Document:

Execution Version

 

 

 

 

JUNIOR SUBORDINATED INDENTURE

between

CAPLEASE, LP

and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Trustee

 

________________

 

Dated as of December 13, 2005

 

________________

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I. Definitions and Other Provisions of General Application	1
	 	 
	SECTION 1.1.	Definitions.	1
	SECTION 1.2.	Compliance Certificate and Opinions.	9
	SECTION 1.3.	Forms of Documents Delivered to Trustee.	10
	SECTION 1.4.	Acts of Holders.	11
	SECTION 1.5.	Notices, Etc.  to Trustee and Company.	13
	SECTION 1.6.	Notice to Holders; Waiver.	13
	SECTION 1.7.	Effect of Headings and Table of Contents.	13
	SECTION 1.8.	Successors and Assigns.	13
	SECTION 1.9.	Separability Clause.	14
	SECTION 1.10.	Benefits of Indenture.	14
	SECTION 1.11.	Governing Law.	14
	SECTION 1.12.	Submission to Jurisdiction.	14
	SECTION 1.13.	Non-Business Days.	14
	 	 	 
	ARTICLE II. Security Forms	15
	 	 	 
	SECTION 2.1.	Form of Security.	15
	SECTION 2.2.	Restricted Legend.	19
	SECTION 2.3.	Form of Trustee’s Certificate of Authentication.	21
	SECTION 2.4.	Temporary Securities.	21
	SECTION 2.5.	Definitive Securities.	22
	 	 	 
	ARTICLE III. The Securities	22
	 	 	 
	SECTION 3.1.	Payment of Principal and Interest.	22
	SECTION 3.2.	Denominations.	24
	SECTION 3.3.	Execution, Authentication, Delivery and Dating.	24
	SECTION 3.4.	Global Securities.	25
	SECTION 3.5.	Registration, Transfer and Exchange Generally.	27
	SECTION 3.6.	Mutilated, Destroyed, Lost and Stolen Securities.	29
	SECTION 3.7.	Persons Deemed Owners.	29
	SECTION 3.8.	Cancellation.	30
	SECTION 3.9.	Reserved.	30
	SECTION 3.10.	Reserved.	30
	SECTION 3.11.	Agreed Tax Treatment.	30
	SECTION 3.12.	CUSIP Numbers.	30
	 	 	 
	ARTICLE IV. Satisfaction and Discharge	31
	 	 	 
	SECTION 4.1.	Satisfaction and Discharge of Indenture.	31
	SECTION 4.2.	Application of Trust Money.	32
	 	 	 

 

    	i

    	 

    

 

	ARTICLE V. Remedies	32
	 	 	 
	SECTION 5.1.	Events of Default.	32
	SECTION 5.2.	Acceleration of Maturity; Rescission and Annulment.	33
	SECTION 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee.	34
	SECTION 5.4.	Trustee May File Proofs of Claim.	35
	SECTION 5.5.	Trustee May Enforce Claim Without Possession of Securities.	35
	SECTION 5.6.	Application of Money Collected.	35
	SECTION 5.7.	Limitation on Suits.	36
	SECTION 5.8.	Unconditional Right of Holders to Receive Principal, Premium, if any, and Interest; Direct Action by Holders
        of Preferred Securities.	37
	SECTION 5.9.	Restoration of Rights and Remedies.	37
	SECTION 5.10.	Rights and Remedies Cumulative.	37
	SECTION 5.11.	Delay or Omission Not Waiver.	37
	SECTION 5.12.	Control by Holders.	38
	SECTION 5.13.	Waiver of Past Defaults.	38
	SECTION 5.14.	Undertaking for Costs.	38
	SECTION 5.15.	Waiver of Usury, Stay or Extension Laws.	39
	 	 	 
	ARTICLE VI. The Trustee	39
	 	 	 
	SECTION 6.1.	Corporate Trustee Required.	39
	SECTION 6.2.	Certain Duties and Responsibilities.	39
	SECTION 6.3.	Notice of Defaults.	41
	SECTION 6.4.	Certain Rights of Trustee.	42
	SECTION 6.5.	May Hold Securities.	43
	SECTION 6.6.	Compensation; Reimbursement; Indemnity.	44
	SECTION 6.7.	Resignation and Removal; Appointment of Successor.	45
	SECTION 6.8.	Acceptance of Appointment by Successor.	45
	SECTION 6.9.	Merger, Conversion, Consolidation or Succession to Business.	46
	SECTION 6.10.	Not Responsible for Recitals or Issuance of Securities.	46
	SECTION 6.11.	Appointment of Authenticating Agent.	46
	 	 	 
	ARTICLE VII. Holder’s Lists and Reports by Company	48
	 	 	 
	SECTION 7.1.	Company to Furnish Trustee Names and Addresses of Holders.	48
	SECTION 7.2.	Preservation of Information, Communications to Holders.	48
	SECTION 7.3.	Reports by Company.	49
	 	 	 
	ARTICLE VIII. Consolidation, Merger, Conveyance, Transfer or Lease	50
	 	 	 
	SECTION 8.1.	Company May Consolidate, Etc., Only on Certain Terms.	50
	SECTION 8.2.	Successor Company Substituted.	50

 

    	ii

    	 

    

 

	 	 	 
	ARTICLE IX. Supplemental Indentures	51
	 	 	 
	SECTION 9.1.	Supplemental Indentures without Consent of Holders.	51
	SECTION 9.2.	Supplemental Indentures with Consent of Holders.	52
	SECTION 9.3.	Execution of Supplemental Indentures.	53
	SECTION 9.4.	Effect of Supplemental Indentures.	53
	SECTION 9.5.	Reference in Securities to Supplemental Indentures.	53
	 	 	 
	ARTICLE X. Covenants	53
	 	 	 
	SECTION 10.1.	Payment of Principal, Premium, if any, and Interest.	53
	SECTION 10.2.	Money for Security Payments to be Held in Trust.	53
	SECTION 10.3.	Statement as to Compliance.	54
	SECTION 10.4.	Calculation Agent.	55
	SECTION 10.5.	Additional Tax Sums.	55
	SECTION 10.6.	Additional Covenants.	56
	SECTION 10.7.	Waiver of Covenants.	57
	SECTION 10.8.	Treatment of Securities.	57
	 	 	 
	ARTICLE XI. Redemption of Securities	57
	 	 	 
	SECTION 11.1.	Optional Redemption.	57
	SECTION 11.2.	Special Event Redemption.	57
	SECTION 11.3.	Election to Redeem; Notice to Trustee.	58
	SECTION 11.4.	Selection of Securities to be Redeemed.	58
	SECTION 11.5.	Notice of Redemption.	58
	SECTION 11.6.	Deposit of Redemption Price.	59
	SECTION 11.7.	Payment of Securities Called for Redemption.	59
	 	 	 
	ARTICLE XII. Subordination of Securities	60
	 	 	 
	SECTION 12.1.	Securities Subordinate to Senior Debt.	60
	SECTION 12.2.	
        No Payment When Senior Debt in Default;
Payment Over of Proceeds Upon Dissolution, Etc.
	60
	SECTION 12.3.	Payment Permitted If No Default.	62
	SECTION 12.4.	Subrogation to Rights of Holders of Senior Debt.	62
	SECTION 12.5.	Provisions Solely to Define Relative Rights.	62
	SECTION 12.6.	Trustee to Effectuate Subordination.	63
	SECTION 12.7.	No Waiver of Subordination Provisions.	63
	SECTION 12.8.	Notice to Trustee.	63
	SECTION 12.9.	Reliance on Judicial Order or Certificate of Liquidating Agent.	64
	SECTION 12.10.	Trustee Not Fiduciary for Holders of Senior Debt.	64
	SECTION 12.11.	Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights.	64
	SECTION 12.12.	Article Applicable to Paying Agents	65

 

    	iii

    	 

    

 

SCHEDULES

 

Schedule A–Determination of LIBOR

 

Exhibit A–Form of Officer’s
Financial Certificate

 

    	iv

    	 

    

 

Junior
Subordinated Indenture, dated as of December 13, 2005, between Caplease, LP,
a Delaware limited partnership (the “Company”), and JPMorgan Chase Bank,
National Association, a national banking
association, as Trustee (in such capacity, the “Trustee”).

 

Recitals
of the Company

 

Whereas,
the Company has duly authorized the execution and delivery of this Indenture in order to provide for the issuance of its unsecured
junior subordinated notes (the “Securities”) issued to evidence loans made to the Company of the proceeds from
the issuance by Caplease Statutory Trust I, a Delaware statutory trust (the “Trust”), of undivided preferred
beneficial interests in the assets of the Trust (the “Preferred Securities”) and undivided common beneficial
interests in the assets of the Trust (the “Common Securities” and, collectively with the Preferred Securities,
the “Trust Securities”), and to provide the terms and conditions upon which the Securities are to be authenticated,
issued and delivered; and

 

Whereas,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

Now,
Therefore, this Indenture Witnesseth:

 

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

 

ARTICLE I

Definitions and Other Provisions of General Application

 

SECTION
1.1.Definitions.

 

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

 

(a)the
terms defined in this Article I have the meanings assigned to them in this Article I;

 

(b)the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”;

 

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

 

(d)unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Indenture;

 

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

 

    	 

    	 

    

 

(f)a
reference to the singular includes the plural and vice versa; and

 

(g)the
masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders.

 

“Act”
when used with respect to any Holder, has the meaning specified in Section 1.4.

 

“Administrative
Trustee” means, with respect to the Trust, each Person identified as an “Administrative Trustee” in the Trust
Agreement, solely in its capacity as Administrative Trustee of the Trust under the Trust Agreement and not in its individual capacity,
or its successor in interest in such capacity, or any successor Administrative Trustee appointed as therein provided.

 

“Additional
Interest” means the interest, if any, that shall accrue on any amounts payable on the Securities, the payment of which
has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined
as specified in such Security, in each case to the extent legally enforceable.

 

“Additional
Tax Sums” has the meaning specified in Section 10.5.

 

“Additional
Taxes” means taxes, duties or other governmental charges imposed on the Trust as a result of a Tax Event (which, for
the sake of clarity, does not include amounts required to be deducted or withheld by the Trust from payments made by the Trust
to or for the benefit of the Holder of, or any Person that acquires a beneficial interest in, the Securities).

 

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

 

“Applicable
Depositary Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of the Depositary for such Security, in each case to the extent applicable to such transaction
and as in effect from time to time.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.11 to act on behalf of the Trustee to
authenticate the Securities.

 

“Board of
Directors” means the board of directors of the Company or any duly authorized committee of that board.

 

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

 

“Business
Day” means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in the City of New York
are authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the
Trustee is closed for business.

 

    	2

    	 

    

 

“Calculation
Agent” has the meaning specified in Section 10.4.

 

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

 

“Common Securities”
has the meaning specified in the first recital of this Indenture.

 

“Commission”
has the meaning specified in Section 7.3(c).

 

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

 

“Company Request”
and “Company Order” mean, respectively, the written request or order signed in the name of the Company by its
Chairman of the Board of Directors, its Vice Chairman of the Board of Directors, its Chief Executive Officer, President or a Vice
President, and by its Chief Financial Officer, its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary,
and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of this Indenture is located at 600 Travis, 50th Floor, Houston, Texas
77019 Attn: Worldwide Securities Services—Caplease Statutory Trust I.

 

“Debt”
means, with respect to any Person, whether recourse is to all or a portion of the assets of such Person, whether currently existing
or hereafter incurred and whether or not contingent and without duplication, (i) every obligation of such Person for money borrowed;
(ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations
incurred in connection with the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person
with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv)
every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts
payable or other accrued liabilities arising in the ordinary course of business); (v) every capital lease obligation of such Person;
(vi) all indebtedness of such Person, whether incurred on or prior to the date of this Indenture or thereafter incurred, for claims
in respect of derivative products, including interest rate, foreign exchange rate and commodity forward contracts, options and
swaps and similar arrangements; (vii) every obligation of the type referred to in clauses (i) through (vi) of another Person and
all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable for,
directly or indirectly, as obligor or otherwise; and (viii) any renewals, extensions, refundings, amendments or modifications of
any obligation of the type referred to in clauses (i) through (vii).

 

“Defaulted
Interest” has the meaning specified in Section 3.1.

 

    	3

    	 

    

 

“Delaware
Trustee” means, with respect to the Trust, the Person identified as the “Delaware Trustee” in the Trust Agreement,
solely in its capacity as Delaware Trustee of the Trust under the Trust Agreement and not in its individual capacity, or its successor
in interest in such capacity, or any successor Delaware Trustee appointed as therein provided.

 

“Depositary”
means an organization registered as a clearing agency under the Exchange Act that is designated as Depositary by the Company or
any successor thereto. DTC will be the initial Depositary.

 

“Depositary
Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Depositary
effects book-entry transfers and pledges of securities deposited with the Depositary.

 

“Distributions”
means amounts payable in respect of the Trust Securities as provided in the Trust Agreement and referred to therein as “Distributions.”

 

“Dollar”
or “$” means the currency of the United States of America that, as at the time of payment, is legal tender
for the payment of public and private debts.

 

“DTC”
means The Depository Trust Company, a New York corporation, or any successor thereto.

 

“EDGAR”
has the meaning specified in Section 7.3(c).

 

“Equity Interests”
means (a) the partnership interests (general or limited) in a partnership, (b) the membership interests in a limited liability
company and (c) the shares or stock interests (both common stock and preferred stock) in a corporation.

 

“Event of
Default” has the meaning specified in Section 5.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934 or any statute successor thereto, in each case as amended from time to
time.

 

“Expiration
Date” has the meaning specified in Section 1.4(h).

 

“Fixed Rate
Period” shall have the meaning in the form of Security set forth in Section 2.1.

 

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

 

“Global Security”
means a Security that evidences all or part of the Securities, the ownership and transfers of which shall be made through book
entries by a Depositary.

 

“Government
Obligation” means (a) any security that is (i) a direct obligation of the United States of America of which the full
faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America or the payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at
the option of the issuer thereof, and (b) any depositary receipt issued by a bank (as defined in section 3(a)(2) of the Securities
Act) as custodian with respect to any Government Obligation that is specified in clause (a) above and held by such bank for the
account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any Government
Obligation that is so specified and held, provided, that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect
of the Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

    	4

    	 

    

 

“Guarantor”
means Capital Lease Funding, Inc., a Maryland corporation.

 

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

 

“Indenture”
means this instrument as originally executed or as it may from time to time be amended or supplemented by one or more amendments
or indentures supplemental hereto entered into pursuant to the applicable provisions hereof.

 

“Interest
Payment Date” means January 30, April 30, July 30 and October 30 of each year, commencing on January 30, 2006, during
the term of this Indenture.

 

“Investment
Company Act” means the Investment Company Act of 1940 or any successor statute thereto, in each case as amended from
time to time.

 

“Investment
Company Event” means the receipt by the Company of an Opinion of Counsel experienced in such matters to the effect that,
as a result of the occurrence of a change in law or regulation (including any announced prospective change) or a written change
in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority,
there is more than an insubstantial risk that the Trust is or, within ninety (90) days of the date of such opinion will be, considered
an “investment company” that is required to be registered under the Investment Company Act, which change or prospective
change becomes effective or would become effective, as the case may be, on or after the date of the issuance of the Securities.

 

“LIBOR”
has the meaning specified in Schedule A.

 

“LIBOR Business
Day” has the meaning specified in Schedule A.

 

“LIBOR Determination
Date” has the meaning specified in Schedule A.

 

“Liquidation
Amount” has the meaning specified in the Trust Agreement.

 

“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security or any installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for
redemption or otherwise.

 

    	5

    	 

    

 

“Notice of
Default” means a written notice of the kind specified in Section 5.1(c).

 

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

 

“Opinion of
Counsel” means a written opinion of counsel, who may be counsel for or an employee of the Company or any Affiliate of
the Company.

 

“Optional
Redemption Price” has the meaning set forth in Section 11.1.

 

“Original
Issue Date” means the date of original issuance of each Security.

 

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

 

(i)Securities theretofore
canceled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)Securities for whose payment
or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent in trust for the
Holders of such Securities; provided, that, if such Securities are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(iii)Securities that have
been paid or in substitution for or in lieu of which other Securities have been authenticated and delivered pursuant to the provisions
of this Indenture, unless proof satisfactory to the Trustee is presented that any such Securities are held by Holders in whose
hands such Securities are valid, binding and legal obligations of the Company;

 

provided, that in determining whether
the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or such other obligor shall be disregarded and deemed not to be Outstanding unless the Company shall hold all Outstanding
Securities, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities that a Responsible Officer of the Trustee actually knows to be so owned shall
be so disregarded. Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is
not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. Notwithstanding
anything herein to the contrary, Securities initially issued to the Trust that are owned by the Trust shall be deemed to be Outstanding
notwithstanding the ownership by the Company or an Affiliate of any beneficial interest in the Trust.

 

    	6

    	 

    

 

“Paying Agent”
means the Trustee or any Person (other than the Company or any Affiliate of the Company) authorized by the Company to pay the
principal of or any premium or interest on, or other amounts in respect of, any Securities on behalf of the Company.

 

“Person”
means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company,
company, limited liability company, trust, unincorporated association, or government, or any agency or political subdivision thereof,
or any other entity of whatever nature.

 

“Place of
Payment” means, with respect to the Securities, the Corporate Trust Office of the Trustee.

 

“Preferred
Securities” has the meaning specified in the first recital of this Indenture.

 

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

 

“Proceeding”
has the meaning specified in Section 12.2(b).

 

“Property
Trustee” means the Person identified as the “Property Trustee” in the Trust Agreement, solely in its capacity
as Property Trustee of the Trust under the Trust Agreement and not in its individual capacity, or its successor in interest in
such capacity, or any successor Property Trustee appointed as therein provided.

 

“Purchase
Agreement” means the Purchase Agreement or Purchase Agreements (whether one or more) executed and delivered contemporaneously
with this Indenture by the Trust, the Company and the purchaser(s) named therein, as the same may be amended from time to time.

 

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

 

“Redemption
Price” means, when used with respect to any Security to be redeemed, in whole or in part, the Special Redemption Price
or the Optional Redemption Price, as applicable, at which such Security or portion thereof is to be redeemed as fixed by or pursuant
to this Indenture.

 

“Reference
Banks” has the meaning specified in Schedule A.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date with respect to the Securities means the date that is fifteen
(15) days preceding such Interest Payment Date (whether or not a Business Day).

 

    	7

    	 

    

 

“Responsible
Officer” means, when used with respect to the Trustee, the officer in the Worldwide Securities Services department of
the Trustee having direct responsibility for the administration of this Indenture.

 

“Rights Plan”
means a plan of the Company providing for the issuance by the Company to all holders of its Equity Interests of rights entitling
the holders thereof to subscribe for or purchase Equity Interests or any class or series of Equity Interests in the Company which
rights (i) are deemed to be transferred with such Equity Interests and (ii) are also issued in respect of future issuances of such
Equity Interests, in each case until the occurrence of a specified event or events.

 

“Securities”
or “Security” means any debt securities or debt security, as the case may be, authenticated and delivered
under this Indenture.

 

“Securities
Act” means the Securities Act of 1933 or any successor statute thereto, in each case as amended from time to time.

 

“Securities
Register” and “Securities Registrar” have the respective meanings specified in Section 3.5.

 

“Senior Debt”
means the principal of and any premium and interest on (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to the Company, whether or not such claim for post-petition interest is allowed in such proceeding)
all Debt of the Company, whether incurred on or prior to the date of this Indenture or thereafter incurred, unless it is provided
in the instrument creating or evidencing the same or pursuant to which the same is outstanding, that such obligations are not superior
in right of payment to the Securities issued under this Indenture; provided, that Senior Debt
shall not be deemed to include any (i) debt or (ii) other debt securities (and guarantees, if any, in respect of such debt securities)
issued to any trust other than the Trust (or a trustee of any such trust), partnership or other entity affiliated with the Company
that is a financing vehicle of the Company (a “financing entity”) in connection with the issuance by such financing
entity of equity securities or other securities, in each case of (i) or (ii) pursuant to an instrument that ranks pari passu
with or junior in right of payment to this Indenture.

 

“Special Event”
means the occurrence of an Investment Company Event or a Tax Event.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.1.

 

“Special Redemption
Price” has the meaning set forth in Section 11.2.

 

“Stated Maturity”
means January 30, 2036.

 

“Subsidiary”
of a Person means (a) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at
the time be owned or controlled, directly or indirectly, by such Person and/or by one or more of its Subsidiaries or (b) any partnership,
limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests
having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person and/or by
one or more of its Subsidiaries. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall
mean a Subsidiary of the Company.

 

    	8

    	 

    

 

“Tax Event”
means the receipt by the Company of an Opinion of Counsel experienced in such matters to the effect that, as a result of (a) any
amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United States
or any political subdivision or taxing authority thereof or therein or (b) any judicial decision or any official administrative
pronouncement (including any private letter ruling, technical advice memorandum or field service advice) or regulatory procedure,
including any notice or announcement of intent to adopt any such pronouncement or procedure (an “Administrative Action”),
regardless of whether such judicial decision or Administrative Action is issued to or in connection with a proceeding involving
the Company or the Trust and whether or not subject to review or appeal, which amendment, change, judicial decision or Administrative
Action is enacted, promulgated or announced, in each case, on or after the date of issuance of the Securities, there is more than
an insubstantial risk that (i) the Trust is, or will be within ninety (90) days of the date of such opinion, subject to United
States federal income tax with respect to income received or accrued on the Securities, (ii) interest payable by the Company on
the Securities is not, or within ninety (90) days of the date of such opinion, will not be, deductible by the Company, in whole
or in part, for United States federal income tax purposes, or (iii) the Trust is, or will be within ninety (90) days of the date
of such opinion, subject to more than a de minimis amount of other taxes, duties or other governmental charges.

 

“Trust”
has the meaning specified in the first recital of this Indenture.

 

“Trust Agreement”
means the Amended and Restated Trust Agreement executed and delivered by the Company, the Property Trustee, the Delaware Trustee
and the Administrative Trustees named therein, contemporaneously with the execution and delivery of this Indenture, for the benefit
of the holders of the Trust Securities, as amended or supplemented from time to time.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument, solely in its capacity as
such and not in its individual capacity, until a successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and, thereafter, “Trustee” shall mean or include each Person who is then a Trustee hereunder.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended and as in effect on the date as of this Indenture.

 

“Trust Securities”
has the meaning specified in the first recital of this Indenture.

 

SECTION
1.2.Compliance Certificate and Opinions.

 

(a)Upon any application
or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall, if requested
by the Trustee, furnish to the Trustee an Officers’ Certificate stating that all conditions precedent (including covenants
compliance with which constitutes a condition 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 (including
covenants compliance with which constitutes a condition precedent), if any, have been complied with.

 

    	9

    	 

    

 

(b)Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificate provided
pursuant to Section 10.3) shall include:

 

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

 

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

 

(iii)a
statement that, in the opinion of such individual, 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

 

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

 

SECTION
1.3.Forms of Documents Delivered to Trustee.

 

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

 

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

 

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

 

(d)Whenever, subsequent
to the receipt by the Trustee of any Board Resolution, Officers’ Certificate, Opinion of Counsel or other document or instrument,
a clerical, typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or
instrument may be substituted therefor in corrected form with the same force and effect as if originally received in the corrected
form and, irrespective of the date or dates of the actual execution and/or delivery thereof, such substitute document or instrument
shall be deemed to have been executed and/or delivered as of the date or dates required with respect to the document or instrument
for which it is substituted. Without limiting the generality of the foregoing, any Securities issued under the authority of such
defective document or instrument shall nevertheless be the valid obligations of the Company entitled to the benefits of this Indenture
equally and ratably with all other Outstanding Securities.

 

    	10

    	 

    

 

SECTION
1.4.Acts of Holders.

 

(a)Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given to or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person
or by an agent thereof duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments (including any appointment of an agent) is or are delivered to the Trustee, and,
where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.4.

 

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

 

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

 

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

 

(e)Without limiting
the foregoing, a Holder entitled to take any action hereunder with regard to any particular Security may do so with regard to all
or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to
such appointment with regard to all or any part of such principal amount.

 

    	11

    	 

    

 

(f)Except as set
forth in paragraph (g) of this Section 1.4, the Company may set any day as a record date for the purpose of determining
the Holders of Outstanding Securities entitled to give, make or take any request, demand, authorization, direction, notice, consent,
waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities on such record date, and no other Holders, shall
be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided, that
no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as defined in Section
1.4(h)) by Holders of the requisite principal amount of Outstanding Securities on such record date. Nothing in this paragraph
shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person
be canceled and of no effect). Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities in the manner set forth in Section 1.6.

 

(g)The Trustee
may set any day as a record date for the purpose of determining the Holders of Outstanding Securities entitled to join in the giving
or making of (i) any Notice of Default, (ii) any declaration of acceleration or rescission or annulment thereof referred to in
Section 5.2, (iii) any request to institute proceedings referred to in Section 5.7(b) or (iv) any direction referred
to in Section 5.12. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities on such
record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not
such Holders remain Holders after such record date; provided, that no such action shall be effective hereunder unless taken
on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities on such record
date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be canceled and of no effect). Promptly after any record date is set pursuant to this paragraph,
the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of Securities in the manner set forth in Section 1.6.

 

(h)With respect
to any record date set pursuant to paragraph (f) or (g) of this Section 1.4, the party hereto that sets such record date
may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier
or later day; provided, that no such change shall be effective unless notice of the proposed new Expiration Date is given
to the other party hereto in writing, and to each Holder of Securities in the manner set forth in Section 1.6, on or prior
to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section
1.4, the party hereto that set such record date shall be deemed to have initially designated the ninetieth (90th)
day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the one hundred eightieth (180th)
day after the applicable record date.

 

    	12

    	 

    

 

SECTION
1.5.Notices, Etc. to Trustee and Company.

 

Any request, demand,
authorization, direction, notice, consent, waiver, Act of Holders, or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with:

 

(a)The Trustee
by any Holder, any holder of Preferred Securities or the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with and received by the Trustee at its Corporate Trust Office, or

 

(b)The Company
by the Trustee, any Holder or any holder of Preferred Securities shall be sufficient for every purpose hereunder if in writing
and mailed, first class, postage prepaid, to the Company addressed to it at Caplease, LP, c/o Capital Lease Funding, Inc., 110
Maiden Lane, New York, NY 10005 or at any other address previously furnished in writing to the Trustee by the Company.

 

SECTION
1.6.Notice to Holders; Waiver.

 

Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first class, postage prepaid, to each Holder affected by such event to the address of such Holder as
it appears in the Securities Register, not later than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. If, by reason of the suspension of or irregularities in regular mail service or for any other reason, it
shall be impossible or impracticable to mail notice of any event to Holders when said notice is required to be given pursuant to
any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed
to be a sufficient giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect
to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

SECTION
1.7.Effect of Headings and Table of Contents.

 

The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction of this Indenture.

 

SECTION
1.8.Successors and Assigns.

 

This Indenture shall
be binding upon and shall inure to the benefit of any successor to the Company and the Trustee, including any successor by operation
of law. Except in connection with a transaction involving the Company that is permitted under Article VIII and pursuant
to which the assignee agrees in writing to perform the Company’s obligations hereunder, the Company shall not assign its
obligations hereunder.

 

    	13

    	 

    

 

SECTION
1.9.Separability Clause.

 

If any provision in
this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby, and there shall be deemed substituted for the provision
at issue a valid, legal and enforceable provision as similar as possible to the provision at issue.

 

SECTION
1.10.Benefits of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors and assigns,
the holders of Senior Debt, the Holders of the Securities and, to the extent expressly provided in Sections 5.2, 5.8,
5.9, 5.11, 5.13, 9.2 and 10.7, the holders of Preferred Securities, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

 

SECTION
1.11.Governing Law.

 

This Indenture and
the rights and obligations of each of the Holders, the Company and the Trustee shall be construed and enforced in accordance with
and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than section 5-1401
of the General Obligations Law).

 

SECTION
1.12.Submission to Jurisdiction.

 

ANY LEGAL ACTION
OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS INDENTURE MAY BE BROUGHT IN OR REMOVED TO
THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT
OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS INDENTURE, EACH PARTY ACCEPTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS
OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE.

 

SECTION
1.13.Non-Business Days.

 

If any Interest Payment
Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision
of this Indenture or the Securities) payment of interest, premium, if any, or principal or other amounts in respect of such Security
shall not be made on such date, but shall be made on the next succeeding Business Day (and no interest shall accrue in respect
of the amounts whose payment is so delayed for the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be, until such next succeeding Business Day) except that, if such Business Day falls in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect
as if made on the Interest Payment Date or Redemption Date or at the Stated Maturity.

 

    	14

    	 

    

 

ARTICLE II

Security Forms

 

SECTION
2.1.Form of Security.

 

Any Security issued
hereunder shall be in substantially the following form:

 

CAPLEASE, LP

 

Junior Subordinated Note due 2036

 

No. _____________$30,930,000

 

Caplease, LP, a limited
partnership organized and existing under the laws of Delaware (hereinafter called the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to JPMorgan
Chase Bank, National Association, not in its individual capacity, but solely as Property Trustee for Caplease Statutory Trust I,
or registered assigns, the principal sum of Thirty Million Nine Hundred Thirty Thousand ($30,930,000) [if the Security is
a Global Security, then insert— or such other principal amount represented hereby as may be set forth in the records of the
Securities Registrar hereinafter referred to in accordance with the Indenture] on January 30, 2036. The Company further
promises to pay interest on said principal sum from December 13, 2005, or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing
January 30, 2006, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in
respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding
Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, at a
fixed rate equal to 7.68% per annum through the interest payment date in January 30, 2016 (“Fixed Rate Period”)
and thereafter at a variable rate equal to LIBOR plus 2.60% per annum, together with Additional Tax Sums, if any,
as provided in Section 10.5 of the Indenture, until the principal hereof is paid or duly provided for or made available
for payment; provided, further, that any overdue principal, premium, if any, or Additional Tax Sums and any overdue
installment of interest shall bear Additional Interest at a fixed rate equal to 7.68% through the interest payment date in January
30, 2016 and thereafter at a variable rate equal to LIBOR plus 2.60% per annum (to the extent that the payment of such interest
shall be legally enforceable), compounded quarterly, from the dates such amounts are due until they are paid or made available
for payment, and such interest shall be payable on demand.

 

    	15

    	 

    

 

During the Fixed Rate
Period, the amount of interest payable shall be computed on the basis of a 360-day year of twelve 30-day months and the amount
payable for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day
months. Upon expiration of the Fixed Rate Period, the amount of interest payable for any Interest Payment Period will be computed
on the basis of a 360-day year and the actual number of days elapsed in the relevant interest period. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities not less than ten (10) days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Payment of principal
of, premium, if any, and interest on this Security shall be made in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest
due at the Maturity of this Security shall be made at the Place of Payment upon surrender of such Securities to the Paying Agent,
and payments of interest shall be made, subject to such surrender where applicable, by wire transfer
at such place and to such account at a banking institution in the United States as may
be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled
thereto unless proper written transfer instructions have not been received by the relevant record date,
in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security
Register. Notwithstanding the foregoing, so long as the Holder of this Security is the Property Trustee, the payment of the principal
of (and premium, if any) and interest (including any overdue installment of interest and Additional Tax Sums, if any) on this Security
will be made at such place and to such account as may be designated by the Property Trustee.

 

The indebtedness evidenced
by this Security is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Debt, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder
of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee
on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c)
appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior
Debt, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions.

 

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

 

    	16

    	 

    

 

[FORM OF REVERSE OF SECURITY]

 

This Security is one
of a duly authorized issue of securities of the Company (the “Securities”) issued under the Junior Subordinated
Indenture, dated as of December 13, 2005 (the “Indenture”), between the Company and JPMorgan Chase Bank, National
Association, as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt, the Holders
of the Securities and the holders of the Preferred Securities, and of the terms upon which the Securities are, and are to be, authenticated
and delivered.

 

All terms used in this
Security that are defined in the Indenture or in the Amended and Restated Trust Agreement, dated as of December 13, 2005 (as modified,
amended or supplemented from time to time, the “Trust Agreement”), relating to Caplease Statutory Trust I (the
“Trust”) among the Company, as Depositor, the Trustees named therein and the Holders from time to time of the
Trust Securities issued pursuant thereto, shall have the meanings assigned to them in the Indenture or the Trust Agreement, as
the case may be.

 

The Company may, on
any Interest Payment Date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written
notice to the Holders of the Securities (unless a shorter notice period shall be satisfactory to the Trustee) on or after January
30, 2011 and subject to the terms and conditions of Article XI of the Indenture, redeem this Security in whole at any time
or in part from time to time at a Redemption Price equal to one hundred percent (100%) of the principal amount hereof, together,
in the case of any such redemption, with accrued interest, including any Additional Interest, through but excluding the date fixed
as the Redemption Date.

 

In addition, upon the
occurrence and during the continuation of a Special Event, the Company may, at its option, upon not less than thirty (30) days’
nor more than sixty (60) days’ written notice to the Holders of the Securities (unless a shorter notice period shall be satisfactory
to the Trustee), redeem this Security, in whole but not in part, subject to the terms and conditions of Article XI of the
Indenture at a Redemption Price equal to one hundred seven and one half percent (107.5%) of the principal amount hereof, together,
in the case of any such redemption, with accrued interest, including any Additional Interest, through but excluding the date fixed
as the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof. If less than all the Securities are to be redeemed, the particular Securities to be
redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Securities
not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security.

 

The Indenture permits,
with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or
indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities,
with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities. The Indenture also
contains provisions permitting Holders of specified percentages in principal amount of the Securities, on behalf of the Holders
of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof
or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

    	17

    	 

    

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest
(to the extent legally enforceable), on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is restricted to transfers to “Qualified
Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended), and is registrable in the Securities
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained for such
purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities
Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one
or more new Securities, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees.

 

The Securities are
issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a like
aggregate principal amount of Securities and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

The Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof
for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

The Company and, by
its acceptance of this Security or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest
in, this Security agree that, for United States federal, state and local tax purposes, it is intended that this Security constitute
indebtedness.

 

    	18

    	 

    

 

This Security shall
be construed and enforced in accordance with and governed by the laws of the State of New York, without reference to its conflict
of laws provisions (other than Section 5-1401 of the General Obligations Law).

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed on this ____ day of __________, 20__.

 

Caplease,
LP

 

By:CLF OP General
Partner LLC,

its sole General
Partner

 

By:                                                   

Name: [_______________]

Title: [_______________]

 

 

SECTION
2.2.Restricted Legend.

 

(a)Any Security
issued hereunder shall bear a legend in substantially the following form:

 

“[IF THIS SECURITY IS A GLOBAL SECURITY,
INSERT: THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE
OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.]

 

    	19

    	 

    

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND SUCH SECURITIES, AND ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY SECURITIES IS HEREBY NOTIFIED THAT THE SELLER
OF THE SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
UNDER THE SECURITIES ACT.

 

THE HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE
AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE
COMPANY OR (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51)
OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY SECURITIES FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED
ONLY IN BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED
TRANSFER OF SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 AND MULTIPLES
OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW,
ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE
DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES.

 

THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN,
BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT
ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”),
OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY,
AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER
OR HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT
IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING
THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.”

 

    	20

    	 

    

 

(b)The above legends
shall not be removed from any Security unless there is delivered to the Company satisfactory evidence, which may include an Opinion
of Counsel, as may be reasonably required to ensure that any future transfers thereof may be made without restriction under or
violation of the provisions of the Securities Act and other applicable law. Upon provision of such satisfactory evidence, the Company
shall execute and deliver to the Trustee, and the Trustee shall deliver, upon receipt of a Company Order directing it to do so,
a Security that does not bear the legend.

 

SECTION
2.3.Form of Trustee’s Certificate of Authentication.

 

The Trustee’s
certificate of authentication shall be in substantially the following form:

 

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

 

		Dated:	JPMorgan Chase Bank, National Association,

			not in its individual capacity, but solely as Trustee

 

			By: __________________________________

Authenticating Agent

 

By: __________________________________

Authorized Signatory 

 

SECTION
2.4.Temporary Securities.

 

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

 

(b)If temporary
Securities are issued, the Company will cause definitive Securities to be prepared without unreasonable delay. After the preparation
of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at the office or agency of the Company designated for that purpose without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor one or more definitive Securities of any authorized denominations having the same Original Issue Date and
Stated Maturity and having the same terms as such temporary Securities. Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities.

 

    	21

    	 

    

 

SECTION
2.5.Definitive Securities.

 

The Securities issued
on the Original Issue Date shall be in definitive form. The definitive Securities shall be printed, lithographed or engraved, or
produced by any combination of these methods, if required by any securities exchange on which the Securities may be listed, on
a steel engraved border or steel engraved borders or may be produced in any other manner permitted by the rules of any securities
exchange on which the Securities may be listed, all as determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

 

ARTICLE III

The Securities

 

SECTION
3.1.Payment of Principal and Interest.

 

(a)The unpaid principal
amount of the Securities shall bear interest at a fixed rate equal to 7.68% per annum through the interest payment date in January
30, 2016 and thereafter at a variable rate of LIBOR plus 2.60% per annum until paid or duly provided for, such interest
to accrue from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, and any overdue principal, premium, if any, or Additional Tax Sums and any overdue installment of interest shall bear Additional
Interest at a fixed rate equal to 7.68% per annum through the interest payment date in January 30, 2016 and thereafter at a variable
rate of LIBOR plus 2.60% per annum compounded quarterly from the dates such amounts are due until they are paid or funds
for the payment thereof are made legally available for payment.

 

(b)Interest and
Additional Interest on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date
shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, except that interest and any Additional Interest payable on the Stated Maturity (or
any date of principal repayment upon early maturity) of the principal of a Security or on a Redemption Date shall be paid to the
Person to whom principal is paid. The initial payment of interest on any Security that is issued between a Regular Record Date
and the related Interest Payment Date shall be payable as provided in such Security.

 

(c)Any interest
on any Security that is due and payable, but is not timely paid or duly provided for, on any Interest Payment Date for Securities
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election
in each case, as provided in paragraph (i) or (ii) below:

 

    	22

    	 

    

 

(i)The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest (a “Special
Record Date”), which shall be fixed in the following manner. At least thirty (30) days prior to the date of the proposed
payment, the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security
and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest, which shall be not more than fifteen (15) days and not less than ten (10) days prior to the date of the proposed
payment and not less than ten (10) days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first class, postage prepaid,
to each Holder of a Security at the address of such Holder as it appears in the Securities Register not less than ten (10) days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities (or their respective
Predecessor Securities) are registered on such Special Record Date; or

 

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

 

(d)Payments of
interest on the Securities shall include interest accrued to but excluding the respective Interest Payment Dates. During the Fixed
Rate Period, the amount of interest payable shall be computed on the basis of a 360-day year of twelve 30-day months and the amount
payable for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day
months. Upon expiration of the Fixed Rate Period, the amount of interest payable for any Interest Payment Period will be computed
on the basis of a 360-day year and the actual number of days elapsed in the relevant interest period.

 

(e)Payment of principal
of, premium, if any, and interest on the Securities shall be made in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest
due at the Maturity of such Securities shall be made at the Place of Payment upon surrender of such Securities to the Paying Agent
and payments of interest shall be made subject to such surrender where applicable, by wire transfer
at such place and to such account at a banking institution in the United States as may
be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled
thereto unless proper written transfer instructions have not been received by the relevant record date,
in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security
Register. Notwithstanding the foregoing, so long as the holder of this Security is the Property Trustee, the payment of the principal
of (and premium, if any) and interest (including any overdue installment of interest and Additional Tax Sums, if any) on this Security
will be made at such place and to such account as may be designated by the Property Trustee.

 

    	23

    	 

    

 

(f)The parties
hereto acknowledge and agree that the holders of the Preferred Securities have certain rights to direct the Company to modify the
Interest Payment Dates and corresponding Redemption Date and Stated Maturity and the expiration of the lockout period of the Securities
or a portion of the Securities pursuant to the Purchase Agreement, provided, that in no event will such modified Interest
Payment Dates and corresponding Redemption Date and Stated Maturity and expiration of the lockout period of the Securities vary
by more than sixty (60) calendar days from the original Interest Payment Dates and corresponding Redemption Date and Stated Maturity
and expiration of the lockout period of the Securities. In the event any such modifications are made to the Securities or a portion
of the Securities, appropriate changes to the form of Security set forth in Article II hereof shall be made prior to the
issuance and authentication of new or replacement Securities. Any such modification of the Interest Payment Date, the corresponding
Redemption Date and the Stated Maturity or the expiration of the lockout period with respect to any Securities or tranche of Securities
shall not require or be subject to the consent of the Trustee.

 

(g)Subject to the
foregoing provisions of this Section 3.1, each Security delivered under this Indenture upon transfer of or in exchange for
or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such
other Security.

 

SECTION
3.2.Denominations.

 

The Securities shall
be in registered form without coupons and shall be issuable in minimum denominations of $100,000 and any integral multiple of $1,000
in excess thereof.

 

SECTION
3.3.Execution, Authentication, Delivery and Dating.

 

(a)At any time
and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities in an aggregate principal
amount (including all then Outstanding Securities) not in excess of Thirty Million Nine Hundred Thirty Thousand Dollars ($30,930,000)
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. In authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall be entitled to receive, and shall be fully protected in relying upon:

 

    	24

    	 

    

 

(i)a
copy of any Board Resolution relating thereto; and

 

(ii)an
Opinion of Counsel stating that: (1) such Securities, when authenticated and delivered by the Trustee and issued by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute, and the Indenture constitutes,
valid and legally binding obligations of the Company, each enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles; (2) the Securities have been duly authorized and executed by the Company and have been
delivered to the Trustee for authentication in accordance with this Indenture; (3) the Securities are not required to be registered
under the Securities Act; and (4) the Indenture is not required to be qualified under the Trust Indenture Act.

 

(b)The Securities
shall be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer,
its President or one of its Vice Presidents. The signature of any of these officers on the Securities may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall
bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Securities or did not hold such offices at the date of such Securities.

 

(c)No Security
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security
a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of
one of its authorized signatories, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have
been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 3.8, for all purposes of this Indenture such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

(d)Each Security
shall be dated the date of its authentication.

 

SECTION
3.4.Global Securities.

 

(a)Upon the election
of the Holder after the Original Issue Date, which election need not be in writing, the Securities owned by such Holder shall be
issued in the form of one or more Global Securities registered in the name of the Depositary or its nominee. Each Global Security
issued under this Indenture shall be registered in the name of the Depositary designated by the Company for such Global Security
or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security
shall constitute a single Security for all purposes of this Indenture.

 

    	25

    	 

    

 

(b)Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for registered Securities, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (i) such Depositary advises the Trustee and the Company in writing that such Depositary
is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Global Security, and
no qualified successor is appointed by the Company within ninety (90) days of receipt by the Company of such notice, (ii) such
Depositary ceases to be a clearing agency registered under the Exchange Act and no successor is appointed by the Company within
ninety (90) days after obtaining knowledge of such event, (iii) the Company executes and delivers to the Trustee a Company Order
stating that the Company elects to terminate the book-entry system through the Depositary or (iv) an Event of Default shall have
occurred and be continuing. Upon the occurrence of any event specified in clause (i), (ii), (iii) or (iv) above, the Trustee shall
notify the Depositary and instruct the Depositary to notify all owners of beneficial interests in such Global Security of the occurrence
of such event and of the availability of Securities to such owners of beneficial interests requesting the same. The Trustee may
conclusively rely, and be protected in relying, upon the written identification of the owners of beneficial interests furnished
by the Depositary, and shall not be liable for any delay resulting from a delay by the Depositary. Upon the issuance of such Securities
and the registration in the Securities Register of such Securities in the names of the Holders of the beneficial interests therein,
the Trustees shall recognize such holders of beneficial interests as Holders.

 

(c)If any Global
Security is to be exchanged for other Securities or canceled in part, or if another Security is to be exchanged in whole or in
part for a beneficial interest in any Global Security, then either (i) such Global Security shall be so surrendered for exchange
or cancellation as provided in this Article III or (ii) the principal amount thereof shall be reduced or increased by an
amount equal to (x) the portion thereof to be so exchanged or canceled, or (y) the principal amount of such other Security to be
so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of
the Securities Registrar, whereupon the Trustee, in accordance with the Applicable Depositary Procedures, shall instruct the Depositary
or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a
Global Security by the Depositary, accompanied by registration instructions, the Company shall execute and the Trustee shall authenticate
and deliver any Securities issuable in exchange for such Global Security (or any portion thereof) in accordance with the instructions
of the Depositary. The Trustee shall not be liable for any delay in delivery of such instructions and may conclusively rely on,
and shall be fully protected in relying on, such instructions.

 

(d)Every Security
authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered
in the name of a Person other than the Depositary for such Global Security or a nominee thereof.

 

(e)Securities distributed
to holders of Book-Entry Preferred Securities (as defined in the applicable Trust Agreement) upon the dissolution of the Trust
shall be distributed in the form of one or more Global Securities registered in the name of a Depositary or its nominee, and deposited
with the Securities Registrar, as custodian for such Depositary, or with such Depositary, for credit by the Depositary to the respective
accounts of the beneficial owners of the Securities represented thereby (or such other accounts as they may direct). Securities
distributed to holders of Preferred Securities other than Book-Entry Preferred Securities upon the dissolution of the Trust shall
not be issued in the form of a Global Security or any other form intended to facilitate book-entry trading in beneficial interests
in such Securities.

 

    	26

    	 

    

 

(f)The Depositary
or its nominee, as the registered owner of a Global Security, shall be the Holder of such Global Security for all purposes under
this Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to
the Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global Security shall be shown
only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee
or its Depositary Participants. The Securities Registrar and the Trustee shall be entitled to deal with the Depositary for all
purposes of this Indenture relating to a Global Security (including the payment of principal and interest thereon and the giving
of instructions or directions by owners of beneficial interests therein and the giving of notices) as the sole Holder of the Security
and shall have no obligations to the owners of beneficial interests therein. Neither the Trustee nor the Securities Registrar shall
have any liability in respect of any transfers effected by the Depositary.

 

(g)The rights of
owners of beneficial interests in a Global Security shall be exercised only through the Depositary and shall be limited to those
established by law and agreements between such owners and the Depositary and/or its Depositary Participants.

 

(h)No holder of
any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with
respect to such Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or
the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee nor any agent of
the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made
on account of beneficial ownership interests of a Global Security or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or
any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished
by a Depositary or impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices
governing the exercise of the rights of the Depositary (or its nominee) as Holder of any Security.

 

SECTION
3.5.Registration, Transfer and Exchange Generally.

 

(a)The Trustee
shall cause to be kept at the Corporate Trust Office a register (the “Securities Register”) in which the registrar
and transfer agent with respect to the Securities (the “Securities Registrar”), subject to such reasonable regulations
as it may prescribe, shall provide for the registration of Securities and of transfers and exchanges of Securities. The Trustee
shall at all times also be the Securities Registrar. The provisions of Article VI shall apply to the Trustee in its role
as Securities Registrar.

 

(b)Subject to compliance
with Section 2.2(b), upon surrender for registration of transfer of any Security at the offices or agencies of the Company
designated for that purpose the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of any authorized denominations of like tenor and aggregate principal amount.

 

    	27

    	 

    

 

(c)At the option
of the Holder, Securities may be exchanged for other Securities of any authorized denominations, of like tenor and aggregate principal
amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the
exchange is entitled to receive.

 

(d)All Securities
issued upon any transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.

 

(e)Every Security
presented or surrendered for transfer or exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar, duly executed
by the Holder thereof or such Holder’s attorney duly authorized in writing.

 

(f)No service charge
shall be made to a Holder for any transfer or exchange of Securities, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities.

 

(g)Neither the
Company nor the Trustee shall be required pursuant to the provisions of this Section 3.5 (g): (i) to issue, register the
transfer of or exchange any Security during a period beginning at the opening of business fifteen (15) days before the day of selection
for redemption of Securities pursuant to Article XI and ending at the close of business on the day of mailing of the notice
of redemption or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except,
in the case of any such Security to be redeemed in part, any portion thereof not to be redeemed.

 

(h)The Company
shall designate an office or offices or agency or agencies where Securities may be surrendered for registration or transfer or
exchange. The Company initially designates the Corporate Trust Office as its office and agency for such purposes. The Company shall
give prompt written notice to the Trustee and to the Holders of any change in the location of any such office or agency.

 

(i)The Securities
may only be transferred to a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company
Act.

 

(j)Neither the
Trustee nor the Securities Registrar shall be responsible for ascertaining whether any transfer hereunder complies with the registration
provisions of or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction,
ERISA, the Code, or the Investment Company Act; provided, that if a certificate is specifically required by the express terms of
this Section 3.5 to be delivered to the Trustee or the Securities Registrar by a Holder or transferee of a Security, the Trustee
and the Securities Registrar shall be under a duty to receive and examine the same to determine whether or not the certificate
substantially conforms on its face to the requirements of this Indenture and shall promptly notify the party delivering the same
if such certificate does not comply with such terms.

 

    	28

    	 

    

 

SECTION
3.6.Mutilated, Destroyed, Lost and Stolen Securities.

 

(a)If any mutilated
Security is surrendered to the Trustee together with such security or indemnity as may be required by the Trustee to save the Company
and the Trustee harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of like tenor and aggregate principal amount and bearing a number not contemporaneously outstanding.

 

(b)If there shall
be delivered to the Trustee (i) evidence to its satisfaction of the destruction, loss or theft of any Security and (ii) such security
or indemnity as may be required by it to save each of the Company and the Trustee harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon
its written request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of like tenor and aggregate principal amount as such destroyed, lost or stolen Security, and bearing a number not contemporaneously
outstanding.

 

(c)If any such
mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.

 

(d)Upon the issuance
of any new Security under this Section 3.6, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

 

(e)Every new Security
issued pursuant to this Section 3.6 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at
any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Securities duly issued hereunder.

 

(f)The provisions
of this Section 3.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

SECTION
3.7.Persons Deemed Owners.

 

The Company, the Trustee
and any agent of the Company or the Trustee shall treat the Person in whose name any Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and any interest on such Security and for all other purposes whatsoever,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

    	29

    	 

    

 

SECTION
3.8.Cancellation.

 

All Securities surrendered
for payment, redemption, transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee,
and any such Securities and Securities surrendered directly to the Trustee for any such purpose shall be promptly canceled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
that the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section
3.8, except as expressly permitted by this Indenture. All canceled Securities shall be retained or disposed of by the Trustee
in accordance with its customary practices and the Trustee shall deliver to the Company a certificate of such disposition.

 

SECTION
3.9.Reserved.

 

SECTION
3.10.Reserved.

 

SECTION
3.11.Agreed Tax Treatment.

 

Each Security issued
hereunder shall provide that the Company and, by its acceptance or acquisition of a Security or a beneficial interest therein,
the Holder of, and any Person that acquires a direct or indirect beneficial interest in, such Security, intend and agree to treat
such Security as indebtedness of the Company for United States Federal, state and local tax purposes and to treat the Preferred
Securities (including but not limited to all payments and proceeds with respect to the Preferred Securities) as an undivided beneficial
ownership interest in the Securities (and any other Trust property) (and payments and proceeds therefrom, respectively) for United
States Federal, state and local tax purposes. The provisions of this Indenture shall be interpreted to further this intention and
agreement of the parties.

 

SECTION
3.12.CUSIP Numbers.

 

The Company in issuing
the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption and other similar or related materials as a convenience to Holders; provided, that any
such notice or other materials may state that no representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of redemption or other materials and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of
such numbers.

 

    	30

    	 

    

 

ARTICLE IV

Satisfaction and Discharge

 

SECTION
4.1.Satisfaction and Discharge of Indenture.

 

This Indenture shall,
upon Company Request, cease to be of further effect (except as to any surviving rights of registration of transfer or exchange
of Securities herein expressly provided for and as otherwise provided in this Section 4.1) and the Trustee, on written demand
of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture,
when

 

(a)either

 

(i)all
Securities theretofore authenticated and delivered (other than (A) Securities that have been mutilated, destroyed, lost or stolen
and that have been replaced or paid as provided in Section 3.6 and (B) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust as provided in Section 10.2) have been delivered to the Trustee for cancellation; or

 

(ii)all
such Securities not theretofore delivered to the Trustee for cancellation

 

(A)have
become due and payable, or

 

(B)will
become due and payable at their Stated Maturity within one year of the date of deposit, or

 

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

 

and the Company, in the case of subclause (ii)(A),
(B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose (x) an amount
in the currency or currencies in which the Securities are payable, (y) Government Obligations which through the scheduled payment
of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment,
money in an amount or (z) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest (including
any Additional Interest) to the date of such deposit (in the case of Securities that have become due and payable) or to the Stated
Maturity (or any date of principal repayment upon early maturity) or Redemption Date, as the case may be;

 

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

 

    	31

    	 

    

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.6, the obligations of the Company to any
Authenticating Agent under Section 6.11 and, if money shall have been deposited with the Trustee pursuant to subclause (a)(ii)
of this Section 4.1, the obligations of the Trustee under Section 4.2 and Section 10.2(e) shall survive.

 

SECTION
4.2.Application of Trust Money.

 

Subject to the provisions
of Section 10.2(e), all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied
by the Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment in accordance with Section
3.1, either directly or through any Paying Agent as the Trustee may determine in good faith, to the Persons entitled thereto,
of the principal and any premium and interest (including any Additional Interest) for the payment of which such money or obligations
have been deposited with or received by the Trustee. Moneys held by the Trustee under this Section 4.2 shall not be subject
to the claims of holders of Senior Debt under Article XII.

 

ARTICLE V

Remedies

 

SECTION
5.1.Events of Default.

 

“Event of
Default” means, wherever used herein with respect to the Securities, any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a)default in the
payment of any interest upon any Security, including any Additional Interest in respect thereof, when it becomes due and payable,
and continuance of such default for a period of thirty (30) days; or

 

(b)default in the
payment of the principal of or any premium on any Security at its Maturity; or

 

(c)default in the
performance, or breach, of any covenant or warranty of the Company in this Indenture or the Purchase Agreement and continuance
of such default or breach for a period of thirty (30) days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least twenty five percent (25%) in aggregate principal
amount of the Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder;

 

    	32

    	 

    

 

(d)the entry by
a court having jurisdiction in the premises of a decree or order adjudging the Company a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under
any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such
other decree or order unstayed and in effect for a period of sixty (60) consecutive days;

 

(e)the institution
by the Company of proceedings to be adjudicated a bankrupt or insolvent, or the consent by the Company to the institution of bankruptcy
or insolvency proceedings against it, or the filing by the Company of a petition or answer or consent seeking reorganization or
relief under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law, or the consent by it
to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due
and its willingness to be adjudicated a bankrupt or insolvent, or the taking of corporate action by the Company in furtherance
of any such action; or

 

(f)the Trust shall
have voluntarily or involuntarily liquidated, dissolved, wound-up its business or otherwise terminated its existence, except in
connection with (1) the distribution of the Securities to holders of the Preferred Securities in liquidation of their interests
in the Trust, (2) the redemption of all of the outstanding Preferred Securities or (3) certain mergers, consolidations
or amalgamations, each as and to the extent permitted by the Trust Agreement.

 

SECTION
5.2.Acceleration of Maturity; Rescission and Annulment.

 

(a)If an Event
of Default occurs and is continuing, then and in every such case the Trustee or the Holders of not less than twenty five percent
(25%) in aggregate principal amount of the Outstanding Securities may declare the principal amount of all the Securities to be
due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided, that if,
upon an Event of Default, the Trustee or the Holders of not less than twenty five percent (25%) in principal amount of the Outstanding
Securities fail to declare the principal of all the Outstanding Securities to be immediately due and payable, the holders of at
least twenty five percent (25%) in aggregate Liquidation Amount of the Preferred Securities then outstanding shall have the right
to make such declaration by a notice in writing to the Property Trustee, the Company and the Trustee; and upon any such declaration
the principal amount of and the accrued interest (including any Additional Interest) on all the Securities shall become immediately
due and payable.

 

(b)At any time
after such a declaration of acceleration with respect to Securities has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter provided in this Article V, the Holders of a majority in aggregate
principal amount of the Outstanding Securities, by written notice to the Indenture Trustee, or the holders of a majority in aggregate
Liquidation Amount of the Preferred Securities, by written notice to the Property Trustee, the Company and the Trustee, may rescind
and annul such declaration and its consequences if:

 

    	33

    	 

    

 

(i)the
Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)all
overdue installments of interest on all Securities,

 

(B)any
accrued Additional Interest on all Securities,

 

(C)the
principal of and any premium on any Securities that have become due otherwise than by such declaration of acceleration and interest
(including any Additional Interest) thereon at the rate borne by the Securities, and

 

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

 

(ii)all
Events of Default with respect to Securities, other than the non-payment of the principal of Securities that has become due solely
by such acceleration, have been cured or waived as provided in Section 5.13;

 

provided, that if the Holders of
such Securities fail to annul such declaration and waive such default, the holders of not less than a majority in aggregate Liquidation
Amount of the Preferred Securities then outstanding shall also have the right to rescind and annul such declaration and its consequences
by written notice to the Property Trustee, the Company and the Trustee, subject to the satisfaction of the conditions set forth
in paragraph (b) of this Section 5.2. No such rescission shall affect any subsequent default or impair any right consequent
thereon.

 

SECTION
5.3.Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)The Company
covenants that if:

 

(i)default
is made in the payment of any installment of interest (including any Additional Interest) on any Security when such interest becomes
due and payable and such default continues for a period of thirty (30) days, or

 

(ii)default
is made in the payment of the principal of and any premium on any Security at the Maturity thereof,

 

the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and any premium and interest (including any Additional Interest) and, in addition thereto, all amounts owing the
Trustee under Section 6.6.

 

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

 

    	34

    	 

    

 

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

 

SECTION
5.4.Trustee May File Proofs of Claim.

 

In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or similar judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized hereunder in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to first pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts owing the Trustee, any predecessor Trustee and other Persons under
Section 6.6.

 

SECTION
5.5.Trustee May Enforce Claim Without Possession of Securities.

 

All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, subject to Article XII
and after provision for the payment of all the amounts owing the Trustee, any predecessor Trustee and other Persons under Section
6.6, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

SECTION
5.6.Application of Money Collected.

 

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

 

    	35

    	 

    

 

FIRST: To the payment
of all amounts due the Trustee, any predecessor Trustee and other Persons under Section 6.6;

 

SECOND: To the payment
of all Senior Debt of the Company if and to the extent required by Article XII;

 

THIRD: Subject to Article
XII, to the payment of the amounts then due and unpaid upon the Securities for principal and any premium and interest (including
any Additional Interest) in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities for principal and any premium and interest
(including any Additional Interest), respectively; and

 

FOURTH: The balance,
if any, to the Person or Persons entitled thereto.

 

SECTION
5.7.Limitation on Suits.

 

Subject to Section
5.8, no Holder of any Securities shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture or for the appointment of a custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official)
or for any other remedy hereunder, unless:

 

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

 

(b)the Holders
of not less than a majority in aggregate principal amount of the Outstanding Securities shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

    	36

    	 

    

 

SECTION
5.8.Unconditional Right of Holders to Receive Principal, Premium, if any, and Interest; Direct Action by Holders of
Preferred Securities.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and any premium on such Security at its Maturity and payment of interest (including any Additional
Interest) on such Security when due and payable and to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder. Any registered holder of the Preferred Securities shall have the right, upon
the occurrence of an Event of Default described in Section 5.1(a) or Section 5.1(b), to institute a suit directly
against the Company for enforcement of payment to such holder of principal of and any premium and interest (including any Additional
Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount of the Preferred Securities held
by such holder.

 

SECTION
5.9.Restoration of Rights and Remedies.

 

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

 

SECTION
5.10.Rights and Remedies Cumulative.

 

Except as otherwise
provided in Section 3.6(f), no right or remedy herein conferred upon or reserved to the Trustee or the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

SECTION
5.11.Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee, any Holder of any Securities or any holder of any Preferred Security to exercise any right or remedy accruing upon
any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article V or by law to the Trustee or to the Holders and the right and remedy
given to the holders of Preferred Securities by Section 5.8 may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee, the Holders or the holders of Preferred Securities, as the case may be.

 

    	37

    	 

    

 

SECTION
5.12.Control by Holders.

 

The Holders of not
less than a majority in aggregate principal amount of the Outstanding Securities (or, as the case may be, the holders of a majority
in aggregate Liquidation Amount of Preferred Securities) shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided,
that:

 

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

 

(b)the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction, and

 

(c)subject to the
provisions of Section 6.2, the Trustee shall have the right to decline to follow such direction if a Responsible Officer
or Officers of the Trustee shall, in good faith, reasonably determine that the proceeding so directed would be unjustly prejudicial
to the Holders not joining in any such direction or would involve the Trustee in personal liability.

 

SECTION
5.13.Waiver of Past Defaults.

 

(a)The Holders
of not less than a majority in aggregate principal amount of the Outstanding Securities or the holders of not less than a majority
in aggregate Liquidation Amount of the Preferred Securities may waive any past Event of Default hereunder and its consequences
except an Event of Default:

 

(i)in
the payment of the principal of or any premium or interest (including any Additional Interest) on any Outstanding Security (unless
such Event of Default has been cured and the Company has paid to or deposited with the Trustee a sum sufficient to pay all installments
of interest (including any Additional Interest) due and past due and all principal of and any premium on all Securities due otherwise
than by acceleration), or

 

(ii)in
respect of a covenant or provision hereof that under Article IX cannot be modified or amended without the consent of each
Holder of any Outstanding Security.

 

(b)Any such waiver
shall be deemed to be on behalf of the Holders of all the Outstanding Securities or, in the case of a waiver by holders of Preferred
Securities issued by such Trust, by all holders of Preferred Securities.

 

(c)Upon any such
waiver, such Event of 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 Event of Default or impair any
right consequent thereon.

 

SECTION
5.14.Undertaking for Costs.

 

All parties to this
Indenture agree, and each Holder of any Security by his or her acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than ten percent (10%) in aggregate principal
amount of the Outstanding Securities, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of or any premium on the Security after the Stated Maturity or any interest (including any Additional Interest) on any Security
after it is due and payable.

 

    	38

    	 

    

 

SECTION
5.15.Waiver of Usury, Stay or Extension Laws.

 

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

 

ARTICLE VI

The Trustee

 

SECTION
6.1.Corporate Trustee Required.

 

There shall at all
times be a Trustee hereunder with respect to the Securities. The Trustee shall be a corporation or national banking association
organized and doing business under the laws of the United States or of any state thereof, authorized to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or state
authority and having an office within the United States. If such entity publishes reports of condition at least annually, pursuant
to law or to the requirements of such supervising or examining authority, then, for the purposes of this Section 6.1, the
combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section 6.1, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

 

SECTION
6.2.Certain Duties and Responsibilities.

 

Except during the continuance
of an Event of Default:

 

(i)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; and

 

    	39

    	 

    

 

(ii)in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; provided, that in the case of any such certificates or opinions that by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
substantially conform on their face to the requirements of this Indenture.

 

(b)If an Event
of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any,
from the Holders of at least a majority in aggregate principal amount of the Outstanding Securities (or, if applicable, from the
holders of at least a majority in aggregate Liquidation Amount of Preferred Securities), exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or
use under the circumstances in the conduct of such person’s own affairs.

 

(c)Notwithstanding
the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.2.
To the extent that, at law or in equity, the Trustee has duties and liabilities relating to the Holders, the Trustee shall not
be liable to any Holder or any holder of Preferred Securities for the Trustee’s good faith reliance on the provisions of
this Indenture. The provisions of this Indenture, to the extent that they restrict the duties and liabilities of the Trustee otherwise
existing at law or in equity, are agreed by the Company and the Holders and the holders of Preferred Securities to replace such
other duties and liabilities of the Trustee.

 

(d)No provisions
of this Indenture shall be construed to relieve the Trustee from liability with respect to matters that are within the authority
of the Trustee under this Indenture for its own negligent action, negligent failure to act or willful misconduct, except that:

 

(i)the
Trustee shall not be liable for any error or judgment made in good faith by an authorized officer of the Trustee, unless it shall
be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(ii)the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of at least a majority in aggregate principal amount of the Outstanding Securities (or, as the case may
be, the holders of a majority in aggregate Liquidation Amount of Preferred Securities); and

 

(iii)the
Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with
the Company and money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law.

 

    	40

    	 

    

 

(e)If at any time
the Trustee hereunder is not the same Person as the Property Trustee under the Trust Agreement:

 

(i)whenever
a reference is made herein to the dissolution, termination or liquidation of the Trust, the Trustee shall be entitled to assume
that no such dissolution, termination, or liquidation has occurred so long as the Securities are or continue to be registered in
the name of such Property Trustee, and the Trustee shall be charged with notice or knowledge of such dissolution, termination or
liquidation only upon written notice thereof given to the Trustee by the Depositor under the Trust Agreement; and

 

(ii)the
Trustee shall not be charged with notice or knowledge that any Person is a holder of Preferred Securities or Common Securities
issued by the Trust or whether any group of holders of Preferred Securities constitutes any specified percentage of all outstanding
Preferred Securities for any purpose under this Indenture, unless and until the Trustee is furnished with a list of holders by
such Property Trustee and the aggregate Liquidation Amount of the Preferred Securities then outstanding. The Trustee may conclusively
rely and shall be protected in relying on such list.

 

(f)Notwithstanding
Section 1.10, the Trustee shall not, and shall not be deemed to, owe any fiduciary duty to the holders of any of the Trust
Securities issued by the Trust and shall not be liable to any such holder (other than for the willful misconduct or negligence
of the Trustee) if the Trustee in good faith (i) pays over or distributes to a registered Holder of the Securities or to the Company
or to any other Person, cash, property or securities to which such holders of such Trust Securities shall be entitled or (ii) takes
any action or omits to take any action at the request of the Holder of such Securities. Nothing in this paragraph shall affect
the obligation of any other such Person to hold such payment for the benefit of, and to pay such amount over to, such holders of
Preferred Securities or Common Securities or their representatives.

 

SECTION
6.3.Notice of Defaults.

 

Within ninety (90)
days after the occurrence of any default actually known to the Trustee, the Trustee shall give the Holders notice of such default
unless such default shall have been cured or waived; provided, that except in the case of a default in the payment of the
principal of or any premium or interest on any Securities, the Trustee shall be fully protected in withholding the notice if and
so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determines that withholding the notice is in the interest of holders of Securities; and provided, further,
that in the case of any default of the character specified in Section 5.1(c), no such notice to Holders shall be given until
at least thirty (30) days after the occurrence thereof. For the purpose of this Section 6.3, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default.

 

    	41

    	 

    

 

SECTION
6.4.Certain Rights of Trustee.

 

Subject to the provisions
of Section 6.2:

 

(a)the Trustee
may conclusively rely and shall be fully protected in acting or refraining from acting in good faith and in accordance with the
terms hereof upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties;

 

(b)if (i) in performing
its duties under this Indenture the Trustee is required to decide between alternative courses of action, (ii) in construing any
of the provisions of this Indenture the Trustee finds ambiguous or inconsistent with any other provisions contained herein or (iii)
the Trustee is unsure of the application of any provision of this Indenture, then, except as to any matter as to which the Holders
are entitled to decide under the terms of this Indenture, the Trustee shall deliver a notice to the Company requesting the Company’s
written instruction as to the course of action to be taken and the Trustee shall take such action, or refrain from taking such
action, as the Trustee shall be instructed in writing to take, or to refrain from taking, by the Company; provided, that if the
Trustee does not receive such instructions from the Company within ten Business Days after it has delivered such notice or such
reasonably shorter period of time set forth in such notice the Trustee may, but shall be under no duty to, take such action, or
refrain from taking such action, as the Trustee shall deem advisable and in the best interests of the Holders, in which event the
Trustee shall have no liability except for its own negligence, bad faith or willful misconduct;

 

(c)any request
or direction of the Company shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution;

 

(d)the Trustee
may consult with counsel (which counsel may be counsel to the Trustee, the Company or any of its Affiliates, and may include any
of its employees) and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(e)the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders or any holder of Preferred Securities pursuant to this Indenture, unless such Holders (or such holders of
Preferred Securities) shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with
such request or direction, including reasonable advances as may be requested by the Trustee;

 

(f)the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, indenture, note or other paper or document, but the Trustee
in its discretion may make such inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney;

 

    	42

    	 

    

 

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

 

(h)whenever in
the administration of this Indenture the Trustee shall deem it desirable to receive instructions with respect to enforcing any
remedy or right or taking any other action with respect to enforcing any remedy or right hereunder, the Trustees (i) may request
instructions from the Holders (which instructions may only be given by the Holders of the same aggregate principal amount of Outstanding
Securities as would be entitled to direct the Trustee under this Indenture in respect of such remedy, right or action), (ii) may
refrain from enforcing such remedy or right or taking such action until such instructions are received and (iii) shall be protected
in acting in accordance with such instructions;

 

(i)except as otherwise
expressly provided by this Indenture, the Trustee shall not be under any obligation to take any action that is discretionary under
the provisions of this Indenture;

 

(j)without prejudice
to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with any bankruptcy, insolvency or other proceeding referred to in clauses (d) or (e) of the definition of Event of Default, such
expenses (including legal fees and expenses of its agents and counsel) and the compensation for such services are intended to constitute
expenses of administration under any bankruptcy laws or law relating to creditors rights generally;

 

(k)whenever in
the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officers’ Certificate addressing such matter, which, upon receipt of
such request, shall be promptly delivered by the Company;

 

(l)the Trustee
shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer of the Trustee shall have actual
knowledge or (ii) the Trustee shall have received written notice thereof from the Company or a Holder; and

 

(m)in the event
that the Trustee is also acting as Paying Agent, Authenticating Agent or Securities Registrar hereunder, the rights and protections
afforded to the Trustee pursuant to this Article VI shall also be afforded such Paying Agent, Authenticating Agent, or Securities
Registrar.

 

SECTION
6.5.May Hold Securities.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Securities Registrar or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Securities Registrar or such other agent.

 

    	43

    	 

    

 

SECTION
6.6.Compensation; Reimbursement; Indemnity.

 

(a)The Company
agrees:

 

(i)to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder in such amounts as the Company
and the Trustee shall agree from time to time (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

 

(ii)to
reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of
its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, bad faith or
willful misconduct; and

 

(iii)to
the fullest extent permitted by applicable law, to indemnify the Trustee and its Affiliates, and their officers, directors, shareholders,
agents, representatives and employees for, and to hold them harmless against, any loss, damage, liability, tax (other than income,
franchise or other taxes imposed on amounts paid pursuant to (i) or (ii) hereof), penalty, expense or claim of any kind or nature
whatsoever incurred without negligence, bad faith or willful misconduct on its part arising out of or in connection with the acceptance
or administration of this trust or the performance of the Trustee’s duties hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

(b)To secure the
Company’s payment obligations in this Section 6.6, the Company hereby grants and pledges to the Trustee and the Trustee
shall have a lien prior to the Securities on all money or property held or collected by the Trustee, other than money or property
held in trust to pay principal and interest on particular Securities. Such lien shall survive the satisfaction and discharge of
this Indenture or the resignation or removal of the Trustee.

 

(c)The obligations
of the Company under this Section 6.6 shall survive the satisfaction and discharge of this Indenture and the earlier resignation
or removal of the Trustee.

 

(d)In no event
shall the Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including,
but not limited to, lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

(e)In no event
shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond
its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit
the providing of the services contemplated by this Indenture.

 

    	44

    	 

    

 

SECTION
6.7.Resignation and Removal; Appointment of Successor.

 

(a)No resignation
or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become effective until
the acceptance of appointment by the successor Trustee under Section 6.8.

 

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

 

(c)Unless an Event
of Default shall have occurred and be continuing, the Trustee may be removed at any time by the Company by a Board Resolution.
If an Event of Default shall have occurred and be continuing, the Trustee may be removed by Act of the Holders of a majority in
aggregate principal amount of the Outstanding Securities, delivered to the Trustee and to the Company.

 

(d)If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any reason, at
a time when no Event of Default shall have occurred and be continuing, the Company, by a Board Resolution, shall promptly appoint
a successor Trustee, and such successor Trustee and the retiring Trustee shall comply with the applicable requirements of Section
6.8. If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee
for any reason, at a time when an Event of Default shall have occurred and be continuing, the Holders, by Act of the Holders of
a majority in aggregate principal amount of the Outstanding Securities, shall promptly appoint a successor Trustee, and such successor
Trustee and the retiring Trustee shall comply with the applicable requirements of Section 6.8. If no successor Trustee shall
have been so appointed by the Company or the Holders and accepted appointment within sixty (60) days after the giving of a notice
of resignation by the Trustee or the removal of the Trustee in the manner required by Section 6.8, any Holder who has been
a bona fide Holder of a Security for at least six months (or, if the Securities have been Outstanding for less than six (6) months,
the entire period of such lesser time) may, on behalf of such Holder and all others similarly situated, and any resigning Trustee
may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(e)The Company
shall give notice to all Holders in the manner provided in Section 1.6 of each resignation and each removal of the Trustee
and each appointment of a successor Trustee. Each notice shall include the name of the successor Trustee and the address of its
Corporate Trust Office.

 

SECTION
6.8.Acceptance of Appointment by Successor.

 

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

 

    	45

    	 

    

 

(b)Upon request
of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all rights, powers and trusts referred to in paragraph (a) of this Section 6.8.

 

(c)No successor
Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article VI.

 

SECTION
6.9.Merger, Conversion, Consolidation or Succession to Business.

 

Any Person into which
the Trustee 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 shall be a party, or any Person succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, provided, that such Person shall be otherwise qualified and eligible under
this Article VI. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation or as otherwise provided above in this Section 6.9 to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated, and in case any Securities shall not have been
authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor Trustee or in
the name of such successor Trustee, and in all cases the certificate of authentication shall have the full force which it is provided
anywhere in the Securities or in this Indenture that the certificate of the Trustee shall have.

 

SECTION
6.10.Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof.

 

SECTION
6.11.Appointment of Authenticating Agent.

 

(a)The Trustee
may appoint an Authenticating Agent or Agents with respect to the Securities, which shall be authorized to act on behalf of the
Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under
the laws of the United States of America, or of any State or Territory thereof or the District of Columbia, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by Federal or state authority. If such Authenticating Agent publishes reports of condition at least annually pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.11 the
combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 6.11, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section 6.11.

 

    	46

    	 

    

 

(b)Any Person into
which an Authenticating 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 such Authenticating Agent shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of an Authenticating Agent shall be the successor Authenticating Agent hereunder, provided
such Person shall be otherwise eligible under this Section 6.11, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

 

(c)An Authenticating
Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.11, the Trustee may appoint a successor Authenticating Agent eligible
under the provisions of this Section 6.11, which shall be acceptable to the Company, and shall give notice of such appointment
to all Holders. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.

 

(d)The Company
agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.11
in such amounts as the Company and the Authenticating Agent shall agree from time to time.

 

(e)If an appointment
of an Authenticating Agent is made pursuant to this Section 6.11, the Securities may have endorsed thereon, in addition
to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 

    	47

    	 

    

 

This is one of the Securities referred
to in the within mentioned Indenture.

 

	Dated:	JPMorgan Chase Bank, National Association, not in its individual capacity, but solely as Trustee

By:                                           

        Authenticating Agent

By:                                           

        Authorized Signatory

 

ARTICLE VII

Holder’s Lists and Reports by Company

 

SECTION
7.1.Company to Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish
or cause to be furnished to the Trustee:

 

(a)semiannually,
on or before June 30 and December 31 of each year, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of a date not more than fifteen (15) days prior to the delivery thereof, and

 

(b)at such other
times as the Trustee may request in writing, within thirty (30) days after the receipt by the Company of any such request, a list
of similar form and content as of a date not more than fifteen (15) days prior to the time such list is furnished,

 

in each case to the extent such information
is in the possession or control of the Company and has not otherwise been received by the Trustee in its capacity as Securities
Registrar.

 

SECTION
7.2.Preservation of Information, Communications to Holders.

 

(a)The Trustee
shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee
in its capacity as Securities Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon
receipt of a new list so furnished.

 

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

 

    	48

    	 

    

 

(c)Every Holder
of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of the disclosure of information as to the names and addresses
of the Holders made pursuant to the Trust Indenture Act.

 

SECTION
7.3.Reports by Company.

 

(a)The Company
shall furnish to the Holders and to prospective purchasers of Securities, upon their request, the information required to be furnished
pursuant to Rule 144A(d)(4) under the Securities Act. The delivery requirement set forth in the preceding sentence may be satisfied
by compliance with Section 7.3(b) hereof.

 

(b)The Company
shall furnish to each of (i) the Trustee, (ii) the Holders and to subsequent holders of Securities, (iii) Taberna Capital Management,
LLC, 450 Park Avenue, New York, New York 10022, Attn: Thomas Bogal (or such other address as designated by Taberna Capital
Management, LLC) and (iv) any beneficial owner of the Securities reasonably identified to the Company (which identification may
be made either by such beneficial owner or by Taberna Capital Management, LLC), a duly completed and executed certificate substantially
and substantively in the form attached hereto as Exhibit A, including the financial statements referenced in such Exhibit,
which certificate and financial statements shall be so furnished by the Company not later than forty-five (45) days after the end
of each of the first three fiscal quarters of each fiscal year of the Company and not later than ninety (90) days after the end
of each fiscal year of the Company. The delivery requirements under this Section 7.3(b) may be satisfied by compliance with Section
8.16(b) of the Trust Agreement.

 

(c)If the Company
intends to file its annual and quarterly information with the Securities and Exchange Commission (the “Commission”)
in electronic form pursuant to Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis
and Retrieval (“EDGAR”) system, the Company shall notify the Trustee in the manner prescribed herein of each
such annual and quarterly filing. The Trustee is hereby authorized and directed to access the EDGAR system for purposes of retrieving
the financial information so filed. Compliance with the foregoing shall constitute delivery by the Company of its financial statements
to the Trustee in compliance with the provisions of Section 314(a) of the Trust Indenture Act, if applicable. The Trustee shall
have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission, regardless of
whether such filings are periodic, supplemental or otherwise. Delivery of reports, information and documents to the Trustee pursuant
to this Section 7.3(c) shall be solely for purposes of compliance with this Section 7.3(c) and, if applicable, with
Section 314(a) of the Trust Indenture Act. The Trustee’s receipt of such reports, information and documents shall not constitute
notice to it of the content thereof or any matter determinable from the content thereof, including the Company’s compliance
with any of its covenants hereunder, as to which the Trustee is entitled to rely upon Officers’ Certificates.

 

    	49

    	 

    

 

ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer or Lease

 

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

 

The Company shall not
consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety
to any Person, and no Person shall consolidate with or merge into the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

 

(a)if the Company
shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an
entirety to any Person, the entity formed by such consolidation or into which the Company is merged or the Person that acquires
by conveyance or transfer, or that leases, the properties and assets of the Company substantially as an entirety shall be an entity
organized and existing under the laws of the United States of America or any State or Territory thereof or the District of Columbia
and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory
to the Trustee, the due and punctual payment of the principal of and any premium and interest (including any Additional Interest)
on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

 

(b)immediately
after giving effect to such transaction, no Event of Default, and no event that, after notice or lapse of time, or both, would
constitute an Event of Default, shall have happened and be continuing; and

 

(c)the Company
has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, any such supplemental
indenture comply with this Article VIII and that all conditions precedent herein provided for relating to such transaction
have been complied with; and the Trustee may rely upon such Officers’ Certificate and Opinion of Counsel as conclusive evidence
that such transaction complies with this Section 8.1.

 

SECTION
8.2.Successor Company Substituted.

 

(a)Upon any consolidation
or merger by the Company with or into any other Person, or any conveyance, transfer or lease by the Company of its properties and
assets substantially as an entirety to any Person in accordance with Section 8.1 and the execution and delivery to the Trustee
of the supplemental indenture described in Section 8.1(a), the successor entity formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named
as the Company herein; and in the event of any such conveyance or transfer, following the execution and delivery of such supplemental
indenture, the Company shall be discharged from all obligations and covenants under the Indenture and the Securities.

 

    	50

    	 

    

 

(b)Such successor
Person may cause to be executed, and may issue either in its own name or in the name of the Company, any or all of the Securities
issuable hereunder that theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order
of such successor Person instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed,
the Trustee shall authenticate and shall deliver any Securities that previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication, and any Securities that such successor Person thereafter shall cause to be executed
and delivered to the Trustee on its behalf. All the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture.

 

(c)In case of any
such consolidation, merger, sale, conveyance or lease, such changes in phraseology and form may be made in the Securities thereafter
to be issued as may be appropriate to reflect such occurrence.

 

ARTICLE IX

Supplemental Indentures

 

SECTION
9.1.Supplemental Indentures without Consent of Holders.

 

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

 

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

 

(b)to evidence
and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(c)to cure any
ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein,
or to make or amend any other provisions with respect to matters or questions arising under this Indenture, which shall not be
inconsistent with the other provisions of this Indenture, provided, that such action pursuant to this clause (b) shall not adversely
affect in any material respect the interests of any Holders or the holders of the Preferred Securities; or

 

(d)to comply with
the rules and regulations of any securities exchange or automated quotation system on which any of the Securities may be listed,
traded or quoted; or

 

(e)to add to the
covenants, restrictions or obligations of the Company or to add to the Events of Default, provided, that such action pursuant to
this clause (c) shall not adversely affect in any material respect the interests of any Holders or the holders of the Preferred
Securities; or

 

    	51

    	 

    

 

(f)to modify, eliminate
or add to any provisions of the Indenture or the Securities to such extent as shall be necessary to ensure that the Securities
are treated as indebtedness of the Company for United States Federal income tax purposes, provided, that such action pursuant to
this clause (d) shall not adversely affect in any material respect the interests of any Holders or the holders of the Preferred
Securities.

 

SECTION
9.2.Supplemental Indentures with Consent of Holders.

 

(a)Subject to Section 9.1,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities, by Act
of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities under
this Indenture; provided, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Security,

 

(i)change
the Stated Maturity of the principal or any premium of any Security or change the date of payment of any installment of interest
(including any Additional Interest) on any Security, or reduce the principal amount thereof or the rate of interest thereon or
any premium payable upon the redemption thereof or change the place of payment where, or the coin or currency in which, any Security
or interest thereon is payable, or restrict or impair the right to institute suit for the enforcement of any such payment on or
after such date, or

 

(ii)reduce
the percentage in aggregate principal amount of the Outstanding Securities, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with any provision of this Indenture
or of defaults hereunder and their consequences provided for in this Indenture, or

 

(iii)modify
any of the provisions of this Section 9.2, Section 5.13 or Section 10.7, except to increase any percentage
in aggregate principal amount of the Outstanding Securities, the consent of whose Holders is required for any reason, or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Security;

 

provided, further, that, so long
as any Preferred Securities remain outstanding, no amendment under this Section 9.2 shall be effective until the holders
of a majority in Liquidation Amount of the Preferred Securities shall have consented to such amendment; provided, further,
that if the consent of the Holder of each Outstanding Security is required for any amendment under this Indenture, such amendment
shall not be effective until the holder of each Outstanding Preferred Security shall have consented to such amendment.

 

(b)It shall not
be necessary for any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

 

    	52

    	 

    

 

SECTION
9.3.Execution of Supplemental Indentures.

 

In executing or accepting
the additional trusts created by any supplemental 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 conclusively relying
upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture, and that all conditions precedent herein provided for relating to such action have been complied
with. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s
own rights, duties, indemnities or immunities under this Indenture or otherwise. Copies of the final form of each supplemental
indenture shall be delivered by the Trustee at the expense of the Company to each Holder, and, if the Trustee is the Property Trustee,
to each holder of Preferred Securities, promptly after the execution thereof.

 

SECTION
9.4.Effect of Supplemental Indentures.

 

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

 

SECTION
9.5.Reference in Securities to Supplemental Indentures.

 

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

 

ARTICLE X

Covenants

 

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

 

The Company covenants
and agrees for the benefit of the Holders of the Securities that it will duly and punctually pay the principal of and any premium
and interest (including any Additional Interest) on the Securities in accordance with the terms of the Securities and this Indenture.

 

SECTION
10.2.Money for Security Payments to be Held in Trust.

 

(a)Whenever the
Company shall have one or more Paying Agents, it will, prior to 10:00 a.m., New York City time, on each due date of the principal
of or any premium or interest (including any Additional Interest) on any Securities, deposit with such Paying Agent a sum sufficient
to pay such amount, such sum to be held as provided in the Trust Indenture Act and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its failure to so act.

 

    	53

    	 

    

 

(b)The Company
will cause each Paying Agent for the Securities other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.2, that such Paying Agent will
(i) comply with the provisions of this Indenture and the Trust Indenture Act applicable to it as a Paying Agent and (ii) during
the continuance of any default by the Company (or any other obligor upon the Securities) in the making of any payment in respect
of the Securities, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Securities.

 

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

 

(d)Any money deposited
with the Trustee or any Paying Agent for the payment of the principal of and any premium or interest (including any Additional
Interest) on any Security and remaining unclaimed for two years after such principal and any premium or interest has become due
and payable shall (unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law)
be paid on Company Request to the Company, or (if then held by the Company) shall (unless otherwise required by mandatory provision
of applicable escheat or abandoned or unclaimed property law) be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business
Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

 

SECTION
10.3.Statement as to Compliance.

 

The Company shall deliver
to the Trustee, within one hundred and twenty (120) days after the end of each fiscal year of the Company ending after the date
hereof, an Officers’ Certificate covering the preceding calendar year, stating whether or not to the knowledge of the signers
thereof the Company is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided hereunder), and if the Company shall be in default, specifying
all such defaults and the nature and status thereof of which they may have knowledge. The delivery requirements of this Section
10.3 may be satisfied by compliance with Section 8.16(a) of the Trust Agreement.

 

    	54

    	 

    

 

SECTION
10.4.Calculation Agent.

 

(a)The Company
hereby agrees that for so long as any of the Securities remain Outstanding, there will at all times be an agent appointed to calculate
LIBOR in respect of each Interest Payment Date in accordance with the terms of Schedule A (the “Calculation Agent”).
The Company has initially appointed the Property Trustee as Calculation Agent for purposes of determining LIBOR for each Interest
Payment Date. The Calculation Agent may be removed by the Company at any time. Notwithstanding the foregoing, so long as the Property
Trustee holds any of the Securities, the Calculation Agent shall be the Property Trustee. If the Calculation Agent is unable or
unwilling to act as such or is removed by the Company, the Company will promptly appoint as a replacement Calculation Agent the
London office of a leading bank which is engaged in transactions in Eurodollar deposits in the international Eurodollar market
and which does not control or is not controlled by or under common control with the Company or its Affiliates. The Calculation
Agent may not resign its duties without a successor having been duly appointed.

 

(b)The Calculation
Agent shall be required to agree that, as soon as possible after 11:00 a.m. (London time) on each LIBOR Determination Date (as
defined in Schedule A), but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date, the Calculation Agent will calculate the interest rate (the Interest Payment shall be rounded to the
nearest cent, with half a cent being rounded upwards) for the related Interest Payment Date, and will communicate such rate and
amount to the Company, the Trustee, each Paying Agent and the Depositary. The Calculation Agent will also specify to the Company
the quotations upon which the foregoing rates and amounts are based and, in any event, the Calculation Agent shall notify the Company
before 5:00 p.m. (London time) on each LIBOR Determination Date that either: (i) it has determined or is in the process of
determining the foregoing rates and amounts or (ii) it has not determined and is not in the process of determining the foregoing
rates and amounts, together with its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts
for any Interest Payment Date will (in the absence of manifest error) be final and binding upon all parties. For the sole purpose
of calculating the interest rate for the Securities, “Business Day” shall be defined as any day on which dealings in
deposits in Dollars are transacted in the London interbank market.

 

SECTION
10.5.Additional Tax Sums.

 

So long as no Event
of Default has occurred and is continuing, if (a) the Trust is the Holder of all of the Outstanding Securities and (b) a Tax Event
described in clause (i) or (iii) in the definition of Tax Event in Section 1.1 hereof has occurred and is continuing, the
Company shall pay to the Trust (and its permitted successors or assigns under the related Trust Agreement) for so long as the Trust
(or its permitted successor or assignee) is the registered holder of the Outstanding Securities, such amounts as may be necessary
in order that the amount of Distributions (including any Additional Interest Amount (as defined in the Trust Agreement)) then due
and payable by the Trust on the Preferred Securities and Common Securities that at any time remain outstanding in accordance with
the terms thereof shall not be reduced as a result of any Additional Taxes arising from such Tax Event (additional such amounts
payable by the Company to the Trust, the “Additional Tax Sums”). Whenever in this Indenture or the Securities
there is a reference in any context to the payment of principal of or interest on the Securities, such mention shall be deemed
to include mention of the payments of the Additional Tax Sums provided for in this Section 10.5 to the extent that, in such
context, Additional Tax Sums are, were or would be payable in respect thereof pursuant to the provisions of this Section 10.5
and express mention of the payment of Additional Tax Sums (if applicable) in any provisions hereof shall not be construed as excluding
Additional Tax Sums in those provisions hereof where such express mention is not made.

 

    	55

    	 

    

 

SECTION
10.6.Additional Covenants.

 

(a)The Company
covenants and agrees with each Holder of Securities that if an Event of Default shall have occurred and be continuing, it shall
not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect
to, any of the Company’s Equity Interests, except only to the extent necessary to maintain the Guarantor’s status as
a real estate investment trust under the Code, provided such distributions to maintain the Guarantor’s status as a real estate
investment trust under the Code may not be made in any event if there has occurred (y) an Event of Default described in clauses
(a), (b), (d), (e) or (f) of Section 5.1, or (z) any Event of Default with respect to which acceleration of principal has
been triggered pursuant to Section 5.2, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare
or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise
retire, any shares of any such Subsidiary’s preferred stock or other Equity Interests entitling the holders thereof to a
stated rate of return (for the avoidance of doubt, whether such preferred stock or other Equity Interests are perpetual or otherwise),
or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any debt securities
of the Company that rank pari passu in all respects with or junior in interest to the Securities.

 

(b)The Company
also covenants with each Holder of Securities (i) to hold, directly or indirectly, one hundred percent (100%) of the Common Securities
of the Trust, provided, that any permitted successor of the Company hereunder may succeed to the Company’s ownership
of such Common Securities, (ii) as holder of such Common Securities, not to voluntarily dissolve, wind-up or liquidate the Trust
other than (A) in connection with a distribution of the Securities to the holders of the Preferred Securities in liquidation of
the Trust or (B) in connection with certain mergers, consolidations or amalgamations permitted by the Trust Agreement and (iii)
to use its reasonable commercial efforts, consistent with the terms and provisions of the Trust Agreement, to cause the Trust to
continue to be taxable as a grantor trust and not as a corporation for United States Federal income tax purposes.

 

(c)The Company
also agrees to use its reasonable best efforts to have the Guarantor meet the requirements to qualify, effective for the fiscal
year ending December 31, 2005 and all future fiscal years, as a real estate investment trust under the Internal Revenue Code of
1986, as amended.

 

    	56

    	 

    

 

SECTION
10.7.Waiver of Covenants.

 

The Company may omit
in any particular instance to comply with any covenant or condition contained in Section 10.6 if, before or after the time
for such compliance, the Holders of at least a majority in aggregate principal amount of the Outstanding Securities shall, by Act
of such Holders, and at least a majority of the aggregate Liquidation Amount of the Preferred Securities then outstanding, by consent
of such holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but
no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company in respect of any such covenant or condition shall remain in full force
and effect.

 

SECTION
10.8.Treatment of Securities.

 

The Company will treat
the Securities as indebtedness, and the amounts, other than payments of principal, payable in respect of the principal amount of
such Securities as interest, for all U.S. federal income tax purposes. All payments in respect of the Securities will be made free
and clear of U.S. withholding tax to any beneficial owner thereof that has provided an Internal Revenue Service Form W-9 or W-8BEN
(or any substitute or successor form) establishing its U.S. or non-U.S. status for U.S. federal income tax purposes, or any other
applicable form establishing a complete exemption from U.S. withholding tax.

 

ARTICLE XI

Redemption of Securities

 

SECTION
11.1.Optional Redemption.

 

The Company may, at
its option, on any Interest Payment Date, on or after January 30, 2011, redeem the Securities in whole at any time or in part from
time to time, at a Redemption Price equal to one hundred percent (100%) of the principal amount thereof (or of the redeemed portion
thereof, as applicable), together, in the case of any such redemption, with accrued and unpaid interest, including any Additional
Interest, through but excluding the date fixed as the Redemption Date (the “Optional Redemption Price”).

 

SECTION
11.2.Special Event Redemption.

 

Prior to January 30,
2011, upon the occurrence and during the continuation of a Special Event, the Company may, at its option, redeem the Securities,
in whole but not in part, at a Redemption Price equal to one hundred seven and one half percent (107.5%) of the principal amount
thereof, together, in the case of any such redemption, with accrued interest, including any Additional Interest, through but excluding
the date fixed as the Redemption Date (the “Special Redemption Price”).

 

    	57

    	 

    

 

SECTION
11.3.Election to Redeem; Notice to Trustee.

 

The election of the
Company to redeem any Securities, in whole or in part, shall be evidenced by or pursuant to a Board Resolution. In case of any
redemption at the election of the Company, the Company shall, not less than forty-five (45) days and not more than seventy-five
(75) days prior to the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee and the
Property Trustee under the Trust Agreement in writing of such date and of the principal amount of the Securities to be redeemed
and provide the additional information required to be included in the notice or notices contemplated by Section 11.5. In
the case of any redemption of Securities, in whole or in part, (a) prior to the expiration of any restriction on such redemption
provided in this Indenture or the Securities or (b) pursuant to an election of the Company which is subject to a condition specified
in this Indenture or the Securities, the Company shall furnish the Trustee with an Officers’ Certificate and an Opinion of
Counsel evidencing compliance with such restriction or condition.

 

SECTION
11.4.Selection of Securities to be Redeemed.

 

(a)If less than
all the Securities are to be redeemed, the particular Securities to be redeemed shall be selected and redeemed on a pro rata basis
not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Securities not previously called
for redemption, provided, that the unredeemed portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

(b)The Trustee
shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed
only in part, to the portion of the principal amount of such Security that has been or is to be redeemed.

 

(c)The provisions
of paragraphs (a) and (b) of this Section 11.4 shall not apply with respect to any redemption affecting only a single Security,
whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion
of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

 

SECTION
11.5.Notice of Redemption.

 

(a)Notice of redemption
shall be given not later than the thirtieth (30th) day, and not earlier than the sixtieth (60th) day, prior
to the Redemption Date to each Holder of Securities to be redeemed, in whole or in part (unless a shorter notice shall be satisfactory
to the Property Trustee under the related Trust Agreement).

 

(b)With respect
to Securities to be redeemed, in whole or in part, each notice of redemption shall state:

 

    	58

    	 

    

 

(i)the
Redemption Date;

 

(ii)the
Redemption Price or, if the Redemption Price cannot be calculated prior to the time the notice is required to be sent, the estimate
of the Redemption Price, as calculated by the Company, together with a statement that it is an estimate and that the actual Redemption
Price will be calculated on the fifth Business Day prior to the Redemption Date (and if an estimate is provided, a further notice
shall be sent of the actual Redemption Price on the date that such Redemption Price is calculated);

 

(iii)if
less than all Outstanding Securities are to be redeemed, the identification (and, in the case of partial redemption, the respective
principal amounts) of the amount of and particular Securities to be redeemed;

 

(iv)that
on the Redemption Date, the Redemption Price will become due and payable upon each such Security or portion thereof, and that any
interest (including any Additional Interest) on such Security or such portion, as the case may be, shall cease to accrue on and
after said date; and

 

(v)the
place or places where such Securities are to be surrendered for payment of the Redemption Price.

 

(c)Notice of redemption
of Securities to be redeemed, in whole or in part, at the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company and shall be irrevocable. The notice if mailed in the manner
provided above shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case,
a failure to give such notice by mail or any defect in the notice to the Holder of any Security designated for redemption as a
whole or in part shall not affect the validity of the proceedings for the redemption of any other Security.

 

SECTION
11.6.Deposit of Redemption Price.

 

Prior to 10:00 a.m.,
New York City time, on the Redemption Date specified in the notice of redemption given as provided in Section 11.5, the
Company will deposit with the Trustee or with one or more Paying Agents an amount of money sufficient to pay the Redemption Price
of, and any accrued interest (including any Additional Interest) on, all the Securities (or portions thereof) that are to be redeemed
on that date.

 

SECTION
11.7.Payment of Securities Called for Redemption.

 

(a)If any notice
of redemption has been given as provided in Section 11.5, the Securities or portion of Securities with respect to which
such notice has been given shall become due and payable on the date and at the place or places stated in such notice at the applicable
Redemption Price, together with accrued interest (including any Additional Interest) to the Redemption Date. On presentation and
surrender of such Securities at a Place of Payment specified in such notice, the Securities or the specified portions thereof shall
be paid and redeemed by the Company at the applicable Redemption Price, together with accrued interest (including any Additional
Interest) to the Redemption Date.

 

    	59

    	 

    

 

(b)Upon presentation
of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof,
at the expense of the Company, a new Security or Securities, of authorized denominations, in aggregate principal amount equal to
the unredeemed portion of the Security so presented and having the same Original Issue Date, Stated Maturity and terms.

 

(c)If any Security
called for redemption shall not be so paid upon surrender thereof for redemption, the principal of and any premium on such Security
shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

ARTICLE XII

Subordination of Securities

 

SECTION
12.1.Securities Subordinate to Senior Debt.

 

The Company covenants
and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in
the manner hereinafter set forth in this Article XII, the payment of the principal of and any premium and interest (including
any Additional Interest) on each and all of the Securities are hereby expressly made subordinate and subject in right of payment
to the prior payment in full of all Senior Debt.

 

SECTION
12.2.No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.

 

(a)In the event
and during the continuation of any default by the Company in the payment of any principal of or any premium or interest on any
Senior Debt (following any grace period, if applicable) when the same becomes due and payable, whether at maturity or at a date
fixed for prepayment or by declaration of acceleration or otherwise, then, upon written notice of such default to the Company by
the holders of such Senior Debt or any trustee therefor, unless and until such default shall have been cured or waived or shall
have ceased to exist, no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed
to be made on account of the principal of or any premium or interest (including any Additional Interest) on any of the Securities,
or in respect of any redemption, repayment, retirement, purchase or other acquisition of any of the Securities.

 

(b)In the event
of a bankruptcy, insolvency or other proceeding described in clause (d) or (e) of the definition of Event of Default (each such
event, if any, herein sometimes referred to as a “Proceeding”), all Senior Debt (including any interest thereon
accruing after the commencement of any such proceedings) shall first be paid in full before any payment or distribution, whether
in cash, securities or other property, shall be made to any Holder of any of the Securities on account thereof. Any payment or
distribution, whether in cash, securities or other property (other than securities of the Company or any other entity provided
for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in these subordination
provisions with respect to the indebtedness evidenced by the Securities, to the payment of all Senior Debt at the time outstanding
and to any securities issued in respect thereof under any such plan of reorganization or readjustment), which would otherwise (but
for these subordination provisions) be payable or deliverable in respect of the Securities shall be paid or delivered directly
to the holders of Senior Debt in accordance with the priorities then existing among such holders until all Senior Debt (including
any interest thereon accruing after the commencement of any Proceeding) shall have been paid in full.

 

    	60

    	 

    

 

(c)In the event
of any Proceeding, after payment in full of all sums owing with respect to Senior Debt, the Holders of the Securities, together
with the holders of any obligations of the Company ranking on a parity with the Securities, shall be entitled to be paid from the
remaining assets of the Company the amounts at the time due and owing on account of unpaid principal of and any premium and interest
(including any Additional Interest) on the Securities and such other obligations before any payment or other distribution, whether
in cash, property or otherwise, shall be made on account of any Equity Interests or any obligations of the Company ranking junior
to the Securities and such other obligations. If, notwithstanding the foregoing, any payment or distribution of any character on
any security, whether in cash, securities or other property (other than securities of the Company or any other entity provided
for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in these subordination
provisions with respect to the indebtedness evidenced by the Securities, to the payment of all Senior Debt at the time outstanding
and to any securities issued in respect thereof under any such plan of reorganization or readjustment) shall be received by the
Trustee or any Holder in contravention of any of the terms hereof and before all Senior Debt shall have been paid in full, such
payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and transferred
to, the holders of the Senior Debt at the time outstanding in accordance with the priorities then existing among such holders for
application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt (including
any interest thereon accruing after the commencement of any Proceeding) in full. In the event of the failure of the Trustee or
any Holder to endorse or assign any such payment, distribution or security, each holder of Senior Debt is hereby irrevocably authorized
to endorse or assign the same.

 

(d)The Trustee
and the Holders, at the expense of the Company, shall take such reasonable action (including the delivery of this Indenture to
an agent for any holders of Senior Debt or consent to the filing of a financing statement with respect hereto) as may, in the opinion
of counsel designated by the holders of a majority in principal amount of the Senior Debt at the time outstanding, be necessary
or appropriate to assure the effectiveness of the subordination effected by these provisions.

 

(e)The provisions
of this Section 12.2 shall not impair any rights, interests, remedies or powers of any secured creditor of the Company in
respect of any security interest the creation of which is not prohibited by the provisions of this Indenture.

 

(f)The securing
of any obligations of the Company, otherwise ranking on a parity with the Securities or ranking junior to the Securities, shall
not be deemed to prevent such obligations from constituting, respectively, obligations ranking on a parity with the Securities
or ranking junior to the Securities.

 

    	61

    	 

    

 

SECTION
12.3.Payment Permitted If No Default.

 

Nothing contained in
this Article XII or elsewhere in this Indenture or in any of the Securities shall prevent (a) the Company, at any time,
except during the pendency of the conditions described in paragraph (a) of Section 12.2 or of any Proceeding referred to
in Section 12.2, from making payments at any time of principal of and any premium or interest (including any Additional
Interest) on the Securities or (b) the application by the Trustee of any moneys deposited with it hereunder to the payment of or
on account of the principal of and any premium or interest (including any Additional Interest) on the Securities or the retention
of such payment by the Holders, if, at the time of such application by the Trustee, it did not have knowledge (in accordance with
Section 12.8) that such payment would have been prohibited by the provisions of this Article XII, except as provided
in Section 12.8.

 

SECTION
12.4.Subrogation to Rights of Holders of Senior Debt.

 

Subject to the payment
in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or
otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent
of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII
(equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt
of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights
of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of
such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the
principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes
of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which
the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments
made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee,
shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be
a payment or distribution by the Company to or on account of the Senior Debt.

 

SECTION
12.5.Provisions Solely to Define Relative Rights.

 

The provisions of this
Article XII are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities
on the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article XII or elsewhere in
this Indenture or in the Securities is intended to or shall (a) impair, as between the Company and the Holders of the Securities,
the obligations of the Company, which are absolute and unconditional, to pay to the Holders of the Securities the principal of
and any premium and interest (including any Additional Interest) on the Securities as and when the same shall become due and payable
in accordance with their terms, (b) affect the relative rights against the Company of the Holders of the Securities and creditors
of the Company other than their rights in relation to the holders of Senior Debt or (c) prevent the Trustee or the Holder of any
Security (or to the extent expressly provided herein, the holder of any Preferred Security) from exercising all remedies otherwise
permitted by applicable law upon default under this Indenture, including filing and voting claims in any Proceeding, subject to
the rights, if any, under this Article XII of the holders of Senior Debt to receive cash, property and securities otherwise
payable or deliverable to the Trustee or such Holder.

 

    	62

    	 

    

 

SECTION
12.6.Trustee to Effectuate Subordination.

 

Each Holder of a Security
by his or her acceptance thereof authorizes and directs the Trustee on his or her behalf to take such action as may be necessary
or appropriate to acknowledge or effectuate the subordination provided in this Article XII and appoints the Trustee his
or her attorney-in-fact for any and all such purposes.

 

SECTION
12.7.No Waiver of Subordination Provisions.

 

(a)No right of
any present or future holder of any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced
or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof that any such holder may have or be otherwise charged with.

 

(b)Without in any
way limiting the generality of paragraph (a) of this Section 12.7, the holders of Senior Debt may, at any time and from
to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to
such Holders of the Securities and without impairing or releasing the subordination provided in this Article XII or the
obligations hereunder of such Holders of the Securities to the holders of Senior Debt, do any one or more of the following: (i)
change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend
or supplement in any manner Senior Debt or any instrument evidencing the same or any agreement under which Senior Debt is outstanding,
(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt, (iii) release
any Person liable in any manner for the payment of Senior Debt and (iv) exercise or refrain from exercising any rights against
the Company and any other Person.

 

SECTION
12.8.Notice to Trustee.

 

(a)The Company
shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article XII
or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would
prohibit the making of any payment to or by the Trustee in respect of the Securities, unless and until a Responsible Officer of
the Trustee shall have received written notice thereof from the Company or a holder of Senior Debt or from any trustee, agent or
representative therefor; provided, that if the Trustee shall not have received the notice provided for in this Section
12.8 at least two Business Days prior to the date upon which by the terms hereof any monies may become payable for any purpose
(including, the payment of the principal of and any premium on or interest (including any Additional Interest) on any Security),
then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
monies and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary
that may be received by it within two Business Days prior to such date.

 

    	63

    	 

    

 

(b)The Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or herself to be a holder
of Senior Debt (or a trustee, agent, representative or attorney-in-fact therefor) to establish that such notice has been given
by a holder of Senior Debt (or a trustee, agent, representative or attorney-in-fact therefor). In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate
in any payment or distribution pursuant to this Article XII, the Trustee may request such Person to furnish evidence to
the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, the extent to which such Person
is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article XII, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment.

 

SECTION
12.9.Reliance on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or
distribution of assets of the Company referred to in this Article XII, the Trustee and the Holders of the Securities shall
be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such Proceeding
is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of
creditors, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Securities,
for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior
Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article XII.

 

SECTION
12.10.Trustee Not Fiduciary for Holders of Senior Debt.

 

The Trustee, in its
capacity as trustee under this Indenture, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and shall
not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the
Company or to any other Person cash, property or securities to which any holders of Senior Debt shall be entitled by virtue of
this Article XII or otherwise.

 

SECTION
12.11.Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights.

 

The Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article XII with respect to any Senior Debt that
may at any time be held by it, to the same extent as any other holder of Senior Debt, and nothing in this Indenture shall deprive
the Trustee of any of its rights as such holder.

 

    	64

    	 

    

 

SECTION
12.12.Article Applicable to Paying Agents

 

If at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article XII shall in such case (unless the context otherwise requires) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this
Article XII in addition to or in place of the Trustee. For the avoidance of doubt, the Company shall not be permitted to
appoint itself or any Affiliate as a Paying Agent hereunder.

 

* * * *

 

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

 

* * * *

 

    	65

    	 

    

 

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

 

Caplease,
LP

By:CLF OP General Partner LLC,

its sole General Partner

 

By:/s/ Paul H. McDowell                   

Name: Paul H. McDowell

Title: Chief Executive Officer

 

JPMorgan Chase
Bank, National Association, as Trustee

 

By:
/s/ Shelly A. Sterling                             

Name: Shelly A. Sterling

Title: Vice President

 

    	66

    	 

    

 

Schedule A

 

DETERMINATION OF LIBOR

 

With respect to the
Securities, the London interbank offered rate (“LIBOR”) shall be determined by the Calculation Agent in accordance
with the following provisions (in each case rounded to the nearest .000001%):

 

(1) On the second LIBOR Business Day (as
defined below) prior to an Interest Payment Date after the expiration of the Fixed Rate Period (each such day, a “LIBOR
Determination Date”), LIBOR for any given security shall for the following interest payment period equal the rate, as
obtained by the Calculation Agent from Bloomberg Financial Markets Commodities News, for three-month Eurodollar deposits that appears
on Dow Jones Telerate Page 3750 (as defined in the International Swaps and Derivatives Association, Inc. 2000 Interest Rate and
Currency Exchange Definitions), or such other page as may replace such Page 3750, as of 11:00 a.m. (London time) on such LIBOR
Determination Date.

 

(2) If, on any LIBOR Determination Date,
such rate does not appear on Dow Jones Telerate Page 3750 or such other page as may replace such Page 3750, the Calculation Agent
shall determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to leading banks in the
London interbank market for three-month Eurodollar deposits in an amount determined by the Calculation Agent by reference to requests
for quotations as of approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the Calculation Agent to the
Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR shall
equal such arithmetic mean of such quotations. If, on any LIBOR Determination Date, only one or none of the Reference Banks provide
such quotations, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that leading banks in the City of New
York selected by the Calculation Agent are quoting on the relevant LIBOR Determination Date for three-month Eurodollar deposits
in an amount determined by the Calculation Agent by reference to the principal London offices of leading banks in the London interbank
market; provided that, if the Calculation Agent is required but is unable to determine a rate in accordance with at least
one of the procedures provided above, LIBOR shall be LIBOR as determined on the previous LIBOR Determination Date.

 

(3)As used herein: “Reference
Banks” means four major banks in the London interbank market selected by the Calculation Agent; and “LIBOR Business
Day” means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign
currency deposits) in London.

 

    	Schedule A-1

    	 

    

 

Form of Officer’s Financial Certificate

 

The undersigned, the
[Chief Executive Officer/President/ Vice President/Chief Financial Officer/Treasurer/Assistant
Treasurer], hereby certifies, pursuant to Section 7.3(b) of the Junior Subordinated Indenture, dated as of December 13, 2005 among
Caplease, LP (the “Company”) and JPMorgan Chase Bank, National Association, as trustee, that, as of [date], [20__],
Capital Lease Funding, Inc. (the “Guarantor”) and its subsidiaries had the following ratios and balances:

 

As of [Quarterly/Annual Financial Date],
20__

 

 

 

	 	 
	Senior secured indebtedness for borrowed money (“Debt”)	$_____
	 	 
	Senior unsecured Debt	$_____
	 	 
	Subordinated Debt	$_____
	 	 
	Total Debt	$ _____
	 	 
	Ratio of (x) senior secured and unsecured Debt to (y) total Debt	  _____%

 

 

* A table describing
the quarterly report calculation procedures is provided on page ___

 

[FOR FISCAL YEAR END: Attached
hereto are the audited consolidated financial statements (including the balance sheet, income statement and statement of cash flows,
and notes thereto, together with the report of the independent accountants thereon) of the Guarantor and its consolidated subsidiaries
for the three years ended [date], 20__ and all required Financial Statements (as defined in the Purchase Agreement) for the year
ended [date], 20__]

 

[FOR FISCAL QUARTER END: Attached
hereto are the unaudited consolidated financial statements (including the balance sheet and income statement) of the Guarantor
and its consolidated subsidiaries and all required Financial Statements (as defined in the Purchase Agreement) for the fiscal quarter
ended [date], 20__.]

 

The financial statements fairly present
in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial
position of the Guarantor and its consolidated subsidiaries, and the results of operations and changes in financial condition as
of the date, and for the [quarterly] [annual] period ended [date], 20__, and such financial statements have been
prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein).

 

There has been no monetary default with
respect to any indebtedness owed by the Guarantor and/or its subsidiaries (other than those defaults cured within 30 days of the
occurrence of the same) [, except as set forth below:].

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Officer’s Financial Certificate as of this _____ day of _____________, 20__.

 

Capital Lease
Funding, Inc.

 

By:                                                     

Name:                                         

Title:                                           

 

Capital Lease Funding, Inc.

110 Maiden Lane

New York, NY 10005SUPPLEMENTAL INDENTURE

JUNIOR
SUBORDINATED Notes

 

This SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”) dated as of November 5, 2013, is by and among CAPLEASE, LP, a Delaware limited
partnership (the “Initial Issuer”), ARC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
(the “New Issuer”), and The Bank of New York Mellon as successor-in-trust
to JPMorgan Chase Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).

 

RECITALS

 

WHEREAS, the Initial
Issuer, heretofore executed and delivered to the Trustee an indenture dated as of December 13, 2005 (as amended, supplemented or
otherwise modified, the “Indenture”), providing for the issuance of the Initial Issuer’s unsecured junior
subordinated notes (the “Notes”) issued to evidence loans made to the Initial Issuer of the proceeds from the
issuance by Caplease Statutory Trust I, a Delaware statutory trust (the “Trust”), of undivided preferred and
common beneficial interests in the assets of the Trust;

 

WHEREAS, CapLease,
Inc., a Maryland corporation, the Initial Issuer, CLF OP General Partner LLC, a Delaware limited liability company, American Realty
Capital Properties, Inc., a Maryland corporation (“Parent”), the New Issuer and Safari Acquisition, LLC, a Delaware
limited liability company and wholly owned subsidiary of Parent, have entered into an Agreement and Plan of Merger, dated as of
May 28, 2013 (the “Merger Agreement”), which provides for, among other things, the merger of the Initial Issuer
with and into the New Issuer, with the New Issuer being the surviving entity (the “Merger”), upon the terms
and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS, pursuant to
the terms of the Merger Agreement, the New Issuer has agreed to assume all of the Initial Issuer’s obligations under the
Indenture as of the effective time of the Merger (the “Effective Time”);

 

WHEREAS, Sections
8.1 and 9.1 of the Indenture provide that the New Issuer may execute and deliver to the Trustee a supplemental indenture
pursuant to which the New Issuer shall expressly assume the Initial Issuer’s obligations under the Notes and the Indenture
on the terms and conditions set forth herein; and

 

WHEREAS, pursuant to
Section 9.1 of the Indenture, the Trustee and the Initial Issuer are authorized to execute and deliver this Supplemental
Indenture without the consent of the holders of the Notes.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Issuer, the
Initial Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

 

    	 

    	 

    

 

1.
Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms
in the Indenture.

 

2.
Assumption of Obligations. The New Issuer hereby assumes, as of the Effective Time, the due and punctual payment
of the principal of and any premium and interest (including Additional Interest) on all the Securities and the performance of every
covenant of the Indenture on the part of the Initial Issuer to be performed or observed.

 

3.
Notices. Section 1.5 of the Indenture is hereby amended by deleting the text of Section 1.5 in
its entirety and replacing it with the following:

 

Any request, demand,
authorization, direction, notice, consent, waiver, Act of Holders, or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with:

 

(a)The
Trustee by any Holder, any holder of Preferred Securities or the Company shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with and received by the Trustee at its Corporate Trust Office, by electronic mail to
scott.tepper@bnymellon.com, by facsimile to (212) 815-3883, or at any other address previously furnished in writing to the Company
by the Trustee.

 

(b)The
Company by the Trustee, any Holder or any holder of Preferred Securities shall be sufficient for every purpose hereunder if in
writing and mailed, first class, postage prepaid, to the Company addressed to it at ARC Properties Operating Partnership, L.P.,
405 Park Avenue, 15th Floor, New York, NY 10022, Attention: Nicholas S. Schorsch, by electronic mail to nschorsch@arlcap.com, or
by facsimile to (212) 421-5799, or at any other address previously furnished in writing to the Trustee by the Company.

 

The Trustee agrees to
accept and act upon any request, demand, authorization, direction, notice, consent, waiver, Act of Holders, or other document pursuant
to this Indenture or any document executed in connection herewith sent by unsecured email, facsimile transmission or other similar
unsecured electronic methods; provided, however, that any person providing such instructions or directions shall provide
to the Trustee an incumbency certificate listing persons designated to provide such instructions or directions as such incumbency
certificate may be supplemented from time to time. If any person elects to give the Trustee email or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee's
reasonable understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such instructions notwithstanding
such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions
or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions
than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission
of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

 

    	 

    	 

    

 

4.
Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force
and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore
or hereafter authenticated and delivered shall be bound hereby.

 

5.
Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

6.
Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture.

 

7.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement.

 

8.
Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction
thereof.

 

[Signature page follows.]

 

    	 

    	 

    

 

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

 

INITIAL ISSUER:

 

CAPLEASE, LP

 

By: CLF OP General Partner LLC,

its general partner

 

By: CapLease, Inc.,

its sole member

 

By:_/s/ Paul H. McDowell_______________

Name:Paul H. McDowell

Title:Chief Executive Officer

 

 

 

Supplemental
Indenture

Junior
Subordinated Notes

 

    	 

    	 

    

 

 

NEW ISSUER:

 

ARC PROPERTIES OPERATING PARTNERSHIP, L.P.

 

By: American Realty Capital Properties, Inc.,

its general partner

 

By:_/s/ Jesse C. Galloway_________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Supplemental
Indenture

Junior
Subordinated Notes

 

    	 

    	 

    

 

TRUSTEE:

 

The Bank of
New York Mellon,

as Trustee

 

By:_/s/ Esther Antoine_______________

Name: Esther Antoine

Title: Vice President

 

 

 

Supplemental
Indenture

Junior
Subordinated Notes

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]