable interest rate on each class of Floating Rate Notes (if any) determined on the Reference Date for the Interest
Accrual Period beginning on such Payment Date and the Interest Amount (including any Additional Interest) on each class of Floating
Rate Notes and Fixed Rate Notes for such Payment Date;

 

(viii)    (A)
if such Payment Date is a Redemption Date on which a Redemption of Notes is scheduled to occur, the amount necessary to pay the
Redemption Price (and related Administrative Expenses) of the Notes to be repaid on such Redemption Date inclusive of the Redemption
Premium, if any, to be paid as part of such Redemption Price, and (B) if such Payment Date is a date on which a Mandatory Tax
Redemption is scheduled to occur, the amount necessary to pay the redemption price (and related Administrative Expenses) of the
Notes to be repaid in connection with such Mandatory Tax Redemption on such date;

 

(ix)      (A)
the Interest Amount due to Noteholders of each class of Notes on such Payment Date and the difference, if any, between the Interest
Amount due to the Noteholders of each class of Notes on such Payment Date and the Available Collections Amount for such Payment
Date, after giving effect to the payment of all amounts to be paid or reimbursed on such Payment Date pursuant to Section 3.6(a)(i),
Section 3.6(a)(ii) and Section 3.6(a)(iii) (such difference, an “Interest Shortfall”), and, with
respect to each Interest Shortfall, the amount to be withdrawn from the Collection Account determined as provided in Section
3.7(b)(i) and (B) the amount, if any, of scheduled interest to be added to the principal balance of the Notes on such Payment
Date pursuant to Section 3.7(a) if such Payment Date falls within the Interest Deferral Period;

 

(x)       the
Outstanding Principal Balance of each class of Notes on such Payment Date immediately prior to any principal payment with respect
to the Outstanding Principal Balance on such Payment Date and the amount of any principal payment with respect to the Outstanding
Principal Balance to be made in respect of each class of Notes on such Payment Date, taking into account the other payments to
be made as principal payments on such Payment Date entitled to priority pursuant to Section 3.6;

 

(xi)      the
amounts, if any, distributable to the Issuer on such Payment Date pursuant to Section 3.6(a)(ix); and

 

(xii)     any
other information, determinations and calculations reasonably required in order to give effect to the terms of this Indenture
and the other Transaction Documents.

 

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(b)          Following
the calculations and determinations by the Calculation Agent described in Section 3.4(a), and not later than 1:00 p.m.,
New York City time, on the second Business Day prior to the succeeding Payment Date, the Calculation Agent shall provide to each
of the Issuer, the Servicer and the Trustee a calculation report (a “Calculation Report”) listing the determinations
and calculations set forth in Section 3.4(a). All calculations made by the Calculation Agent shall, in the absence of manifest
error, be binding and conclusive for all purposes upon the Noteholders, the Beneficial Holders, the Servicer, the Issuer and the
Trustee.

 

Section 3.5          
Payment Date First Step Transfers. On each Payment Date, the Trustee shall transfer from any Account (other than
the Collection Account) to the Collection Account the amount of interest and earnings (net of losses and investment expenses),
if any, earned as a result of investments of funds on deposit therein from the day immediately following the Calculation Date that
preceded the Relevant Calculation Date and ending on the Relevant Calculation Date.

 

Section 3.6           
Payment Date Second Step Withdrawals.

 

(a)           On each Payment Date, after the applicable transfers provided for in Section 3.5 have been made, based solely on
the information contained in the Distribution Report prepared by the Servicer in respect of that Payment Date, the Trustee shall
distribute (or instruct the Paying Agent to distribute) from the Collection Account the amounts set forth below in the order of
priority set forth below but, in each case, only to the extent that all amounts then required to be paid ranking prior thereto
have been paid in full (the “Priority of Payments”):

 

(i)        first,
to pay accrued and unpaid government taxes, filing fees and registration fees payable by the Issuer to any federal, state, local
or foreign government entities (excluding in each case federal, state, local and foreign income taxes);

 

(ii)       second,
(a) to pay any accrued and unpaid Servicing Fee in respect of such Payment Date and any previously accrued and unpaid Servicing
Fee with respect to prior Payment Dates or (b) if a Servicer Termination Event has occurred and the Issuer is designated as the
replacement Servicer under the Servicing Agreement, to pay the expenses of the Issuer in respect of such Payment Date and any
previously accrued and unpaid similar expenses related to the hiring and retention of employees to perform the duties and obligations
of the Servicer under the Servicing Agreement in an amount not to exceed $25,000;

 

(iii)      third,
to pay accrued and unpaid Administrative Expenses in the order of priority set forth in the definition of Administrative Expenses
in an amount not to exceed (x) $50,000 minus (y) all amounts paid pursuant to Section 3.6(c) since the day following the immediately
preceding Payment Date;

 

(iv)      fourth,
to the Trustee for distribution to the Holders of the Original Notes, the accrued and unpaid interest on the Original Notes (or
any Refinancing Notes in respect of the Original Notes), including any accrued interest due on prior Payment Dates and not previously
paid, together with interest on any previously accrued and unpaid interest with respect to the Original Notes to the extent legally
permissible;

 

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(v)       fifth,
to pay all accrued and unpaid Administrative Expenses in the order of priority set forth in the definition of Administrative Expenses
in excess of the cap set forth in clause (iii) above;

 

(vi)      sixth,
to the Trustee for distribution to the Noteholders, the outstanding principal balance of the Original Notes (or any Refinancing
Notes in respect of the Original Notes), pro rata according to the principal balance of the Original Notes (or any Refinancing
Notes in respect of the Original Notes) held by each Holder of the Original Notes;

 

(vii)     seventh,
following the payment in full of the Original Notes (or any Refinancing Notes in respect of the Original Notes), to the Trustee
for distribution to the Noteholders of the Subordinated Notes, if any, the principal of, any premium on and any accrued and unpaid
interest on the Subordinated Notes in accordance with the terms of the Subordinated Notes until the Subordinated Notes have been
paid in full;

 

(viii)    eighth,
following the payment in full of the Original Notes (or any Refinancing Notes in respect of the Original Notes), to the ratable
payment of all other accrued and unpaid obligations of the Issuer under the Transaction Documents until all such amounts are paid
in full; and

 

(ix)      ninth, following the payment in full of the Original Notes (or any Refinancing Notes in respect of the Original Notes),
to or at the direction of the Issuer, all remaining amounts.

 

(b)          To
the extent the Issuer receives amounts from the Trustee from the Collection Account pursuant to Section 3.6(a)(ix), such
amounts may be distributed by the Issuer to the Equityholder (or as otherwise directed by the Equityholder or any Person designated
by the Equityholder to give such directions) in its sole discretion. The provisions contained in this Section 3.6(b) may
not be amended, modified, waived or terminated (including pursuant to any termination of this Indenture) without the prior written
consent of the Equityholder, and the provisions contained in this Section 3.6(b) shall survive the termination of this
Indenture. The parties hereto specifically agree that the Equityholder (i) is and shall be an express third-party beneficiary
of the provisions of this Section 3.6(b) and (ii) shall have the right to enforce any provision of this Section 3.6(b).

 

(c)          Notwithstanding
anything herein to the contrary, so long as no Event of Default has occurred and is continuing, the Calculation Agent shall, on
the 15th day of each calendar month (other than any month in which a Payment Date falls) or, if such 15th day is not a Business
Day, the next Business Day, reimburse and pay to the Issuer (or such other appropriate Person identified at the written instruction
of the Issuer), from the Collection Account, an amount equal to the lesser of (i) all Administrative Expenses not previously paid
or reimbursed and (ii) the balance of the Collection Account, in either case upon delivery to the Calculation Agent by the Issuer,
not less than three (3) Business Days prior to such 15th day or next Business Day, as the case may be, of a written notice as
to the amount of such Administrative Expenses; provided, however, that the aggregate of all amounts reimbursed and
paid pursuant to this Section 3.6(c) in respect of any period ending on a Payment Date and beginning on the day immediately following
the preceding Payment Date (or, in the case of the first Payment Date, the Closing Date) shall not exceed $50,000.

 

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Section 3.7           
Interest Shortfalls: Interest Deferral Period, Voluntary Capital Contributions.

 

(a)           To
the extent there are insufficient funds to pay scheduled interest on the Original Notes (or any Refinancing Notes in respect of
the Original Notes) in accordance with the Priority of Payments on any Payment Date from and including the June 5, 2020 Payment
Date to and including the December 5, 2024 Payment Date (the period from and including the June 5, 2020 Payment Date to and including
the December 5, 2024 Payment Date being referred to herein as the “Interest Deferral Period”), the scheduled
interest (to the extent of such insufficient funds) shall be added to the principal balance of the Original Notes (or any Refinancing
Notes in respect of the Original Notes), as applicable, and shall bear interest at the Note Interest Rate or the interest rate
specified for any Refinancing Notes in respect of the Original Notes, as applicable. The failure to pay scheduled interest on
the Original Notes (or any Refinancing Notes in respect of the Original Notes) in cash because of insufficient funds for such
purpose in accordance with the Priority of Payments on any Payment Date during the Interest Deferral Period shall not be an Event
of Default under this Indenture.

 

(b)           The
Equityholder may, but is not obligated to, make capital contributions to the Issuer from time to time without limitation for deposit
to the Collection Account that may be withdrawn from the Collection Account and used by the Issuer (i) to pay all or part of the
accrued and unpaid interest then due and payable on the Original Notes (or any Refinancing Notes in respect of the Original Notes)
(including any accrued and unpaid interest due on prior Payment Dates and not previously paid, and any accrued and unpaid interest
on such unpaid interest), whether on a Payment Date or on any other Business Day and (ii) to redeem, at any time and from time
to time, all or a portion of the outstanding principal amount of the Original Notes (or any Refinancing Notes in respect of the
Original Notes) or any Subordinated Notes (or any Refinancing Notes in respect of such Subordinated Notes) in an Optional Redemption
in whole on any Business Day or in part on any Payment Date in the manner described in Section 3.8 or in a Mandatory Tax
Redemption in the manner described in Section 3.8(e).

 

(c)           If
there are insufficient funds to pay the accrued and unpaid interest on the Original Notes (or any Refinancing Notes in respect
of the Original Notes) in full on any Payment Date following the Interest Deferral Period (including any accrued and unpaid interest
due on prior Payment Dates and not previously paid, and any accrued and unpaid interest on such unpaid interest), the shortfall
in interest shall accrue interest to the extent legally enforceable at the Note Interest Rate compounded quarterly. If such unpaid
shortfall (and interest thereon) in the case of any Payment Date other than the Final Legal Maturity Date is not paid in full
on or prior to the Payment Date following the Payment Date on which such interest was first payable, an Event of Default shall
occur on such succeeding Payment Date (but not before such date).

 

Section 3.8           
Redemptions.

 

(a)           On
any Redemption Date, the Trustee shall distribute the amounts in the Collection Account as provided herein and in the applicable
Resolution, including:

 

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(i)        to the extent Subordinated Notes or Refinancing Notes were issued for the purpose of funding such Redemption, paying to
such Persons as shall be specified by the Issuer such Transaction Expenses as shall be due and payable in connection with the issuance
and sale of the applicable Subordinated Notes or Refinancing Notes;

 

(ii)       remitting
to the Noteholders of the class of Notes to be redeemed, in accordance with the Resolution authorizing such Redemption (and, if
such Redemption Date is a Payment Date, after application of Section 3.6 and Section 3.7), an amount equal to the
Redemption Price inclusive of Premium, if any, allocated, in the event of a Redemption of such Notes in part, pro rata in proportion
to the Outstanding Principal Balance of such Notes held by such Noteholders; and

 

(iii)      making
such other distributions and payments as shall be authorized and directed by the Resolution and indentures supplemental hereto
executed in connection with such Redemption.

 

(b)          Subject
to the provisions of Section 3.8(c) and Section 3.9, on any Redemption Date (and, if such Redemption Date is a Payment
Date, to the extent that any class of Notes shall remain Outstanding after application of Section 3.6 and Section 3.7),
the Issuer may optionally redeem such class of Notes, in whole, but not in part, out of the proceeds of any Refinancing Notes,
or, in whole or in part, out of amounts available in the Collection Account for such purpose, if any, including the proceeds of
any Subordinated Notes, in each case, at the Redemption Price (any such redemption, an “Optional Redemption”).
The Issuer shall give written notice of any such Optional Redemption to the Trustee and the Servicer not later than five (5) Business
Days prior to the date on which notice is to be given to Noteholders in accordance with Section 3.9(a) (unless the Trustee
and any such Servicer agree to waive or limit the requirement for such notice). Such written notice to the Trustee shall include
a copy of the Resolution authorizing such Optional Redemption and shall set forth the relevant information regarding such Optional
Redemption, including the information to be included in the notice given pursuant to Section 3.9(a).

 

(c)          An
indenture supplemental hereto providing for the issuance of any Subordinated Notes or Refinancing Notes may authorize one or more
redemptions, in whole or in part, of such Notes, on such terms and subject to such conditions as shall be specified in such indenture
supplemental hereto; provided, that, while any Original Notes (or any Refinancing Notes in respect of the Original Notes)
are Outstanding, the Issuer may redeem the Subordinated Notes solely with monies that are received by the Issuer pursuant to Section
3.7(b)(ii).

 

(d)          The application of the Class C Distributions (as part of the Available Collections Amount), together with the investment
earnings on funds on deposit in the Collection Account to principal payments on any Original Notes (or any Refinancing Notes in
respect of the Original Notes) pursuant to the Priority of Payments shall not be treated as an Optional Redemption under this Indenture.
A Mandatory Tax Redemption of the Original Notes will also not be treated as an Optional Redemption under this Indenture.

 

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(e)           If
the Issuer determines that the Original Notes would otherwise constitute “applicable high yield discount obligations”
within the meaning of Section 163(i)(1) of the Code, at the end of each accrual period ending on or after the fifth anniversary
of the issuance of the Original Notes (each, an “AHYDO Redemption Date”), the Issuer shall be required to redeem
for cash a portion of each Original Note then Outstanding equal to the “mandatory principal redemption amount” (such
redemption, a “Mandatory Tax Redemption”). The redemption price for the portion of each Original Note redeemed
pursuant to a Mandatory Tax Redemption shall be 100% of the principal amount of such portion plus any accrued interest thereon
to the date of redemption without payment of a prepayment penalty. The “mandatory principal redemption amount” means
the portion of an Original Note required to be redeemed to prevent such Original Note from being treated as an “applicable
high yield discount obligation” within the meaning of Section 163(i)(1) of the Code. No partial redemption of the Original
Notes prior to any AHYDO Redemption Date pursuant to any other provision of this Indenture shall alter the Issuer’s obligations
to make the Mandatory Tax Redemption with respect to any Original Notes that remain Outstanding on any AHYDO Redemption Date.
The Issuer shall deliver written notice in respect of any Mandatory Tax Redemption to each Noteholder at least five (5) Business
Days but not more than thirty (30) days before the date scheduled for redemption, which written notice shall be delivered by the
Issuer to the Trustee for the Trustee to deliver to the Noteholders at the sole cost and expense of the Issuer through DTC, Euroclear
or Clearstream for the Beneficial Holders and by regular mail, postage prepaid for the Noteholders holding Definitive Notes. For
the avoidance of doubt, a Mandatory Tax Redemption shall not be subject to the procedures that apply to an Optional Redemption
set forth in Section 3.9.

 

Section 3.9           
Procedure for Redemptions.

 

(a)           The Issuer shall deliver written notice in respect of any Redemption of any class of Notes under Section 3.8 to
each Noteholder at least five (5) Business Days (in case of an Optional Redemption in whole) or three (3) Business Days (in case
of an Optional Redemption in part of the Original Notes (or any Refinancing Notes in respect of the Original Notes)) but not more
than 30 days before the date scheduled for such redemption, which written notice shall be delivered by the Issuer to the Trustee
at least five (5) Business Days (or such shorter period as may be agreed to by the Trustee) prior to the date on which such notice
is required to be delivered to Noteholders, for the Trustee to deliver to the Noteholders at the sole cost and expense of the
Issuer through DTC, Euroclear or Clearstream for the Beneficial Holders and by regular mail, postage prepaid for the Noteholders
holding Definitive Notes. Each notice in respect of a Redemption given pursuant to this Section 3.9(a) shall state (i)
the expected applicable Redemption Date, (ii) the projected Redemption Price of the Notes to be redeemed, (iii) in the case of
a Redemption of the Notes in part, the portion of the Outstanding Principal Balance of the Notes that is expected to be redeemed,
(iv) that the Notes to be redeemed in a Redemption in whole must be surrendered (which action may be taken by any Noteholder or
its authorized agent) to the Trustee to collect the Redemption Price on such Notes, (v) that, unless the Issuer fails to pay the
Redemption Price, interest on the Notes called for Redemption in whole shall cease to accrue on and after the Redemption Date
and (vi) if such Redemption is conditional upon the occurrence of any event or condition, including the issuance and sale of Subordinated
Notes or Refinancing Notes, such event or condition. If mailed in the manner herein provided, the notice shall be conclusively
presumed to have been given whether or not the Noteholder receives such notice.

 

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(b)         If,
at the time of the delivery of any notice in respect of a Redemption, the Issuer shall not have irrevocably directed the Trustee
to apply funds then on deposit with the Trustee or held by the Issuer and available to be used for such Redemption to redeem all
of the Notes called for Redemption, such notice, at the election of the Issuer, may state that such Redemption is conditional
upon the occurrence of any event, including the receipt of the redemption moneys in an amount sufficient to pay the principal
of and Premium, if any, and interest on the Notes being redeemed and related Transaction Expenses by the Trustee on or before
the Redemption Date and that such notice shall be of no force and effect, and the Issuer shall not be required to redeem such
Notes, unless such event has occurred.

 

(c)          If
notice in respect of a Redemption for any Notes shall have been given as provided in Section 3.9(a) and such notice shall
not contain the language permitted at the Issuer’s option under Section 3.9(b), such Notes shall become due and payable
on the Redemption Date at the Corporate Trust Office at the applicable Redemption Price, and, unless there is a default in the
payment of the applicable Redemption Price, interest on such Notes shall cease to accrue on and after the Redemption Date. Upon
presentation and surrender of such Notes at the Corporate Trust Office, such Notes shall be paid and redeemed at the applicable
Redemption Price. On or before any Redemption Date in respect of such a Redemption, the Issuer shall, to the extent an amount
equal to the Redemption Price of such Notes (and any Transaction Expenses relating thereto as of the Redemption Date) is not then
held by the Issuer or on deposit in the Collection Account, deposit or cause to be deposited into the Collection Account an amount
in immediately available funds so that the total amount in the Collection Account shall be sufficient to pay such Redemption Price
(and any Transaction Expenses relating thereto as of the Redemption Date).

 

(d)          If
notice in respect of a Redemption for any Notes shall have been given as provided in Section 3.9(a) and such notice shall
contain the language permitted at the Issuer’s option under Section 3.9(b), such Notes shall become due and payable
on the Redemption Date at the Corporate Trust Office at the applicable Redemption Price and interest on such Notes shall cease
to accrue on and after the Redemption Date; provided, that, in each case, the Issuer shall have deposited in the Collection
Account on or prior to 11:00 a.m. (New York City time) on the Redemption Date an amount sufficient to pay the Redemption Price
(and any Transaction Expenses relating thereto as of the Redemption Date). Upon the Issuer making such deposit and presentation
and surrender of such Notes at the Corporate Trust Office, such Notes shall be paid and redeemed at the applicable Redemption
Price. If the Issuer shall not make such deposit on or prior to 11:00 a.m. (New York City time) on the Redemption Date, the notice
in respect of Redemption shall be of no force and effect, and the principal on such Notes or specified portions thereof shall
continue to bear interest as if such notice in respect of Redemption had not been given.

 

(e)           All
Notes that are redeemed shall be surrendered to the Trustee for cancellation and may not be reissued or resold.

 

Section 3.10       
Additional Capital Contributions from the Issuer to TRC LLC. Each Noteholder shall be deemed to acknowledge and agree
by its acceptance of its interest in the Notes, and each party hereto acknowledges and agrees that (i) if there is a negative net
cash flow forecast for TRC LLC for a particular fiscal quarter, Innoviva, as the manager of TRC LLC pursuant to the TRC LLC Agreement,
has the right to request the members of TRC LLC to each make a capital contribution in the amount of its proportionate share of
such shortfall based on its respective ownership interest and (ii) the Servicer, on behalf of the Issuer, is permitted to withdraw
the amount requested of the Issuer, as a member of TRC LLC, from the Collection Account to pay the specified amount of such required
capital contribution in respect of the Issuer Class C Units.

 

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Article
IV

DEFAULT AND REMEDIES

 

Section 4.1           
Events of Default. Each of the following events or occurrences shall constitute an “Event of Default”
hereunder with respect to any class of Notes (except for clauses (a), (b), (c) and (d) below in which the potential events or occurrences
that would constitute an Event of Default are specific to certain classes of Notes, in which case such Event of Default shall be
constituted only with respect to such classes of Notes (and not all classes of Notes)), and each such Event of Default shall be
deemed to exist and continue so long as, but only so long as, it shall not have been waived or remedied, as applicable:

 

(a)            (i) the failure to pay interest on the Original Notes (or any Refinancing Notes in respect of the Original Notes) due on
any Payment Date (other than the Final Legal Maturity Date) in full within five Business Days of such Payment Date, but only to
the extent of the amount available in the Collection Account as of such Payment Date for interest payments pursuant to the Priority
of Payments, (ii) the failure to pay interest on the Original Notes (or any Refinancing Notes in respect of the Original Notes)
due on any Payment Date (other than the Final Legal Maturity Date) that occurs following the Interest Deferral Period in full on
or prior to the succeeding Payment Date, together with any additional accrued and unpaid interest on any interest not paid on the
Payment Date on which it was originally due, regardless of whether or not funds are then available therefor in the Collection Account,
(iii) to the extent the amount available in the Collection Account as of such Payment Date for interest payments pursuant to the
Priority of Payments is insufficient to pay scheduled interest on the Original Notes (or any Refinancing Notes in respect of the
Original Notes) in accordance with the Priority of Payments on any Payment Date during the Interest Deferral Period, the failure
to add the scheduled but unpaid interest to the principal balance of the Original Notes (or any Refinancing Notes in respect of
the Original Notes) on such Payment Date, or (iv) in the case of any Subordinated Notes (or any Refinancing Notes in respect of
the Subordinated Notes), except as provided in the related Resolutions and set forth in any indenture supplemental to this Indenture
providing for the issuance of such Subordinated Notes (or any Refinancing Notes in respect of the Subordinated Notes) pursuant
to Section 2.15 or Section 2.16, failure to pay interest on any Subordinated Notes (or any Refinancing Notes in respect
of the Subordinated Notes) of such class on the Payment Date that such interest is due, regardless of whether or not funds are
then available therefor in the Collection Account;

 

(b)           the
failure to pay principal of the Original Notes (or any Refinancing Notes in respect of the Original Notes) due on any Payment
Date (other than the Final Legal Maturity Date or any Redemption Date) within five Business Days of such Payment Date, but only
to the extent of amounts in the Collection Account as of such Payment Date available for principal payments after giving effect
to the amounts that are payable senior to the payment of principal of the Original Notes (or any Refinancing Notes in respect
of the Original Notes) in accordance with the Priority of Payments on such Payment Date;

 

(c)           the
failure to pay principal of and Premium, if any, and accrued and unpaid interest on the Original Notes, any Subordinated Notes
or any Refinancing Notes on the Final Legal Maturity Date (or other applicable maturity date with respect to any Subordinated
Notes or any Refinancing Notes in respect of the Subordinated Notes) or, if all conditions to the Redemption have been satisfied
and subject to the provisions described in Section 3.9(b), failure to pay the Redemption Price when due on any Redemption
Date;

 

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(d)           the failure to pay any other amount in respect of the Original Notes, any Subordinated Notes or any Refinancing Notes when
due and payable under this Indenture and the continuance of such default for a period of 30 or more days after written notice thereof
is given to the Issuer by the Trustee;

 

(e)            the failure by the Issuer to comply with the covenants set forth in this Indenture (other than a payment default for which
provision is made in clause (a), (b), (c) or (d) above), including pursuant to Section 5.2(y), that would result in a Material
Adverse Change (except in respect of a covenant already qualified in respect of Material Adverse Change); provided, that,
if the consequences of the failure can be cured, such failure continues for a period of 30 days or more after written notice thereof
has been given to the Issuer by the Trustee at the direction of the Controlling Party;

 

(f)            the
Issuer becomes subject to a Voluntary Bankruptcy or an Involuntary Bankruptcy;

 

(g)           the
rendering of one or more final judgments or orders for the payment of money in excess of $5,000,000 shall be rendered against
the Issuer and remain unstayed, undischarged and unsatisfied for thirty (30) days after such judgment(s) becomes nonappealable,
unless adequate funds have been reserved or set aside by the Equityholder for the payment thereof;

 

(h)           a
default resulting in the acceleration of indebtedness for borrowed money of the Issuer other than the Original Notes (or any Refinancing
Notes in respect of the Original Notes) of more than $5,000,000;

 

(i)            any
representation, warranty or certification made or deemed to be made by or on behalf of the Issuer, the Transferor, Theravance
Biopharma or the Servicer in any Transaction Document is incorrect when made in any material respect (except to the extent such
representation, warranty or certification is qualified by materiality, in which case, in any respect); provided, that, if the
consequences of the defect can be cured, such failure continues for a period of 30 days or more after written notice thereof has
been given to the Issuer by the Trustee at the Direction of the Controlling Party;

 

(j)             the
Issuer is classified as a corporation or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes;

 

(k)            the Issuer becomes an investment company required to be registered under the Investment Company Act;

 

(l)             the
Transferor or Theravance Biopharma shall have failed to perform any of its covenants under the Sale and Contribution Agreement
where, except in respect of a covenant already qualified in respect of Material Adverse Change, such failure is a Material Adverse
Change; provided, that, if the consequences of the failure can be cured, such failure continues for a period of 30 days
or more after written notice thereof has been given to the Issuer by the Trustee at the direction of the Controlling Party;

 

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(m)          the
Equityholder shall have failed to perform any of its covenants under the Pledge and Security Agreement where, except in respect
of a covenant already qualified in respect of Material Adverse Change, such failure is a Material Adverse Change; provided,
that, if the consequences of the failure can be cured, such failure continues for a period of 30 days or more after written notice
thereof has been given to the Issuer by the Trustee at the direction of the Controlling Party; or

 

(n)           the
Trustee fails to have a first-priority perfected security interest in the Collateral, in any of the Issued Pledged Equity or in
any material portion of the other Issuer Pledged Collateral.

 

Section 4.2           
Acceleration, Rescission and Annulment.

 

(a)           If
an Event of Default with respect to the Notes (other than an Acceleration Default) occurs and is continuing, the Controlling Party
or the Senior Trustee may, and, upon the Direction of the Controlling Party, shall, give an Acceleration Notice to the Issuer;
provided, that such Direction shall be void ab initio unless the Controlling Party delivers a certification that none of
the Noteholders that are seeking acceleration of the Notes and the liquidation of the Collateral is a Restricted Party. Upon delivery
of such an Acceleration Notice (and so long as such Acceleration Notice has not been rescinded and annulled pursuant to this Indenture),
the Outstanding Principal Balance of the Notes and all accrued and unpaid interest thereon shall be immediately due and payable.
At any time after the Senior Trustee or such Noteholders have so declared the Outstanding Principal Balance of the Notes to be
immediately due and payable, and prior to the exercise of any other remedies pursuant to this Article IV, the Senior Trustee,
upon the Direction of the Controlling Party, shall, subject to Section 4.5(a), by written notice to the Issuer, rescind
and annul such declaration and thereby annul its consequences if (i) there has been paid to or deposited with the Trustee an amount
sufficient to pay all overdue installments of interest on the Notes, and the principal of, and Premium, if any, on, the Notes
that would have become due otherwise than by such declaration of acceleration, (ii) the rescission would not conflict with any
judgment or decree and (iii) all other Defaults and Events of Default, other than non-payment of interest and Premium, if any,
on and principal of the Notes that have become due solely because of such declaration of acceleration, have been cured or waived.
If an Acceleration Default occurs, the Outstanding Principal Balance of the Notes and all accrued and unpaid interest thereon
shall automatically become immediately due and payable without any further action by any party.

 

(b)          Notwithstanding
this Section 4.2, Section 4.3 and Section 4.12, after the occurrence and during the continuation of an Event
of Default, no Noteholders of any class of Notes other than the Senior Class of Notes shall be permitted to give or direct the
giving of an Acceleration Notice, or to exercise any remedy in respect of such Event of Default, and no Person other than the
Senior Trustee, acting at the Direction of the Controlling Party, may give an Acceleration Notice or exercise any such remedy.

 

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(c)           Within
thirty (30) days after the occurrence of an Event of Default in respect of any class of Notes, the Trustee shall give to the Noteholders
notice of all uncured or unwaived Defaults actually known to a Responsible Officer of the Trustee on such date; provided,
that the Trustee may withhold such notice with respect to a Default (other than a payment default with respect to interest, principal
or Premium, if any) if it determines in good faith that withholding such notice is in the interest of the affected Noteholders.

 

Section 4.3           Other
Remedies. Subject to the provisions of this Indenture and the Pledge and Security Agreement, if an Event of Default has occurred
and is continuing, then the Senior Trustee may, but only at the Direction of the Controlling Party, pursue any available remedy
by proceeding at law or in equity to collect the payment of principal, Premium, if any, or interest due on the Notes or to enforce
the performance of any provision of the Notes, this Indenture, the Sale and Contribution Agreement, the Servicing Agreement, the
Pledge and Security Agreement or the Account Control Agreement, including any of the following, to the fullest extent permitted
by Applicable Law, subject to the receipt of such Direction:

 

(a)          The
Senior Trustee may obtain the appointment of a Receiver of the Collateral as provided in Section 12.7 and the Issuer consents
to and waives any right to notice of any such appointment; provided, that the Receiver shall not be a Restricted Party.

 

(b)          The
Senior Trustee may, without notice to the Issuer and at such time as the Senior Trustee in its sole discretion may determine,
exercise any or all of the Issuer’s rights in, to and under or in any way connected with or related to any or all of the
Collateral, including (i) demanding and enforcing payment and performance of, and exercising any or all of the Issuer’s
rights and remedies with respect to the collection, enforcement or prosecution of, any or all of the Collateral (including the
Issuer’s rights under the Sale and Contribution Agreement), in each case by legal proceedings or otherwise, (ii) settling,
adjusting, compromising, extending, renewing, discharging and releasing any or all of, and any legal proceedings brought to collect
or enforce any or all of, the Collateral and otherwise under the Transaction Documents and (iii) preparing, filing and signing
the name of the Issuer on (A) any proof of claim or similar document to be filed in any bankruptcy or similar proceeding involving
the Collateral and (B) any notice of lien, assignment or satisfaction of lien, or similar document in connection with the Collateral;
provided, that under no circumstance, including the occurrence of an Event of Default, shall the Senior Trustee or the
Noteholders (i) be a party or third party beneficiary of the GSK Agreements or (ii) be able to assert a claim against any Person
under the GSK Agreements.

 

(c)          Subject
to the Account Control Agreement and the Pledge and Security Agreement (including the provisions of Section 11.1 of the Pledge
and Security Agreement), the Senior Trustee may, without notice except as specified herein, and as required by Applicable Law,
in accordance with Applicable Law, sell or cause the sale of all or any part of the Collateral in one or more parcels at public
or private sale, at any of the Senior Trustee’s offices or elsewhere, for cash, on credit or for future delivery, and upon
such other terms as the Senior Trustee may deem commercially reasonable; provided, that under no circumstance, including
the occurrence of an Event of Default, shall the Senior Trustee or the Noteholders (i) be a party or third party beneficiary of
the GSK Agreements or (ii) be able to assert a claim against any Person under the GSK Agreements; provided, further,
that under no circumstance, including the occurrence of a Voluntary Bankruptcy or Involuntary Bankruptcy of the Issuer, shall
the Senior Trustee sell or cause the sale of all or any part of the Collateral to a Restricted Party.

 

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(d)          The Issuer agrees that, to the extent notice of sale shall be required by Applicable Law, at least ten (10) days’
notice to the Issuer of the time and place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification. The Senior Trustee shall not be obligated to make any sale of all or any part of the Collateral regardless
of notice of sale having been given. The Senior Trustee may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned.

 

(e)          The
Senior Trustee may, instead of exercising the power of sale conferred upon it by Section 4.3(c) and Applicable Law, proceed
by a suit or suits at law or in equity to foreclose the Security Interest and sell all or any portion of the Collateral under
a judgment or a decree of a court or courts of competent jurisdiction, provided, that, so long as the GSK Agreements or
the Master Agreement remains in force, the Senior Trustee shall make any such foreclosure sale only to a Person that is a Permitted
Holder.

 

(f)           The
Senior Trustee may require the Issuer to, and the Issuer hereby agrees that it shall at its expense and upon request of the Senior
Trustee, forthwith assemble all or part of the Collateral as directed by the Senior Trustee and make it available to the Senior
Trustee at a place to be designated by the Senior Trustee that is reasonably convenient to both parties.

 

(g)           In
addition to the rights and remedies provided for in this Indenture, the Senior Trustee may exercise in respect of the Collateral
all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected property
included in the Collateral) and under all other Applicable Law; provided, that, so long as the GSK Agreements, the TRC
LLC Agreement or the Master Agreement remains in force, the Senior Trustee shall cause any sale of the Collateral to be made only
to a Person that is a Permitted Holder.

 

(h)          The
Senior 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.

 

Section 4.4          
Limitation on Suits. Without limiting the provisions of Section 4.9 and the final sentence of Section 12.4,
no Noteholder shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, the Pledge
and Security Agreement, the Account Control Agreement or the Notes, for the appointment of a Receiver or trustee or for any other
remedy hereunder, unless:

 

(a)           such
Noteholder is a holder of the Senior Class of Notes and has previously given written notice to the Senior Trustee of a continuing
Event of Default;

 

(b)           the Controlling Party makes a written request to the Senior Trustee to pursue a remedy hereunder;

 

(c)           such
Noteholder or Noteholders offer to the Senior Trustee an indemnity satisfactory to the Senior Trustee against any costs, expenses
and liabilities to be incurred in complying with such request;

 

(d)           the
Senior Trustee does not comply with such request within 60 days after receipt of the request and the offer of indemnity;

 

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(e)              
during such 60-day period, the Controlling Party does not give the Senior Trustee a Direction inconsistent with such request;
and

 

(f)               
such Noteholder is not a Restricted Party.

 

No one or more Noteholders
may use this Indenture to affect, disturb or prejudice the rights of another Noteholder or to obtain or seek to obtain any preference
or priority not otherwise created by this Indenture and the terms of the Notes over any other Noteholder or to enforce any right
under this Indenture, except in the manner herein provided.

 

Section  4.5           
Waiver of Existing Defaults.

 

(a)              
The Senior Trustee, upon the Direction of the Controlling Party, by written notice to the Issuer may waive any existing
Default (or Event of Default) hereunder and its consequences, except a Default (or Event of Default) (i) in the payment of the
interest on, principal of and Premium, if any, on any Note or (ii) in respect of a covenant or provision hereof that under Article
IX cannot be modified or amended without the consent of the Noteholder of each Note affected thereby. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose
of this Indenture, but no such waiver shall extend to any subsequent or other Default (or Event of Default) or impair any right
consequent thereon.

 

(b)              
Any written waiver of a Default or an Event of Default given by the Senior Trustee to the Issuer in accordance with the
terms of this Indenture shall be binding upon the Senior Trustee and the other parties hereto. Unless such writing expressly provides
to the contrary, any waiver so granted shall extend only to the specific event or occurrence that gave rise to the Default or Event
of Default so waived and not to any other similar event or occurrence that occurs subsequent to the date of such waiver.

 

Section 4.6           
Restoration of Rights and Remedies. If the Senior Trustee or any Noteholder of the Senior Class of Notes (excluding
any Noteholder that is a Restricted Party) 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 Senior Trustee or such
Noteholder, then in every such case the Issuer, the Senior Trustee and the Noteholders shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Senior Trustee and the Noteholders shall continue as though no such proceeding has been instituted.

 

Section 4.7           
Remedies Cumulative. Each and every right, power and remedy herein given to the Trustee specifically or otherwise
in this Indenture shall be cumulative and shall, to the extent permitted by Applicable Law, be in addition to every other right,
power and remedy herein specifically given or now or hereafter existing at law, in equity or by statute, and each and every right,
power and remedy whether specifically herein given or otherwise existing may be exercised from time to time and as often and in
such order as may be deemed expedient by the Trustee, and the exercise or the beginning of the exercise of any power or remedy
shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy.
No delay or omission by the Trustee in the exercise of any right, remedy or power or in the pursuance of any remedy shall impair
any such right, power or remedy or be construed to be a waiver of any Default on the part of the Issuer or to be an acquiescence.

 

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Section 4.8           
Authority of Courts Not Required. The parties hereto agree that, to the greatest extent permitted by Applicable Law,
the Trustee shall not be obliged or required to seek or obtain the authority of, or any judgment or order of, the courts of any
jurisdiction in order to exercise any of its rights, powers and remedies under this Indenture, and the parties hereby waive any
such requirement to the greatest extent permitted by Applicable Law.

 

Section 4.9          
Rights of Noteholders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any
Noteholder to receive payment of interest on, principal of, or Premium, if any, on any Note on or after the respective due dates
therefor expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Noteholder unless such Noteholder is a Restricted Party.

 

Section 4.10       
Trustee May File Proofs of Claim. The Trustee may 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 and of any Noteholder allowed in any judicial proceedings
relating to any obligor on the Notes, its creditors or its property.

 

Section 4.11       
Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by its acceptance hereof shall be
deemed to have agreed, that, in any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defense made by the party litigant. This Section 4.11 does not apply to a suit instituted by the Trustee, a suit
instituted by any Noteholder for the enforcement of the payment of interest, principal, or Premium, if any, on any Note on or after
the respective due dates expressed in such Note or a suit by any Noteholder or Noteholders holding at least 10% of the Outstanding
Principal Balance of the Notes.

 

Section 4.12       
Control by Noteholders. Subject to this Article IV and to the rights of the Trustee hereunder, the Controlling
Party shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust, right or power conferred on the Trustee under any Transaction Document; provided, that:

 

(a)              
such Direction shall not be in conflict with any Applicable Law or with this Indenture and would not involve the Trustee
in personal liability or unindemnified expense;

 

(b)              
the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Noteholders of such class
not taking part in such Direction;

 

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

 

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(d)              
the Noteholders shall have given the Trustee indemnity or security satisfactory to the Trustee against any loss, liability
or expense which may be incurred by such Direction; and

 

(e)              
each of the Noteholders seeking to exercise the provisions set forth in this Section 4.12 shall have delivered a
certification that none of such Noteholders is a Restricted Party.

 

Section 4.13       
Senior Trustee. The Trustee irrevocably agrees (and the Noteholders (other than the Noteholders represented by the
Senior Trustee) shall be deemed to agree by virtue of their purchase of the Notes) that the Senior Trustee shall have all of the
rights granted to it under this Indenture, including the right to direct the Trustee to take certain action as provided for in
this Indenture, and the Trustee hereby agrees to act in accordance with each such authorized direction of the Senior Trustee.

 

Section 4.14       
Application of Proceeds. All cash proceeds received by the Senior Trustee in respect of any sale of, collection from
or other realization upon all or any part of the Collateral shall be deposited in the Collection Account and distributed, first,
to pay to the Trustee all unpaid amounts due and owing to the Trustee under this Indenture, including the fees and expenses associated
with the exercise of remedies, and then as provided in Section 3.6(a). Any surplus of such cash proceeds held and remaining
after payment in full of all Secured Obligations shall be paid over to the Issuer or whomsoever may be lawfully entitled to receive
such surplus as provided in Section 3.6. Any amount received for any sale or sales conducted in accordance with the terms
of Section 4.3 shall to the extent permitted by Applicable Law be deemed conclusive and binding on the Issuer and the Noteholders.

 

Section 4.15       
Waivers of Rights Inhibiting Enforcement. The Issuer waives (a) any claim that, as to any part of the Collateral,
a private or public sale, should the Senior Trustee elect so to proceed, is, in and of itself, not a commercially reasonable method
of sale for such part of the Collateral, (b) except as otherwise provided in any of the Transaction Documents, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, NOTICE OR JUDICIAL HEARING IN CONNECTION WITH THE TRUSTEE’S TAKING POSSESSION OR DISPOSITION OF ANY OF
THE COLLATERAL, INCLUDING ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES AND ANY SUCH RIGHT THAT THE
ISSUER WOULD OTHERWISE HAVE UNDER THE CONSTITUTION OR ANY STATUTE OF THE U.S. OR OF ANY STATE, AND ALL OTHER REQUIREMENTS AS TO
THE TIME, PLACE AND TERMS OF SALE OR OTHER REQUIREMENTS WITH RESPECT TO THE ENFORCEMENT OF THE TRUSTEE’S RIGHTS HEREUNDER,
(c) all rights of redemption, appraisement, valuation, stay and extension or moratorium and (d) except as otherwise provided in
any of the Transaction Documents, all other rights the exercise of which would, directly or indirectly, prevent, delay or inhibit
the enforcement of any of the rights or remedies under this Indenture or the absolute sale of the Collateral, now or hereafter
in force under any Applicable Law, and the Issuer, for itself and all who may claim under it, insofar as it or they now or hereafter
lawfully may, hereby waives the benefit of all such Applicable Laws and rights; provided, that any waivers by the Issuer
set forth in this Section 4.15 shall not apply to claims or rights asserted by or on behalf of Noteholders that are Restricted
Parties.

 

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Section 4.16       
Security Interest Absolute. Unless asserted by or on behalf of Noteholders that are Restricted Parties, all rights
of the Trustee and security interests hereunder, and all obligations of the Issuer hereunder, shall be absolute and unconditional
irrespective of, and the Issuer hereby irrevocably waives, any defenses it may now have or may hereafter acquire in any way relating
to, any or all of the following:

 

(a)              
any lack of validity or enforceability of any of the Transaction Documents or any other agreement or instrument relating
thereto (other than against the Trustee);

 

(b)              
any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or
any other amendment or waiver of or any consent to any departure from the Transaction Documents or any other agreement or instrument
relating thereto;

 

(c)              
any taking, exchange, surrender, release or non-perfection of any Collateral or any other collateral, or any release or
amendment or waiver of or consent to any departure from any guaranty, for all or any of the Secured Obligations;

 

(d)              
any manner of application of any Collateral or any other collateral, or proceeds thereof, to all or any of the Secured Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations
or any other obligations of the Issuer under or in respect of the Transaction Documents or any other assets of the Issuer;

 

(e)              
any change, restructuring or termination of the limited liability company structure or existence of the Issuer;

 

(f)               
the failure of any other Person to execute this Indenture or any other agreement or the release or reduction of liability
of the Issuer or other grantor or surety with respect to the Secured Obligations; or

 

(g)              
any other circumstance (including any statute of limitations) or any existence of or reliance on any representation by the
Trustee that might otherwise constitute a defense available to, or a discharge of, the Issuer.

 

Section 4.17       
Observer.

 

(a)              
If an Event of Default with respect to the Notes has occurred and is continuing and the Trustee has received written notice
of (or a Responsible Officer of the Trustee otherwise has actual knowledge of) such Event of Default, the Trustee shall, subject
to the proviso in Section 4.2(c), within thirty (30) days following receipt of such notice, give to the Noteholders and
Beneficial Holders that have executed and delivered to the Registrar a Confidentiality Agreement written notice (the “Initial
Notice”) of such Event of Default advising that each Noteholder and Beneficial Holder that is not also a Restricted Party
has the right to nominate a Person (the “Nominee”) to be appointed as an observer of all meetings of the governing
body (and committees thereof) of the Issuer (the “Observer”); provided, that the Observer shall not be
a Restricted Party. Each Noteholder and Beneficial Holder that is not also a Restricted Party may, but is not required to, nominate
one Nominee by written notice received by the Trustee within ten Business Days of the date of the Initial Notice (the “Nomination
Period”). Each such notice shall contain at least the following information: (i) the identity of such Nominee and reasonable
detail about the Person nominated; (ii) the identity of the nominating Noteholder or Beneficial Holder with respect to such Nominee,
together with the Outstanding Principal Balance of Notes held by such Noteholder or the amount of Beneficial Interests held by
such Beneficial Holder; (iii) a statement confirming that such Nominee is willing to serve as Observer if appointed; and (iv) a
certificate confirming that that the nominating Noteholder or Beneficial Holder is a not a Restricted Party.

 

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(b)              
If no Nominee is nominated within the Nomination Period, the Trustee shall promptly notify the Issuer, with a copy to the
Noteholders and Beneficial Holders that have executed and delivered to the Registrar a Confidentiality Agreement, that no Nominee
has been nominated.

 

(c)              
If any Nominee is nominated within the Nomination Period, the Trustee shall, within three Business Days following the end
of the Nomination Period, give to the Noteholders and Beneficial Holders that have executed and delivered to the Registrar a Confidentiality
Agreement written notice (the “Solicitation Notice”) setting forth (i) the identity of each Nominee and the
details relating to each such Nominee provided to the Trustee, (ii) the identity of the nominating Noteholder or Beneficial Holder
with respect to each Nominee, together with the Outstanding Principal Balance of Notes held by such Noteholder or the amount of
Beneficial Interests held by such Beneficial Holder, (iii) a statement confirming that each Nominee is willing to serve as Observer
if appointed and (iv) that each Noteholder shall have ten Business Days after the date of the Solicitation Notice (the “Solicitation
Period”) to indicate by written notice to the Trustee the Nominee (and no more than one Nominee) from the list of Nominees
specified in the Solicitation Notice that it wishes to have appointed as Observer. Immediately following the end of the Solicitation
Period, the Trustee shall calculate, based upon the written notices it received during the Solicitation Period, for each Nominee,
the Outstanding Principal Balance of the Notes selecting such Nominee. The Nominee that is selected by the largest Outstanding
Principal Balance of the Notes shall be designated as Observer (and, in the event that two or more Nominees are selected by the
largest Outstanding Principal Balance of the Notes, then the Trustee shall furnish a new Solicitation Notice within three Business
Days thereof setting forth only such Nominees selected by such largest Outstanding Principal Balance of the Notes, and the process
set forth above shall be repeated therefrom to select an Observer). The Trustee shall give written notice to the Issuer, the Servicer
and the Noteholders and Beneficial Holders that have executed and delivered to the Registrar a Confidentiality Agreement of the
results of the solicitation, and the Issuer shall (A) provide the Observer with notice of any meeting of the governing body (or
any committee thereof) of the Issuer in accordance with the Issuer Organizational Documents (as if the Observer were a member of
the governing body or committee thereof, as the case may be), (B) furnish to the Observer any materials distributed to any other
participant in any such meeting at the same time as such materials are distributed to such other participant(s), (C) permit the
Observer to attend and observe any such meeting and (D) cause the Issuer’s officers or other representatives to promptly,
accurately and in good faith respond to any inquiries of the Observer.

 

(d)              
At any time, the Controlling Party may remove the Observer by written notice to the Trustee, the Issuer and the Noteholders.
Upon removal of the Observer, the Trustee shall request the nomination and selection of a replacement Observer using the procedures
described in this Section 4.17.

 

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(e)              
The Observer (i) must, prior to exercising any right or discharging any duty under this Section 4.17, execute and
deliver to the Registrar a Confidentiality Agreement and (ii) shall provide to the Trustee, for inclusion with the next Distribution
Reports, a report summarizing its observations from each meeting of the governing body (or any committee thereof) of the Issuer
that it shall have attended.

 

Article
V

REPRESENTATIONS AND WARRANTIES AND COVENANTS

 

Section 5.1          
Representations and Warranties. The Issuer represents and warrants to the Trustee, as of the date of this Indenture,
as follows:

 

(a)              
The Issuer is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware and has all limited liability company powers and authority to execute and deliver, and perform its obligations under,
this Indenture.

 

(b)              
Each Transaction Document to which the Issuer is a party has been duly authorized, executed and delivered by the Issuer
and constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’
rights generally, general equitable principles and principles of public policy.

 

(c)              
The Issuer has good and marketable title to the assets and property constituting the Collateral, free and clear of any Liens
other than Permitted Liens.

 

(d)              
The execution and delivery of any Transaction Document to which the Issuer is a party, and the performance of obligations
under any Transaction Document to which the Issuer is a party, by the Issuer do not require any consent or approval of, registration
or filing with or any other action by any Governmental Authority, except for the filing of UCC financing statements, those previously
obtained and those the failure of which to be obtained or made would not be a Material Adverse Change.

 

(e)              
This Indenture creates in favor of the Trustee, for the benefit of the Noteholders, a valid and enforceable security interest
in the Collateral, and, when financing statements in appropriate form are filed in the applicable filing offices, the security
interest created under this Indenture shall constitute a fully perfected security interest in all right, title and interest of
the Issuer in the Collateral to the extent perfection can be obtained by filing UCC financing statements.

 

Section 5.2          
Covenants. The Issuer covenants with the Trustee that, so long as any Notes are Outstanding, it shall perform and
comply with each of the following covenants and not engage in any activity prohibited by this Indenture without the prior written
consent of the Trustee pursuant to Section 9.1 or Section 9.2, as applicable, authorizing the Issuer not to perform
any such covenants or to engage in any such activity prohibited by this Indenture, in each case on such terms and conditions, if
any, as shall be specified in such prior written consent:

 

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(a)              
The Issuer shall maintain this Indenture in conformity with the other Transaction Documents. Except as described under Article
IX or Article XI or otherwise as specifically permitted by the terms or provisions of any of the Transaction Documents,
the Issuer shall not (i) take any action, whether orally or in writing, that would amend, waive, modify, supplement, restate, cancel
or terminate, or discharge or prejudice the validity or effectiveness of, the Issuer Organizational Documents, this Indenture,
the Notes, the Servicing Agreement, the Pledge and Security Agreement or the Account Control Agreement in any respect, or (ii)
permit any party to any such document to be released from its obligations thereunder (unless, in each case, expressly permitted
thereunder).

 

(b)              
The Issuer shall not incur or suffer to exist any Lien over or with respect to the Collateral, other than any Permitted
Lien.

 

(c)              
The Issuer shall not incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become
responsible for, the payment or performance of, contingently or otherwise, whether present or future, indebtedness for borrowed
money or similar monetary obligations; provided, however, that the Issuer may incur indebtedness in respect of the
Original Notes, any Subordinated Notes (or any Refinancing Notes in respect of the Original Notes or the Subordinated Notes).

 

(d)              
The Issuer shall not commingle its assets with assets of any other Person.

 

(e)              
Except as expressly permitted by the Transaction Documents, the Issuer shall not liquidate or dissolve and shall not consolidate
with, merge with or into, sell, transfer, convey, lease or otherwise dispose of any or all of the Collateral, or the right to receive
any Class C Distributions, or all or substantially all of its assets to, any other Person, or permit any other Person to merge
with or into, or consolidate or otherwise combine with, the Issuer.

 

(f)               
The Issuer may maintain a sufficient number of employees in light of its contemplated business operations.

 

(g)              
The Issuer shall not, without the written consent of the Independent Managers, take any action that would constitute a Voluntary
Bankruptcy. The Issuer shall promptly provide the Trustee with written notice of the institution of any proceeding by or against
the Issuer seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment,
protection, relief or composition of its debts under any Applicable Law relating to bankruptcy, insolvency or reorganization or
relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official
for it or for any substantial part of its property.

 

(h)              
The Issuer shall comply with the Issuer Organizational Documents. The Issuer shall not take any action to waive, repeal,
amend, vary, supplement or otherwise modify Section 10(j) of the limited liability company agreement of the Issuer or any other
provision of the Issuer Organizational Documents in a manner that would adversely affect (x) the rights, remedies, privileges or
preferences of the Noteholders or (y) the validity, perfection or priority of the Lien on any Collateral or any Issuer Pledged
Collateral, except to the extent expressly permitted by the Issuer Organizational Documents.

 

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(i)                
The Issuer shall duly and punctually pay principal with respect to the Outstanding Principal Balance, Premium, if any, and
Interest Amount on the Notes in Dollars in accordance with the terms of this Indenture and such Notes; provided, that the Issuer
shall be in compliance with this covenant with respect to any Payment Date (other than the Final Legal Maturity Date or any Redemption
Date) if any such interest in excess of the portion of the Available Collections Amount available to pay such interest on the relevant
Payment Date and funds in the Collection Account (subject to Section 3.7) are paid in full not later than the succeeding Payment
Date (together with Additional Interest thereon).

 

(j)                
The Issuer (i) shall perform and comply in all material respects with its duties and obligations (if any) under the Sale
and Contribution Agreement, (ii) shall not assign, amend, modify, waive, cancel or terminate (or consent to any cancellation or
termination of), in whole or in part, the Sale and Contribution Agreement, (iii) shall not breach any of the provisions of the
Sale and Contribution Agreement, (iv) shall not consent to an assignment of the Sale and Contribution Agreement by the Transferor
(unless the assignee thereof has acquired all or substantially all of the assets of the Transferor, including all of the shares
of the Issuer and all of the Issuer’s rights and obligations under the Transaction Documents) or Theravance Biopharma and
(v) shall not agree to do any of the foregoing.

 

(k)              
The Issuer shall at all times use its commercially reasonable efforts to exercise and enforce its rights and remedies under
the Sale and Contribution Agreement, and the Servicing Agreement, in each case, in a timely and commercially reasonable manner;
provided, that, following the occurrence and continuation of an Event of Default and subject to the confidentiality provisions
under the GSK Agreements, the TRC LLC Agreement and the Master Agreement, the Issuer will give notice to the Trustee on behalf
of the Noteholders of any contemplated enforcement of such rights and remedies and will follow any Direction regarding enforcement
of such rights and remedies provided by the Controlling Party (or the Senior Trustee on its behalf) that it has received to the
extent not inconsistent with this Indenture.

 

(l)                
The Issuer shall maintain its existence separate and distinct from its member and any other Person in all material respects,
including using its commercially reasonable efforts to comply with the separateness covenants set forth in the Issuer Organizational
Documents.

 

(m)            
 The Issuer shall not enter into any agreement prohibiting the right of the Trustee or any Noteholder to amend or otherwise
modify any Transaction Document; provided, that the foregoing prohibition shall not apply to restrictions contained in any
Transaction Document or the TRC LLC Agreement, including the “Defined Covenants” (as defined in the TRC LLC Agreement).

 

(n)              
The Issuer shall not change, amend or alter its exact legal name at any time except following thirty (30) days’ notice
given by the Issuer to the Trustee. The Issuer shall not change its accounting policies or reporting practices except as permitted
by the Issuer Organizational Documents.

 

(o)              
The Issuer shall not assign or pledge, so long as the assignment hereunder shall remain in effect and has not been terminated
pursuant to Section 11.1, any of its right, title or interest in the Collateral hereby assigned to anyone other than the
Trustee.

 

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(p)              
The Issuer agrees that, at any time and from time to time, at the Issuer’s expense, the Issuer shall promptly and
duly execute and deliver or cause to be duly executed and delivered any and all such further instruments and documents, and take
all further action, that may be necessary and within the control of the Issuer, in order to perfect the security interest in the
Collateral, or as may be reasonably requested by the Trustee (acting at the Direction of the Controlling Party), and to carry out
the provisions of this Indenture and the Account Control Agreement or to enable the Trustee to exercise and enforce its rights
and remedies under this Indenture and the Account Control Agreement with respect to any Collateral. The Issuer also agrees that,
at any time and from time to time, at the Issuer’s expense, the Issuer shall file (or cause to be filed) such UCC continuation
statements and such other instruments or notices as may be necessary, or that the Trustee may reasonably request, including UCC
financing statements or amendments thereto, in order to perfect and preserve the security interests and other rights granted or
purported to be granted to the Trustee by this Indenture. With respect to the foregoing and the grant of the security interest
under this Indenture, the Issuer hereby authorizes the Trustee to file one or more financing or continuation statements, and amendments
thereto, relative to all or any part of the Collateral.

 

(q)              
The Issuer shall maintain in the Borough of Manhattan, The City of New York, an office or agency of the Trustee, Registrar,
Transfer Agent, and Paying Agent where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration
of transfer, exchange or purchase and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture
may be served. Each of the Corporate Trust Office and each office or agency of the Trustee in the Borough of Manhattan, The City
of New York shall initially be one such office or agency for all of the aforesaid purposes. The Issuer shall give prompt written
notice to the Trustee of the location, and of any change in the location, of any such office or agency (other than a change in
the location of the office of the Trustee). If at any time the Issuer 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 address of the Trustee set forth in Section 12.5. The Issuer 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, however, that no such designation or rescission shall in any manner relieve
the Issuer of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York, for such purposes.

 

(r)               
The Issuer shall use commercially reasonable efforts to file any form (or comply with any other administrative formalities)
required for an exemption from or a reduction of any withholding tax for which it is eligible. The Issuer shall maintain its status
as an entity that is not classified as a corporation or publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes. The Issuer shall maintain its status as either (i) an entity that is disregarded as separate from the Equityholder
if there is one Equityholder for U.S. federal income tax purposes or (ii) a partnership if there is more than one Equityholder
for U.S. federal income tax purposes, in each case for U.S. federal income tax purposes and, to the extent permitted by Applicable
Law, state and local tax purposes; provided, however, that prior to having more than one Equityholder for U.S. federal
income tax purposes, the Issuer shall have provided to the Trustee an opinion of nationally recognized U.S. tax counsel satisfactory
to the Trustee to the effect that any change from a disregarded entity to a partnership for U.S. federal income tax purposes should
not cause a “significant modification” of the Notes for such purposes. The Issuer shall not file any tax return or
report under any name other than its exact legal name. The Issuer shall treat the Notes as debt for U.S. federal income tax purposes.
Neither the Issuer nor the Trustee shall treat any Noteholder or Beneficial Holder as a “partner” of the Issuer for
U.S. federal income tax purposes with respect to the ownership of the Notes. The Issuer and the Trustee shall treat all interest
paid or otherwise accruing on the Notes as interest for U.S. federal income tax purposes. The Issuer shall prepare and file all
tax returns of the Issuer consistent with the covenants set forth in this Section 5.2(r) and shall not take any inconsistent
position in any communication or agreement with any taxing authority unless required by a final “determination” of
a court of law within the meaning of Section 1313(a)(1) of the Code. The Issuer shall not enter into or incur any express or implied
obligation to indemnify any other Person with respect to Taxes. The Issuer shall file (or cause to be filed) all tax returns and
reports required by Applicable Law to be filed by it and pay all Taxes required to be paid by it. In the event the listing of the
Original Notes on the Cayman Islands Stock Exchange is not approved or maintained or the Cayman Islands Stock Exchange is no longer
treated as a “recognized stock exchange” by the HMRC within the meaning of section 1005 of the U.K. Income Tax Act
2007, the Issuer shall use commercially reasonable efforts to list the Original Notes on a “recognized stock exchange”
for such purposes.

 

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(s)              
The Issuer shall comply with all Applicable Laws with respect to the Transaction Documents, the Collateral and all ancillary
agreements related thereto, the violation of which would be a Material Adverse Change.

 

(t)                 The Issuer shall (i) preserve and maintain its existence, (ii) preserve and maintain its rights (charter or statutory),
franchises, permits, licenses, approvals and privileges and (iii) qualify and remain qualified in good standing in each jurisdiction,
in each case where the failure to preserve and maintain such existence, rights, franchises, permits, licenses, approvals, privileges
and qualifications would be a Material Adverse Change. The Issuer shall appoint and employ such agents or attorneys in each jurisdiction
where it shall be necessary to take any action under this Indenture or the Account Control Agreement.

 

(u)              
If TRC LLC, Innoviva or any other Person makes any Class C Distributions to the Issuer directly and not to the Collection
Account, then the Issuer promptly, and in any event no later than two (2) Business Days following the receipt by the Issuer of
such payment or distribution, shall remit such payment or distribution to the Collection Account in the exact form received with
all necessary endorsements.

 

(v)              
During any period in which Theravance Biopharma, the Equityholder or the Issuer is not subject to Section 13 or 15(d) of
the Exchange Act, the Issuer shall make available to any Noteholder or Beneficial Holder in connection with any sale of any or
all of its Notes and any prospective purchaser of such Notes from such Noteholder or Beneficial Holder the information required
by Rule 144A (d)(4) under the Securities Act.

 

(w)             
The Issuer shall not, and shall not permit any of its Affiliates to, directly or indirectly, pay or cause to be paid any
consideration of any type or form (whether in cash, property, by way of interest or fee or otherwise) to or for the benefit of
any Noteholder or Beneficial Holder for or as an inducement to any forbearance, consent, waiver or amendment of any of the terms
or provisions hereof or of the Notes, or any agreement in respect thereof, unless such consideration is, on the same terms and
conditions, offered to all Noteholders and Beneficial Holders and paid to all Noteholders and Beneficial Holders that agree to
such forbearance, consent, waiver or amendment, or agreement in respect thereof.

 

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(x)              
The Issuer shall, prior to the Restructuring, use commercially reasonable efforts to avoid being treated as engaged in a
U.S. trade or business.

 

(y)              
(i) The Issuer shall perform and comply with the TRC LLC Agreement and shall not take any action, or fail to take any action,
that breaches, violates or could reasonably be expected to breach or violate the TRC LLC Agreement.

 

(ii)               (A) The Issuer shall
enforce the TRC LLC Agreement and its rights under the TRC LLC Agreement, in each case to the extent that the failure to do so
under this clause (A) would be reasonably expected to have a direct or indirect material and adverse effect on Theravance Biopharma’s
or its permitted transferees’, successors’ and permitted assigns’ (as applicable), including Theravance Biopharma
R&D’s and the Issuer’s rights or obligations under the Master Agreement (if applicable) or the TRC LLC Agreement,
in each case to the extent relating to the Issuer Class C Units, and (B) the Issuer shall not amend, modify, supplement, waive,
cancel, terminate or grant any consent under the TRC LLC Agreement , or take any other action or fail to take any action having
the effect of the foregoing, or agree to do any of the foregoing directly or indirectly, in whole or in part, to the TRC LLC Agreement
or any rights under the TRC LLC Agreement, in each case to the extent that such action or inaction referred to in this clause (B)
would be reasonably expected to have a direct or indirect material and adverse effect on the rights or obligations of Theravance
Biopharma or its permitted transferees, successors and permitted assigns (as applicable), including Theravance Biopharma R&D
and the Issuer, under the Master Agreement (if applicable) or the TRC LLC Agreement, in each case to the extent relating to the
Issuer Class C Units.

 

(iii)              The Issuer shall
not take any action to, directly or indirectly, impact, delay, forgive, release or compromise any amount owed to or becoming owing
to Theravance Biopharma and its permitted transferees, successors and permitted assigns (as applicable), including Theravance Biopharma
R&D and the Issuer, under the TRC LLC Agreement in a manner material and adverse to the Noteholders; and

 

(iv)              Notwithstanding
anything to the contrary in the foregoing subclauses (i), (ii) and (iii) of this Section 5.2(y), the Issuer is permitted
to take any action or fail to take any action with respect to any agreement or drug program (other than the Collaboration Agreement
and drug programs under the Collaboration Agreement), including the Strategic Alliance Agreement and/or any drug programs (including
the MABA program) that are covered under the Strategic Alliance Agreement, including a transfer, sale, mortgage, pledge, assignment
or disposal of, either directly or indirectly, in whole or in part, by operation of law or otherwise, its interest in the MABA
program.

 

(z)              
The Issuer shall not, directly or indirectly, (i) declare or make any distribution on its Capital Securities, whether in
cash, property, securities or a combination thereof, to the Equityholder or otherwise with respect to any ownership of the Issuer’s
Capital Securities, except that the Issuer may distribute to the Equityholder (x) all or any portion of any amounts transferred
to the Issuer under Section 3.6(a)(ix) or Section 3.6(b) or (y) any proceeds from an issuance of Notes or Capital Securities in
accordance with this Indenture, (ii) purchase, redeem, retire or otherwise acquire for value any issued Capital Securities of the
Issuer, except that the Issuer may purchase, redeem, retire or otherwise acquire for value any issued Capital Securities of the
Issuer with all or any portion of any amounts transferred to the Issuer under Section 3.6(a)(ix) or Section 3.6(b) or (iii) make
any loan or advance to any Person, any purchase or other acquisition of any beneficial interest, Capital Securities, warrants,
rights, options, obligations or other securities of such Person, any capital contribution to such Person or any other investment
in such Person (other than Eligible Investments, any Transferred Assets and any such items received by the Issuer in connection
with the Issuer’s ownership and management of Eligible Investments or the Transferred Assets). The foregoing shall not restrict
the Equityholder or its Affiliates (other than the Issuer) from making open market purchases or otherwise acquiring or purchasing
Notes.

 

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(aa)            
The Issuer shall not, directly or indirectly, transfer, issue, deliver or sell, or consent to transfer, issue, deliver or
sell, any Capital Securities of the Issuer unless (i) such Capital Securities are pledged to the Trustee pursuant to the Pledge
and Security Agreement and (ii) after giving effect to such transfer, issuance, delivery and sale, the Equityholder is not subject
to U.S. federal withholding tax in respect of the Class C Distributions Notwithstanding the foregoing, the Issuer is permitted
to accept capital contributions from the Equityholder after the Closing Date provided such amount is used only as permitted by
this Indenture.

 

(bb)           
The Issuer shall not engage in any business or activity other than entering into the Transaction Documents, purchasing or
otherwise acquiring, owning, holding, managing, servicing, pledging and otherwise dealing with the Eligible Investments and the
Transferred Assets, collecting the Class C Distributions and any other payments in respect of the Transferred Assets or the Eligible
Investments, issuing Notes, issuing Capital Securities (subject to the provisions of Section 5.2(aa)), undertaking any action contemplated
by the Transaction Documents or necessary or reasonably appropriate to maintain, enforce or enjoy the full benefit of any current
or residual rights granted by or arising out of the Transferred Assets and the Transaction Documents and entering into, remaining
a party to, and otherwise performing any of the obligations contemplated by, and exercising any right or remedy granted to the
Issuer pursuant to or arising out of, the Transaction Documents, the Transferred Assets and the TRC LLC Agreement and other matters
reasonably related thereto.

 

Section 5.3           
Reports and Other Deliverables by the Issuer.

 

(a)              
Subject to the confidentiality provisions under the GSK Agreements, the TRC LLC Agreement and the Master Agreement, the
Issuer shall furnish to the Trustee, within one-hundred twenty (120) days after the end of each fiscal year commencing with the
fiscal year ending December 31, 2019, a certificate from a Responsible Officer of the Issuer as to his or her knowledge of the
Issuer’s compliance with all of its obligations under this Indenture (it being understood that, for purposes of this Section
5.3, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this
Indenture but shall reflect any Interest Amount paid on the Original Notes (and any Refinancing Notes in respect of the Original
Notes) (other than on the Final Legal Maturity Date) by the Payment Date immediately following the Payment Date on which such Interest
Amount was first payable as contemplated by the proviso to Section 5.2(i) as have been timely paid).

 

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(b)              
Subject to the confidentiality provisions under the GSK Agreements, the TRC LLC Agreement and the Master Agreement, the
Issuer shall deliver a written notice to the Trustee of the occurrence of any Default or Event of Default under this Indenture
promptly and in any event within five Business Days of a Responsible Officer of the Issuer (including any Manager) becoming aware
of such Default or Event of Default, which shall be labeled “Notice of Default” or “Notice of Event of Default”.

 

(c)              
The Issuer shall promptly (and in any event within five (5) Business Days of receipt thereof) provide to the Trustee and
the Servicer copies of written materials that the Issuer receives from the Transferor pursuant to the Sale and Contribution Agreement
or from TRC LLC pursuant to the TRC LLC Agreement (except to the extent the Issuer is restricted from disclosing such information
pursuant to the confidentiality provisions of the GSK Agreements, the TRC LLC Agreement or the Master Agreement).

 

(d)              
Within 120 days after the beginning of each fiscal year commencing with the fiscal year beginning January 1, 2020, the Issuer
shall furnish to the Trustee an opinion of its legal counsel, which opinion shall state either that (i) in the opinion of such
counsel, all action has been taken with respect to any filing, re-filing, recording or re-recording with respect to the Collateral
as is necessary to maintain the security interest in the Collateral in favor of the Trustee for the benefit of the Noteholders,
or (ii) in the opinion of such counsel, no such action is necessary to maintain such security interest.

 

Section 5.4        
Development and Commercialization of Products. Notwithstanding anything to the contrary contained herein, the parties
hereto hereby acknowledge and agree, and each Noteholder and Beneficial Holder by its acceptance of its interest in the Notes is
hereby deemed to acknowledge and agree, that neither the Transferor nor the Issuer shall have any obligation or liability with
respect to the allocations of resources, scope, intensity and duration of efforts or decisions and judgments made in connection
with development and commercialization (including acts or omissions that result in or increase the likelihood of, greater or lesser
commercial success): (i) with respect to, or as among, any Products or (ii) as among any one or more Products, on the one hand,
and other products or therapeutically active components, on the other hand.

 

Article
VI

THE TRUSTEE

 

Section 6.1         
Acceptance of Trusts and Duties. Except during the continuance of an Event of Default, the Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; provided, that, to the extent those duties are qualified, limited
or otherwise affected by the provisions of any other Transaction Document, the Trustee shall be required to perform those duties
only as so qualified, limited or otherwise affected. The duties and responsibilities of the Trustee shall be as provided by the
Trust Indenture Act (as if the Trust Indenture Act applied to this Indenture) and as set forth herein, except with respect to the
obligation to exercise rights and remedies following an Event of Default, which right and remedies shall be performed by the Trustee
acting solely upon the Direction of the Controlling Party in accordance with Article IV. The Trustee accepts the trusts
hereby created and applicable to it and agrees to perform the same but only upon the terms of this Indenture and the Trust Indenture
Act (as if the Trust Indenture Act applied to this Indenture) and agrees to receive and disburse all moneys received by it in accordance
with the terms hereof. The Trustee in its individual capacity shall not be answerable or accountable under any circumstances except
for its own willful misconduct or negligence or breach of any of its representations or warranties set forth in this Indenture
and made expressly in its individual capacity, as determined by the non-appealable decision of a court of competent jurisdiction,
and the Trustee shall not be liable for any action or inaction of the Issuer or any other parties to any of the Transaction Documents.
Any amounts received by or due to the Trustee under this Indenture, including the fees, out-of-pocket expenses and indemnities
of the Trustee, shall be Administrative Expenses of the Issuer paid in accordance with the Priority of Payments. The Trustee shall
not be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever
(including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.

 

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The Issuer does hereby
constitute and appoint the Trustee the true and lawful attorney of the Issuer, irrevocably, granted for good and valuable consideration
and coupled with an interest and with full power of substitution, and with full power (in the name of the Issuer or otherwise),
to ask, require, demand, receive, compound and give acquittance for any and all monies and claims for monies (in each case including
insurance and requisition proceeds) due and to become due under or arising out of any Transaction Document and all other property
that now or hereafter constitutes part of the Collateral, to endorse any checks or other instruments or orders in connection therewith
and to file any claims or take any action or institute any proceedings that the Trustee may deem to be necessary or advisable in
the premises; provided, that the Trustee shall not exercise any such rights except upon the occurrence and during the continuance
of an Event of Default hereunder in accordance with Section 4.3.

 

Section 6.2          
Copies of Documents and Other Notices.

 

(a)              
The Trustee, upon written request, shall furnish to each requesting Noteholder or Beneficial Holder that has executed and
delivered to the Registrar a Confidentiality Agreement and the Servicer, promptly upon receipt thereof, duplicates or copies of
all reports, Notices, requests, demands, certificates, financial statements and other instruments furnished to the Trustee under
or in connection with this Indenture.

 

(b)              
The Trustee shall furnish to the Servicer and Noteholders and Beneficial Holders that have executed and delivered to the
Registrar a Confidentiality Agreement any reports or notices received from any of the Issuer, TRC LLC, Theravance Biopharma and
the Equityholder promptly after receipt thereof from the Issuer. The Trustee may rely conclusively on the validity of any Confidentiality
Agreement delivered to it, and may assume that each Beneficial Holder that has delivered a Confidentiality Agreement continues
to beneficially own the Notes and is entitled to receive the information requested in accordance with this Section 6.2 absent
receipt by the Trustee of written notice to the contrary.

 

Section 6.3          
Representations and Warranties. The Trustee does not make and shall not be deemed to have made any representation
or warranty as to the validity, legality or enforceability of this Indenture, the Notes or any other document or instrument or
as to the correctness of any statement contained in any thereof, except that the Trustee in its individual capacity hereby represents
and warrants as follows:

 

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(a)              
The Trustee is a duly authorized national banking association and is validly existing and in good standing under the laws
of the United States of America.

 

(b)              
The Trustee has all requisite right, power and authority to execute and deliver this Indenture and its related documents
and to perform all of its duties as Trustee hereunder and thereunder.

 

(c)              
The execution and delivery by the Trustee of this Indenture and the other Transaction Documents to which it is a party,
and the performance by the Trustee of its duties hereunder and thereunder, have been duly authorized by all necessary corporate
proceedings, and no further approvals or filings, including any governmental approvals, with respect to its banking and trust powers,
are required for the valid execution and delivery by the Trustee, or the performance by the Trustee, of this Indenture and such
other Transaction Documents to which it is a party.

 

(d)              
The execution, delivery and performance by the Trustee of this Indenture and the other Transaction Documents to which it
is a party (i) to the best of the Trustee’s knowledge and without independent inquiry or investigation into the facts thereto,
do not violate any provision of any Applicable Law governing its banking or trust powers and (ii) do not violate any provision
of its articles of association or by-laws.

 

(e)              
The execution, delivery and performance by the Trustee of this Indenture and the other Transaction Documents to which it
is a party, to the best of the Trustee’s knowledge and without independent inquiry or investigation into the facts thereto,
do not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking
of any action in respect of, any Governmental Authority governing its banking or trust powers.

 

(f)               
The Trustee has duly executed and delivered this Indenture and each other Transaction Document to which it is a party, and
each of this Indenture and each such other Transaction Document constitutes the legal, valid and binding obligation of the Trustee
in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
and similar Applicable Laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability
of equitable remedies may be limited by equitable principles of general applicability.

 

(g)              
The Trustee meets the requirements of Section 6.9 and is an Eligible Institution.

 

(h)              
The Trustee is not a Restricted Party.

 

Section 6.4          
Reliance; Agents; Advice of Counsel. The Trustee shall incur no liability to anyone acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be
genuine and believed by it to be signed by the proper party or parties. The Trustee may accept a copy of a resolution of the governing
body of any party to any Transaction Document (including the Issuer), certified in an accompanying Officer’s Certificate
as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted and that the same
is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically described herein,
the Trustee shall be entitled to receive and may for all purposes hereof conclusively rely on a certificate, signed by an officer
of any duly authorized Person, as to such fact or matter, and such certificate shall constitute full protection to the Trustee
for any action taken or omitted to be taken by it in good faith in reliance thereon. To the extent not otherwise specifically provided
herein, the Trustee shall assume, and shall be fully protected in assuming, that the Issuer is authorized by the Issuer Organizational
Documents to enter into this Indenture and to take all action permitted to be taken by it pursuant to the provisions hereof and
shall not be required to inquire into the authorization of the Issuer with respect thereto. To the extent not otherwise specifically
provided herein, the Trustee shall furnish to the Issuer or the Servicer upon written request such information and copies of such
documents as the Trustee may have and as are necessary for the Issuer or any such Servicer to perform its duties under Section
3.1 of the Servicing Agreement and Section 2.13 and Article III hereof or otherwise.

 

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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 its rights or powers
or for any action it takes or omits to take in accordance with the Direction of the Noteholders in accordance with Section 4.12
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust, right or power conferred upon the Trustee, under any Transaction Document.

 

The Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder or under any other Transaction Document either directly or
by or through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence
on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

 

The Trustee may consult
with counsel as to any matter relating to this Indenture or any other Transaction Document and any opinion of counsel or any advice
of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by
it hereunder in good faith and in accordance with such advice or opinion of counsel.

 

The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture or any other Transaction Document, or
to institute, conduct or defend any litigation hereunder or in relation hereto, at the request, order or Direction of any of the
Noteholders, pursuant to the provisions of this Indenture or any other Transaction Document, unless such Noteholders shall have
offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred
therein or thereby.

 

The Trustee shall not
be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder or under any other Transaction Document, or in the exercise of any of its rights or powers, if the repayment of such
funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it, and none of the provisions
contained in this Indenture or any other Transaction Document shall in any event require the Trustee to perform, or be responsible
or liable for the manner of performance of, any obligations of the Issuer or the Servicer under this Indenture or any of the other
Transaction Documents.

 

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The Trustee shall not
be liable for any Losses or Taxes (except for Taxes relating to any compensation, fees or commissions of any entity acting in its
capacity as Trustee hereunder) or in connection with the selection of Eligible Investments or for any investment losses resulting
from Eligible Investments.

 

When the Trustee incurs
expenses or renders services in connection with an Acceleration Default, such expenses (including the fees and expenses of its
counsel) and the compensation for such services are intended to constitute expenses of administration under any Applicable Law
relating to bankruptcy matters or Applicable Law relating to creditors’ rights generally.

 

The Trustee shall not
be charged with knowledge of an Event of Default unless a Responsible Officer of the Trustee obtains actual knowledge of such event
or has received written notice of such event at its Corporate Trust Office from the Issuer, the Servicer or Noteholders holding
not less than 10% of the Outstanding Principal Balance of the Notes, which shall be labeled “Notice of Default” or
 “Notice of Event of Default”.

 

The Trustee shall have
no duty to monitor the performance of the Issuer, the Servicer or any other party to the Transaction Documents, or to confirm the
accuracy of any information or calculation required to be provided by such parties to the Trustee under the Transaction Documents,
nor shall it have any liability in connection with the malfeasance or nonfeasance by any other party to the Transaction Documents.

 

Whenever in the administration
of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior
to taking or suffering any action to be taken hereunder or under any other Transaction Document, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate
signed by a Responsible Officer of the Issuer and delivered to the Trustee, and such certificate shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Indenture or any other Transaction Document upon the
faith thereof.

 

Except as provided
expressly hereunder, the Trustee shall have no obligation to invest and reinvest any cash held in the Accounts in the absence of
timely and specific written investment direction by or on behalf of the Issuer. In no event shall the Trustee be liable for the
selection of investments or for investment losses incurred thereon. The Trustee shall have no liability in respect of losses incurred
as a result of the liquidation of any investment prior to its stated maturity or the failure of the Issuer to provide timely written
investment direction.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

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Section 6.5         
Not Acting in Individual Capacity. The Trustee acts hereunder solely as trustee unless otherwise expressly provided,
and all Persons, other than the Noteholders to the extent expressly provided in this Indenture, having any claim against the Trustee
by reason of the transactions contemplated hereby shall look, subject to the lien and priorities of payment as provided herein
or in any other Transaction Document, only to the property of the Issuer for payment or satisfaction thereof.

 

Section 6.6        
Compensation of Trustee. The Trustee agrees that it shall have no right against the Noteholders or, except as provided
in Section 3.6(a), the property of the Issuer, for any fee as compensation for its services hereunder. The Issuer shall
pay to the Trustee from time to time such compensation as is agreed in writing between the two parties. The priority of such compensation
shall be subject to Section 3.6(a).

 

Section 6.7         
Notice of Defaults. As promptly as practicable after, and in any event within 30 days after, the occurrence of any
Default hereunder, the Trustee shall send to the Issuer, the Servicer and the Noteholders of the related class, in accordance with
Section 313(c) of the Trust Indenture Act (as if the Trust Indenture Act applied to this Indenture), notice of such Default hereunder
actually known to a Responsible Officer of the Trustee, unless such Default shall have been cured or waived; provided, that
the Trustee shall not be deemed to have any fiduciary duty to the Issuer or the Servicer by reason of this Section 6.7,
and the Trustee shall not be liable to the Issuer or the Servicer for any failure to comply with this Section 6.7; provided,
further, that, except in the case of a Default on the payment of the interest, principal or Premium, if any, on any Note,
the Trustee shall be fully protected in withholding such notice if and so long as a trust committee of Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in the interests of the Noteholders of the related
class.

 

Section 6.8        
May Hold Notes. The Trustee, any Transfer Agent, any Paying Agent, the Registrar or any of their Affiliates or any
other agent in their respective individual or any other capacity may become the owner or pledgee of the Notes so long as it is
not a Restricted Party and, subject to Sections 310(b) and 311 of the Trust Indenture Act (as if the Trust Indenture Act applied
to this Indenture), may otherwise deal with the Issuer with the same rights it would have if it were not the Trustee, Transfer
Agent, Paying Agent, Registrar or such other agent.

 

Section 6.9          
Corporate Trustee Required; Eligibility. There shall at all times be a Trustee that shall (a) be eligible to act
as a trustee under Section 310(a) of the Trust Indenture Act (as if the Trust Indenture Act applied to this Indenture), (b) meet
the requirements of Rule 3a-7(a)(4)(i) under the Investment Company Act and (c) meet the Eligibility Requirements. If such corporation
publishes reports of conditions at least annually, pursuant to Applicable Law or to the requirements of any federal, state, foreign,
territorial or District of Columbia supervising or examining authority, then, for the purposes of this Section 6.9, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of conditions so published.

 

In case at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.9 to act as Trustee, the Trustee
shall resign immediately as Trustee in the manner and with the effect specified in Section 7.1.

 

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Section 6.10       
Reports by the Trustee. Within sixty (60) days after May 15 of each year commencing with the first full calendar
year following the issuance of any class of Notes, the Trustee shall, if required by Section 313(a) of the Trust Indenture Act
(as if the Trust Indenture Act applied to this Indenture), transmit to the Noteholders of each class, as provided in Section 313(c)
of the Trust Indenture Act (as if the Trust Indenture Act applied to this Indenture), a brief report describing, among other things,
any changes in eligibility and qualifications of the Trustee and any Subordinated Note Issuance.

 

Section 6.11      
Account Control Agreement, Pledge and Security Agreement and Other Transaction Documents. The Trustee shall enter
into the Account Control Agreement with the Issuer and the Servicer on the Closing Date and shall hold the collateral pledged thereunder
as part of the Collateral for purposes of this Indenture. The Trustee shall enter into the Pledge and Security Agreement with the
Equityholder on the Closing Date and shall hold the collateral pledged thereunder as collateral for the Secured Obligations. The
provisions of this Article VI shall apply to the Trustee’s exercise of rights and remedies under the Account Control
Agreement and the Pledge and Security Agreement, mutatis mutandis. In addition, the Trustee shall enter into such other
Transaction Documents on the Closing Date to which it is party.

 

Section 6.12       
Collateral.

 

(a)              
The Trustee shall hold such of the Collateral as consists of instruments, deposit accounts, negotiable documents, money,
goods, letters of credit and advices of credit in the State of New York. The Trustee shall hold such of the Collateral as constitutes
investment property through a securities intermediary, which securities intermediary shall agree with the Trustee (which agreement
shall be governed by the laws of the State of New York) that (a) such investment property shall at all times be credited to a securities
account of the Trustee, (b) such securities intermediary shall treat the Trustee as entitled to exercise the rights that comprise
each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated
as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by the Trustee without the
further consent of any other Person, (e) such securities intermediary shall not agree with any Person other than the Trustee to
comply with entitlement orders originated by such other Person and (f) such securities account and the property credited thereto
shall not be subject to any lien, security interest or right of set-off in favor of such securities intermediary or anyone claiming
through it (other than the Trustee). Except as permitted by this Section 6.12 or as otherwise permitted by any Transaction
Document, the Trustee shall not hold any part of the Collateral through an agent or a nominee.

 

(b)              
The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the liens in any of the Collateral, for the validity or sufficiency of the Collateral,
for the validity of the title of the Issuer or the Equityholder to the Collateral, for insuring the Collateral or for the payment
of Taxes, charges, assessments or liens upon the Collateral. Notwithstanding anything to the contrary in the Transaction Documents,
the Trustee shall have no responsibility for recording, filing, re-recording or re-filing any financing statement, continuation
statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect
or maintain the perfection of any security interest granted to it under the Transaction Documents.

 

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Section 6.13       
Preservation and Disclosure of Noteholder Lists. The Registrar shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Noteholders received by it. In any case where any Noteholder
that has executed and delivered to the Registrar a Confidentiality Agreement and has certified in such Confidentiality Agreement
(or otherwise) that such Noteholder is not a Restricted Party (any such Noteholder, an “Applicant”), applies
in writing to the Registrar and furnishes to the Registrar reasonable proof that each such Applicant has owned a Note for a period
of at least three (3) months preceding the date of such application, and such application states that the Applicant desire to communicate
with other Noteholders with respect to its rights under this Indenture or under the Notes and such application is accompanied by
a copy of the form of proxy or other communication that such Applicant proposes to transmit, then the Registrar shall, within five
(5) Business Days after the receipt of such application, inform such Applicant as to the approximate number of Noteholders whose
names and addresses appear in such information and as to the approximate cost of mailing to such Noteholders the form of proxy
or other communication, if any, specified in such application. The Registrar shall, upon the written request of such Applicant,
mail to each Noteholder whose name and address appears in such information a copy of the form of proxy or other communication that
is specified in such request, with reasonable promptness after a tender to the Registrar of the material to be mailed and of payment,
or provision for the payment, of the reasonable expenses of mailing. Each and every Noteholder, by receiving and holding the same,
agrees with the Issuer and the Registrar that neither the Registrar nor any agent of the Issuer or the Registrar shall be held
accountable by reason of mailing any material pursuant to a request made under this Section 6.13.

 

Section 6.14       
Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with Applicable
Laws in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities
and money laundering, the Trustee is required to obtain, verify and record certain information relating to Persons that maintain
a business relationship with the Trustee. Accordingly, the Issuer agrees to provide to the Trustee upon its request from time to
time such identifying information and documentation as may be available for the Issuer in order to enable the Trustee to comply
with such Applicable Laws.

 

Section 6.15       
Jurisdiction of Trustee. Each of the Issuer and the Trustee agrees that the State of New York shall be the Trustee’s
jurisdiction for purposes of Sections 8-110, 9-304 and 9-305 of the UCC.

 

Section 6.16       
Notice of Event of Default to the Servicer and the Equityholder. If an Event of Default of which the Trustee has
been provided with written notice or of which a Responsible Officer of the Trustee has actual knowledge has occurred and is continuing,
the Trustee shall deliver written notice to the Servicer and the Equityholder, in accordance with the notice information provided
in the Account Control Agreement and the Pledge and Security Agreement, respectively, of the occurrence and continuance of such
Event of Default promptly and in any event within five (5) Business Days of a Responsible Officer of the Trustee so becoming aware
of such Event of Default; provided, that the Trustee shall not be deemed to have any fiduciary duty to the Servicer or the
Equityholder by reason of this Section 6.16, and the Trustee shall not be liable to the Servicer or the Equityholder for
any failure to comply with this Section 6.16.

 

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Article
VII

SUCCESSOR TRUSTEES, REGISTRARS, TRANSFER AGENTS, PAYING AGENTS AND 

CALCULATION AGENTS

 

Section 7.1      Resignation and Removal of Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent. Any of the Trustee,
the Registrar, the Transfer Agent, the Paying Agent and the Calculation Agent may resign as to all or any of the classes of Notes
at any time without cause by giving at least thirty (30) days’ prior written notice to the Issuer, the Servicer and the Noteholders.
Noteholders holding a majority of the Outstanding Principal Balance of any class of Notes may at any time remove one or more of
the Trustee, the Registrar, the Transfer Agent, the Paying Agent and the Calculation Agent as to such class without cause, with
the consent of the Issuer (such consent not to be unreasonably withheld) if no Event of Default shall have occurred and be continuing,
by an instrument in writing delivered to the Issuer, the Servicer and the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation
Agent being removed. In addition, the Issuer may remove the Trustee, the Registrar, the Transfer Agent, the Paying Agent or the
Calculation Agent as to any class of Notes if (a) such Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent fails
to comply with Section 310 of the Trust Indenture Act (as if the Trust Indenture Act applied to this Indenture) after written request
therefor by the Issuer or the Noteholders of the related class who have been bona fide Noteholders for at least six (6) months,
(b) such Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent fails to comply with Section 7.2(d) or any
other provision hereof, (c) such Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent is adjudged a bankrupt or
an insolvent, (d) a receiver or public officer takes charge of such Trustee, Registrar, Transfer Agent, Paying Agent or Calculation
Agent or its property or (e) such Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent becomes incapable of acting.
References to the Trustee, Registrar, Transfer Agent, Paying Agent and Calculation Agent in this Indenture include any successor
Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent, as the case may be, as to all or any of the classes of Notes
appointed in accordance with this Article VII. Any resignation or removal of the Trustee, Registrar, Transfer Agent, Paying
Agent or Calculation Agent pursuant to this Section 7.1 shall not be effective until a successor Trustee, Registrar, Transfer
Agent, Paying Agent or Calculation Agent, as the case may be, shall have been duly appointed and vested as Trustee, Registrar,
Transfer Agent, Paying Agent or Calculation Agent, as the case may be, pursuant to Section 7.2.

 

Section 7.2      Appointment
of Successor.

 

(a)     In the case of the resignation or removal of the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent as
to any class of Notes under Section 7.1, the Issuer shall promptly appoint a successor Trustee, Registrar, Transfer Agent,
Paying Agent or Calculation Agent as to such class. If a successor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation
Agent as to any class of Notes shall not have been appointed and accepted its appointment hereunder within sixty (60) days after
the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent, as the case may be, gives notice of resignation as to
such class, the retiring Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent, as the case may be, the Issuer,
the Servicer or a majority of the Outstanding Principal Balance of such class of Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent as to such class.

 

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(b)     Any
successor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent as to any class of Notes, however appointed, shall
execute and deliver to the Issuer, the Servicer and the predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation
Agent as to such class an instrument accepting such appointment, and thereupon such successor Trustee, Registrar, Transfer Agent,
Paying Agent or Calculation Agent, without further act, shall become vested with all the estates, properties, rights, powers,
duties and trusts of such predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent hereunder in the trusts
hereunder applicable to it with like effect as if it was named the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation
Agent as to such class herein; provided, that, upon the written request of such successor Trustee, Registrar, Transfer
Agent, Paying Agent or Calculation Agent, such predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent
shall, upon payment of all amounts due and owing to it, execute and deliver an instrument transferring to such successor Trustee,
Registrar, Transfer Agent, Paying Agent or Calculation Agent, upon the trusts herein expressed applicable to it, all the estates,
properties, rights, powers and trusts of such predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent,
and such predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent shall duly assign, transfer, deliver
and pay over to such successor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent all moneys or other property
then held by such predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent hereunder solely for the benefit
of such class of Notes.

 

(c)     If
a successor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent is appointed with respect to one or more (but
not all) classes of the Notes, the Issuer, the predecessor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent
and each successor Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent with respect to each class of Notes shall
execute and deliver an indenture supplemental hereto that shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the predecessor Trustee, Registrar, Transfer Agent, Paying Agent
or Calculation Agent with respect to the classes of Notes as to which the predecessor Trustee, Registrar, Transfer Agent, Paying
Agent or Calculation Agent is not retiring shall continue to be vested in the predecessor Trustee, Registrar, Transfer Agent,
Paying Agent or Calculation Agent, and shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the Notes hereunder by more than one Trustee, Registrar, Transfer Agent, Paying
Agent or Calculation Agent.

 

(d)     Each
Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent shall be an Eligible Institution and shall meet the Eligibility
Requirements and the requirements of Section 6.9, if there be such an institution willing, able and legally qualified to
perform the duties of a Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent hereunder.

 

(e)     Any
Person into which the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee, Registrar,
Transfer Agent, Paying Agent or Calculation Agent shall be a party, or any Person to which all or substantially all of the corporate
trust business of the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent (including the administration of the
trust created by this Indenture) may be transferred, shall, subject to the terms of Section 7.2(c) and Section 7.2(d),
be the Trustee, Registrar, Transfer Agent, Paying Agent or Calculation Agent, as the case may be, under this Indenture without
the execution or filing of any paper with any party hereto or any further act on the part of any party hereto, except where an
instrument of transfer or assignment is required by Applicable Law to effect such succession, anything herein to the contrary
notwithstanding.

 

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Article
VIII

INDEMNITY

 

Section 8.1      Indemnity. The Issuer shall indemnify and defend the Trustee (and its officers, directors, managers, employees and
agents) for, and hold it harmless from and against, and reimburse the Trustee for, any loss, liability or expense incurred by it
without gross negligence or willful misconduct on its part in connection with the acceptance or administration of this Indenture
and its performance of its duties under this Indenture and the Notes or any other Transaction Document, including the costs and
expenses of enforcing the provisions of this Section 8.1 and in defending itself against any claim or liability and of complying
with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties,
and hold it harmless against any loss, liability or reasonable expense incurred without gross negligence or willful misconduct
on its part, arising out of or in connection with actions taken or omitted to be taken in reliance on any Officer’s Certificate
furnished hereunder, or the failure to furnish any such Officer’s Certificate required to be furnished hereunder. The Trustee
shall notify the Issuer promptly of any claim asserted against the Trustee for which it may seek indemnity; provided, however,
that failure to provide such notice shall not invalidate any right to indemnity hereunder unless, and only to the extent that,
the Issuer is actually prejudiced by such omission. The Issuer shall defend any such claim and the Trustee shall cooperate in the
defense thereof. The Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of one separate
outside counsel, and one local counsel, to the extent required, for the Trustee. The Issuer need not pay for any settlements made
without its consent. The Issuer need not reimburse any expense or provide any indemnity against any loss, liability or expense
incurred by the Trustee through gross negligence or willful misconduct.

 

Section 8.2      Survival. The provisions of Section 8.1 shall survive the termination of this Indenture or the earlier resignation
or removal of the Trustee.

 

Article
IX

MODIFICATION

 

Section 9.1      Modification with Consent of Noteholders. Subject to Section 3.6(b), with the consent of Noteholders holding
a majority of the Outstanding Principal Balance of the Notes (together with any other class of Notes voting or acting as a single
class), the Trustee may agree to amend, modify or waive any provision of (or consent to the amendment, modification or waiver of)
this Indenture, the Notes or the Pledge and Security Agreement; provided, however, that if there shall be Notes of
more than one class Outstanding and if a proposed amendment, modification, consent or waiver shall directly affect the rights of
Noteholders of one or more, but less than all, of such classes, then the consent only of the Noteholders holding a majority of
the Outstanding Principal Balance of each affected class of Notes, each voting or acting as a single class, shall be required;
provided, further, however, that no such amendment, modification, consent or waiver may, without the consent
of Noteholders holding 100% of the Outstanding Principal Balance of the class of Notes affected thereby:

 

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(a)      reduce the percentage of any such class of Notes required to take or approve any action hereunder or thereunder;

 

(b)     reduce the amount or change the time of payment of any amount owing or payable with respect to any such class of Notes (including
pursuant to any Redemption or any Mandatory Tax Redemption) or change the rate of interest or change the manner of calculation
of interest payable with respect to any such class of Notes;

 

(c)     alter
or modify in any adverse respect the provisions of this Indenture with respect to the Collateral, the provisions of the Pledge
and Security Agreement with respect to the Issuer Pledged Collateral or the manner of payment or the order of priority in which
payments or distributions hereunder shall be made as between the Noteholders of such Notes and the Issuer or as among the Noteholders
(including pursuant to Section 3.6) (except, with respect to Subordinated Notes or as among classes of Subordinated Notes,
alterations or modifications to Section 3.6(a)(vii), at the time such Subordinated Notes are established, provided such
alterations or modifications do not change the order of priority as between the Original Notes (or any Refinancing Notes in respect
of the Original Notes) and the Subordinated Notes);

 

(d)     consent
to any assignment of the Issuer’s rights to a party other than the Trustee for the benefit of the Noteholders;

 

(e)     alter the provisions relating to the Collection Account in a manner adverse to any Noteholder; or

 

(f)      alter Section 12.21;

 

provided, that the Controlling Party,
by written notice to the Trustee, may waive any Default or Event of Default to the extent provided in Section 4.5.

 

It shall not be necessary
for the consent of the Noteholders under this Section 9.1 to approve the particular form of any proposed amendment or waiver,
but it shall be sufficient if such consent approves the substance thereof. Any such modification approved by the required Noteholders
of any class of Notes shall be binding on the Noteholders of the relevant class of Notes and each party to this Indenture.

 

After an amendment
under this Section 9.1 becomes effective, the Issuer or, at the direction of the Issuer, the Trustee shall mail to the Noteholders
a notice briefly describing such amendment. Any failure of the Issuer or the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such amendment.

 

After an amendment
under this Section 9.1 becomes effective, it shall bind every Noteholder, whether or not notation thereof is made on any
Note held by such Noteholder.

 

Section 9.2     
Modification Without Consent of Noteholders. Subject to Section 3.6(b), the Trustee may, without the consent
of any Noteholder, agree to amend, modify or waive any provision of (or consent to the amendment, modification or waiver of) this
Indenture, the Notes or the Pledge and Security Agreement to:

 

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(a)     establish the terms of any Refinancing Notes or Subordinated Notes pursuant to Section 2.15 and Section 2.16,
respectively (including, with respect to Subordinated Notes or as among classes of Subordinated Notes, modifications to Section
3.6(a)(vii));

 

(b)     evidence
the succession of a successor to the Trustee, Registrar, Paying Agent, Transfer Agent or Calculation Agent, the removal of the
Trustee, Registrar, Paying Agent, Transfer Agent or Calculation Agent or the appointment of any separate or additional trustee
or trustees or co-trustees and to define the rights, powers, duties and obligations conferred upon any such separate trustee or
trustees or co-trustees;

 

(c)      correct, confirm or amplify the description of any property at any time subject to the lien of this Indenture or to assign,
transfer, convey, mortgage or pledge any property to or with the Trustee;

 

(d)     correct or supplement any defective or inconsistent provision of this Indenture or the Notes;

 

(e)     grant
or confer upon the Trustee for the benefit of the Noteholders any additional rights, remedies, powers, authority or security that
may be lawfully granted or conferred and that are not contrary to this Indenture;

 

(f)      add to the covenants or agreements to be observed by the Issuer for the benefit of the Noteholders, add Events of Default
for the benefit of the Noteholders or surrender any right or power conferred upon the Issuer in this Indenture;

 

(g)     comply with the requirements of the SEC or any other regulatory body or any Applicable Law; or

 

(h)     effect
any indenture supplemental hereto or any other amendment, modification, supplement, waiver or consent with respect to this Indenture,
the Notes or the Pledge and Security Agreement; provided, that such indenture supplemental hereto, amendment, modification,
supplement, waiver or consent shall not adversely affect the interests of the Noteholders in any material respect as confirmed
in an Officer’s Certificate of the Issuer.

 

After an amendment
under this Section 9.2 becomes effective, the Issuer or, at the direction of the Issuer, the Trustee shall mail to the Noteholders
a notice briefly describing such amendment. Any failure of the Issuer or the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such amendment.

 

After an amendment
under this Section 9.2 becomes effective, it shall bind every Noteholder, whether or not notation thereof is made on any
Note held by such Noteholder.

 

Section 9.3      Subordination; Priority of Payments. The subordination provisions contained in Article X may not be amended
or modified without the consent of Noteholders holding 100% of the Outstanding Principal Balance of the class of Notes affected
thereby. In no event shall the provisions set forth in Section 3.6 relating to the priority of payment of Administrative
Expenses be amended or modified.

 

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Section 9.4       Execution of Amendments by Trustee. In executing, or accepting the additional trusts created by, any amendment or
modification to this Indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate and an Opinion
of Counsel stating that the execution of such amendment is authorized or permitted by this Indenture. The Trustee may, but shall
not be obligated to, enter into any such amendment that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

Article
X

SUBORDINATION

 

Section 10.1     Subordination of the Notes.

 

(a)   Each of the Issuer and the Trustee (on behalf of the Noteholders) covenants and agrees, and each Noteholder, by its acceptance
of a Note, covenants and agrees, that the Notes of each class shall be issued subject to the provisions of this Article X.
Each Noteholder, by its acceptance of a Note, further agrees that all amounts payable on any Note shall, to the extent provided
in Section 3.6 and in the manner set forth in this Article X, be subordinated in right of payment to the prior payment
in full of all accrued and unpaid government taxes, filing fees and registration fees to any federal, state or local government
entities (excluding in each case federal, state and local income taxes) owed by the Issuer (if any) and all Administrative Expenses
payable to the Service Providers pursuant to this Indenture and the other Transaction Documents. Each Noteholder of a Subordinated
Note, by its acceptance of a Subordinated Note, further agrees that all amounts payable on any Subordinated Note shall, to the
extent provided in Section 3.6 and in the manner set forth in this Article X, be subordinated in right of payment
to the payment in full of the Original Notes (and any Refinancing Notes in respect of the Original Notes). Any claim to payment
so stated to be subordinated is referred to as a “Subordinated Claim”; each claim to payment to which another
claim to payment is a Subordinated Claim is referred to as a “Senior Claim” with respect to such Subordinated
Claim.

 

(b)     If,
prior to the payment in full of all Senior Claims then due and payable, the Trustee or any Noteholder of a Subordinated Claim
shall have received any payment or distribution in respect of such Subordinated Claim in excess of the amount to which such Noteholder
was then entitled under Section 3.6, then such payment or distribution shall be received and held in trust by such Person
and paid over or delivered to the Trustee for application as provided in Section 3.6.

 

(c)      If
any Service Provider, the Equityholder, the Trustee or any Noteholder of any Senior Claim receives any payment in respect of any
Senior Claim that is subsequently invalidated, declared preferential, set aside and/or required to be repaid to a trustee, receiver
or other party, then, to the extent such payment is so invalidated, declared preferential, set aside and/or required to be repaid,
such Senior Claim shall be revived and continue in full force and effect and shall be entitled to the benefits of this Article
X, all as if such payment had not been received.

 

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(d)     The
Trustee (on its own behalf and on behalf of the Noteholders) and the Issuer each confirm that the payment priorities specified
in Section 3.6 shall apply in all circumstances.

 

(e)   Each Noteholder, by its acceptance of a Note, authorizes and expressly directs the Trustee on its behalf to take such action
as may be necessary or appropriate to effectuate the subordination provided in this Article X, and appoints the Trustee
its attorney-in-fact for such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of
the Issuer (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the
benefit of creditors or otherwise), any actions tending towards liquidation of the property and assets of the Issuer or the filing
of a claim for the unpaid balance of its Notes in the form required in those proceedings.

 

(f)      If payment on the Notes is accelerated as a result of an Event of Default, the Issuer shall promptly notify the holders
of the Senior Claims of such acceleration.

 

(g)     After all Senior Claims are paid in full and until the Subordinated Claims are paid in full, and to the extent that such
Senior Claims shall have been paid with funds that would, but for the subordination pursuant to this Article X, have been
paid to and retained by such holders of Subordinated Claims, the holders of Subordinated Claims shall be subrogated to the rights
of holders of Senior Claims to receive payments applicable to Senior Claims. A payment made under this Article X to holders
of Senior Claims that otherwise would have been made to the holders of Subordinated Claims is not, as between the Issuer and the
holders of Subordinated Claims, a payment by the Issuer.

 

(h)     No right of any holder of any Senior Claim to enforce the subordination of any Subordinated Claim shall be impaired by an
act or failure to act by the Issuer or the Trustee or by any failure by either the Issuer or the Trustee to comply with this Indenture.

 

(i)      Each Noteholder by accepting a Note acknowledges and agrees that the foregoing subordination provisions are, and are intended
to be, an inducement and a consideration to each holder of any Senior Claim, whether such Senior Claim was created or acquired
before or after the issuance of such Noteholder’s claim, to acquire and continue to hold such Senior Claim, and such holder
of any Senior Claim shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to
hold such Senior Claim. Each holder of a Subordinated Claim agrees to comply with the provisions of Article IV.

 

Article
XI

DISCHARGE OF INDENTURE; SURVIVAL

 

Section 11.1     Discharge
of Indenture; Survival.

 

(a)     When
(i) all outstanding Secured Obligations (other than contingent indemnity and expense reimbursement obligations for which no claim
has been made) have been satisfied and the Issuer delivers to the Trustee all Outstanding Notes (other than Notes that have been
replaced pursuant to Section 2.8) for cancellation or (ii) all Outstanding Notes have become due and payable, whether at
maturity or as a result of the mailing of a notice of an Optional Redemption pursuant to Section 3.8(b) or any other Redemption
pursuant to Section 3.8(c), in each case that is subject to Section 3.9(c), and the Issuer irrevocably deposits
in the Collection Account funds sufficient to pay all remaining Administrative Expenses accrued and payable through such date
and to pay all principal of and interest and Premium (if any) on Outstanding Notes at maturity or upon redemption all Outstanding
Notes, including interest and any Premium thereon to maturity or the Redemption Date (other than Notes replaced pursuant to Section
2.8), and if in either case the Issuer pays all other sums payable hereunder by the Issuer, then this Indenture shall, subject
to Section 11.1(b), cease to be of further effect and the Security Interest granted to the Trustee hereunder in the Collateral
shall terminate. The Trustee shall acknowledge satisfaction and discharge of this Indenture, file all UCC termination statements
and similar documents prepared by the Issuer and take other actions in order to terminate the Security Interest, on demand of
the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel, at the cost and expense of the Issuer, to
the effect that any conditions precedent to a discharge of this Indenture have been met.

 

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(b)     Notwithstanding Section 11.1(a), the Issuer’s obligations in Section 3.6(b) and Section 8.1,
and the Trustee’s obligations in Section 12.13 and Section 12.14 shall survive the satisfaction and discharge
of this Indenture.

 

Section 11.2    Release of Security Interest in Certain Collateral. Upon distribution or transfer of (a) cash amounts permitted to
be distributed or transferred by Article III and (b) cash proceeds from the Notes issued in accordance with this Indenture,
the Security Interest in such cash amounts or such cash proceeds, as the case may be, shall terminate, and such item(s) of Collateral
shall be released therefrom, immediately upon such distribution or transfer, without any further action by the Trustee; provided,
however, that such release shall not apply to any other Collateral. The Trustee shall, at the expense of the Issuer, acknowledge
the termination of any such Security Interest and the release of any such item(s) of Collateral therefrom and take other actions
in order to evidence and confirm such termination and release, on demand of the Issuer accompanied by an Officer’s Certificate
to the effect that any conditions precedent to such termination and release have been met.

 

Article
XII

MISCELLANEOUS

 

Section 12.1     Right of Trustee to Perform. If the Issuer for any reason fails to observe or punctually to perform any of its obligations
to the Trustee, whether under this Indenture, under any of the other Transaction Documents or otherwise, the Trustee shall have
the power (but shall have no obligation), on behalf of or in the name of the Issuer or otherwise, to perform such obligations or
cause performance of such obligations and to take any steps that the Trustee may, but shall not have the obligation to, in its
absolute discretion, consider appropriate with a view to remedying, or mitigating the consequences of, such failure by the Issuer,
in which case the reasonable expenses of the Trustee, including the reasonable fees and expenses of its counsel, incurred in connection
therewith shall be payable by the Issuer under Section 8.1; provided, that no exercise or failure to exercise this
power by the Trustee shall in any way prejudice the Trustee’s other rights under this Indenture or any of the other Transaction
Documents.

 

Section 12.2    Waiver. Any waiver by any party of any provision of this Indenture or any right, remedy or option hereunder shall
only prevent and estop such party from thereafter enforcing such provision, right, remedy or option if such waiver is given in
writing and only as to the specific instance and for the specific purpose for which such waiver was given. The failure or refusal
of any party hereto to insist in any one or more instances, or in a course of dealing, upon the strict performance of any of the
terms or provisions of this Indenture by any party hereto or the partial exercise of any right, remedy or option hereunder shall
not be construed as a waiver or relinquishment of any such term or provision, but the same shall continue in full force and effect.
No failure on the part of the Trustee to exercise, and no delay on its part in exercising, any right or remedy under this Indenture
shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Indenture are cumulative
and not exclusive of any rights or remedies provided by Applicable Law.

 

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Section 12.3    Severability. In the event that any provision of this Indenture or the application thereof to any party hereto or
to any circumstance or in any jurisdiction governing this Indenture shall, to any extent, be invalid or unenforceable under any
Applicable Law, then such provision shall be deemed inoperative to the extent that it is invalid or unenforceable, and the remainder
of this Indenture, and the application of any such invalid or unenforceable provision to the parties, jurisdictions or circumstances
other than to whom or to which it is held invalid or unenforceable, shall not be affected thereby nor shall the same affect the
validity or enforceability of this Indenture. The parties hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by the Trustee hereunder is unavailable or unenforceable shall not affect in any way the ability of the
Trustee to pursue any other remedy available to it.

 

Section 12.4    Restrictions
on Exercise of Certain Rights. The Trustee and, during the continuance of a payment Default with respect to the Senior Class
of Notes, the Senior Trustee, except as otherwise provided in Section 4.4, Section 4.9 and Section 4.11,
may sue for recovery or take any other steps for the purpose of recovering any of the obligations hereunder or any other debts
or liabilities whatsoever owing to it by the Issuer. Each of the Noteholders shall at all times be deemed to have agreed by virtue
of the acceptance of the Notes that only the Trustee and, during the continuance of a payment Default with respect to the Senior
Class of Notes, the Senior Trustee, except as provided in Section 4.4, Section 4.9 and Section 4.11, may
take any steps for the purpose of procuring the appointment of an administrative receiver, examiner, receiver or similar officer
or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding-up,
liquidation, composition, examination or any like proceedings under Applicable Law.

 

Section 12.5     Notices. All Notices shall be in writing and shall be effective (a) upon receipt when sent through the mails, registered
or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated
on the return receipt, (b) upon receipt when sent by an overnight courier, (c) on the date personally delivered to an authorized
officer of the party to which sent, (d) on the date transmitted by facsimile or other electronic transmission with a confirmation
of receipt (which shall not include confirmation by automated response) or (e) in the case of reports under Article III
and any other report that is of a routine nature, on the date sent by first class mail or overnight courier or transmitted by facsimile,
in all cases, with a copy emailed to the recipient at the applicable address, addressed to the recipient as follows:

 

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if to the Issuer, to:

Triple Royalty Sub II LLC

c/o Theravance Biopharma US, Inc.

901 Gateway Boulevard

South San Francisco, CA 94080

Attention: Brett A. Grimaud, Vice President and Assistant Secretary

Telephone: (650) 808-3785

Facsimile: (650) 808-6095

Email: BGrimaud@theravance.com

 

With a copy to:

Skadden, Arps, Slate, Meagher
 & Flom LLP

One Manhattan West

New York, NY 10001

Attention: Andrew M. Faulkner

Telephone: (212) 735-2853

Facsimile: (917) 777-2853

E-Mail: andrew.faulkner@skadden.com

 

Skadden, Arps, Slate, Meagher
 & Flom LLP

525 University Ave

Palo Alto, CA 94301

Attention: Amr Razzak

 

Telephone: (650) 470-4533

Facsimile: (650) 798-6504

E-Mail: amr.razzak@skadden.com

 

if to the Trustee, the Registrar,
the Transfer Agent, the Paying Agent or the Calculation Agent, to:

 

U.S. Bank National Association

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services (Triple Royalty Sub II LLC)

Telephone: 617-603-6553

Facsimile: 617-603-6683

 

A copy of each notice given hereunder to
any party hereto shall also be given to each of the other parties hereto. Each party hereto may, by notice given in accordance
herewith to each of the other parties hereto, designate any further or different address to which subsequent Notices shall be sent.

 

Section 12.6    Assignments. This Indenture shall be a continuing obligation of the Issuer and shall (a) be binding upon the Issuer
and its successors and assigns and (b) inure to the benefit of and be enforceable by the Trustee and by its successors, transferees
and assigns and, as and to the extent provided in Section 3.6(b), the Equityholder. The Issuer may not assign any of its
obligations under this Indenture or delegate any of its duties hereunder.

 

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Section 12.7    Application to Court. The Trustee may at any time after the service of an Acceleration Notice apply to any court
of competent jurisdiction for an order that the terms of this Indenture be carried into execution under the direction of such court
and for the appointment of a Receiver of the Collateral or any part thereof and for any other order in relation to the administration
of this Indenture as the Trustee shall deem fit, and it may assent to or approve any application to any court of competent jurisdiction
made at the instigation of any of the Noteholders and shall be indemnified by the Issuer against all costs, charges and expenses
incurred by it in relation to any such application or proceedings.

 

Section 12.8    GOVERNING
LAW. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 12.9     Jurisdiction.

 

(a)     Each of the parties hereto agrees that the U.S. federal and State of New York courts located in the Borough of Manhattan,
The City of New York shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes,
which may arise out of or in connection with this Indenture and, for such purposes, submits to the jurisdiction of such courts.
Each of the parties hereto waives any objection that it might now or hereafter have to the U.S. federal or State of New York courts
located in the Borough of Manhattan, The City of New York being nominated as the forum to hear and determine any suit, action or
proceeding, and to settle any disputes, which may arise out of or in connection with this Indenture and agrees not to claim that
any such court is not a convenient or appropriate forum. Each of the parties hereto irrevocably consents to service of process
in the manner provided for notices in Section 12.5. Each of the parties hereto waives personal service of any summons, complaint
or other process, which may be made by any other means permitted by New York law. Nothing herein shall in any way be deemed to
limit the ability of the Issuer or the Trustee and the Noteholders, as the case may be, to serve any such legal process, summons,
notices and documents in any other manner permitted by Applicable Law or to obtain jurisdiction over such party or bring suits,
actions or proceedings against such party in such other jurisdictions, and in such manner, as may be permitted by Applicable Law.

 

(b)     The submission to the jurisdiction of the courts referred to in Section 12.9(a) shall not (and shall not be construed
so as to) limit the right of the Trustee to take proceedings against the Issuer in any other court of competent jurisdiction, nor
shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction,
whether concurrently or not.

 

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(c)     Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection
with this Indenture to the giving of any relief or the issue of any process in connection with such action or proceeding, including
the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or
judgment that may be made or given in such action or proceeding.

 

(d)      If, for the purpose of obtaining a judgment or order in any court, it is necessary to convert a sum due hereunder to any
Noteholder from Dollars into another currency, the Issuer has agreed, and each Noteholder by holding a Note shall be deemed to
have agreed, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which, in accordance
with normal banking procedures, such Noteholder could purchase Dollars with such other currency in the Borough of Manhattan, The
City of New York on the Business Day preceding the day on which final judgment is given.

 

(e)      The obligation of the Issuer in respect of any sum payable by it to a Noteholder shall, notwithstanding any judgment or
order in a currency other than Dollars (the “Judgment Currency”), be discharged only to the extent that, on
the Business Day following receipt by such Noteholder of such security of any sum adjudged to be so due in the Judgment Currency,
such Noteholder may in accordance with normal banking procedures purchase Dollars with the Judgment Currency. If the amount of
Dollars so purchased is less than the sum due to such Noteholder in the Judgment Currency (determined in the manner set forth in
Section 12.9(d)), the Issuer agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Noteholder
against such loss, and, if the amount of the Dollars so purchased exceeds the sum due to such Noteholder, such Noteholder agrees
to remit to the Issuer such excess, provided that such Noteholder shall have no obligation to remit any such excess as long as
the Issuer shall have failed to pay such Noteholder any obligations due and payable under the Notes of such Noteholder, in which
case such excess may be applied to such obligations of the Issuer under such Notes in accordance with the terms thereof. The foregoing
indemnity shall constitute a separate and independent obligation of the Issuer and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid.

 

(f)      EACH
OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
IN CONNECTION WITH THIS INDENTURE OR ANY MATTER ARISING HEREUNDER.

 

Section 12.10   Counterparts. This Indenture may be executed in one or more counterparts by the parties hereto, and each such counterpart
shall be considered an original and all such counterparts shall constitute one and the same instrument. Any counterpart may be
executed by facsimile or other electronic transmission, and such facsimile or other electronic transmission shall be deemed an
original.

 

Section 12.11 
Table of Contents and Headings. The Table of Contents 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 hereof and shall in no way modify or restrict
any of the terms or provisions hereof.

 

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Section 12.12 
Trust Indenture Act. This Indenture shall not be qualified under the Trust Indenture Act and shall not be subject
to the provisions of the Trust Indenture Act.

 

Section 12.13   Confidential Information. The Trustee, in its individual capacity and as Trustee, agrees and acknowledges that all
information (including Confidential Information) provided to the Trustee by the Servicer, the Equityholder or the Issuer may be
considered to be proprietary and confidential information under the GSK Agreements, the TRC LLC Agreement and the Master Agreement.
The Trustee agrees to take reasonable precautions necessary to keep such information confidential, which precautions shall be no
less stringent than those that the Trustee employs to protect its own confidential information. The Trustee shall not disclose
to any third party other than as set forth herein, and shall not use for any purpose other than the exercise of the Trustee’s
rights and the performance of its obligations under this Indenture, any such information without the prior written consent of the
disclosing party. The Trustee shall limit access to such information received hereunder to (a) its directors, officers, managers
and employees and its legal advisors or (b) to the extent required by Applicable Law, in each case to each of whom disclosure of
such information is necessary for the purposes described above.

 

Each of the Calculation
Agent, the Transfer Agent, the Paying Agent and the Registrar agrees to be bound by this Section 12.13 to the same extent
as the Trustee.

 

Section 12.14   
Limited Recourse. Each of the parties hereto accepts that the enforceability against the Issuer of the obligations
of the Issuer hereunder and under the Notes shall be limited to the Collateral and the Issuer Pledged Collateral. Once all of the
Collateral and the Issuer Pledged Collateral has been realized and applied in accordance with Article III, any outstanding
obligations of the Issuer shall be extinguished. For the avoidance of doubt, this Section 12.14 does not affect the obligations
of the Servicer under the Account Control Agreement or the obligations of the Equityholder under the Pledge and Security Agreement
or the ability of the Trustee or any Noteholder to exercise any rights or remedies it may have under the Pledge and Security Agreement.
Each of the parties hereto further agrees that it shall take no action against any employee, director, officer or administrator
of the Issuer, the Equityholder or the Trustee in relation to this Indenture; provided, that nothing herein shall limit
the Issuer (or its permitted successors or assigns, including any party hereto that becomes such a successor or assign) from pursuing
claims, if any, against any such Person. The provisions of this Section 12.14 shall survive termination of this Indenture;
provided, further, that the foregoing shall not in any way limit, impair or otherwise affect any rights of the Trustee
or the Noteholders to proceed against any such Person (a) for intentional and willful fraud or intentional and willful misrepresentations
on the part of or by such Person or (b) for the receipt of any distributions or payments to which the Issuer or any successor in
interest is entitled, other than distributions expressly permitted pursuant to this Indenture and the other Transaction Documents.

 

Section 12.15   Tax Matters.

 

(a)      The Issuer has entered into this Indenture, and the Notes shall be issued, with the intention that, for all Tax purposes,
the Notes shall qualify as indebtedness. The Issuer, by entering into this Indenture, and each Noteholder and Beneficial Holder,
agree to treat the Notes as indebtedness for all Tax purposes. The Issuer shall treat interest on the Notes as foreign source interest
unless otherwise required by Applicable Law. The Issuer shall notify the Trustee if, any time before the Restructuring, interest
on the Notes becomes treated as U.S. source income.]

 

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(b)     The Issuer shall not be obligated to pay any additional amounts to the Noteholders or Beneficial Holders as a result of
any withholding or deduction for, or on account of, any present or future Taxes imposed on payments in respect of the Notes. If
a Global Note is issued, in accordance with the procedures of DTC, the Issuer shall (or shall direct the Trustee in writing to)
request the Notes to be coded (to the extent permitted by the procedures of DTC) as foreign source income. If interest becomes
treated as U.S. source income, the Issuer shall (or shall direct the Trustee in writing to) request the Notes to be coded (to the
extent permitted by the procedures of DTC) as eligible for the “portfolio interest exemption”. Unless otherwise required
by Applicable Law, if Definitive Notes are issued, so long as a Person shall have delivered to the Issuer a properly completed
IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI or other applicable IRS form evidencing an exemption from U.S.
backup withholding, neither the Issuer nor the Trustee shall withhold Taxes on payments of interest made to any such Person and,
if interest on the Notes becomes treated as U.S. source income, so long as a Person shall have delivered to the Issuer a properly
completed IRS Form W-9, IRS Form W-8BEN claiming a complete exemption under an applicable income tax treaty, IRS Form W-8BEN-E
claiming a complete exemption under an applicable income tax treaty, IRS Form W-8ECI or other applicable IRS form or, in the case
of a Person claiming the exemption from U.S. federal withholding tax under Section 871(h) of the Code or Section 881(c) of the
Code with respect to payments of “portfolio interest”, the appropriate properly completed IRS form together with a
certificate substantially in the form of Exhibit F, neither the Issuer nor the Trustee shall withhold Taxes on payments
of interest made to any such Person. Any such IRS Form W-8BEN or IRS Form W-8BEN-E shall specify whether the Noteholder or Beneficial
Holder to whom the form relates is entitled to the benefits of any applicable income tax treaty.

 

(c)     Provided that the Issuer complies with Section 5.2(r), Section 12.15(a) and Section 12.15(b), if Definitive
Notes are issued, (i) if any withholding Tax is imposed on the Issuer’s payment under the Notes to any Noteholder or Beneficial
Holder, such Tax shall reduce the amount otherwise distributable to such Noteholder or Beneficial Holder, as the case may be, (ii)
the Trustee is hereby authorized and directed to retain from amounts otherwise distributable to any Noteholder or Beneficial Holder
sufficient funds for the payment of any withholding Tax that is legally owed by the Issuer (but such authorization shall not prevent
the Trustee from contesting any such withholding Tax in appropriate proceedings and withholding payment of such Tax, if permitted
by Applicable Law, pending the outcome of such proceedings) and (iii) the amount of any withholding Tax imposed with respect to
any Noteholder or Beneficial Holder shall be treated as cash distributed to such Noteholder or Beneficial Holder, as the case may
be, at the time it is withheld by the Trustee and remitted to the appropriate taxing authority. Provided that the Issuer complies
with Section 5.2(r), Section 12.15(a) and Section 12.15(b), if there is a possibility that withholding Tax
is payable with respect to a payment under the Notes, the Trustee may (but shall have no obligation to) withhold such amounts in
accordance with this Section 12.15. Nothing herein shall impose an obligation on the part of the Trustee to determine the
amount of any Tax or withholding obligation on the part of the Issuer or in respect of the Notes.

 

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Section 12.16 
Waiver. The Issuer waives any right to contest or otherwise assert that the Sale and Contribution Agreement is other
than a true, absolute and irrevocable sale and assignment by the Transferor to the Issuer of the Collateral under Applicable Law.

 

Section 12.17 
Distribution Reports. Each party hereto acknowledges and agrees that the Trustee may effect delivery of any Distribution
Report (including the materials accompanying such Distribution Report) by making such Distribution Report and accompanying materials
available by posting such Distribution Report and accompanying materials on Debt Domain or a substantially similar electronic transmission
system; provided, however, that, upon written notice to the Trustee, any Noteholder may decline to receive such Distribution Report
and accompanying materials via Debt Domain or a substantially similar electronic transmission system, in which case such Distribution
Report and accompanying materials shall be provided as otherwise set forth in the Transaction Documents. Subject to the conditions
set forth in the proviso in the preceding sentence, nothing in this Section 12.17 shall prejudice the right of the Trustee to make
such Distribution Report and accompanying materials available in any other manner specified in the Transaction Documents.

 

Section 12.18 
No Voting Rights for Non-Permitted Holders. In determining whether the Noteholders holding the requisite aggregate
Outstanding Principal Balance of the Notes have given any request, demand, authorization, direction, notice, consent, approval
or waiver under this Indenture or any other Transaction Document (which in the case of any other Transaction Document shall be
as third party beneficiaries to such other Transaction Document), the Notes held by the Issuer or any Non-Permitted Holder, including
any Noteholder that is a Restricted Party, shall be disregarded and deemed not to be Outstanding. In connection therewith, as a
condition to the exercise of the voting rights or remedial or other rights assigned to the Noteholders under this Indenture and
the other Transaction Documents (which in the case of the other Transaction Documents shall be as third party beneficiaries to
such Transaction Documents), including the remedial rights exercisable by the Noteholders following the occurrence and during the
continuation of an Event of Default, each Noteholder shall be required to deliver to the Trustee a Confidentiality Agreement or
a certification in the form attached as Exhibit I to this Indenture that it is not a Non-Permitted Holder, including that
it is not a Restricted Party. The aggregate Outstanding Principal Balance of the Notes held by any Noteholder that does not deliver
the certification will be excluded from the denominator in calculating whether Noteholders holding the requisite Outstanding Principal
Balance of the Notes have consented and from the numerator in calculating whether the Noteholders holding the requisite Outstanding
Principal Balance of the Notes have objected to any matter subject to the vote or approval of the Noteholders.

 

Section 12.19 
U.S.A. Patriot Act. The parties hereto acknowledge that, in accordance with Section 326 of the U.S.A. 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 with the Trustee. The parties to this Indenture agree that they shall provide the Trustee with information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

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Section 12.20  
Restructuring. Notwithstanding any other provision to the contrary herein, including, but not limited to Section
4.1(m), Section 4.1(n) and Section 5.2(r), the restructuring by which Theravance Biopharma R&D will transfer certain assets,
including the Capital Securities in the Issuer and the Class B Units, directly or indirectly, to Theravance Biopharma US, Inc.,
a Delaware corporation and direct, wholly-owned subsidiary of Theravance Biopharma or a newly-formed, direct, wholly-owned subsidiary
of Theravance Biopharma US, Inc., may be consummated without the permission, consent or approval of any of the Noteholders or the
parties hereto; provided, that any such restructuring will not materially and adversely impair the rights of the Noteholders
under this Indenture.

 

Section 12.21  
Payments to Noteholders. No Noteholder shall, directly or indirectly, receive any consideration (including via exchange
offer), whether by way of interest, fee or otherwise, as an inducement to any consent, waiver, exchange or amendment of any of
the terms or provisions of this Indenture or the Notes or any of the documents related thereto unless such consideration is offered
and paid to all Noteholders of such class pro rata and the payment of such consideration is approved by a majority of the Outstanding
Principal Balance of the Notes of such class.

 

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BLANK]

 

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

 

	 	TRIPLE ROYALTY SUB II LLC,
	 	as Issuer
	 	 
	 	 
	 	By:	 /s/ Brett A. Grimaud
	 	 	Name:	 Brett A. Grimaud
	 	 	Title:	Vice President and Assistant Secretary
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee, Transfer Agent, Paying Agent, Registrar 

and Calculation Agent
	 	 
	 	 
	 	By:	 /s/ Alison D.B. Nadeau
	 	 	Name:	Alison D.B. Nadeau
	 	 	Title:	 Vice President

 

TRIPLE
ROYALTY SUB II LLC

Indenture

 

    

     

    

 

The following party shall be a party to
this Agreement

solely with respect to Section 2.11(o)
and Section 2.11(p):

 

 

	THERAVANCE BIOPHARMA, INC.	 
	 	 
	 	 
	By:	/s/ Bradford J. Shafer	 
	 	Name:	Bradford J. Shafer	 
	 	Title:	Executive Vice President and Secretary	 

 

TRIPLE
ROYALTY SUB II LLC

Indenture

 

    

     

    

 

EXHIBIT A-1

 

FORM OF RULE 144A GLOBAL NOTE

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW
YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE ISSUANCE AND SALE OF THIS NOTE
HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION OTHER THAN ON THE
OFFICIAL LIST OF THE CAYMAN ISLANDS STOCK EXCHANGE, AND TRIPLE ROYALTY II SUB LLC (THE “ISSUER”) HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”).
THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN
AFFILIATE THEREOF, (B) TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS BOTH A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) AND A “QUALIFIED
PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH ARE (1) A DEALER OF THE TYPE DESCRIBED IN
PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES
OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF INVESTING IN THE ISSUER
(EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER), (3) A CORPORATION,
PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY OWNERS,
PARTNERS, BENEFICIARIES, BENEFICIAL HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO BE
MADE, (4) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF
 “INVESTMENT COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY
UNDER SECTION 7(d) THEREOF RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS,
WITH RESPECT TO ITS TREATMENT AS A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE
INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED
THEIR INTERESTS ON OR BEFORE APRIL 30, 1996 OR (5) AN ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER
ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN 40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN
THIS NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL HOLDERS OF SUCH ENTITY’S SECURITIES
ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON THE
EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A, (C) SOLELY WITH RESPECT TO THE INITIAL PURCHASERS, IN THE
UNITED STATES, TO AN INITIAL PURCHASER THAT IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT
TO AN EXEMPTION UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH
INITIAL PURCHASER EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED
INVESTOR” AND A QUALIFIED PURCHASER, OR (D) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT
TRANSFEREE THAT IS A QUALIFIED PURCHASER AND NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF
WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, THAT ARE NOT RESTRICTED
PARTIES (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS
SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY
OTHER RELEVANT JURISDICTION.

 

    	 	A-1-1	 

     

    

 

BY ITS PURCHASE AND ACCEPTANCE OF THIS
NOTE (INCLUDING ANY INTEREST HEREIN), EACH PURCHASER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT
(A) AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)) SUBJECT TO TITLE I OF ERISA, (B) A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”) (EACH OF THE FOREGOING, A “PLAN”) AND IS NOT ACTING
ON BEHALF OF OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE OR (II) IT IS A PLAN OR IS ACTING ON BEHALF OF
A PLAN OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE BUT THE PURCHASE AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE BY REASON OF THE APPLICATION OF ONE OR
MORE STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR OTHERWISE AND WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SIMILAR LAWS.
 “PLAN ASSETS” HAS THE MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF LABOR,
BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO SIMILAR LAWS.

 

EACH INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED
TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE MAY NOT BE
RESOLD OR TRANSFERRED EXCEPT AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND, IN ADDITION, EACH PERSON OR ENTITY THAT ACQUIRES
OR ACCEPTS THIS NOTE OR AN INTEREST HEREIN BY SUCH ACQUISITION OR ACCEPTANCE AGREES TO COMPLY WITH THE TRANSFER RESTRICTIONS SET
FORTH IN SUCH INDENTURE, AND FURTHER ACKNOWLEDGES AND AGREES TO THE PROVISIONS SET FORTH IN SUCH INDENTURE.

 

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT UNDER THE CODE. FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND
THE YIELD TO MATURITY FOR THIS NOTE, YOU SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER AT THE FOLLOWING ADDRESS: 901 GATEWAY BOULEVARD,
SOUTH SAN FRANCISCO, CALIFORNIA 94080, ATTENTION: CHIEF FINANCIAL OFFICER.

 

A RESTRICTED PARTY MAY NOT BE A HOLDER
OF THIS NOTE, AND IF, NOTWITHSTANDING SUCH PROHIBITION, THIS NOTE IS HELD BY A RESTRICTED PARTY, SUCH RESTRICTED PARTY SHALL NOT
BE ENTITLED TO ENFORCE OR VOTE TO ENFORCE THE COVENANTS OF THE ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER
THE SALE AND CONTRIBUTION AGREEMENT. ANY HOLDER OF THIS NOTE SEEKING TO ENFORCE OR TO VOTE TO ENFORCE THE COVENANTS OF THE ISSUER
UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER THE SALE AND CONTRIBUTION AGREEMENT MUST PROVIDE A CERTIFICATE FOR
THE BENEFIT OF THE ISSUER THAT SUCH HOLDER IS NOT A RESTRICTED PARTY. THE RESTRICTIONS SET FORTH IN THE PRECEDING TWO SENTENCES
AND THIS SENTENCE MAY NOT BE WAIVED OR AMENDED.

 

    	 	A-1-2	 

     

    

 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF,
THE HOLDER (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT, ACTING
FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH THE HOLDER EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH
IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, (B) IT UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS
HOLDING POSITIONS IN THEIR NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES, (C) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS
TO ANY SUBSEQUENT TRANSFEREES, (D) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER
IS BOTH A QUALIFIED PURCHASER AND A QUALIFIED INSTITUTIONAL BUYER) AND (E) IF IT IS A COMPANY EXCEPTED FROM THE DEFINITION OF “INVESTMENT
COMPANY” BY SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT, OR A SECTION 7(d) FOREIGN INVESTMENT COMPANY
RELYING ON SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT WITH RESPECT TO ITS U.S. HOLDERS, AND WAS FORMED ON
OR BEFORE APRIL 30, 1996, IT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL HOLDERS AS REQUIRED BY THE INVESTMENT COMPANY
ACT.

 

ANY TRANSFER OF THIS NOTE IN VIOLATION
OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

 

IF THE HOLDER OF THIS NOTE (OTHER THAN
FOR THIS PURPOSE ANY HOLDER THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S THAT ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S THAT IS ALSO A QUALIFIED PURCHASER) IS DETERMINED NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL
BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, OR, SOLELY IN THE CASE OF THE INITIAL PURCHASERS OF THE NOTES, BOTH
AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, ACTING FOR ITS OWN ACCOUNT
OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER,
OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE
TO A PURCHASER THAT IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE
TO HONOR A TRANSFER TO A PERSON THAT IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN
ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER.

 

    A-1-3

     

    

 

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED
STATES, AND THE HOLDER IS DETERMINED NOT TO HAVE BEEN A QUALIFIED PURCHASER THAT IS (A) NOT A “U.S. PERSON” OR (B)
A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED
PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED PURCHASER THAT IS (I)
NOT A “U.S. PERSON” OR (II) A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER
TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND (X) NOT A “U.S. PERSON” OR (Y) A QUALIFIED INSTITUTIONAL BUYER.

 

    A-1-4

     

    

 

TRIPLE ROYALTY SUB II LLC

 

Triple II 9.5% Fixed Rate Term Notes
due 2035

 

Rule 144A Global Note

 

	No.	 	 	CUSIP: 89679N AA0
	 	 
	U.S.$	 	 	 

 

TRIPLE ROYALTY SUB
II LLC, a limited liability company organized under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount set forth on Schedule
I hereto on or before June 5, 2035 (the “Final Legal Maturity Date”) and to pay interest quarterly on the Outstanding
Principal Balance hereof at a rate per annum equal to 9.5% (the “Note Interest Rate”), from the date hereof
until the Outstanding Principal Balance hereof is paid or duly provided for, which interest shall be due and payable on each Payment
Date; provided, that with respect to any Payment Date (other than the Final Legal Maturity Date), any such interest in excess
of the portion of the Available Collections Amount available to pay such interest on such Payment Date (subject to the immediately
succeeding proviso) shall be payable in full not later than the succeeding Payment Date (together with Additional Interest thereon);
provided, further, however, that, to the extent there are insufficient funds to pay scheduled interest on
this Note in accordance with the Priority of Payments on any Payment Date during the Interest Deferral Period, the scheduled interest
(to the extent of such insufficient funds) will be added to the principal balance of this Note and will bear interest at the Note
Interest Rate. Interest on this Note in each Interest Accrual Period shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The Issuer shall cause the Trustee to authenticate an additional Note or additional Notes in the appropriate
principal amount such that neither this Note nor any other such Note may exceed an aggregate principal amount of U.S.$500,000,000
at any time.

 

This Note is a duly
authorized issue of Notes of the Issuer, designated as its “Triple II 9.5% Fixed Rate Term Notes due 2035,” issued
under the Indenture dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “Indenture”), by and among the Issuer, U.S. Bank National Association,
a national banking association, as initial trustee (including any successor appointed in accordance with the terms of the Indenture,
the “Trustee”), transfer agent, paying agent, registrar and calculation agent, and solely with respect to Sections
2.11(o) and 2.11(p) thereof, Theravance Biopharma, Inc., a Cayman Islands exempted company. The Indenture also provides for the
issuance of Refinancing Notes and Subordinated Notes. All capitalized terms used in this Note and not defined herein shall have
the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Noteholders. This
Note is subject to all terms of the Indenture.

 

The Issuer shall pay
the Outstanding Principal Balance of this Note on or prior to the Final Legal Maturity Date on the Payment Date specified in the
Indenture, subject to the availability of the Available Collections Amount therefor after making payments entitled to priority
under Section 3.6 of the Indenture.

 

    A-1-5

     

    

 

Interests in this Note
are exchangeable or transferrable in whole or in part for interests in a Temporary Regulation S Global Note or a Permanent Regulation
S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating
to such transfer or exchange. Interests in this Note in certain circumstances may also be exchangeable or transferrable in whole
but not in part, to the Clearing Agency, its successors or their respective nominees.

 

The indebtedness evidenced
by the Original Notes (or any Refinancing Notes in respect of the Original Notes) is, to the extent and in the manner provided
in the Indenture, senior in right of payment to the right of payment of the Subordinated Notes, and this Note is issued subject
to such provisions. The maturity of this Note is subject to acceleration upon the occurrence and during the continuance of the
Events of Default specified in the Indenture.

 

The Issuer may redeem
all or part of the Outstanding Principal Balance of this Note prior to the Final Legal Maturity Date on any Redemption Date, in
the amounts and under the circumstances specified in the Indenture.

 

Any amount of Premium
or interest on this Note that is not paid when due shall, to the fullest extent permitted by Applicable Law, bear interest (“Additional
Interest”) at an interest rate per annum equal to the Note Interest Rate from the date when due until such amount is
paid or duly provided for, compounded quarterly and payable on the succeeding Payment Date, subject to the availability of the
Available Collections Amount therefor after making payments entitled to priority under Section 3.6 of the Indenture.

 

This Note is and shall
be secured by the Collateral pledged as security therefor as provided in the Indenture and by the Issuer Pledged Collateral pledged
as security therefor as provided in the Pledge and Security Agreement.

 

This Note shall be
issued in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof.

 

Subject to and in accordance
with the terms of the Indenture, there shall be distributed quarterly from the Collection Account on each Payment Date, to the
Person in whose name this Note is registered at the close of business on the Record Date with respect to such Payment Date, in
the manner specified in Section 3.6 of the Indenture, such Person’s pro rata share (based on the aggregate percentage of
the Outstanding Principal Balance of the Original Notes (or any Refinancing Notes in respect of the Original Notes) held by such
Person) of the aggregate amount distributable to all Noteholders of the Original Notes (or any Refinancing Notes in respect of
the Original Notes) on such Payment Date.

 

All amounts payable
in respect of this Note shall be payable in Dollars in the manner provided in the Indenture to the Noteholder hereof on the Record
Date relating to such payment. The final payment with respect to this Note, however, shall be made only upon presentation and surrender
of this Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City. At such time,
if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed
to each Noteholder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained
with respect to the Original Notes (or any Refinancing Notes in respect of the Original Notes). Alternatively, upon application
in writing to the Trustee or other Paying Agent, not later than the applicable Record Date, by a Noteholder, any such payments
shall be made by wire transfer to an account designated by such Noteholder at a financial institution in New York City; provided,
that, in each case, the final payment with respect to any such Definitive Note shall be made only upon presentation and surrender
of such Definitive Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City.
Notwithstanding the foregoing, payments in respect of this Note issued in the form of a Global Note (including principal, Premium,
if any, and interest) shall be made by wire transfer of immediately available funds to the account specified by DTC. Any reduction
in the Outstanding Principal Balance of this Note (or any one or more predecessor Original Notes (or any Refinancing Notes in respect
of the Original Notes)) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this
Note and of any Note issued upon the registration of transfer of, in exchange or in lieu of or upon the refinancing of this Note,
whether or not noted hereon.

 

    A-1-6

     

    

 

The Noteholder of this
Note agrees, by acceptance hereof, to pay over to the Trustee any money (including principal, Premium, if any, and interest) paid
to it in respect of this Note in the event that the Trustee, acting in good faith, determines subsequently that such monies were
not paid in accordance with the Priority of Payments or as a result of any other mistake of fact or law on the part of the Trustee
in making such payment.

 

This Note is issuable
only in registered form. A Noteholder may transfer this Note only by delivery of a written application to the Registrar stating
the name of the proposed transferee and otherwise complying with the terms of the Indenture. No such transfer shall be effected
until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. When this Note is presented to the Registrar with a request to register the transfer or to exchange
it for an equal principal amount of Original Notes (or any Refinancing Notes in respect of the Original Notes) of other authorized
denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions
are met (including, in the case of a transfer, that such Note is duly endorsed or accompanied by a written instrument of transfer
in form satisfactory to the Trustee and Registrar duly executed by the Noteholder thereof or by an attorney who is authorized in
writing to act on behalf of the Noteholder). No service charge shall be made for any registration of transfer or exchange of this
Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer Tax or similar
governmental charge payable in connection therewith.

 

Prior to the registration
of transfer of this Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination
or as of such other date as may be specified in the Indenture) is registered as the absolute holder and Noteholder hereof for the
purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer
nor the Trustee shall be affected by notice to the contrary.

 

    A-1-7

     

    

 

Subject to Section
3.6(b) of the Indenture, the Indenture permits the amendment or modification of the Indenture and the Notes by the Issuer with
the consent of Noteholders holding a majority of the Outstanding Principal Balance of the Notes (together with any other class
of Notes voting or acting as a single class); provided, however, that if there shall be Notes of more than one class
Outstanding and if a proposed amendment, modification, consent or waiver shall directly affect the rights of Noteholders of one
or more, but less than all, of such classes, then the consent only of the Noteholders holding a majority of the Outstanding Principal
Balance of each affected class of Notes, each voting or acting as a single class, shall be required; provided, further,
however, that no such amendment, modification, consent or waiver may, without the consent of Noteholders holding 100% of
the Outstanding Principal Balance of the class of Notes affected thereby, (i) reduce the percentage of any such class of Notes
required to take or approve any action under the Indenture or the Notes, (ii) reduce the amount or change the time of payment of
any amount owing or payable with respect to any such class of Notes (including pursuant to any Redemption or Mandatory Tax Redemption)
or change the rate of interest or change the manner of calculation of interest payable with respect to any such class of Notes,
(iii) alter or modify in any adverse respect the provisions of the Indenture with respect to the Collateral, the provisions of
the Pledge and Security Agreement with respect to the Issuer Pledged Collateral or the manner of payment or the order of priority
in which payments or distributions thereunder shall be made as between the Noteholders of such Notes and the Issuer or as among
the Noteholders (including pursuant to Section 3.6 of the Indenture) (except, with respect to Subordinated Notes or as among classes
of Subordinated Notes, alterations or modifications to Section 3.6(a)(vii) of the Indenture, at the time such Subordinated Notes
are established, provided such alterations or modifications do not change the order of priority as between the Original Notes (or
any Refinancing Notes in respect of the Original Notes) and the Subordinated Notes), (iv) consent to any assignment of the Issuer’s
rights to a party other than the Trustee for the benefit of the Noteholders or (v) alter the provisions relating to the Collection
Account in a manner adverse to any Noteholder. Any such amendment or modification shall be binding on every Noteholder hereof,
whether or not notation thereof is made upon this Note.

 

The subordination provisions
contained in Article X of the Indenture may not be amended or modified without the consent of Noteholders holding 100% of the Outstanding
Principal Balance of the class of Notes affected thereby.

 

The Indenture also
contains provisions permitting the Controlling Party to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon all present and future Noteholders of this Note and of any Note issued upon the registration of transfer of, in exchange or
in lieu of or upon the refinancing of this Note, whether or not notation of such consent or waiver is made upon this Note.

 

THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES
THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    A-1-8

     

    

 

The enforceability
against the Issuer of the obligations of the Issuer under the Indenture and under the Notes shall be limited to the Collateral
and the Issuer Pledged Collateral. Once all of the Collateral and the Issuer Pledged Collateral has been realized and applied in
accordance with Article III of the Indenture, any outstanding obligations of the Issuer shall be extinguished. Each of the parties
to the Indenture shall take no action against any employee, director, officer or administrator of the Issuer, the Equityholder
or the Trustee in relation to the Indenture; provided, that nothing therein shall limit the Issuer (or its permitted successors
or assigns, including any party thereto that becomes such a successor or assign) from pursuing claims, if any, against any such
Person. The provisions of Section 12.14 of the Indenture shall survive termination of the Indenture; provided, further,
that the foregoing shall not in any way limit, impair or otherwise affect any rights of the Trustee or the Noteholders to proceed
against any such Person (a) for intentional and willful fraud or intentional and willful misrepresentations on the part of or by
such Person or (b) for the receipt of any distributions or payments to which the Issuer or any successor in interest is entitled,
other than distributions expressly permitted pursuant to the Indenture and the other Transaction Documents.

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

    A-1-9

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be signed manually or by facsimile by a duly authorized officer.

 

	Date: February 28, 2020	TRIPLE ROYALTY SUB II LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This Note is one of
the Triple II 9.5% Fixed Rate Term Notes due 2035 designated above and referred to in the within-mentioned indenture.

 

	Date: February 28, 2020	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-1-10

     

    

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

	Insert Taxpayer Identification No.	 	 
	 	 	 
	 
	(Please print or typewrite name and address including zip code of assignee)

 

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing		  attorney to
	transfer said Note on the
books of the Issuer with full power of substitution in the premises.

 

	 	 	 
	Date	 	Signature of Transferor

 

NOTE: The signature to this assignment
must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration
or any change whatsoever.

 

[THE FOLLOWING PROVISIONS TO BE INCLUDED
ON ALL NOTES]

 

In connection with
any transfer of the within-mentioned Note, the undersigned confirms without utilizing any general solicitation or general advertising
that:

 

[Check One]

 

 ̈
(a)       the within-mentioned Note is being transferred in compliance with the exemption
from registration under the Securities Act provided by Rule 144A thereunder

 

 ̈
(b)       the within-mentioned Note is being transferred other than in accordance with
clause (a) above and documents are being furnished that comply with the conditions of transfer set forth in the
within-mentioned Note and the Indenture

 

If neither of the foregoing boxes is checked,
the Trustee or other Registrar shall not be obligated to register the within-mentioned Note in the name of any Person other than
the Noteholder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.11
of the Indenture shall have been satisfied.

 

	 	 	 
	Date	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

 

    A-1-11

     

    

 

TO BE COMPLETED BY PURCHASER IF CLAUSE (a)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing the within-mentioned 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) 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 Issuer 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.

 

	Dated:	 	 
	 	 	 
	 	 	 	 
	 	 	 	Executive Officer

 

    A-1-12

     

    

 

SCHEDULE I

 

TRIPLE ROYALTY SUB II LLC

 

Triple II 9.5% Fixed Rate Term Notes due 2035

 

	No.	 	 

 

	Date
	 	 	Principal Amount	 	Notation Explaining Principal Amount Recorded
	 	 	 	 	 	 

 

    A-1-13

     

    

 

EXHIBIT A-2

 

FORM OF IAI GLOBAL NOTE

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW
YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE ISSUANCE AND SALE OF THIS NOTE HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION OTHER THAN ON THE OFFICIAL LIST OF THE
CAYMAN ISLANDS STOCK EXCHANGE, AND TRIPLE ROYALTY SUB II LLC (THE “ISSUER”) HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF, (B) TO AN INITIAL PURCHASER
OR A SUBSEQUENT TRANSFEREE THAT IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT,
ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES
SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH ARE (1)
A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS
THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF
INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER),
(3) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO
BE MADE, (4) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT
COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS
A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS
THEREUNDER, RECEIVED THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996 OR (5) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED
MORE THAN 40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL
HOLDERS OF SUCH ENTITY’S SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A, (C) SOLELY WITH RESPECT TO THE
INITIAL PURCHASERS, IN THE UNITED STATES, TO AN INITIAL PURCHASER THAT IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
AN EXEMPTION UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR” AND A QUALIFIED
PURCHASER, OR (D) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS A QUALIFIED PURCHASER AND
NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), ACTING FOR ITS
OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON
REGULATION S, AND, IN EACH CASE, THAT ARE NOT RESTRICTED PARTIES (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) IN COMPLIANCE
WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

 

    A-2-1

     

    

 

BY ITS PURCHASE AND ACCEPTANCE OF THIS
NOTE (INCLUDING ANY INTEREST HEREIN), EACH PURCHASER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT
(A) AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)) SUBJECT TO TITLE I OF ERISA, (B) A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”) (EACH OF THE FOREGOING, A “PLAN”) AND IS NOT ACTING
ON BEHALF OF OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE OR (II) IT IS A PLAN OR IS ACTING ON BEHALF OF
A PLAN OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE BUT THE PURCHASE AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE BY REASON OF THE APPLICATION OF ONE OR
MORE STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR OTHERWISE AND WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SIMILAR LAWS.
 “PLAN ASSETS” HAS THE MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF LABOR,
BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO SIMILAR LAWS.

 

    A-2-2

     

    

 

EACH INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED
TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE MAY NOT BE
RESOLD OR TRANSFERRED EXCEPT AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND, IN ADDITION, EACH PERSON OR ENTITY THAT ACQUIRES
OR ACCEPTS THIS NOTE OR AN INTEREST HEREIN BY SUCH ACQUISITION OR ACCEPTANCE AGREES TO COMPLY WITH THE TRANSFER RESTRICTIONS SET
FORTH IN SUCH INDENTURE, AND FURTHER ACKNOWLEDGES AND AGREES TO THE PROVISIONS SET FORTH IN SUCH INDENTURE.

 

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT UNDER THE CODE. FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND
THE YIELD TO MATURITY FOR THIS NOTE, YOU SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER AT THE FOLLOWING ADDRESS: 901 GATEWAY BOULEVARD,
SOUTH SAN FRANCISCO, CALIFORNIA 94080, ATTENTION: CHIEF FINANCIAL OFFICER.

 

A RESTRICTED PARTY MAY NOT BE A HOLDER
OF THIS NOTE, AND IF, NOTWITHSTANDING SUCH PROHIBITION, THIS NOTE IS HELD BY A RESTRICTED PARTY, SUCH RESTRICTED PARTY SHALL NOT
BE ENTITLED TO ENFORCE OR VOTE TO ENFORCE THE COVENANTS OF THE ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER
THE SALE AND CONTRIBUTION AGREEMENT. ANY HOLDER OF THIS NOTE SEEKING TO ENFORCE OR TO VOTE TO ENFORCE THE COVENANTS OF THE ISSUER
UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER THE SALE AND CONTRIBUTION AGREEMENT MUST PROVIDE A CERTIFICATE FOR
THE BENEFIT OF THE ISSUER THAT SUCH HOLDER IS NOT A RESTRICTED PARTY. THE RESTRICTIONS SET FORTH IN THE PRECEDING TWO SENTENCES
AND THIS SENTENCE MAY NOT BE WAIVED OR AMENDED.

 

    A-2-3

     

    

 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF,
THE HOLDER REPRESENTS THAT IT IS AN INITIAL PURCHASER OF THE NOTE THAT (A) IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
AN EXEMPTION UNDER THE SECURITIES ACT ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR” AND A QUALIFIED
PURCHASER, (B) IT UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THEIR NOTES FROM ONE OR MORE
BOOK-ENTRY DEPOSITORIES, (C) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES, (D) IT IS NOT FORMED
FOR THE PURPOSE OF INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED PURCHASER AND A QUALIFIED INSTITUTIONAL
BUYER) AND (E) IF IT IS A COMPANY EXCEPTED FROM THE DEFINITION OF “INVESTMENT COMPANY” BY SECTION 3(c)(1) OR SECTION
3(c)(7) OF THE INVESTMENT COMPANY ACT, OR A SECTION 7(d) FOREIGN INVESTMENT COMPANY RELYING ON SECTION 3(c)(1) OR SECTION 3(c)(7)
OF THE INVESTMENT COMPANY ACT WITH RESPECT TO ITS U.S. HOLDERS, AND WAS FORMED ON OR BEFORE APRIL 30, 1996, IT HAS RECEIVED THE
NECESSARY CONSENT FROM ITS BENEFICIAL HOLDERS AS REQUIRED BY THE INVESTMENT COMPANY ACT.

 

ANY TRANSFER OF THIS NOTE IN VIOLATION
OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

 

IF THE HOLDER OF THIS NOTE (OTHER THAN
FOR THIS PURPOSE ANY HOLDER THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S THAT ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S THAT IS ALSO A QUALIFIED PURCHASER) IS DETERMINED NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL
BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, OR, SOLELY IN THE CASE OF THE INITIAL PURCHASERS OF THE NOTES, BOTH
AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, ACTING FOR ITS OWN ACCOUNT
OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER,
OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE
TO A PURCHASER THAT IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE
TO HONOR A TRANSFER TO A PERSON THAT IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN
ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER.

 

    A-2-4

     

    

 

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED
STATES, AND THE HOLDER IS DETERMINED NOT TO HAVE BEEN A QUALIFIED PURCHASER THAT IS (A) NOT A “U.S. PERSON” OR (B)
A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED
PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED PURCHASER THAT IS (I)
NOT A “U.S. PERSON” OR (II) A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER
TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND (X) NOT A “U.S. PERSON” OR (Y) A QUALIFIED INSTITUTIONAL BUYER.

 

    A-2-5

     

    

 

TRIPLE ROYALTY SUB II LLC

 

Triple II 9.5% Fixed Rate Term Notes
due 2035

 

IAI Global Note

 

 

	No.	 	 	CUSIP: 89679N AB8
	 	 
	U.S.$	 	 	 

 

TRIPLE ROYALTY SUB
II LLC, a limited liability company organized under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount set forth on Schedule
I hereto on or before June 5, 2035 (the “Final Legal Maturity Date”) and to pay interest quarterly on the Outstanding
Principal Balance hereof at a rate per annum equal to 9.5% (the “Note Interest Rate”), from the date hereof
until the Outstanding Principal Balance hereof is paid or duly provided for, which interest shall be due and payable on each Payment
Date; provided, that with respect to any Payment Date (other than the Final Legal Maturity Date), any such interest in excess
of the portion of the Available Collections Amount available to pay such interest on such Payment Date (subject to the immediately
succeeding proviso) shall be payable in full not later than the succeeding Payment Date (together with Additional Interest thereon);
provided, further, however, that, to the extent there are insufficient funds to pay scheduled interest on
this Note in accordance with the Priority of Payments on any Payment Date during the Interest Deferral Period, the scheduled interest
(to the extent of such insufficient funds) will be added to the principal balance of this Note and will bear interest at the Note
Interest Rate. Interest on this Note in each Interest Accrual Period shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The Issuer shall cause the Trustee to authenticate an additional Note or additional Notes in the appropriate
principal amount such that neither this Note nor any other such Note may exceed an aggregate principal amount of U.S. $500,000,000
at any time.

 

This Note is a duly
authorized issue of Notes of the Issuer, designated as its “Triple II 9.5% Fixed Rate Term Notes due 2035,” issued
under the Indenture dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “Indenture”), by and among the Issuer, U.S. Bank National Association,
a national banking association, as initial trustee (including any successor appointed in accordance with the terms of the Indenture,
the “Trustee”), transfer agent, paying agent, registrar and calculation agent, and solely with respect to Sections
2.11(o) and 2.11(p) thereof, Theravance Biopharma, Inc., a Cayman Islands exempted company. The Indenture also provides for the
issuance of Refinancing Notes and Subordinated Notes. All capitalized terms used in this Note and not defined herein shall have
the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Noteholders. This
Note is subject to all terms of the Indenture.

 

The Issuer shall pay
the Outstanding Principal Balance of this Note on or prior to the Final Legal Maturity Date on the Payment Date specified in the
Indenture, subject to the availability of the Available Collections Amount therefor after making payments entitled to priority
under Section 3.6 of the Indenture.

 

    A-2-6

     

    

 

Interests in this Note
are exchangeable or transferrable in whole or in part for interests in a Rule 144A Global Note, a Temporary Regulation S Global
Note, or a Permanent Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions
of the Indenture relating to such transfer or exchange. Interests in this Note in certain circumstances may also be exchangeable
or transferrable in whole but not in part, to the Clearing Agency, its successors or their respective nominees.

 

The indebtedness evidenced
by the Original Notes (or any Refinancing Notes in respect of the Original Notes) is, to the extent and in the manner provided
in the Indenture, senior in right of payment to the right of payment of the Subordinated Notes, and this Note is issued subject
to such provisions. The maturity of this Note is subject to acceleration upon the occurrence and during the continuance of the
Events of Default specified in the Indenture.

 

The Issuer may redeem
all or part of the Outstanding Principal Balance of this Note prior to the Final Legal Maturity Date on any Redemption Date, in
the amounts and under the circumstances specified in the Indenture.

 

Any amount of Premium
or interest on this Note that is not paid when due shall, to the fullest extent permitted by Applicable Law, bear interest (“Additional
Interest”) at an interest rate per annum equal to the Note Interest Rate from the date when due until such amount is
paid or duly provided for, compounded quarterly and payable on the succeeding Payment Date, subject to the availability of the
Available Collections Amount therefor after making payments entitled to priority under Section 3.6 of the Indenture.

 

This Note is and shall
be secured by the Collateral pledged as security therefor as provided in the Indenture and by the Issuer Pledged Collateral pledged
as security therefor as provided in the Pledge and Security Agreement.

 

This Note shall be
issued in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof.

 

Subject to and in accordance
with the terms of the Indenture, there shall be distributed quarterly from the Collection Account on each Payment Date, to the
Person in whose name this Note is registered at the close of business on the Record Date with respect to such Payment Date, in
the manner specified in Section 3.6 of the Indenture, such Person’s pro rata share (based on the aggregate percentage of
the Outstanding Principal Balance of the Original Notes (or any Refinancing Notes in respect of the Original Notes) held by such
Person) of the aggregate amount distributable to all Noteholders of the Original Notes (or any Refinancing Notes in respect of
the Original Notes) on such Payment Date.

 

    A-2-7

     

    

 

All amounts payable
in respect of this Note shall be payable in Dollars in the manner provided in the Indenture to the Noteholder hereof on the Record
Date relating to such payment. The final payment with respect to this Note, however, shall be made only upon presentation and surrender
of this Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City. At such time,
if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed
to each Noteholder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained
with respect to the Original Notes (or any Refinancing Notes in respect of the Original Notes). Alternatively, upon application
in writing to the Trustee or other Paying Agent, not later than the applicable Record Date, by a Noteholder, any such payments
shall be made by wire transfer to an account designated by such Noteholder at a financial institution in New York City; provided,
that, in each case, the final payment with respect to any such Definitive Note shall be made only upon presentation and surrender
of such Definitive Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City.
Notwithstanding the foregoing, payments in respect of this Note issued in the form of a Global Note (including principal, Premium,
if any, and interest) shall be made by wire transfer of immediately available funds to the account specified by DTC. Any reduction
in the Outstanding Principal Balance of this Note (or any one or more predecessor Original Notes (or any Refinancing Notes in respect
of the Original Notes)) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this
Note and of any Note issued upon the registration of transfer of, in exchange or in lieu of or upon the refinancing of this Note,
whether or not noted hereon.

 

The Noteholder of this
Note agrees, by acceptance hereof, to pay over to the Trustee any money (including principal, Premium, if any, and interest) paid
to it in respect of this Note in the event that the Trustee, acting in good faith, determines subsequently that such monies were
not paid in accordance with the Priority of Payments or as a result of any other mistake of fact or law on the part of the Trustee
in making such payment.

 

This Note is issuable
only in registered form. A Noteholder may transfer this Note only by delivery of a written application to the Registrar stating
the name of the proposed transferee and otherwise complying with the terms of the Indenture. No such transfer shall be effected
until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. When this Note is presented to the Registrar with a request to register the transfer or to exchange
it for an equal principal amount of Original Notes (or any Refinancing Notes in respect of the Original Notes) of other authorized
denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions
are met (including, in the case of a transfer, that such Note is duly endorsed or accompanied by a written instrument of transfer
in form satisfactory to the Trustee and Registrar duly executed by the Noteholder thereof or by an attorney who is authorized in
writing to act on behalf of the Noteholder). No service charge shall be made for any registration of transfer or exchange of this
Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer Tax or similar
governmental charge payable in connection therewith.

 

Prior to the registration
of transfer of this Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination
or as of such other date as may be specified in the Indenture) is registered as the absolute holder and Noteholder hereof for the
purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer
nor the Trustee shall be affected by notice to the contrary.

 

    A-2-8

     

    

 

 

Subject to Section
3.6(b) of the Indenture, the Indenture permits the amendment or modification of the Indenture and the Notes by the Issuer with
the consent of Noteholders holding a majority of the Outstanding Principal Balance of the Notes (together with any other class
of Notes voting or acting as a single class); provided, however, that if there shall be Notes of more than one class
Outstanding and if a proposed amendment, modification, consent or waiver shall directly affect the rights of Noteholders of one
or more, but less than all, of such classes, then the consent only of the Noteholders holding a majority of the Outstanding Principal
Balance of each affected class of Notes, each voting or acting as a single class, shall be required; provided, further,
however, that no such amendment, modification, consent or waiver may, without the consent of Noteholders holding 100% of
the Outstanding Principal Balance of the class of Notes affected thereby, (i) reduce the percentage of any such class of Notes
required to take or approve any action under the Indenture or the Notes, (ii) reduce the amount or change the time of payment
of any amount owing or payable with respect to any such class of Notes (including pursuant to any Redemption or Mandatory Tax
Redemption) or change the rate of interest or change the manner of calculation of interest payable with respect to any such class
of Notes, (iii) alter or modify in any adverse respect the provisions of the Indenture with respect to the Collateral, the provision
of the Pledge and Security Agreement with respect to the Issuer Pledged Collateral or the manner of payment or the order of priority
in which payments or distributions thereunder shall be made as between the Noteholders of such Notes and the Issuer or as among
the Noteholders (including pursuant to Section 3.6 of the Indenture) (except, with respect to Subordinated Notes or as among classes
of Subordinated Notes, alterations or modifications to Section 3.6(a)(vii) of the Indenture, at the time such Subordinated Notes
are established, provided such alterations or modifications do not change the order of priority as between the Original Notes
(or any Refinancing Notes in respect of the Original Notes) and the Subordinated Notes), (iv) consent to any assignment of the
Issuer’s rights to a party other than the Trustee for the benefit of the Noteholders or (v) alter the provisions relating
to the Collection Account in a manner adverse to any Noteholder. Any such amendment or modification shall be binding on every
Noteholder hereof, whether or not notation thereof is made upon this Note.

 

The subordination provisions
contained in Article X of the Indenture may not be amended or modified without the consent of Noteholders holding 100% of the Outstanding
Principal Balance of the class of Notes affected thereby.

 

The Indenture also
contains provisions permitting the Controlling Party to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon all present and future Noteholders of this Note and of any Note issued upon the registration of transfer of, in exchange or
in lieu of or upon the refinancing of this Note, whether or not notation of such consent or waiver is made upon this Note.

 

THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES
THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    A-2-9

     

    

 

The enforceability
against the Issuer of the obligations of the Issuer under the Indenture and under the Notes shall be limited to the Collateral
and the Issuer Pledged Collateral. Once all of the Collateral and the Issuer Pledged Collateral has been realized and applied in
accordance with Article III of the Indenture, any outstanding obligations of the Issuer shall be extinguished. Each of the parties
to the Indenture shall take no action against any employee, director, officer or administrator of the Issuer, the Equityholder
or the Trustee in relation to the Indenture; provided, that nothing therein shall limit the Issuer (or its permitted successors
or assigns, including any party thereto that becomes such a successor or assign) from pursuing claims, if any, against any such
Person. The provisions of Section 12.14 of the Indenture shall survive termination of the Indenture; provided, further,
that the foregoing shall not in any way limit, impair or otherwise affect any rights of the Trustee or the Noteholders to proceed
against any such Person (a) for intentional and willful fraud or intentional and willful misrepresentations on the part of or by
such Person or (b) for the receipt of any distributions or payments to which the Issuer or any successor in interest is entitled,
other than distributions expressly permitted pursuant to the Indenture and the other Transaction Documents.

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

    A-2-10

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be signed manually or by facsimile by a duly authorized officer.

 

	Date: February 28, 2020	TRIPLE ROYALTY SUB II LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This Note is one of
the Triple II 9.5% Fixed Rate Term Notes due 2035 designated above and referred to in the within-mentioned indenture.

 

	Date: February 28, 2020	U.S. BANK NATIONAL ASSOCIATION,
 as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-2-11

     

    

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

	Insert Taxpayer Identification No. _____________________

 

	 
	

                                                                     (Please print or typewrite name and address including zip code of assignee)

 

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing _________________________________________ attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises.

 

	 	 	 
	Date	 	Signature of Transferor

 

NOTE: The signature to this assignment
must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration
or any change whatsoever.

 

[THE FOLLOWING PROVISIONS TO BE INCLUDED
ON ALL NOTES]

 

In connection with
any transfer of the within-mentioned Note, the undersigned confirms without utilizing any general solicitation or general advertising
that:

 

[Check One]

 

 ̈
(a)     the within-mentioned Note is being transferred in compliance with the exemption from
registration under the Securities Act provided by Rule 144A thereunder

 

 ̈
(b)     the within-mentioned Note is being transferred other than in accordance with clause (a)
above and documents are being furnished that comply with the conditions of transfer set forth in the within-mentioned Note
and the Indenture

 

If neither of the foregoing boxes is checked,
the Trustee or other Registrar shall not be obligated to register the within-mentioned Note in the name of any Person other than
the Noteholder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.11
of the Indenture shall have been satisfied.

 

	 	 	 
	Date	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

 

    A-2-12

     

    

 

TO BE COMPLETED BY PURCHASER IF CLAUSE (a)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing the within-mentioned 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) 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 Issuer 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.

 

Dated: __________

 

	 	 
	 	Executive Officer

 

    A-2-13

     

    

 

SCHEDULE I

 

TRIPLE ROYALTY SUB II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

No. ____

 

	
        Date
	
        Principal
        Amount
	
        Notation
        Explaining Principal Amount Recorded

	 	 	 

 

    A-2-14

     

    

 

EXHIBIT A-3

 

FORM OF TEMPORARY REGULATION S GLOBAL
NOTE

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW
YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

UNTIL 40 DAYS AFTER THE ISSUE DATE OF THE
NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE
UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF,
BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS A QUALIFIED PURCHASER AND THAT THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED PURCHASER AND IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE
STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION
OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (II)
PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT.

 

    A-3-1

     

    

 

THE ISSUANCE AND SALE OF THIS NOTE HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION OTHER THAN ON THE OFFICIAL LIST OF THE
CAYMAN ISLANDS STOCK EXCHANGE, AND TRIPLE ROYALTY SUB II LLC (THE “ISSUER”) HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF, (B) TO AN INITIAL PURCHASER
OR A SUBSEQUENT TRANSFEREE THAT IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT,
ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES
SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH ARE (1)
A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS
THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF
INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER),
(3) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO
BE MADE, (4) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT
COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS
A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS
THEREUNDER, RECEIVED THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996 OR (5) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED
MORE THAN 40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL
HOLDERS OF SUCH ENTITY’S SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A, (C) SOLELY WITH RESPECT TO THE
INITIAL PURCHASERS, IN THE UNITED STATES, TO AN INITIAL PURCHASER THAT IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
AN EXEMPTION UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR” AND A QUALIFIED
PURCHASER, OR (D) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS A QUALIFIED PURCHASER AND
NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), ACTING FOR ITS
OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON
REGULATION S, AND, IN EACH CASE, THAT ARE NOT RESTRICTED PARTIES (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) IN COMPLIANCE
WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

 

    A-3-2

     

    

BY ITS PURCHASE AND ACCEPTANCE OF THIS
NOTE (INCLUDING ANY INTEREST HEREIN), EACH PURCHASER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT
(A) AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)) SUBJECT TO TITLE I OF ERISA, (B) A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”) (EACH OF THE FOREGOING, A “PLAN”) AND IS NOT ACTING
ON BEHALF OF OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE OR (II) IT IS A PLAN OR IS ACTING ON BEHALF OF
A PLAN OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE BUT THE PURCHASE AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE BY REASON OF THE APPLICATION OF ONE OR
MORE STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR OTHERWISE AND WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SIMILAR LAWS.
 “PLAN ASSETS” HAS THE MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF LABOR,
BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO SIMILAR LAWS.

 

EACH INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED
TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE MAY NOT BE
RESOLD OR TRANSFERRED EXCEPT AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND, IN ADDITION, EACH PERSON OR ENTITY THAT ACQUIRES
OR ACCEPTS THIS NOTE OR AN INTEREST HEREIN BY SUCH ACQUISITION OR ACCEPTANCE AGREES TO COMPLY WITH THE TRANSFER RESTRICTIONS SET
FORTH IN SUCH INDENTURE, AND FURTHER ACKNOWLEDGES AND AGREES TO THE PROVISIONS SET FORTH IN SUCH INDENTURE.

 

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT UNDER THE CODE. FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND
THE YIELD TO MATURITY FOR THIS NOTE, YOU SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER AT THE FOLLOWING ADDRESS: 901 GATEWAY BOULEVARD,
SOUTH SAN FRANCISCO, CALIFORNIA 94080, ATTENTION: CHIEF FINANCIAL OFFICER.

 

    A-3-3

     

    

 

A RESTRICTED PARTY MAY NOT BE A HOLDER
OF THIS NOTE, AND IF, NOTWITHSTANDING SUCH PROHIBITION, THIS NOTE IS HELD BY A RESTRICTED PARTY, SUCH RESTRICTED PARTY SHALL NOT
BE ENTITLED TO ENFORCE OR VOTE TO ENFORCE THE COVENANTS OF THE ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER
THE SALE AND CONTRIBUTION AGREEMENT. ANY HOLDER OF THIS NOTE SEEKING TO ENFORCE OR TO VOTE TO ENFORCE THE COVENANTS OF THE ISSUER
UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER THE SALE AND CONTRIBUTION AGREEMENT MUST PROVIDE A CERTIFICATE FOR
THE BENEFIT OF THE ISSUER THAT SUCH HOLDER IS NOT A RESTRICTED PARTY. THE RESTRICTIONS SET FORTH IN THE PRECEDING TWO SENTENCES
AND THIS SENTENCE MAY NOT BE WAIVED OR AMENDED.

 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF,
THE HOLDER REPRESENTS THAT IT IS A QUALIFIED PURCHASER AND NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH
IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S.

 

ANY TRANSFER OF THIS NOTE IN VIOLATION
OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

 

IF THE HOLDER OF THIS NOTE (OTHER THAN
FOR THIS PURPOSE ANY HOLDER THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S THAT ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S THAT IS ALSO A QUALIFIED PURCHASER) IS DETERMINED NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL
BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, OR, SOLELY IN THE CASE OF THE INITIAL PURCHASERS OF THE NOTES, BOTH
AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, ACTING FOR ITS OWN ACCOUNT
OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER,
OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE
TO A PURCHASER THAT IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE
TO HONOR A TRANSFER TO A PERSON THAT IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN
ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER.

 

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED
STATES, AND THE HOLDER IS DETERMINED NOT TO HAVE BEEN A QUALIFIED PURCHASER THAT IS (A) NOT A “U.S. PERSON” OR (B)
A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED
PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED PURCHASER THAT IS (I)
NOT A “U.S. PERSON” OR (II) A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER
TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND (X) NOT A “U.S. PERSON” OR (Y) A QUALIFIED INSTITUTIONAL BUYER.

 

    A-3-4

     

    

 

TRIPLE ROYALTY SUB II LLC

 

Triple II 9.5% Fixed Rate Term Notes
due 2035

 

Temporary Regulation S Global Note

 

	No. __________	CUSIP: U89675 AA7
	 
	U.S.$__________

 

TRIPLE ROYALTY SUB
II LLC, a limited liability company organized under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount set forth on Schedule
I hereto on or before June 5, 2035 (the “Final Legal Maturity Date”) and to pay interest quarterly on the Outstanding
Principal Balance hereof at a rate per annum equal to 9.5% (the “Note Interest Rate”), from the date hereof
until the Outstanding Principal Balance hereof is paid or duly provided for, which interest shall be due and payable on each Payment
Date; provided, that with respect to any Payment Date (other than the Final Legal Maturity Date), any such interest in excess
of the portion of the Available Collections Amount available to pay such interest on such Payment Date (subject to the immediately
succeeding proviso) shall be payable in full not later than the succeeding Payment Date (together with Additional Interest thereon);
provided, further, however, that, to the extent there are insufficient funds to pay scheduled interest on
this Note in accordance with the Priority of Payments on any Payment Date during the Interest Deferral Period, the scheduled interest
(to the extent of such insufficient funds) will be added to the principal balance of this Note and will bear interest at the Note
Interest Rate. Interest on this Note in each Interest Accrual Period shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The Issuer shall cause the Trustee to authenticate an additional Note or additional Notes in the appropriate
principal amount such that neither this Note nor any other such Note may exceed an aggregate principal amount of U.S.$500,000,000
at any time.

 

This Note is a duly
authorized issue of Notes of the Issuer, designated as its “Triple II 9.5% Fixed Rate Term Notes due 2035,” issued
under the Indenture dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “Indenture”), by and among the Issuer, U.S. Bank National Association,
a national banking association, as initial trustee (including any successor appointed in accordance with the terms of the Indenture,
the “Trustee”), transfer agent, paying agent, registrar and calculation agent, and solely with respect to Sections
2.11(o) and 2.11(p) thereof, Theravance Biopharma, Inc., a Cayman Islands exempted company. The Indenture also provides for the
issuance of Refinancing Notes and Subordinated Notes. All capitalized terms used in this Note and not defined herein shall have
the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Noteholders. This
Note is subject to all terms of the Indenture.

 

    A-3-5

     

    

 

The Issuer shall pay
the Outstanding Principal Balance of this Note on or prior to the Final Legal Maturity Date on the Payment Date specified in the
Indenture, subject to the availability of the Available Collections Amount therefor after making payments entitled to priority
under Section 3.6 of the Indenture.

 

Interests in this Note
are exchangeable or transferrable in whole or in part for interests in a Rule 144A Global Note and exchangeable in whole for a
Permanent Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions of the
Indenture relating to such transfer or exchange. Interests in this Note in certain circumstances may also be exchangeable or transferrable
in whole but not in part, to the Clearing Agency, its successors or their respective nominees.

 

The indebtedness evidenced
by the Original Notes (or any Refinancing Notes in respect of the Original Notes) is, to the extent and in the manner provided
in the Indenture, senior in right of payment to the right of payment of the Subordinated Notes, and this Note is issued subject
to such provisions. The maturity of this Note is subject to acceleration upon the occurrence and during the continuance of the
Events of Default specified in the Indenture.

 

The Issuer may redeem
all or part of the Outstanding Principal Balance of this Note prior to the Final Legal Maturity Date on any Redemption Date, in
the amounts and under the circumstances specified in the Indenture.

 

Any amount of Premium
or interest on this Note that is not paid when due shall, to the fullest extent permitted by Applicable Law, bear interest (“Additional
Interest”) at an interest rate per annum equal to the Note Interest Rate from the date when due until such amount is
paid or duly provided for, compounded quarterly and payable on the succeeding Payment Date, subject to the availability of the
Available Collections Amount therefor after making payments entitled to priority under Section 3.6 of the Indenture.

 

This Note is and shall
be secured by the Collateral pledged as security therefor as provided in the Indenture and by the Issuer Pledged Collateral pledged
as security therefor as provided in the Pledge and Security Agreement.

 

This Note shall be
issued in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof.

 

Subject to and in accordance
with the terms of the Indenture, there shall be distributed quarterly from the Collection Account on each Payment Date, to the
Person in whose name this Note is registered at the close of business on the Record Date with respect to such Payment Date, in
the manner specified in Section 3.6 of the Indenture, such Person’s pro rata share (based on the aggregate percentage of
the Outstanding Principal Balance of the Original Notes (or any Refinancing Notes in respect of the Original Notes) held by such
Person) of the aggregate amount distributable to all Noteholders of the Original Notes (or any Refinancing Notes in respect of
the Original Notes) on such Payment Date.

 

    A-3-6

     

    

 

All amounts payable
in respect of this Note shall be payable in Dollars in the manner provided in the Indenture to the Noteholder hereof on the Record
Date relating to such payment. The final payment with respect to this Note, however, shall be made only upon presentation and surrender
of this Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City. At such time,
if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed
to each Noteholder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained
with respect to the Original Notes (or any Refinancing Notes in respect of the Original Notes). Alternatively, upon application
in writing to the Trustee or other Paying Agent, not later than the applicable Record Date, by a Noteholder, any such payments
shall be made by wire transfer to an account designated by such Noteholder at a financial institution in New York City; provided,
that, in each case, the final payment with respect to any such Definitive Note shall be made only upon presentation and surrender
of such Definitive Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City.
Notwithstanding the foregoing, payments in respect of this Note issued in the form of a Global Note (including principal, Premium,
if any, and interest) shall be made by wire transfer of immediately available funds to the account specified by DTC. Any reduction
in the Outstanding Principal Balance of this Note (or any one or more predecessor Original Notes (or any Refinancing Notes in respect
of the Original Notes)) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this
Note and of any Note issued upon the registration of transfer of, in exchange or in lieu of or upon the refinancing of this Note,
whether or not noted hereon.

 

The Noteholder of this
Note agrees, by acceptance hereof, to pay over to the Trustee any money (including principal, Premium, if any, and interest) paid
to it in respect of this Note in the event that the Trustee, acting in good faith, determines subsequently that such monies were
not paid in accordance with the Priority of Payments or as a result of any other mistake of fact or law on the part of the Trustee
in making such payment.

 

This Note is issuable
only in registered form. A Noteholder may transfer this Note only by delivery of a written application to the Registrar stating
the name of the proposed transferee and otherwise complying with the terms of the Indenture. No such transfer shall be effected
until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. When this Note is presented to the Registrar with a request to register the transfer or to exchange
it for an equal principal amount of Original Notes (or any Refinancing Notes in respect of the Original Notes) of other authorized
denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions
are met (including, in the case of a transfer, that such Note is duly endorsed or accompanied by a written instrument of transfer
in form satisfactory to the Trustee and Registrar duly executed by the Noteholder thereof or by an attorney who is authorized in
writing to act on behalf of the Noteholder). No service charge shall be made for any registration of transfer or exchange of this
Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer Tax or similar
governmental charge payable in connection therewith.

 

Prior to the registration
of transfer of this Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination
or as of such other date as may be specified in the Indenture) is registered as the absolute holder and Noteholder hereof for the
purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer
nor the Trustee shall be affected by notice to the contrary.

 

    A-3-7

     

    

 

Subject to Section
3.6(b) of the Indenture, the Indenture permits the amendment or modification of the Indenture and the Notes by the Issuer with
the consent of Noteholders holding a majority of the Outstanding Principal Balance of the Notes (together with any other class
of Notes voting or acting as a single class); provided, however, that if there shall be Notes of more than one class
Outstanding and if a proposed amendment, modification, consent or waiver shall directly affect the rights of Noteholders of one
or more, but less than all, of such classes, then the consent only of the Noteholders holding a majority of the Outstanding Principal
Balance of each affected class of Notes, each voting or acting as a single class, shall be required; provided, further,
however, that no such amendment, modification, consent or waiver may, without the consent of Noteholders holding 100% of
the Outstanding Principal Balance of the class of Notes affected thereby, (i) reduce the percentage of any such class of Notes
required to take or approve any action under the Indenture or the Notes, (ii) reduce the amount or change the time of payment of
any amount owing or payable with respect to any such class of Notes (including pursuant to any Redemption or Mandatory Tax Redemption)
or change the rate of interest or change the manner of calculation of interest payable with respect to any such class of Notes,
(iii) alter or modify in any adverse respect the provisions of the Indenture with respect to the Collateral, the provisions of
the Pledge and Security Agreement with respect to the Issuer Pledged Collateral or the manner of payment or the order of priority
in which payments or distributions thereunder shall be made as between the Noteholders of such Notes and the Issuer or as among
the Noteholders (including pursuant to Section 3.6 of the Indenture) (except, with respect to Subordinated Notes or as among classes
of Subordinated Notes, alterations or modifications to Section 3.6(a)(vii) of the Indenture, at the time such Subordinated Notes
are established, provided such alterations or modifications do not change the order of priority as between the Original Notes (or
any Refinancing Notes in respect of the Original Notes) and the Subordinated Notes), (iv) consent to any assignment of the Issuer’s
rights to a party other than the Trustee for the benefit of the Noteholders or (v) alter the provisions relating to the Collection
Account in a manner adverse to any Noteholder. Any such amendment or modification shall be binding on every Noteholder hereof,
whether or not notation thereof is made upon this Note.

 

The subordination provisions
contained in Article X of the Indenture may not be amended or modified without the consent of Noteholders holding 100% of the Outstanding
Principal Balance of the class of Notes affected thereby.

 

The Indenture also
contains provisions permitting the Controlling Party to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon all present and future Noteholders of this Note and of any Note issued upon the registration of transfer of, in exchange or
in lieu of or upon the refinancing of this Note, whether or not notation of such consent or waiver is made upon this Note.

 

THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES
THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    A-3-8

     

    

 

The enforceability
against the Issuer of the obligations of the Issuer under the Indenture and under the Notes shall be limited to the Collateral
and the Issuer Pledged Collateral. Once all of the Collateral and the Issuer Pledged Collateral has been realized and applied in
accordance with Article III of the Indenture, any outstanding obligations of the Issuer shall be extinguished. Each of the parties
to the Indenture shall take no action against any employee, director, officer or administrator of the Issuer, the Equityholder
or the Trustee in relation to the Indenture; provided, that nothing therein shall limit the Issuer (or its permitted successors
or assigns, including any party thereto that becomes such a successor or assign) from pursuing claims, if any, against any such
Person. The provisions of Section 12.14 of the Indenture shall survive termination of the Indenture; provided, further,
that the foregoing shall not in any way limit, impair or otherwise affect any rights of the Trustee or the Noteholders to proceed
against any such Person (a) for intentional and willful fraud or intentional and willful misrepresentations on the part of or by
such Person or (b) for the receipt of any distributions or payments to which the Issuer or any successor in interest is entitled,
other than distributions expressly permitted pursuant to the Indenture and the other Transaction Documents.

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

 

    A-3-9

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be signed manually or by facsimile by a duly authorized officer.

 

	Date: February 28, 2020	TRIPLE ROYALTY SUB II LLC
	 	 
	 	By:	 
	 		Name:	 
	 		Title:	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This Note is one of
the Triple II 9.5% Fixed Rate Term Notes due 2035 designated above and referred to in the within-mentioned indenture.

 

	Date: February 28, 2020	U.S. BANK NATIONAL ASSOCIATION,
 as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-3-10

     

    

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

	Insert Taxpayer Identification No. _____________________

 

	 
	(Please print or typewrite name and address including zip code of assignee)

 

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing _________________________________________ attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises.

 

	 	 	 
	Date	 	Signature of Transferor

 

NOTE: The signature to this assignment
must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration
or any change whatsoever.

 

[THE FOLLOWING PROVISIONS TO BE INCLUDED
ON ALL NOTES]

 

In connection with
any transfer of the within-mentioned Note, the undersigned confirms without utilizing any general solicitation or general advertising
that:

 

[Check One]

 

 ̈
(a)     the within-mentioned Note is being transferred in compliance with the exemption from
registration under the Securities Act provided by Rule 144A thereunder

 

 ̈
(b)     the within-mentioned Note is being transferred other than in accordance with clause (a)
above and documents are being furnished that comply with the conditions of transfer set forth in the within-mentioned Note
and the Indenture

 

If neither of the foregoing boxes is checked,
the Trustee or other Registrar shall not be obligated to register the within-mentioned Note in the name of any Person other than
the Noteholder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.11
of the Indenture shall have been satisfied.

 

	 	 	 
	Date	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

 

    A-3-11

     

    

 

TO BE COMPLETED BY PURCHASER IF CLAUSE (a)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing the within-mentioned 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) 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 Issuer 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.

 

Dated: __________

 

	 	 
		Executive Officer

 

    A-3-12

     

    

 

SCHEDULE I

 

TRIPLE ROYALTY SUB II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

No. ____

 

	
        Date
	
        Principal
        Amount
	
        Notation
        Explaining Principal Amount Recorded

	 	 	 

 

    A-3-13

     

    

 

 

EXHIBIT A-4

 

FORM OF PERMANENT REGULATION S GLOBAL
NOTE

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW
YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

    A-4-1

     

    

 

THE ISSUANCE AND SALE OF THIS NOTE HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION OTHER THAN ON THE OFFICIAL LIST OF THE
CAYMAN ISLANDS STOCK EXCHANGE, AND TRIPLE ROYALTY SUB II LLC (THE “ISSUER”) HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF, (B) TO AN INITIAL PURCHASER
OR A SUBSEQUENT TRANSFEREE THAT IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT,
ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES
SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH ARE (1)
A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS
THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF
INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER),
(3) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO
BE MADE, (4) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT
COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS
A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS
THEREUNDER, RECEIVED THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996 OR (5) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED
MORE THAN 40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL
HOLDERS OF SUCH ENTITY’S SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A, (C) SOLELY WITH RESPECT TO THE
INITIAL PURCHASERS, IN THE UNITED STATES, TO AN INITIAL PURCHASER THAT IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
AN EXEMPTION UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR” AND A QUALIFIED
PURCHASER, OR (D) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS A QUALIFIED PURCHASER AND
NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), ACTING FOR ITS
OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON
REGULATION S, AND, IN EACH CASE, THAT ARE NOT RESTRICTED PARTIES (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) IN COMPLIANCE
WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

 

BY ITS PURCHASE AND ACCEPTANCE OF THIS
NOTE (INCLUDING ANY INTEREST THEREIN), EACH PURCHASER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT
(A) AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)) SUBJECT TO TITLE I OF ERISA, (B) A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”) (EACH OF THE FOREGOING, A “PLAN”) AND IS NOT ACTING
ON BEHALF OF OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE OR (II) IT IS A PLAN OR IS ACTING ON BEHALF OF
A PLAN OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE BUT THE PURCHASE AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE BY REASON OF THE APPLICATION OF ONE OR
MORE STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR OTHERWISE AND WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SIMILAR LAWS.
 “PLAN ASSETS” HAS THE MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF LABOR,
BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO SIMILAR LAWS.

 

    A-4-2

     

    

 

EACH INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED
TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE MAY NOT BE
RESOLD OR TRANSFERRED EXCEPT AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND, IN ADDITION, EACH PERSON OR ENTITY THAT ACQUIRES
OR ACCEPTS THIS NOTE OR AN INTEREST HEREIN BY SUCH ACQUISITION OR ACCEPTANCE AGREES TO COMPLY WITH THE TRANSFER RESTRICTIONS SET
FORTH IN SUCH INDENTURE, AND FURTHER ACKNOWLEDGES AND AGREES TO THE PROVISIONS SET FORTH IN SUCH INDENTURE.

 

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT UNDER THE CODE. FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND
THE YIELD TO MATURITY FOR THIS NOTE, YOU SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER AT THE FOLLOWING ADDRESS: 901 GATEWAY BOULEVARD,
SOUTH SAN FRANCISCO, CALIFORNIA 94080, ATTENTION: CHIEF FINANCIAL OFFICER.

 

A RESTRICTED PARTY MAY NOT BE A HOLDER
OF THIS NOTE, AND IF, NOTWITHSTANDING SUCH PROHIBITION, THIS NOTE IS HELD BY A RESTRICTED PARTY, SUCH RESTRICTED PARTY SHALL NOT
BE ENTITLED TO ENFORCE OR VOTE TO ENFORCE THE COVENANTS OF THE ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER
THE SALE AND CONTRIBUTION AGREEMENT. ANY HOLDER OF THIS NOTE SEEKING TO ENFORCE OR TO VOTE TO ENFORCE THE COVENANTS OF THE ISSUER
UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER THE SALE AND CONTRIBUTION AGREEMENT MUST PROVIDE A CERTIFICATE FOR
THE BENEFIT OF THE ISSUER THAT SUCH HOLDER IS NOT A RESTRICTED PARTY. THE RESTRICTIONS SET FORTH IN THE PRECEDING TWO SENTENCES
AND THIS SENTENCE MAY NOT BE WAIVED OR AMENDED.

 

    A-4-3

     

    

 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF,
THE HOLDER REPRESENTS THAT IT IS A QUALIFIED PURCHASER AND NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH
IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S.

 

ANY TRANSFER OF THIS NOTE IN VIOLATION
OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

 

IF THE HOLDER OF THIS NOTE (OTHER THAN
FOR THIS PURPOSE ANY HOLDER THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S THAT ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S THAT IS ALSO A QUALIFIED PURCHASER) IS DETERMINED NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL
BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, OR, SOLELY IN THE CASE OF THE INITIAL PURCHASERS OF THE NOTES, BOTH
AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, ACTING FOR ITS OWN ACCOUNT
OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER,
OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE
TO A PURCHASER THAT IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE
TO HONOR A TRANSFER TO A PERSON THAT IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN
ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER.

 

    A-4-4

     

    

 

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED
STATES, AND THE HOLDER IS DETERMINED NOT TO HAVE BEEN A QUALIFIED PURCHASER THAT IS (A) NOT A “U.S. PERSON” OR (B)
A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED
PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED PURCHASER THAT IS (I)
NOT A “U.S. PERSON” OR (II) A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER
TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND (X) NOT A “U.S. PERSON” OR (Y) A QUALIFIED INSTITUTIONAL BUYER.

 

    A-4-5

     

    

 

TRIPLE ROYALTY SUB II LLC

 

Triple II 9.5% Fixed Rate Term Notes
due 2035

 

Permanent Regulation S Global Note

 

	No. ___________	 	CUSIP: U89675 AA7
	 	 	 
	U.S.$__________	 	 

 

TRIPLE ROYALTY SUB
II LLC, a limited liability company organized under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount set forth on Schedule
I hereto on or before June 5, 2035 (the “Final Legal Maturity Date”) and to pay interest quarterly on the Outstanding
Principal Balance hereof at a rate per annum equal to 9.5% (the “Note Interest Rate”), from the date hereof
until the Outstanding Principal Balance hereof is paid or duly provided for, which interest shall be due and payable on each Payment
Date; provided, that with respect to any Payment Date (other than the Final Legal Maturity Date), any such interest in excess
of the portion of the Available Collections Amount available to pay such interest on such Payment Date (subject to the immediately
succeeding proviso) shall be payable in full not later than the succeeding Payment Date (together with Additional Interest thereon);
provided, further, however, that, to the extent there are insufficient funds to pay scheduled interest on
this Note in accordance with the Priority of Payments on any Payment Date during the Interest Deferral Period, the scheduled interest
(to the extent of such insufficient funds) will be added to the principal balance of this Note and will bear interest at the Note
Interest Rate. Interest on this Note in each Interest Accrual Period shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The Issuer shall cause the Trustee to authenticate an additional Note or additional Notes in the appropriate
principal amount such that neither this Note nor any other such Note may exceed an aggregate principal amount of U.S.$500,000,000
at any time.

 

This Note is a duly
authorized issue of Notes of the Issuer, designated as its “Triple II 9.5% Fixed Rate Term Notes due 2035,” issued
under the Indenture dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “Indenture”), by and among the Issuer, U.S. Bank National Association,
a national banking association, as initial trustee (including any successor appointed in accordance with the terms of the Indenture,
the “Trustee”), transfer agent, paying agent, registrar and calculation agent, and solely with respect to Sections
2.11(o) and 2.11(p) thereof, Theravance Biopharma, Inc., a Cayman Islands exempted company. The Indenture also provides for the
issuance of Refinancing Notes and Subordinated Notes. All capitalized terms used in this Note and not defined herein shall have
the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Noteholders. This
Note is subject to all terms of the Indenture.

 

The Issuer shall pay
the Outstanding Principal Balance of this Note on or prior to the Final Legal Maturity Date on the Payment Date specified in the
Indenture, subject to the availability of the Available Collections Amount therefor after making payments entitled to priority
under Section 3.6 of the Indenture.

 

    A-4-6

     

    

 

Interests in this Note
are exchangeable or transferrable in whole or in part for interests in a Rule 144A Global Note; provided that such transfer
or exchange complies with the applicable provisions of the Indenture relating to such transfer or exchange. Interests in this Note
in certain circumstances may also be exchangeable or transferrable in whole but not in part, to the Clearing Agency, its successors
or their respective nominees.

 

The indebtedness evidenced
by the Original Notes (or any Refinancing Notes in respect of the Original Notes) is, to the extent and in the manner provided
in the Indenture, senior in right of payment to the right of payment of the Subordinated Notes, and this Note is issued subject
to such provisions. The maturity of this Note is subject to acceleration upon the occurrence and during the continuance of the
Events of Default specified in the Indenture.

 

The Issuer may redeem
all or part of the Outstanding Principal Balance of this Note prior to the Final Legal Maturity Date on any Redemption Date, in
the amounts and under the circumstances specified in the Indenture.

 

Any amount of Premium
or interest on this Note that is not paid when due shall, to the fullest extent permitted by Applicable Law, bear interest (“Additional
Interest”) at an interest rate per annum equal to the Note Interest Rate from the date when due until such amount is
paid or duly provided for, compounded quarterly and payable on the succeeding Payment Date, subject to the availability of the
Available Collections Amount therefor after making payments entitled to priority under Section 3.6 of the Indenture.

 

This Note is and shall
be secured by the Collateral pledged as security therefor as provided in the Indenture and by the Issuer Pledged Collateral pledged
as security therefor as provided in the Pledge and Security Agreement.

 

This Note shall be
issued in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof.

 

Subject to and in accordance
with the terms of the Indenture, there shall be distributed quarterly from the Collection Account on each Payment Date, to the
Person in whose name this Note is registered at the close of business on the Record Date with respect to such Payment Date, in
the manner specified in Section 3.6 of the Indenture, such Person’s pro rata share (based on the aggregate percentage of
the Outstanding Principal Balance of the Original Notes (or any Refinancing Notes in respect of the Original Notes) held by such
Person) of the aggregate amount distributable to all Noteholders of the Original Notes (or any Refinancing Notes in respect of
the Original Notes) on such Payment Date.

 

    A-4-7

     

    

 

All amounts payable
in respect of this Note shall be payable in Dollars in the manner provided in the Indenture to the Noteholder hereof on the Record
Date relating to such payment. The final payment with respect to this Note, however, shall be made only upon presentation and surrender
of this Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City. At such time,
if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed
to each Noteholder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained
with respect to the Original Notes (or any Refinancing Notes in respect of the Original Notes). Alternatively, upon application
in writing to the Trustee or other Paying Agent, not later than the applicable Record Date, by a Noteholder, any such payments
shall be made by wire transfer to an account designated by such Noteholder at a financial institution in New York City; provided,
that, in each case, the final payment with respect to any such Definitive Note shall be made only upon presentation and surrender
of such Definitive Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City.
Notwithstanding the foregoing, payments in respect of this Note issued in the form of a Global Note (including principal, Premium,
if any, and interest) shall be made by wire transfer of immediately available funds to the account specified by DTC. Any reduction
in the Outstanding Principal Balance of this Note (or any one or more predecessor Original Notes (or any Refinancing Notes in respect
of the Original Notes)) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this
Note and of any Note issued upon the registration of transfer of, in exchange or in lieu of or upon the refinancing of this Note,
whether or not noted hereon.

 

The Noteholder of this
Note agrees, by acceptance hereof, to pay over to the Trustee any money (including principal, Premium, if any, and interest) paid
to it in respect of this Note in the event that the Trustee, acting in good faith, determines subsequently that such monies were
not paid in accordance with the Priority of Payments or as a result of any other mistake of fact or law on the part of the Trustee
in making such payment.

 

This Note is issuable
only in registered form. A Noteholder may transfer this Note only by delivery of a written application to the Registrar stating
the name of the proposed transferee and otherwise complying with the terms of the Indenture. No such transfer shall be effected
until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. When this Note is presented to the Registrar with a request to register the transfer or to exchange
it for an equal principal amount of Original Notes (or any Refinancing Notes in respect of the Original Notes) of other authorized
denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions
are met (including, in the case of a transfer, that such Note is duly endorsed or accompanied by a written instrument of transfer
in form satisfactory to the Trustee and Registrar duly executed by the Noteholder thereof or by an attorney who is authorized in
writing to act on behalf of the Noteholder). No service charge shall be made for any registration of transfer or exchange of this
Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer Tax or similar
governmental charge payable in connection therewith.

 

Prior to the registration
of transfer of this Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination
or as of such other date as may be specified in the Indenture) is registered as the absolute holder and Noteholder hereof for the
purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer
nor the Trustee shall be affected by notice to the contrary.

 

    A-4-8

     

    

 

 

Subject to Section
3.6(b) of the Indenture, the Indenture permits the amendment or modification of the Indenture and the Notes by the Issuer with
the consent of Noteholders holding a majority of the Outstanding Principal Balance of the Notes (together with any other class
of Notes voting or acting as a single class); provided, however, that if there shall be Notes of more than one class
Outstanding and if a proposed amendment, modification, consent or waiver shall directly affect the rights of Noteholders of one
or more, but less than all, of such classes, then the consent only of the Noteholders holding a majority of the Outstanding Principal
Balance of each affected class of Notes, each voting or acting as a single class, shall be required; provided, further,
however, that no such amendment, modification, consent or waiver may, without the consent of Noteholders holding 100% of
the Outstanding Principal Balance of the class of Notes affected thereby, (i) reduce the percentage of any such class of Notes
required to take or approve any action under the Indenture or the Notes, (ii) reduce the amount or change the time of payment of
any amount owing or payable with respect to any such class of Notes (including pursuant to any Redemption or Mandatory Tax Redemption)
or change the rate of interest or change the manner of calculation of interest payable with respect to any such class of Notes,
(iii) alter or modify in any adverse respect the provisions of the Indenture with respect to the Collateral, the provisions of
the Pledge and Security Agreement with respect to the Issuer Pledged Collateral or the manner of payment or the order of priority
in which payments or distributions thereunder shall be made as between the Noteholders of such Notes and the Issuer or as among
the Noteholders (including pursuant to Section 3.6 of the Indenture) (except, with respect to Subordinated Notes or as among classes
of Subordinated Notes, alterations or modifications to Section 3.6(a)(vii) of the Indenture, at the time such Subordinated Notes
are established, provided such alterations or modifications do not change the order of priority as between the Original Notes (or
any Refinancing Notes in respect of the Original Notes) and the Subordinated Notes), (iv) consent to any assignment of the Issuer’s
rights to a party other than the Trustee for the benefit of the Noteholders or (v) alter the provisions relating to the Collection
Account in a manner adverse to any Noteholder. Any such amendment or modification shall be binding on every Noteholder hereof,
whether or not notation thereof is made upon this Note.

 

The subordination provisions
contained in Article X of the Indenture may not be amended or modified without the consent of Noteholders holding 100% of the Outstanding
Principal Balance of the class of Notes affected thereby.

 

The Indenture also
contains provisions permitting the Controlling Party to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon all present and future Noteholders of this Note and of any Note issued upon the registration of transfer of, in exchange or
in lieu of or upon the refinancing of this Note, whether or not notation of such consent or waiver is made upon this Note.

 

THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES
THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    A-4-9

     

    

 

The enforceability
against the Issuer of the obligations of the Issuer under the Indenture and under the Notes shall be limited to the Collateral
and the Issuer Pledged Collateral. Once all of the Collateral and the Issuer Pledged Collateral has been realized and applied in
accordance with Article III of the Indenture, any outstanding obligations of the Issuer shall be extinguished. Each of the parties
to the Indenture shall take no action against any employee, director, officer or administrator of the Issuer, the Equityholder
or the Trustee in relation to the Indenture; provided, that nothing therein shall limit the Issuer (or its permitted successors
or assigns, including any party thereto that becomes such a successor or assign) from pursuing claims, if any, against any such
Person. The provisions of Section 12.14 of the Indenture shall survive termination of the Indenture; provided, further,
that the foregoing shall not in any way limit, impair or otherwise affect any rights of the Trustee or the Noteholders to proceed
against any such Person (a) for intentional and willful fraud or intentional and willful misrepresentations on the part of or by
such Person or (b) for the receipt of any distributions or payments to which the Issuer or any successor in interest is entitled,
other than distributions expressly permitted pursuant to the Indenture and the other Transaction Documents.

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

    A-4-10

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be signed manually or by facsimile by a duly authorized officer.

 

	Date: February 28, 2020	TRIPLE ROYALTY SUB II LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This Note is one of
the Triple II 9.5% Fixed Rate Term Notes due 2035 designated above and referred to in the within-mentioned indenture.

 

	Date: February 28, 2020	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4-11

     

    

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No. _____________________

 

(Please print or typewrite name and address
including zip code of assignee)

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________________________ attorney to transfer said Note on the
books of the Issuer with full power of substitution in the premises.

 

	
	 	

	Date		Signature of Transferor

 

NOTE: The signature to this assignment
must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration
or any change whatsoever.

 

[THE FOLLOWING PROVISIONS TO BE INCLUDED
ON ALL NOTES]

 

In connection with
any transfer of the within-mentioned Note, the undersigned confirms without utilizing any general solicitation or general advertising
that:

 

[Check One]

 

 ̈ (a)     the within-mentioned Note is being
transferred in compliance with the exemption from registration under the Securities Act provided by Rule 144A thereunder

 

 ̈
(b)     the within-mentioned Note is being transferred other than in accordance with clause (a)
above and documents are being furnished that comply with the conditions of transfer set forth in the within-mentioned Note
and the Indenture

 

If neither of the foregoing boxes is checked,
the Trustee or other Registrar shall not be obligated to register the within-mentioned Note in the name of any Person other than
the Noteholder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.11
of the Indenture shall have been satisfied.

 

	
	 	

	Date	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

 

    A-4-12

     

    

 

TO BE COMPLETED BY PURCHASER IF CLAUSE (a)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing the within-mentioned 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) 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 Issuer 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.

 

Dated: ________________________

 

	 	 
	 	Executive Officer

 

    A-4-13

     

    

SCHEDULE I

 

TRIPLE ROYALTY SUB II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

No. ___________

 

	
        Date
	
        Principal
        Amount
	
        Notation
        Explaining Principal Amount Recorded

	 	 	 

 

    A-4-14

     

    

 

EXHIBIT A-5

 

FORM OF RETAINED NOTES

 

THE ISSUANCE AND SALE OF THIS NOTE HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION OTHER THAN ON THE OFFICIAL LIST OF THE
CAYMAN ISLANDS STOCK EXCHANGE, AND TRIPLE ROYALTY SUB II LLC (THE “ISSUER”) HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF, (B) TO AN INITIAL PURCHASER
OR A SUBSEQUENT TRANSFEREE THAT IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” UNDER SECTION 2(a)(51)(A) OF THE INVESTMENT COMPANY ACT,
ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES
SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH ARE (1)
A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS
THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF
INVESTING IN THE ISSUER (EXCEPT WHERE EACH BENEFICIAL HOLDER IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER),
(3) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL HOLDERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO
BE MADE, (4) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT
COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS
A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF THE INVESTMENT COMPANY ACT AND THE RULES AND REGULATIONS
THEREUNDER, RECEIVED THE CONSENT OF ITS BENEFICIAL HOLDERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996 OR (5) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED
MORE THAN 40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL
HOLDERS OF SUCH ENTITY’S SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A, (C) SOLELY WITH RESPECT TO THE
INITIAL PURCHASERS, IN THE UNITED STATES, TO AN INITIAL PURCHASER THAT IS BOTH A QUALIFIED PURCHASER AND AN INSTITUTIONAL “ACCREDITED
INVESTOR” MEETING THE REQUIREMENTS OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
AN EXEMPTION UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH AN INSTITUTIONAL “ACCREDITED INVESTOR” AND A QUALIFIED
PURCHASER, OR (D) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS A QUALIFIED PURCHASER AND
NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), ACTING FOR ITS
OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON
REGULATION S, AND, IN EACH CASE, THAT ARE NOT RESTRICTED PARTIES (AS DEFINED IN THE INDENTURE REFERRED TO HEREIN) IN COMPLIANCE
WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

 

    A-5-1

     

    

 

UNTIL 40 DAYS AFTER THE ISSUE DATE OF THE
NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE
UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF,
BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS A QUALIFIED PURCHASER AND THAT THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED PURCHASER AND IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE
STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION
OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (II)
PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT.

 

BY ITS PURCHASE AND ACCEPTANCE OF THIS
NOTE (INCLUDING ANY INTEREST HEREIN), EACH PURCHASER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT
(A) AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)) SUBJECT TO TITLE I OF ERISA, (B) A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”) (EACH OF THE FOREGOING, A “PLAN”) AND IS NOT ACTING
ON BEHALF OF OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE OR (II) IT IS A PLAN OR IS ACTING ON BEHALF OF
A PLAN OR USING “PLAN ASSETS” OF A PLAN TO PURCHASE THIS NOTE BUT THE PURCHASE AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE BY REASON OF THE APPLICATION OF ONE OR
MORE STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR OTHERWISE AND WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SIMILAR LAWS.
 “PLAN ASSETS” HAS THE MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF LABOR,
BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO SIMILAR LAWS.

 

    A-5-2

     

    

 

EACH INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED
TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE MAY NOT BE
RESOLD OR TRANSFERRED EXCEPT AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND, IN ADDITION, EACH PERSON OR ENTITY THAT ACQUIRES
OR ACCEPTS THIS NOTE OR AN INTEREST HEREIN BY SUCH ACQUISITION OR ACCEPTANCE AGREES TO COMPLY WITH THE TRANSFER RESTRICTIONS SET
FORTH IN SUCH INDENTURE, AND FURTHER ACKNOWLEDGES AND AGREES TO THE PROVISIONS SET FORTH IN SUCH INDENTURE.

 

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT UNDER THE CODE. FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND
THE YIELD TO MATURITY FOR THIS NOTE, YOU SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER AT THE FOLLOWING ADDRESS: 901 GATEWAY BOULEVARD,
SOUTH SAN FRANCISCO, CALIFORNIA 94080, ATTENTION: CHIEF FINANCIAL OFFICER.

 

A RESTRICTED PARTY MAY NOT BE A HOLDER
OF THIS NOTE, AND IF, NOTWITHSTANDING SUCH PROHIBITION, THIS NOTE IS HELD BY A RESTRICTED PARTY, SUCH RESTRICTED PARTY SHALL NOT
BE ENTITLED TO ENFORCE OR VOTE TO ENFORCE THE COVENANTS OF THE ISSUER UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER
THE SALE AND CONTRIBUTION AGREEMENT. ANY HOLDER OF THIS NOTE SEEKING TO ENFORCE OR TO VOTE TO ENFORCE THE COVENANTS OF THE ISSUER
UNDER THE INDENTURE OR THE COVENANTS OF THE TRANSFEROR UNDER THE SALE AND CONTRIBUTION AGREEMENT MUST PROVIDE A CERTIFICATE FOR
THE BENEFIT OF THE ISSUER THAT SUCH HOLDER IS NOT A RESTRICTED PARTY. THE RESTRICTIONS SET FORTH IN THE PRECEDING TWO SENTENCES
AND THIS SENTENCE MAY NOT BE WAIVED OR AMENDED.

 

    A-5-3

     

    

 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF,
THE HOLDER REPRESENTS THAT IT IS A QUALIFIED PURCHASER AND NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH
IS A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S.

 

ANY TRANSFER OF THIS NOTE IN VIOLATION
OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

 

IF THE HOLDER OF THIS NOTE (OTHER THAN
FOR THIS PURPOSE ANY HOLDER THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S THAT ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S THAT IS ALSO A QUALIFIED PURCHASER) IS DETERMINED NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL
BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, OR, SOLELY IN THE CASE OF THE INITIAL PURCHASERS OF THE NOTES, BOTH
AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, ACTING FOR ITS OWN ACCOUNT
OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH AN INSTITUTIONAL ACCREDITED INVESTOR AND A QUALIFIED PURCHASER,
OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE
TO A PURCHASER THAT IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE
TO HONOR A TRANSFER TO A PERSON THAT IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, ACTING FOR ITS OWN
ACCOUNT OR THE ACCOUNTS OF ONE OR MORE OTHER PERSONS EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER.

 

    A-5-4

     

    

 

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED
STATES, AND THE HOLDER IS DETERMINED NOT TO HAVE BEEN A QUALIFIED PURCHASER THAT IS (A) NOT A “U.S. PERSON” OR (B)
A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, OR THE HOLDER IS DETERMINED TO HAVE BEEN A RESTRICTED
PARTY, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED PURCHASER THAT IS (I)
NOT A “U.S. PERSON” OR (II) A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER
TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND (X) NOT A “U.S. PERSON” OR (Y) A QUALIFIED INSTITUTIONAL BUYER.

 

    A-5-5

     

    

 

TRIPLE ROYALTY SUB II LLC

 

Triple II 9.5% Fixed Rate Term Notes
due 2035

 

Retained Note

 

	No. R-1	 	CUSIP: 89679N
    AC6
	 	 	 
	U.S.$	 	 

 

TRIPLE ROYALTY SUB
II LLC, a limited liability company organized under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to THERAVANCE BIOPHARMA R&D, INC., a Cayman Islands exempted company, the principal
amount set forth on Schedule I hereto on or before June 5, 2035 (the “Final Legal Maturity Date”) and to pay
interest quarterly on the Outstanding Principal Balance hereof at a rate per annum equal to 9.5% (the “Note Interest Rate”),
from the date hereof until the Outstanding Principal Balance hereof is paid or duly provided for, which interest shall be due and
payable on each Payment Date; provided, that with respect to any Payment Date (other than the Final Legal Maturity Date),
any such interest in excess of the portion of the Available Collections Amount available to pay such interest on such Payment Date
(subject to the immediately succeeding proviso) shall be payable in full not later than the succeeding Payment Date (together with
Additional Interest thereon); provided, further, however, that, to the extent there are insufficient funds
to pay scheduled interest on this Note in accordance with the Priority of Payments on any Payment Date during the Interest Deferral
Period, the scheduled interest (to the extent of such insufficient funds) will be added to the principal balance of this Note and
will bear interest at the Note Interest Rate. Interest on this Note in each Interest Accrual Period shall be calculated on the
basis of a 360-day year consisting of twelve 30-day months. The Issuer shall cause the Trustee to authenticate an additional Note
or additional Notes in the appropriate principal amount such that neither this Note nor any other such Note may exceed an aggregate
principal amount of U.S.$500,000,000 at any time.

 

This Note is a duly
authorized issue of Notes of the Issuer, designated as its “Triple II 9.5% Fixed Rate Term Notes due 2035,” issued
under the Indenture dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “Indenture”), by and between the Issuer and U.S. Bank National Association,
a national banking association, as initial trustee (including any successor appointed in accordance with the terms of the Indenture,
the “Trustee”), transfer agent, paying agent, registrar and calculation agent. The Indenture also provides for
the issuance of Refinancing Notes and Subordinated Notes. All capitalized terms used in this Note and not defined herein shall
have the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Noteholders. This
Note is subject to all terms of the Indenture.

 

The Issuer shall pay
the Outstanding Principal Balance of this Note on or prior to the Final Legal Maturity Date on the Payment Date specified in the
Indenture, subject to the availability of the Available Collections Amount therefor after making payments entitled to priority
under Section 3.6 of the Indenture.

 

    A-5-6

     

    

 

 

Interests in this Note
are exchangeable or transferrable in whole or in part for interests in a Rule 144A Global Note; provided that such transfer
or exchange complies with the applicable provisions of the Indenture relating to such transfer or exchange. Interests in this Note
in certain circumstances may also be exchangeable or transferrable in whole but not in part, to the Clearing Agency, its successors
or their respective nominees.

 

The indebtedness evidenced
by the Original Notes (or any Refinancing Notes in respect of the Original Notes) is, to the extent and in the manner provided
in the Indenture, senior in right of payment to the right of payment of the Subordinated Notes, and this Note is issued subject
to such provisions. The maturity of this Note is subject to acceleration upon the occurrence and during the continuance of the
Events of Default specified in the Indenture.

 

The Issuer may redeem
all or part of the Outstanding Principal Balance of this Note prior to the Final Legal Maturity Date on any Redemption Date, in
the amounts and under the circumstances specified in the Indenture.

 

Any amount of Premium
or interest on this Note that is not paid when due shall, to the fullest extent permitted by Applicable Law, bear interest (“Additional
Interest”) at an interest rate per annum equal to the Note Interest Rate from the date when due until such amount is
paid or duly provided for, compounded quarterly and payable on the succeeding Payment Date, subject to the availability of the
Available Collections Amount therefor after making payments entitled to priority under Section 3.6 of the Indenture.

 

This Note is and shall
be secured by the Collateral pledged as security therefor as provided in the Indenture and by the Issuer Pledged Collateral pledged
as security therefor as provided in the Pledge and Security Agreement.

 

This Note shall be
issued in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof.

 

Subject to and in accordance
with the terms of the Indenture, there shall be distributed quarterly from the Collection Account on each Payment Date, to the
Person in whose name this Note is registered at the close of business on the Record Date with respect to such Payment Date, in
the manner specified in Section 3.6 of the Indenture, such Person’s pro rata share (based on the aggregate percentage of
the Outstanding Principal Balance of the Original Notes (or any Refinancing Notes in respect of the Original Notes) held by such
Person) of the aggregate amount distributable to all Noteholders of the Original Notes (or any Refinancing Notes in respect of
the Original Notes) on such Payment Date.

 

    A-5-7

     

    

 

All amounts payable
in respect of this Note shall be payable in Dollars in the manner provided in the Indenture to the Noteholder hereof on the Record
Date relating to such payment. The final payment with respect to this Note, however, shall be made only upon presentation and surrender
of this Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City. At such time, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed
to each Noteholder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained
with respect to the Original Notes (or any Refinancing Notes in respect of the Original Notes). Alternatively, upon application
in writing to the Trustee or other Paying Agent, not later than the applicable Record Date, by a Noteholder, any such payments
shall be made by wire transfer to an account designated by such Noteholder at a financial institution in New York City; provided,
that, in each case, the final payment with respect to any such Definitive Note shall be made only upon presentation and surrender
of such Definitive Note by the Noteholder or its agent at an office or agency of the Trustee or Paying Agent in New York City. Any reduction
in the Outstanding Principal Balance of this Note (or any one or more predecessor Original Notes (or any Refinancing Notes in respect
of the Original Notes)) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this
Note and of any Note issued upon the registration of transfer of, in exchange or in lieu of or upon the refinancing of this Note,
whether or not noted hereon.

 

The Noteholder of this
Note agrees, by acceptance hereof, to pay over to the Trustee any money (including principal, Premium, if any, and interest) paid
to it in respect of this Note in the event that the Trustee, acting in good faith, determines subsequently that such monies were
not paid in accordance with the Priority of Payments or as a result of any other mistake of fact or law on the part of the Trustee
in making such payment.

 

This Note is issuable
only in registered form. A Noteholder may transfer this Note only by delivery of a written application to the Registrar stating
the name of the proposed transferee and otherwise complying with the terms of the Indenture. No such transfer shall be effected
until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. When this Note is presented to the Registrar with a request to register the transfer or to exchange
it for an equal principal amount of Original Notes (or any Refinancing Notes in respect of the Original Notes) of other authorized
denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions
are met (including, in the case of a transfer, that such Note is duly endorsed or accompanied by a written instrument of transfer
in form satisfactory to the Trustee and Registrar duly executed by the Noteholder thereof or by an attorney who is authorized in
writing to act on behalf of the Noteholder). No service charge shall be made for any registration of transfer or exchange of this
Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer Tax or similar
governmental charge payable in connection therewith.

 

Prior to the registration
of transfer of this Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination
or as of such other date as may be specified in the Indenture) is registered as the absolute holder and Noteholder hereof for the
purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer
nor the Trustee shall be affected by notice to the contrary.

 

    A-5-8

     

    

 

Subject to Section
3.6(b) of the Indenture, the Indenture permits the amendment or modification of the Indenture and the Notes by the Issuer with
the consent of Noteholders holding a majority of the Outstanding Principal Balance of the Notes (together with any other class
of Notes voting or acting as a single class); provided, however, that if there shall be Notes of more than one class
Outstanding and if a proposed amendment, modification, consent or waiver shall directly affect the rights of Noteholders of one
or more, but less than all, of such classes, then the consent only of the Noteholders holding a majority of the Outstanding Principal
Balance of each affected class of Notes, each voting or acting as a single class, shall be required; provided, further,
however, that no such amendment, modification, consent or waiver may, without the consent of Noteholders holding 100% of
the Outstanding Principal Balance of the class of Notes affected thereby, (i) reduce the percentage of any such class of Notes
required to take or approve any action under the Indenture or the Notes, (ii) reduce the amount or change the time of payment of
any amount owing or payable with respect to any such class of Notes (including pursuant to any Redemption or Mandatory Tax Redemption)
or change the rate of interest or change the manner of calculation of interest payable with respect to any such class of Notes,
(iii) alter or modify in any adverse respect the provisions of the Indenture with respect to the Collateral, the provisions of
the Pledge and Security Agreement with respect to the Issuer Pledged Collateral or the manner of payment or the order of priority
in which payments or distributions thereunder shall be made as between the Noteholders of such Notes and the Issuer or as among
the Noteholders (including pursuant to Section 3.6 of the Indenture) (except, with respect to Subordinated Notes or as among classes
of Subordinated Notes, alterations or modifications to Section 3.6(a)(vii) of the Indenture, at the time such Subordinated Notes
are established, provided such alterations or modifications do not change the order of priority as between the Original Notes (or
any Refinancing Notes in respect of the Original Notes) and the Subordinated Notes), (iv) consent to any assignment of the Issuer’s
rights to a party other than the Trustee for the benefit of the Noteholders or (v) alter the provisions relating to the Collection
Account in a manner adverse to any Noteholder. Any such amendment or modification shall be binding on every Noteholder hereof,
whether or not notation thereof is made upon this Note.

 

The subordination provisions
contained in Article X of the Indenture may not be amended or modified without the consent of Noteholders holding 100% of the Outstanding
Principal Balance of the class of Notes affected thereby.

 

The Indenture also
contains provisions permitting the Controlling Party to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon all present and future Noteholders of this Note and of any Note issued upon the registration of transfer of, in exchange or
in lieu of or upon the refinancing of this Note, whether or not notation of such consent or waiver is made upon this Note.

 

THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    A-5-9

     

    

 

The enforceability
against the Issuer of the obligations of the Issuer under the Indenture and under the Notes shall be limited to the Collateral
and the Issuer Pledged Collateral. Once all of the Collateral and the Issuer Pledged Collateral has been realized and applied in
accordance with Article III of the Indenture, any outstanding obligations of the Issuer shall be extinguished. Each of the parties
to the Indenture shall take no action against any employee, director, officer or administrator of the Issuer, the Equityholder
or the Trustee in relation to the Indenture; provided, that nothing therein shall limit the Issuer (or its permitted successors
or assigns, including any party thereto that becomes such a successor or assign) from pursuing claims, if any, against any such
Person. The provisions of Section 12.14 of the Indenture shall survive termination of the Indenture; provided, further,
that the foregoing shall not in any way limit, impair or otherwise affect any rights of the Trustee or the Noteholders to proceed
against any such Person (a) for intentional and willful fraud or intentional and willful misrepresentations on the part of or by
such Person or (b) for the receipt of any distributions or payments to which the Issuer or any successor in interest is entitled,
other than distributions expressly permitted pursuant to the Indenture and the other Transaction Documents.

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

    A-5-10

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be signed manually or by facsimile by a duly authorized officer.

 

 

	Date: February 28, 2020	TRIPLE
ROYALTY SUB II LLC
	 	 
	 	By:	        
	 	 	Name:
	 	 	Title:

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This Note is one of
the Triple II 9.5% Fixed Rate Term Notes due 2035 designated above and referred to in the within-mentioned indenture.

 

	Date: February 28, 2020	U.S. BANK NATIONAL
ASSOCIATION, as Trustee
	 	 
	 	By:	               
	 	 	Authorized Signatory

 

    A-5-11

     

    

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

	Insert Taxpayer Identification No. ________________________

 

	 
	(Please print or typewrite name and address including zip code of assignee)

 

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing _________________________________________ attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises.

 

	 	 	 
	Date	 	Signature of Transferor

 

NOTE: The signature to this assignment
must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration
or any change whatsoever.

 

In connection with
any transfer of the within-mentioned Note, the undersigned confirms without utilizing any general solicitation or general advertising
that:

 

[Check One]

 

 ̈
(a)       the within-mentioned Note is being transferred in compliance with the exemption
from registration under the Securities Act provided by Rule 144A thereunder

 

 ̈
(b)       the within-mentioned Note is being transferred other than in accordance with
clause (a) above and documents are being furnished that comply with the conditions of transfer set forth in the
within-mentioned Note and the Indenture

 

If neither of the foregoing boxes is checked,
the Trustee or other Registrar shall not be obligated to register the within-mentioned Note in the name of any Person other than
the Noteholder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.11
of the Indenture shall have been satisfied.

 

	 	 	 
	Date	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

 

    A-5-12

     

    

 

TO BE COMPLETED BY PURCHASER IF CLAUSE (a)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing the within-mentioned 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) 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 Issuer 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.

 

Dated: _____________

	 	 
	 	Executive Officer

 

    A-5-13

     

    

 

SCHEDULE I

 

TRIPLE ROYALTY SUB II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

No. ____

 

	
        Date
	
        Principal
        Amount
	
        Notation
        Explaining Principal Amount Recorded

	 	 	 

 

    A-5-14

     

    

 

EXHIBIT B

 

FORM OF CONFIDENTIALITY AGREEMENT

 

	Triple Royalty Sub II LLC
 c/o Theravance Biopharma US, Inc.

                                901 Gateway Boulevard

                                South San Francisco, California 94080
	 

                                

 

CONFIDENTIALITY AGREEMENT

 

In connection with
our possible interest in a potential financing transaction in the form of loans or a securities offering (the “Transaction”)
by Theravance Biopharma R&D, Inc. (“Theravance Biopharma R&D”), a subsidiary of Theravance Biopharma,
Inc., we have requested copies of the Investor Materials relating to the Transaction (the “Investor Materials”).
In addition to receiving the Investor Materials, we may also request that you or your directors, officers, managers, members, partners,
employees, affiliates, assigns, representatives (including, without limitation, Cowen and Company, LLC (“Cowen”)
in its capacity as your representative, and all of your other financial advisors, attorneys and accountants), investors, agents
or similar persons or entities (collectively, “your Representatives”) furnish us or our directors, officers,
managers, members, partners, employees, affiliates, assigns, representatives (including, without limitation, financial advisors,
attorneys and accountants), investors, agents or similar persons or entities (collectively, “our Representatives”)
with certain information relating to the Company and its affiliates, the Transaction and the assets being pledged as security in
the Transaction, subject in each case to the confidentiality requirements that exist with third parties in respect of such information.
All such information (whether written, visual or oral, and whether tangible or electronic) furnished on or after the date hereof
by you or your Representatives (including, without limitation, information made available in a dataroom via IntraLinks or otherwise)
to us or our Representatives (without regard to whether it is at our request), including, without limitation, the Investor Materials
and any materials containing, based on or derived from any such information (including, without limitation, intellectual property
analyses, any financial models or other analyses, compilations, forecasts, studies or other documents based thereon) prepared by
us or our Representatives or Cowen in connection with our or our Representatives’ review of, or our interest in, the Transaction
is hereinafter referred to as the “Information.” The term Information will not, however, include information
that we can demonstrate (i) is already known by us at the time that such information is disclosed (unless such information was
disclosed to us under a confidentiality agreement or other obligation of confidentiality), (ii) is or thereafter becomes available
in the public domain, other than as a result of any breach by us or our Representatives of our obligations hereunder or under any
other obligation of confidentiality, (iii) is obtained by us from another source without, to our knowledge after reasonable inquiry,
breach of such source’s obligations of confidentiality or (iv) is independently developed by our Representatives who have
not had access to the Information.

 

    B-1

     

    

 

As a condition to receiving
the Information, we hereby agree as follows:

 

1.           We
hereby agree, and agree to cause our Representatives, (i) to keep the Information confidential, (ii) to use the Information solely
for the purpose of evaluating, entering into, monitoring or enforcing the Transaction and (iii) not to, without your prior written
consent, disclose any Information in any manner whatsoever; provided, however, that we may reveal the Information to (a) our Representatives
who need to know the Information for the purpose of evaluating, entering into, monitoring or enforcing the Transaction or (b) governmental
authorities or regulatory agencies in order to comply with any applicable law, rule, regulation or legal process or pursuant to
requests of governmental authorities or regulatory agencies having oversight over us or our Representatives, and only after compliance
with paragraph 3 below, provided, that all of such persons and entities listed in clause (a) above shall agree to keep such Information
confidential, and only to use such Information, on terms that are substantially the same as the terms we are subject to herein,
and, provided, further, that we shall be wholly responsible for the full compliance of such confidentiality agreement by any of
the persons or entities listed in clause (a) above to which we disclosed Information. Notwithstanding and without limitation of
the foregoing, we and our Representatives agree not to reveal Information to advisors who are principally engaged in the business
of investment banking, capital markets or securitization of financial assets without the prior written consent of Cowen in its
capacity as one of your Representatives.

 

2.           We
hereby agree, and agree to cause our Representatives, whether or not the Transaction is consummated, not to (except as required
by applicable law, rule, regulation or legal process or pursuant to requests of governmental authorities or regulatory agencies
having oversight over us or our Representatives, and only after compliance with paragraph 3 below), without your prior written
consent, disclose to any person or entity the fact that the Information or the Transaction exists or has been made available, that
we are considering the Transaction, that (if prior to consummation of the Transaction) you are considering the Transaction, or
that discussions or negotiations are taking or have taken place concerning the Transaction or any term, condition or other fact
relating to the Transaction or such discussions or negotiations, including, without limitation, the status thereof.

 

3.             In
the event that we or any of our Representatives are required by applicable law, rule, regulation or legal process or pursuant to
requests of governmental authorities or regulatory agencies having oversight over us or our Representatives to disclose any of
the Information, we agree to notify you promptly (unless such notice is not permitted by applicable law, rule or regulation) so
that you may seek, at your own expense (and we will cooperate in good faith and use all commercially reasonable efforts to assist
with your efforts to seek), a protective order or other appropriate remedy or, in your sole discretion, waive compliance with the
terms of this agreement (this “Confidentiality Agreement”). In the event that no such protective order or other
remedy is obtained, or that you do not waive compliance with the terms of this Confidentiality Agreement, we agree to furnish only
that portion of the Information that we are advised by counsel (which may be internal counsel) is legally required and will exercise
all commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Information.

 

    B-2

     

    

 

4.             If
we determine not to proceed with the Transaction or we cease to have an interest arising from the Transaction, we will promptly
inform you of that decision or event and, in that case, and at any time upon your request or the request of any of your Representatives,
we and our Representatives agree to (i) promptly deliver to you all copies of the Information in our possession (except as described
in the following proviso), (ii) promptly destroy all copies of any written Information (whether in tangible or electronic form,
or otherwise) that we and our Representatives have created, including, without limitation, any notes we have taken on any discussions
with you or your Representatives, and upon your request such return and destruction shall be certified in writing (including, without
limitation, via email) to you by a responsible officer supervising such return and destruction (provided in each case that an appropriate
person within our organization may retain one copy of the Information, subject to the provisions of this Confidentiality Agreement,
if required to comply with internal record retention policies or regulatory considerations, in which case, regardless of paragraph
16 below, the confidentiality provisions and restrictions on use set forth in this Confidentiality Agreement will continue to apply
to such Information for so long as it is retained by such person or any other of our Representatives) and (iii) certify that clauses
(i) and (ii) above have been complied with. Any visual, oral or other Information not returned to you or destroyed in accordance
with the preceding sentence will continue to be subject to the terms of this Confidentiality Agreement, regardless of paragraph
16 below.

 

5.           We
acknowledge that you have not updated, and have no obligation to update, the Investor Materials in any respect for events, developments
or circumstances. We further acknowledge that neither you nor any of your Representatives, nor any of your or their respective
officers, directors, managers, members, partners, employees, agents or controlling persons within the meaning of Section 20 of
the U.S. Securities Exchange Act of 1934, as amended, makes any express or implied representation or warranty as to the accuracy
or completeness of the Information, and we agree that no such person or entity will have any liability relating to the Information
or for any errors therein or omissions therefrom. We further agree that we are not entitled to rely on the accuracy or completeness
of the Information.

 

6.           We
acknowledge that we are aware of the restrictions imposed by the United States securities laws on the purchase or sale of securities
of an issuer or an affiliate or controlling person of the issuer while in possession of material, non-public information and on
the communication of such information to any other person or entity. We represent that we maintain effective internal procedures
with respect to maintaining the confidentiality and use of the Information and that we will not use the Information for any purpose
in violation of United States securities laws or any other applicable laws. We further represent that we are a qualified purchaser
within the meaning of the U.S. Investment Company Act of 1940, as amended, that is also (i) a qualified institutional buyer (as
defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), (ii) an institutional
accredited investor (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or (iii) a non-U.S. person within
the meaning of Regulation S under the Securities Act and acknowledge and agree that, by our purchase of any securities, we will
be deemed to have made the representations, agreements and acknowledgments set forth in the Transaction documents.

 

7.           We
hereby certify that we are not a Restricted Party. For purposes of this Confidentiality Agreement, “Restricted Party”
means any of Almirall, AstraZeneca, Boehringer Ingelheim, Innoviva, Chiesi, Forest Laboratories, Merck, Mylan, Novartis, Sandoz,
Sarissa, Teva and any other pharmaceutical or biotechnology company with a product either being developed or commercialized for
the treatment of respiratory disease, and their respective Restricted Party Affiliates. For purposes of this Confidentiality Agreement,
a “Restricted Party Affiliate” with respect to any person means any other person, whether de jure or de facto,
which directly or indirectly controls, is controlled by, or is under common control with such person for so long as such control
exists, where “control” means the decision-making authority as to such other person, or with respect to the investment
in the Transaction by such other person and, further, where such control shall be presumed to exist where such other person owns
more than fifty percent (50%) of the equity (or such lesser percentage which is the maximum allowed to be owned by a foreign corporation
in a particular jurisdiction) having the power to vote on or direct the affairs of the entity.

 

    B-3

     

    

 

8.           We
agree that, at any time prior to your consummation of the Transaction, (i) you reserve the right, in your sole discretion, to change
the terms of the Transaction at any time without prior notice to us or any other person or entity, to reject any and all proposals
or offers made by us or any of our Representatives with regard to the Transaction, and to terminate discussions and negotiations
with us at any time and for any reason, and (ii) you will not have any liability to us with respect to the Transaction, whether
by virtue of this Confidentiality Agreement, any other written or oral expression with respect to the Transaction or otherwise.

 

9.           We
acknowledge that remedies at law may be inadequate to protect you against any actual or threatened breach of this Confidentiality
Agreement by us or our Representatives, and, without prejudice to any other rights and remedies otherwise available to you, we
agree to the granting of injunctive relief in your favor without proof of actual damages or the posting of any bond.

 

10.         We
acknowledge and agree that each of Theravance Biopharma, Inc. and Cowen is a third party beneficiary of this Confidentiality Agreement
and shall have the right to enforce any provision of this Confidentiality Agreement.

 

11.         We
acknowledge and agree that neither this Confidentiality Agreement nor any disclosure of Information made hereunder by you shall
be construed, deemed or interpreted, by implication or otherwise, to vest in us or our Representatives any license or other ownership
rights in, to or under any of such Information or other copyrights, intellectual property, know-how, moral rights, trade secrets,
trademark rights or other proprietary rights whatsoever.

 

12.         We
agree that no failure or delay by you in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor
will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power
or privilege hereunder.

 

13.          This
Confidentiality Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns.

 

14.          This
Confidentiality Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the State
of New York, without giving effect to the principles of conflicts of law thereof (other than the provisions of Section 5-1401 of
the General Obligations Law of the State of New York).

 

15.          This
Confidentiality Agreement contains the entire agreement between you and us, and supersedes all prior agreements and understandings,
whether written or oral, between you and us, concerning the confidentiality and use of the Information, and no modifications of
this Confidentiality Agreement or waiver of the terms and conditions hereof will be binding upon you or us, unless approved in
writing by each of you and us.

 

    B-4

     

    

 

16.          This
Confidentiality Agreement will terminate (i) if we do not proceed with the Transaction, 24 months after the date hereof, and (ii)
if we do proceed with the Transaction, 24 months from the date we cease to have an interest arising from the Transaction, whether
through a sale of our interest, the maturity or repayment of our interest or otherwise.

 

17.          If
we propose to purchase, transfer, sell or otherwise dispose of any of our interest at any time, we agree to (i) abide by any transfer
restrictions set forth in the Transaction documents, (ii) inform any proposed transferee of such interest of any such transfer
restrictions, including, without limitation, any requirement that such proposed transferee execute a confidentiality agreement,
and (iii) not furnish any Information to such proposed transferee. We acknowledge that the servicer for the Transaction shall be
responsible for the delivery of all Information to any such prospective transferee following execution by such prospective transferee
of an appropriate confidentiality agreement.

 

18.          Notwithstanding
anything expressed or implied to the contrary in this Confidentiality Agreement, the Investor Materials and the documents referred
to therein, we, and each of our employees, representatives and agents, may disclose to any and all persons and entities, without
limitation of any kind, the tax treatment and the tax structure of the transactions contemplated by the Investor Materials and
the agreements and instruments referred to therein and all materials of any kind (including opinions or other tax analyses) that
are provided to us relating to such tax treatment and tax structure; provided, however, that we (and none of our employees, representatives
or other agents) shall not disclose any other information that is not relevant to understanding the tax treatment and tax structure
of such transactions (including the identity of any party and any information that could lead another to determine the identity
of any party) or any other information to the extent that such disclosure could reasonably result in a violation of any federal
or state securities law. For these purposes, the tax treatment of the transactions contemplated by the Investor Materials and the
agreements and instruments referred to therein means the purported or claimed U.S. federal or state tax treatment of such transactions.
Moreover, the tax structure of the transactions contemplated by the Investor Materials and the agreements and instruments referred
to therein includes any fact that may be relevant to understanding the purported or claimed U.S. federal or state tax treatment
of such transactions.

 

19.          This
Confidentiality Agreement may be executed by facsimile signature and such facsimile signature shall be deemed an original. This
Confidentiality Agreement may be executed in one or more counterparts by the parties hereto, and each such counterpart shall be
considered an original and all such counterparts shall constitute one and the same instrument.

 

20.           In
the event of any dispute arising hereunder, we agree to submit to the exclusive jurisdiction of courts of the State of New York
and of the United States located in the County of New York. Each of the parties to this Confidentiality Agreement hereby irrevocably
waives, to the fullest extent permitted by law, all rights to trial by jury in any action, proceeding or counterclaim (whether
based upon contract, tort or otherwise) arising out of or relating to this Confidentiality Agreement. Any notice by either party
to the other pursuant to this Confidentiality Agreement shall be delivered in writing by fax or electronic mail or regular first
class mail, in each case in accordance with the information set forth on the signature page hereto.

 

REMAINDER OF THE PAGE INTENTIONALLY LEFT
BLANK

 

    B-5

     

    

 

	 	Very truly yours,
	 	 
	 	 
	 	Please insert prospective purchaser’s name

                                                                     on line above

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Address:
	 	 	Fax Number:
	 	 	Email Address:
	 	 	Date:
	 	 
	Accepted and agreed as of the date	
	first written above:	

 

THERAVANCE BIOPHARMA R&D, INC.

 
	By:	 	 
	 	Name:
	 	Title:
	 
	Date: 

 

	Address:	901 Gateway Boulevard	 
	 	South San Francisco, CA 94080	 
	 	Fax Number: (650) 808-6171	 
	 	Email Address: BGrimaud@theravance.com	 

 

with copies of all notices to:

 

	Andrew M. Faulkner

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036

Fax Number: 917-777-2853

Email Address: andrew.faulkner@skadden.com	 

 

    B-6

     

    

 

EXHIBIT C

 

COVERAGE OF DISTRIBUTION REPORT

 

		(a)	Analysis of activity in each Account from the Calculation Date preceding the prior Payment Date
(or, with respect to the first Payment Date, from the Closing Date) (the “Preceding Calculation Date”) to the
Calculation Date preceding the current Payment Date (the “Current Calculation Date”):

 

		(i)	Balance on deposit in each Account on the Preceding Calculation Date

		(ii)	Deposits into each Account from but excluding the Preceding Calculation Date to and including the
Current Calculation Date

		(iii)	Withdrawals from each Account from but excluding the Preceding Calculation Date to and including
the Current Calculation Date, including identification of any payments of Administrative Expenses pursuant to Section 3.6(c) of
the Indenture

		(iv)	Balance on deposit in each Account on the Current Calculation Date
	 	 	 

		(b)	Amount of (i) interest to be added to the principal balance of the Notes (if any) during the Interest
Deferral Period and (ii) voluntary capital contributions (if any) to be transferred from the Collection Account on the current
Payment Date pursuant to Section 3.7(b) of the Indenture

 

		(c)	Payments on the current Payment Date:

 

		(i)	Taxes, if any

		(ii)	Servicing Fee

		(iii)	Administrative Expense payments (including normal and routine bank fees) payable on the Current
Calculation Date

		(iv)	Interest Amount

		(v)	Additional Interest, if any

		(vi)	Principal payments, if any
	 	 	 

		(d)	Outstanding Principal Balance:

 

		(vii)	Opening Outstanding Principal Balance

		(viii)	Principal payments, if any, made on the current Payment Date

		(ix)	Closing Outstanding Principal Balance (including to reflect any additions described in clause (b)(i)
above)
	 	 	 

		(e)	Amount distributed to the Issuer from the Collection Account, if any, with respect to the current
Payment Date

 

		(f)	A withholding obligation may be included

 

		(g)	Appropriate modifications shall be made to contemplate any Refinancing Notes and/or Subordinated
Notes

 

    C-1

     

    

 

EXHIBIT D

 

UCC FINANCING STATEMENTS

 

		1.	A Form UCC-1 Financing Statement shall be filed with the Secretary of State of the State of Delaware
naming the Issuer as debtor and the Trustee as secured party.

 

    D-1

     

    

 

EXHIBIT E-1

 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS
TO TEMPORARY REGULATION S GLOBAL NOTE

 

U.S. Bank National Association,

as Trustee

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services (Triple
Royalty Sub II LLC)

 

		Re:	Triple Royalty Sub II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

Reference is hereby made to the Indenture,
dated as of February 28, 2020 (the “Indenture”), between Triple Royalty Sub II LLC, as issuer (the “Issuer”),
and U.S. Bank National Association, as initial trustee (the “Trustee”), transfer agent, paying agent, registrar
and calculation agent. Capitalized terms used but not defined herein shall have the meanings assigned to them or incorporated by
reference pursuant to Annex A of the Indenture.

 

This letter relates to U.S. $400,000,000
initial aggregate outstanding principal amount of Triple II 9.5% Fixed Rate Term Notes due 2035 which are held in the form of an
interest in a [Rule 144A Global Note] [IAI Global Note] with DTC (CUSIP (CINS) No. [ ]) (the “Notes”) for the
benefit of __________________ [name of transferor] (the “Transferor”) who wishes to effect the transfer of the
Notes in exchange for an equivalent beneficial interest in a Temporary Regulation S Global Note for the benefit of __________________
[name of transferee] (the “Transferee”).

 

In connection with such request, and in
respect of such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance with (i) the applicable
transfer restrictions set forth in the Indenture and (ii) Regulation S (“Regulation S”) under the United States
Securities Act of 1933, as amended (the “Securities Act”), and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction.

 

In addition, the Transferor hereby represents,
warrants and covenants for the benefit of the Issuer, Theravance Biopharma R&D, the Trustee, the Registrar, the Transfer Agent,
the Placement Agent and their respective Affiliates that:

 

		1.	the offer of the Notes was not made to a Person in the United States;

 

		2.	at the time the buy order was originated, the Transferee was outside the United States;

 

		3.	no directed selling efforts have been made in contravention of the requirements of Rule 903 or
904 of Regulation S, as applicable;

 

		4.	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act;

 

    E-1-1

     

    

 

		5.	the Transferee is not a U.S. Person as defined in Regulation S;

 

		6.	if the sale is made during a restricted period and the provisions of Rule 903(b)(2) or (3) or Rule
904(b)(1) of Regulation S are applicable thereto, the Transferor confirms that such sale has been made in accordance with the applicable
provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1), as the case may be;

 

		7.	the Transferee is not a Restricted Party;

 

		8.	the Transferee is a Qualified Purchaser; and

 

		9.	the Transferee, and any account on behalf of which the Transferee is purchasing an interest in
the Notes, will, with respect to the date of purchase, be deemed to represent and warrant that (i) it is not a Plan and is not
acting on behalf of a Plan or using Plan Assets to purchase such Notes or (ii) it is a Plan or is acting on behalf of a Plan or
using Plan Assets to purchase such Notes but the purchase and holding of such Notes will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code by reason of the application of one or more statutory or administrative
exemptions or otherwise and will not constitute or result in a violation of any Similar Laws.

 

The Transferor understands that the Issuer,
Theravance Biopharma R&D, the Trustee, the Registrar, the Transfer Agent, the Placement Agent and their respective Affiliates
will rely upon the accuracy and truth of the foregoing representations, and the Transferor hereby consents to such reliance.

 

	 	[Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 	,	 	 	 	 

 

	Taxpayer Identification Number:	Address for Notices to Transferee:
	Wire Instructions for Payments to Transferee:	

 

	Bank:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	Bank ABA #:		 	Tel:
	 	 	 
	 	 	 
	Account No.:	 	Fax:
	 	 	 
	FAO:	 	Attn.:
	 	 	 
	Attention:	 	 
		 	 

 

Registered Name (if Nominee) of Transferee:

 

	cc:	Triple Royalty Sub II LLC	

 

    	 	E-1-2	 

     

    

 

EXHIBIT E-2

 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS
TO PERMANENT REGULATION S GLOBAL NOTE

 

U.S. Bank National Association,

as Trustee

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services (Triple
Royalty Sub II LLC)

 

		Re:	Triple Royalty Sub II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

Reference is hereby made to the Indenture,
dated as of February 28, 2020 (the “Indenture”), between Triple Royalty Sub II LLC, as issuer (the “Issuer”),
and U.S. Bank National Association, as initial trustee (the “Trustee”), transfer agent, paying agent, registrar
and calculation agent. Capitalized terms used but not defined herein shall have the meanings assigned to them or incorporated by
reference pursuant to Annex A of the Indenture.

 

This letter relates to U.S. $400,000,000
initial aggregate outstanding principal amount of Triple II 9.5% Fixed Rate Term Notes due 2035 which are held in the form of an
interest in a [Rule 144A Global Note] [IAI Global Note] [Temporary Regulation S Global Note] with DTC (CUSIP (CINS) No. [ ]) (the
 “Notes”) for the benefit of __________________ [name of transferor] (the “Transferor”) who
wishes to effect the transfer of the Notes in exchange for an equivalent beneficial interest in a Permanent Regulation S Global
Note for the benefit of __________________ [name of transferee] (the “Transferee”).

 

In connection with such request, and in
respect of such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance with (i) the applicable
transfer restrictions set forth in the Indenture and (ii) Regulation S (“Regulation S”) under the United States
Securities Act of 1933, as amended (the “Securities Act”), and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction.

 

In addition, the Transferor hereby represents,
warrants and covenants for the benefit of the Issuer, Theravance Biopharma R&D, the Trustee, the Registrar, the Transfer Agent,
the Placement Agent and their respective Affiliates that:

 

		1.	the offer of the Notes was not made to a Person in the United States;

 

		2.	at the time the buy order was originated, the Transferee was outside the United States or the Transferor
and any person acting on its behalf reasonably believed that the Transferee was outside the United States;

 

		3.	no directed selling efforts have been made in contravention of the requirements of Rule 903 or
904 of Regulation S, as applicable;

 

    	 	E-2-1	 

     

    

 

		4.	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act;

 

		5.	the Transferee is not a “U.S. Person” as defined in Regulation S;

 

		6.	the Transferee is a Qualified Purchaser;

 

		7.	the Transferee is not a Restricted Party; and

 

		8.	the Transferee, and any account on behalf of which the Transferee is purchasing an interest in
the Notes, will, with respect to the date of purchase, be deemed to have represented and warranted that either (i) it is not a
Plan and is not acting on behalf of a Plan or using Plan Assets to purchase such Notes or (ii) it is a Plan or is acting on behalf
of a Plan or using Plan Assets to purchase such Notes but the purchase and holding of such Notes will not constitute or result
in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code by reason of the application of one or more statutory
or administrative exemptions or otherwise and will not constitute or result in a violation of any Similar Laws.

 

The Transferor understands that the Issuer,
Theravance Biopharma R&D, the Trustee, the Registrar, the Transfer Agent, the Placement Agent, and their respective Affiliates
will rely upon the accuracy and truth of the foregoing representations, and the Transferor hereby consents to such reliance.

 

	 	 	[Name of Transferor]
	 	 	 
	 	 	 
	 	 	By:	 
	 	 
	 	Name:
	 	 	 	Title:

	Dated:	 	 	,	 	 	 	 

 

	Taxpayer Identification Number:	 	Address for Notices to Transferee:

Wire Instructions for Payments to Transferee:

 

	Bank:	 	 
	 	 	 
	Address:  	 	 
	 	 	 
	Bank ABA #:		 	 	Tel:  
		 	 	 
	 	 	 	 	 
	Account No.:		 	 	Fax:
		 	 	 
	 	 	 
	FAO:  	 	Attn.:
	 	 	 
	Attention:  	 	 
	 	 	 

 

Registered Name (if Nominee) of Transferee:

 

		cc:	Triple Royalty Sub II LLC

 

    E-2-2 

    

    

 

EXHIBIT E-3

 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS
TO RULE 144A GLOBAL NOTE

 

U.S. Bank National Association,

as Trustee

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services (Triple
Royalty Sub II LLC)

 

		Re:	Triple Royalty Sub II LLC

Triple II 9.5% Fixed Rate Term Notes due 2035

 

Reference is hereby made to the Indenture,
dated as of February 28, 2020 (the “Indenture”), between Triple Royalty Sub II LLC, as issuer (the “Issuer”),
and U.S. Bank National Association, as initial trustee (the “Trustee”), transfer agent, paying agent, register
agent and calculation agent. Capitalized terms used but not defined herein shall have the meanings assigned to them or incorporated
by reference pursuant to Annex A of the Indenture.

 

This letter relates to U.S. $400,000,000
initial aggregate outstanding principal amount of Triple II 9.5% Fixed Rate Term Notes due 2035 which are held in the form of an
interest in a [Temporary Regulation S Global Note] [Permanent Regulation S Global Note] [IAI Global Note] with DTC (CUSIP (CINS)
No. [ ]) (the “Notes”) for the benefit of __________________ [name of transferor] (the “Transferor”)
who wishes to effect the transfer of the Notes in exchange for an equivalent beneficial interest in a Rule 144A Global Note for
the benefit of __________________ [name of transferee] (the “Transferee”).

 

In connection with such request, and in
respect of such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance with (i) the applicable
transfer restrictions set forth in the Indenture and (ii) Rule 144A (“Rule 144A”) under the United States Securities
Act of 1933, as amended, and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction,
and that the Transferee is purchasing the Notes for its own account or one or more accounts with respect to which the Transferee
exercises sole investment discretion, and, unless the Transferee is the Issuer or any Affiliate of the Issuer, the Transferee and
any such account (A) is both a QIB and a QP, (B) is not a Restricted Party, (C) is aware that the sale to it is being made in reliance
on Rule 144A, (D) is acquiring such Notes for its own account or for the account of a QIB (who is also a QP) over which it exercises
sole investment discretion, (E) is not (and any such account is not) a pension, profit-sharing or other retirement trust fund or
plan in which the partners, beneficiaries or participants, as applicable, may designate the particular investments to be made,
(F) is not (x) a broker dealer of the type described in paragraph (a)(1)(ii) of Rule 144A unless it owns and invests on a discretionary
basis not less than U.S. $25,000,000 in securities of issuers that are not affiliated to it, (y) a participant-directed employee
plan, such as a 401(k) plan, or any other type of plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or (z)
a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, unless investment decisions
with respect to the plan are made solely by the fiduciary, trustee or sponsor of such plan, (G) was not formed or capitalized for
the specific purpose of investing in the Issuer (except where each beneficial holder is both a QIB and a QP), (H) is not a (w)
corporation, (x) partnership, (y) common trust fund or (z) special trust, pension fund or retirement plan in which the shareholders,
equity owners, partners, beneficiaries, beneficial holders or participants, as applicable, may designate the particular investments
to be made, (I) if formed on or before April 30, 1996, is not an investment company that relies on the exclusion from the definition
of “investment company” provided by Section 3(c)(7) of the Investment Company Act (or a foreign investment company
under Section 7(d) thereof relying on Section 3(c)(7) with respect to those of its holders that are U.S. Persons),
unless, with respect to its treatment as a QP, it has, in the manner required by Section 2(a)(51)(C) of the Investment Company
Act and the rules and regulations thereunder, received the consent of its beneficial holders that acquired their interests on or
before April 30, 1996, and (J) is not an entity that, immediately subsequent to its purchase or other acquisition of an interest
in the Notes, will have invested more than 40% of its assets in beneficial interests in the Notes and/or in other securities of
the Issuer (unless all of the beneficial holders of such entity’s securities are QPs).

 

    E-3-1

    

    

 

Further, the Transferor hereby certifies,
represents and warrants that the Transferee, and any account on behalf of which the Transferee is purchasing an interest in the
Notes, will, with respect to the date of purchase, be deemed to represent and warrant that (i) it is not a Plan and is not acting
on behalf of a Plan or using Plan Assets to purchase such Notes or (ii) it is a Plan or is acting on behalf of a Plan or using
Plan Assets to purchase such Notes but the purchase and holding of such Notes will not constitute or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code by reason of the application of one or more statutory or administrative exemptions
or otherwise and will not constitute or result in a violation of any Similar Laws.

 

The Transferor understands that the Issuer,
Theravance Biopharma R&D, the Trustee, the Registrar, the Transfer Agent, the Placement Agent and their respective Affiliates
will rely upon the accuracy and truth of the foregoing representations, and the Transferor hereby consents to such reliance.

 

	 	 	[Name of Transferor]
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

	Dated:	 	 	,	 	 	 	 

 

	Taxpayer Identification Number:	Address for Notices to Transferee:
	
	Wire Instructions for Payments to Transferee:

 

	Bank:  	 	 
	 	 	 
	Address:  	 	 
	 	 	 
	Bank ABA #:		 	 	Tel:  
		 	 	 
	 	 	 	 
	Account No.:		 	Fax:
	 	 	 	 
	 	 	 

	FAO:  	 	Attn.:
	 	 	 
	Attention:  	 	 
	 	 	 

 

Registered Name (if Nominee) of the Transferee:

 

		cc:	Triple Royalty Sub II LLC

 

    E-3-2

     

    

 

EXHIBIT F

 

FORM OF PORTFOLIO INTEREST CERTIFICATE

 

	 	hereby certifies that:	 

 

		1.	It is (one must be checked):

 

		(1)	____a natural individual person;

 

		(2)	____treated as a corporation for U.S. federal income tax purposes;

 

		(3)	____disregarded for U.S. federal income tax purposes (in which case a copy of this certificate
is completed and signed by its sole beneficial holder); or

 

		(4)	____treated as a partnership for U.S. federal income tax purposes (in which case each partner
also has completed as to itself and signed a copy of this certificate and an appropriate IRS Form W-8, a copy of each of which
is attached, or, if applicable, has completed as to itself and signed an IRS Form W-9, a copy of which is attached).

 

		2.	It is not a bank, as such term is used in Section 881(c)(3)(A) of the Internal Revenue Code of
1986, as amended (the “Code”).

 

		3.	It is not a 10-percent shareholder of Triple Royalty Sub II LLC (the “Issuer”)
or Theravance Biopharma R&D, Inc. (the “Equityholder”) within the meaning of Section 871(h)(3) of the Code
or Section 881(c)(3)(B) of the Code.

 

		4.	It is not a controlled foreign corporation that is related to the Issuer or the Equityholder within
the meaning of Section 881(c)(3)(C) of the Code.

 

		5.	Amounts received by it on the Triple II 9.5% Fixed Rate Term Notes due 2035 are not effectively
connected with its conduct of a trade or business in the United States.

 

	 	 
	 	[Fill in name of holder]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	Date:

 

    F-1

    

    

 

EXHIBIT G

 

FORM OF IMPORTANT SECTION 3(c)(7) NOTICE

 

TRIPLE ROYALTY SUB II LLC

 

		DATE:	February 28, 2020

		TO:	All Clearing Agency Participants

 

		FROM:	Triple Royalty Sub II LLC (the “Issuer”)

 

		Re.:	Triple II 9.5% Fixed Rate Term Notes due 2035

(Rule 144A CUSIP No. [ ]; Temporary
Regulation S CUSIP (CINS) No. [ ]; Permanent Regulation S CUSIP (CINS) No. [ ]; IAI CUSIP No. [ ])

(collectively, the
 “Notes”) 

 

The Issuer referred to
above is putting the participants in the Clearing Agency on notice that they are required to follow these purchase and transfer
restrictions with regard to the above-referenced Notes.

 

In order to qualify for
the exemption provided by Section 3(c)(7) under the Investment Company Act of 1940, as amended (the “Investment Company
Act”), and the exemption provided by Rule 144A (“Rule 144A”) under the Securities Act of 1933, as
amended (the “Securities Act”), offers, sales and resales of the above-referenced Notes may only be made to
persons that are (i) “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A that
are also “qualified purchasers” (“QPs”) within the meaning of the Investment Company Act, and (ii)
not U.S. Persons (“U.S. Persons”) as defined in Regulation S (“Regulation S”) under the Securities Act
(“Non-U.S. Persons”) in offshore transactions in accordance with Regulation S that are also QPs.

 

Each purchaser of the
Notes that is acquiring an interest in the Notes pursuant to Rule 144A represents to and agrees with the Issuer that, unless the
purchaser is the Issuer or any Affiliate of the Issuer, the purchaser (1) is both a QIB and a QP, (2) is not a Restricted Party,
(3) is aware that the sale to it is being made in reliance on Rule 144A, (4) is acquiring such Notes for its own account or for
the account of a QIB (who is also a QP) over which it exercises sole investment discretion, (5) is not (and any such account is
not) a pension, profit-sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants, as
applicable, may designate the particular investments to be made, (6) is not (x) a broker dealer of the type described in paragraph
(a)(1)(ii) of Rule 144A unless it owns and invests on a discretionary basis not less than U.S. $25,000,000 in securities of issuers
that are not affiliated to it, (y) a participant-directed employee plan, such as a 401(k) plan, or any other type of plan referred
to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or (z) a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A
that holds the assets of such a plan, unless investment decisions with respect to the plan are made solely by the fiduciary, trustee
or sponsor of such plan, (7) was not formed or capitalized for the specific purpose of investing in the Issuer (except where each
beneficial holder is both a QIB and a QP), (8) is not a (w) corporation, (x) partnership, (y) common trust fund or (z) special
trust, pension fund or retirement plan in which the shareholders, equity owners, partners, beneficiaries, beneficial holders or
participants, as applicable, may designate the particular investments to be made, (9) if formed on or before April 30, 1996, is
not an investment company that relies on the exclusion from the definition of “investment company” provided by Section
3(c)(7) of the Investment Company Act (or a foreign investment company under Section 7(d) thereof relying on Section 3(c)(7) with
respect to those of its holders that are U.S. Persons), unless, with respect to its treatment as a QP, it has, in the manner required
by Section 2(a)(51)(C) of the Investment Company Act and the rules and regulations thereunder, received the consent of its beneficial
holders that acquired their interests on or before April 30, 1996, and (10) is not an entity that, immediately subsequent to its
purchase or other acquisition of an interest in the Notes, will have invested more than 40% of its assets in beneficial interests
in the Notes and/or in other securities of the Issuer (unless all of the beneficial holders of such entity’s securities are
QPs).

 

    G-1

    

    

 

Each purchaser of the
Notes that is acquiring an interest in the Notes pursuant to Regulation S (i) represents to and agrees with the Issuer that the
purchaser is (A) not a U.S. Person and is purchasing the Notes outside the United States in an offshore transaction in reliance
on Regulation S and (B) a QP and (ii) acknowledges that the Issuer has not been registered under the Investment Company Act and
the Notes have not been registered under the Securities Act and represents to and agrees with the Issuer that, for so long as the
Notes are outstanding, it will not offer, resell, pledge or otherwise transfer the Notes in the United States or to a U.S. Person
except to a QIB that is also a QP in a transaction meeting the requirements of Rule 144A. Each purchaser further understands that
the Notes will bear a legend with respect to such transfer restrictions.

 

The Indenture, dated
as of February 28, 2020, entered into between the Issuer and U.S. Bank National Association, as initial trustee, transfer agent,
paying agent, registrar and calculation agent permits the Issuer to compel any non-permitted holder of an interest in the Notes
to sell its interest in the Notes or may sell such interest in the Notes on behalf of such owner. In connection therewith, the
Indenture permits the Issuer to require that the holder of (i) any interest in a Rule 144A Global Note or a holder who was sold
such interest who is determined not to have been both a Qualified Institutional Buyer and a Qualified Purchaser at the time of
acquisition of such interest in a Rule 144A Global Note, in each case other than the Issuer or any Affiliate of the Issuer, or
who is determined to be a Restricted Party, (ii) any interest in a Regulation S Global Note held by a holder that is a U.S. Person,
a holder that is not a Qualified Purchaser or a holder who was sold such interest in the United States, in each case at the time
of the acquisition of such interest, in each case other than the Issuer or any Affiliate of the Issuer, or who is determined to
be a Restricted Party, or (iii) any interest in a Global Note to a Person that otherwise breaches any other ERISA-related representations,
warranties or covenants deemed or required to be made by a Person holding an interest in such Global Note pursuant to this Indenture,
to sell such interest to a transferee that is permitted under the Indenture and, if the holder does not comply with such demand
within thirty (30) days thereof, the Issuer may sell such holder’s interest in the applicable Global Note on such terms as
the Issuer may choose.

 

    G-2

    

    

 

The Issuer will request
that the restrictions on transfer required by it (outlined above) will be reflected under the notation “3c7” in, but
not limited to, the Clearing Agency’s user manual and in upcoming editions of the Clearing Agency’s Reference Directory.

 

	 	TRIPLE ROYALTY SUB II LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    G-3

    

    

 

EXHIBIT H

 

FORM OF NOTEHOLDER CERTIFICATION

 

U.S. Bank National Association

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services (re:
Triple Royalty Sub II LLC)

 

Pursuant
to Section 2.19(c) or Section 12.18 of the Indenture, dated as of February 28, 2020, by and between Triple Royalty Sub II LLC,
a Delaware limited liability company, and U.S. Bank National Association, a national banking association, as initial trustee,
transfer agent, paying agent, registrar and calculation agent (the “Indenture”) as a prerequisite to the exercise
of the voting rights or remedial or other rights assigned to the undersigned under the Indenture and the other Transaction Documents
(which in the case of the other Transaction Documents shall be as a third party beneficiary to such Transaction Documents), the
undersigned hereby certifies and agrees to the following conditions. Capitalized terms used herein but not otherwise defined herein
shall have the respective meanings ascribed thereto in Annex A to the Indenture.

 

		1.	The undersigned is a Noteholder or Beneficial Holder
of Triple II 9.5% Fixed Rate Term Notes due 2035.
	 	 	 

		2.	The undersigned is not a Restricted Party or otherwise
a Non-Permitted Holder.

 

IN WITNESS
WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer.

 

	[Name of Noteholder or Beneficial Holder]
	 
	By:	 	 	Date:	 
	 	Name:	 	 
	 	Title:  	 	 

 

    H-1

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