Document:

Exhibit 4.3

 

PROTAGONIST THERAPEUTICS, INC.,

 

Issuer

 

AND

 

[TRUSTEE],

 

Trustee

 

INDENTURE

 

Dated as of [●], 202[●]

 

Subordinated Debt Securities

 

     

     

    

 

INDENTURE

 

INDENTURE, dated as of [●], 202 , among PROTAGONIST
THERAPEUTICS, INC., a Delaware corporation (the “Company”), and [TRUSTEE] as trustee (the “Trustee”):

 

WHEREAS, for its lawful corporate purposes, the Company has
duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter
referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one
or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the
Trustee;

 

WHEREAS, to provide the terms and conditions upon which the
Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and

 

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

 

NOW, THEREFORE, in consideration of the premises and the purchase
of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders
of Securities:

 

ARTICLE 1

DEFINITIONS

 

Section 1.01 Definitions of Terms.

 

The terms defined in this Section (except as in this Indenture
or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture
and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural
as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that
are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto
otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture
Act and in said Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent” means an authenticating agent
with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means Title 11, U.S. Code, or any
similar federal or state law for the relief of debtors.

 

“Board of Directors” means the Board of Directors
(or the functional equivalent thereof) of the Company or any duly authorized committee of such 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 and delivered to the Trustee.

 

“Business Day” means, with respect to any series
of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York,
or at a place of payment, are authorized or obligated by law, executive order or regulation to close.

 

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

 

     

     

    

 

“Company” means Protagonist Therapeutics, Inc.,
a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article 10,
shall also include its successors and assigns.

 

“Company Order” means a written order of the Company,
signed by an Officer of the Company, and delivered to the Trustee.

 

“Corporate Trust Office” means the office of the
Trustee at which, at any particular time, its corporate trust business shall be administered, which office at the date hereof is located
at.

 

“Custodian” means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law.

 

“Defaulted Interest” has the meaning set forth in
Section 2.03.

 

“Depositary” means, with respect to Securities of
any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company,
another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation,
which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11.

 

“Event of Default” means, with respect to Securities
of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.

 

“Exchange Act” means the United States Securities
and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“Global Security” means a Security issued to evidence
all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary
or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the
Depositary or its nominee.

 

“Governmental Obligations” means securities that
are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable
or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the applicable series of Securities, and
shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation
or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder
of such depositary receipt; provided, however, 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 Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary
receipt.

 

“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.

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance
with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01.

 

“Interest Payment Date”, when used with respect
to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution
or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect
to Securities of that series is due and payable.

 

     

     

    

 

“Officer” means, with respect to the Company, the
Chairman of the Board of Directors, a Chief Executive Officer, a President, a Chief Financial Officer, a Chief Operating Officer, any
Executive Vice President, any Senior Vice President, any Vice President, the Treasurer or any Assistant Treasurer, the Controller or any
Assistant Controller or the Secretary or any Assistant Secretary.

 

“Officer’s Certificate” means a certificate
signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07, if and to the extent
required by the provisions thereof.

 

“Opinion of Counsel” means an opinion in writing
subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee
in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and
to the extent required by the provisions thereof.

 

“Outstanding”, when used with reference to Securities
of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series
theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee
or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities
or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions
of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article 3,
or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution
for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

 

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

 

“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; and, for the
purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen
Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible Officer” when used with respect to
the Trustee means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter relating
to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject and, in each case,
who shall have direct responsibility for the administration of this Indenture (which, for the avoidance of doubt, includes without limitation
any supplemental indenture hereto).

 

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

 

“Securityholder”, “holder”, “registered
holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the
Security Register kept for that purpose in accordance with the terms of this Indenture.

 

“Security Register” and “Security Registrar”
shall have the meanings as set forth in Section 2.05.

 

     

     

    

 

“Subsidiary” means, with respect to any Person:

 

(1) any corporation or company a majority of whose capital stock
with voting power, under ordinary circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by
such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries
of such Person;

 

(2) a partnership in which such Person or a subsidiary of such
Person is, at the date of determination, a general partner of such partnership; or

 

(3) any partnership, limited liability company or other Person
in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly,
at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect or appoint or direct
the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing
body of such Person.

 

“Trustee” means , and, subject to the provisions
of Article 7, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such
capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular
series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended and in effect from time to time.

 

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

 

ARTICLE 2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION

AND EXCHANGE OF SECURITIES

 

Section 2.01 Designation and Terms of Securities.

 

(a) The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount
of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental
hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and
set forth in an Officer’s Certificate or established in one or more indentures supplemental hereto:

 

(1) the title of the Securities of the series (which shall distinguish
the Securities of that series from all other Securities);

 

(2) any limit upon the aggregate principal amount of the Securities
of that series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of that series);

 

(3) the date or dates on which the principal of the Securities
of the series is payable;

 

(4) if the price (expressed as a percentage of the aggregate principal
amount thereof) at which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal
amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount
of such Securities that is convertible into another security or the method by which any such portion shall be determined;

 

(5) the rate or rates at which the Securities of the series shall
bear interest or the manner of calculation of such rate or rates, if any;

 

(6) the date or dates from which such interest shall accrue, the
Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of
payment, and the record date for the determination of holders to whom interest is payable on any such Interest Payment Dates or the manner
of determination of such record dates;

 

     

     

    

 

(7) the right, if any, to extend the interest payment periods
and the duration of such extension;

 

(8) the period or periods within which, the price or prices at
which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in whole or in part;

 

(9) the obligation, if any, of the Company to redeem or purchase
Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash
in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price
or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation;

 

(10) the form of the Securities of the series including the form
of the Certificate of Authentication for such series;

 

(11) if other than minimum denominations of one thousand U.S. dollars
($1,000) or any integral multiple of $1,000 thereof, the denominations in which the Securities of the series shall be issuable;

 

(12) any and all other terms (including terms, to the extent applicable,
relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect
to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by
any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable
in connection with the marketing of Securities of that series;

 

(13) whether the Securities of the series shall be issued in whole
or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities
may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities;

 

(14) whether the Securities will be convertible into or exchangeable
for shares of common stock, preferred stock or other securities of the Company or any other Person and, if so, the terms and conditions
upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it
will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion
or exchange features, and the applicable conversion or exchange period;

 

(15) if other than the full principal amount thereof, the portion of
the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant
to Section 6.01;

 

(16) any additional or alternative Events of Default;

 

(17) additional or alternative covenants (which may include, among
other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional
indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of the capital stock of the Company
or the Company’s Subsidiaries; redeem capital stock; place restrictions on the Company’s Subsidiaries’ ability to pay
dividends, make distributions or transfer assets; make investments or other restricted payments; sell or otherwise dispose of assets;
enter into sale-leaseback transactions; engage in transactions with stockholders or affiliates; issue or sell stock of the Company’s
Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among other financial covenants, financial
covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based
or other financial ratios) provided for with respect to the Securities of the series;

 

(18) the currency or currencies, including composite currencies, in
which payment of the principal of (and premium, if any) and interest, if any, on such Securities shall be payable (if other than the currency
of the United States of America), which unless otherwise specified shall be the currency of the United States of America as at the time
of payment is legal tender for payment of public or private debts;

 

     

     

    

 

(19) if the principal of (and premium, if any) or interest, if any,
on such Securities is to be payable, at the election of the Company or any holder thereof, in a coin or currency other than that in which
such Securities are stated to be payable, then the period or periods within which, and the terms and conditions upon which, such election
may be made;

 

(20) whether interest will be payable in cash or additional Securities
at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made;

 

(21) the terms and conditions, if any, upon which the Company shall
pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder
that is not a “United States person” for federal tax purposes;

 

(22) additional or alternative provisions, if any, related to defeasance
and discharge of the offered Securities;

 

(23) the applicability of any guarantees;

 

(24) any restrictions on transfer, sale or assignment of the Securities
of the series; and

 

(25) any other terms of the series.

 

All Securities of any one series shall be substantially identical except
as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

 

If any of the terms of the series are established by action taken pursuant
to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant
secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company setting
forth the terms of the series.

 

Securities of any particular series may be issued at various times,
with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different
methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption
dates.

 

Section 2.02 Form of Securities and Trustee’s Certificate.

 

The Securities of any series and the Trustee’s certificate of
authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental
hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers
or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company
may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities
of that series may be listed, or to conform to usage.

 

Section 2.03 Denominations: Provisions for Payment.

 

The Securities shall be issuable as registered Securities and in the
minimum denominations of one thousand U.S. dollars ($1,000) or any integral multiple of $1,000 thereof, subject to Section 2.01(a)(11).
The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.
Subject to Section 2.01(a)(18), the principal of and the interest on the Securities of any series, as well as any premium
thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that
at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security
shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of
twelve 30-day months.

 

     

     

    

 

The interest installment on any Security that is payable, and is punctually
paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security
(or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment.
In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent
to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security
will be paid upon presentation and surrender of such Security as provided in Section 3.03.

 

Any interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for Securities of the same series (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 shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1) The Company may elect to make payment of any Defaulted Interest
on Securities to the Persons in whose names such 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, which shall be fixed in the following manner: the Company
shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such 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 as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Interest
which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record
date and in such notice, instruct the Trustee to send such notice to holders, 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 sent electronically or mailed, first
class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not
less than 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 sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered on such special record date.

 

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

 

Unless otherwise set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular
record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall
mean either (i) the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for
such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or (ii) the
first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall
occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

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

 

Section 2.04 Execution and Authentications.

 

The Securities shall be signed on behalf of the Company by one of its
Officers. Signatures may be in the form of a manual or facsimile signature.

 

     

     

    

 

The Company may use the facsimile signature of any Person who shall
have been an Officer, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such
Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements required
by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not be valid until authenticated manually by an authorized
signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated
has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, signed
by an Officer, and the Trustee in accordance with such 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 receive, and (subject to Section 7.01) shall be fully
protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this Indenture, that all conditions precedent in connection with the issuance,
authentication and delivery of such Securities have been met and that such Securities are legal, valid and binding obligations against
the Company, enforceable against it in accordance with its terms, subject to customary exceptions and qualifications.

 

The Trustee shall not be required to authenticate such Securities if
the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities
and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

Section 2.05 Registration of Transfer and Exchange.

 

(a) Securities of any series may be exchanged upon presentation
thereof at the office or agency of the Company designated for such purpose, for other Securities of such series of authorized denominations,
and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the
Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b) The Company shall keep, or cause to be kept, at its office
or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities
as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the
purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the
 “Security Registrar”).

 

Upon surrender for transfer of any Security at the office or agency
of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall
deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like
aggregate principal amount.

 

All Securities presented or surrendered for exchange or registration
of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered
holder or by such holder’s duly authorized attorney in writing.

 

(c) Except as provided pursuant to Section 2.01 pursuant
to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this
Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case
of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04
not involving any transfer.

 

     

     

    

 

(d) The Company shall not be required (i) to issue, exchange
or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing
of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day
of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption,
other than the unredeemed portion of any such Securities being redeemed in part. The provisions of this Section 2.05 are,
with respect to any Global Security, subject to Section 2.11 hereof.

 

The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any
transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests
in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

 

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

 

Section 2.06 Temporary Securities.

 

Pending the preparation of definitive Securities of any series, the
Company may execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, temporary Securities (printed,
lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive
Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated
by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency
of the Company designated for the purpose, and the Trustee shall, upon receipt of a Company Order, authenticate and such office or agency
shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless
the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from
the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as
definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon receipt of a Company Order
the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and
of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon receipt of a Company Order.
Upon the issuance of any substituted Security, 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.

 

In case any Security that has or is about to become due and payable,
whether upon maturity of the Securities of a series or upon declaration or otherwise shall become mutilated or be destroyed, lost or stolen,
the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except
in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity
as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and
the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

     

     

    

 

Every replacement Security issued pursuant to the provisions of this
Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen
Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned
upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities
without their surrender.

 

Section 2.08 Cancellation.

 

All Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation,
or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required
or permitted by any of the provisions of this Indenture. On written request of the Company at the time of such surrender, the Trustee
shall deliver to the Company evidence of cancellation for such canceled Securities held by the Trustee. The Trustee shall cancel and dispose
of canceled Securities in accordance with its standard procedures. If the Company shall otherwise acquire any of the Securities, however,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee for cancellation.

 

Section 2.09 Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied,
shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities (and, with respect to
the provisions of Article 14, the holders of any indebtedness of the Company to which the Securities of any series are subordinated)
any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities
(and, with respect to the provisions of Article 14, the holders of any indebtedness of the Company to which the Securities
of any series are subordinated).

 

Section 2.10 Authenticating Agent.

 

So long as any of the Securities of any series remain Outstanding there
may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating
Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or
partial redemption thereof, 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. All references in this Indenture to the authentication of Securities
by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be
acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined
by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state
authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency
of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation,
termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent
acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with
all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

     

     

    

 

Section 2.11 Global Securities.

 

(a) If the Company shall establish pursuant to Section 2.01
that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall,
in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated
in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered
in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or held by it, pursuant to
the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise
provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding the provisions of Section 2.05,
the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only
to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company
or to a nominee of such successor Depositary.

 

(c) If at any time the Depositary for a series of the Securities
notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such
series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor
Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the
Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company
will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the
Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities
of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer
apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee,
upon receipt of an Officer’s Certificate and a Company Order evidencing such determination by the Company, will authenticate and
deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security
shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant
to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE 3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01 Redemption.

 

The Company may redeem the Securities of any series issued hereunder
on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.

 

     

     

    

 

Section 3.02 Notice of Redemption.

 

(a) In case the Company shall desire to exercise such right to
redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself
to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee (upon 5 Business Days written notice,
unless a shorter period shall be satisfactory to the Trustee) to, give notice of such redemption to holders of the Securities of such
series to be redeemed by mailing, electronically or by first class postage prepaid mail, a notice of such redemption not less than 15
days and not more than 90 days, except that redemption notices may be sent more than 90 days prior to the redemption date if the notice
is issued in connection with a defeasance of the Securities or a satisfaction and discharge, before the date fixed for redemption of that
series to such holders (with a copy to the Trustee) at their last addresses as they shall appear upon the Security Register, unless a
shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice
to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect
the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall specify the date fixed for redemption,
if applicable, any record date with respect to such redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company,
upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in
said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the
case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed
in part shall specify the particular Securities to be so redeemed.

 

In case any Security is to be redeemed in part only, the notice that
relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the
redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed
portion thereof will be issued.

 

(b) If less than all the Securities of a series are to be redeemed,
the Company shall give the Trustee at least 20 days’ notice (unless a shorter notice shall be satisfactory to the Trustee) in advance
of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion (and subject to the applicable procedures
of the Depositary) and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any
integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed
and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The
Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or
any paying agent to call all or any part of the Securities of a particular series for redemption and to send notice of redemption in the
manner set forth in this Section, such notice to be in the name and at the expense of the Company. In any case in which notice of redemption
is to be sent by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with,
the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts
therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions
of this Section.

 

Section 3.03 Payment Upon Redemption.

 

(a) If the giving of notice of redemption shall have been completed
as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and
payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date
fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption,
unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion
thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified
in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued
thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable
on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

     

     

    

 

(b) Upon presentation of any physical Security of such series
that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security
is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations
in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.04 Sinking Fund.

 

The provisions of Sections 3.04, 3.05 and 3.06
shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by
Section 2.01 for Securities of such series.

 

The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”.
If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series.

 

Section 3.05 Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may deliver Outstanding Securities of a series
and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to
be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly.

 

Section 3.06 Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment date for any
series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion
thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and
the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered.
Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE 4

COVENANTS

 

Section 4.01 Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause to be paid the principal
of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established
with respect to such Securities. Payments of principal on the physical Securities may be made at the time provided herein and established
with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such
address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have
furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities
may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of
the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to an account
in the United States if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee
no later than 15 days prior to the relevant payment date.

 

     

     

    

 

Section 4.02 Maintenance of Office or Agency.

 

So long as any series of the Securities remain Outstanding, the Company
agrees to maintain an office or agency with respect to each such series and at such other location or locations as may be designated as
provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities
of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices in respect
of the Securities of that series and this Indenture may be given or made, such designation to continue with respect to such office or
agency until the Company shall, by written notice in an Officer’s Certificate and delivered to the Trustee, designate some other
office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations and notices may be made at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and notices; provided, however,
the Trustee shall not be considered an agent of the Company for service of process.

 

Section 4.03 Paying Agents.

 

(a) If the Company shall appoint one or more paying agents for
all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

(1) that it will hold all sums held by it as such agent for the
payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it
by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;

 

(2) that it will give the Trustee notice of any failure by the
Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the
Securities of that series when the same shall be due and payable;

 

(3) that it will, at any time during the continuance of any failure
referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums
so held in trust by such paying agent;

 

(4) that upon any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, the Trustee will automatically be
the Paying Agent; and

 

(5) that it will perform all other duties of paying agent as set
forth in this Indenture.

 

(b) If the Company shall act as its own paying agent with respect
to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities
of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal
(and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such
Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior
to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent
a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit
of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly
notify the Trustee of this action or failure so to act.

 

(c) Notwithstanding anything in this Section to the contrary,
(i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05,
and (ii) 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 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 terms and conditions as those upon which such sums were held by the Company or such paying agent;
and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all
further liability with respect to such money.

 

     

     

    

 

(d) The Company initially appoints the Trustee at its Corporate
Trust Office as its paying agent with respect to the Securities.

 

Section 4.04 Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary to avoid or fill a vacancy in the office
of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee
hereunder.

 

Section 4.05 Compliance with Consolidation Provisions.

 

The Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or
convey all or substantially all of its property to any other Person unless the provisions of Article 10 hereof are complied
with.

 

ARTICLE 5

SECURITYHOLDERS’ LISTS AND REPORTS BY
THE COMPANY

AND THE TRUSTEE

 

Section 5.01 Company to Furnish Trustee Names and Addresses
of Securityholders.

 

The Company will furnish or cause to be furnished to the Trustee (a) within
5 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require,
of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company
shall not be obligated to furnish or cause to be furnished such list at any time that the list shall not differ in any respect from the
most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within
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 15 days prior
to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series
for which the Trustee shall be the Security Registrar.

 

Section 5.02 Preservation Of Information; Communications With
Securityholders.

 

(a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to
it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity
as Security Registrar (if acting in such capacity).

 

(b) The Trustee may destroy any list furnished to it as provided
in Section 5.01 upon receipt of a new list so furnished.

 

(c) Securityholders may communicate as provided in Section 312(b) of
the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in
connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture
Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Section 5.03 Reports by the Company.

 

(a) The Company covenants and agrees to provide (which delivery
may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may
from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that
so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System
(EDGAR), or Interactive Data Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed
with the Trustee for purposes hereof without any further action required by the Company; provided that an electronic link to such
filing, together with an electronic notice of such filing have been sent to the Trustee it being understood that the Trustee shall have
no responsibility to determine whether such filings have been made. For the avoidance of doubt, a failure by the Company to file annual
reports, information and other reports with the Commission within the time period prescribed thereof by the Commission shall not be deemed
a breach of this Section 5.03.

 

     

     

    

 

(b) Delivery of reports, information and documents to the Trustee
under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing
shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including
the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s
Certificate).

 

Section 5.04 Reports by the Trustee.

 

(a) If required by Section 313(a) of the Trust Indenture
Act, the Trustee, within sixty (60) days after each May 15, commencing the calendar year after the year in which the first Securities
are issued hereunder, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear
upon the Security Register, a brief report dated as of such May 15, which complies with Section 313(a) of the Trust Indenture
Act.

 

(b) The Trustee shall comply with Section 313(b) and
313(c) of the Trust Indenture Act.

 

(c) A copy of each such report shall, at the time of such transmission
to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so
listed) and also with the Commission. The Company agrees to notify the Trustee in writing when any Securities become listed on any securities
exchange or of any delisting thereof.

 

ARTICLE 6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON

EVENT OF DEFAULT

 

Section 6.01 Events of Default.

 

(a) Whenever used herein with respect to Securities of a particular
series, “Event of Default” means any one or more of the following events that has occurred and is continuing:

 

(1) the Company defaults in the payment of any installment of
interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for
a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance
with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;

 

(2) the Company defaults in the payment of the principal of (or
premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon
redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that
series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any
indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;

 

(3) the Company fails to observe or perform any other of its covenants
or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities
pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely
for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice
of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder,
shall have been given to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in principal amount
of the Securities of that series at the time Outstanding;

 

     

     

    

 

(4) the Company pursuant to or within the meaning of any Bankruptcy
Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents
to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the
benefit of its creditors; or

 

(5) a court of competent jurisdiction enters an order under any
Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for
all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed
and in effect for 90 days.

 

(b) In each and every such case (other than an Event of Default
specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become
due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series
then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the
principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately,
and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause
(4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall
automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c) At any time after the principal of (and premium, if any, on)
and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment
or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in
aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient
to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any
and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium,
if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per
annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06,
and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on
(and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms,
shall have been remedied or waived as provided in Section 6.06.

 

No such rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent thereon.

 

(d) In case the Trustee shall have proceeded to enforce any right
with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because
of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such
case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions
and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings
had been taken.

 

Section 6.02 Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

(a) The Company covenants that if an Event of Default described
in Section 6.01(a) or 6.01(b) shall have occurred with respect to the Securities of any series, the Company will pay to
the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and
payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue
principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments
of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

     

     

    

 

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

 

(c) In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, irrespective
of whether the Trustee shall have made any demand pursuant to this Section 6.02, the Trustee shall have power to intervene in such
proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee
and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the
date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date,
and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in
the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount
due it under Section 7.06.

 

(d) All rights of action and of asserting claims under this Indenture,
or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession
of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision
for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities
of such series.

 

In case of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture,
or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim
of any Securityholder in any such proceeding.

 

Section 6.03 Application of Moneys Collected.

 

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

 

FIRST: To the payment of all indebtedness of the Company to
which such series of Securities is subordinated to the extent required by Section 7.06 and any subordination terms of the
series specified as contemplated by Article 14;

 

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

 

     

     

    

 

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

 

Section 6.04 Limitation on Suits.

 

No holder of any Security of any series shall have any right by virtue
or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with
respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder
previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities
of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such indemnity
reasonably satisfactory to it as it may require against the costs, expenses, claims and liabilities to be incurred therein or thereby;
(iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any
such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities
of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding anything contained herein to the contrary or any other
provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption,
on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption
date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee,
that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or
seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture (it being understood
that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to
such holders), except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such
series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

 

Section 6.05 Rights and Remedies Cumulative; Delay or Omission
Not Waiver.

 

(a) Except as otherwise provided in Section 2.07,
all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be
deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise
established with respect to such Securities.

 

(b) No delay or omission of the Trustee or of any holder of any
of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair
any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions
of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be
exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 6.06 Control by Securityholders.

 

The holders of a majority in aggregate principal amount of the Securities
of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of
law or with this Indenture or subject the Trustee in its sole discretion to personal liability. The Trustee shall have the right to decline
to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed, subject to the Trustee’s
duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders
not involved in the proceeding. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnity or security
satisfactory to it against loss, liability or expense that may be caused by taking such action. The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04,
may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default
in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall
become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to
pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)).
Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the
Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

     

     

    

 

Section 6.07 Undertaking to Pay Costs.

 

All parties to this Indenture agree, and each holder of any Securities
by such holder’s 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, 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 shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more
than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for
the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective
due dates expressed in such Security or established pursuant to this Indenture.

 

ARTICLE 7

CONCERNING THE TRUSTEE

 

Section 7.01 Certain Duties and Responsibilities of Trustee.

 

(a) The Trustee, prior to the occurrence of an Event of Default
with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series
that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event
of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with
respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b) No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

(1) prior to the occurrence of an Event of Default with respect
to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have
occurred:

 

(A) the duties and obligations of the Trustee shall with respect
to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

     

     

    

 

(B) in the absence of willful misconduct on the part of the Trustee,
the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein);

 

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

 

(3) the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal
amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to
the Securities of that series; and

 

(4) none of the provisions contained in this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur personal or financial liability in the performance of any of its duties
or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability
is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to
it.

 

Section 7.02 Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a) The Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond,
security or other paper or document or other evidence of indebtedness believed by it to be genuine and to have been signed or presented
by the proper party or parties. The Trustee need not investigate any fact or matter stated in the document. The Trustee shall receive
and retain financial reports and statements of the Company to the extent provided herein, but shall have no duty to review or analyze
such reports or statements to determine compliance with covenants or other obligations of the Company;

 

(b) Any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized Officer
of the Company (unless other evidence in respect thereof is specifically prescribed herein);

 

(c) The Trustee may consult with counsel of its selection and
the advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d) The Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions
of this Indenture, unless such Securityholders shall have offered (and if requested, provided) to the Trustee security or indemnity satisfactory
to it against the costs, expenses, claims and liabilities that may be incurred therein or thereby;

 

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

 

     

     

    

 

(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, consent, order, approval,
bond, security, or other papers or documents or other evidence of indebtedness, unless requested in writing so to do by the holders of
not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided
in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs,
expenses, claims or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity or
security satisfactory to it against such costs, expenses, claims or liabilities as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

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

 

(h) In no event shall the Trustee be responsible or liable for
any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond
its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances;

 

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

 

(j) The permissive rights of the Trustee enumerated herein shall
not be construed as duties;

 

(k) The Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture;
and

 

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

 

In addition, the Trustee shall not be deemed to have knowledge of any
Default or Event of Default until a Responsible Officer of the Trustee shall have received written notification in the manner set forth
in this Indenture, and such notice references the Securities and this Indenture or a Responsible Officer of the Trustee shall have obtained
actual knowledge.

 

Section 7.03 Trustee Not Responsible for Recitals or Issuance
or Securities.

 

(a) The recitals contained herein and in the Securities shall
be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.

 

(b) The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities.

 

(c) The Trustee shall not be accountable for the use or application
by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by
the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or
application of any moneys received by any paying agent other than the Trustee.

 

Section 7.04 May Hold Securities.

 

The Trustee or any paying agent or Security Registrar, in its individual
or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying
agent or Security Registrar.

 

     

     

    

 

Section 7.05 Moneys Held in Trust.

 

Subject to the provisions of Section 11.05, all moneys
received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received,
but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any moneys received by it hereunder except such as it may agree in writing with the Company to pay thereon.

 

Section 7.06 Compensation and Reimbursement.

 

(a) The Company covenants and agrees to pay to the Trustee, and
the Trustee shall be entitled to, such compensation (which shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by
it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable
and documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable and documented fees and the expenses and disbursements of its counsel and of all Persons not regularly in its
employ), except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. The Company also covenants
to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any documented loss,
liability or expense, including reasonable and documented attorneys’ fees, incurred without negligence or willful misconduct on
the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable
and documented costs and expenses of defending itself against any claim of liability in the premises (whether asserted by the Company,
or any holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
or in connection with enforcing the provisions of this Section.

 

(b) The obligations of the Company under this Section to
compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute
indebtedness of the Company to which the Securities are subordinated. Such additional indebtedness shall be secured by a lien prior to
that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit
of the holders of particular Securities.

 

(c) To ensure the Company’s payment obligations in this
Section, the Trustee shall have a lien prior to the Securities on all funds or property held or collected by the Trustee, except that
held in trust to pay principal of, premium, if any, or interest on particular Securities. When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 6.01(a)(4) or (5), the expenses (including
the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses
of administration under any Bankruptcy Law. The provisions of this Section 7.06 shall survive the termination of this Indenture
and the earlier resignation or removal of the Trustee.

 

Section 7.07 Reliance on Officer’s Certificate or Opinion
of Counsel.

 

Except as otherwise provided in Section 7.01, whenever
in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be deemed
to be conclusively proved and established by an Officer’s Certificate and Opinion of Counsel delivered to the Trustee and such certificate
and opinion, in the absence of negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any
action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08 Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire any “conflicting interest”
within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with
the provisions of Section 310(b) of the Trust Indenture Act.

 

     

     

    

 

Section 7.09 Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with respect to the Securities
issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America
or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the
Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million
U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.

 

If such corporation or other Person publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in
Section 7.10.

 

Section 7.10 Resignation and Removal; Appointment of Successor.

 

(a) The Trustee or any successor hereafter appointed may at any
time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice
of resignation by electronic mail, or by first class postage prepaid mail, to the Securityholders of such series, as their names and addresses
appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with
respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder
of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if
any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b) In case at any time any one of the following shall occur:

 

(i) the Trustee shall fail to comply with the provisions of Section 7.08
after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for
at least six months; or

 

(ii) the Trustee shall cease to be eligible in accordance with
the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder;
or

 

(iii) the Trustee shall become incapable of acting, or shall be
adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall
be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Company may remove the Trustee with respect
to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one
copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who
has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such
court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The holders of a majority in aggregate principal amount of
the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the
Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

 

     

     

    

 

(d) Any resignation or removal of the Trustee and appointment
of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e) Any successor trustee appointed pursuant to this Section may
be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee
with respect to the Securities of any particular series.

 

Section 7.11 Acceptance of Appointment By Successor.

 

(a) In case of the appointment hereunder of a successor trustee
with respect to all Securities, every such 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
full payment of any amount then due it pursuant to Section 7.06, 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.

 

(b) In case of the appointment hereunder of a successor trustee
with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with
respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee
shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure
to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to
the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the
exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each
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 with respect to the Securities of that or those series to which the appointment of such successor trustee relates;
but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

(c) 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 such rights, powers
and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

 

(d) 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.

 

(e) Upon acceptance of appointment by a successor trustee as provided
in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to
the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within
ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at
the expense of the Company.

 

     

     

    

 

Section 7.12 Merger, Conversion, Consolidation or Succession
to Business.

 

Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any corporation succeeding to the corporate trust business of the Trustee, including the administration of the trust created
by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the
provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing
of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

 

Section 7.13 Preferential Collection of Claims Against the
Company.

 

The Trustee shall comply with Section 311(a) of the Trust
Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

Section 7.14 Notice of Default.

 

If any Event of Default occurs and is continuing and if such Event
of Default is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Securityholder in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the later of 90 days
after it occurs and 30 days after it is actually known to a Responsible Officer of the Trustee or written notice of it is received by
the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the
payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice
if and so long as it in good faith determines that the withholding of such notice is in the interest of the Securityholders.

 

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

 

Section 8.01 Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided that the holders of
a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including
the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at
the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced
by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by
agent or proxy appointed in writing.

 

If the Company shall solicit from the Securityholders of any series
any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by
an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do
so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given
before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to
be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that
series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action,
and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however,
that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

     

     

    

 

Section 8.02 Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01, proof of the
execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding
by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a) The fact and date of the execution by any such Person of any
instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The ownership of Securities shall be proved by the Security
Register of such Securities or by a certificate of the Security Registrar thereof. The Trustee may require such additional proof of any
matter referred to in this Section as it shall deem necessary.

 

Section 8.03 Who May be Deemed Owners.

 

Prior to the due presentment for registration of transfer of any Security,
the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall
be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue
and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving
payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and
for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any
notice to the contrary.

 

Section 8.04 Certain Securities Owned by Company Disregarded.

 

In determining whether the holders of the requisite aggregate principal
amount of Securities of a particular series have concurred in any direction, consent, demand, authorization, notice or waiver under this
Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any
Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities
of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose
of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been
pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section 8.05 Actions Binding on Future Securityholders.

 

At any time prior to (but not after) the evidencing to the Trustee,
as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of
that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by
filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as
concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such
holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer
thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken
by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this
Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities
of that series.

 

     

     

    

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.01 Supplemental Indentures Without the Consent of
Securityholders.

 

In addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders at any
time Outstanding, for one or more of the following purposes:

 

(a) to cure any ambiguity, defect, or inconsistency herein or
in the Securities of any series;

 

(b) to comply with Article 10;

 

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

 

(d) to add to the covenants, restrictions, conditions or provisions
relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions
or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or
provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance,
of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or
power herein conferred upon the Company;

 

(e) to add to, delete from, or revise the conditions, limitations,
and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth;

 

(f) to make any change that does not adversely affect the rights
of any Securityholder in any material respect;

 

(g) to provide for the issuance of and establish the form and
terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications
required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of
any series of Securities;

 

(h) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee or to appoint a separate trustee with respect to any series; or

 

(i) to comply with any requirements of the Commission or any successor
in connection with the qualification of this Indenture under the Trust Indenture Act.

 

The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but
the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions of this Section may
be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding
any of the provisions of Section 9.02.

 

     

     

    

 

Section 9.02 Supplemental Indentures With Consent of Securityholders.

 

With the consent (evidenced as provided in Section 8.01)
of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental
indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture
Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders
of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities
of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce
any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required
to consent to any such supplemental indenture.

 

It shall not be necessary for the consent of the Securityholders of
any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such consent shall approve the substance thereof. The Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.03 Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, this Indenture shall, with respect to such series only, be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes with respect to such
series.

 

Section 9.04 Securities Affected by Supplemental Indentures.

 

Securities of any series affected by a supplemental indenture, authenticated
and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01,
may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such
series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in
any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities
of that series then Outstanding.

 

Section 9.05 Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders
required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless
such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case
the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee shall receive an Officer’s
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is
authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental indenture
have been complied with and with respect to such Opinion of Counsel, that such supplemental indenture is the legal, valid and binding
obligation of the Company, enforceable against each of them in accordance with its terms, subject to customary exceptions and qualifications.

 

Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Article, the Company shall transmit by electronic mail, or by first class mail,
postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all
series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or cause the
mailing of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

     

     

    

 

ARTICLE 10

SUCCESSOR ENTITY

 

Section 10.01 Company May Consolidate, Etc.

 

Nothing contained in this Indenture shall prevent any consolidation
or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers
in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other
disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other
corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided,
however, (a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company
is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal
of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their
tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each
series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be
expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) executed
and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity
which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into
or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make
provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange
of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities
of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred
immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition. If the Company is not the surviving
entity of any such transaction, the Company or the continuing entity agrees to deliver to the Trustee an Officer’s Certificate and
Opinion of Counsel stating that the transaction and the supplemental indenture complies with this Section 10.01 and that all conditions
precedent herein relating to the transaction have been satisfied.

 

Section 10.02 Successor Entity Substituted.

 

(a) In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the
Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor
entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon
the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b) In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to
be issued as may be appropriate.

 

(c) Nothing contained in this Article shall require any action
by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction,
or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated
with the Company).

 

     

     

    

 

ARTICLE 11

SATISFACTION AND DISCHARGE

 

Section 11.01 Satisfaction and Discharge of Indenture.

 

If at any time: (a) the Company shall have delivered to the Trustee
for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any
Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07
and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in
trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or
(b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee
as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, 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 at maturity
or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium,
if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07,
4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may
be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company
and at the cost and expense of the Company shall execute such instruments reasonably requested by the Company acknowledging satisfaction
of and discharging this Indenture with respect to such series.

 

Section 11.02 Discharge of Obligations.

 

If at any time all such Securities of a particular series not heretofore
delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have
been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient
to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may
be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series,
then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the
Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections
2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall
survive until such Securities shall mature and be paid.

 

Thereafter, Sections 7.06 and 11.05 shall survive.

 

Section 11.03 Deposited Moneys to be Held in Trust.

 

All moneys or Governmental Obligations deposited with the Trustee pursuant
to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent
(including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption
of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.04 Payment of Moneys Held by Paying Agents.

 

In connection with the satisfaction and discharge of this Indenture
all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the
Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys
or Governmental Obligations.

 

Section 11.05 Repayment to Company.

 

Any moneys or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of
a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date
upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such
other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31
of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the
paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company
for the payment thereof.

 

     

     

    

 

ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS

AND DIRECTORS

 

Section 12.01 No Recourse.

 

No recourse under or upon any obligation, covenant or agreement of
this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator,
stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either
directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations
issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred
by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or
any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name
and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every
such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of
such Securities.

 

ARTICLE 13

MISCELLANEOUS PROVISIONS

 

Section 13.01 Effect on Successors and Assigns.

 

All the covenants, stipulations, promises and agreements in this Indenture
made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 13.02 Actions by Successor.

 

Any act or proceeding by any provision of this Indenture authorized
or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force
and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section 13.03 Surrender of Company Powers.

 

The Company by instrument in writing executed by authority of its Board
of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered
shall terminate both as to the Company and as to any successor corporation.

 

Section 13.04 Notices.

 

Except as otherwise expressly provided herein, any notice, request
or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the holders
of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by any standard form of telecommunication
or by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the
Trustee), as follows: Protagonist Therapeutics, Inc., 7707 Gateway Blvd., Suite 140, Newark, CA 94560. Any notice, election,
request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the
Trustee. Notwithstanding anything herein to the contrary, where reference herein is made to notice of any event (including notice of redemption)
to a Securityholder of Global Securities, whether by mail or otherwise, such notice shall be sufficiently given when delivered to the
Depositary (or its designee) pursuant to the customary procedures of the Depositary.

 

     

     

    

 

Section 13.05 Governing Law; Jury Trial Waiver.

 

THIS INDENTURE AND EACH SECURITY, AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH SECURITY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 13.06 Treatment of Securities as Debt.

 

It is intended that the Securities will be treated as indebtedness
and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.

 

Section 13.07 Certificates and Opinions as to Conditions Precedent.

 

(a) Upon any application or demand by the Company to the Trustee
to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate
stating that all covenants and conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant
to Section 13.12) relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion
of such counsel all such covenants and conditions precedent have been complied with.

 

(b) Each certificate or opinion provided for in this Indenture
and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement
that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a
statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him
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 or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 13.08 Payments on Business Days.

 

Except as provided pursuant to Section 2.01 pursuant to
a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture,
in any case where the date that principal of, interest and/or premium, if any, on any Security is due or otherwise payable shall not be
a Business Day or is a day on which the banking institutions in the city of the office of the Paying Agent are authorized or obligated
by law to close or be closed, then payment of principal, premium, if any, and/or interest may be made on the next succeeding day that
is a Business Day and is not a day on which the banking institutions in the city of the office of the Paying Agent are authorized or obligated
by law to close or be closed with the same force and effect as if made on the nominal date of maturity or redemption, and no interest
shall accrue for the period after such nominal date.

 

Section 13.09 Conflict with Trust Indenture Act.

 

If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

     

     

    

 

Section 13.10 Counterparts.

 

This Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 13.11 Separability.

 

In case any one or more of the provisions contained in this Indenture
or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such
Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 13.12 Compliance Certificates.

 

The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year during which any Securities of any series were outstanding, an Officer’s Certificate stating whether or
not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from
the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted
of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions
and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard
to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate
has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status.

 

Section 13.13 USA PATRIOT ACT.

 

The parties hereto acknowledge that in accordance with Section 326
of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering,
is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

Section 13.14 Calculations.

 

It is understood that the Trustee nor the Paying Agent shall have no
responsibility for any calculations hereunder and shall be entitled to conclusively rely on the calculations of the Company without any
independent verification or investigation.

 

ARTICLE 14

SUBORDINATION OF SECURITIES

 

Section 14.01 Subordination Terms.

 

The payment by the Company of the principal of, premium, if any, and
interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto
relating to such series.

 

     

     

    

 

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

 

	 	PROTAGONIST THERAPEUTICS, INC., as Issuer
	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

 

	 	[TRUSTEE], as Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

TRUST INDENTURE ACT CROSS-REFERENCE TABLE1

 

	Section of Trust Indenture Act of 1939, as
    amended	 	Section of
    Indenture
	310(a)	 	7.09
	310(b)	 	7.08 

7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01

 5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)

 5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03 

13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a) 

7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01(a)
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06

 8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	0

 

 

1
This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation
of any of its terms or provisions.Exhibit 4.4

 

KDM FUNDING I LLC

 

MORTGAGE SECURED NOTES

 

TRUST INDENTURE AND SECURITY AGREEMENT

(RULE 144A PRIVATE PLACEMENTS)

 

DATED AS OF JULY 28, 2022

 

DELAWARE TRUST COMPANY

AS TRUSTEE

 

KORTH DIRECT MORTGAGE INC.

 

AS PAYING AGENT AND AUTHENTICATING AGENT

 

    	 	 	 

    	 

    

 

Table
of Contents1

 

 

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	 	Section 1.1	DEFINITIONS.	1
	 	Section 1.2	OTHER DEFINITIONS.	6
	 	Section 1.3	RULES OF CONSTRUCTION	6
	ARTICLE II THE NOTES	 	7
	 	Section 2.1	FORMS GENERALLY	7
	 	Section 2.2	TITLE, TERMS AND DENOMINATIONS	7
	 	Section 2.3	EXECUTION, AUTHENTICATION, DELIVERY AND DATING.	9
	 	Section 2.4	REGISTRAR AND PAYING AGENT	10
	 	Section 2.5	PAYING AGENT TO HOLD MONEY AND NOTES IN TRUST	11
	 	Section 2.6	SECURITIES DEPOSITORY PROVISIONS	11
	 	Section 2.7	LEGENDS AND TRANSFERS	13
	 	Section 2.8	OUTSTANDING NOTES; DETERMINATIONS OF HOLDERS’ ACTION	14
	 	Section 2.9	CANCELLATION	15
	 	Section 2.10	PAYMENTS	15
	 	Section 2.11	PERSONS DEEMED OWNERS	15
	 	Section 2.12	CUSIP NUMBERS	16
	ARTICLE III COVENANTS	16
	 	Section 3.1	PAYMENT OF NOTES	16
	 	Section 3.2	RULE 144A INFORMATION	16
	 	Section 3.3	COMPLIANCE CERTIFICATE; STATEMENT BY OFFICERS AS TO DEFAULT	17
	 	Section 3.4	FURTHER INSTRUMENTS AND ACTS	17
	 	Section 3.5	MAINTENANCE OF OFFICE OR AGENCY	17
	 	Section 3.6	CM LOAN SERVICING.	18

 

 

1Note: This Table of Contents shall not, for any purpose,
be deemed to be part of the Indenture.

 

    	 	-ii-	 

    	 

    

Table
of Contents

(continued)

	 	 	 	Page
	 	 	 	 
	 	Section 3.7	LIMITATION ON DEBT BY COMPANY	18
	 	Section 3.8	SECURITY INTEREST	18
	ARTICLE IV SUCCESSOR CORPORATION	20
	 	Section 4.1	WHEN THE COMPANY MAY MERGE OR TRANSFER ASSETS	20
	ARTICLE V DEFAULTS AND REMEDIES	20
	 	Section 5.1	EVENTS OF DEFAULT	20
	 	Section 5.2	ACCELERATION	22
	 	Section 5.3	OTHER REMEDIES	22
	 	Section 5.4	WAIVER OF PAST DEFAULTS	23
	 	Section 5.5	CONTROL BY MAJORITY	23
	 	Section 5.6	LIMITATION ON SUITS	23
	 	Section 5.7	RIGHTS OF HOLDERS TO RECEIVE PAYMENT	24
	 	Section 5.8	COLLECTION SUIT BY TRUSTEE	24
	 	Section 5.9	TRUSTEE MAY FILE PROOFS OF CLAIM	24
	 	Section 5.10	PRIORITIES	25
	 	Section 5.11	UNDERTAKING FOR COSTS	25
	 	Section 5.12	WAIVER OF STAY, EXTENSION OR USURY LAWS	26
	ARTICLE VI TRUSTEE	26
	 	Section 6.1	DUTIES OF TRUSTEE.	26
	 	Section 6.2	RIGHTS OF TRUSTEE.	27
	 	Section 6.3	INDIVIDUAL RIGHTS OF TRUSTEE	29
	 	Section 6.4	TRUSTEE’S DISCLAIMER	29
	 	Section 6.5	NOTICE OF DEFAULTS	29
	 	Section 6.6	COMPENSATION AND INDEMNITY	30
	 	Section 6.7	REPLACEMENT OF TRUSTEE	31
	 	Section 6.8	SUCCESSOR TRUSTEE BY MERGER	32
	 	Section 6.9	ELIGIBILITY; DISQUALIFICATION	32
	ARTICLE VII SATISFACTION AND DISCHARGE	32
	 	Section 7.1	DISCHARGE OF LIABILITY ON NOTES	32
	 	Section 7.2	REPAYMENT TO THE COMPANY	33

 

    	 	-iii-	 

    	 

    

Table
of Contents

(continued)

	 	Page
	 	 
	ARTICLE VIII SUPPLEMENTAL INDENTURES	34
	 	Section 8.1	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS	34
	 	Section 8.2	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS	35
	 	Section 8.3	REVOCATION AND EFFECT OF CONSENTS, WAIVERS AND ACTIONS	35
	 	Section 8.4	NOTATION ON OR EXCHANGE OF NOTES	36
	 	Section 8.5	TRUSTEE TO SIGN SUPPLEMENTAL INDENTURES	36
	 	Section 8.6	EFFECT OF SUPPLEMENTAL INDENTURES	36
	ARTICLE IX MISCELLANEOUS	37
	 	Section 9.1	NOTICES	37
	 	Section 9.2	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	38
	 	Section 9.3	FORM OF DOCUMENTS DELIVERED TO TRUSTEE	38
	 	Section 9.4	STATEMENTS REQUIRED IN CERTIFICATE OR OPINION	39
	 	Section 9.5	SEVERABILITY CLAUSE	39
	 	Section 9.6	RULES BY TRUSTEE, PAYING AGENT AND REGISTRAR	39
	 	Section 9.7	LEGAL HOLIDAYS	39
	 	Section 9.8	GOVERNING LAW AND JURISDICTION; WAIVER OF JURY TRIAL	39
	 	Section 9.9	NO RECOURSE AGAINST OTHERS	40
	 	Section 9.10	SUCCESSORS	40
	 	Section 9.11	EFFECT OF HEADINGS AND TABLE OF CONTENTS	40
	 	Section 9.12	BENEFITS OF INDENTURE	40
	 	Section 9.13	MULTIPLE COUNTERPARTS	40
	 	Section 9.14	FORCE MAJEURE	41
	 	Section 9.15	U.S.A. PATRIOT ACT	41
	 	Section 9.16	INDENTURE CONTROLS	41
	EXHIBIT A - FORM OF NOTE	A-1
	EXHIBIT B - FORM OF CERTIFICATION	B-1

 

    	 	-iv-	 

    	 

    

 

INDENTURE dated as of July 28 , 2022, by and
among KDM Funding I LLC, a Florida limited liability company (the “Company”), Delaware Trust Company, a state chartered
trust company incorporated and existing under the laws of Delaware, as trustee (the “Trustee”), and Korth Direct Mortgage
Inc., a Florida corporation and a direct parent of the Company, as Paying Agent and Authenticating Agent (the “Parent Company”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time-to-time of special limited obligations of the Company referred to as
Mortgage Secured Notes (herein called the “Notes”) to be issued in series and individually secured by one or more CM
Loans, as provided in Section 3.8 of this Indenture.

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of the Holders of
the Notes or each series thereof, as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1    DEFINITIONS.

 

“ACH System” means the Automated
Clearing House system of the U.S. Federal Reserve Board or a successor system providing electronic funds transfers between banks.

 

“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 or cause the direction of 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.

 

"Agent" means any Registrar, Paying
Agent or Authenticating Agent.

 

“Book Entry Note” has the meaning
assigned to it in Section 2.6 hereof.

 

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday that is (1) not a day on which the ACH System is closed and (2) not a day on which banking
institutions or trust companies are authorized or obligated by law or executive order to close in San Francisco, California, Wilmington,
Delaware, or New York, New York.

 

“Capital Stock” means (i) in
the case of a corporation any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of
or interests in (however designated) stock issued by that corporation; (ii) in the case of an association or business entity, any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership
or limited liability company, partnership or membership interests (whether general or limited); and (iv) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

 

    	 	1	 

    	 

    

 

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

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by its Chief Executive Officer, its President or by
its Chief Financial Officer, and delivered to the Trustee or, with respect to Sections 2.1, 2.2(c), 2.3, and 6.2, any other employee
of the Company named in an Officers’ Certificate delivered to the Trustee.

 

“Corresponding CM Loan” or “CM
Loan” means a mortgage loan financed by the particular Series of Notes identified in the offering documents as a CM Loan and
on which the payments of the Series of Notes depend.

 

“CM Loan Net Payments” with
respect to one or more CM Loans means all CM Loan Payments net of all applicable Service Charges.

 

“CM Loan Payments,” with respect
to any CM Loan, means all amounts received by the Company, and not reversed through the ACH System within four Business Days, in connection
with the repayment of such CM Loan, including, without limitation, all payments or prepayments of principal and interest, any late fees
and any amounts received by the Company upon collection efforts; provided that CM Loan Payments shall not include any Unsuccessful Payment
Fees received by the Company in respect of such CM Loan or any collection fees imposed in connection with collection efforts on any delinquent
CM Loan by the Company or by a third-party collection agency.

 

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

 

“Deposit Account” means a bank
account of the Company where proceeds from the sale of a Series of Notes or the proceeds from the corresponding CM Loan to a Series of
Notes is deposited.

 

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

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“Holder” or “Noteholder,”
when used with respect to any Note, means, the Person in whose name a Note is registered on the Registrar’s books.

 

“Indenture” means this Indenture,
as amended or supplemented from time to time in accordance with the terms hereof and shall include the terms of a particular Series of
Notes established as contemplated in Section 2.2(c).

 

“Interest Payment Date,” when
used with respect to any Note, means the Stated Maturity of an installment of interest on such Note.

 

    	 	2	 

    	 

    

 

“Maturity,” when used with respect
to any Note, means the date on which an installment of Principal thereof or interest thereon becomes due and payable as therein or herein
provided, whether at the Stated Maturity, by declaration of acceleration, or otherwise.

 

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

 

“Notes Depository” means, with
respect to Notes in the form of one or more Book Entry Notes, a clearing agency registered under the Exchange Act that is designated to
act as depositary for such Notes as contemplated by Section 2.6.

 

“Offering Memorandum” means
each offering memorandum or other similar offering document relating to the offering and sale of the Notes.

 

“Officer” means, with respect
to any Person, the Chairman of the Board, any Vice Chairman, the Chief Executive Officer, the President, any Vice President, the Treasurer,
the Secretary, any Assistant Treasurer or General Counsel of such Person.

 

“Officer’s Certificate”
means a written certificate containing the information specified in Sections 9.2 and 9.4, signed in the name of the Company by its
Chief Executive Officer, its President, or its Chief Financial Officer, and delivered to the Trustee.

 

“Opinion of Counsel” means a
written opinion containing the information specified in Sections 2.3, 2.7, 4.1, 6.2, 7.1, 8.5, 9.2, and 9,4 from legal counsel who
is acceptable to the Trustee. The counsel may be an employee of, or counsel to, the Company or the Parent Company.

 

“Parent Company” means the party named
as the “Parent Company” in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean such successor.

 

“Payment Date” means any Principal
Payment Date or Interest Payment Date.

 

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

 

“Place of Payment,” when used
with respect to the Notes of any series, means the place or places where, subject to the provisions of Section 3.5, the Principal
of and any interest on the Notes of that series are payable as specified as contemplated by Section 2.2(c).

 

“Principal” or “Principal
Amount” of a Note, except as otherwise specifically provided in this Indenture, means the outstanding principal of the Note.

 

“Principal Payment Date,” when
used with respect to any Note, means the Stated Maturity of an installment of Principal on such Note.

 

    	 	3	 

    	 

    

 

“Record Date” for the amounts
payable on any Payment Date on the Notes of any series means the date specified for that purpose as contemplated by Section 2.2(c).

 

“Restricted Note” has the meaning
assigned to such term in Section 2.7 hereof.

 

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

 

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

 

“SEC” means the Securities and
Exchange Commission.

 

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

 

“Series of Notes” or “Note
Series” means any issue of Notes issued to finance the making or purchase of one or more corresponding CM Loans and includes
all series of Notes issued under this Indenture.

 

“Noteholder” or “Holder,”
when used with respect to any Note, means a Person in whose name a Note is registered on the Registrar’s books.

 

“Service Charge” means, with
respect to any CM Loan, CM Loan Payments received by the Company as shown in the Offering Memorandum for each Series of Notes.

 

“Stated Maturity,” when used
with respect to any installment of Principal thereof or interest thereon, means the date specified in such Note as the fixed date on which
an amount equal to such installment of Principal thereof or interest thereon is due and payable.

 

“Subsidiary” means, with respect
to any Person, (a) a corporation or other entity whether now existing or hereafter formed of which a majority of the Capital Stock having
voting power under ordinary circumstances to elect a majority of the board of directors (or similar body) of such corporation or other
entity is owned by (i) such Person, (ii) such Person and one or more Subsidiaries of that Person (or a combination thereof)
or (iii) one or more Subsidiaries of such Person, and (b) any partnership whether now existing or hereafter formed or acquired (i)
the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (ii) the only general
partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof)

 

“TIA” means the Trust Indenture Act
of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as in effect on the date on which this Indenture is qualified under the TIA.

 

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

 

    	 	4	 

    	 

    

 

“Trust Estate” means all right,
title and interest of the Company in and to (a) the Underlying CM Loan Documents (as hereinafter defined), (b) revenues, (c) funds and
(d) all other property of every name and nature from time to time hereafter by delivery or by writing mortgaged, pledged, delivered or
hypothecated as and for Notes issued under this Indenture by the Company or by anyone on its behalf or with its written consent in favor
of the Trustee.

 

“Trustee” means the party named
as the “Trustee” in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions
of this Indenture and, thereafter, shall mean such successor.

 

“United States” means the United
States of America, its territories, its possessions (including the Commonwealth of Puerto Rico), and other areas subject to its jurisdiction.

 

“Unsuccessful Payment Fees”
means any fee imposed by the Company in respect of a CM Loan when the Company’s payment request is denied for any reason, including
but not limited to insufficient funds in the borrower’s bank account or the closing of such bank account.

 

    	 	5	 

    	 

    

 

Section 1.2     OTHER DEFINITIONS.

 

	Term	Defined in Section
	“Bankruptcy Law”	5.1
	“Custodian”	5.1
	“Defaulted Payment”	2.10
	“Event of Default”	5.1
	“Legal Holiday”	9.7
	“Notice of Default”	5.1
	“Outstanding”	2.8
	“Paying Agent”	2.4
	“Registrar”	2.4

 

Section 1.3   RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

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

 

(b)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the
United States as in effect from time to time;

 

(c)       “OR”
is not exclusive;

 

(d)       “including”
means including, without limitation;

 

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

 

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

 

    	 	6	 

    	 

    

 

ARTICLE II

THE NOTES

 

Section
2.1    FORMS GENERALLY.

 

Each Note Series and the certificate of authentication
in respect thereof shall be in substantially the form set forth on Exhibit A as shall be established by delivery
to the Trustee of a Company Order, in each case with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture or as otherwise required by law or usage, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Officers of the Company
executing such Notes as evidenced by their execution of the Notes. The Notes shall be in fully registered form only and shall be printed,
lithographed, engraved, word processed or evidenced in electronic form or produced by any combination of these methods or may be produced
in any other manner, all as determined by the Officers of the Company executing such Notes as evidenced by their execution of such Notes.
The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company,
the Trustee and the Parent Company, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and
to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.

 

Section 2.2    TITLE, TERMS AND
DENOMINATIONS

 

(a)       The
aggregate Principal Amount of Notes that may be executed, authenticated and delivered under this Indenture shall be unlimited.

 

(b)       To
the extent provided in, and except as otherwise permitted by, this Indenture, (1) the Notes shall be special limited obligations
of the Company and (2) no payments of Principal and interest on the Notes of any series shall be payable unless the Company has received
CM Loan Payments in respect of one or more CM Loans corresponding to such series, and then shall be payable equally and ratably on the
Notes of such series only to the extent of the CM Loan Net Payments related to such CM Loan(s) corresponding to such series.

 

(c)       As
more specifically described in Section 3.8, each Series of Notes shall constitute a valid claim of the respective owners thereof
against each of the corresponding CM Loan(s), its notes, its mortgage and all other documents which are pledged to secure the payment
of principal of, redemption premium, if any, and interest thereon and which shall be utilized for no other purpose whatsoever.

 

(d)       No
Holder of a Note shall have any recourse against the Company unless and then only to the extent that the Company (1) has failed to
pay such Holder the CM Loan Net Payments in respect of one or more CM Loans corresponding to such Holder’s Note or (2) has
otherwise breached a covenant in this Indenture.

 

    	 	7	 

    	 

    

 

(e)       For
each Series of Notes there shall be established and, subject to Section 2.3, set forth, or determined in the manner provided, in
a Company Order:

 

(1)       the
title of the Notes of the series (which shall distinguish the Notes of the series from all other Notes);

 

(2)       the
limit upon the aggregate Principal Amount of the Notes of the series which may be executed, authenticated and delivered under this Indenture
(except for Notes executed, authenticated and delivered upon registration of transfer of Notes of the series pursuant to Sections 2.7
or 8.4);

 

(3)       the
list of all CM Loan(s) that correspond to Notes of the series and which secure the Notes in an Event of Default under this Indenture;

 

(4)       the
Stated Maturity and Payment Dates of the Notes of the series and the Record Date for any amounts payable on any Payment Date;

 

(5)       the
stated rate at which the Notes of the series shall bear interest;

 

(6)       the
place or places where, subject to the provisions of Section 3.5, the Principal of and or interest on Notes of the series shall be
payable, any Notes of the series may be surrendered for registration of transfer, and notices and demands to or upon the Company in respect
of the Notes of the series and this Indenture may be served;

 

(7)       any
legends in connection with restrictions on the transfer or transferability of Notes of the series;

 

(8)       the
obligation, if any, of the Company to redeem Notes of the series at the option of a Holder thereof, the conditions, if any, giving rise
to such obligation, and the period or periods within which, the price or prices at which and the terms and conditions upon which Notes
of the series shall be purchased, in whole or in part;

 

(9)       the
denominations in which any Notes of the series shall be issuable, if other than denominations of $1,000 and any integral multiple thereof;

 

(10)       any
addition to or change in the Events of Default which apply to any Notes of the series and any change in the right of the Trustee or the
requisite Holders of such Notes to declare the principal amount thereof due and payable pursuant to Section 5.2;

 

(11)       any
addition to or change in the covenants set forth in Article III which apply to Notes of the series; and

 

(12)       any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1(7)).

 

All Notes of a series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant to a Company Order pursuant to this Section 2.2(c)
or in any indenture supplemental hereto.

 

    	 	8	 

    	 

    

 

(f)       Prior
to the issuance of the initial Series of Notes under this Indenture, a copy of the Chief Executive Officer’s or President’s
resolution authorizing the execution, delivery and performance of this Indenture, shall be certified by the Chief Financial Officer or
an Assistant Chief Financial Officer of the Company and the Parent Company and delivered to the Trustee at or prior to the delivery of
an Officer’s Certificate setting forth the general terms of the Notes. Such Officer’s Certificate shall provide general terms
for the Notes and provide either that the specific terms of each series shall be specified in a Company Order or that such terms shall
be determined by the Company, or one or more of the Company’s agents designated in an Officers’ Certificate, in accordance
with the Company Order as contemplated by Section 2.3.

 

(g)       The
Company shall provide all closing documents related to each Series of Notes to the Trustee in electronic form at least three (3) days
in advance of each closing of each Note Series .

 

Section 2.3    EXECUTION,
AUTHENTICATION, DELIVERY AND DATING.

 

The Notes shall be executed on behalf of the Company
by its Chief Executive Officer, President, Chief Financial Officer, or the other officer as designated from time to time. The signature
of any of these officers on the Notes may be electronic, manual or facsimile.

 

Notes bearing the electronic, 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 execution and delivery of such Notes or did not hold such offices at the
date of such Notes.

 

At any time and from time to time after the execution
and delivery of this Indenture (and subject to delivery of the Officers’ Certificate as set forth in Section 2.2 prior to the
issuance of the initial Series of Notes), the Company may execute and deliver Notes of any series and upon such execution and delivery
shall promptly provide a record of all such Notes executed and delivered by the Company to the Trustee, together with a copy of the Company
Order authorizing the authentication and delivery of such Notes;

 

In addition, prior to the issuance of the initial
Series of Notes, the Trustee shall receive, and shall be fully protected in conclusively relying upon, an Opinion of Counsel stating:

 

(a)       that
the forms of such Notes have been, and the terms of such Notes (when established in accordance with such procedures as may be specified
from time to time in a Company Order, all as contemplated by and in accordance with a Chief Executive Officer’s or President’s
resolution pursuant to Section 2.2(d), as the case may be) will have been, duly authorized by the Company and established in conformity
with the provisions of this Indenture;

 

(b)       that
such Notes, when (1) executed by the Company, (2)  authenticated by the Authenticating Agent and delivered by the Company in
accordance with this Indenture, and (3) issued by the Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject
to customary exceptions; and

 

    	 	9	 

    	 

    

 

(c)       that
all laws and requirements in respect of the execution and delivery by the Company of such Notes have been complied with.

 

The Trustee may conclusively rely, as to the authorization
by the Company of any Series of Notes, the form and terms thereof and the legality, validity, binding effect and enforceability thereof,
upon the Opinion of Counsel and other documents delivered pursuant to Sections 2.1, 2.2(c) and 2.2(d) and this Section, as applicable,
at or prior to the time of the first authentication of Notes of the initial Series of Notes unless and until it has received written notification
that such Opinion of Counsel or other documents have been superseded or revoked. In connection with the authentication and delivery of
Notes, the Trustee shall be entitled to assume, unless it has received written notice to the contrary or any of its Trust Officers has
actual knowledge to the contrary, that authentication of the Notes by the Authenticating Agent and delivery of such Notes by the Company
do not violate any rules, regulations or orders of any governmental agency or commission having jurisdiction over the Company or the Authenticating
Agent.

 

Each Note shall be dated the date of its authentication.
The Company initially appoints the Parent Company to authenticate each Series of Notes (the “Authenticating Agent”). The Authenticating
Agent may appoint a separate authenticating agent, acceptable to the Trustee to authenticate Notes. Unless otherwise provided in the appointment,
an authenticating agent may authenticate Notes whenever the Authenticating Agent may do so. Each reference in this Indenture to authentication
by the Authenticating Agent includes authentication by such Authenticating Agent.

 

No Note shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially
in the form provided for herein duly executed by the Authenticating Agent by electronic or manual signature of an authorized signatory,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder. The certificate of authentication shall be in substantially the following form:

 

“This is one of the Notes of
the Series of Notes designated therein referred to in the within-mentioned Indenture.

 

	 	KORTH DIRECT MORTGAGE INC.	 
	 	as Authenticating Agent	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	     ”	 

 

Section 2.4  REGISTRAR
AND PAYING AGENT

 

The Company shall maintain, with respect to each
Series of Notes, an office or agency where such Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where such Notes may be presented for purchase or payment (“Paying Agent”). The Registrar shall
keep a register of the Notes and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional
paying agents. The term "Registrar" includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder.

 

    	 	10	 

    	 

    

 

The Company, the Parent Company, or any Subsidiary
or an Affiliate of either of them may act as Paying Agent, Registrar or co-registrar.

 

The Company initially appoints Delaware Trust as
the Registrar and the Parent Company as the Paying Agent in connection with such Notes; provided,
however, that upon an Event of Default or a default that remains uncured or unwaived for thirty (30) days, the Trustee may, at
its discretion, become the Paying Agent, the Registrar or both. The Company shall promptly notify the Trustee in writing of any change
to the Registrar or Paying Agent of the Notes. The Company or its Agent shall be solely responsible for making all payments of principal
and interest hereunder and the Trustee shall be entitled to rely upon the information of outstanding balances on the Notes and any information
provided by the Company on payment of Principal and interest without further investigation. Within thirty (30) days after the end of each
fiscal quarter, the Paying Agent shall deliver to the Trustee, upon their request, a written report identifying, as of the date of such
report, (i) the Principal Amount and accrued interest of each Note, (ii) all CM Loan Payments received by the Paying Agent, (iii) all
CM Loan Net Payments paid to the Holders, (iv) name and contact information for each of the Holders, (v) issue and maturity dates of each
Note and such other information as reasonably requested by the Trustee from time to time in order for the Trustee to determine the Principal
Amount and accrued interest of each Note.

 

Section 2.5    PAYING AGENT TO
HOLD MONEY AND NOTES IN TRUST.

 

Except as otherwise provided herein, prior to or
on each due date of payments in respect of any Series of Notes, the Company shall deposit with the Paying Agent with respect to such applicable
Notes a sum of money sufficient to make such payments when so becoming due. The Company shall require each Paying Agent (other than the
Trustee or the Parent Company) to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee
all money held by such Paying Agent for the making of payments in respect of the Notes of such series and shall notify the Trustee in
writing of any default by the Company in making any such payment. At any time during the continuance of any such default, the Paying Agent
shall, upon the written request of the Trustee, forthwith pay to the Trustee all money so held in trust with respect to such Notes. If
the Company, the Parent Company, a Subsidiary or an Affiliate of either of them acts as Paying Agent for a Series of Notes, it shall segregate
the money held by it as Paying Agent with respect to such Notes and hold it as a separate trust fund. The Company at any time may require
a Paying Agent for a Series of Notes to pay all money held by it with respect to such Notes to the Trustee and to account for any money
disbursed by it. Upon doing so, such Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the
money.

 

Section 2.6    SECURITIES
DEPOSITORY PROVISIONS.

 

All Notes issued hereunder shall be in global form
(the “Book Entry Notes”). All Book Entry Notes shall be registered in the name of Cede & Co., as nominee of The
Depository Trust Company (“DTC”). The Company and/or its duly appointed agent acknowledge that they have executed and
delivered a Letter of Representations to DTC. All payments of principal of, redemption premium, if any, and interest on the Book Entry
Notes and all notices with respect thereto, including notices of full or partial redemption, shall be made and given at the times and
in the manner set out in the Letter of Representations. The terms and provisions of the Letter of Representations shall govern in the
event of any inconsistency between the provisions of this Indenture and the Letter of Representations. The Letter of Representations may
be amended without Noteholder consent.

 

    	 	11	 

    	 

    

 

The book-entry registration system
for all of the Book Entry Notes may be terminated and certificates delivered to and registered in the name of the Beneficial Owners, under
either of the following circumstances:

 

(a)       DTC
notifies the Company and the Trustee that it is no longer willing or able to act as Notes Depository for the Book Entry Notes and a successor
Notes Depository for the Book Entry Notes is not appointed by the Company prior to the effective date of such discontinuation; or

 

(b)       The
Company determines that continuation of the book-entry system through DTC (or a successor Notes Depository) is not in the best interest
of the Company or the owners of the Book Entry Notes.

 

In the event a successor Notes Depository is appointed
by the Company, the Book Entry Notes will be registered in the name of such successor Notes Depository or its nominee. In the event certificates
are required to be issued to Beneficial Owners, the Trustee and the Company shall be fully protected in relying upon a certificate of
DTC or any DTC participant as to the identity of and the principal amount of Book Entry Notes held by such Beneficial Owners.

 

The Beneficial Owners of Notes will not receive
physical delivery of certificates. For so long as there is a Notes Depository, all of such Notes shall be registered in the name of the
nominee of the Notes Depository, all transfers of beneficial ownership interests in such Notes will be made in accordance with the rules
of the Notes Depository, and no investor or other party purchasing, selling or otherwise transferring beneficial ownership of such Notes
is to receive, hold or deliver any certificate. The Company and the Trustee shall have no responsibility or liability for transfers of
beneficial ownership interests in such Notes.

 

The Company and the Trustee will recognize the
Notes Depository or its nominee as the Noteholder of Book Entry Notes for all purposes, including receipt of payments, notices and voting;
provided the Trustee may recognize votes by or on behalf of Beneficial Owners as if such votes were made by Noteholders of a related portion
of the Notes when such votes are received in compliance with an omnibus proxy of the Notes Depository or otherwise pursuant to the rules
of the Notes Depository or the provisions of the Letter of Representations or other comparable evidence delivered to the Trustee by the
Noteholders.

 

    	 	12	 

    	 

    

 

With respect to Book Entry Notes, the Company and
the Trustee shall be entitled to treat the Person in whose name such Note is registered as the absolute owner of such Note for all purposes
of this Indenture, and neither the Company nor the Trustee shall have any responsibility or obligation to any Beneficial Owner of such
Book Entry Note. Without limiting the immediately preceding sentence, neither the Company nor the Trustee shall have any responsibility
or obligation with respect to (a) the accuracy of the records of any Notes Depository or any other Person with respect to any ownership
interest in Book Entry Notes, (b) the delivery to any Person, other than a Noteholder, of any notice with respect to Book Entry Notes,
including any notice of redemption or refunding, (c) the selection of the particular Notes or portions thereof to be redeemed or refunded
in the event of a partial redemption or refunding of part of the Notes Outstanding or (d) the payment to any Person, other than a Noteholder,
of any amount with respect to the principal of, redemption premium, if any, or interest on Book Entry Notes.

 

Section 2.7    LEGENDS AND TRANSFERS

 

Every Note that bears or is required under this
Section 2.7 to bear the legend set forth in this Section 2.7 (collectively, the “Restricted Notes”) shall
be subject to the restrictions on transfer set forth in this Section 2.7 (including the legend set forth below), unless such restrictions
on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Note, by
such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.7, the
term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Note.

 

Any certificate evidencing such Restricted Note
(and all securities issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form):

 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.

 

EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED
THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON EXEMPTIONS FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT.

 

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES THAT NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED ONLY (A) TO KDM FUNDING I LLC (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B) INSIDE THE UNITED STATES
TO A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT IN A TRANSACTION COMPLYING WITH RULE
144A, (C) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH Sections
4(a)(7), 4(a)(2),or “Section 4(a)(11⁄2)” of the Securities Act, oR ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION IF THE COMPANY SO REQUESTS), OR (F)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER
IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE, IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

 

    	 	13	 

    	 

    

 

THE HOLDER HEREOF, BY, PURCHASING OR ACCEPTING THIS
SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOTIFY ANY PURCHASER OF THIS SECURITY FROM THE HOLDER OF THE
RESALE RESTRICTIONS REFERRED TO ABOVE. THIS LEGEND MAY ONLY BE REMOVED AT THE OPTION OF THE COMPANY.”

 

No transfer of any Note will be registered by the
Registrar unless the applicable box on the Form of Assignment and Transfer has been checked. The Company and the Trustee reserve the right
to require, prior to any offer, sale or other transfer made in which the fourth box of the Form of Assignment and Transfer has been checked
the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee, as the case
may be.

 

Any Note (or security issued in exchange or substitution
therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note
for exchange to the Registrar in accordance with the provisions of this Section 2.7, be exchanged for a new Note or Notes, of like
tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.7. The Company shall
promptly notify the Trustee promptly after a registration statement, if any, with respect to the Notes has been declared effective under
the Securities Act.

 

Section
2.8    OUTSTANDING NOTES; DETERMINATIONS OF HOLDERS’ ACTION.

 

Notes of any series “Outstanding” at any time are, as of
the date of determination, all the Notes of such series theretofore authenticated by the Authenticating Agent for such series except for
those cancelled by it, those delivered to it for cancellation and those described in this Section 2.8 as not outstanding. A Note
does not cease to be “Outstanding” because the Company or an Affiliate thereof (including the Parent Company) is the Holder
of the Note; PROVIDED, HOWEVER, that in determining whether the Holders of the requisite Principal Amount of then Outstanding Notes have
given or concurred in any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or
any Affiliate of the Company (including the Parent Company) shall be disregarded and deemed not to be outstanding, except that, in determining
whether the Trustee shall be protected in conclusively relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Notes which a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. Subject to the foregoing,
only Notes outstanding at the time of such determination shall be considered in any such determination.

 

    	 	14	 

    	 

    

 

If the Paying Agent (other than the Company) holds,
in accordance with this Indenture, at the final Stated Maturity, money sufficient to pay Notes payable on that date in full, then on and
after that date such Notes shall cease to be Outstanding. If the Company is the Paying Agent, the applicable Notes will cease to be Outstanding
after they are paid in full at the final Stated Maturity.

 

Section
2.9    CANCELLATION.

 

All Notes surrendered for payment, or registration
of transfer, shall, if surrendered to any Person other than the Paying Agent, be delivered to the Paying Agent and all Notes so delivered
shall be promptly cancelled by it. The Company may at any time deliver to the Paying Agent for cancellation of any Notes previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever and may deeeliver to the Paying Agent (or to any
other Person for delivery to the Paying Agent) for cancellation any Notes previously authenticated hereunder that the Company has not
issued and sold, and all Notes so delivered shall be promptly canceled by the Paying Agent. The Company may not reissue, or issue new
Notes to replace, Notes that have been cancelled.

 

No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section 2.9, except as expressly permitted in the form of Notes for any particular
series or as permitted by this Indenture.

 

Section
2.10    PAYMENTS.

 

Payment of Principal and interest on any Note which
is payable, and is punctually paid or duly provided for, on any Payment Date shall be paid to the Person in whose name that Note is registered
at the close of business on the Record Date for such Payment Date.

 

Any payments on any Note of any series which is
payable, but is not punctually paid or duly provided for, on any Payment Date (herein called “Defaulted Payment”) shall
forthwith cease to be payable to the Holder on the relevant Record Date, and such Defaulted Payment may be paid by the Company to the
Holder of the Note on a record date chosen by the Company and in any lawful manner, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this Section
and Section 2.7, each Note delivered under this Indenture upon registration of transfer of any other Note shall carry the rights
to payments, which were carried by such other Note. Except as otherwise set forth herein, the Trustee shall have no duties with regards
to payments of the Notes.

 

Section
2.11    PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Note for registration
of transfer, the Company, the Trustee and any agent of the Company (including the Paying Agent) or the Trustee may treat the Person in
whose name such Note is registered as the owner of such Note for the purpose of receiving payment of Principal of and interest on such
Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of
the Company (including the Paying Agent) or the Trustee shall be affected by notice to the contrary.

 

    	 	15	 

    	 

    

 

Section 2.12   CUSIP
NUMBERS.

 

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

 

Section 2.13    REPLACEMENT NOTES.

 

If any mutilated Note is surrendered to the Trustee
or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue
and the Authenticating Agent, upon receipt of a Company Order, will authenticate a replacement Note of the same Series if the Trustee’s
requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company
to protect the Company, the Trustee, any Agent from any loss that any of them may suffer if a Note is replaced. The Company may charge
the Holder for its expenses in replacing a Note. Every replacement Note is an additional obligation of the Company and will be entitled
to all of the benefits of this Indenture, equally and proportionately, with all other Series of Notes duly issued hereunder.

 

ARTICLE III

COVENANTS

 

Section 3.1  PAYMENT OF
NOTES.

 

The Company shall promptly make all payments in
respect of each Series of Notes in lawful money of the United States on the dates and in the manner provided in the Notes but solely from
the sources provided pursuant to Section 2.2(b) and, to the extent not otherwise so provided, pursuant to this Indenture. The Company
shall have no liability or obligation with respect to the payment of the Principal or any accrued and unpaid interest of any Notes except
to the extent of the CM Loan Net Payments in respect of one or more CM Loans corresponding to such series. At the Company’s option,
payments of Principal or accrued and unpaid interest of the Notes may be made by check or by transfer to an account maintained by the
payee.

 

Section 3.2  RULE 144A
INFORMATION

 

(a)        At
any time the Company is not subject to Sections 13 or 15(d) of the Exchange Act nor exempt from reporting pursuant to Rule 12g3-2(b),
the Company shall, so long as any of the Notes shall, at such time, constitute “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, upon written request, promptly provide to the Trustee and shall provide to any Holder, beneficial
owner or prospective purchaser of such Notes the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act to facilitate the resale of such Notes pursuant to Rule 144A under the Securities Act.

 

    	 	16	 

    	 

    

 

(b)      Delivery of the reports and documents described
in Section 3.2(a) to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder.

 

Section 3.3      COMPLIANCE CERTIFICATE;
STATEMENT BY OFFICERS AS TO DEFAULT.

 

The Company shall deliver to the Trustee within
120 days after the end of each fiscal year (beginning with the fiscal year ending on December 31, 2022) an Officers’ Certificate,
one of the signers of which shall be the principal executive officer, principal financial officer or principal accounting officer of the
Company, stating whether or not the signers know of any Default that occurred during such period. If they do, such Officers’ Certificate
shall describe the Default and its status.

 

The Company shall deliver to the Trustee, as soon
as possible and in any event within five (5) days after the Company becomes aware of the occurrence of any Event of Default or an event
which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the
details of such Event of Default or default and the remedial action which the Company proposes to take with respect thereto. Until such
time as the Trustee receives in writing a report of any Event of Default, the Trustee shall not be deemed to have notice of such Event
of Default.

 

Section 3.4      FURTHER INSTRUMENTS AND
ACTS.

 

Upon request of the Trustee, the Company will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the
purposes of this Indenture.

 

Section 3.5      MAINTENANCE OF OFFICE OR
AGENCY.

 

The Company will maintain in each Place of Payment
for such series an office or agency where Notes of that series may be presented or surrendered for payment, where Notes of that series
may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes
of that series and this Indenture may be served. The office of the Company at 135 San Lorenzo Avenue, Suite 600, Coral Gables, Florida
33146 shall be such office or agency for all of the aforesaid purposes unless the Company shall maintain some other office or agency for
such purposes and shall give prompt written notice to the Trustee of the location, and any change in the location, of such other office
or agency.

 

The Company may also from time to time designate
one or more other offices or agencies where the Notes of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Notes of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

    	 	17	 

    	 

    

 

Section 3.6     CM LOAN SERVICING.

 

(a)       The
CM Loans shall initially be serviced by the Parent Company. The Parent Company may elect to transfer the servicing of the CM Loans in
whole or with respect to one or more Series of Notes to another third-party servicer approved in advance by the Company.

 

(b)       With
respect to each Series of Notes, the Parent Company shall use commercially reasonable efforts to service and collect one or more CM Loans
corresponding to such series, in good faith, accurately and in accordance with industry standards customary for servicing mortgage loans
such as the CM Loans. Notwithstanding the generality of the foregoing, (1) referral of a delinquent CM Loan to a collection attorney
on the 31st day of its delinquency shall be deemed to constitute commercially reasonable servicing and collection efforts;
and (2) the Company shall have the right, at any time and from time to time, to amend or waive any term of such CM Loan as set forth
in the corresponding loan agreement, if it deems such actions to be in the best interest of the corresponding Noteholders. Should such
amendment or waiver occur, a letter signed by the Chief Executive Officer or President of the Company shall be delivered to the Trustee
with a description of the reasons for taking such action. The Trustee shall have no duty prior to an Event of Default hereunder to pursue
any actions or remedies with regards to the corresponding CM Loan(s) and payments thereon.

 

(c)       With
respect to each Series of Notes, the Company shall use commercially reasonable efforts to maintain backup servicing arrangements providing
for one or more CM Loans corresponding to such series to be serviced and collected in good faith, accurately and in accordance with industry
standards customary for servicing mortgage loans such as the CM Loans. The Company shall promptly notify the Trustee in writing of any
appointment or replacement of a third-party servicer of a CM Loan not identified in a Company Order.

 

Section 3.7      LIMITATION ON DEBT BY
COMPANY.

 

As long as any Notes are outstanding under this
Indenture, the Company may incur no debts other than the Notes covered by this Indenture; provided,
however, that the Company may incur debt secured by mortgages and CM Loans it has issued when such debt may be used as a warehouse
or holding facility for the issuance of Notes or other mortgage-related activities.

 

Section 3.8    SECURITY INTEREST.

 

Separately, for each Series of Notes, the Company
hereby pledges, assigns and grants to the Trustee, as security for the due payment and performance of all the Company’s responsibilities
under this Indenture for the Notes, for the benefit of the Trustee on behalf of the Holders, a security interest in and to all of its
right, title and interest, whether now or hereafter existing or acquired, all its interest in one or more CM Loans corresponding to each
Series of Notes as follows: (a) the Company’s right to payment under each Corresponding CM Loan, (b) the (1) promissory notes, (2)
deeds of trust, mortgages, security agreements, assignments of leases and rents or other similar instrument or agreement securing the
obligations of the borrowers with respect to each Corresponding CM Loan, (3) CM Loan agreement(s), (4) environmental indemnities, (5)
guaranties, and (6) all of the documents, instruments or agreements evidencing or otherwise securing each Corresponding CM Loan (collectively,
the “Underlying CM Loan Documents”); (c) all money, cash, instruments, interest, income and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing held for the benefit and security
of the Holders of the Notes; (d) all present and continuing right, power and authority of the Company, in the name and on behalf of the
Company, as agent and attorney-in-fact, or otherwise, to make claim for and demand performance on, under or pursuant to any of the foregoing
held for the benefit and security of the Holders of the Notes, to bring actions and proceedings thereunder or for the specific or other
enforcement thereof, or with respect thereto, to make all waivers and agreements, to grant or refuse requests, to give or withhold notices,
and to exercise all rights, remedies, powers, privileges and options, to grant or withhold consents and approvals and do any and all things
and exercise all other discretionary rights, options, privileges or benefits which the Company is or may become entitled to do with respect
to the foregoing held for the benefit of the Holders of the Notes without notice to, consent or approval by or joinder of the Company;
and (e) all revenues, issues, products, accessions, substitutions, replacements, profits and proceeds of and from all the foregoing (collectively,
the “Collateral”). At the expense of the Company, the Company agrees to execute, deliver and file, within ten (10)
days of the issuance of any Series of Notes, such further agreements, instruments and certificates as may be necessary to preserve, perfect
and protect the title and interests of the Trustee on behalf of the Holders of such Series of Notes, including but not limited to, the
execution by the Company of an instrument of assignment to the Trustee and the execution by the Company and the filing of financing statements
pursuant to the Uniform Commercial Code. The Company shall, at its expense, do any and all further acts and execute, acknowledge, deliver,
file, register and record any further documents as are reasonably necessary in order to protect the Trustee’s title to and first
priority perfected security interest in the Collateral, subject to no liens or charges of any type whatsoever except for Liens pursuant
to and permitted by this Indenture.

 

    	 	18	 

    	 

    

 

In furtherance of the grant of the security interest
in the Collateral for the Notes, upon and during continuance of an Event of Default with respect to the Notes of a particular series,
the Company grants to the Trustee on behalf of the Holders the full, exclusive and irrevocable right, power and authority to exercise
any and all rights of the Company with respect to any Corresponding CM Loans corresponding to such Series of Notes held for the benefit
of the Holders of the Notes of such series, and each contract, agreement or other document or instrument included therein. The Trustee
agrees that, except upon and during the continuance of an Event of Default with respect to Notes of a particular series, it shall not
exercise the power of attorney, or any rights granted to the Trustee pursuant to this Section 3.8 for any Notes of a series not subject
to an Event of Default. The Trustee further agrees that, the Trustee shall only exercise the power of attorney and the other rights granted
to the Trustee pursuant to this Section 3.8 with respect to any CM Loans corresponding to the Series of Notes in which an Event of
Default occurs, and shall not exercise, and shall be prohibited from, exercising such rights against any other CM Loan that does not relate
to such series. The Trustee shall have no duty to ensure that all CM Loans described herein are properly secured and has no duty to investigate
whether the Company has properly vested the rights described in this Indenture to the Trustee and properly pledged to the Trustee the
security hereunder or under the Notes. In the event that any CM Loan is not properly pledged or assigned to the Trustee, the Trustee shall
have no liability to the Holders of the Notes.

 

    	 	19	 

    	 

    

 

ARTICLE IV

SUCCESSOR CORPORATION

 

Section 4.1    WHEN
THE COMPANY MAY MERGE OR TRANSFER ASSETS.

 

The Company shall not consolidate with or merge
with or into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless:

 

(a)       either
(1) the Company shall be the continuing corporation or entity or (2) the Person (if other than the Company) formed by such consolidation
or into which the Company is merged or the Person which acquires by conveyance, transfer or lease the properties and assets of the Company
substantially as an entirety (i) shall be a corporation, limited liability company, partnership or trust organized and validly existing
under the laws of the United States or any state thereof or the District of Columbia and (ii) shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Company
under the Notes and this Indenture;

 

(b)       immediately
after giving effect to such transaction, no Default shall have occurred and be continuing; and

 

(c)       the
Company shall have 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, such supplemental
indenture, comply with this Article and that all conditions precedent herein provided for relating to such transaction have been satisfied.

 

The successor Person formed by such consolidation
or into which the Company is merged or the successor Person 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
had been named as the Company herein; and thereafter, except in the case of a lease of its properties and assets substantially as an entirety,
the Company shall be discharged from all obligations and covenants under this Indenture, and the Notes.

 

ARTICLE V

DEFAULTS AND REMEDIES

 

Section
5.1    EVENTS OF DEFAULT.

 

An “Event of Default” occurs,
with respect to each Series of Notes individually, if:

 

(1)       the
Company defaults, subject in each case, to the limitations set forth in Sections 2.2(b) and 3.1 and in the Notes in the payment of
any Principal of, or interest upon, any Note of such series when the same becomes due and payable and continuance of such default for
a period of thirty (30) days after receipt by the Company of a Notice of Default (as defined below) from the Holders of at least
a majority in aggregate Principal Amount of the Outstanding Notes of each Note Series for which such Default exists;

 

    	 	20	 

    	 

    

 

(2)       the
Company fails to comply with any of its agreements in the Notes or this Indenture (other than those referred to in clause (1) above
and other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with
or which has been expressly included in this Indenture solely for the benefit of a Series of Notes other than such series) and such failure
continues for ninety (90) days after receipt by the Company of a Notice of Default; PROVIDED, HOWEVER, that if the Company shall
proceed to take curative action which, if begun and prosecuted with due diligence, cannot be completed within a period of ninety (90) days,
then such period shall be increased to such extent as shall be necessary to enable the Company diligently to complete such curative action.
A Default under this clause is not an Event of Default until the Trustee notifies the Company, or the Holders of at least a majority in
aggregate Principal Amount of the Outstanding Notes of each Note Series for which such Default exists, notify the Company and the Trustee,
of the Default and the Company does not cure such Default within the time specified after receipt of such notice;

 

(3)       there
shall have been the entry by a court of competent jurisdiction of (a) a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable Bankruptcy Law (as defined below) or (b) a decree or order adjudging the Company
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable
federal or state law, or appointing a custodian (as defined below), receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Company or of any substantial part of its property, or ordering the wind up or liquidation of its affairs, and any such
decree or order for relief shall continue to be in effect, or any such other decree or order shall be unstayed and in effect, for a period
of sixty (60) consecutive days;

 

(4)       (a) the
Company commences a voluntary case or proceeding under any applicable Bankruptcy Law or any other case or proceeding to be adjudicated
bankrupt or insolvent, (b) the Company consents to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, (c) the Company files a petition or answer or consent seeking reorganization or substantially comparable relief under any applicable
federal state law, (d) the Company (x) consents to the filing of such petition or the appointment of, or taking possession by,
a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its
property, (y) makes an assignment for the benefit of creditors or (z) admits in writing its inability to pay its debts generally
as they become due or (e) the Company takes any corporate action in furtherance of any such actions in this clause (4); or

 

(5)       any
other Event of Default provided with respect to Notes of that series.

 

“Bankruptcy Law” means Title
11, United States Code, or any similar federal or state law for the relief of debtors. “Custodian” means any receiver,
trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 

    	 	21	 

    	 

    

 

A Default under clause (2) above is not an
Event of Default until the Trustee notifies the Company, or the Holders of at least a majority in aggregate Principal Amount of the Outstanding
Notes of each Note Series for which such Default exists notify the Company and the Trustee, of the Default and the Company does not cure
such Default within the time specified in clause (2) above after receipt of such notice. Any such notice must specify the Default, demand
that it be remedied and state that such notice is a “Notice of Default.” Notwithstanding anything herein to the contrary,
the Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Notes of any Series for which it
is acting as Trustee unless written notice of such default or Event of Default (which shall state that such notice is a “Notice
of Default” or a “Notice of an Event of Default” hereunder, as the case may be) shall have been given to a Trust Officer
of the Trustee by the Company, or by the Holders of at least a majority in aggregate Principal Amount of the Outstanding Notes of each
Note Series for which such Default exists.

 

Section
5.2     ACCELERATION.

 

If an Event of Default specified in Section 5.1(3)
or (4) occurs and is continuing, the Principal (or portion thereof) of all the Notes shall become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Noteholders, notwithstanding the second sentence of Section 3.1
hereof and without respect to whether there are or will be any CM Loan Net Payments in respect of all CM Loans corresponding to the Notes.
The Holders of a majority in aggregate Principal Amount of all Outstanding Notes of each Note Series, by notice to the Trustee (and without
notice to any other Noteholder) may rescind an acceleration and its consequences if (i) the rescission would not conflict with any
judgment or decree, and (ii) all Events of Default specified in Section 5.1(3) or (4) have been cured or waived. No such
rescission shall affect any subsequent Default or impair any right consequent thereto. For avoidance of doubt, there shall be no acceleration
of the Principal (or portion thereof) of any Notes upon the occurrence of and Event of Default other than an Event of Default specified
in Section 5.1(3) or (4).

 

Section
5.3     OTHER REMEDIES.

 

If an Event of Default with respect to a series
of Outstanding Notes occurs and is continuing, the Trustee may pursue any available remedy to (a) collect the payment of the whole
amount then due and payable on such Notes for Principal and interest, with interest upon the overdue Principal and, to the extent that
payment of such interest shall be legally enforceable, upon overdue installments of interest from the date such interest was due, at the
rate or rates prescribed therefor in such Notes and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including amounts due the Trustee under Section 6.6 or (b) enforce the performance of any provision
of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even if the
Trustee does not possess any of the Notes or does not produce any of the Notes in the proceeding. A delay or omission by the Trustee or
any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of, or acquiescence in, the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.
Pursuit of remedies by the Trustee shall be subject to the restrictions and protections by the Holders pursuant to this Indenture.

 

    	 	22	 

    	 

    

 

Section
5.4     WAIVER OF PAST DEFAULTS.

 

The Holders of a majority in aggregate Principal
Amount of the Outstanding Notes of each Note Series, by written notice to the Trustee (and without notice to any other Noteholder), may
on behalf of the Holders of all the Notes of such Note Series waive an existing Default with respect to such series and its consequences
except (1) an Event of Default described in Section 5.1(1) with respect to such series or (2) a Default in respect of a
provision that under Section 8.2 cannot be amended without the consent of the Holder of each Outstanding Note of such series affected.
When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent
right.

 

Section
5.5     CONTROL BY MAJORITY.

 

If an Event of Default shall have occurred and
be continuing with respect to any Series of Notes, the Holders of at least a majority in aggregate Principal Amount of the Outstanding
Notes of each Note Series for which a Default exists may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Notes. If any Series of Notes
includes more than one class, the Holders of Notes of all classes shall vote together, without distinction among the classes. Such direction
shall not be in conflict with any rule of law or with this Indenture, and could not involve the Trustee in personal liability in circumstances
where indemnity would not in the Trustee’s reasonable discretion be adequate. Before proceeding to exercise any right or power hereunder
at the written direction of such Holders, the Trustee shall receive from such Holders security or indemnity satisfactory to the Trustee,
against the costs, expenses and liabilities which might be incurred by it in compliance with any such direction. However, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good faith is unduly prejudicial
to the rights of other Noteholders or would involve the Trustee in personal liability.

 

Section
5.6     LIMITATION ON SUITS.

 

A Holder of any Note of any series may not pursue
any remedy with respect to this Indenture or the Notes unless:

 

(1)       the
Holder gives to the Trustee written notice stating that an Event of Default with respect to the Notes of applicable Note Series is continuing;

 

(2)       the
Holders of at least a majority in aggregate Principal Amount of the Outstanding Notes of that Note Series make a written request to the
Trustee to pursue the remedy;

 

(3)       such
Holder or Holders offer to the Trustee Note or indemnity satisfactory to it against any loss, liability or expense satisfactory to the
Trustee;

 

(4)       the
Trustee does not comply with the request within sixty (60) days after receipt of the notice, the request and the offer of Note or
indemnity; and

 

(5)       the
Holders of a majority in aggregate Principal Amount of the Outstanding Notes of that Note Series do not give the Trustee a direction
inconsistent with such request during such sixty (60) day period. 

 

    	 	23	 

    	 

    

 

A Noteholder may not use this Indenture to prejudice
the rights of any other Noteholder or to obtain a preference or priority over any other Noteholder (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 

Section 5.7     RIGHTS
OF HOLDERS TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this Indenture,
the right, which is absolute and unconditional, of any Holder of any Note to receive payment of the Principal of and (subject to Section 2.10)
interest on such Note on the Stated Maturity or Maturities expressed in such Note held by such Holder, on or after the respective due
dates expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected adversely without the consent of each such Holder.

 

Section
5.8     COLLECTION SUIT BY TRUSTEE.

 

If an Event of Default described in Section 5.1(1)
with respect to Notes of any series occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express
trust against the Company for the whole amount owing with respect to such Series of Notes and the amounts provided for in Section 6.6.

 

Section
5.9     TRUSTEE MAY FILE PROOFS OF CLAIM.

 

In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Notes or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the Principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue Principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

 

(a)       to
file and prove a claim for the whole amount of Principal and interest owing and unpaid in respect of the Notes and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amount due the Trustee under Section 6.6)
and of the Holders of Notes allowed in such judicial proceeding,

 

(b)       to
terminate the Company’s rights to service the corresponding CM Loan(s) and require the substitution of a backup servicer in place
of the Company, and

 

(c)       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 similar official in any such judicial proceeding is hereby authorized by each
Holder of Notes 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 of Notes, to pay 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 due the Trustee under Section 6.6.

 

    	 	24	 

    	 

    

 

Nothing herein contained shall be deemed to authorize
the Trustee or the holders of Notes to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder of a Note in any such proceeding.

 

Section
5.10     PRIORITIES.

 

If the Trustee collects any money pursuant to this
Article V, it shall pay out the money in the following order and, in case of the distribution of such money on account of Principal
or interest, upon presentation of the Notes, or both, as the case may be, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

 

FIRST: to the Trustee for amounts due under this
Indenture;

 

SECOND: to Noteholders for amounts due and unpaid
for the Principal and interest on the Notes 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 such Notes for Principal and interest, respectively; and

 

THIRD: the balance, if any, to the Company.

 

The Trustee may fix a record date and payment date
for any payment to Noteholders pursuant to this Section 5.10. At least fifteen (15) days before such record date, the Company
shall mail or electronically transmit to each Noteholder and the Trustee a notice that states the record date, the payment date and amount
to be paid.

 

Section
5.11     UNDERTAKING FOR COSTS.

 

In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant (other than the Trustee) in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 5.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 5.7 or a suit by Holders of more than 10% in aggregate
Principal Amount of the Outstanding Notes of any Note Series, or to any suit instituted by any Holder of any Note or coupon for the enforcement
of the payment of the Principal of or interest on any Note or the payment of any coupon on or after the Stated Maturity or Maturities
expressed in such Note.

 

    	 	25	 

    	 

    

 

Section 5.12     WAIVER
OF STAY, EXTENSION OR USURY LAWS.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law or any usury or other 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

TRUSTEE

 

Section 6.1     DUTIES
OF TRUSTEE.

 

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

 

(b)       Except
during the continuance of an Event of Default with respect to Notes of any series:

 

(1)       the
Trustee need perform only those duties that are specifically set forth in this Indenture and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

 

(2)       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. However,
in the case of any such certificates or opinions which 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 reasonably conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations, legal conclusions or other facts stated therein).

 

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

 

(1)       this
paragraph (c) does not limit the effect of paragraph (b) of this Section 6.1;

 

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

 

(3)       the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 5.5 or exercising any trust or power conferred upon the Trustee under this Indenture.

 

    	 	26	 

    	 

    

 

(d)       Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (e) of this Section 6.1.

 

(e)       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 its duties and the Trustee may refuse to perform any duty or exercise any right or power or extend or risk its own funds
or otherwise incur any financial liability unless it receives indemnity satisfactory to it against any loss, liability or expense.

 

(f)       Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall
not be liable for any interest on any money received by it except as the Trustee may otherwise agree in writing with the Company. Notwithstanding
anything contained in this Indenture to the contrary, the duties and responsibilities of the Trustee under this Indenture shall be subject
to the protections, exculpations and limitations on liability afforded to a Trustee under the provisions of the TIA, and as if binding
upon this Indenture.

 

Section 6.2     RIGHTS
OF TRUSTEE.

 

(a)       The
Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document.

 

(b)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate, an Opinion of Counsel, or both. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.

 

(c)       The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers.

 

(d)       The
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate,
Opinion of Counsel (or both), Company Order or any other certificate, statement, instrument, opinion, report, notice, request, consent,
order, bond, debenture, note, coupon, Note or other paper believed to be genuine and to have been signed or presented by the proper party
or parties.

 

(e)       Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced
to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Company.

 

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

 

(g)       The
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction
of any of the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee Note
or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred therein or thereby.

 

    	 	27	 

    	 

    

 

(h)       Prior
to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, 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, consent, order, approval, appraisal, bond, debenture, note, Note or other paper or document unless requested in writing
to do so by the Holders of not less than a majority in the aggregate principal amount of the Notes of such series then Outstanding; provided,
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of any such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the Note afforded to it by
the terms of this Indenture, the Trustee may require indemnity satisfactory to it against such expense or liabilities as a condition to
proceeding; the reasonable expense of every such investigation shall be paid by the Company or, if paid by the Trustee or any predecessor
trustee, shall be repaid by the Company upon demand.

 

(i)       The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder.

 

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

 

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

 

(l)       The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the designated corporate trust
office of the Trustee, and such notice references the applicable Notes and this Indenture and is given by the Company or by Holders of
a at least a majority in aggregate Principal Amount of the Outstanding Notes of a series for which such Default exists.

 

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

 

(n)       The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. Neither the
Trustee nor the Company shall be responsible for the acts or omissions of the other, it being understood that this Indenture shall not
be construed to render them partners, joint venturers or agents of one another. Except for those actions that the Trustee is required
to take hereunder without written direction, the Trustee shall not have any obligation or liability to take any action or to refrain from
taking any action hereunder that requires written direction in the absence of such written direction as provided hereunder. The Trustee
shall have no responsibility to record this agreement or any other agreement, to prepare or file any financing or continuation statement
in any public office at any time or otherwise to perfect or maintain the perfection of any ownership or security interest or lien or to
prepare or file any tax, qualification to business or securities law filing or report. The Trustee shall have no duty to monitor or supervise
the duties and obligations of the Company, the Paying Agent or the Registrar under this Indenture or any other agreement or ensuring their
compliance with or performance of the terms thereof.

 

    	 	28	 

    	 

    

 

(o)       The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

Section
6.3     INDIVIDUAL RIGHTS OF TRUSTEE.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have
if it were not Trustee. Any Agents of the Company may do the same with like rights.

 

Section
6.4     TRUSTEE’S DISCLAIMER.

 

The recitals contained herein and in the Notes
shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee
makes no representation as to the validity or adequacy of this Indenture or the Notes. The Trustee shall not be accountable for the Company’s
use of the proceeds from the Notes and shall not be responsible for any statement in any Offering Memorandum, or in this Indenture or
the Notes or for the determination as to which beneficial owners are entitled to receive any notices hereunder.

 

Section
6.5     NOTICE OF DEFAULTS.

 

If a Default with respect to the Notes of any series
occurs and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee shall mail to each Holder of Notes
of such series notice of such Default within 90 days after it occurs. Except in the case of a Default described in Section 5.1(1)
with respect to any Note of such series or a Default in the payment of any sinking fund installment with respect to any Note of such series,
the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of the
Holders of Notes of such series.

 

    	 	29	 

    	 

    

 

Section
6.6     COMPENSATION AND INDEMNITY.

 

The Company agrees:

 

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

 

(b)       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 for extraordinary services by the Trustee including hourly
costs for time rendered in connection with an Event of Default, and the expenses, advances and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and

 

(c)       to
fully indemnify the Trustee and any of its officers, directors, employees, affiliates and agents of the Trustee (the “Indemnitees”)
to the fullest extent permitted by law for, and to hold it harmless against, any and all loss, liability, damage, claim or expense (including
legal fees and expenses and fees and expenses incurred in connection with enforcement of its rights hereunder), judgments, fines, penalties,
interest, settlements, or other amounts arising from any and all threatened, pending or completed claims, demands actions, suits or proceedings,
whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any Indemnitee
may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee whether arising from
acts or omissions to acts occurring before or after the date of this Indenture incurred without gross negligence or willful misconduct
on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of
defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder(including the reasonable 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, except to the extent any
such loss, demand, claim, liability, cause of action or expense may be attributable to its own gross negligence, willful misconduct or
bad faith) .

 

To secure the Company’s payment obligations
in this Section 6.6, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee,
except that held in trust to pay the Principal of or interest, if any, on particular Notes.

 

The Company’s obligations pursuant to this
Section 6.6 shall survive the discharge or other termination of this Indenture or the resignation or removal of the Trustee. When
the Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(3) or (4), the expenses are intended to constitute
expenses of administration under any bankruptcy law. 

 

    	 	30	 

    	 

    

 

Section
6.7     REPLACEMENT OF TRUSTEE.

 

The Trustee may resign by so notifying the Company;
PROVIDED, HOWEVER, no such resignation shall be effective until a successor Trustee has accepted its appointment pursuant to this Section 6.7.
The Holders of a majority in aggregate Principal Amount of the Outstanding Notes of each Note Series at the time outstanding may remove
the Trustee with respect to the Notes of such series by so notifying the Trustee and may appoint a successor Trustee, which successor
Trustee shall, in the absence of an Event of Default, be reasonably acceptable to the Company. The Company shall remove the Trustee if:

 

(1)       the
Trustee fails to comply with Section 6.9;

 

(2)       the
Trustee is adjudged bankrupt or insolvent;

 

(3)       a receiver
or public officer takes charge of the Trustee or its property; or

 

(4)       the
Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, with respect to the Notes of one or more series, the Company shall promptly appoint, by
resolution of its Board of Directors, a successor Trustee with respect to the Notes of that or those series (it being understood that
any such successor Trustee may be appointed with respect to the Notes of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Notes of any series).

 

In the case of the appointment hereunder of a successor
Trustee with respect to all Notes, every such successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective and the successor Trustee
shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail or electronically transmit
a notice of its succession to Holders of Notes of the particular series with respect to which such successor Trustee has been appointed.
The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided
for in Section 6.6.

 

In case of the appointment hereunder of a successor
Trustee with respect to the Notes of one or more (but not all) Note Series, the Company, the retiring Trustee and each successor Trustee
with respect to the Notes of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee
shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to,
and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of
that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Notes of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees as co-Trustees of the same trust and that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee;
and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein and each 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 with respect to the Notes of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Notes of that
or those series to which the appointment of such successor Trustee relates, subject, nevertheless, to its lien, if any, provided for in
Section 6.6.

 

    	 	31	 

    	 

    

 

If a successor Trustee with respect to the Notes
of any series does not take office within thirty (30) days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of a majority in aggregate Principal Amount of the Outstanding Notes of such series at the time outstanding
may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Notes of such series.

 

If the Trustee fails to comply with Section 6.9,
any Holder of a Note of such Note Series may petition any court of competent jurisdiction for the removal of such Trustee and the appointment
of a successor Trustee.

 

Section
6.8    SUCCESSOR TRUSTEE BY MERGER.

 

If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all its corporate trust business or assets to, another corporation, the resulting, surviving or
transferee corporation without any further act shall be the successor Trustee.

 

Section 6.9. ELIGIBILITY; DISQUALIFICATION.

 

The Trustee shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws
to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities. The Trustee shall
have a combined capital and surplus of at least $50,000,000.00 as set forth in its most recent published annual report of condition.

 

 

 

ARTICLE VII

SATISFACTION AND DISCHARGE

 

Section
7.1    DISCHARGE OF LIABILITY ON NOTES.

 

This Indenture shall upon Company Request cease
to be of further effect as to all Outstanding Notes or all Outstanding Notes of any Note Series, as the case may be (except as to any
surviving rights of registration of transfer of Notes herein expressly provided for), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

 

    	 	32	 

    	 

    

 

(a)       either

 

(1)       all
Outstanding Notes or all Outstanding Notes of any Note Series, as the case may be, theretofore authenticated and delivered (other than
Notes or Notes of such series, as the case may be, 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 7.2) have been
delivered to the Company or the Trustee for cancellation; or

 

(2)       all
such Notes not theretofore delivered to the Company or the Trustee for cancellation,

 

(i)       have
become due and payable, or

 

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

 

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

 

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

 

(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. The Trustee shall join in the
execution of a document prepared by the Company acknowledging satisfaction and discharge of this Indenture on demand of the Company accompanied
by an Officers’ Certificate and Opinion of Counsel and at the cost and expense of the Company.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to the Notes of any Note Series, the obligations of the Company to the Trustee with respect to the Notes
of that series under Section 6.6, the obligations of the Company to any Authenticating Agent and, if money shall have been deposited
with the Trustee pursuant to clause (b) of this Section, Section 7.2 shall survive. The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Notes.

 

Section
7.2     REPAYMENT TO THE COMPANY.

 

The Trustee and the Paying Agent shall return to
the Company on Company Request any money held by them for the payment of any amount with respect to the Notes that remains unclaimed for
two (2) years. After return to the Company, Holders entitled to the money must look to the Company for payment as general creditors with
limited recourse as described herein and in the Notes unless an applicable abandoned property law designates another Person.

 

    	 	33	 

    	 

    

 

ARTICLE VIII

SUPPLEMENTAL INDENTURES

 

Section
8.1      SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

 

Without the consent of any Holders of Notes of
any Note Series, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto,
in form satisfactory to the Trustee, for any of the following purposes:

 

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

 

(2)       to add
to the covenants, agreements and obligations of the Company for the benefit of the Holders of all of the Notes or any series thereof,
or to surrender any right or power herein conferred upon the Company; or

 

(3)       to establish
the form or terms of Notes of any Note Series as permitted by Sections 2.1 and 2.2(c), respectively; or

 

(4)       to evidence
and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.7; or

 

(5)       to cure
any ambiguity, defect or inconsistency;

 

(6)       to amend
restrictions on transferability of any Notes on any series in any manner that does not adversely affect the rights of any Noteholder in
any material respect;

 

(7)       to add
to, change or eliminate any of the provisions of this Indenture (which addition, change or elimination may apply to one or more Series
of Notes), PROVIDED that any such addition, change or elimination shall neither (A) apply to any Note of any series created prior
to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder
of any such Note with respect to such provision;

 

(8)       to additionally
secure the Notes;

 

(9)       to conform
the provisions of this Indenture or the Notes to the “Description of Notes” section or any similar section in the applicable
Offering Memorandum related to such Notes; or

 

(10)       to
make any other change that does not adversely affect the rights of any Noteholder in any material respect.

 

    	 	34	 

    	 

    

 

Section
8.2     SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

 

With the written consent of the Holders of at least
a majority in aggregate Principal Amount of all Outstanding Notes Series, the Company and the Trustee may amend this Indenture or the
Notes of such Note Series or 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 the Notes of all Note Series and under this Indenture; PROVIDED, HOWEVER, that no such amendment or supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

 

(1)       change
the Stated Maturity of the Principal of, or any installment of Principal or interest on, any such Note, or reduce the Principal Amount
thereof or the rate of interest thereon that would be due and payable upon a declaration of acceleration of maturity thereof pursuant
to Section 5.2, or change the Place of Payment where, or change the coin or currency in which, any installment of principal of or
interest on, any such Note is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof;

 

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

 

(3)       modify
any of the provisions of this Section, Section 5.4 (clauses (1) and (2)) or 5.7, except to increase the percentage of Outstanding
Notes of such series required for such actions to provide that certain other provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each Outstanding Note affected thereby.

 

A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular Series
of Notes, or which modifies the rights of the Holders of Notes of such series with respect to such covenant or other provision, shall
be deemed not to affect the rights under this Indenture of the Holders of Notes of any other series.

 

It shall not be necessary for the consent of the
Holders under this Section 8.2 to approve the particular form of any proposed amendment or supplemental indenture, but it shall be
sufficient if such consent approves the substance thereof.

 

After an amendment or supplemental indenture under
this Section 8.2 becomes effective, the Company shall mail or electronically transmit to each Holder of the particular Notes affected
thereby a notice briefly describing the amendment. 

 

Section
8.3     REVOCATION AND EFFECT OF CONSENTS, WAIVERS AND ACTIONS.

 

Until an amendment or waiver with respect to a
Series of Notes becomes effective, a consent to it or any other action by a Holder of a Note of that series hereunder is a continuing
consent by the Holder and every subsequent Holder of that Note or portion of that Note that evidences the same obligation as the consenting
Holder’s Note, even if notation of the consent, waiver or action is not made on the Note. However, any such Holder or subsequent
Holder may revoke the consent, waiver or action as to such Holder’s Note or portion of the Note if the Trustee receives the notice
of revocation before the Company or an agent of the Company certifies to the Trustee that the consent of the requisite aggregate Principal
Amount of the Notes of that series has been obtained. After an amendment, waiver or action becomes effective, it shall bind every Holder
of Notes of that series.

 

    	 	35	 

    	 

    

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to consent to any amendment or waiver with respect to a Series of
Notes. If a record date is fixed, then notwithstanding the first two sentences of the immediately preceding paragraph, those Persons who
were Holders of Notes of that series at such record date (or their duly designated proxies), and only those Persons, shall be entitled
to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall
be valid or effective for more than ninety (90) days after such record date.

 

Section
8.4     NOTATION ON OR EXCHANGE OF NOTES.

 

The Notes of any Note Series executed, authenticated
and delivered after the execution of any supplemental indenture with respect to such series pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Notes of such series so modified as to conform, in the opinion of the Trustee and the Board of
Directors of the Company, to any such supplemental indenture may be prepared, executed, authenticated and delivered hereunder in exchange
for outstanding Notes of that series.

 

Section
8.5     TRUSTEE TO SIGN SUPPLEMENTAL INDENTURES.

 

The Trustee may but shall not be obligated to sign
any supplemental indenture authorized pursuant to this Article VIII if the amendment does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. In signing such amendment, the Trustee shall receive, and shall be fully protected in conclusively
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this
Indenture and that such amendment is the legal, valid and binding obligation of the Company, enforceable against it in accordance with
its terms.

 

Section
8.6     EFFECT OF SUPPLEMENTAL INDENTURES.

 

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

 

    	 	36	 

    	 

    

 

ARTICLE IX

MISCELLANEOUS

 

Section
9.1      NOTICES.

 

Any notice or communication shall be in writing
and delivered in person, mailed by first-class mail, postage prepaid or transmitted electronically to any Holder at the registered address
maintained in the Company’s records; PROVIDED, that any notice or communication by and among the Trustee, the Parent Company and
the Company may be made by telecopy and shall be effective upon receipt thereof and shall be confirmed in writing, mailed by first-class
mail, postage prepaid, and addressed as follows:

 

if to the Company:

 

KDM Funding I LLC

135 San Lorenzo Avenue, Suite 600

Coral Gables, FL 33146

Email: info@korthdirect.com

 

if to the Trustee:

 

Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

Email: trustadmin@delawaretrust.com

 

if to the Parent Company:

 

Korth Direct Mortgage, Inc.

135 San Lorenzo Avenue, Suite 600

Coral Gables, FL 33146

Email: info@korthdirect.com

 

The Company, the Trustee or the Parent Company
by notice to all others may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication given to a Holder of
Notes shall be transmitted electronically to or mailed to such Noteholder at the Noteholder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. The Company, the Trustee or the Parent
Company by notice to all others may designate additional or different addresses for subsequent notices or communications.

 

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.

 

Failure to electronically transmit or mail a notice
or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Holders of Notes of the same
series. If a notice or communication is electronically transmitted or mailed in the manner provided above, it is duly given, whether or
not received by the addressee.

 

If the Company electronically transmits or mails
a notice or communication to the Holders of Notes of a particular Note Series, it shall electronically transmit or mail a copy to the
Trustee and each Registrar, co-registrar or Paying Agent, as the case may be, with respect to such series.

 

    	 	37	 

    	 

    

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give notice to Holders of Notes as set forth above, then such
notification as shall be made with the acceptance of the Trustee shall constitute a sufficient notification for every purpose hereunder.
In any case where notice to Holders of Notes is given by mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes.

 

Section
9.2     CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)       an Officers’
Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with; and

 

(2)       an Opinion
of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 9.3     FORM
OF DOCUMENTS DELIVERED TO TRUSTEE.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered
by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify
or give an opinion 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.

 

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 in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such 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 in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

    	 	38	 

    	 

    

 

Section
9.4     STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

 

Each Officer’s Certificate or Opinion of
Counsel with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 

(1)       statement
that each Person making such Officer’s Certificate or Opinion of Counsel has read such covenant or condition;

 

(2)       a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such Officer’s
Certificate or Opinion of Counsel are based;

 

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

 

(4)       a statement
that, in the opinion of such Person, such covenant or condition has been complied with.

 

Section
9.5     SEVERABILITY CLAUSE.

 

In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any
way be affected or impaired thereby.

 

Section
9.6     RULES BY TRUSTEE, PAYING AGENT AND REGISTRAR.

 

With respect to the Notes of a particular Note
Series, the Trustee with respect to such Series of Notes may make reasonable rules for action by or a meeting of Holders of such Series
of Notes. With respect to the Notes of a particular series, the Registrar and the Paying Agent with respect to such Series of Notes may
make reasonable rules for their functions.

 

Section 9.7     LEGAL
HOLIDAYS.

 

A “Legal Holiday” is any day
other than a Business Day. If any specified date (including an Interest Payment Date or Stated Maturity of any Note, or a date for giving
notice) is a Legal Holiday at any Place of Payment or place for giving notice, then (notwithstanding any other provision of this Indenture
or of the Notes other than a provision in the Notes of any series which specifically states that such provision shall apply in lieu of
this Section) payment of interest or Principal need not be made at such Place of Payment, or such other action need not be taken, on such
date, but the action shall be taken on the next succeeding day that is not a Legal Holiday at such Place of Payment with the same force
and effect as if made on the Interest Payment Date, or at the Stated Maturity or such other date.

 

Section
9.8     GOVERNING LAW AND JURISDICTION; WAIVER OF JURY TRIAL.

 

THIS INDENTURE AND THE NOTES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF
NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.
THE COMPANY, THE TRUSTEE, THE PARENT COMPANY AND EACH HOLDER OF A NOTE (BY ACCEPTANCE THEREOF) THEREBY, (I) SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN CONNECTION WITH ANY
SUIT, ACTION OR PROCEEDING RELATED TO THIS INDENTURE, (II) IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF PERSONAL JURISDICTION IN SUCH
SUITS AND (III) IRREVOCABLY WAIVES TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN THE FEDERAL AND NEW YORK STATE COURTS LOCATED
IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND THAT SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

    	 	39	 

    	 

    

 

EACH OF THE COMPANY, THE PARENT COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 9.9     NO
RECOURSE AGAINST OTHERS.

 

A director, officer, employee or member of the
Company or the Parent Company, as applicable, shall not have any liability for any obligations of the Company nor the Parent Company,
as applicable, under the Notes or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
By accepting a Note, each Holder of such Note shall waive and release all such liability. The waiver and release shall be part of the
consideration for the issue of the Notes.

 

Section
9.10     SUCCESSORS.

 

All agreements of the Company in this Indenture
and the Notes shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 9.11     EFFECT
OF HEADINGS AND TABLE OF CONTENTS.

 

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

 

Section
9.12     BENEFITS OF INDENTURE.

 

Nothing in this Indenture or in the Notes, express
or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders of Notes, any benefits
or any legal or equitable right, remedy or claim under this Indenture.

 

Section
9.13     MULTIPLE COUNTERPARTS.

 

The parties may sign any number of copies of this
Indenture. One signed copy is enough to prove this Indenture. This Indenture may be executed in multiple counterparts, each of which shall
be regarded for all purposes as an original, and such counterparts shall constitute but one and the same instrument. In addition, the
transaction described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles,
electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such
original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law.

 

    	 	40	 

    	 

    

 

Section
9.14     FORCE MAJEURE.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section
9.15     U.S.A. PATRIOT ACT.

 

The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record information that identifies each Person or legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 9.16     INDENTURE CONTROLS.

 

Except the extent expressly provided otherwise
herein, unless and until this Indenture shall be qualified under the TIA, this Indenture shall not be subject to the TIA, and no provisions
of the TIA shall be deemed incorporated by reference herein.

 

    	 	41	 

    	 

    

 

IN WITNESS WHEREOF, the parties set forth above
have executed this Indenture as of the date first set forth above.

 

	 	KDM FUNDING I LLC
	 	 
	 	 
	 	By:	/s/ Holly MacDonald-Korth
	 	 	 
	 	Name:	Holly MacDonald-Korth
	 	Title:	President

Attest: /s/ Jonathan L. Shepard

 

Name: Jonathan L. Shepard

Title: Secretary, Korth Direct Mortgage Inc.

 

	 	DELAWARE TRUST COMPANY, solely in its capacity as Trustee
	 	 
	 	 
	 	By:	/s/ Gregory Daniels
	 	 	 
	 	Name:	Gregory Daniels
	 	Title:	Assistant Vice President
	 	 	 
	 	 	 
	 	 	 
	 	KORTH DIRECT MORTGAGE INC.
	 	 
	 	 
	 	By:	/s/ Holly MacDonald-Korth
	 	 	 
	 	Name:	Holly MacDonald-Korth
	 	Title:	President

 

    	 	42	 

    	 

    

 

EXHIBIT A

 

Form of Note

 

[FORM OF FACE OF NOTE]

 

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, THE ISSUE PRICE OF THIS SECURITY IS THE STATED PRINCIPAL AMOUNT OF THIS SECURITY, AND THE ISSUE DATE IS THE
ORIGINAL ISSUE DATE. UPON REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO THE HOLDER THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND YIELD
TO MATURITY OF THIS SECURITY. A HOLDER SHOULD CONTACT KDM FUNDING I LLC AT [305-668-8485] FOR INFORMATION.

 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS SECURITY FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL unless (1) such transfer is effected on a trading system
that is recognized by the Company, (2) this SECURITY has been presented by the registered
Holder (as defined below) to the Company or its agent for registration of transfer, (3) SUCH TRANSFER, PLEDGE OR OTHER USE IS MADE PURSUANT
TO THE APPLICABLE TRANSFER RESTRICTIONS AS SET FORTH IN THIS SECURITY.

 

[INCLUDE FOLLOWING LEGEND IF A BOOK ENTRY NOTE]

 

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

 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED NOTE]

 

[THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.

 

EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED
THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A THEREUNDER.

 

    	 	A-1	 

    	 

    

 

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES THAT NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED ONLY (A) TO KDM FUNDING I LLC (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B) INSIDE THE UNITED STATES
TO A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT IN A TRANSACTION COMPLYING WITH RULE
144A, (C) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH Sections
4(a)(7), 4(a)(2),or “Section 4(a)(11⁄2)” of the Securities Act, oR ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION IF THE COMPANY SO REQUESTS), OR (F)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER
IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE, IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

 

THE HOLDER HEREOF, BY, PURCHASING OR ACCEPTING THIS
SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOTIFY ANY PURCHASER OF THIS SECURITY FROM THE HOLDER OF THE
RESALE RESTRICTIONS REFERRED TO ABOVE. THIS LEGEND MAY ONLY BE REMOVED AT THE OPTION OF THE COMPANY.]

 

MORTGAGE SECURED NOTE SERIES NO.                      1

 

KDM FUNDING I LLC

 

	No.                         	 	 	[CUSIP                                         ]

 

HOLDER:                                        

 

CORRESPONDING CM LOAN(s):                                         2

 

STATED PRINCIPAL AMOUNT OF THIS NOTE: U.S. $                                        3

 

AGGREGATE PRINCIPAL AMOUNT OF THIS SERIES OF NOTES: U.S. $                    4

 

INTEREST RATE:                    5

 

SERVICE CHARGE:    6 OF ALL CM LOAN NET INTEREST PAYMENTS.

 

ORIGINAL ISSUE DATE:                                         7

 

		1	Insert CM Loan ID number(s) for Corresponding CM Loan(s).

 

		2	Insert description of each Corresponding CM Loan.

 

		3	Insert principal amount of each Corresponding CM Loan.

 

    	 	A-2	 

    	 

    

 

		4	Insert maximum aggregate principal amount of series, which should be aggregate principal amount of Corresponding CM Loans.

 

		5	Insert stated interest rate of each CM Loan stated in offering document.

 

		6	Insert percentage rate of Service Charge in the offering document which is the difference between the interest rate on the Corresponding
CM Loans and the Stated Interest Rate of the Note.

 

		7	Insert date corresponding to date of closing of Corresponding CM Loans.

 

MATURITY DATE: the date the Corresponding CM Loans mature.                                        

 

EXTENSION OF MATURITY DATE: Each Note will mature on the Maturity Date,
unless the maturity of the Note is extended date of the final payment on all CM Loans or other disposition of the debt by the borrowers.

 

PAYMENT DATES: Subject to the limitations on payment described below,
the Company will make payments of principal and interest on the twenty- fifth day of each month or should that not be a Business Day then
on the following Business Day for any payments received and not paid from the Corresponding Loans long as such Corresponding Loan Payments
were received at least four business days prior to the Note Payment Date described above.

 

SECURITY FOR THIS NOTE: KDM Funding I LLC pursuant to Section 3.8
of the Indenture has pledged all its interest in the Corresponding CM Loans identified above as security for payment of this Note.

 

KDM Funding I LLC, a corporation duly organized
and existing under the laws of the Florida (herein called the “Company”), for value received, hereby promises to pay
to the Person identified as the “Holder” above (the “Holder”), principal and interest on this Note in U.S.
dollars in an amount equal to the Holder’s equal and ratable share of the CM Loan Net Payments on each Payment Date (in accordance
with the payment schedule for this Note), which is available in the applicable Offering Memorandum and on www.korthdirect.com and subject
to prepayment) until the Maturity Date or such later date if CM Loan Payments are collected after a default on any CM Loan by the borrower.
For the avoidance of doubt, (1) no payments of Principal and interest on this Note shall be payable unless the Company has received
CM Loan Payments, and then only to the extent of CM Loan Net Payments in respect of those CM Loan Payments related to the Corresponding
CM Loan identified above that have been received by the Company, and (2) no Holder of the Note shall have any recourse against the
Company unless, and then only to the extent that, the Company has failed to pay such Holder the CM Loan Net Payments or otherwise breached
a covenant in the Indenture described below that is applicable to the Series of Notes of which this Note forms a part. Subject to certain
exceptions provided in this Indenture referred to below, the Principal and interest payable on any Payment Date will be paid to the Person
in whose name this Note is registered at the close of business on the Record Date next preceding such Payment Date or maturity date.

 

“Record Date” shall mean the
second Business Day immediately preceding each Interest Payment Date.

 

    	 	A-3	 

    	 

    

 

“Business Day” shall mean each
Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which the Automated Clearing House system operated by the U.S. Federal
Reserve Bank (the “ACH System”) is closed and (2) not a day on which banking institutions are authorized or obligated
by law or executive order to close in San Francisco, California or New York, New York.

 

If, on the Maturity Date, any Principal or interest
payments in respect of the Corresponding CM Loan remain due and payable to the Company, the maturity date of this Note will be extended
to the date we receive final payment on the Corresponding CM Loan identified above.

 

If, on the Maturity Date, no Principal or interest
payments in respect of any Corresponding CM Loan remain due and payable to the Company, the Note will mature on the Maturity Date. All
payments of Principal and interest on this Note due to the Holder hereof shall be made in U.S. dollars, in immediately available funds,
by intra-institution book entry transfer to the Holder’s designated sub-account in the trust account maintained by the Company.
All U.S. dollar amounts used in or resulting from the calculation of amounts due in respect of this Note shall be rounded to the nearest
cent (with one-half cent being rounded upward).

 

This Note is one of a duly authorized series of
special limited obligations of the Company (hereinafter called the “Notes”) all issued or to be issued under and pursuant
to an Indenture dated as of [ ], 2022 (hereinafter called the “Indenture”), duly executed and delivered by the Company,
Delaware Trust Company, as trustee (hereinafter called the “Trustee”) and Korth Direct Mortgage Inc., a Florida corporation
and a direct parent of the Company, as Paying Agent, Registrar and Authenticating Agent, to which the Indenture and all indentures supplemental
thereto reference is hereby made for a description of the rights, duties and immunities thereunder of the Trustee and the rights thereunder
of the holders of the Notes. The Notes are subject to, and qualified by, all such terms, certain of which are summarized hereon, and Holders
are referred to the Indenture for a statement of such terms. As provided in the Indenture, the Notes may be issued in one or more separate
series, which different series may be issued in various aggregate principal amounts, mature at different times, bear interest at different
rates, be subject to different covenants and events of default, and otherwise vary as provided or permitted in the Indenture.

 

If an Event of Default described in Section 5.1(3)
or (4) of the Indenture occurs and is continuing, the unpaid stated Principal amount hereof will become and be immediately due and
payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

    	 	A-4	 

    	 

    

 

The Indenture contains provisions permitting the
Company and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of each Series of Notes
affected thereby, at the time Outstanding, evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions
to or changing in any manner or eliminating any of the provisions of the Indenture or of any indenture supplemental thereto or modifying
in any manner the rights of the holders of this Note; PROVIDED, HOWEVER, that no such supplemental indenture shall (1) change
the Stated Maturity of the principal of, or any installment of principal or interest on, any Note, or reduce the principal amount thereof
or the rate of interest thereon that would be due and payable upon a declaration of acceleration of maturity thereof or change the place
of payment where, or change the coin or currency in which, any installment of principal and interest on any such Note is payable or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, (2) reduce the percentage
in principal amount of the Outstanding Notes, the consent of whose Holders is required for any such amendment or supplemental indenture,
or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults
thereunder and their consequences) with respect to the Notes, or (3) modify any of the provisions of Section 8.2, Section 5.4
(clauses (1) and (2)) or Section 5.7 of the Indenture, except to increase the percentage of Outstanding Notes required for such
actions to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Note affected thereby. The Indenture also contains provisions permitting the holders of a majority in aggregate principal
amount of the Notes of applicable Note Series at the time Outstanding, on behalf of the holders of all the Notes of such series, to waive,
insofar as those series are concerned, compliance by the Company with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent by the Holder of this Note (unless revoked as provided in the Indenture) shall
be conclusive and binding upon such Holder and upon all future holders and owners of this Note and any Notes which may be issued upon
the registration of transfer hereof or, irrespective of whether or not any notation thereof is made upon this Note or other such Notes.

 

This Note is not entitled to any sinking fund.
This Note is not redeemable at the option of the Holder.

 

The Notes are in registered form without coupons
in denominations of $1,000 and integral multiples of $1,000 in excess thereof. Upon due presentment for registration of transfer of this
Note at the office or agency of the Company in Miami, Florida a new Note or Notes in authorized denominations in dollars for an equal
aggregate Principal amount and like interest rate and maturity will be issued to the transferee in exchange therefor, subject to the limitations
provided in the Indenture, without charge except for any stamp tax or other governmental charge imposed in connection therewith.

 

The Company, the Trustee, and the Paying Agent
may deem and treat the registered Holder hereof as the absolute owner of this Note at the Holder’s address as it appears on the
register books of the Company as kept by the Company or duly authorized agent of the Company (whether or not this Note shall be overdue),
for the purpose of receiving payment of or on account hereof and for all other purposes, and neither the Company nor the Trustee nor any
paying agent shall be affected by any notice to the contrary. All payments made to or upon the order of such registered Holder shall,
to the extent of the sum or sums paid, effectively satisfy and discharge liability for moneys payable on this Note.

 

No recourse under or upon any obligation, covenant
or agreement contained in the Indenture or any indenture supplemental thereto or in any Note, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, or against any past, present or future member, shareholder, manager, officer or director,
as such, of the Company, either directly or through the Company, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or penalty or otherwise, all such Personal liability of every such incorporator, shareholder, officer and
director, as such, being expressly waived and released by the acceptance hereof and as a condition of and as part of the consideration
for the issuance of this Note.

 

    	 	A-5	 

    	 

    

 

Unless otherwise defined herein, terms used herein
which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. To the extent that provisions
contained in this Note are inconsistent with the provisions set forth in the Indenture, the provisions contained herein will apply.

 

This Note shall be governed by and construed in
accordance with the laws of the State of New York without regard to any principle of conflict of laws that would require or permit the
application of the laws of any other jurisdiction.

 

This Note shall not be valid or become obligatory
for any purpose until the Certificate of Authentication hereon shall have been signed by an authorized officer of the Company or its duly
authorized agent under the Indenture referred to above.

 

    	 	A-6	 

    	 

    

 

IN WITNESS WHEREOF, KDM Funding I LLC has
caused this instrument to be signed by its duly authorized officers.

 

	Dated:	 	 	 
	 	 	 
	 	KDM FUNDING I LLC	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	 Title:

 

CERTIFICATE OF AUTHENTICATION

 

	Dated:	 	 	 

 

This is one of the Notes of the Series of Notes designated therein
referred to in the within-mentioned Indenture.

 

KORTH DIRECT MORTGAGE INC.,

as Authenticating Agent

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	A-7	 

    	 

    

 

Exhibit B

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received,

 

hereby sell(s), assign(s) and transfer(s) unto

 

 

(Please insert social security or Taxpayer Identification Number of
assignee) the within Note, and hereby irrevocably constitutes and appoints_______________to transfer the said Note on the books of the
Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note, the undersigned
confirms that such Note is being transferred:

 

		 ̈	To KDM Funding I LLC. or any of its subsidiaries; or

 

		 ̈	Inside the United States to a QIB in a transaction complying with Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”); or

 

		 ̈	Outside the United States in compliance with Rule 904 under the Securities Act; or

 

		 ̈	Pursuant to the exemption from registration provided by Rule 144 under the Securities Act (if available); or

 

		 ̈	In accordance with Sections 4(a)(7), 4(a)(2),or “Section 4(a)(11⁄2)” of the Securities Act, or another exemption
from the registration requirements of the Securities Act (and based upon an opinion of counsel, certification and/or other information
if KDM Funding I LLC so requests); or

 

		 ̈	Pursuant to an effective registration statement under the Securities.

 

 

 

Dated:

 

 

 

______________________________

Signature(s)

 

 

 

______________________________

Signature Guarantee

 

Signature(s) must be guaranteed by an eligible Guarantor Institution
(banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program
pursuant to Securities and Exchange Commission Rule 17Ad-15 if the Notes are to be delivered, other than to and in the name of the registered
holder.

 

NOTICE: The signature on the assignment must correspond with the name
as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

 

B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]